# EDGAR Filing Document

**Accession Number:** 0001372020
**File Stem:** 0001193125-26-091662
**Filing Date:** 2026-3
**Character Count:** 1201668
**Document Hash:** dc1ea9b53aa88cae7855e630210a4089
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-091662.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-091662

**CONFORMED SUBMISSION TYPE**: SC TO-T

**PUBLIC DOCUMENT COUNT**: 34

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**GROUP MEMBERS**: HURON MERGECO., INC

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Great Lakes Dredge & Dock CORP
- **CENTRAL INDEX KEY:** 0001372020
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 205336063
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-T
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-82317
- **FILM NUMBER:** 26721963

**BUSINESS ADDRESS:**
- **STREET 1:** 9811 KATY FREEWAY
- **STREET 2:** SUITE 1200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024
- **BUSINESS PHONE:** (346) 359-1010

**MAIL ADDRESS:**
- **STREET 1:** 9811 KATY FREEWAY
- **STREET 2:** SUITE 1200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Great Lakes Dredge & Dock Holdings Corp.
- **DATE OF NAME CHANGE:** 20060808
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Saltchuk Resources, Inc.
- **CENTRAL INDEX KEY:** 0001806446

**ORGANIZATION NAME:**
- **EIN:** 911186367
- **STATE OF INCORPORATION:** X1

**FILING VALUES:**
- **FORM TYPE:** SC TO-T

**BUSINESS ADDRESS:**
- **STREET 1:** 450 ALASKAN WAY SOUTH
- **STREET 2:** SUITE 708
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98104
- **BUSINESS PHONE:** (206) 652-1111

**MAIL ADDRESS:**
- **STREET 1:** 450 ALASKAN WAY SOUTH
- **STREET 2:** SUITE 708
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Saltchuck Resources, Inc.
- **DATE OF NAME CHANGE:** 20200312

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE TO** 

**TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Great Lakes Dredge & Dock Corporation** 

**(Name of Subject Company (Issuer))** 

**Huron MergeCo., Inc.** 

**(Name of Filing Persons (Offeror))** 

**Saltchuk Resources, Inc.** 

**(Name of Filing Persons (Parent of Offeror))** 

**Common Stock, par value $0.0001 per share** 

**(Title of Class of Securities)** 

**390607109** 

**(CUSIP Number of Class of Securities)** 

**Jerald W. Richards** 

**c/o Saltchuk Resources, Inc.** 

**450 Alaskan Way South, Suite 708** 

**Seattle, Washington 98104** 

**(206) 652-1111** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)** 

***Copies to:***

**Philip Richter** 

**Ryan Messier** 

**Fried, Frank, Harris, Shriver & Jacobson LLP** 

**One New York Plaza** 

**New York, New York, 10004** 

**(212) 859-8000** 

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Third-party offer subject to Rule 14d-1.

☐ Issuer tender offer subject to Rule 13e-4.

☐ Going-private transaction subject to Rule 13e-3.

☐ Amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

☐ Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

☐ Rule 14d-1(d) (Cross-Border Third Party Tender Offer)

------

This Tender Offer Statement on Schedule TO (this "<u>Schedule TO</u>") relates to the offer (the "<u>Offer</u>") by Huron MergeCo., Inc., a Delaware corporation ("<u>Purchaser</u>") and a wholly owned subsidiary of Saltchuk Resources, Inc., a Washington corporation ("<u>Parent</u>"), to purchase all of the issued and outstanding shares of common stock, par value $0.0001 per share (the "<u>Shares</u>"), of Great Lakes Dredge & Dock Corporation ("<u>GLDD</u>"), for $17.00 per Share in cash (the "<u>Offer Price</u>"), subject to any required tax withholdings and without interest, upon the terms and subject to the conditions described in the Offer to Purchase and in the related Letter of Transmittal, copies of which are attached hereto and filed with this Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B), respectively. The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of February 10, 2026, by and among GLDD, Parent and Purchaser (together with any amendments or supplements thereto, the "<u>Merger Agreement</u>"), a copy of which is attached hereto and filed with this Schedule TO as Exhibit (d)(1) and incorporated herein by reference in response to Items 4 through 11 of this Schedule TO. Capitalized terms used but not otherwise defined herein have the meanings ascribed thereto in the Merger Agreement.

All of the information set forth in the Offer to Purchase, including all schedules thereto, is expressly incorporated herein by reference in response to Items 1 through 11 of this Schedule TO, and is supplemented by the information specifically provided in this Schedule TO.

---

| | |
|:---|:---|
| **ITEM 1.** | **SUMMARY TERM SHEET.**  |

---

The information set forth in the section of the Offer to Purchase titled "Summary Term Sheet" is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 2.** | **SUBJECT COMPANY INFORMATION.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The subject company and the issuer of the securities subject to the Offer is Great Lakes Dredge & Dock Corporation. Its principal executive office is located at 9811 Katy Freeway, Suite 1200, Houston, Texas, 77024, and its telephone number is (346) 359-1010.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Schedule TO relates to all of the issued and outstanding Shares. According to GLDD, as of the close of business on March 30, 2026 (except as noted below), there will be: (i) 67,433,542 Shares issued and outstanding (other than Shares that may be issued under the GLDD ESPP after March 4, 2026), (ii) 1,052,160 Shares subject to then outstanding Time-Based RSU Awards (other than Company DSUs), (iii) 465,920 Shares subject to then outstanding Performance-Based RSU Awards (other than Special PSUs), measured at (A) the projected actual level of performance in respect of metrics established as of the date of the Merger Agreement with respect to the 2026 annual performance period, and (B) the target level of performance in respect of metrics applicable to the (1) 2027 annual performance period and (2) metrics not established as of the date of the Merger Agreement and applicable to the 2026 annual performance period, (iv) 150,000 Shares subject to then outstanding Special PSUs measured assuming all conditions applicable to such Special PSUs will be achieved, (v) 126,318 Shares subject to then outstanding Company DSUs, and (vi) 53,744 Shares which are expected to be issued under GLDD's 2025 Employee Stock Purchase Plan (the "GLDD ESPP"), estimated based on deductions withheld from compensation under the GLDD ESPP through March 2, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The information concerning the principal market on which the Shares are traded, and certain high and low sales prices for the Shares in the principal market in which the Shares are traded, is set forth in the section of the Offer to Purchase titled "The Tender Offer—Section 6. Price Range of Shares" and is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 3.** | **IDENTITY AND BACKGROUND OF FILING PERSON.**  |

---

(a)—(c) The filing persons of this Schedule TO are Parent and Purchaser.

The business address of each of the filing persons is 450 Alaskan Way South, Suite 708, Seattle, Washington 98104. The business telephone number of each of the filing persons is (206) 652-1111.

------

The information set forth in the sections of the Offer to Purchase titled "Summary Term Sheet," "The Tender Offer—Section 8. Certain Information Concerning Parent and Purchaser" and "Schedule A—Information Concerning Members of the Boards of Directors and the Executive Officers of Purchaser, Parent, Saltchuk Holdings, Inc. and their Respective Controlling Corporations" is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 4.** | **TERMS OF THE TRANSACTION.**  |

---

(a)(1)(i)—(viii), (xii), (a)(2)(i)—(iv), (vii) The information set forth in the sections of the Offer to Purchase titled "Summary Term Sheet," "The Tender Offer—Section 1. Terms of the Offer," "The Tender Offer—Section 2. Acceptance for Payment and Payment for Shares," "The Tender Offer—Section 3. Procedures for Tendering Shares," "The Tender Offer—Section 4. Withdrawal Rights," "The Tender Offer—Section 5. Certain U.S. Federal Income Tax Consequences of the Offer and the Merger," "The Tender Offer—Section 11. Summary of the Merger Agreement and Certain Other Agreements" and "The Tender Offer—Section 12. Purpose of the Offer and Plans for GLDD" is incorporated herein by reference.

(a)(1)(ix)—(xi), (a)(2)(v)—(vi) Not applicable.

---

| | |
|:---|:---|
| **ITEM 5.** | **PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS.**  |

---

(a), (b) The information set forth in the sections of the Offer to Purchase titled "Summary Term Sheet" and in "The Tender Offer—Section 8. Certain Information Concerning Parent and Purchaser," and "The Tender Offer—Section 10. Background of the Offer; Contacts with GLDD" is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 6.** | **PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS.**  |

---

(a), (c)(1), (c)(3)—(7) The information set forth in the sections of the Offer to Purchase titled "Summary Term Sheet," "Introduction," and in "The Tender Offer—Section 1. Terms of the Offer," "The Tender Offer—Section 10. Background of the Offer; Contacts with GLDD," "The Tender Offer—Section 12. Purpose of the Offer and Plans for GLDD," "The Tender Offer—Section 13. Certain Effects of the Offer," and "The Tender Offer—Section 14. Dividends and Distributions" is incorporated herein by reference.

(c)(2) Not applicable.

---

| | |
|:---|:---|
| **ITEM 7.** | **SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.**  |

---

(a), (b), (d) The information set forth in the sections of the Offer to Purchase titled "Summary Term Sheet" and in "The Tender Offer—Section 9. Source and Amount of Funds" is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 8.** | **INTEREST IN SECURITIES OF THE SUBJECT COMPANY.**  |

---

The information set forth the sections of the Offer to Purchase titled "Summary Term Sheet" and in "The Tender Offer—Section 8. Certain Information Concerning Parent and Purchaser." and "Schedule A—Information Concerning Members of the Boards of Directors and the Executive Officers of Purchaser, Parent, Saltchuk Holdings, Inc. and their Respective Controlling Corporations" is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 9.** | **PERSONS/ASSETS RETAINED, EMPLOYED, COMPENSATED OR USED.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The information set forth in the sections of the Offer to Purchase titled "Introduction" and "The Tender Offer—Section 17. Fees and Expenses" is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 10.** | **FINANCIAL STATEMENTS.**  |

---

(a), (b) Not applicable.

------

---

| | |
|:---|:---|
| **ITEM 11.** | **ADDITIONAL INFORMATION.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The information set forth in the sections of the Offer to Purchase titled "Summary Term Sheet," "The Tender Offer—Section 8. Certain Information Concerning Parent and Purchaser," "The Tender Offer—Section 10. Background of the Offer; Contacts with GLDD," "The Tender Offer—Section 11. Summary of the Merger Agreement and Certain Other Agreements," "The Tender Offer—Section 12. Purpose of the Offer and Plans for GLDD," "The Tender Offer—Section 13. Certain Effects of the Offer," "The Tender Offer—Section 15. Conditions of the Offer," "The Tender Offer—Section 16. Certain Legal Matters; Regulatory Approvals; Appraisal Rights" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The information set forth in the Offer to Purchase and the Letter of Transmittal is incorporated herein by reference.

------

---

| | |
|:---|:---|
| **ITEM 12.** | **EXHIBITS.**  |

---

---

| | |
|:---|:---|
| **Index No.** |  |
| (a)(1)(A)\* | [Offer to Purchase, dated March 4, 2026.](d94032dex99a1a.htm) |
| (a)(1)(B)\* | [Form of Letter of Transmittal.](d94032dex99a1b.htm) |
| (a)(1)(C)\* | [Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.](d94032dex99a1c.htm) |
| (a)(1)(D)\* | [Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.](d94032dex99a1d.htm) |
| (a)(1)(E)\* | [Form of Summary Advertisement as published on March 4, 2026 in the New York Times.](d94032dex99a1e.htm) |
| (a)(5)(i) | [Joint Press Release of Great Lakes Dredge & Dock Corporation and Saltchuk Resources, Inc. issued on February 11, 2026 (incorporated by reference to Exhibit 99.1 of Great Lakes Dredge & Dock Corporation's Current Report on Form 8-K filed with the SEC on February 11, 2026).](http://www.sec.gov/Archives/edgar/data/1372020/000119312526045567/d68610dex991.htm) |
| (a)(5)(ii)\* | [Joint Press Release of Great Lakes Dredge & Dock Corporation and Saltchuk Resources, Inc. issued on March 4, 2026.](d94032dex99a5ii.htm) |
| (b)(1)\* | [Commitment Letter, dated as of February 10, 2026, by and among U.S. Bank National Association, Bank of America, N.A., BofA Securities, Inc., PNC Bank, National Association, PNC Capital Markets LLC, Wells Fargo Bank, National Association, Wells Fargo Securities, LLC, and Saltchuk Resources, Inc.](d94032dex99b1.htm) |
| (b)(2)\* | [Credit Agreement, dated May 21, 2024 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Parent Credit Agreement"), with Bank of America, N.A., as Administrative Agent, L/C Issuer and a Lender, Wells Fargo Bank, N.A., as Swing Line Lender and a Lender, U.S. Bank National Association, as a Lender, JPMorgan Chase Bank, N.A., as a Lender, PNC Bank, National Association, as a Lender, Zions Bancorporation, N.A. d/b/a The Commerce Bank of Washington, as a Lender, WAFD Bank, as a Lender, First Hawaiian Bank, as a Lender, and Bank of Hawaii, as a Lender.](d94032dex99b2.htm) |
| (d)(1) | [Agreement and Plan of Merger, dated as of February 10, 2026, by and among Great Lakes Dredge & Dock Corporation, Saltchuk Resources, Inc. and Huron MergeCo., Inc. (incorporated by reference to Exhibit 2.1 to Great Lakes Dredge & Dock Corporation's Current Report on Form 8-K filed with the SEC on February 11, 2026).](http://www.sec.gov/Archives/edgar/data/1372020/000119312526045567/d68610dex21.htm) |
| (d)(2) | [Letter Agreement, dated as of February 10, 2026, by and among Great Lakes Dredge & Dock Corporation, Saltchuk Resources, Inc. and Lasse Petterson (incorporated by reference to Exhibit 10.3 to Great Lakes Dredge & Dock Corporation's Current Report on Form 8-K filed with the SEC on February 11, 2026).](http://www.sec.gov/Archives/edgar/data/1372020/000119312526045567/d68610dex103.htm) |
| (d)(3) | [Letter Agreement, dated as of February 10, 2026, by and among Great Lakes Dredge & Dock Corporation, Saltchuk Resources, Inc. and Scott Kornbleau (incorporated by reference to Exhibit 10.4 to Great Lakes Dredge & Dock Corporation's Current Report on Form 8-K filed with the SEC on February 11, 2026).](http://www.sec.gov/Archives/edgar/data/1372020/000119312526045567/d68610dex104.htm) |
| (d)(4) | [Letter Agreement, dated as of February 10, 2026, by and among Great Lakes Dredge & Dock Corporation, Saltchuk Resources, Inc. and Vivienne R. Schiffer (incorporated by reference to Exhibit 10.5 to Great Lakes Dredge & Dock Corporation's Current Report on Form 8-K filed with the SEC on February 11, 2026).](http://www.sec.gov/Archives/edgar/data/1372020/000119312526045567/d68610dex105.htm) |
| (d)(5)\* | [Non-Disclosure Agreement, dated as of October 1, 2025, by and between Great Lakes Dredge & Dock Corporation and Saltchuk Resources, Inc.](d94032dex99d5.htm) |
| (d)(6)\* | [Confidentiality Agreement, dated as of January 7, 2026, by and between Great Lakes Dredge & Dock Corporation and Saltchuk Resources, Inc.](d94032dex99d6.htm) |

---

------

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| | |
|:---|:---|
| **Index No.** |  |
| (g) | Not applicable. |
| (h) | Not applicable. |
| 107\* | [Filing fee table.](d94032dexfilingfees.htm) |

---

\* Filed herewith.

---

| | |
|:---|:---|
| **ITEM 13.** | **INFORMATION REQUIRED BY SCHEDULE 13E-3.**  |

---

Not applicable.

------

**SIGNATURE** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: March 4, 2026

---

| | |
|:---|:---|
| **HURON MERGECO., INC.** | **HURON MERGECO., INC.** |
| By: | */s/ Jerald W. Richards* |
| Name: | Jerald W. Richards |
| Title: | Treasurer |
| **SALTCHUK RESOURCES, INC.** | **SALTCHUK RESOURCES, INC.** |
| By: | */s/ Jerald W. Richards* |
| Name: | Jerald W. Richards |
| Title: | Senior V.P. and CFO |

---

## Ex-99.(A)(1)(A)

**Exhibit (a)(1)(A)** 

**Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**GREAT LAKES DREDGE & DOCK CORPORATION** 

**at** 

**An Offer Price of $17.00 per Share in Cash** 

**by** 

**HURON MERGECO., INC.,** 

**a wholly owned subsidiary** 

**of** 

**SALTCHUK RESOURCES, INC.** 

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE ONE MINUTE AFTER 11:59 P.M. NEW YORK CITY TIME ON MARCH 31, 2026, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

Huron MergeCo., Inc., a Delaware corporation ("<u>Purchaser</u>") and a wholly owned subsidiary of Saltchuk Resources, Inc., a Washington corporation ("<u>Parent</u>"), is offering to purchase (the "<u>Offer</u>") all of the issued and outstanding shares of common stock, par value $0.0001 per share ("<u>Shares</u>"), of Great Lakes Dredge & Dock Corporation, a Delaware corporation ("<u>GLDD</u>"), for $17.00 per Share in cash (the "<u>Offer Price</u>"), upon the terms and subject to the conditions described in this Offer to Purchase (together with any amendments or supplements hereto, this "<u>Offer to Purchase</u>") and the related Letter of Transmittal (together with any amendments or supplements thereto, the "<u>Letter of Transmittal</u>"). Subject to the terms of the Agreement and Plan of Merger, dated as of February 10, 2026, by and among GLDD, Parent and Purchaser (together with any amendments or supplements thereto, the "<u>Merger Agreement</u>"), the Offer Price will be paid subject to any required tax withholdings and without interest.

The Offer is being made pursuant to the Merger Agreement, pursuant to which, after the completion of the Offer and the satisfaction or, to the extent permitted by the Merger Agreement, waiver of certain conditions, Purchaser will be merged with and into GLDD, without a meeting, vote or any further action of GLDD's stockholders ("<u>GLDD Stockholders</u>") in accordance with Section 251(h) of the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"), whereupon the separate existence of Purchaser will cease and GLDD will survive the merger as a wholly owned subsidiary of Parent (such corporation, the "<u>Surviving Corporation</u>", such merger, the "<u>Merger</u>" and the Merger, together with the Offer and the other transactions contemplated by the Merger Agreement, the "<u>Transactions</u>"). The date and time at which the Merger becomes effective is referred to in this Offer to Purchase as the "<u>Effective Time</u>". Upon the terms and subject to the conditions of the Offer and the Merger Agreement, including the satisfaction or, to the extent permitted by the Merger Agreement, waiver of the conditions of the Offer, Purchaser will, and Parent will cause Purchaser to, (i) immediately, and in no event later than 8:30 a.m. New York City time one (1) business day (determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) after the Expiration Date (as defined below), irrevocably accept for purchase and payment all Shares validly tendered (and not validly withdrawn) pursuant to the Offer (such acceptance, the "<u>Offer Closing</u>", and the date and time at which the Offer Closing occurs, the "<u>Acceptance Time</u>") and (ii) pay (subject to any

i

------

required tax withholdings) for all such Shares as promptly as practicable (and in any event within two (2) business days) after the Acceptance Time.

The Offer and withdrawal rights are scheduled to expire at one minute past 11:59 p.m. New York City time on March 31, 2026 (the "<u>Expiration Date</u>"), unless extended in accordance with the terms of the Merger Agreement and the applicable rules and regulations of the Securities and Exchange Commission, in which event the term "Expiration Date" will mean the date to which the Expiration Date is so extended.

Pursuant to the Merger Agreement, at the Effective Time, by virtue of the Merger and without any action required by any party to the Merger Agreement or any GLDD Stockholder, each Share issued and outstanding immediately prior to the Effective Time other than Shares (i) held by GLDD in treasury or owned of record by GLDD or any subsidiary of GLDD and Shares owned of record by Parent, Purchaser (including Shares irrevocably accepted for payment by Purchaser in the Offer) or any of their respective wholly-owned subsidiaries (in each case, other than those held on behalf of any third party) shall be canceled and cease to exist, with no payment being made with respect thereto, and (ii) held by any GLDD Stockholders who have properly demanded appraisal rights of such Shares under, and who comply in all respects with, Section 262 of the DGCL and have not validly revoked such demand, will automatically be converted into the right to receive an amount in cash equal to the Offer Price, without interest thereon and subject to any applicable withholding taxes (the "<u>Merger Consideration</u>").

**After careful consideration, the board of directors of GLDD (the "<u>GLDD Board</u>") has unanimously: (i) determined that it is in the best interests of GLDD and GLDD Stockholders for GLDD to enter into the Merger Agreement and declared the Merger Agreement and the Transactions, including the Offer and the Merger, advisable, (ii) approved the execution, delivery and performance of, and adopted, the Merger Agreement and the consummation of the Transactions, including the Merger and the Offer, in accordance with the DGCL, (iii) resolved that the Merger shall be effected under and governed by Section 251(h) of the DGCL, and (iv) recommended that GLDD Stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer.** 

**The Offer is subject to various conditions including, among others, the Minimum Tender Condition. See "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>." A summary of the principal terms of the Offer appears on pages 1 through 8 of this Offer to Purchase. You should read this entire document carefully before deciding whether to tender your Shares.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Transactions, passed upon the merits or fairness of the Transactions or passed upon the adequacy or accuracy of the information contained in this document. Any representation to the contrary is a criminal offense.** 

March 4, 2026

ii

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**IMPORTANT** 

If you desire to tender all or any portion of your Shares to Purchaser pursuant to the Offer, you should either: (i) if you hold your Shares directly as the registered owner, complete and sign the Letter of Transmittal for the Offer, which is enclosed with this Offer to Purchase, in accordance with the instructions contained in the Letter of Transmittal, mail or deliver the Letter of Transmittal and any other required documents to Broadridge Corporate Issuer Solutions, LLC, the depositary and paying agent for the Offer (the "<u>Depositary and Paying Agent</u>"), and either deliver the certificates for your Shares to the Depositary and Paying Agent along with the Letter of Transmittal or tender your Shares by book-entry transfer by following the procedures described in "<u>The Tender Offer—Section</u> <u>3. Procedures for Tendering Shares</u>" of this Offer to Purchase prior to the expiration of the Offer; or (ii) if you hold your Shares in "street name," request that your broker, dealer, commercial bank, trust company or other nominee effect the transaction for you. **If you hold Shares registered in the name of a broker, dealer, commercial bank, trust company or other nominee you must contact that institution in order to tender your Shares to Purchaser pursuant to the Offer.**

\* \* \*

Questions and requests for assistance may be directed to MacKenzie Partners, Inc. (the "<u>Information Agent</u>") at its address and telephone number set forth on the back cover of this Offer to Purchase. Requests for additional copies of this Offer to Purchase, the Letter of Transmittal and other tender offer materials may be directed to the Information Agent. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance.

This Offer to Purchase and the Letter of Transmittal contain important information, and you should read both carefully and in their entirety before making any decision with respect to the Offer.

iii

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  [IMPORTANT](#exa_1_a94032_1) | [IMPORTANT](#exa_1_a94032_1) | iii |
|  [SUMMARY TERM SHEET](#exa_1_a94032_2) | [SUMMARY TERM SHEET](#exa_1_a94032_2) | 1 |
|  [INTRODUCTION](#exa_1_a94032_3) | [INTRODUCTION](#exa_1_a94032_3) | 9 |
|  [THE TENDER OFFER](#exa_1_a94032_4) | [THE TENDER OFFER](#exa_1_a94032_4) | 11 |
| 1. | [TERMS OF THE OFFER.](#exa_1_a94032_5) | 11 |
| 2. | [ACCEPTANCE FOR PAYMENT AND PAYMENT FOR SHARES.](#exa_1_a94032_6) | 13 |
| 3. | [PROCEDURES FOR TENDERING SHARES.](#exa_1_a94032_7) | 14 |
| 4. | [WITHDRAWAL RIGHTS.](#exa_1_a94032_8) | 17 |
| 5. | [CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE OFFER AND THE MERGER.](#exa_1_a94032_9) | 18 |
| 6. | [PRICE RANGE OF SHARES.](#exa_1_a94032_10) | 21 |
| 7. | [CERTAIN INFORMATION CONCERNING GLDD.](#exa_1_a94032_11) | 21 |
| 8. | [CERTAIN INFORMATION CONCERNING PARENT AND PURCHASER.](#exa_1_a94032_12) | 22 |
| 9. | [SOURCE AND AMOUNT OF FUNDS.](#exa_1_a94032_13) | 23 |
| 10. | [BACKGROUND OF THE OFFER; CONTACTS WITH GLDD.](#exa_1_a94032_14) | 25 |
| 11. | [SUMMARY OF THE MERGER AGREEMENT AND CERTAIN OTHER AGREEMENTS.](#exa_1_a94032_15) | 29 |
| 12. | [PURPOSE OF THE OFFER AND PLANS FOR GLDD.](#exa_1_a94032_16) | 53 |
| 13. | [CERTAIN EFFECTS OF THE OFFER.](#exa_1_a94032_17) | 55 |
| 14. | [DIVIDENDS AND DISTRIBUTIONS.](#exa_1_a94032_18) | 56 |
| 15. | [CONDITIONS OF THE OFFER.](#exa_1_a94032_19) | 56 |
| 16. | [CERTAIN LEGAL MATTERS; REGULATORY APPROVALS; APPRAISAL RIGHTS.](#exa_1_a94032_20) | 57 |
| 17. | [FEES AND EXPENSES.](#exa_1_a94032_21) | 62 |
| 18. | [MISCELLANEOUS.](#exa_1_a94032_22) | 62 |

---

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**SUMMARY TERM SHEET** 

This Summary Term Sheet highlights selected information from this Offer to Purchase (together with any amendments or supplements hereto, this "<u>Offer to Purchase</u>") and may not contain all of the information that is important to you and is qualified in its entirety by the more detailed descriptions and explanations contained in the Agreement and Plan of Merger, dated as of February 10, 2026, by and among Great Lakes Dredge & Dock Corporation, a Delaware corporation ("<u>GLDD</u>"), Huron MergeCo., Inc., a Delaware corporation ("<u>Purchaser</u>") and a wholly owned subsidiary of Saltchuk Resources, Inc., a Washington corporation ("<u>Parent</u>") (together with any amendments or supplements thereto, the "<u>Merger Agreement</u>"), this Offer to Purchase, the related Letter of Transmittal (together with any amendments or supplements thereto, the "<u>Letter of Transmittal</u>") and other materials related to Purchaser's offer to purchase (the "<u>Offer</u>") all of the issued and outstanding shares of common stock, par value $0.0001 per share ("<u>Shares</u>"), of GLDD for $17.00 per Share in cash (the "<u>Offer Price</u>"), upon the terms and subject to the conditions described in this Offer to Purchase and the related Letter of Transmittal. You are urged to read this Offer to Purchase, the related Letter of Transmittal and other materials related to the Offer carefully and in their entirety. Additionally, below are some questions that you, as a stockholder of GLDD ("<u>GLDD Stockholder</u>"), may have, and answers to those questions. Questions or requests for assistance may be directed to MacKenzie Partners, Inc. (the "<u>Information Agent</u>") at its address and telephone number, as set forth on the back cover of this Offer to Purchase.

Unless otherwise indicated in this Offer to Purchase or the context otherwise requires, all references in this Offer to Purchase to "we," "our," or "us" refer to Purchaser or Parent as the context requires.

---

| | |
|:---|:---|
| **Securities Sought** | All issued and outstanding Shares. |
| **Price Offered Per Share** | The Offer Price, upon the terms and subject to the conditions described in this Offer to Purchase and the related Letter of Transmittal, subject to any required tax withholdings and without interest. |
| **Scheduled Expiration Date** | The Offer and withdrawal rights are scheduled to expire at one minute past 11:59 p.m. New York City time on March 31, 2026, unless extended in accordance with the terms of the Merger Agreement and the applicable rules and regulations of the Securities and Exchange Commission, in which event the term "<u>Expiration Date</u>" will mean the date to which the Expiration Date is so extended. |
| **Purchaser** | Huron MergeCo., Inc., a Delaware corporation and a wholly owned subsidiary of Saltchuk Resources, Inc., a Washington corporation. |
| **GLDD Board Recommendation** | The board of directors of GLDD (the "<u>GLDD Board</u>") unanimously recommended that GLDD Stockholders accept the Offer and tender their Shares pursuant to the Offer. |

---

**WHO IS OFFERING TO BUY MY SHARES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchaser is Huron MergeCo., Inc. Purchaser is offering to buy your Shares. Purchaser has been organized in
connection with this Offer and has not carried on any activities other than entering into the Merger Agreement and activities in connection with the Offer. See " <u>The Tender Offer—Section</u> <u>8. Certain Information Concerning Parent and Purchaser</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Parent is Saltchuk Resources, Inc. See " <u>The Tender Offer—Section</u> <u>8. Certain Information Concerning Parent and Purchaser</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Parent has agreed pursuant to the Merger Agreement to cause Purchaser to, upon the terms and subject to the
conditions in this Offer to Purchase and the related Letter of Transmittal, accept and pay for Shares tendered and not validly withdrawn in the Offer.

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**WHO CAN PARTICIPATE IN THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Offer is open to all holders and beneficial owners of the Shares.

**DOES PARENT, PURCHASER OR ANY OF THEIR RESPECTIVE AFFILIATES ALREADY BENEFICIALLY OWN SHARES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Parent, Purchaser and their respective affiliates do not own any Shares. See " <u>The Tender Offer—Section</u> <u>8. Certain Information Concerning Parent and Purchaser</u>."

**HOW MUCH IS PURCHASER OFFERING TO PAY AND WHAT IS THE FORM OF PAYMENT?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchaser is offering to pay you $17.00 per Share in cash, without interest and subject to any required tax
withholdings, upon the terms and subject to the conditions contained in this Offer to Purchase and the related Letter of Transmittal. See the " <u>Introduction</u> " and " <u>The Tender Offer—Section</u> <u>1. Terms of the Offer</u>."

**WILL I HAVE TO PAY ANY FEES OR COMMISSIONS?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If your Shares are registered in your name and you tender your Shares, you will not be obligated to pay brokerage
fees or commissions or similar expenses. If you hold your Shares through a broker, dealer, commercial bank, trust company or other nominee and your broker, dealer, commercial bank, trust company or other nominee tenders your Shares on your behalf,
your broker, dealer, commercial bank, trust company or other nominee may charge a fee for doing so. You should consult your broker, dealer, commercial bank, trust company or other nominee to determine whether any charges will apply. See the
" <u>Introduction</u> " and " <u>The Tender Offer—Section</u> <u>3. Procedures for Tendering Shares</u>."

**WHY IS PURCHASER MAKING THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchaser is making the Offer because it wants to acquire control of, and ultimately own, all of the issued and
outstanding Shares. Following the consummation of the Offer, we intend to complete the Merger as soon as practicable. Upon completion of the Merger, GLDD will become a wholly owned subsidiary of Parent. In addition, we intend to cause the Shares to
be delisted from the Nasdaq Global Select Market (" <u>Nasdaq</u> ") and deregistered under the Securities and Exchange Act of 1934, as amended (the " <u>Exchange Act</u> "), after the consummation of the Merger. See
" <u>The Tender Offer—Section</u> <u>12. Purpose of the Offer and Plans for GLDD</u>," " <u>The Tender Offer—Section</u> <u>13. Certain Effects of the Offer</u> " and " <u>The Tender Offer—Section</u> <u>1. Terms of the Offer</u>."

**IS THERE A MINIMUM NUMBER OF SHARES THAT MUST BE TENDERED IN ORDER FOR YOU TO PURCHASE ANY SHARES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes. The obligation of Purchaser to accept for payment or pay for any Shares tendered pursuant to the Offer is
subject to the various conditions set forth in " <u>The Tender Offer—Section</u> <u>15. Conditions of the Offer,</u> " including the "Minimum Tender Condition" (as defined herein). The " <u>Minimum Tender Condition</u> " means that the number of Shares validly tendered and not properly withdrawn prior to the expiration of the Offer, together with the number of Shares owned, directly or indirectly, by Parent, Purchaser and any of their respective
wholly-owned subsidiaries, shall equal at least one (1) Share more than a majority of the issued and outstanding Shares as of the expiration of the Offer, which, for this calculation, will exclude tendered Shares not yet "received"
(within the meaning of Section 251(h) of the DGCL).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A more detailed discussion of the Minimum Tender Condition is contained in the " <u>Introduction</u>,"
" <u>The Tender Offer—Section</u> <u>1. Terms of the Offer</u> " and " <u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>."

------

**WHAT ARE THE MOST SIGNIFICANT CONDITIONS OF THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consummation of the Offer is subject to the satisfaction (or, to the extent permitted, waiver) of certain
conditions set forth in the Merger Agreement, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Minimum Tender Condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the waiting period (or any extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended (the " <u>HSR Act</u> ") relating to the purchase of Shares pursuant to the Offer or the consummation of the Merger shall have expired or been terminated as of the expiration of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. no governmental entity shall have issued or entered any judgment, order, stipulation, settlement, injunction or
decree that is in effect and that enjoins or prohibits the making of the Offer or the consummation of the Offer or the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the accuracy of the representations and warranties of GLDD set forth in the Merger Agreement (subject to
certain exceptions and qualifications described in the Merger Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GLDD's performance and compliance in all material respects with its agreements and covenants contained in
the Merger Agreement that are required to be performed or complied with by it at or prior to the Acceptance Time (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Parent and Purchaser receiving a certificate on behalf of GLDD, signed by an executive officer of GLDD and
dated as of the Acceptance Time, to the effect that the conditions referenced in clauses (4) and (5) above and clause (7) below have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. no GLDD Material Adverse Effect (as defined herein) shall have occurred since the date of the Merger Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. the Merger Agreement not being terminated in accordance with its terms (collectively, (1) through (8), the
" <u>Offer Conditions</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Offer is not subject to any financing conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A more detailed discussion of the Offer Conditions is contained in the " <u>Introduction</u>,"
" <u>The Tender Offer—Section</u> <u>1. Terms of the Offer</u> " and " <u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>."

**IS THERE AN AGREEMENT GOVERNING THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes. GLDD, Parent and Purchaser have entered into the Merger Agreement. The Merger Agreement provides for, among
other things, the terms and conditions of the Offer and, following consummation of the Offer, the Merger. See " <u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Summary of the Merger Agreement</u>."

**DOES PARENT HAVE FINANCIAL RESOURCES TO MAKE PAYMENTS IN THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes. Parent and Purchaser estimate that the total amount of funds required from Parent and Purchaser to purchase
all Shares pursuant to the Offer, consummate the Merger and otherwise satisfy their respective obligations under the Merger Agreement (including payments for the settlement and cancellation of GLDD RSU Awards (as defined below), repayment of GLDD
indebtedness and payment of associated breakage costs, payment of retention and other bonus payments to GLDD employees) and pay associated estimated fees and expenses is approximately $1,621.1 million. Parent and Purchaser expect to fund such
payments from a combination of Parent's available cash, borrowings under either Parent's existing credit facilities and a committed unsecured bridge credit facility or from a refinancing and upsize of Parent's existing credit
facilities. To the extent required, Parent will provide Purchaser with sufficient funds to satisfy Purchaser's obligations. No alternative arrangements or alternative financing plans have been made. See " <u>The Tender Offer—Section</u> <u>9. Source and Amount</u> 

------

 <u>of Funds</u>," "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Financing</u>" and "<u>The Tender Offer—Section</u> <u>12. Purpose of the Offer and Plans for GLDD</u>." <br>

**SHOULD PURCHASER'S FINANCIAL CONDITION BE RELEVANT TO MY DECISION TO TENDER IN THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No, we do not believe it is relevant because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consummation of the Offer is not subject to any financing condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Offer is being made for all issued and outstanding Shares solely for cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Offer is consummated, we will acquire all remaining Shares in the Merger for the same cash price as was
paid in the Offer (i.e., the Offer Price), subject to any required tax withholdings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have all of the financial resources, including committed corporate loan facilities and cash on hand, to
purchase all Shares validly tendered and not properly withdrawn pursuant to the Offer and to provide funding for the Merger and related fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• See " <u>The Tender Offer—Section</u> <u>9. Source and Amount of Funds</u> " and
" <u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Financing</u>."

**HOW LONG DO I HAVE TO DECIDE WHETHER TO TENDER IN THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursuant to the Merger Agreement, the Offer and withdrawal rights will expire at one minute past 11:59 p.m. New
York City time on March 31, 2026. You will have until one minute after 11:59 p.m. New York City time on March 31, 2026, to tender your Shares in the Offer, unless Purchaser extends the Offer, in which event you will have until the
Expiration Date as so extended. See " <u>The Tender Offer—Section</u> <u>4. Withdrawal Rights</u> " and " <u>The Tender Offer—Section</u> <u>1. Terms of the Offer</u>."

**CAN THE OFFER BE EXTENDED, AND UNDER WHAT CIRCUMSTANCES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes, the Offer can be extended. The Merger Agreement provides that, subject to the parties' termination
rights under the Merger Agreement, (i) Purchaser may, in its sole discretion, and without the consent of GLDD or any other person, extend the Offer on one (1) or more occasions, for additional periods of up to ten (10) business days
per extension (or such longer period as the parties thereto may agree), if, at any then-scheduled Expiration Date, any Offer Condition is not satisfied or waived by Purchaser or Parent, in order to permit such Offer Condition to be satisfied, except
that, in the event that at any then-scheduled Expiration Date, the Minimum Tender Condition is the only Offer Condition not satisfied (other than the Offer Conditions that by their nature are only satisfied as of the Acceptance Time so long as such
conditions would be satisfied if the Acceptance Time were to then occur) then Purchaser shall not be permitted to extend the Offer more than four (4) times in the aggregate, (ii) Purchaser shall, and Parent shall cause Purchaser to, extend
the Offer for the minimum period required by applicable law, or by any rule, regulation, interpretation or position of the SEC, the staff thereof or Nasdaq applicable to the Offer, and (iii) if, at any then-scheduled Expiration Date, any Offer
Condition is not satisfied or, if permitted by the Merger Agreement, waived by Parent or Purchaser at such time, then if requested by GLDD, Purchaser shall, and Parent shall cause Purchaser to, extend the Offer for additional periods of ten
(10) business days per extension (or such other period as the parties may agree), except that, in the event that at any then-scheduled Expiration Date, the Minimum Tender Condition is the only Offer Condition not satisfied (other than
conditions that by their nature are only to be satisfied at the Acceptance Time, so long as such conditions would be satisfied if the Offer were to then expire), Purchaser is not required to, and Parent is not required to cause Purchaser to, further
extend the Offer more than four (4) times in the aggregate; provided that Purchaser is not required to,

------

and Parent is not required to cause Purchaser to, extend the Offer beyond the Outside Date (as defined in the Merger Agreement) or the date the Merger Agreement is validly terminated in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• See " <u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Extensions of the Offer</u> " and " <u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>."

**HOW WILL I BE NOTIFIED IF THE OFFER IS EXTENDED?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If Purchaser extends the Offer, we will inform Broadridge Corporate Issuer Solutions, LLC, the depositary and
paying agent for the Offer (the " <u>Depositary and Paying Agent</u> "), of that fact and will issue a press release giving the new Expiration Date no later than 9:00 a.m. New York City time on the next business day after the day on which
the Offer was previously scheduled to expire. See " <u>The Tender Offer—Section</u> <u>1. Terms of the Offer</u>."

**WILL THERE BE A SUBSEQUENT OFFERING PERIOD?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No. Pursuant to Section 251(h) of the DGCL, we expect to complete the Merger as soon as practicable on the
same business day as the Acceptance Time without a subsequent offering period.

**HOW DO I TENDER MY SHARES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you hold your Shares directly as the registered owner, you can tender your Shares in the Offer by
(i) delivering the certificates representing your Shares, together with a completed Letter of Transmittal and any other documents required by the Letter of Transmittal, to the Depositary and Paying Agent, or (ii) for Shares held in
book-entry form, delivering a Letter of Transmittal, properly completed and duly executed, together with any required signature guarantees, in each case, not later than the Expiration Date as further described in " <u>The Tender Offer—Section</u> <u>3. Procedures for Tendering Shares</u> ". The Letter of Transmittal is enclosed with this Offer to Purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you hold your Shares in "street name" (i.e., through a broker, dealer, commercial bank, trust
company or other nominee), in order to tender your Shares in the Offer you must contact the institution that holds your Shares and give instructions that your Shares be tendered no later than the Expiration Date. You should contact the institution
that holds your Shares for more details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In all cases, payment for tendered Shares will be made only after timely receipt by the Depositary and Paying
Agent of (i) certificates for such Shares and a properly completed and duly executed Letter of Transmittal and any other required documents for such Shares, or (ii) a Letter of Transmittal, properly completed and duly executed, together
with any required signature guarantees (or an Agent's Message (as defined herein) in lieu of a Letter of Transmittal) for Shares held in book-entry form, in each case, as described in " <u>The Tender Offer—Section</u> <u>3. Procedures for Tendering Shares.</u> " See also " <u>The Tender Offer—Section</u> <u>2. Acceptance for Payment and Payment for Shares</u>."

**UNTIL WHAT TIME CAN I WITHDRAW PREVIOUSLY TENDERED SHARES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may withdraw previously tendered Shares any time prior to one minute after 11:59 p.m. New York City time on
March 31, 2026 or the date to which Purchaser further extends the Offer. See " <u>The Tender Offer—Section</u> <u>4. Withdrawal Rights</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, pursuant to Section 14(d)(5) of the Exchange Act, Shares may be withdrawn at any time after
May 3, 2026, which is the 60th day after the date of the commencement of the Offer, unless such Shares have already been accepted for payment by Purchaser pursuant to the Offer.

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**HOW DO I WITHDRAW PREVIOUSLY TENDERED SHARES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To withdraw previously tendered Shares, you must deliver a written or facsimile notice of withdrawal with the
required information to the Depositary and Paying Agent while you still have the right to withdraw. If you tendered Shares by giving instructions to a broker, dealer, commercial bank, trust company or other nominee, you must instruct the broker,
dealer, commercial bank, trust company or other nominee to arrange for the withdrawal of your Shares. See " <u>The Tender Offer—Section</u> <u>4. Withdrawal Rights</u>."

**WHAT DOES THE GLDD BOARD THINK OF THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After careful consideration, the GLDD Board has unanimously recommended that you accept the Offer and tender your
Shares pursuant to the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GLDD's full statement on the Offer is set forth in its Solicitation/Recommendation Statement on Schedule 14D-9 (the " <u>Schedule 14D-9</u> "), which it has filed with the Securities and Exchange Commission on March 4, 2026. See also the
" <u>Introduction</u> " below.

**WILL THE TENDER OFFER BE FOLLOWED BY A MERGER IF ALL THE SHARES ARE NOT TENDERED?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we accept Shares for payment pursuant to the Offer, then the Minimum Tender Condition will have been satisfied
and we will hold a sufficient number of Shares to effect the Merger without a vote or meeting by GLDD Stockholders under the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Merger occurs, GLDD will become a wholly owned subsidiary of Parent and each issued and then outstanding
Share (other than Shares (i) held by GLDD in treasury or owned of record by GLDD or any subsidiary of GLDD, and Shares owned of record by Parent, Purchaser (including Shares irrevocably accepted for payment by Purchaser in the Offer) or any of
their respective wholly-owned subsidiaries (in each case, other than those held on behalf of any third party), which shall be canceled and cease to exist, with no payment being made with respect thereto and (ii) held by GLDD Stockholders who
have properly demanded appraisal rights of such Shares under, and who comply in all respects with, Section 262 of the DGCL and have not validly revoked such demand) will automatically be converted into the right to receive an amount in cash
equal to the Offer Price, without interest thereon and subject to any required tax withholding (the " <u>Merger Consideration</u> "). For more information, see the " <u>Introduction</u> " below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because the Merger will be governed by Section 251(h) of the DGCL, no stockholder vote will be required to
consummate the Merger. As required by Section 251(h) of the DGCL, the Merger Agreement provides that the Merger shall be effected as soon as practicable on the same business day as the Acceptance Time. See the " <u>Introduction</u> "
below and " <u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—The Merger Closing and Effective Time</u>," " <u>The Tender Offer—Section</u> <u>12. Purpose of the Offer and Plans for GLDD—Merger Without a Stockholder Vote</u> " and " <u>The Tender Offer—Section</u> <u>16. Certain Legal Matters; Regulatory Approvals; Appraisal Rights</u>."

**IF THE OFFER IS COMPLETED, WILL GLDD CONTINUE AS A PUBLIC COMPANY?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No. Immediately following consummation of the Offer and satisfaction or waiver (to the extent permitted by
applicable law) of the conditions to the Merger, we expect to complete the Merger pursuant to applicable provisions of the DGCL, after which GLDD will be a wholly owned subsidiary of Parent, the Shares will be delisted from Nasdaq, GLDD's
obligations to file periodic reports under the Exchange Act will be terminated, and GLDD will be privately held. See " <u>The Tender Offer—Section</u> <u>13. Certain Effects of the Offer</u>."

------

**IF I DECIDE NOT TO TENDER, HOW WILL THE OFFER AFFECT MY SHARES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you decide not to tender your Shares in the Offer and the Merger occurs as described above, you will receive
in the Merger the right to receive the Merger Consideration, which is the same amount as if you had tendered your Shares in the Offer (i.e., the Offer Price).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the satisfaction or waiver of the Offer Conditions, if we purchase Shares in the Offer, we are
obligated under the Merger Agreement to cause the Merger to occur. See " <u>The Tender Offer—Section</u> <u>13. Certain Effects of the Offer</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following the Offer, Shares may no longer constitute "margin securities" for purposes of the margin
regulations of the Federal Reserve Board, in which case your Shares may no longer be used as collateral for loans made by brokers. See " <u>The Tender Offer—Section</u> <u>13. Certain Effects of the Offer</u>."

**WHAT IS THE MARKET VALUE OF MY SHARES AS OF A RECENT DATE?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 3, 2026, the last full trading day prior to the date of this Offer to Purchase, the last reported
closing price per Share reported on Nasdaq was $16.98, which represents a 0.1% discount to the Offer Price of $17.00 per Share. See " <u>The Tender Offer—Section</u> <u>6. Price Range of Shares</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Offer Price of $17.00 per Share represents a premium of twenty-five percent (25%) to the volume-weighted
average price for the 90-day period prior to February 10, 2026, the last full trading day before Parent, Purchaser and GLDD publicly announced their entry into the Merger Agreement.

**IF I ACCEPT THE OFFER, WHEN AND HOW WILL I GET PAID?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Offer Conditions as set forth in the " <u>Introduction</u> " and " <u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u> " are satisfied or waived and Purchaser consummates the Offer and accepts your Shares for payment, we will pay you a dollar amount in cash equal to the number of Shares you
tendered multiplied by the Offer Price, without interest and subject to any required tax withholdings, as promptly as practicable following the time at which Purchaser accepts for payment Shares tendered in the Offer (and in any event within two
(2) business days). See " <u>The Tender Offer—Section</u> <u>1. Terms of the Offer</u> " and " <u>The Tender Offer—Section</u> <u>2. Acceptance for Payment and Payment for Shares</u>."

**WILL I BE TAXED ON CASH RECEIVED IN EXCHANGE FOR SHARES PURSUANT TO THE OFFER OR THE MERGER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In general, the exchange of Shares for cash pursuant to the Offer or the Merger will be a taxable transaction for
U.S. federal income tax purposes. A U.S. Holder (as defined below in " <u>The Tender Offer—Section</u> <u>5. Certain U.S. Federal Income Tax Consequences of the Offer and the Merger</u> ") who sells Shares pursuant to the
Offer or receives cash in exchange for Shares pursuant to the Merger generally will recognize capital gain or loss for U.S. federal income tax purposes in an amount equal to the difference, if any, between (i) the amount of cash received
(determined before deduction of any applicable withholding taxes) and (ii) the U.S. Holder's adjusted tax basis in the Shares sold pursuant to the Offer or converted pursuant to the Merger. See " <u>The Tender Offer—Section</u> <u>5. Certain U.S. Federal Income Tax Consequences of the Offer and the Merger</u> " for a more detailed discussion of certain U.S. federal income tax considerations generally applicable to the Offer and the
Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are a Non-U.S. Holder (as defined below in " <u>The Tender Offer—Section</u> <u>5. Certain U.S. Federal Income Tax Consequences of the Offer and the Merger</u> "), you generally will not be subject to U.S. federal income tax with respect to the sale of Shares pursuant to the Offer or
receipt of cash in exchange for Shares pursuant to the Merger unless you have certain connections to the United States described in detail below, but you may be subject to backup withholding tax unless you comply with certain certification
procedures or otherwise establish a valid exemption from backup withholding tax.

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See "<u>The Tender Offer—Section</u> <u>5. Certain U.S. Federal Income Tax Consequences of the Offer and the Merger</u>" for a more detailed discussion of certain U.S. federal income tax considerations generally applicable to the Offer and the Merger.

**The U.S. federal, state, local and non-U.S. income and other tax consequences of the Offer and Merger to holders or beneficial owners of GLDD RSU Awards with respect to such GLDD RSU Awards is not discussed herein, and such holders and beneficial owners of GLDD RSU Awards are encouraged to consult their own tax advisors regarding such tax consequences.** 

**WILL I HAVE THE RIGHT TO HAVE MY SHARES APPRAISED?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No appraisal rights are available to GLDD Stockholders in connection with the Offer. However, if the Offer is
successful and the Merger is consummated, GLDD Stockholders and beneficial owners of Shares who: (i) did not tender their Shares in the Offer (or, if tendered, validly and subsequently withdrew such Shares prior to the time Purchaser accepts
properly tendered Shares for purchase and did not otherwise waive their appraisal rights), (ii) comply with the applicable requirements and procedures of Section 262 of the DGCL, and (iii) do not thereafter withdraw their demand for
appraisal of such Shares or otherwise lose their appraisal rights, in each case, in accordance with the DGCL, will be entitled to demand appraisal of their Shares and receive in lieu of the consideration payable in the Merger a cash payment equal to
the "fair value" of their Shares, as determined by the Delaware Court of Chancery, in accordance with Section 262 of the DGCL plus interest, if any, on the amount determined to be the fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The "fair value" of the Shares as determined by the Delaware Court of Chancery could be based upon
considerations other than, or in addition to, the price paid in the Offer and the Merger and the market value of such Shares. GLDD Stockholders and beneficial owners of Shares should recognize that the value determined in an appraisal proceeding of
the Delaware Court of Chancery could be higher or lower than, or the same as, the Offer Price (which is the same value as the Merger Consideration) and that an investment banking opinion as to the fairness, from a financial point of view, of the
consideration payable in a sale transaction, such as the Offer and the Merger, is not an opinion as to, and does not otherwise address, fair value under the DGCL. Moreover, Parent, Purchaser and GLDD may argue in an appraisal proceeding that, for
purposes of such proceeding, the "fair value" of such Shares is less than the Offer Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any GLDD Stockholder or beneficial owner of Shares who desires to exercise appraisal rights should review
carefully Section 262 of the DGCL and is urged to consult his, her or its legal advisor before electing or attempting to exercise such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The foregoing summary of appraisal rights under the DGCL does not purport to be a statement of the procedures to
be followed by GLDD Stockholders or beneficial owners of Shares desiring to demand any appraisal rights under Delaware law. The preservation and demand of appraisal rights require strict and timely adherence to the applicable provisions of Delaware
law, which are contained in Section 262 of the DGCL and will be further summarized in a notice of the availability of appraisal rights to be sent by GLDD. The foregoing discussion is not a complete statement of law pertaining to appraisal
rights under Delaware law and is qualified in its entirety by reference to Delaware law, including without limitation, Section 262 of the DGCL, a copy of which may be accessed without subscription or cost at the following publicly available
website: https://delcode.delaware.gov/title8/c001/sc09/index.html#262. For more information regarding appraisal rights, see " <u>The Tender Offer—Section</u> <u>16. Certain Legal Matters; Regulatory Approvals; Appraisal Rights</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you tender your Shares in the Offer, you will not be entitled to demand appraisal rights with respect to your
Shares but, instead, subject to the conditions to the Offer, you will receive the Offer Price for your Shares.

**WITH WHOM MAY I SPEAK IF I HAVE QUESTIONS ABOUT THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You can call the Information Agent, toll-free at (800) 322-2885. See the back cover of this Offer to Purchase.

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**To All Holders of Shares of** 

**Great Lakes Dredge & Dock Corporation** 

**INTRODUCTION** 

Purchaser, a wholly owned subsidiary of Parent, is making the Offer to acquire all issued and outstanding Shares for the Offer Price, upon the terms and subject to the conditions described in this Offer to Purchase and the related Letter of Transmittal. Subject to the terms of the Merger Agreement, the Offer Price will be paid subject to any required tax withholdings and without interest. The Offer is being made pursuant to the Merger Agreement, pursuant to which, after the completion of the Offer and the satisfaction or, to the extent permitted by the Merger Agreement, waiver of certain conditions, Purchaser will be merged with and into GLDD, without a meeting, vote or any further action of GLDD Stockholders in accordance with Section 251(h) of the DGCL, whereupon the separate existence of Purchaser will cease and GLDD will survive the merger as a wholly owned subsidiary of Parent (such corporation, the "<u>Surviving Corporation</u>", such merger, the "<u>Merger</u>" and the Merger, together with the Offer and the other transactions contemplated by the Merger Agreement, the "<u>Transactions</u>"). The date and time at which the Merger becomes effective is referred to in this Offer to Purchase as the "<u>Effective Time</u>". Upon the terms and subject to the conditions of the Offer and the Merger Agreement, including the satisfaction or, to the extent permitted by the Merger Agreement, waiver of the Offer Conditions, Purchaser will, and Parent will cause Purchaser to, (i) immediately, and in no event later than 8:30 a.m. New York City time one (1) business day (determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) after the Expiration Date, irrevocably accept for purchase and payment all Shares validly tendered (and not validly withdrawn) pursuant to the Offer (such acceptance, the "<u>Offer Closing</u>", and the date and time at which the Offer Closing occurs, the "<u>Acceptance Time</u>") and (ii) pay (subject to any required tax withholdings) for all such Shares as promptly as practicable (and in any event within two (2) business days) after the Acceptance Time.

If your Shares are registered in your name and you tender your Shares directly to the Depositary and Paying Agent, you will not be obligated to pay brokerage fees or commissions or, except as otherwise provided in Instruction 6 of the Letter of Transmittal, transfer taxes on the purchase of Shares by Purchaser pursuant to the Offer. If you hold your Shares through a broker, dealer, commercial bank, trust company or other nominee you should consult with such institution as to whether they charge any service fees or commissions.

We will pay all charges and expenses of the Depositary and Paying Agent and the Information Agent.

Purchaser will not be required to accept for payment or, prior to the Acceptance Time and subject to any applicable rules and regulations of the SEC, including Rule 14e-1(c) under the Exchange Act, to pay for any Shares tendered pursuant to the Offer, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to the Expiration Date, the Minimum Tender Condition shall have not been satisfied or waived in writing
by Parent as of the Expiration Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of the conditions set forth in " <u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u> " shall exist or shall have occurred and be continuing at the Expiration Date.

If the Merger Agreement has been validly terminated in accordance with the termination provisions therein, Purchaser will, and Parent will cause Purchaser to, promptly (and in no event more than one (1) business day (determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) thereafter) irrevocably and unconditionally terminate the Offer (prior to the Acceptance Time and subject to any applicable rules and regulations of the SEC, including Rule 14e-1(c) under the Exchange Act) and not acquire any Shares pursuant to the Offer. If the Offer is terminated or withdrawn by Purchaser in accordance with the terms of the Merger Agreement, Purchaser will promptly return, and shall cause the Depositary and Paying Agent to return, in accordance with applicable laws, all tendered Shares to the registered holders thereof.

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**Purchaser and Parent reserve the right to waive certain of the conditions to the Offer in their sole discretion to the extent permitted by applicable law (other than the Minimum Tender Condition, which may be waived by Purchaser only with the prior written consent of GLDD, or the Competition Laws Condition (as defined herein), the Injunction Condition (as defined herein) or the Termination Condition (as defined herein)). See "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>."** 

**Pursuant to the Merger Agreement, the Offer and withdrawal rights will expire at one minute past 11:59 p.m. New York City time on March 31, 2026. See "<u>The Tender Offer—Section</u> <u>1. Terms of the Offer</u>," "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>" and "<u>The Tender Offer—Section</u> <u>16. Certain Legal Matters; Regulatory Approvals; Appraisal Rights</u>."** 

**After careful consideration, the GLDD Board has unanimously: (i) determined that it is in the best interests of GLDD and GLDD Stockholders for GLDD to enter into the Merger Agreement, and declared the Merger Agreement and the Transactions, including the Offer and the Merger, advisable, (ii) approved the execution, delivery and performance of, and adopted the Merger Agreement and the consummation of the Transactions, including the Merger and the Offer, in accordance with the DGCL, (iii) resolved that the Merger shall be effected under and governed by Section 251(h) of the DGCL, and (iv) recommended that GLDD Stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer.** 

For reasons considered by the GLDD Board, see the Schedule 14D-9 filed with the Securities and Exchange Commission on March 4, 2026 in connection with the Offer, a copy of which (without certain exhibits) is being furnished to GLDD Stockholders concurrently herewith.

The Offer is being made in connection with the Merger Agreement, pursuant to which, after the completion of the Offer and the satisfaction or waiver of certain conditions, the Merger will be effected. The Merger will become effective at the time when the certificate of merger has been duly filed with the Secretary of State of the State of Delaware or at such other date and time as may be agreed by Parent, GLDD and Purchaser and specified in the certificate of merger.

Pursuant to the Merger Agreement, at the Effective Time, by virtue of the Merger and without any action required by any party to the Merger Agreement or any GLDD Stockholder, each Share issued and outstanding immediately prior to the Effective Time other than Shares (i) held by GLDD in treasury or owned of record by GLDD or any subsidiary of GLDD and Shares owned of record by Parent, Purchaser (including Shares irrevocably accepted for payment by Purchaser in the Offer) or any of their respective wholly-owned subsidiaries (in each case, other than those held on behalf of any third party), which shall be canceled and cease to exist, with no payment being made with respect thereto and (ii) held by any GLDD Stockholders who have properly demanded appraisal rights of such Shares under, and who comply in all respects with, Section 262 of the DGCL and have not validly revoked such demand, will automatically be converted into the right to receive the Merger Consideration.

The Merger Agreement is more fully described in "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements</u>," which also contains a discussion of the treatment of GLDD RSU Awards in the Merger. "<u>The Tender Offer—Section</u> <u>5. Certain U.S. Federal Income Tax Consequences of the Offer and the Merger</u>" below describes certain U.S. federal income tax consequences generally applicable to Holders (as defined below in "<u>The Tender Offer—Section</u> <u>5. Certain U.S. Federal Income Tax Consequences of the Offer and the Merger</u>") whose Shares are tendered and accepted for purchase pursuant to the Offer or whose Shares are converted into the right to receive cash in the Merger.

Because the Merger will be consummated in accordance with Section 251(h) of the DGCL, approval of the Merger will not require a vote of GLDD Stockholders. Section 251(h) of the DGCL provides that stockholder approval of a merger is not required if certain requirements are met, including that: (i) the acquiring company consummates a tender offer for any and all of the outstanding stock of GLDD that, absent Section 251(h) of the

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DGCL, would be entitled to vote on the merger, (ii) following the consummation of such tender offer, the stock irrevocably accepted for purchase pursuant to such offer and received by the Depositary and Paying Agent prior to expiration of such offer, together with the stock otherwise owned by the consummating corporation or its affiliates and any "rollover stock" (as defined in Section 251(h) of the DGCL), equals at least such percentage of the stock of GLDD to be acquired that, absent Section 251(h) of the DGCL, would be required to adopt the Merger Agreement, and (iii) each outstanding share (other than "excluded stock" (as defined in Section 251(h) of the DGCL)) of GLDD that is subject of and not irrevocably accepted for purchase in such offer is converted in such merger into the right to receive the same amount and kind of cash, property, rights or securities paid for such shares pursuant to such offer. If the Minimum Tender Condition is satisfied and we accept Shares for payment pursuant to the Offer, we will hold a sufficient number of Shares to ensure that GLDD will not be required to submit the adoption of the Merger Agreement to a vote of GLDD Stockholders. As a result of the Merger, GLDD will cease to be a publicly traded company and will become a wholly owned subsidiary of Parent. See "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements</u>," "<u>The Tender Offer—Section</u> <u>12. Purpose of the Offer and Plans for GLDD—Merger Without a Stockholder Vote</u>" and "<u>The Tender Offer—Section</u> <u>16. Certain Legal Matters; Regulatory Approvals; Appraisal Rights</u>."

**The Merger Agreement, this Offer to Purchase and the related Letter of Transmittal contain important information and each document should be read carefully and in their entirety before any decision is made with respect to the Offer.** 

**THE TENDER OFFER** 

**1. TERMS OF THE OFFER.** 

The Offer is being made pursuant to the Merger Agreement, pursuant to which, after the completion of the Offer and the satisfaction or, to the extent permitted under the Merger Agreement, waiver of certain conditions, Purchaser will be merged with and into GLDD, without a meeting, vote or any further action of GLDD's Stockholders in accordance with Section 251(h) of DGCL, whereupon the separate existence of Purchaser will cease and GLDD will survive the merger as a wholly owned subsidiary of Parent. Upon the terms and subject to the conditions of the Offer and the Merger Agreement, including the satisfaction or, to the extent permitted, waiver of the conditions of the Offer, Purchaser will (and Parent will cause Purchaser to), (i) immediately following, and in no event later than 8:30 a.m. New York City time one (1) business day (determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) after the Expiration Date, irrevocably accept for purchase and payment all Shares validly tendered (and not validly withdrawn in accordance with the procedures set forth in "<u>The Tender Offer</u>**<u>—</u>**<u>Section</u> <u>4. Withdrawal Rights</u>") pursuant to the Offer and (ii) as promptly as practicable after the Acceptance Time (and in any event within two (2) business days (determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) thereafter), pay for such Shares.

The Offer will expire at one minute after 11:59 p.m. New York City time on March 31, 2026, the date that is twenty (20) business days (determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) from commencement of the Offer, unless extended in accordance with the terms of the Merger Agreement and the applicable rules and regulations of the SEC, in which event the term "Expiration Date" will mean the date to which the Expiration Date is so extended.

Purchaser is offering to pay an Offer Price of $17.00 per Share in cash to you, without interest and subject to any required tax withholdings, upon the terms and subject to the conditions contained in this Offer to Purchase and the related Letter of Transmittal.

**The Offer is conditioned upon the satisfaction of the Minimum Tender Condition and the other conditions described in "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>." We may, subject to the terms and conditions of the Merger Agreement, terminate the Offer without purchasing any Shares if** 

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 **certain events described in "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Summary of the Merger Agreement—Termination</u>" occur.** 

Pursuant to the Merger Agreement, Purchaser has expressly reserved the right to: (i) increase the amount of cash constituting the Offer Price and/or (ii) waive, in whole or in part, any Offer Condition or modify the terms of the Offer not inconsistent with the terms of the Merger Agreement, except that, without the prior written consent of GLDD, Purchaser may not (and Parent will not permit Purchaser to) (a) reduce the number of Shares subject to the Offer, (b) reduce the Offer Price (other than as permitted by the Merger Agreement), (c) amend, modify or waive the Minimum Tender Condition, the Competition Laws Condition (as defined herein), the Injunction Condition (as defined herein) and the Termination Condition (as defined herein), (d) add to the Offer Conditions or other conditions of the Offer or amend, modify or supplement any Offer Condition, (e) except as provided in the Merger Agreement with respect to the extension of the Offer, terminate, extend, or otherwise modify the Expiration Date, (f) change the form of consideration payable in the Offer, (g) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse to GLDD Stockholders or that would reasonably be expected to cause any delay of Parent or Purchaser to consummate the Offer, or (h) provide any "subsequent offering period" within the meaning of Rule 14d-11 promulgated under the Exchange Act.

If, on or before the Expiration Date, Purchaser increases the consideration being paid for Shares accepted for payment in the Offer, such increased consideration will be paid to all stockholders whose Shares are purchased in the Offer, whether or not such Shares were tendered before the announcement of the increase in consideration.

The Merger Agreement provides that (i) Purchaser may, in its sole discretion, and without the consent of GLDD or any other person, extend the Offer on one or more occasions, for additional periods of up to ten (10) business days (as determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) per extension (or such longer period as the parties may agree), if, at any then-scheduled Expiration Date, any Offer Condition is not satisfied or waived by Purchaser or Parent, in order to permit such Offer Condition to be satisfied, except that, in the event that at any then-scheduled Expiration Date, the Minimum Tender Condition is the only Offer Condition not satisfied (other than the Offer Conditions that by their nature are only satisfied as of the Acceptance Time so long as such conditions would be satisfied if the Acceptance Time were to then occur) then Purchaser shall not be permitted to extend the Offer more than four (4) times in the aggregate and (ii) Purchaser shall, and Parent shall cause Purchaser to, extend the Offer for the minimum period required by applicable law, or by any rule, regulation, interpretation or position of the SEC, the staff thereof or Nasdaq applicable to the Offer, and (iii) if, at any then-scheduled Expiration Date, any Offer Condition is not satisfied or, if permitted by the Merger Agreement, waived by Parent or Purchaser at such time, then if requested by GLDD, Purchaser shall, and Parent shall cause Purchaser to, extend the Offer for additional periods of ten (10) business days (determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) per extension (or such other period as the parties may agree), except that, in the event that at any then-scheduled Expiration Date, the Minimum Tender Condition is the only Offer Condition not satisfied (other than conditions that by their nature are only to be satisfied at the Acceptance Time, so long as such conditions would be satisfied if the Offer were to then expire), Purchaser is not required to, and Parent is not required to cause Purchaser to, further extend the Offer more than four (4) times in the aggregate; provided that Purchaser is not required to, and Parent is not required to cause Purchaser to, extend the Offer beyond the Outside Date or the date the Merger Agreement is validly terminated in accordance with the terms thereof. See "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Extensions of the Offer</u>" and "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>."

Except as set forth above, there can be no assurance that we will be required under the Merger Agreement to extend the Offer. During any extension of the initial offering period pursuant to the paragraphs above, all Shares previously tendered and not validly withdrawn will remain subject to the Offer and subject to withdrawal rights. See "<u>The Tender Offer—Section</u> <u>4. Withdrawal Rights</u>."

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If, subject to the terms of the Merger Agreement, we make a material change in the terms of the Offer or the information concerning the Offer, or if we waive a material condition of the Offer, we will disseminate additional tender offer materials and extend the Offer if and to the extent required by Rules 14d-3(b)(1), 14d-4(d), 14d-6(c) and l4e-1 under the Exchange Act or otherwise. The minimum period during which a tender offer must remain open following material changes in the terms of the tender offer or the information concerning the tender offer, other than a change in the consideration offered or a change in the percentage of securities sought, will depend upon the facts and circumstances, including the relative materiality of the terms or information changes. With respect to a change in the consideration offered or a change in the percentage of securities sought, a tender offer generally must remain open for a minimum of ten (10) business days following such change to allow for adequate disclosure to stockholders.

We expressly reserve the right, in our sole discretion, subject to the terms and upon the conditions of the Merger Agreement and the applicable rules and regulations of the SEC, to not accept for payment any Shares if, at the expiration of the Offer, any of the conditions to the Offer set forth in "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>" have not been satisfied. Under certain circumstances, Parent and Purchaser may terminate the Merger Agreement and the Offer.

Any extension, waiver or amendment of the Offer or termination of the Offer will be followed, as promptly as practicable, by public announcement thereof, such announcement in the case of an extension to be issued not later than 9:00 a.m. New York City time on the next business day after the Expiration Date in accordance with the public announcement requirements of Rules 14d-3(b)(1), 14d-4(d), 14d-6(c), and 14e-1(d) under the Exchange Act. Without limiting our obligation under such rule or the manner in which we may choose to make any public announcement, we currently intend to make announcements by issuing a press release to the PR Newswire (or such other national media outlet or outlets we deem prudent) and making any appropriate filing with the SEC.

Promptly following the purchase of Shares in the Offer, we expect to complete the Merger without a vote of GLDD Stockholders pursuant to Section 251(h) of the DGCL.

GLDD has agreed to provide us with its list of stockholders and security position listings for the purpose of disseminating the Offer to GLDD Stockholders. This Offer to Purchase and the related Letter of Transmittal will be mailed to record holders of Shares whose names appear on GLDD's stockholder list and will be furnished to brokers, dealers, commercial banks, trust companies and similar persons whose names, or the names of whose nominees, appear on the stockholder list or, if applicable, who are listed as participants in a clearing agency's security position listing, for subsequent transmittal to beneficial owners of Shares.

**2. ACCEPTANCE FOR PAYMENT AND PAYMENT FOR SHARES.** 

Subject to the satisfaction or, to the extent permitted, waiver of all the conditions to the Offer set forth in "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>," we will, immediately following, and in no event later than 8:30 a.m. New York City time one (1) business day after the Expiration Date, irrevocably accept for purchase and payment all Shares validly tendered (and not validly withdrawn) pursuant to the Offer and, as promptly as practicable after the Acceptance Time (and in any event within two (2) business days), pay for such Shares.

In all cases, payment for Shares tendered and accepted for purchase and payment pursuant to the Offer will be made only after timely receipt by the Depositary and Paying Agent of (i) certificates representing such Shares or confirmation of the book-entry transfer of such Shares into the Depositary and Paying Agent's account at The Depository Trust Company ("<u>DTC</u>") pursuant to the procedures set forth in "<u>The Tender Offer—Section</u> <u>3. Procedures for Tendering Shares</u>," (ii) a Letter of Transmittal, properly completed and duly executed, with any required signature guarantees in customary form (or, an Agent's Message in lieu of the Letter of Transmittal),

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and (iii) any other documents required by the Letter of Transmittal or any other customary documents required by Depositary and Paying Agent. See "<u>The Tender Offer—Section</u> <u>3. Procedures for Tendering Shares</u>."

For purposes of the Offer, if and when Purchaser gives oral or written notice to the Depositary and Paying Agent of its acceptance for payment of such Shares pursuant to the Offer, then Purchaser has accepted for payment and thereby purchased Shares validly tendered and not validly withdrawn pursuant to the Offer. Upon the terms and subject to the conditions of the Offer, payment for Shares accepted for payment pursuant to the Offer will be made by deposit of the Exchange Fund (as defined herein) (subject to any required tax withholdings) therefor with the Depositary and Paying Agent, which will act as agent for the tendering stockholders for purposes of receiving payments from us and transmitting such payments to the tendering stockholders. **Under no circumstances will interest be paid on the Offer Price for Shares, regardless of any extension of the Offer or any delay in payment for Shares**.

If any tendered Shares are not accepted for payment pursuant to the terms and conditions of the Offer for any reason, or if certificates are submitted for more Shares than are tendered, certificates for such unpurchased Shares will be returned (or new Shares in book-entry form for the Shares not tendered will be issued), without expense to the tendering stockholder (or, in the case of Shares tendered by book-entry transfer into the Depositary and Paying Agent's account at DTC pursuant to the procedures set forth in "<u>The Tender Offer—Section</u> <u>3. Procedures for Tendering Shares</u>," such Shares will be credited to an account maintained with DTC) promptly following expiration or termination of the Offer.

**3. PROCEDURES FOR TENDERING SHARES.** 

**Valid Tender of Shares**. Except as set forth below, to validly tender Shares pursuant to the Offer, a properly completed and duly executed Letter of Transmittal in accordance with the instructions of the Letter of Transmittal, with any required signature guarantees, or an Agent's Message (in lieu of the Letter of Transmittal), and any other documents required by the Letter of Transmittal and any other customary documents required by the Depositary and Paying Agent, must be received by the Depositary and Paying Agent at one of its addresses set forth on the back cover of this Offer to Purchase prior to the expiration of the Offer and either (i) certificates representing Shares tendered must be properly delivered to the Depositary and Paying Agent at one of its addresses set forth on the back cover of this Offer to Purchase prior to the expiration of the Offer or (ii) such Shares must be properly delivered pursuant to the procedures for book-entry transfer described below and a confirmation of such delivery received by the Depositary and Paying Agent (which confirmation must include an Agent's Message if the tendering GLDD Stockholder has not delivered a Letter of Transmittal), in each case, prior to the Expiration Date. The term "<u>Agent's Message</u>" means a message, transmitted by DTC to, and received by, the Depositary and Paying Agent and forming a part of a Book-Entry Confirmation (as defined herein), which states that DTC has received an express acknowledgment from the participant in DTC tendering the Shares which are the subject of such Book-Entry Confirmation (as defined herein) that such participant has received and agrees to be bound by the terms of the Letter of Transmittal and that Purchaser may enforce such agreement against the participant.

**Book-Entry Transfer**. The Depositary and Paying Agent will take steps to establish and maintain an account with respect to the Shares at DTC for purposes of the Offer. Any financial institution that is a participant in DTC's systems may make a book-entry transfer of Shares by causing DTC to transfer such Shares into the Depositary and Paying Agent's account in accordance with DTC's procedures for such transfer. However, although delivery of Shares may be effected through book-entry transfer, either the Letter of Transmittal, properly completed and duly executed, together with any required signature guarantees, and any other required documents, or an Agent's Message in lieu of the Letter of Transmittal must be transmitted to and received by the Depositary and Paying Agent in accordance with DTC's procedures prior to the Expiration Date. The confirmation of a book-entry transfer of Shares into the Depositary and Paying Agent's account at DTC as described above is referred to herein as a "<u>Book-Entry Confirmation</u>."

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**Delivery of documents to DTC in accordance with DTC's procedures does not constitute delivery to the Depositary and Paying Agent.** 

**No Guaranteed Delivery. We are not providing for guaranteed delivery procedures. Therefore, GLDD Stockholders must allow sufficient time for the necessary tender procedures to be completed during normal business hours of DTC, which end earlier than the Expiration Date. Normal business hours of DTC are between 8:00 a.m. and 5:00 p.m., New York City time, Monday through Friday. GLDD Stockholders must tender their Shares in accordance with the procedures set forth in this Offer to Purchase and the related Letter of Transmittal prior to the Expiration Date. Tenders received by the Depositary and Paying Agent after the Expiration Date will be disregarded and of no effect.** 

**Signature Guarantees**. Except as otherwise provided below, all signatures on a Letter of Transmittal must be guaranteed by a financial institution (including most commercial banks, savings and loan associations and brokerage houses) that is a member in good standing of a recognized Medallion Program approved by the Securities Transfer Association, Inc., including the Security Transfer Agents Medallion Program, the New York Stock Exchange Medallion Signature Program and the Stock Exchanges Medallion Program (each, an "<u>Eligible Institution</u>"). Signatures on a Letter of Transmittal need not be guaranteed: (i) if the Letter of Transmittal is signed by the registered owner(s) of Shares tendered therewith and such registered owner has not completed the box entitled "<u>Special Payment Instructions</u>" or the box entitled "<u>Special Delivery Instructions</u>" on the Letter of Transmittal, or (ii) if such Shares are tendered for the account of an Eligible Institution. See Instructions 1 and 5 of the Letter of Transmittal. If the certificates for Shares are registered in the name of a person other than the signer of the Letter of Transmittal, or if payment is to be made or certificates for Shares not tendered or not accepted for payment are to be returned to a person other than the registered owner of the certificates surrendered, then the signature on the Letter of Transmittal, in either case, must be guaranteed as described above. See Instructions 1 and 5 of the Letter of Transmittal.

Certificates representing Shares should not be forwarded separately to the Depositary and Paying Agent, and a properly completed and duly executed Letter of Transmittal must accompany each delivery of certificates.

**THE METHOD OF DELIVERY OF SHARES, THE LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS, INCLUDING DELIVERY THROUGH DTC, IS AT THE ELECTION AND RISK OF THE TENDERING STOCKHOLDER. DELIVERY OF ALL SUCH DOCUMENTS WILL BE DEEMED MADE, AND RISK OF LOSS THEREOF SHALL PASS, ONLY WHEN ACTUALLY RECEIVED BY THE DEPOSITARY AND PAYING AGENT (INCLUDING, IN THE CASE OF A BOOK-ENTRY TRANSFER, BY BOOK-ENTRY CONFIRMATION). IF SUCH DELIVERY IS BY MAIL, IT IS RECOMMENDED THAT ALL SUCH DOCUMENTS BE SENT BY PROPERLY INSURED REGISTERED MAIL WITH RETURN RECEIPT REQUESTED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY PRIOR TO THE EXPIRATION DATE.** 

**Other Requirements**. Notwithstanding any provision of the Merger Agreement, Purchaser will pay for Shares tendered (and not validly withdrawn) pursuant to the Offer only after timely receipt by the Depositary and Paying Agent of: (i) certificates for, or a timely Book-Entry Confirmation with respect to, such Shares, (ii) a Letter of Transmittal, properly completed and duly executed, with any required signature guarantees (or an Agent's Message in lieu of the Letter of Transmittal), and (iii) any other documents required by the Letter of Transmittal or any other customary documents required by the Depositary and Paying Agent. Accordingly, tendering stockholders may be paid at different times depending upon when certificates for Shares or Book-Entry Confirmations with respect to Shares, as the case may be, and other documents described above are actually received by the Depositary and Paying Agent. **Under no circumstances will Purchaser pay interest on the Offer Price of Shares, regardless of any extension of the Offer or any delay in making such payment**. If your Shares are held in "street name" (i.e., through a broker, dealer, commercial bank, trust company or other

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nominee), your Shares can be tendered by your nominee by book-entry transfer through the Depositary and Paying Agent following the receipt of an Agent's Message in lieu of the Letter of Transmittal.

**Binding Agreement**. Our acceptance for payment of Shares tendered pursuant to one of the procedures described above will constitute a binding agreement between the tendering stockholder and us upon the terms and subject to the conditions of the Offer.

**Appointment as Proxy**. By executing and delivering a Letter of Transmittal as set forth above (or, by delivery of an Agent's Message in lieu of a Letter of Transmittal), the tendering stockholder irrevocably appoints Purchaser's designees as such stockholder's proxies, each with full power of substitution, to the full extent of such stockholder's rights with respect to the Shares tendered by such stockholder and accepted for payment by us and with respect to any and all other Shares or other securities issued or issuable in respect of such Shares on or after the date of the Merger Agreement. All such proxies and powers of attorney will be considered coupled with an interest in the tendered Shares. Such appointment is effective when, and only to the extent that, we accept for payment Shares tendered by such stockholder as provided herein. Upon the effectiveness of such appointment, all prior powers of attorney, proxies and consents given by such stockholder will be revoked, and no subsequent powers of attorney, proxies and consents may be given (and, if given, will not be deemed effective). Our designees will, with respect to the Shares or other securities and rights for which the appointment is effective, be empowered to exercise all voting and other rights of such stockholder as they, in their sole discretion, may deem proper at any annual, special, adjourned or postponed meeting of GLDD Stockholders, by written consent in lieu of any such meeting or otherwise. We reserve the right to require that, in order for Shares to be deemed validly tendered, immediately upon our payment for such Shares we must be able to exercise full voting, consent and other rights to the extent permitted under applicable law with respect to such Shares and other securities, including voting at any meeting of stockholders or executing a written consent concerning any matter.

**Determination of Validity**. All questions as to the validity, form, eligibility (including time of receipt) and acceptance of any tender of Shares will be determined by us in our sole and absolute discretion (which may be delegated in whole or in part to the Depositary and Paying Agent), which determination will be final and binding, subject to the rights of the tendering GLDD Stockholders to challenge our determination in a court of competent jurisdiction. Purchaser reserves the absolute right to reject any and all tenders determined by us not to be in proper form or the acceptance for payment of or payment for which may, in our opinion, be unlawful. Purchaser also reserves the absolute right to waive any defect or irregularity in the tender of any Shares of any particular stockholder whether or not similar defects or irregularities are waived in the case of any other stockholder. No tender of Shares will be deemed to have been validly made until all defects and irregularities relating thereto have been cured or waived. None of Parent, Purchaser or any of their respective affiliates or assigns, the Depositary and Paying Agent, the Information Agent, or any other person will be under any duty to give notification of any defects or irregularities in tenders or incur any liability for failure to give any such notification. Purchaser's interpretation of the terms and conditions of the Offer (including the Letter of Transmittal and the instructions thereto and any other documents related to the Offer) will be final and binding, subject to the rights of the tendering GLDD Stockholders to challenge our determination in a court of competent jurisdiction.

**Information Reporting and Backup Withholding**. Payments made to GLDD Stockholders in the Offer or the Merger generally will be subject to information reporting and may be subject to backup withholding of U.S. federal income tax (currently at a rate of 24%). To avoid backup withholding, any stockholder that is a U.S. person that does not otherwise establish an exemption from U.S. federal backup withholding should complete and return the IRS Form W-9 included in the Letter of Transmittal, certifying that such stockholder is a U.S. person, that the taxpayer identification number provided is correct, and that such stockholder is not subject to backup withholding. Any stockholder that is not a U.S. person should submit an IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable IRS Form W-8) attesting to such stockholder's foreign status, or otherwise establish an exemption from information reporting and backup withholding in a manner satisfactory to Purchaser. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will

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generally be allowed as a refund from the IRS or a credit against a stockholder's U.S. federal income tax liability, if any, provided the required information is timely furnished to the IRS.

**4. WITHDRAWAL RIGHTS.** 

Except as otherwise provided in this <u>Section</u> <u>4</u>, tenders of Shares pursuant to the Offer are irrevocable. However, a stockholder has withdrawal rights that are exercisable until the Expiration Date (i.e., at any time prior to one minute after 11:59 p.m. New York City time on March 31, 2026), or in the event the Offer is extended, on such date and time to which the Offer is extended. In addition, pursuant to Section 14(d)(5) of the Exchange Act, Shares may be withdrawn at any time after May 3, 2026, which is the 60<sup>th</sup> day after the date of the commencement of the Offer, unless prior to that date Purchaser has accepted for payment the Shares validly tendered in the Offer.

For a withdrawal of Shares to be effective, a written or facsimile transmission notice of withdrawal must be timely received by the Depositary and Paying Agent at one of its addresses set forth on the back cover of this Offer to Purchase. Any notice of withdrawal must specify the name of the person having tendered the Shares to be withdrawn, the number of Shares to be withdrawn and the name of the record holder of the Shares to be withdrawn, if different from that of the person who tendered such Shares. The signature(s) on the notice of withdrawal must be guaranteed by an Eligible Institution, unless such Shares have been tendered for the account of any Eligible Institution. If Shares have been tendered pursuant to the procedures for book-entry transfer as set forth in "<u>The Tender Offer—Section</u> <u>3. Procedures for Tendering Shares</u>," any withdrawal must be arranged through DTC's procedures. If certificates representing the Shares to be withdrawn have been delivered or otherwise identified to the Depositary and Paying Agent, the name of the registered holder and the serial numbers shown on such certificates must also be furnished to the Depositary and Paying Agent prior to the physical release of such certificates.

All questions as to the form and validity (including time of receipt) of any notice of withdrawal will be determined by us, in our sole discretion, which determination will be final and binding, subject to the rights of the tendering GLDD Stockholders to challenge our determination in a court of competent jurisdiction. No withdrawal of tendered Shares will be deemed to have been properly made until all defects and irregularities have been cured or waived. None of Parent, Purchaser or any of their respective affiliates or assigns, the Depositary and Paying Agent, the Information Agent, or any other person will be under any duty to give notification of any defects or irregularities in any notice of withdrawal or incur any liability for failure to give such notification. Withdrawals of tenders of Shares may not be rescinded, and any Shares properly withdrawn will be deemed not to have been validly tendered for purposes of the Offer. However, withdrawn Shares may be re-tendered by following one of the procedures for tendering Shares described in "<u>The Tender Offer—Section</u> <u>3. Procedures for Tendering Shares</u>" at any time prior to the expiration of the Offer.

If Purchaser extends the Offer, delays its acceptance for payment of Shares, or is unable to accept for payment Shares pursuant to the Offer, for any reason, then, without prejudice to Purchaser's rights pursuant to the Offer, the Depositary and Paying Agent may nevertheless, on Purchaser's behalf, retain tendered Shares, and such Shares may not be withdrawn except to the extent that tendering stockholder's exercise of withdrawal rights as described in this <u>Section</u> <u>4</u>.

**We will determine, in our sole discretion, all questions as to the form and validity (including time of receipt) of any notice of withdrawal and our determination will be final and binding to the fullest extent permitted by law, subject to the rights of GLDD Stockholders to challenge such decision in a court of competent jurisdiction. None of Purchaser, Parent, the Depositary and Paying Agent, the Information Agent or any other person will be under any duty to give notice of any defects or irregularities in any notice of withdrawal or incur any liability for failure to give any such notification.** 

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**5. CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE OFFER AND THE MERGER.** 

The following is a discussion of U.S. federal income tax considerations generally applicable to U.S. Holders and Non-U.S. Holders (each as defined herein) whose Shares are tendered and accepted for payment pursuant to the Offer or whose Shares are converted into the right to receive cash in the Merger. This summary is based on provisions of the Code, Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, each in effect as of the date of this Offer, and all of which are subject to change, possibly with retroactive effect. We have not sought, and do not intend to seek, any ruling from the IRS or any opinion of counsel with respect to the statements made and the conclusions reached in the following summary, and no assurance can be given that the IRS will agree with the views expressed herein, or that a court will not sustain any challenge by the IRS in the event of litigation.

This summary applies only to GLDD Stockholders who hold their Shares as "capital assets" within the meaning of Section 1221 of the Code (generally, property held for investment). This summary does not address all aspects of U.S. federal income taxation that may be relevant to a GLDD Stockholder in light of its particular circumstances, or that may apply to GLDD Stockholders subject to special treatment under U.S. federal income tax laws (e.g., regulated investment companies, real estate investment trusts, mutual funds, controlled foreign corporations, passive foreign investment companies, cooperatives, banks and certain other financial institutions, insurance companies, government organizations, tax-exempt organizations, retirement plans or other tax-deferred accounts, a corporation that accumulates earnings to avoid U.S. federal income tax, stockholders that are, or hold Shares through, partnerships or other pass-through entities for U.S. federal income tax purposes, U.S. Holders (as defined herein) whose functional currency is not the United States dollar, dealers or brokers in stocks, securities, commodities or foreign currency, dealers or traders that mark-to-market their securities, expatriates and former long-term residents of the United States, persons that own or have owned (or are deemed to own or have owned under certain constructive ownership rules) 5% or more of the outstanding Shares (by vote or value), stockholders holding Shares as part of a straddle, hedging, constructive sale or conversion transaction or other risk reduction transaction or integrated instrument, stockholders that purchase or sell Shares as part of a wash sale for tax purposes, stockholders required to recognize income or gain with respect to the Offer or the Merger no later than such income or gain is required to be reported on an applicable financial statement (as defined in the Code), stockholders holding Shares as qualified small business stock for purposes of Sections 1045 and/or 1202 of the Code or as "Section 1244 stock", stockholders who exercise their appraisal rights in the Merger, and stockholders who received their Shares in compensatory transactions). In addition, this discussion does not address any tax consequences related to (i) any aspect of the alternative minimum tax, (ii) the U.S. federal gift or estate tax, or any tax considerations under state, local or non-U.S. laws or U.S. federal laws other than those pertaining to the U.S. federal income tax, or (iii) holders of options or warrants to purchase Shares, similar rights to purchase Shares or restricted stock units.

For purposes of this summary, the term "U.S. Holder" means a beneficial owner of Shares that, for U.S. federal income tax purposes, is: (i) an individual who is a citizen or resident of the United States, (ii) a corporation, or an entity classified as a corporation, created or organized under the laws of the United States, any state thereof or the District of Columbia, (iii) an estate, the income of which is subject to U.S. federal income tax regardless of its source; or (iv) a trust, if (A) a United States court is able to exercise primary supervision over the trust's administration and one or more U.S. persons (within the meaning of Section 7701(a)(30) of the Code) have authority to control all of the trust's substantial decisions or (B) the trust has validly elected to be treated as a U.S. person for U.S. federal income tax purposes.

For purposes of this summary, the term "<u>Non-U.S. Holder</u>" means a beneficial owner of Shares that is neither a U.S. Holder nor a partnership (or any other entity or arrangement classified as a partnership for U.S. federal income tax purposes).

The term "<u>Holder</u>" or "<u>Holders</u>" means a U.S. Holder or a Non-U.S. Holder.

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If a partnership, or another entity or arrangement classified as a partnership for U.S. federal income tax purposes, is the beneficial owner of Shares, the tax treatment of its partners or members generally will depend upon the status of the partner or member and the partnership's activities. Accordingly, partnerships or other entities or arrangements classified as partnerships for U.S. federal income tax purposes that beneficially own Shares, and partners or members in those partnerships or other entities or arrangements, are urged to consult their own tax advisors regarding the specific U.S. federal income tax consequences to them of the Offer and the Merger.

**This summary is for general informational purposes only and is not tax advice. Because individual circumstances may differ, each Holder should consult its own tax advisor as to the applicability and effect of the rules summarized below and the particular tax consequences of the Offer and the Merger to it, including the application and effect of the alternative minimum tax and any U.S. federal, state, local, and non-U.S. tax laws.** 

***Tax Considerations for U.S. Holders***

The exchange of Shares for cash pursuant to the Offer or the Merger will generally be a taxable transaction for U.S. federal income tax purposes.

A U.S. Holder who sells Shares pursuant to the Offer or receives cash in exchange for Shares pursuant to the Merger generally will recognize capital gain or loss for U.S. federal income tax purposes in an amount equal to the difference, if any, between (i) the amount of cash received (determined before deduction of any applicable withholding taxes) and (ii) the U.S. Holder's adjusted tax basis in the Shares sold pursuant to the Offer or converted pursuant to the Merger. A U.S. Holder's adjusted tax basis will generally equal the price the U.S. Holder paid for such Shares. Any capital gain or loss recognized will be long-term capital gain or loss if the U.S. Holder's holding period for such Shares exceeds one year as of the closing of the Offer or the Effective Time, as the case may be. Long-term capital gains recognized by certain non-corporate U.S. Holders, including individuals, are currently taxed at preferential U.S. federal income tax rates. The deductibility of capital losses is subject to limitations. Gain or loss generally will be determined separately for each block of Shares (that is, Shares acquired at the same cost in a single transaction) tendered pursuant to the Offer or exchanged pursuant to the Merger.

A U.S. Holder that is an individual, an estate or a trust that does not fall into a special class of trusts that is exempt from such tax, is subject to a 3.8% tax (the "<u>Medicare tax</u>") on the lesser of: (i) such U.S. Holder's "net investment income" (or "undistributed net investment income" in the case of an estate or trust) for the relevant taxable year; and (ii) the excess of such U.S. Holder's modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals is between $125,000 and $250,000, depending on the individual's circumstances). A U.S. Holder's net investment income generally includes its net gains recognized upon a sale of Shares pursuant to the Offer or the Merger, unless such net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). A U.S. Holder that is an individual, estate or trust should consult its own tax advisor regarding the applicability of the Medicare tax to any gains in respect of the sale of the Shares pursuant to the Offer or the Merger.

***Tax Considerations for Non-U.S. Holders***

Subject to the discussion under "*Information Reporting and Backup Withholding*" below, any gain realized by a Non-U.S. Holder upon exchange of Shares pursuant to the Offer or the Merger generally will not be subject to U.S. federal income tax unless (i) such gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and, if required by an applicable tax treaty, is attributable to a permanent establishment maintained by such Non-U.S. Holder in the United States), in which case the Non-U.S. Holder generally will be taxed on a net income basis generally in the same manner as a U.S. Holder, except that if the

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Non-U.S. Holder is a foreign corporation, an additional branch profits tax may apply at a rate of 30% (or a lower applicable treaty rate) or (ii) such Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of the closing of the Offer or the Effective Time, as the case may be, and certain other conditions are met, in which case such Non-U.S. Holder generally will be subject to a 30% U.S. federal income tax (or a lower rate under an applicable income tax treaty) on such gain.

***Information Reporting and Backup Withholding***

Information reporting generally will apply to payments to a Holder pursuant to the Offer or the Merger, unless such Holder is an entity that is exempt from information reporting and, when required, properly demonstrates its eligibility for exemption. Payments to a Holder pursuant to the Offer or the Merger generally will also be subject to backup withholding (currently, at a rate of twenty-four percent (24%)), unless (i) in the case of a U.S. Holder, such U.S. Holder provides the appropriate documentation (generally, IRS Form W-9) to the applicable withholding agent certifying that, among other things, its taxpayer identification number is correct, or otherwise establishes an exemption and (ii) in the case of a Non-U.S. Holder, such Non-U.S. Holder certifies under penalties of perjury that it is not a U.S. person (generally by providing an IRS Form W-8BEN, IRS Form W-8BEN-E or other applicable IRS Form W-8) or otherwise establishes an exemption. Non-U.S. Holders are urged to consult their own tax advisors to determine which IRS Form W-8 is appropriate.

Certain Holders (including corporations) generally are not subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or a credit against a Holder's U.S. federal income tax liability if the required information is properly and timely furnished by such Holder to the IRS.

***FATCA Withholding***

Under Sections 1471 through 1474 of the Code (such sections commonly referred to as "<u>FATCA</u>"), a 30% U.S. federal withholding tax may apply to certain payments made to (i) a "foreign financial institution" (as specifically defined in the Code, whether such foreign financial institution is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA or (y) its compliance (or deemed compliance) with FATCA (which may alternatively be in the form of compliance with an intergovernmental agreement with the United States) in a manner which avoids withholding, or (ii) a "non-financial foreign entity" (as specifically defined in the Code, whether such non-financial foreign entity is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA or (y) adequate information regarding certain substantial U.S. beneficial owners of such entity (if any). If a payment is subject to withholding under FATCA, an applicable withholding agent may credit the withholding under FATCA against, and therefore reduce, any other withholding tax to which such payment may be subject. Proposed U.S. Treasury regulations (upon which taxpayers may rely until final regulations are issued) eliminate FATCA withholding on payments of gross proceeds entirely. Holders should consult their own tax advisors regarding these requirements and whether they may be relevant to such Holder who sells Shares pursuant to the Offer or receives cash in exchange for Shares pursuant to the Merger.

**THE FOREGOING DOES NOT SUMMARIZE ALL ASPECTS OF U.S. FEDERAL INCOME TAXATION THAT MAY BE RELEVANT TO PARTICULAR HOLDERS. HOLDERS ARE URGED TO CONSULT THEIR OWN TAX ADVISOR REGARDING THE PARTICULAR TAX CONSEQUENCES TO THEM OF THE OFFER OR THE MERGER IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES, INCLUDING THE APPLICATION AND EFFECT OF ANY FEDERAL, STATE, LOCAL, NON-UNITED STATES, OR OTHER LAWS.** 

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**6. PRICE RANGE OF SHARES.** 

The Shares are traded on Nasdaq under the symbol "GLDD." GLDD has advised Parent that, it is expected that as of the close of business on March 30, 2026, there will be 67,433,542 Shares issued and outstanding. The following table sets forth, for the fiscal quarters indicated, the high and low closing sales prices per Share on Nasdaq with respect to the fiscal years ended December 31, 2025 and December 31, 2024 and the current fiscal year.

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| | | |
|:---|:---|:---|
| **Current Fiscal Year** | **High** | **Low** |
|  First Quarter (through March 3, 2026) | $16.98 | $13.10 |

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| | | |
|:---|:---|:---|
| **Fiscal Year Ended December 31, 2025** | **High** | **Low** |
|  First Quarter | $12.44 | $7.67 |
|  Second Quarter | 12.35 | 8.04 |
|  Third Quarter | 12.27 | 10.53 |
|  Fourth Quarter | 13.89 | 10.78 |

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| | | |
|:---|:---|:---|
| **Fiscal Year Ended December 31, 2024** | **High** | **Low** |
|  First Quarter | $9.55 | $7.12 |
|  Second Quarter | 9.65 | 6.60 |
|  Third Quarter | 10.79 | 8.10 |
|  Fourth Quarter | 12.73 | 10.72 |

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On March 3, 2026, the last full trading day prior to the date of this Offer to Purchase, the last reported closing price per Share reported on Nasdaq was $16.98, which represents a 0.1% discount to the Offer Price of $17.00 per Share.

The Offer Price of $17.00 per Share represents a premium of twenty-five percent (25%) to the volume-weighted average price for the 90-day period prior to February 10, 2026, the last full trading day before Parent, Purchaser and GLDD publicly announced their entry into the Merger Agreement.

**7. CERTAIN INFORMATION CONCERNING GLDD.** 

The following description of GLDD and its business was provided by GLDD; for further information on GLDD's business, see GLDD's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025, filed with the Securities and Exchange Commission on November 4, 2025, and GLDD's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 23, 2026.

GLDD, together with its wholly owned subsidiaries, is a leading provider of dredging services in the United States. The address of GLDD's principal executive office is 9811 Katy Freeway, Suite 1200, Houston, Texas 77024. The business telephone number of GLDD's principal executive office is (346) 359-1010.

In connection with our due diligence review of GLDD, GLDD made available to us certain financial information described in Item 4 under the heading "*The Solicitation or Recommendation*<u>—</u>*Certain Financial Projections*" of the Schedule 14D-9.

**Available Information**. The Shares are registered under the Exchange Act. Accordingly, GLDD is subject to the information and reporting requirements of the Exchange Act and in accordance therewith is obligated to file reports and other information with the Securities and Exchange Commission relating to its business, financial condition and other matters. Certain information, as of particular dates, concerning GLDD's business, principal

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physical properties, capital structure, material pending litigation, operating results, financial condition, directors and officers (and their compensation, including GLDD RSU Awards), the principal holders of GLDD's securities, any material interests of such persons in transactions with GLDD, and other matters is required to be disclosed in proxy statements and periodic reports distributed to GLDD Stockholders and filed with the SEC. The Securities and Exchange Commission maintains an Internet website that contains reports, proxy statements and other information about issuers, such as GLDD, who file electronically with the SEC. The address of that site is https://www.sec.gov. GLDD also maintains an Internet website at https://www.gldd.com (see Investors page). The information contained in, accessible from or connected to GLDD's website is not incorporated into, or otherwise a part of, this Offer to Purchase or any of GLDD's filings with the SEC. The website addresses referred to in this paragraph are inactive text references and are not intended to be actual links to the websites.

**Sources of Information**. Except as otherwise set forth herein, the information concerning GLDD contained in this Offer to Purchase has been based upon publicly available documents and records on file with the SEC, other public sources and information provided by GLDD. Although we have no knowledge that any such information contains any misstatements or omissions, none of Parent, Purchaser or any of their respective affiliates or assigns, the Information Agent or the Depositary and Paying Agent assumes responsibility for the accuracy or completeness of the information concerning GLDD contained in such documents and records or for any failure by GLDD to disclose events which may have occurred or may affect the significance or accuracy of any such information.

**8. CERTAIN INFORMATION CONCERNING PARENT AND PURCHASER.** 

**General**. Purchaser is a Delaware corporation with its business address at Huron MergeCo., Inc., c/o Saltchuk Resources, Inc., 450 Alaskan Way South, Suite 708, Seattle, Washington 98104. The business telephone number of Purchaser is (206) 652-1111. Purchaser is a wholly owned subsidiary of Parent. Purchaser was formed for the purpose of making a tender offer for any and all of the issued and outstanding Shares and has not engaged in, and does not expect to engage in, any business other than in connection with the Offer and the Merger.

Parent is a Washington corporation with its business address at Saltchuk Resources, Inc., 450 Alaskan Way South, Suite 708, Seattle, Washington 98104. The business telephone number of Parent is (206) 652-1111. Parent, through its subsidiary business units and operating companies, provides air cargo, marine services, energy distribution, energy shipping, domestic shipping, international shipping and logistics services.

The name, citizenship, business address, business phone number, present principal occupation or employment and past material occupation, positions, offices or employment for at least the last five (5) years for each director and each of the executive officers of Parent and Purchaser, as applicable, and certain other information are set forth in Schedule A hereto. We refer to the individuals and entities listed in Schedule A (excluding the Parent and Purchaser) as the "<u>Item 3 Persons</u>."

During the last five (5) years, none of Parent and Purchaser or, to the knowledge of Parent and Purchaser, any of the Item 3 Persons: (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); or (ii) was a party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of such laws.

None of Parent, Purchaser, any majority-owned subsidiary of Parent or Purchaser, or, to the knowledge of Parent and Purchaser, any of the Item 3 Persons or any associates of any of the foregoing (i) beneficially owns or has any right to acquire, directly or indirectly, any Shares or (ii) has effected any transaction in the Shares during the past sixty (60) days. As discussed in "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Conversion of Shares</u>," any Shares owned directly or indirectly by Parent or Purchaser as of immediately prior to the Effective Time will be canceled in the Merger for no consideration.

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Except as set forth in this Offer to Purchase, none of Parent or Purchaser or, to the knowledge of Parent and Purchaser, any of the Item 3 Persons, has had any present or proposed material agreement, arrangement, understanding or relationship with GLDD or any of its executive officers, directors, controlling persons or subsidiaries that is required to be reported under the rules and regulations of the Securities and Exchange Commission applicable to the Offer. Except as set forth in this Offer to Purchase, there have been no contacts, negotiations or transactions between Parent, Purchaser or any of their subsidiaries or, to the knowledge of Parent and Purchaser, any of the Item 3 Persons, on the one hand, and GLDD or its affiliates, on the other hand, concerning a merger, consolidation or acquisition, tender offer or other acquisition of securities, an election of directors or a sale or other transfer of a material amount of assets during the past two (2) years.

**Available Information**. Pursuant to Rule 14d-3 under the Exchange Act, Parent and Purchaser filed with the Securities and Exchange Commission a Tender Offer Statement on Schedule TO (as amended through the date hereof, the "<u>Schedule TO</u>"), of which this Offer to Purchase forms a part, and exhibits to the Schedule TO. The Schedule TO and the exhibits thereto, as well as other information filed by Parent and Purchaser with the SEC, are available at the SEC's website on the Internet at <u>www.sec.gov</u>. Requests for additional copies of this Offer to Purchase, the Letter of Transmittal and other tender offer materials may be directed to the Information Agent at its address and telephone number set forth on the back cover of this Offer to Purchase.

**9. SOURCE AND AMOUNT OF FUNDS.** 

The Offer is not conditioned upon Parent's or Purchaser's ability to finance the purchase of Shares pursuant to the Offer. Parent and Purchaser estimate that the total amount of funds required from Parent and Purchaser to purchase all issued and outstanding Shares pursuant to the Offer, consummate the Merger and otherwise satisfy their respective obligations under the Merger Agreement (including payments for the settlement and cancellation of GLDD RSU Awards, repayment of GLDD indebtedness and payment of associated breakage costs, payment of retention and other bonus payments to GLDD employees) and pay associated estimated fees and expenses is approximately $1,621.1 million. Parent and Purchaser expect to fund such payments from either a combination of Parent's and GLDD's available cash, borrowings under Parent's existing credit facilities and a committed unsecured bridge credit facility or from a refinancing and upsize of Parent's existing credit facilities. To the extent required, Parent will provide Purchaser with sufficient funds to satisfy Purchaser's obligations. No alternative arrangements or alternative financing plans have been made.

The summaries below do not purport to be complete. The summary of the Parent Credit Agreement (as defined herein) is qualified in its entirety by reference to the full text of the Parent Credit Agreement, a copy of which is filed as Exhibit (b)(2) to the Schedule TO, which is incorporated in this document by reference. Stockholders of GLDD and other interested parties should read the full agreement for a more complete description of the provisions summarized below.

Parent and certain of its subsidiaries are parties to Credit Agreement, dated May 21, 2024 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Parent Credit Agreement</u>"), with Bank of America, N.A., as Administrative Agent, L/C Issuer and a Lender, Wells Fargo Bank, N.A., as Swing Line Lender and a Lender, U.S. Bank National Association, as a Lender, JPMorgan Chase Bank, N.A., as a Lender, PNC Bank, National Association, as a Lender, Zions Bancorporation, N.A. d/b/a The Commerce Bank of Washington, as a Lender, WAFD Bank, as a Lender, First Hawaiian Bank, as a Lender, and Bank of Hawaii, as a Lender (each, a "<u>Lender</u>").

The Parent Credit Agreement presently provides for (i) an $800,000,000 revolving credit facility, and (ii) a $375,000,000 term loan facility. The maturity date for the credit facilities outstanding under the Parent Credit Agreement is currently May 21, 2029. Parent's obligations under the Parent Credit Agreement are unsecured, but are guaranteed by certain subsidiaries of Parent.

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Borrowings under the Parent Credit Agreement may take the form of Base Rate Loans, Term SOFR Loans, or SOFR Daily Floating Rate Loans (as each such term is defined in the Parent Credit Agreement). Base Rate Loans bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate (as defined in the Parent Credit Agreement and discussed below) plus the Applicable Rate (as defined in the Parent Credit Agreement and discussed below). Term SOFR Loans bear interest on the outstanding principal amount thereof for each Interest Period (as defined in the Parent Credit Agreement) at a rate per annum equal to Term SOFR (as defined in the Parent Credit Agreement) for such Interest Period plus the Applicable Rate. SOFR Daily Floating Rate Loans bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the SOFR Daily Floating Rate plus the Applicable Rate.

The Applicable Rate is based upon Parent's Consolidated Net Leverage Ratio (as defined in the Parent Credit Agreement) for the applicable period. For Base Rate Loans, the Applicable Rate ranges from 0.375% to 1.375%. For Term SOFR Loans and SOFR Daily Floating Rate Loans, the Applicable Rate ranges from 1.375% to 2.375%.

The Base Rate is, for any day, a fluctuating rate of interest per annum equal to the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate", and (iii) Term SOFR plus 1.00%, subject to the interest rate floors set forth therein (provided, that if the Base Rate calculation results in an amount less than zero, the Base Rate is deemed to be zero).

All borrowings under the Parent Credit Agreement may be prepaid at any time or from time to time without premium or penalty.

Purchaser has made a "Limited Condition Transaction" election under the Parent Credit Agreement with respect to the Transactions. Additionally, a portion of the revolving commitments under the Parent Credit Agreement necessary to fund $300 million of the purchase price for the Transactions (plus additional amount necessary to pay the Purchaser's related transactions costs) have been designated as being subject to limited conditions to availability which are, substantially similar to those applicable to the Bridge Facility (as defined below), as well as the absence of a payment or bankruptcy event of default under the Parent Credit Agreement.

Additionally, on February 10, 2026, the Purchaser entered into a commitment letter with U.S. Bank National Association, Bank of America, N.A., PNC Bank, National Association, and Wells Fargo Bank, National Association (collectively, the "<u>Initial Lenders</u>"), pursuant to which the Initial Lenders committed an aggregate of $1,300,000,000 under a fully committed, senior unsecured bridge term loan facility (the "<u>Bridge Facility</u>"). The Bridge Facility will, if required, be a single-draw senior unsecured term loan that may be drawn in whole or in part to fund part of the cash consideration and expenses payable in connection with the Transactions. Any undrawn commitments terminate immediately thereafter. The Bridge Facility would have a maturity date of 364 days, with a one-time automatic 180-day extension available if certain conditions are met, and would have definitive documentation substantially similar to the Parent Credit Agreement (subject to customary modifications). The obligations of the Initial Lenders to make the Bridge Facility available are subject only to a limited number of conditions that are customary for acquisition financing, including the accuracy of specified representations by Parent and specified merger agreement representations. The commitments under the Bridge Loan Facility will be reduced on a dollar-for-dollar basis by, among other things, any financing commitments or loans obtained to finance the Transactions.

In addition to the Bridge Facility described above, Parent and Purchaser are concurrently finalizing a new senior unsecured credit agreement (the "<u>New Credit Agreement</u>"), which, if executed and available on or before the Effective Time, would refinance the Parent Credit Agreement and provide an alternative source of financing for the Transactions. Parent is engaged with the Lenders in connection with the negotiation of definitive documentation for the New Credit Agreement, which is expected to consist of up to (i) a $1,250 million

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revolving credit facility, and (ii) a $1,250 million term loan facility, with proceeds to be used in lieu of, or to reduce borrowings under, the Bridge Facility. The New Credit Agreement is expected to have a five-year maturity and to be substantially similar to the Parent Credit Agreement, subject to certain modifications agreed between Parent and the Lenders. The New Credit Agreement has not yet been executed, and the final terms remain subject to negotiation, but the availability of amounts thereunder to be used to fund the Transactions are expected to have the same limited conditionality as the Bridge Facility. If the New Credit Agreement is executed and becomes available prior to the consummation of the Offer, Parent may elect to use the New Credit Agreement in full or in part to fund consideration, fees and expenses in connection with the Transactions. Any commitments under the Bridge Facility would be reduced or terminated to the extent Parent elects to obtain financing under the New Credit Agreement. Parent's ability to finance the purchase of the Shares pursuant to the Offer and to consummate the Merger is not affected by or dependent on the consummation of, or the specific terms and conditions of, the New Credit Agreement.

**10. BACKGROUND OF THE OFFER; CONTACTS WITH GLDD.** 

The following is a description of material contacts between representatives of Parent and Purchaser with representatives of GLDD that resulted in the execution of the Merger Agreement and the agreements related to the Offer. For a review of GLDD's activities relating to the process, including additional information regarding the GLDD Board's process and the strategic alternatives that GLDD considered, please refer to the Schedule 14D-9 that will be filed by GLDD with the SEC and mailed to GLDD Stockholders.

**Background of the Offer and the Merger.** 

The board of directors of Parent (the "Parent Board") as well as Parent's executive management regularly evaluate various strategies to improve its competitive position and enhance its value, including opportunities for acquisitions of other companies or their assets. Parent had identified the dredging industry as a possible area for Parent investment and regularly monitored the public filings of GLDD and its publicly traded peers. Parent regularly meets with infrastructure funds and family offices to explore potential joint investment opportunities. In early 2025, an infrastructure investor with whom Mark N. Tabbutt, the President and Chairman of Parent, had a pre-existing relationship reached out to Mr. Tabbutt to discuss a potential partnership with respect to investing in or acquiring GLDD.

On April 16, 2025, Mr. Tabbutt contacted Lasse J. Petterson, the Chief Executive Officer and President of GLDD, to request a meeting. This was the first communication between any member of the senior management of Parent and any member of GLDD's senior management.

On May 7, 2025, Mr. Tabbutt, Jerald W. Richards, the Senior Vice President, Chief Financial Officer and Assistant Secretary of Parent, and a representative of the infrastructure investor met with Mr. Petterson and Scott Kornblau, the Senior Vice President and Chief Financial Officer of GLDD. At the meeting, the parties discussed GLDD's business and operations. No proposal with respect to a strategic transaction was made at the meeting.

On August 11, 2025, representatives of Guggenheim Securities, LLC ("Guggenheim Securities"), GLDD's financial advisor, reached out to Mr. Tabbutt, Mr. Richards and Mike Dannenberg, Vice President, Corporate Development and Strategy of Parent, to inquire whether Parent would be interested in exploring a potential strategic transaction with GLDD. Later on August 11, 2025, after discussion with members of GLDD's senior management, a representative of Guggenheim Securities conveyed to Parent GLDD's willingness to hold an exploratory meeting with representatives of Parent and, if authorized by the GLDD Board, to enter into a customary confidentiality agreement with Parent.

On September 4, 2025, Mr. Tabbutt and Mr. Dannenberg met in person with Mr. Petterson, Mr. Kornblau and representatives of Guggenheim Securities, during which Mr. Petterson and Mr. Kornblau discussed the business of GLDD. Following this meeting, representatives of Guggenheim Securities called Mr. Tabbutt to discuss the potential submission by Parent of a written, non-binding indication of interest in acquiring GLDD.

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On September 6, 2025, Mr. Tabbutt contacted Mr. Petterson to inform him that Mr. Tabbutt would make a recommendation to the executive officers and the Parent Board that Parent management begin exploring and evaluating Parent potentially submitting an indication of interest for an acquisition of GLDD.

On September 9, 2025, Mr. Tabbutt contacted Mr. Petterson to inform him that the Parent Board supported Parent management exploring and evaluating Parent potentially submitting an indication of interest for a potential acquisition of GLDD.

On October 1, 2025, Parent and GLDD entered into a confidentiality agreement (the "GLDD Confidentiality Agreement"), which form included standstill provisions that would terminate upon the earlier of one year following such execution and GLDD's entry into a change of control transaction, and the taking of certain actions relating thereto, or the recommendation by the GLDD Board of another tender or exchange offer. The GLDD Confidentiality Agreement also prohibited Parent from engaging in discussions with management of GLDD regarding potential post-closing employment with Parent. Thereafter, representatives of Parent and Evercore Group L.L.C. ("Evercore"), financial advisor to Parent, were given access to a virtual data room for the purpose of engaging in a business due diligence review of GLDD and representatives of Evercore delivered initial due diligence requests on behalf of Parent to representatives of Guggenheim Securities.

Between October 1, 2025 and October 27, 2025, representatives of Parent and its advisors conducted their preliminary business due diligence review of GLDD.

On October 28, 2025, members of management of Parent and representatives of Evercore met in person with members of management of GLDD and representatives of Guggenheim Securities to review GLDD's business and performance. Representatives of Guggenheim Securities provided a general overview of a process and timing for GLDD to explore a potential transaction and indicated that a process letter would be provided following the meeting.

On October 30, 2025, representatives of Guggenheim Securities, on behalf of GLDD, provided a process letter to representatives of Evercore. The process letter requested that Parent submit, no later than November 10, 2025, a written, non-binding indication of interest for a potential acquisition of GLDD.

On November 6, 2025, members of management of Parent and representatives of Evercore held a virtual meeting with members of management of GLDD and representatives of Guggenheim Securities, during which commercial diligence matters were discussed.

On November 7, 2025, representatives of Evercore, on behalf of Parent, submitted to the GLDD Board a written, non-binding indication of interest to acquire GLDD for a price within a range of $13.25 to $15.00 per share in cash (the "Initial Proposal"), representing a premium of 14.0% to 29.0% to GLDD's volume weighted average price per Share for the 30-trading day period ending on November 7, 2025.

On November 10, 2025, representatives of Guggenheim Securities provided representatives of Evercore with informal feedback on the Initial Proposal, indicating that the GLDD Board would be meeting to consider the Initial Proposal, but would not be likely to proceed with a potential strategic transaction at the price range reflected in the Initial Proposal.

On November 12, 2025, following a meeting of the GLDD Board, representatives of Guggenheim Securities contacted representatives of Evercore to confirm that the GLDD Board was not prepared to pursue a potential strategic transaction within the price range proposed in the Initial Proposal.

On November 17, 2025, Evercore contacted Guggenheim Securities and inquired whether, in their opinion, a price per share between $14.00 and $16.00 in cash would be sufficient to advance discussions. Guggenheim Securities reiterated that the GLDD Board viewed the price per share offered in the Initial Proposal as materially below any value the GLDD Board would be willing to entertain, and that Parent would need to materially increase its price for the GLDD Board to reconsider.

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On November 19, 2025, Mr. Tabbutt had a telephonic meeting with Mr. Petterson to discuss Parent's continued interest in pursuing the acquisition of GLDD. On the call, Mr. Tabbutt summarized certain matters that were taken into account by Parent in connection with the price per share in the Initial Proposal. Mr. Petterson indicated that if Parent wished to submit a revised proposal, it should do so in writing and provide a single price rather than a range.

On November 20, 2025, Parent submitted to the GLDD Board a written, non-binding indication of interest to acquire GLDD for $17.00 per share in cash, representing a premium of 45.8% to GLDD's closing price of $11.66 as of November 20, 2025.

On November 26, 2025, representatives of Guggenheim Securities and Evercore held a virtual meeting during which representatives of Guggenheim Securities informed Evercore that the GLDD Board had authorized due diligence and other steps with respect to a potential transaction with Parent.

Between November 26, 2025 and February 9, 2026, members of management of GLDD and representatives of Guggenheim Securities and Sidley Austin LLP ("Sidley"), counsel to GLDD, participated in multiple virtual meetings and telephone conferences with members of management of Parent and representatives of Evercore and Fried, Frank, Harris, Shriver & Jacobson LLP ("Fried Frank"), counsel to Parent, to respond to inquiries in connection with Parent's due diligence review of GLDD. These meetings and telephonic diligence sessions covered a review of GLDD's performance, business and services, accounting and tax matters, legal and compliance matters, employee benefits and other topics. During these times, GLDD and its advisors also responded to various business, legal and accounting due diligence inquiries from Parent and its advisors in connection with its review of the potential transaction by providing certain nonpublic information regarding GLDD to Parent through the virtual data room.

On December 14, 2025, representatives of Sidley shared a draft of the Merger Agreement with representatives of Fried Frank. The draft of the Merger Agreement contemplated a tender offer structure and provided for, among other things, (i) a "go shop" provision permitting GLDD to solicit proposals from potential counterparties during the 40 days following the execution of the Merger Agreement and, if any of such proposals resulted in a superior proposal that Parent did not "match," to terminate the Merger Agreement, take such superior proposal and pay Parent a termination fee equal to 1.0% of the equity value of the transaction with Parent, (ii) a termination fee of 2.5% of the equity value of the transaction that would be payable by GLDD if GLDD terminated the Merger Agreement to accept a superior proposal that was provided after the "go shop" period described above, and (iii) recourse provisions such that if Parent did not close the transaction when it was required to do so under the Merger Agreement, GLDD would have the right to specific performance to cause Parent to close and GLDD would have the right to terminate the Merger Agreement, in which case (a) Parent would be required to pay GLDD a termination fee of 10% of the equity value of the transaction and (b) GLDD could pursue additional damages beyond the termination fee.

On January 2, 2026, representatives of Fried Frank delivered a markup of the draft Merger Agreement to representatives of Sidley. The markup of the draft Merger Agreement, among other things, (i) eliminated the "go shop" provision replacing it with a "no shop" provision prohibiting GLDD from soliciting other proposals but permitting GLDD to negotiate with a counterparty that made an unsolicited proposal, (ii) contemplated that GLDD would be required to pay Parent a termination fee of 4.25% of the equity value of the transaction with Parent if GLDD terminated the Merger Agreement to accept a superior proposal, and (iii) deleted the termination fee payable by Parent in the event it did not close when it was required to do so and the Merger Agreement was terminated.

On January 5, 2026, Mr. Tabbutt indicated to Mr. Petterson that Parent would need to be comfortable that Mr. Petterson and other members of senior management would remain with GLDD for a period after closing in order for Parent to be willing to proceed with a transaction.

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On January 6, 2026, members of management of Parent and representatives of Evercore met in person with members of management of GLDD and representatives of Guggenheim Securities to review GLDD's business, performance, commercial arrangements and assets. On the same day, representatives of Fried Frank and representatives of Sidley discussed GLDD's key issues with the terms of the Fried Frank marked of the draft Merger Agreement.

On January 7, 2025, GLDD and Parent entered into a second non-disclosure agreement establishing the terms under which Parent would share certain financial information and other confidential information of Parent with GLDD (the "Parent Confidentiality Agreement"). On the same day, representatives of Evercore, on behalf of Parent, delivered financial information regarding Parent to representatives of Guggenheim Securities in connection with GLDD's evaluation of Parent's debt financing plans.

On January 9, 2026, representatives of Sidley delivered a revised draft of the Merger Agreement to representatives of Fried Frank. The revised draft accepted the deletion of the "go shop" provision but contemplated that if GLDD accepted an unsolicited superior proposal that was initially received during the first 30 days following the execution of the Merger Agreement, the termination fee would be 1.5% of the equity value of the transaction with Parent, but would be 2.65% of the equity value if the Merger Agreement were terminated to accept a superior proposal received after that 30 day period. The revised draft also contemplated that if Parent did not close when required to do so, in addition to the remedy of specific performance, GLDD would have the right to terminate and elect either (i) to pursue damages against Parent or (ii) to require Parent to pay a termination fee equal to 8% of the equity value of the transaction.

On January 16, 2026, Mr. Tabbutt called Mr. Petterson to discuss the status of negotiations, and Mr. Tabbutt reiterated to Mr. Petterson that Parent was requesting individual meetings with the management team.

On January 20, 2026, representatives of Fried Frank delivered a markup of the revised draft of the Merger Agreement to representatives of Sidley. The markup of the Merger Agreement (i) contemplated a termination fee payable by GLDD if it accepted a superior proposal of 3.75% of the equity value of the potential transaction with Parent and (ii) removed the concept that if Parent did not close when it was required to do so GLDD would have the ability to terminate and elect to receive a termination fee but retained the right of GLDD to specific performance and to terminate the Merger Agreement and pursue damages.

On January 22, 2026, a member of management of Parent met in person with members of management of GLDD.

On January 27, 2026, representatives of Fried Frank delivered to representatives Sidley a draft of the debt commitment letters to finance a portion of the transaction. On January 29, 2026, Fried Frank delivered to Sidley a draft of an amendment to the credit facility of Parent, which credit facility was to be used to finance an additional portion of the transaction. From January 27, 2026 through February 10, 2026, representatives of Sidley, Parent's finance counsel, Fried Frank and Parent's lenders discussed the status and terms of Parent's debt financing.

On January 30, 2026, Mr. Tabbutt called Mr. Petterson to discuss that, to be comfortable with proceeding with the transaction, Parent would require Mr. Petterson, Mr. Kornblau and Vivienne R. Schiffer, Senior Vice President, Chief Legal Officer and Chief Compliance Officer of GLDD, to enter into letter agreements, pursuant to which each such executive would agree, for a period of time following the Closing, to waive any right to claim "good reason" under their respective employment agreements with GLDD solely in respect of (i) the consummation of the Offer and/or the Merger and (ii) any change to their authorities, duties, responsibilities or reporting lines that reasonably result from GLDD becoming, by reason of the Offer and Merger, a subsidiary of Parent following the Effective Time and ceasing to be publicly traded (collectively, the "Waiver Agreements"). The Waiver Agreements are summarized in more detail below (see "The Tender Offer—Section 11. Summary of the Merger Agreement and Certain Other Agreements—Summary of the Waiver Agreements").

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On January 31, 2026, Mr. Tabbutt sent Mr. Petterson a draft of Parent's proposed terms for inclusion in the Waiver Agreements. On the following day, Mr. Tabbutt sent Mr. Petterson a draft form of Waiver Agreement reflecting Parent's proposed terms.

Between February 1, 2026 and February 9, 2026, representatives of Fried Frank and Holland & Knight LLP, employment counsel to Mr. Petterson, Mr. Kornblau and Ms. Schiffer, exchanged drafts of the form of Waiver Agreement and participated in multiple discussions regarding the Waiver Agreements. In addition, during this time Mr. Tabbutt and Mr. Petterson engaged in conversations regarding the terms of the Waiver Agreements.

Over the course of the following days, the parties finalized the transaction documents and exchanged drafts of the Merger Agreement, related disclosure schedules and financing documentation, and negotiated open issues, including on equity award treatment, restrictions on GLDD's operations between signing and closing, financing covenants and the size of GLDD's termination fee. In addition, Parent negotiated with each of Messrs. Petterson and Kornblau and Ms. Schiffer the Waiver Agreements and consideration for the waiver of certain of their rights under the employment agreements. On February 10, 2026, the parties agreed to a GLDD termination fee of 3.15% of equity value.

Late in the evening on February 10, 2026, GLDD, Parent and Purchaser executed the Merger Agreement.

Early in the morning on February 11, 2026, prior to the opening of the public markets, GLDD and Parent issued a joint press release announcing the execution of the Merger Agreement.

**11. SUMMARY OF THE MERGER AGREEMENT AND CERTAIN OTHER AGREEMENTS.** 

**Summary of the Merger Agreement.** 

The following summary of certain provisions of the Merger Agreement and all other provisions of the Merger Agreement discussed herein are qualified by reference to the Merger Agreement itself, which is incorporated herein by reference. The Merger Agreement was filed as Exhibit 2.1 to the Current Report on Form 8-K that GLDD filed with the Securities and Exchange Commission on February 11, 2026. The Merger Agreement may be examined and copies may be obtained at the places and in the manner set forth in "<u>The Tender Offer—Section</u> <u>8. Certain Information Concerning Parent and Purchaser</u>." Stockholders and other interested parties should read the Merger Agreement for a more complete description of the provisions summarized below. Capitalized terms used herein and not otherwise defined have the respective meanings set forth in the Merger Agreement.

The Merger Agreement has been included to provide investors and security holders with information regarding the terms of the Transactions. It is not intended to provide any other factual information about GLDD, Parent, Purchaser, or their respective subsidiaries and affiliates. The Merger Agreement contains representations and warranties by GLDD, on the one hand, and Parent and Purchaser, on the other hand, made solely for the benefit of the other. The assertions embodied in those representations and warranties are subject to qualifications and limitations agreed to by the respective parties in negotiating the terms of the Merger Agreement, including information in confidential disclosure letters of GLDD (the "<u>GLDD Disclosure Letter</u>") and Parent (the "<u>Parent Disclosure Letter</u>"), respectively, in each case, delivered in connection with the signing of the Merger Agreement. Moreover, certain representations and warranties in the Merger Agreement were made as of a specified date, may be subject to a contractual standard of materiality different from what might be viewed as material to investors, or may have been used for the purpose of allocating risk between GLDD, on the one hand, and Parent and Purchaser, on the other hand, rather than establishing matters as facts. Accordingly, the representations and warranties in the Merger Agreement should not be relied on by any persons as characterizations of the actual state of facts about GLDD, Parent, Purchaser or their respective subsidiaries or affiliates at the time they were made or otherwise. In addition, information concerning the subject matter of the representations and warranties may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in GLDD's public disclosures.

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*The Offer*. The Merger Agreement provides that Purchaser will (or Parent will cause Purchaser to) commence the Offer as promptly as reasonably practicable, but in no event later than fifteen (15) business days after the date of the Merger Agreement. Subject to the satisfaction of the Minimum Tender Condition and the other Offer Conditions that are described in "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>," Purchaser will (and Parent will cause Purchaser to) (i) immediately following, and in no event later than 8:30 a.m. New York City time, one (1) business day after the Expiration Date, irrevocably accept for purchase and payment all Shares validly tendered (and not validly withdrawn) pursuant to the Offer and, (ii) pay (subject to any required tax withholdings), as promptly as practicable after the Acceptance Time (and in any event within two (2) business days thereafter), for all such Shares. If the Offer is consummated, each GLDD Stockholder will receive the Offer Price for each Share validly tendered and not properly withdrawn by such stockholder prior to the Expiration Date, in cash, without interest thereon and subject to any required tax withholdings. The Offer is scheduled to expire at one minute after 11:59 p.m. New York City time on March 31, 2026, unless extended or re-extended as described below.

Pursuant to the Merger Agreement, Purchaser has expressly reserved the right to (i) increase the amount of cash constituting the Offer Price and/or (ii) waive, in whole or in part, any Offer Condition, or modify the terms of the Offer not inconsistent with the terms of the Merger Agreement, except that, without the prior written consent of GLDD, Purchaser may not (and Parent will not permit Purchaser to) (a) reduce the number of Shares subject to the Offer, (b) reduce the Offer Price (other than as permitted by the Merger Agreement), (c) amend, modify or waive the Minimum Tender Condition, the Competition Laws Condition, the Injunction Condition and the Termination Condition, (d) add to the Offer Conditions or other conditions of the Offer or amend, modify or supplement any Offer Condition or other conditions of the Offer, (e) except as provided in the Merger Agreement with respect to the extension of the Offer, terminate, extend or otherwise amend or modify the Expiration Date, (f) change the form of consideration payable in the Offer, (g) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse to GLDD Stockholders or that would reasonably be expected to cause any delay of Parent or Purchaser to consummate the Offer, or (h) provide any "subsequent offering period" within the meaning of Rule 14d-11 promulgated under the Exchange Act.

*Extensions of the Offer*. The Merger Agreement provides that (i) Purchaser may, in its sole discretion, and without the consent of GLDD or any other person, extend the Offer on one or more occasions, for additional periods of up to ten (10) business days (as determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) per extension (or such longer period as the parties may agree), if, at any then-scheduled Expiration Date, any Offer Condition is not satisfied or waived by Purchaser or Parent, in order to permit such Offer Condition to be satisfied, except that, in the event that at any then-scheduled Expiration Date, the Minimum Tender Condition is the only Offer Condition not satisfied (other than the Offer Conditions that by their nature are only satisfied as of the Acceptance Time so long as such conditions would be satisfied if the Acceptance Time were to then occur) then Purchaser shall not be permitted to extend the Offer more than four (4) times in the aggregate, (ii) Purchaser shall, and Parent shall cause Purchaser to, extend the Offer for the minimum period required by applicable law, or by any rule, regulation, interpretation or position of the SEC, the staff thereof or Nasdaq applicable to the Offer, and (iii) if, at any then-scheduled Expiration Date, any Offer Condition is not satisfied or, if permitted by the Merger Agreement, waived by Parent or Purchaser at such time, then if requested by GLDD, Purchaser shall, and Parent shall cause Purchaser to, extend the Offer for additional periods of ten (10) business days (determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) per extension (or such other period as the parties may agree), except that, in the event that at any then-scheduled Expiration Date, the Minimum Tender Condition is the only Offer Condition not satisfied (other than conditions that by their nature are only to be satisfied at the Acceptance Time, so long as such conditions would be satisfied if the Offer were to then expire), Purchaser is not required to, and Parent is not required to cause Purchaser to, further extend the Offer more than four (4) times in the aggregate; provided that Purchaser is not required to, and Parent is not required to cause Purchaser to, extend the Offer beyond the Outside Date or the date the Merger Agreement is validly terminated in accordance with the terms thereof.

*Offer Termination*. The Merger Agreement provides that the Offer may not be terminated or withdrawn prior to any scheduled Expiration Date, unless the Merger Agreement is validly terminated in accordance with its

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terms. If (i) at any then-scheduled Expiration Date, (a) the Minimum Tender Condition is not satisfied and (b) no additional extensions or re-extensions of the Offer are required and Purchaser does not elect to extend the Offer (the "<u>Offer Termination</u>"), in each case, as described in "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Extensions of the Offer</u>," or (ii) the Merger Agreement is terminated pursuant to its terms, then, in each case, Purchaser will promptly (and in any event no later than one (1) business day (determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) thereafter) irrevocably and unconditionally terminate the Offer. If the Offer is terminated or withdrawn by Purchaser, or the Merger Agreement is terminated in accordance with the terms thereof, Purchaser will return and cause the Depositary and Paying Agent to return, in accordance with applicable law, all tendered Shares to the registered holders thereof.

*The Merger Closing and Effective Time*. The Merger Agreement provides that, upon the terms and subject to the conditions of the Merger Agreement, and in accordance with Section 251(h) of the DGCL, without a vote on the adoption of the Merger Agreement by GLDD Stockholders, at the Effective Time (as defined herein), Purchaser will be merged with and into GLDD, whereupon the separate existence of Purchaser will cease, and GLDD will survive the Merger as a wholly owned subsidiary of Parent, and will succeed to and assume all the rights and obligations of Purchaser and GLDD in accordance with Section 259 of the DGCL.

The closing of the Merger (the "<u>Closing</u>") will take place (i) as soon as practicable on the same business day as the Acceptance Time or at another date and time agreed to in writing by Parent, Purchaser and GLDD prior to the Acceptance Time; provided that if the conditions to the Closing shall not be satisfied or waived in accordance with the terms of the Merger Agreement by such date, the Closing shall occur on the first business day on which such conditions shall be satisfied or waived in accordance with the terms of the Merger Agreement. The date on which the Closing actually occurs is referred to herein as the "<u>Closing Date</u>." For purposes of the Merger Agreement, "<u>business day</u>" refers to any day except a Saturday or Sunday or any other day on which commercial banks are required or authorized by law to close in New York, New York.

Concurrently with the Closing, GLDD will file a certificate of merger with the Secretary of State of the State of Delaware. The Merger will become effective on the date and time when the certificate of merger has been duly filed with the Secretary of State of the State of Delaware or at such other date and time as may be agreed by Parent, Purchaser and GLDD and specified in the certificate of merger (the "<u>Effective Time</u>").

*Organizational Documents; Directors and Officers of the Surviving Corporation*. At the Effective Time, (i) the Second Amended and Restated Certificate of Incorporation of GLDD, as in effect immediately prior to the Effective Time, will be amended and restated to read in its entirety to be in the form of the certificate of incorporation of Purchaser and to include the provisions required by the terms of the Merger Agreement (except with respect to the name of the Surviving Corporation and provisions naming the initial board of directors or the incorporator) and, as so amended and restated, shall be the certificate of incorporation of the Surviving Corporation and (ii) the Second Amended and Restated Bylaws of GLDD, as in effect immediately prior to the Effective Time, shall be amended and restated in their entirety to read as the bylaws of Purchaser and to include the provisions required by the terms of the Merger Agreement (except with respect to the name of the Surviving Corporation), and as so amended and restated, shall be the bylaws of the Surviving Corporation, in each case until thereafter amended in accordance with applicable law and the applicable provisions of the certificate of incorporation and bylaws of the Surviving Corporation.

As of, and immediately following the Effective Time, (i) the board of directors of the Surviving Corporation will consist of the members of the board of directors of Purchaser immediately prior to the Effective Time, and (ii) the officers of GLDD at the Effective Time will be the officers of the Surviving Corporation, each to hold office in accordance with the certificate of incorporation and bylaws of the Surviving Corporation, in each case. GLDD has agreed to use its reasonable best efforts to cause each director of GLDD immediately prior to the Effective Time to execute and deliver a letter effectuating his or her resignation as a director of GLDD, conditioned upon and effective as of the Effective Time.

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*Conversion of Shares*. At the Effective Time, by virtue of the Merger and without any action required by any party to the Merger Agreement or any GLDD Stockholder, each Share issued and outstanding immediately prior to the Effective Time other than Shares (i) held by GLDD in treasury or owned of record by GLDD or any subsidiary of GLDD, and Shares owned of record by Parent, Purchaser (including Shares irrevocably accepted for payment by Purchaser in the Offer) or any of their respective wholly-owned subsidiaries (in each case, other than those held on behalf of any third party) shall be canceled and cease to exist, with no payment being made with respect thereto ("<u>Canceled Shares</u>"), and (ii) held by any GLDD Stockholders who have properly demanded appraisal rights of such Shares under, and who comply in all respects with, Section 262 of the DGCL and have not validly revoked such demand ("<u>Dissenting Shares</u>"), will automatically be converted into the right to receive the Merger Consideration, without interest, subject to any required tax withholdings. All of the aforementioned Shares will cease to be outstanding, will be canceled and will cease to exist, and each certificate representing a Share (a "<u>Certificate</u>") or non-certificated Share represented by book-entry ("<u>Book-Entry Shares</u>") that formerly represented any of the Shares (other than Canceled Shares and Dissenting Shares) will thereafter be canceled and cease to have any rights with respect thereto, except the right to receive the Merger Consideration without interest thereon, subject to any required tax withholdings, upon surrender of such Certificate or Book-Entry Share, in each case, as described in "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and other Agreements—Exchange and Payment Procedures</u>" and "The Tender Offer—Section 3. Procedures for Tendering Shares."

*Treatment of RSUs, GLDD DSUs, GLDD Stock Plans, and GLDD ESPP.* 

Prior to the Effective Time, the GLDD Board (or, if appropriate, any committee thereof) will validly adopt resolutions that provide that, immediately prior to the Effective Time, (i) each award of restricted stock units in respect of Shares ("<u>RSUs</u>"), including any deferred stock units under the Great Lakes Dredge & Dock Corporation Director Deferral Plan ("<u>GLDD DSU</u>"), that is subject only to time-based vesting conditions (each, a "<u>Time-Based RSU Award</u>") and each award of RSUs that is subject to performance-based vesting conditions (each, a "<u>Performance-Based RSU Award</u>"), in each case that was granted pursuant to a GLDD Stock Plan (as defined below) (each Time-Based RSU Award and each Performance-Based RSU Award is sometimes referred to as a "<u>GLDD RSU Award</u>") that is outstanding immediately prior to the Effective Time (other than GLDD RSU Awards granted after the date of the Merger Agreement and prior to the Effective Time (the "<u>2026 GLDD RSU Awards</u>"), which shall be treated as described below) shall be fully vested as of the Effective Time, (ii) the performance-based vesting conditions applicable to any such Performance-Based RSU Award granted prior to the date of the Merger Agreement shall be deemed to be achieved at: (A) the actual level of performance achieved for any annual performance period that has ended prior to the date of the Merger Agreement (as determined by the compensation committee of the GLDD Board prior to the date of the Merger Agreement), (B) the projected actual level of performance in respect of metrics established as of the date of the Merger Agreement and applicable to the 2026 annual performance period (with such projection made by the compensation committee of the GLDD Board prior to the date of the Merger Agreement); and (C) the target level of performance in respect of metrics applicable to the (1) 2027 annual performance period and (2) metrics not established as of the date of the Merger Agreement and applicable to the 2026 annual performance period; provided, however, for such Performance-Based RSU Awards subject to performance-based vesting conditions that do not provide for a target level of performance ("<u>Special PSUs</u>"), such Special PSUs will be deemed to have achieved all conditions applicable to such Special PSUs, (iii) the performance-based vesting conditions applicable to any Performance-Based RSU Award granted after the date of the Merger Agreement shall be deemed to be achieved at the target level of performance, and (iv) each such GLDD RSU Award shall be canceled by virtue of the Merger and without any action on the part of the holder thereof and, in exchange therefor, each holder of any such canceled GLDD RSU Award shall be entitled to receive, in consideration of the cancellation of such GLDD RSU Award and in settlement therefor, a payment in cash of an amount equal to the product of (A) the Merger Consideration multiplied by (B) in the case of a Time-Based RSU Award, the number of Shares subject to such GLDD RSU Award and, in the case of a Performance-Based RSU Award, the number of Shares earned or deemed earned with respect to such GLDD RSU Award as provided herein, without interest (such amounts payable, together with such amounts payable in connection with the Closing in respect of the 2026

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GLDD RSU Awards granted after the date of the Merger Agreement and prior to the Effective Time (as described below), the "<u>RSU Payments</u>") (less any required tax withholdings). However, in the case of any such amounts that constitute non-qualified deferred compensation under Section 409A of the Code, the Surviving Corporation shall pay such amounts at the earliest time permitted under the terms of the applicable agreement, plan or arrangement that will not trigger a tax or penalty under Section 409A of the Code.

Each 2026 GLDD RSU Award will vest on a pro-rated basis based on the period of time that the recipient of such 2026 GLDD RSU Award was employed during the full vesting period (*i.e.*, three years) between the date that such 2026 GLDD RSU Award was made and the Effective Time and will be canceled and the holder of such 2026 GLDD RSU Award will be entitled to receive (A) with respect to the portion of such 2026 GLDD RSU Award that becomes vested, an amount in cash, without any interest thereon and subject to applicable tax withholding, equal to the product of (x) the Offer Price and (y) the total number of Shares subject to such vested portion, and (B) with respect to the portion of such 2026 GLDD RSU Award that does not become vested, a cash-based replacement award of equivalent value (calculated based on product of (x) the Offer Price and (y) the total number of Shares subject to such unvested portion) that is subject to the same time-based vesting conditions as applied to such unvested portion prior to the Effective Time (each, a "<u>Replacement Award</u>"), in each case, subject to such recipient's continued employment up to and including the Effective Time; provided, that, upon a recipient's (1) termination without "cause" (as such term is defined in the recipient's employment agreement, or if not applicable, in GLDD's severance plan) or (2) in the case of a recipient with an employment agreement, resignation for "good reason" (as defined in the applicable employment agreement), 100% of the Replacement Award will immediately vest and become payable in a manner that complies with Section 409A of Code.

*Termination of GLDD Stock Plans and Director Deferral Plan*. The GLDD Board validly adopted resolutions to provide that, as of the Closing, GLDD's 2017 Long-Term Incentive Plan and GLDD's 2021 Long-Term Incentive Plan (the "<u>GLDD Stock Plans</u>") and the Director Deferral Plan shall terminate, and no further GLDD RSU Awards or other rights with respect to Shares will be granted thereunder.

*Parent Funding*. With respect to the RSU Payments, (i) at the Effective Time, Parent will deposit with the Surviving Corporation cash in the amount necessary to make any such RSU Payments that are payable to employees or former employees of GLDD and its subsidiaries and shall cause the Surviving Corporation to make any such RSU Payments as promptly as practicable after the Effective Time and (ii) as promptly as practicable after the Effective Time, Parent will pay or cause to be paid (through the Depositary and Paying Agent or otherwise) any such RSU Payments payable to members of the GLDD Board that are not also employees of the GLDD or its subsidiaries.

*GLDD ESPP*. The GLDD Board (or, if appropriate, any committee thereof) shall validly adopt resolutions providing that, and GLDD shall take all action necessary so that (i) no Offering Period (as defined in the GLDD 2025 Employee Stock Purchase Plan (the "<u>GLDD ESPP</u>")) under the GLDD ESPP shall commence or be extended on or after the date of the Merger Agreement, (ii) no new participants will be permitted to participate in the GLDD ESPP from and after the date of the Merger Agreement, (iii) participants in the GLDD ESPP will not be permitted to increase their payroll deduction percentage under the GLDD ESPP, and (iv) the existing Offering Period shall terminate on the earlier of the date that is (A) five (5) business days prior to the date on which the Acceptance Time occurs and (B) the final day of the existing Offering Period pursuant to the terms of the GLDD ESPP and all participant contributions under the GLDD ESPP shall be used to purchase Shares on the earlier of the dates set forth of clauses (A) and (B) in accordance with the terms of the GLDD ESPP. Immediately prior to and effective as of the Effective Time, GLDD will terminate the GLDD ESPP.

*Exchange and Payment Procedures*. Substantially concurrently with the Acceptance Time, Parent or Purchaser will deposit (or cause to be deposited) with the Depositary and Paying Agent, in immediately available funds, a cash amount equal to the sum of (i) the product of (a) the Offer Price *multiplied by* (b) the number of Shares that Purchaser becomes obligated to purchase pursuant to the Offer (such amount described in this clause (i), the "<u>Aggregate Offer Consideration</u>") plus (ii) the product of (a) the Merger Consideration *multiplied by* (b) the number

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of Shares issued and outstanding immediately prior to the Effective Time (other than Canceled Shares and Dissenting Shares) (such amount described in this clause (ii), the "<u>Aggregate Common Stock Consideration</u>", and the sum of the Aggregate Offer Consideration and the Aggregate Common Stock Consideration, the "<u>Exchange Fund</u>").

As promptly as practicable after the Effective Time (and in any event not later than the second business day thereafter), Parent will cause the Depositary and Paying Agent to mail to each holder of record of a Certificate whose Shares were converted into the right to receive the Merger Consideration pursuant to the terms of the Merger Agreement (i) a letter of transmittal, which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificate (or affidavit of loss in lieu thereof) to the Depositary and Paying Agent, and will otherwise be in such form and have such other provisions as Parent may reasonably specify, subject to the reasonable consent of GLDD, and (ii) instructions for effecting the surrender of the Certificates in exchange for payment of the Merger Consideration (and such other customary documents as may be required by the Depositary and Paying Agent).

Upon surrender of a Certificate (or affidavit of loss in lieu thereof) for cancellation to the Depositary and Paying Agent, and upon delivery of a letter of transmittal, duly executed and in proper form, with respect to such Certificate, the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Exchange Fund into which the Shares formerly represented by such Certificate were converted pursuant to the terms of the Merger Agreement (less any required tax withholdings), and the Certificate so surrendered will be canceled. In the event of a transfer of ownership of Shares that is not registered in the transfer records GLDD, payment may be made and Merger Consideration may be issued to a person other than the person in whose name the Certificate so surrendered is registered, if such Certificate shall be properly endorsed or shall otherwise be in proper form for transfer and the person requesting such payment shall pay to the Depositary and Paying Agent any transfer and other similar taxes required by reason of the payment of the Merger Consideration to a person other than the registered holder of the Certificate so surrendered or shall establish to the reasonable satisfaction of the Surviving Corporation, that such taxes either have been paid or are not required to be paid.

Each registered holder of a Book-Entry Share will, upon receipt by the Depositary and Paying Agent of an Agent's Message (or such other evidence, if any, as the Depositary and Paying Agent may reasonably request) in respect of such Book-Entry Shares, be entitled to receive the Merger Consideration, and Parent shall cause payment of the Merger Consideration with respect to Book-Entry Shares (less any required tax withholdings) to be made by the Depositary and Paying Agent to the person in whose name such Book-Entry Shares are registered.

No interest shall be paid or accrue on any portion of the Merger Consideration payable upon surrender of any Certificate (or affidavit of loss in lieu thereof) or in respect of any Book-Entry Share.

At any time following the first anniversary of the Effective Time, the Surviving Corporation will be entitled to require the Depositary and Paying Agent to deliver to it any portion of the cash deposited with the Depositary and Paying Agent not disbursed to GLDD Stockholders, and thereafter such GLDD Stockholders (other than holders of Dissenting Shares) shall be entitled to look only to the Surviving Corporation (subject to abandoned property, escheat or other similar laws) as general creditors thereof with respect to the Merger Consideration payable upon due surrender of their Shares and compliance with the procedures set forth in the Merger Agreement, without interest.

*Representations and Warranties*. The Merger Agreement contains representations and warranties of GLDD, Parent and Purchaser.

The Merger Agreement contains representations and warranties of GLDD, subject to certain exceptions in the Merger Agreement, in the GLDD Disclosure Letter delivered in connection with the Merger Agreement and in GLDD's public filings, as to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organization and qualification to do business of GLDD and its subsidiaries;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capitalization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate power and authority relating to the execution, delivery and performance of the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consents and approvals relating to the execution, delivery and performance of the Merger Agreement and
consummation of the Transactions and the absence of certain violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws; possession of permits and certifications and eligibility for government
contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timely filing of Securities and Exchange Commission filings, accuracy and completeness of the Securities and
Exchange Commission filings including GLDD financial statements, absence of certain Securities and Exchange Commission investigations, and compliance with rules and regulations of Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accuracy of the information supplied by GLDD and its subsidiaries for the purposes of inclusion or
incorporation by reference in Parent's and Purchaser's Schedule TO or GLDD's corresponding Schedule 14D-9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintenance of internal controls and disclosure controls over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of certain changes affecting GLDD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of certain undisclosed liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of certain litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee benefit plans and other agreements, plans and policies with or concerning employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor and employment matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• owned real property and leased real property matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• privacy and cybersecurity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• material contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the opinion of GLDD's financial advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• takeover statutes and anti-takeover provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers' fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• material customers and material suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• vessels owned by GLDD or its subsidiaries and vessels owned by a third party and chartered in by GLDD or its
subsidiaries pursuant to a bareboat charter (" <u>GLDD Vessels</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trade controls; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exclusivity of GLDD's representations and warranties in the Merger Agreement.

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The Merger Agreement also contains representations and warranties of Parent and Purchaser, subject to certain exceptions in the Merger Agreement and in the Parent Disclosure Letter delivered in connection with the Merger Agreement, as to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organization and power to do business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate power and authority relating to the execution, delivery and performance of the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consents and approvals relating to the execution, delivery and performance of the Merger Agreement and
consummation of the Transactions, and the absence of certain violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accuracy of the information supplied by Parent or Purchaser for the purposes of inclusion or incorporation by
reference in Parent's and Purchaser's Schedule TO or GLDD's corresponding Schedule 14D-9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of certain litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capitalization and the absence of ownership of Shares by Parent or Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Parent's financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers' fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of certain arrangements between Parent or Purchaser (or their respective affiliates), on the one
hand, and, any director, officer, employee or GLDD Stockholder, on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• solvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. citizenship status of both Purchaser and Parent for purposes of Jones Act compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• eligibility for government contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no other representations and warranties.

The representations and warranties contained in the Merger Agreement will not survive the consummation of the Merger.

Some of the representations and warranties in the Merger Agreement are qualified by materiality qualifications or a "GLDD Material Adverse Effect" or "Parent Material Adverse Effect" qualification, as discussed below.

For purposes of the Merger Agreement, a "<u>GLDD Material Adverse Effec</u>t" means any fact, change, circumstance, event, occurrence, development or effect (each, an "<u>Effect</u>") that (i) has had or would reasonably be expected to have, individually or in the aggregate, together with all other Effects, a material adverse effect on the assets, business, financial condition, or continuing results of operations of GLDD and its subsidiaries, taken as a whole, or (ii) solely with respect to certain representations and warranties of GLDD relating to consents and approvals or the Representations Condition, prevents or would reasonably be expected to prevent the ability of GLDD to consummate the Transactions. However, for the purposes of clause (i), none of the following, and no Effect relating to or arising out of or resulting from the following, will constitute or be taken into account in determining whether there has been a GLDD Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the entry into or the announcement or pendency of the Merger Agreement or the Transactions, the performance by
GLDD of the Merger Agreement or the consummation of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Effect affecting the economy or the financial, credit or securities markets in the United States or
elsewhere in the world (including interest rates and exchange rates or any changes therein) or any Effect affecting any business or industries in which GLDD or any of its subsidiaries operates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the suspension of trading in securities generally on Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any development or change in applicable law, generally accepted accounting principles as applied in the United
States (" <u>GAAP</u> ") or accounting standards or the authoritative interpretation or enforcement thereof of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any action taken by GLDD or any of its subsidiaries that is expressly permitted or required by the Merger
Agreement or with Parent's written consent or at Parent's request or the failure by GLDD or any of its subsidiaries to take any action that is prohibited by the Merger Agreement or which GLDD did not take on account of withheld consent
from Parent (if GLDD has timely requested a consent or waiver from Parent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the commencement, occurrence, continuation or escalation of any armed hostilities, sabotage, or acts of war
(whether or not declared) or terrorism, cyber terrorism, cyber espionage or cyber war, or any escalation or worsening of acts of terrorism, armed hostilities or war;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any actions or claims made or brought by any of the current or former GLDD Stockholders (or on their behalf or
on behalf of GLDD, but in any event only in their capacities as current or former GLDD Stockholders) arising out of the Merger Agreement or any of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the existence, occurrence, continuation or escalation of any acts of God, force majeure events, any
earthquakes, floods, hurricanes, tropical storms, fires or other natural disasters or weather-related events or any national, international or regional calamity or any civil unrest or any disease outbreak, pandemic or epidemic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any changes in the market price or trading volume of the Shares, any changes in the ratings or the ratings
outlook for GLDD or any of its subsidiaries by any applicable rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any failure of GLDD or its subsidiaries to meet any internal or external projections, budgets, guidance,
forecasts or estimates of revenues, earnings or other financial results or metrics for any period ending on or after the date of the Merger Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Effect relating to or affecting the price of ship fuel, piracy, or international or intranational
hostilities, disputes or conflicts or developments affecting dredging or shipping;

provided, that any Effect set forth in <u>clauses (b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(f)</u>, <u>(h)</u> and <u>(k)</u> above (to the extent such Effect is not otherwise expressly excluded by this definition) may be taken into account in determining whether there has been, or would reasonably be expected to be, a GLDD Material Adverse Effect to the extent such Effects have a disproportionate adverse effect on GLDD and its subsidiaries, taken as a whole, in relation to similarly situated businesses of GLDD and its subsidiaries operating in the industries in which GLDD and its subsidiaries operate (provided, that only the incremental disproportionate adverse effects of such Effects may be taken into account in determining whether there has been, or would reasonably be expected to be, a GLDD Material Adverse Effect).

For purposes of the Merger Agreement, a "<u>Parent Material Adverse Effect</u>" means any event, condition, change, occurrence or development of a state of circumstances or facts that, individually or when taken together with all such all other events, conditions, changes, occurrences or developments of a state of circumstances or facts, would prevent, impair or materially delay the consummation of the Transactions or prevent or materially impair or delay the ability of Parent or Purchaser to consummate the Transactions or perform its obligations thereunder.

*Conduct of Business by GLDD*. GLDD has agreed that during the period from and after the date of the Merger Agreement until the earlier of the Effective Time or termination of the Merger Agreement (in accordance with its terms) (the "<u>Pre-Closing Period</u>"), except: (i) as set forth in the GLDD Disclosure Letter, (ii) as required or expressly permitted by the Merger Agreement, or (iii) as required by applicable law, any governmental entity of competent jurisdiction or the rules or regulations of Nasdaq, unless Parent shall otherwise agree in writing (which agreement shall not be unreasonably withheld, delayed or conditioned), GLDD will, and will cause each

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of its subsidiaries to, use its reasonable best efforts to (a) conduct its business and operations in all material respects in the ordinary course of business consistent with past practice, and (b) to the extent consistent therewith (I) preserve substantially intact its material business organization, assets (including all GLDD Vessels), properties and business relations, (II) keep available the services of its executive officers and key employees on commercially reasonable terms, (III) maintain in effect all material authorizations, consents, licenses, permits, certificates, variances, exemptions, approvals, orders, registrations and clearances of any governmental entity (collectively, "<u>Permits</u>") necessary for GLDD and each of its subsidiaries to own, lease and operate its properties and assets, including the GLDD Vessels, and to carry on and operate its businesses as currently conducted, and (IV) maintain in all material respects the goodwill and existing relationships with any persons with which GLDD or any of its subsidiaries has material business relations (including governmental entities).

Further, GLDD has agreed that, subject to clauses (i) through (iii) in the immediately preceding paragraph, GLDD will not, and will not permit its subsidiaries to, during the Pre-Closing Period, among other things, take any of the following actions without the prior written consent of Parent (which consent will not be unreasonably withheld, conditioned or delayed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amend the organizational documents of GLDD or its subsidiaries, except for amendments to GLDD's
subsidiaries' organizational documents that would not be materially adverse to Parent or Purchaser or adversely impact the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue or authorize the issuance of any equity securities in GLDD or any of its subsidiaries, or securities
convertible into, or exchangeable or exercisable for, any such equity securities, or any rights of any kind to acquire any such equity securities or such convertible or exchangeable securities, subject to certain exceptions (including the exception
that GLDD may grant the 2026 GLDD RSU Awards, with such grants having an aggregate grant date value of up to $6,750,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) dispose of (including by sale, lease, license, or merger) any entity, business or material assets (including
any GLDD Vessels), subject to certain exceptions;<sup></sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) declare or make dividends or other distributions on the capital stock of GLDD (payable in cash, stock, property
or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) recapitalize, repurchase or acquire any equity or equity-linked securities of GLDD, other than in connection
with tax withholdings in connection with the vesting or settlement of RSUs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) merge or consolidate GLDD or any of its subsidiaries or adopt or resolve for a plan of liquidation,
dissolution, restructuring, recapitalization or other reorganization of GLDD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) acquire (or make a binding offer to acquire) a business (including any interest or division thereof) or any
material assets, except (i) intercompany transactions among GLDD and its subsidiaries and (ii) any capital expenditures in accordance with clause (l);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) incur any indebtedness for borrowed money or issue any debt or debt-like securities (including rights to
acquire them) or become liable or responsible for debt-like obligations of another person (excluding GLDD's surety bonds, but including GLDD's letters of credit to the extent drawn and not reimbursed), subject to certain exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make any loans, advances or capital contributions to, or investments in, any other person (other than among
GLDD and any of its subsidiaries or among GLDD's subsidiaries), subject to certain exceptions;<sup></sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) except to the extent required by law, the collective bargaining agreements or similar agreements or
arrangements with any labor union, works council, or other employee bargaining representative that are applicable to employees of GLDD or any of its subsidiaries (" <u>CBAs</u> "), or the terms of any benefit plan of GLDD disclosed in the
GLDD Disclosure Letter, or as specifically provided for in the Merger Agreement or the GLDD Disclosure Letter: (i) increase the compensation or benefits payable or to become payable to (A) its directors or officer-level employees or
(B) other employees or independent

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contractors except ordinary course increases consistent with past practice, not to exceed, in the aggregate, four percent (4%) relative to the prior fiscal year, (ii) grant any rights to severance or termination pay or other material termination benefits, (iii) establish, adopt, enter into, negotiate or amend any GLDD benefit plan (except for amendments in the ordinary course of business consistent with past practice), (iv) establish, adopt, enter into, negotiate or amend any of the CBAs (except for amendments that are not material to GLDD and its subsidiaries, taken as a whole), or (v) hire or terminate (other than for cause) any employee with annual base compensation of $200,000 or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) make or adopt any material change in accounting methods, policies or procedures, other than as required by
GAAP, applicable law or any governmental entity with competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) other than as contemplated by GLDD's annual capital expenditure budget, authorize or make any capital
expenditures that individually exceed $5,000,000 or in the aggregate exceed $10,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) other than in the ordinary course of business, (i) make, change or revoke any material tax election,
(ii) settle or compromise any tax liability materially above reserves, (iii) amend any material tax return, (iv) adopt or change any material tax accounting method or period, (v) enter into any "closing agreement"
(within the meaning of Section 7121 of the Code) relating to any material tax liability, (vi) agree to extend any statute of limitations periods for material taxes (other than automatic filing extensions), or (vii) waive rights to a
material tax refund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) except with respect to any transaction litigation (which shall be governed by the terms of the Merger
Agreement), settle or compromise any action or proceeding, subject to certain exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) mortgage, pledge, assign, or otherwise encumber (in each case, other than certain permitted liens) any real
property owned by GLDD or any other material assets, or place or permit any lien (other than certain permitted liens) thereupon (including through acquisitions, mergers or similar transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) sell, license, transfer, or otherwise dispose of any material intellectual property rights, subject to certain
exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) enter into or amend any contract with, or make any payment to, any former or present director or officer (or
their affiliates) of GLDD or any of its subsidiaries or affiliates or any other person covered under Item 404 of Regulation S-K under the Securities Act of 1933, as amended (the " <u>Securities Act</u> ") (other than any payments pursuant to clause (j));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) enter into, amend, waive rights under, or terminate any material contract (or any contract that would be deemed
a material contract if entered into prior to the date of the Merger Agreement) or real property lease (or any lease that would be deemed a real property lease if entered into prior to the date of the Merger Agreement), subject to certain exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) enter into any new line of business outside the businesses being conducted by GLDD and its subsidiaries on the
date of the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) fail to use reasonable best efforts to maintain material insurance policies in force with coverage and amounts
at least as high, and terms and conditions not materially less advantageous, to GLDD and its subsidiaries, as currently maintained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) with respect to each GLDD Vessel, fail to use reasonable best efforts not to (i) modify the use,
operation, maintenance or repair in a manner outside the ordinary course of business or not legally and maritime-convention compliant, or (ii) deplete inventory, supplies and spare parts in a manner outside the ordinary course where such
failure would be material to GLDD and its subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) enter into any new letters of credit or amend any existing letters of credit as of the date of the Merger
Agreement if doing so would cause the aggregate outstanding letters of credit value to exceed the amount set forth on the GLDD Disclosure Letter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) irrevocably enter into any contract to do any of the foregoing.

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*Agreements Concerning Parent and Purchaser*. During the Pre-Closing Period, except as provided by the Merger Agreement or required by applicable law, Parent shall not, and shall not permit any of its subsidiaries (including Purchaser) or affiliates to, (i) with respect to Purchaser only, amend, repeal or otherwise modify any provision of its organizational or governing documents, (ii) take or agree to take any action (or fail to take any action) that, individually or in the aggregate, would prevent or materially delay the consummation of the Transactions or impede the ability of any of the parties thereto to obtain any necessary approvals or clearances of any governmental entity required for the Transactions or (iii) take or agree to take, make any commitment to take, or adopt any resolutions of its board of directors or analogous governing body in support of, any of the foregoing.

Further, Parent agreed to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to take all actions necessary or advisable to ensure Purchaser timely performs and complies with all of its
covenants, agreements, obligations and undertakings under the Merger Agreement in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to promptly (and no later than two (2) business days after becoming aware) notify GLDD in writing of any
fact, circumstance, development, or event that has occurred or is reasonably likely to occur that would cause certain of Parent's representations set forth in the Merger Agreement to be untrue, inaccurate, or misleading in any respect at any
time prior to the Acceptance Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not to incur indebtedness that, when given pro forma effect and after giving pro forma effect to the incurrence
of the Transactions, would cause the Consolidated Net Leverage Ratio (as defined in the Parent Credit Agreement) to exceed 4.00x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) maintain $300,000,000 plus estimated fees and expenses incurred (or expected to be incurred) in connection with
the Transactions of unused aggregate revolving commitments under the Parent Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to not elect to increase the maximum permitted Consolidated Net Leverage Ratio under either the Parent Credit
Agreement or the PPN Agreement (as defined in the Merger Agreement)except in connection with the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to not revoke any limited condition election with respect to the Transactions pursuant to the Parent Credit
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to take the actions set forth on the Parent Disclosure Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to not amend, restate, supplement, waive or otherwise modify the Parent Credit Agreement or the PPN Agreement
(as defined in the Merger Agreement) in any manner that would cause any of the representations and warranties set forth in certain representations made by Parent in the Merger Agreement to be inaccurate or incorrect.

*Non-Solicitation; Change of GLDD Recommendation.* Except as permitted by the Merger Agreement, during the Pre-Closing Period, GLDD will not, and will cause its subsidiaries and its and their directors, officers, investment bankers and counsel ("<u>Representatives</u>") not to, in each case, directly or indirectly,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) initiate, solicit or knowingly facilitate or encourage the submission of any Competing Proposal,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) furnish to any person any non-public information relating to GLDD or
its subsidiaries or afford to any person access to the business, properties, assets, books, records or other non-public information, or to any personnel, of GLDD or its subsidiaries, in connection with any
Competing Proposal made by such person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter into or participate in any discussions or negotiations with any third person with respect to any
Competing Proposal made by such third person, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter into any other agreement providing for a Competing Proposal.

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However, if, prior to the Acceptance Time, (i) GLDD has received a *bona fide* written Competing Proposal (as defined herein) from a person that did not result from a material breach of the non-solicitation provisions in the Merger Agreement and (ii) the GLDD Board (or a committee thereof) determines in good faith, after consultation with its financial advisor and outside legal counsel, that such Competing Proposal constitutes or could reasonably be expected to result in a Superior Proposal and that the failure to take such action would be reasonably likely to be inconsistent with the GLDD Board's fiduciary duties under applicable law, then GLDD may (A) furnish to the person making such Competing Proposal any non-public information relating to GLDD or afford to such person access to the business and records of GLDD, so long as (1) GLDD has entered into a confidentiality agreement with such person containing terms as to confidentiality that are, in the aggregate, no less restrictive of the counterparty than the terms set forth in the GLDD Confidentiality Agreement (as defined herein) are to Parent ("<u>Acceptable Confidentiality Agreement</u>"), and (2) GLDD provides to Parent copies of any such diligence materials and documents containing non-public information (that has not been previously provided to Parent) promptly (and in any event within twenty-four (24) hours) after providing such materials and documents by or on behalf of GLDD to such person and (B) participate in discussions or negotiations with the person making such Competing Proposal regarding such Competing Proposal.

GLDD will promptly (but in any event within twenty-four (24) hours) (i) advise Parent in writing of the receipt of any Competing Proposal, or any proposal that would reasonably be expected to lead to a Competing Proposal, (ii) keep Parent informed of all material developments or changes to material terms of any such Competing Proposal, inquiry or request and (iii) provide Parent with copies of any draft documentation to be entered into by GLDD or any subsidiary with the person proposing such Competing Proposal with respect to any such Competing Proposal or proposal.

For purposes of the Merger Agreement, "<u>Competing Proposal</u>" means, other than the Transactions, any proposal or offer from any person (other than Parent, Purchaser or any of their respective affiliates or representatives) relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition (whether by merger, consolidation, equity investment, joint venture or otherwise) by any person
of more than twenty percent (20%) of the consolidated assets (based on fair market value or book value) of GLDD and its subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition in any manner, directly or indirectly, by any person of more than twenty percent (20%) of the
issued and outstanding Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any merger, combination, share exchange or similar transaction as a result of which GLDD Stockholders immediately
prior to such transaction would own less than eighty percent (80%) of the outstanding voting power of the parent entity resulting from such transaction.

For purposes of the Merger Agreement, "<u>Superior Proposal</u>" means a *bona fide* written Competing Proposal (with all percentages in the definition of "Competing Proposal" changed to fifty percent (50%)) that did not result from a material breach of the non-solicitation provisions in the Merger Agreement, made by any person that the GLDD Board (or a committee thereof) determines in good faith, after consultation with GLDD's financial advisor and outside legal counsel, (including the certainty of value presented by such proposal and the likelihood of consummation), is more favorable to GLDD Stockholders from a financial point of view than the Transactions.

As described above, and subject to the provisions described below, the GLDD Board has unanimously made the recommendation that the stockholders tender their Shares to Purchaser pursuant to the Offer (the "<u>GLDD Recommendation</u>"), on the terms and conditions set forth in the Merger Agreement. Except as expressly permitted by the Merger Agreement, neither the GLDD Board nor any committee thereof may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) withdraw, withhold, qualify, modify or amend the GLDD Recommendation in any manner adverse to Parent, or
publicly propose to do any of the foregoing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approve, endorse or recommend a Competing Proposal or submit any Competing Proposal to a vote of GLDD
Stockholders, or publicly propose to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) approve, recommend or allow GLDD to enter into (i) a contract to effect a Competing Proposal (such
contract to effect a Competing Proposal, an " <u>Alternative Acquisition Agreement</u> ") or (ii) any agreement that provides for the terms of a Competing Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fail to include the GLDD Recommendation in the Schedule 14D-9 when
disseminated to GLDD Stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) following the commencement of any tender or exchange offer relating to securities of GLDD that constitutes a
Competing Proposal, fail to issue a press release publicly announcing within ten (10) business days of such commencement that GLDD recommends rejection of such tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a Competing Proposal has been publicly disclosed, fail to affirm publicly the GLDD Recommendation following
any reasonable written request by Parent within ten (10) business days after Parent's written request therefor.

The actions described in the clauses (a) through (f) are referred to in this Offer as a "<u>Change of GLDD Recommendation</u>".

However, prior to the Acceptance Time and in response to a Superior Proposal received by GLDD after the date of the Merger Agreement, the GLDD Board (or any committee thereof) may make a Change of GLDD Recommendation or terminate the Merger Agreement in accordance with its terms to enter into an Alternative Acquisition Agreement only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) a written, *bona fide* Competing Proposal is made to GLDD by a third person (that did not result from
a material breach of the non-solicitation provisions of the Merger Agreement), and (ii) the GLDD Board (or a committee thereof) determines in good faith, after consultation with its financial advisor and
outside legal counsel, that such Competing Proposal constitutes a Superior Proposal and that failure to effect a Change of GLDD Recommendation or terminate the Merger Agreement would be likely to be inconsistent with the GLDD Board's (or
committee's) fiduciary duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) GLDD provides Parent prior written notice at least four (4) business days in advance of the intention to
make a Change of GLDD Recommendation or terminate the Merger Agreement pursuant the terms thereof (a " <u>Notice of Superior Proposal</u> "), which notice must specify, among other things, (A) the material terms and conditions of the
Superior Proposal (including the person making such proposal), and (B) the intention of the GLDD Board (or a committee thereof) to effect a Change of GLDD Recommendation or terminate the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if requested by Parent, GLDD has, and has instructed its Representatives to be reasonably available to have,
negotiated in good faith with Parent with respect to any changes to the terms of the Merger Agreement proposed by Parent for at least four (4) business days following receipt by Parent of such Notice of Superior Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) taking into account any changes to the terms of the Merger Agreement proposed by Parent, the GLDD Board (or a
committee thereof) has determined in good faith, after consultation with its outside financial advisor and outside legal counsel, that such Competing Proposal would constitute a Superior Proposal if such changes proposed in writing by Parent were to
be given effect and that the failure to effect a Change of GLDD Recommendation or terminate the Merger Agreement would reasonably be likely to be inconsistent with its fiduciary duties.

Any amendment to the consideration to be paid to GLDD Stockholders under such Superior Proposal or any amendment of any other material term of such Superior Proposal shall require a new Notice of Superior Proposal and a new notice period (provided such period shall be three (3) business days following such new notice rather than four (4) business days)).

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In addition, the GLDD Board (or a committee thereof) may effect a Change of GLDD Recommendation described in clause (a) or clause (f) of the definition thereof in response to a material event or change arising after the date of the Merger Agreement, that was neither known to, nor reasonably foreseeable by, the GLDD Board prior to the date of the Merger Agreement (an "<u>Intervening Event</u>") if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the GLDD Board (or a committee thereof) determines in good faith, after consultation with GLDD's outside
legal counsel, that the failure of the GLDD Board (or a committee thereof) to effect a Change of GLDD Recommendation would reasonably be likely to be inconsistent with its fiduciary duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) GLDD provides Parent prior written notice at least four (4) business days in advance of GLDD's
intention to make a Change of GLDD Recommendation (a " <u>Notice of an Intervening Event</u> "), which notice must specify, among other things, a description of the Intervening Event and the reasons for a Change of GLDD Recommendation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if requested by Parent, GLDD has, and has instructed the Representatives to be reasonably available to have,
negotiated in good faith with Parent with respect to any changes to the terms of the Merger Agreement proposed by Parent for at least four (4) business days following receipt by Parent of such Notice of an Intervening Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) taking into account any changes to the terms of the Merger Agreement proposed by Parent in writing to GLDD, the
GLDD Board (or a committee thereof) has determined in good faith, after consultation with its outside financial advisor and outside legal counsel, that even if such changes proposed in writing by Parent were to be given effect, the failure to effect
a Change of GLDD Recommendation would reasonably be likely to be inconsistent with its fiduciary duties.

The Merger Agreement does not prohibit GLDD from (i) complying with Rules 14d-9, 14e-2 and Item 1012(a) of Regulation M-A promulgated under the Exchange Act, including from making any related required disclosure to GLDD Stockholders or from issuing a "stop, look and listen" statement pending disclosure of its position thereunder or (ii) making any disclosure to GLDD Stockholders if GLDD determines in good faith, after consultation with its outside legal counsel, that the failure to do so would reasonably be likely to be inconsistent with its fiduciary duties or that such disclosure is otherwise required under applicable law.

*Appropriate Action; Consents; Filings*. GLDD, Parent and Purchaser have agreed to, and to cause their respective affiliates to, use their respective reasonable best efforts to take all actions necessary, proper or advisable to consummate and make effective, and to satisfy all conditions to, the Offer, the Merger and the Transactions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly obtaining all actions or nonactions, consents, Permits, waivers, approvals, authorizations and orders
from governmental entities or other persons necessary or advisable in connection with the consummation of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as promptly as practicable, and in the case of all filings required under the HSR Act within fifteen
(15) business days after the date of the Merger Agreement, make all registrations and filings with any governmental entity under any applicable antitrust or foreign investment laws necessary or advisable in connection with the consummation of
the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) seek to resolve objections or assertions a governmental entity may express regarding the Merger Agreement or
the Transactions, which, however, shall not require Parent or any of its affiliates to litigate any challenge to the Merger Agreement or the Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) execute and deliver any additional instruments necessary or advisable to consummate the Transactions.

In furtherance of the preceding obligations, Parent will promptly take (and shall cause each of its affiliates to take) any and all actions necessary or reasonably advisable in order to avoid or eliminate each and every impediment to the consummation of the Transactions and obtain all approvals and consents under any laws that may be required by any foreign or U.S. federal state or local governmental entity so as to enable the parties to

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consummate the Transactions as promptly as practicable, including accepting operational restrictions or limitations on, and committing to or effecting, the sale, license, divestiture, disposition or holding separate of, such assets or businesses of Parent, Purchaser, GLDD, the Surviving Corporation or any of their respective affiliates as may be required or advisable to obtain such approvals or consents of such governmental entities or to avoid the entry of, or to effect the dissolution of or vacate or lift, any decrees, judgments, injunctions or orders that would otherwise have the effect of preventing or materially delaying the consummation of the Transactions (each, a "<u>Remedial Action</u>"); provided, however, none of Parent or any of its affiliates or GLDD or any of its subsidiaries shall be required to take or agree to take any Remedial Action that: (i) is not conditioned upon the Closing or (ii) would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the business, operations, financial condition or results of operations of Parent and its subsidiaries after giving effect to the Transactions, taken as a whole. For purposes of the foregoing proviso, "Parent and its subsidiaries after giving effect to the Transactions" shall be deemed to have the size, financial condition and results of operations of GLDD and its subsidiaries prior to the consummation of such transactions.

Neither Parent nor Purchaser, directly or indirectly, through one or more of their respective affiliates, shall take any action, including acquiring or making any investment in any person or any division or assets thereof, that would reasonably be expected to cause a material delay in the satisfaction of the Offer Conditions or Closing conditions contained in the Merger Agreement or the consummation of the Transactions.

GLDD will, and will cause its subsidiaries to, use reasonable best efforts to cooperate with Parent to obtain any consents or waivers from third parties (other than governmental entities) that are required in connection with the Transactions. However, GLDD and its subsidiaries will not be required to (i) pay prior to the Effective Time any fee, penalty or other consideration to any third party for any consent or approval required for or triggered by the consummation of the Transactions under any contract or otherwise or (ii) agree to any material term or other action imposed, required or requested by any governmental entity, unless such term or other action imposed is binding on GLDD or any of its controlled affiliates only after the Closing occurs.

GLDD, Parent and Purchaser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) give the other parties prompt notice of the making or commencement of any request, inquiry, investigation or
legal Proceeding by or before any governmental entity with respect to the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) keep the other parties informed as to the status of any such request, inquiry, investigation or legal
Proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly inform the other parties of any communication to or from the United States Federal Trade Commission
(the " <u>FTC</u> "), the Antitrust Division of the United States Department of Justice (the " <u>Antitrust Division</u> ") or any other governmental entity regarding the Transactions.

Each of GLDD, Parent and Purchaser will consult and cooperate with the other parties and Parent will consider in good faith the views of GLDD in connection with any filing, analysis, appearance, presentation, memorandum, brief, argument, opinion or proposal made or submitted to any governmental entity in connection with the Transactions.

*Directors & Officers Indemnification and Insurance.* The Merger Agreement provides that Parent will, and will cause the Surviving Corporation to, to the fullest extent permitted by appliable law, indemnify, defend and hold harmless each current or former director or officer of GLDD or any of its subsidiaries, each fiduciary under benefit plans of GLDD or any of its subsidiaries and each such person who performed services at the request of GLDD or any of its subsidiaries (each an "<u>Indemnified Party</u>" and collectively, the "<u>Indemnified Parties</u>") against (i) all losses (including reasonable attorneys' fees and expenses) arising out of actions or omissions occurring at or prior to the Effective Time (and whether asserted or claimed prior to, at or after the Effective Time) to the extent that they are based on or arise out of the fact that such person is or was a director or officer or

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fiduciary under benefit plans or performed services at the request of GLDD or any of its subsidiaries (the "<u>Indemnified Liabilities</u>"), and (ii) all Indemnified Liabilities to the extent they are based on or arise out of or pertain to the Transactions, whether asserted or claimed prior to, at or after the Effective Time, and including any expenses incurred in enforcing such person's rights pursuant to the terms of the Merger Agreement.

GLDD will be permitted to, prior to the Effective Time, obtain a prepaid insurance and indemnification policy that provides coverage for a period of six (6) years from and after the Effective Time for events occurring prior to the Effective Time (the "<u>D&O Insurance</u>") that is substantially equivalent to and in any event not less favorable in the aggregate to the intended beneficiaries thereof than GLDD's directors' and officers' liability insurance policy in effect as of the date of the Merger Agreement; provided that the maximum aggregate annual premium for such insurance policies for any such year shall not be in excess of 300% of the annual premium paid by GLDD for coverage in its last full fiscal year for such insurance. If GLDD fails to obtain such "tail" insurance policy as of the Effective Time, the Surviving Corporation will, and Parent will cause the Surviving Corporation to, continue to maintain in effect for a period of at least six (6) years from and after the Effective Time (and for so long thereafter as any claims brought before the end of such six (6)-year period thereunder are being adjudicated) the D&O Insurance in effect as of the date of the Merger Agreement with terms, conditions, retentions and limits of liability that are at least as favorable as provided in GLDD's policies in effect as of the date of the Merger Agreement, or the Surviving Corporation will, and Parent will cause the Surviving Corporation to, purchase comparable D&O Insurance for such six-year period (and for so long thereafter as any claims brought before the end of such six (6)-year period thereunder are being adjudicated) with terms, conditions, retentions and limits of liability that are at least as favorable as provided in GLDD's policies in effect as of the date of the Merger Agreement.

For not less than six (6) years from and after the Effective Time, the organizational documents of the Surviving Corporation and each subsidiary will contain provisions no less favorable with respect to exculpation, indemnification and advancement of expenses for periods at or prior to the Effective Time than are currently set forth in GLDD's and its subsidiaries' organizational documents. The contractual indemnification rights, if any, in existence on the date of the Merger Agreement with any of the directors, officers or employees of GLDD or its subsidiaries will be assumed by the Surviving Corporation, without any further action, and shall continue in full force and effect in accordance with their terms following the Effective Time.

*Employee Matters*. During the period following the Effective Time and continuing until December 31, 2027, Parent will, or will cause its applicable subsidiary to, provide each nonunionized employee of GLDD and its subsidiaries who was such as of immediately prior to the Effective Time and who continues in such employment following the Effective Time (collectively, the "<u>Continuing Employees</u>") with (i) a base salary and wages (whichever is applicable) that are no less favorable than the base salary and wages, as applicable, provided to such Continuing Employee immediately prior to the Effective Time, (ii) an annual bonus opportunity (including threshold, target and maximum payout opportunities and, solely in respect of the 2026 performance year, applicable performance metrics), that is not less than the annual bonus opportunity (including threshold, target and maximum payout opportunities and applicable performance metrics) in effect for the applicable Continuing Employee as of immediately prior to the Effective Time (and excluding, for the avoidance of doubt, any retention, change in control, and other one-time cash-based awards and one-time, special cash compensation programs), (iii) target long-term incentive compensation opportunities that are no less favorable than the target long term incentive compensation opportunities provided to each Continuing Employee immediately prior to the Effective Time under a GLDD Stock Plan, which may be provided in the form of equity or equity-based awards, cash-based awards, increases to base salary, or a combination thereof (including, at the discretion of Parent, shorter-term compensation opportunities with a substantially similar quantum of payment opportunities), (iv) severance benefits that are generally no less favorable than the severance benefits provided under GLDD's existing severance policy or in an employment agreement between GLDD and its employees, as in effect as of the date of the Merger Agreement, and (v) other compensation and benefits (including, but not limited to, paid time off) that are substantially comparable in the aggregate to the other compensation and benefits provided to the applicable Continuing Employee as of immediately prior to the Effective Time.

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From and after the Effective Time, Parent shall also, or shall cause one of its subsidiaries to, assume, honor and continue all of GLDD's and its subsidiaries' employment, individual consulting, severance, retention, cash incentive compensation and termination plans, policies, programs, agreements and arrangements, as well as collective bargaining agreements applicable to unionized employees, in each case, in accordance with their terms as in effect immediately prior to the Effective Time. Parent and its subsidiaries will also recognize and assume all liabilities with respect to accrued but unused sick leave, vacation or other paid time off as of immediately prior to the Effective Time for all Continuing Employees, and will allow Continuing Employees to use such accrued but unused sick leave, vacation or other paid time off in accordance with the plan, policy or agreement as in effect for the benefit of such Continuing Employee immediately prior to the Effective Time. In addition, Parent and its subsidiaries shall recognize and assume all liabilities for any amounts payable to Continuing Employees under any educational assistance or tuition reimbursement plan of GLDD to the extent a Continuing Employee has commenced a class or coursework eligible for assistance thereunder as of immediately prior to the Effective Time.

Parent has further agreed that, for fiscal years 2025 and 2026, it shall, or shall cause its applicable subsidiary to, provide each Continuing Employee who participated in GLDD's annual bonus program for either such fiscal year with a payment (if unpaid as of the Effective Time) no less than the amount due under such program for the applicable fiscal year (in accordance with the threshold, target and maximum payout opportunities and applicable performance metrics as in effect with respect to the applicable performance year immediately prior to the Effective Time) at the normal payment timing (but no later than March 31) for the applicable year; provided, that in respect of the annual bonuses for fiscal year 2026, in the event of a Continuing Employee's qualifying termination (as such term is described under GLDD's severance plan) prior to the payment date of such employee's annual bonus, the Continuing Employee will be entitled to receive a pro-rata payment of the Continuing Employee's bonus for the period of time the Continuing Employee was actively employed during the 2026 performance year, calculated based on actual performance and payable at such time annual bonuses are paid to other employees of GLDD in the 2027 calendar year.

Parent will cause any employee benefit plans of Parent and its subsidiaries in which the Continuing Employees are entitled to participate after the Effective Time to take into account, for purposes of eligibility, level of benefits, entitlement to benefits, vesting and benefit accruals (other than benefit accruals under any defined benefit pension plan or as would result in a duplication of benefits), service prior to the Effective Time by such employees to GLDD and its subsidiaries as if such service were with Parent or its subsidiaries. With respect to any health or welfare benefit plan maintained by Parent and its subsidiaries in which Continuing Employees (and their eligible dependents) will be eligible to participate following the Effective Time, Parent will, and will cause the Surviving Corporation and its subsidiaries to, use commercially reasonable efforts to (i) waive any pre-existing condition limitations, exclusions, actively at work requirements and waiting periods to the same extent waived under the analogous GLDD benefit plan prior to the Effective Time, and (ii) give effect, in determining the satisfaction of any co-payments, deductibles and similar expenses, to any eligible expenses incurred under analogous GLDD benefit plans by such employees (and his or her eligible dependents) during the calendar year in which the Effective Time occurs.

Finally, if requested by Parent at least five (5) business days prior to the Effective Time, GLDD shall, or shall cause its subsidiaries to, validly adopt resolutions and take all actions necessary and appropriate to terminate all benefit plans that contain a cash or deferred arrangement intended to qualify under Section 401(a) of the Code (the "<u>401(k) Plans</u>"), with such termination of the 401(k) Plans to be effective no later than the day immediately preceding the Effective Time. If Parent requests for the 401(k) Plans to be terminated, prior to the Effective Time, Parent (i) shall take actions to permit each Continuing Employee to make rollover contributions of "eligible rollover distributions" (within the meaning of Section 402(c)(4) of the Code, including rollovers of loans) in an amount equal to the full account balance distributed or distributable to such Continuing Employee from the applicable 401(k) Plan to a defined contribution retirement plan intended to qualify under Section 401(a) of the Code designated by Parent (the "<u>Parent 401(k) Plan</u>") and (ii) shall ensure each Continuing Employee becomes a participant in the Parent 401(k) Plan as of the Effective Time (after giving effect to the service-crediting provisions described above).

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*Stockholder Litigation.* GLDD will promptly notify Parent upon becoming aware of any litigation or proceeding commenced against it or any of its directors, officers or affiliates, relating to the Merger Agreement or the Transactions (the "<u>Transaction Litigation</u>"). GLDD will give Parent the opportunity to participate in the defense or settlement of any Transaction Litigation at its own expense except that (i) GLDD will in any event control the defense, settlement or prosecution of any Transaction Litigation, and (ii) GLDD will not compromise, settle, or agree to compromise or settle any Transaction Litigation unless Parent will have consented in writing (such consent not to be unreasonably withheld, conditioned or delayed).

*Stock Exchange Delisting; Deregistration*. Prior to the Effective Time, GLDD will reasonably cooperate with Parent and use its reasonable efforts to enable the delisting by the Surviving Corporation of the Shares from Nasdaq and the deregistration of the Shares under the Exchange Act as promptly as practicable after the Effective Time.

*Financing.* Parent and Purchaser have agreed to use their reasonable best efforts to arrange and obtain the transaction debt financing as contemplated by Parent's existing credit facility and the executed commitment letters (collectively, the "<u>Debt Commitment Letter</u>") (the "<u>Financing</u>") as soon as reasonably practicable and, in any event, no later than the Acceptance Time, on the terms and subject only to the conditions (including, to the extent applicable, the "flex" provisions) described in the Debt Commitment Letter, including using reasonable best efforts to (i) enter into definitive agreements with respect to the Debt Commitment Letter, consistent in all material respects with the terms and conditions (as such terms may be modified or adjusted in accordance with the flex provisions contained in any fee letter executed in connection with the Debt Commitment Letter) contemplated therein (the "<u>Definitive Debt Financing Agreements</u>"), (ii) satisfy (or obtain a waiver of) on a timely basis all terms, conditions and covenants, including with respect to the payment of any commitment, engagement or placement fees, applicable to Parent or Purchaser in the Debt Commitment Letter and the Definitive Debt Financing Agreements that are within Parent's control, (iii) consummate and cause the lenders party to the Debt Commitment Letter to consummate the Financing at or prior to the Acceptance Time and (iv) enforce their rights under the Debt Commitment Letter and the Definitive Debt Financing Agreements. Notwithstanding the foregoing, Parent and Purchaser may, as an alternative to arranging and obtaining the Financing, pursue, negotiate, execute and consummate one or more amendments, restatements or other modifications to the Parent Credit Agreement or other financing arrangements of Parent or Purchaser that provide financing in an amount sufficient to replace in full the Debt Commitment Letter (the "<u>Replacement Financing</u>"). Any Replacement Financing shall not be subject to any conditions precedent, representations, warranties, covenants or other terms that are, individually or in the aggregate, more burdensome or less favorable to GLDD than those contained in the Debt Commitment Letter. Parent and Purchaser have agreed not to, without the prior written consent of GLDD, agree to any amendments, supplements, replacements or modifications to, or grant any waivers of, any condition or other provision under the Debt Commitment Letter or the definitive agreements relating to the Financing that (A) reduces the aggregate amount of the Financing (including by changing the amount of fees to be paid or original issue discount of the Financing or similar fees) to an amount that is less than the amount required by the Merger Agreement, or (B)(1) imposes new or additional conditions precedent of the Financing, or (2) otherwise adversely expands, amends or modifies any of the conditions precedent to the Financing, or otherwise expands, amends or modifies any other provision of the Debt Commitment Letter, in the case of clauses (1) and (2), in a manner that would reasonably be expected to (I) delay, prevent or impede the ability of Parent and Purchaser to consummate the Transactions, (II) make the timely funding of the Financing contemplated by the Debt Commitment Letter (or satisfaction of the conditions precedent to the Financing) less likely to occur or (3) adversely impact the ability of each of Parent and Purchaser to enforce its rights against the other parties to the Debt Commitment Letter or the definitive agreements with respect thereto (provided that, without the consent of GLDD, Parent and Purchaser may amend the Debt Commitment Letter (x) to add additional lenders, arrangers, bookrunners and agents in accordance with the terms thereof (as in effect on the date thereof) or (y) to implement or exercise any of the "market flex" provisions (including pricing terms) contained in the fee letter executed in connection with the Debt Commitment Letter). Parent has agreed to promptly deliver to GLDD copies of any such amendment, modification, supplement, waiver or replacement. Parent and Purchaser shall use their reasonable best efforts to

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maintain in effect the Debt Commitment Letter (including any Definitive Debt Financing Agreements) until the Transactions are consummated. Neither Parent nor Purchaser shall release or consent to the termination of the obligations of the lenders under the Debt Commitment Letter or the Definitive Debt Financing Agreements except that Parent and Purchaser may terminate the Debt Commitment Letter (and any Definitive Debt Financing Agreement) without the prior written consent of GLDD upon the execution and effectiveness of the Replacement Financing or a definitive amendment to the Parent Credit Agreement that provides for such Replacement Financing, in each case, that meets the requirements set forth in this paragraph.

If any portion of the Financing becomes unavailable on the terms and conditions (including any "flex" provisions) contemplated in the Debt Commitment Letter (other than pursuant to a termination due to the incurrence of the Replacement Financing), Parent and Purchaser have agreed to use their reasonable best efforts to, as promptly as practicable following the occurrence of such event but no later than the fifth (5th) business day immediately preceding the then scheduled expiration of the Offer, arrange and obtain alternative financing, on terms and conditions (including any "flex" provisions) that are at least as favorable to GLDD in the aggregate as those contained in the Debt Commitment Letter, which shall not expand upon the conditions precedent or contingencies to the funding at the Acceptance Time of the Financing as set forth in the Debt Commitment Letter in effect on the date of the Merger Agreement or otherwise adversely affect the ability or likelihood of Parent and Purchaser to timely consummate the Transactions.

Parent and Purchaser have agreed to, and to cause their representatives to, upon GLDD's request, keep GLDD informed as promptly as practicable in reasonable detail of the status of their efforts to arrange the Financing or any Replacement Financing. Without limiting the generality of the foregoing, Parent has agreed to (i) furnish GLDD complete, correct and executed copies of any amendments, waivers, supplements or other modifications to the Debt Commitment Letter or the Parent Credit Agreement promptly upon their execution and (ii) give GLDD prompt written notice and in any event within two (2) business days (A) of any default or breach (or any event that, with or without notice, lapse of time or both, would (or could reasonably be expected to) give rise to any default or breach) by any party under the Debt Commitment Letter or the definitive agreements relating to the Financing or the Replacement Financing of which Parent or Purchaser becomes aware, (B) of any termination of the Debt Commitment Letter, (C) of the receipt of any written notice or other written communication from any person with respect to any (1) actual or potential default, breach, termination or repudiation of the Debt Commitment Letter, any definitive agreement relating to the Financing or any provision of the Debt Commitment Letter or the definitive agreements relating to the Financing or any Replacement Financing, in each case by any party thereto, or (2) material dispute or disagreement between or among any parties to any Debt Commitment Letter or the definitive agreements relating to the Financing (other than disputes occurring as a part of the ordinary course of negotiating the Definitive Debt Financing Agreements) or any Replacement Financing, and (D) if for any reason Parent or Purchaser believe in good faith that they will not be able to obtain all or any portion of the Financing or any Replacement Financing on the terms, in the manner or from the sources contemplated by the Debt Commitment Letter or the definitive agreements relating to the Financing or any Replacement Financing, as the case may be.

As required by the Merger Agreement, prior to the Acceptance Time and at Parent's sole expense, GLDD has agreed to use its reasonable best efforts to provide Parent and Purchaser with the customary cooperation reasonably requested in connection with the Financing or any Replacement Financing. Such cooperation includes (i) making appropriate members of GLDD management available for a reasonable number of financing meetings, presentations, rating-agency discussions and due-diligence sessions, (ii) assisting with the preparation of customary lender and rating-agency materials, (iii) providing, within the timeframes required under the Merger Agreement and the Debt Commitment Letter, customary "know-your-customer" and anti-money-laundering information, (iv) providing the financial information required under the Debt Commitment Letter, (v) assisting, to the extent reasonably necessary, with Parent's preparation of disclosure schedules and other financing deliverables and facilitating any collateral-related actions required to occur at Closing, (vi) taking corporate or organizational actions, effective only upon Closing, reasonably requested to permit the consummation of the Financing or any Replacement Financing, and (vii) delivering customary payoff, termination and lien-release notices with respect to GLDD's existing indebtedness.

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Neither the obtaining of the Financing nor any Alternative Financing is a condition to the Offer, subject to the Merger Agreement's conditions to Closing.

*Ownership and Control by United States Citizens*. From date of the Merger Agreement to the Effective Time, Parent and Purchaser will each remain a citizen of the United States for purposes of owning and operating a vessel in the United States coastwise trade and engaging in dredging in the navigable waters of the United States.

*Notes; ABL Credit Agreement.* Prior to the Closing, if requested in writing by Parent with reasonable advance notice, GLDD will, and will cause its subsidiaries to, reasonably cooperate with Parent to, and use reasonable best efforts to, effect the conditional redemption at or after the Closing of the Notes (as defined herein) in accordance with the terms of the Notes and the Indenture, dated as of May 25, 2021, as amended, restated, modified and supplemented from time to time, among GLDD, as issuer, the guarantors party thereto and Wells Fargo Bank, National Association, as trustee (the "<u>Indenture</u>", and the notes issued thereunder, the "<u>Notes</u>").

GLDD will deliver to Parent a customary payoff letter with respect to the obligations under the Second Amended and Restated Revolving Credit and Security Agreement, dated as of July 29, 2022, as amended, restated, modified and supplemented from time to time, among Great Lakes Dredge & Dock Corporation and the other borrowers party thereto, as borrowers, each lender party thereto and PNC Bank, National Association, as agent (the "<u>ABL Credit Agreement</u>") and any other indebtedness of GLDD at the Closing, in form and substance reasonably satisfactory to Parent (the "<u>Payoff Letter</u>"), at least one (1) business day prior to the Acceptance Time. At the Closing, Parent will repay, or cause to be repaid, on behalf of GLDD and its subsidiaries, the indebtedness of GLDD and its subsidiaries outstanding under the ABL Credit Agreement required to be repaid at the Closing in accordance with the Payoff Letter.

For additional information, please refer to GLDD's Schedule 14D-9 being mailed to stockholders with this Offer to Purchase.

*Conditions to the Completion of the Offer and the Merger*. The Offer Conditions are described in "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>." In addition, each of Parent's, Purchaser's and GLDD's respective obligations to consummate the Merger is subject to the satisfaction or mutual waiver at or prior to the Effective Time of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no governmental entity of competent jurisdiction having issued or entered any judgment, order, award,
stipulation, settlement, injunction or decree that is in effect and enjoins or prohibits the consummation of the Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Offer Closing having occurred.

*Termination*. The Merger Agreement may be terminated and abandoned, prior to the Acceptance Time in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by the mutual written consent of GLDD and Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by either GLDD or Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Acceptance Time has not occurred on or before the Outside Date, except if on the Outside Date, the
Competition Laws Condition and/or the Injunction Condition has not been satisfied or, to the extent permitted by law, waived, then the Outside Date shall automatically be extended to the date that is six (6) months after the date of the Merger
Agreement, except that such termination right will not be available to any party if the failure of such party to perform any of its obligations under the Merger Agreement, primarily caused or resulted in the failure of the Acceptance Time to occur
or the Offer or the Merger to be consummated on or before the Outside Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Offer Termination has occurred, except that the foregoing termination right will not be available to any
party if the failure of such party to perform any of its obligations under the Merger Agreement primarily caused or resulted in the failure of any of the Offer Conditions of the conditions to the Merger to have occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if any governmental entity of competent jurisdiction has issued or entered any judgment, order, stipulation,
settlement, injunction or decree that permanently enjoins or prohibits the Offer or the Merger, and such judgment, order, stipulation, settlement, injunction or decree has become final and non-appealable, except that the foregoing termination right will not be available to any party if the issuance or entering of such final and non-appealable judgment, order, stipulation, settlement, injunction or decree was
primarily caused by the failure of such party to perform any of its obligations under the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following any Change of GLDD Recommendation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if (i) (A) there is a breach or inaccuracy of any of GLDD's representations and warranties contained
in the Merger Agreement, or (B) GLDD has failed to perform its covenants and agreements contained in the Merger Agreement, in either case such that the GLDD Representations Condition, the GLDD Performance Condition or the GLDD MAE Condition
would not be satisfied, (ii) Parent has delivered to GLDD written notice of such breach, inaccuracy or failure to perform, and (iii) either such breach, inaccuracy or failure to perform is not capable of cure prior to the Outside Date or
at least thirty (30) days have elapsed since the date of delivery of such written notice to GLDD and such breach, inaccuracy or failure to perform has not been cured, except that the foregoing termination right will not be available to Parent
if the breach or inaccuracy of the representations of Parent or Purchase contained in the Merger Agreement or Parent's or Purchaser's failure to perform its covenants contained in the Merger Agreement has prevented or would reasonably be
expected to prevent Parent or Purchaser from consummating the Transactions or to materially delay the consummation of any of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by GLDD:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in order to enter into an Alternative Acquisition Agreement providing for a Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if (i)(A) there is a breach or inaccuracy of any of Parent's or Purchaser's representations and
warranties contained in the Merger Agreement, or (B) Parent or Purchaser fails to perform its covenants and agreements contained in the Merger Agreement, in either case that has prevented or would reasonably be expected to prevent Parent or
Purchaser from consummating the Offer or the Merger, (ii) GLDD has delivered to Parent written notice of such breach, inaccuracy or failure to perform, and (iii) either such breach, inaccuracy or failure to perform is not capable of cure
prior to the Outside Date or at least thirty (30) days has elapsed since the date of delivery of such written notice to Parent and such breach, inaccuracy or failure to perform has not been cured, except that the foregoing termination right
will not be available to GLDD if GLDD is then in material breach of any representation, warranty, covenant or agreement of the Merger Agreement such that the GLDD Representations Condition or the GLDD Performance Condition would not be satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if (i) Parent or Purchaser has extended the Offer other than as permitted by the Merger Agreement,
(ii) all the Offer Conditions have been satisfied or waived as of the expiration of the Offer and the Offer Closing does not occur on the date and at the time required by the Merger Agreement, or (iii) Parent or Purchaser have failed to
accept for purchase all the Shares validly tendered (and not validly withdrawn) pursuant to the Offer within the time period specified in the Merger Agreement, so long as, in each case, GLDD has notified Parent in writing of any such non-compliance and at least ten (10) business days have elapsed since the date of delivery of such written notice to Parent and such noncompliance has not been cured.

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*GLDD Termination Fee*. GLDD will pay Parent or its designee a termination fee in an amount equal to approximately $36.86 million (the "<u>GLDD Termination Fee</u>") in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Merger Agreement is terminated by Parent because the GLDD Board has made a Change of GLDD
Recommendation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Merger Agreement is terminated by GLDD in order to enter into an Alternative Acquisition Agreement
providing for a Superior Proposal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Merger Agreement is terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (i) (a) by Parent because GLDD has breached its representations and warranties contained in, or failed to
perform its covenants under, the Merger Agreement or (b) by Parent or GLDD (I) if the Outside Date is reached and each Offer Condition has been satisfied (other than the Minimum Tender Condition), or (II) in connection with an Offer
Termination (x) if Parent is able to terminate the Merger Agreement because GLDD has breached its representations and warranties contained in, or failed to perform its covenants under, the Merger Agreement and (y) each Offer Condition has
been satisfied (other than the Minimum Tender Condition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (ii) prior to the time of such termination, a Competing Proposal has been publicly disclosed or generally
known to the public (and such Competing Proposal was not withdrawn prior to such termination); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (iii) within twelve (12) months after such termination, GLDD enters into a definitive agreement to
effect any Competing Proposal and such Competing Proposal is subsequently consummated (whether during or following such twelve (12) month period); provided that, for purposes of this the provision referred to in this bullet point and the
preceding bullet point, all percentages in the term "Competing Proposal" will be changed to "50%".

Except for liability for a willful and material breach of the Merger Agreement prior to any valid termination, Parent's receipt of the GLDD Termination Fee will be the sole and exclusive monetary remedy of Parent and Purchaser and their affiliates or any of their related parties against GLDD or its subsidiaries or any of their related parties for any and all losses or damages suffered or incurred by Parent, Purchaser, or any of their respective affiliates or any other person in connection with the Merger Agreement (and the termination of the Merger Agreement) and the Transactions (and the abandonment thereof).

*Limitation on Remedies*. In the event of the termination of the Merger Agreement and the abandonment of the Offer and the Merger in accordance with the provisions described above, the Merger Agreement will become void and of no effect with no liability to any party, except that no such termination will relieve any party from any damages resulting from actual and intentional fraud or a willful breach of the Merger Agreement prior to any termination, in which case the non-breaching party will be entitled to all rights and remedies available at law or in equity. In addition, certain sections of the Merger Agreement, including sections relating to termination, the GLDD Termination Fee and expenses and confidentiality, will survive termination.

*Specific Performance*. The parties to the Merger Agreement have agreed that if, for any reason, any of the provisions of the Merger Agreement are not performed in accordance with their specific terms or are otherwise breached or threatened to be breached, irreparable damage would occur for which monetary damages would not be an adequate remedy. Accordingly, in addition to any other available remedies a party may have in equity or at law, each party will be entitled to an injunction, specific performance and other equitable relief to prevent breaches or threatened breaches of the Merger Agreement and to enforce specifically the Merger Agreement.

*Expenses.* Except as otherwise provided in the Merger Agreement, whether or not the Transactions, including the Offer and the Merger are completed, all costs and expenses incurred in connection with the Merger Agreement and the Transactions will be paid by the party incurring such expense.

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*Amendment and Modification*. The Merger Agreement may be modified or amended by written agreement executed and delivered by each of the parties to the Merger Agreement; provided that no amendment may be made after the Acceptance Time and that the provisions of the Merger Agreement to which the lenders under the Debt Commitment Letter and their respective representatives are third party beneficiaries may not be amended in any way adverse to such lenders or their representatives without the prior written consent of such lenders.

*Governing Law*. The Merger Agreement is governed by Delaware law.

*Jurisdiction; Specific Enforcement*. Any action, proceeding or claim arising out of or relating to the Merger Agreement or the Transactions will be brought exclusively in the Delaware Court of Chancery or, if that court lacks or declines to accept jurisdiction, another federal or state court located in the State of Delaware, provided that any action or claim against the lenders party to the Debt Commitment Letters or their affiliates or representatives arising out of or relating to the Merger Agreement or any of the Transactions must be brought in any state or federal court sitting in the State of New York.

**Summary of the Confidentiality Agreements.** 

*GLDD Confidentiality Agreement.* On October 1, 2025, GLDD and Parent entered into the GLDD Confidentiality Agreement, pursuant to which Parent agreed, subject to certain exceptions, to keep confidential nonpublic and/or confidential information about GLDD or its businesses, affairs, assets, properties or prospects furnished in connection with a potential transaction. Pursuant to the GLDD Confidentiality Agreement, Parent also agreed to certain "standstill" restrictions for a period of one-year following the date of the GLDD Confidentiality Agreement (subject to immediate expiration under certain circumstances), including with respect to offers or proposals to acquire GLDD (other than offers and proposals submitted directly to the GLDD Board on a confidential basis) and acquisitions of ownership of securities of GLDD. Pursuant to the GLDD Confidentiality Agreement, Parent also agreed to customary non-solicitation restrictions and restrictions on contacting directors, officers or certain employees of GLDD for a period of eighteen (18) months following the date of the GLDD Confidentiality Agreement. Parent's obligations under the GLDD Confidentiality Agreement will expire two (2) years after the date of the GLDD Confidentiality Agreement, except as set forth above or as otherwise provided therein.

*Parent Confidentiality Agreement*. On January 7, 2026, GLDD and Parent entered into the Parent Confidentiality Agreement (together with the GLDD Confidentiality Agreement, the "<u>Confidentiality Agreements</u>"), pursuant to which GLDD agreed, subject to certain exceptions, to keep confidential all information related to the financial statements of Parent and certain information designated by Parent with respect to Parent's business or operations, in each case, in connection with a potential transaction. GLDD's obligations under the Parent Confidentiality Agreement will expire two (2) years after the date of the Parent Confidentiality Agreement, except as otherwise provided therein.

This summary and description of the material terms of the Confidentiality Agreements does not purport to be complete and is qualified in its entirety by reference to the GLDD Confidentiality Agreement and the Parent Confidentiality Agreement, which are filed as Exhibit (d)(5) and Exhibit (d)(6) to the Schedule TO, respectively, and are incorporated by reference herein.

**Summary of the Waiver Agreements and Retention Bonuses***.* Concurrently with the execution of the Merger Agreement, Parent and GLDD entered into a letter agreement with each of Lasse J. Petterson, GLDD's Chief Executive Officer and President, Scott L. Kornblau, GLDD's Chief Financial Officer and Senior Vice President, and Vivienne R. Schiffer, GLDD's Senior Vice President, Chief Legal Officer and Chief Compliance Officer, pursuant to which each such executive has agreed, for a period of two (2) years following the Closing, to waive any right to claim "good reason" under their respective employment agreements with GLDD solely in respect of (i) the consummation of the Offer and/or the Merger and (ii) any change to their authorities, duties,

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responsibilities or reporting lines that reasonably result from GLDD becoming, by reason of the Offer and Merger, a subsidiary of Parent following the Effective Time and ceasing to be publicly traded.

Pursuant to the Waiver Agreements, each of Messrs. Petterson and Kornblau and Ms. Schiffer will be eligible to receive a retention bonus from Parent in the aggregate amount of $5,825,950, $1,240,800, and $1,093,400, respectively (the "<u>Retention Bonuses</u>"). Each Retention Bonus is payable in two (2) installments, with (i) one-half payable on December 31, 2026 and the remaining one-half payable on December 31, 2027, subject to continued employment through the applicable payment date for Mr. Petterson (except as described below), (ii) one-third payable on December 31, 2026 and the remaining two-thirds payable on December 31, 2027, subject to continued employment through the applicable payment date for Ms. Schiffer (except as described below) and (iii) one-third payable on December 31, 2026 and the remaining two-thirds payable on the second anniversary of the Closing to Mr. Kornblau, subject to continued employment through the applicable payment date for Mr. Kornblau (except as described below).

If, following the Closing, GLDD terminates the employment of Messrs. Petterson or Kornblau or Ms. Schiffer without "cause" (as defined in their applicable employment agreement) or any such executive resigns for "good reason" (as defined in their applicable employment agreement and modified as described below), in each case, while any portion of the Retention Bonus remains unpaid, pursuant to their Waiver Agreements, they will each be eligible to receive the unpaid portion of their Retention Bonuses upon such termination or resignation (in addition to any severance entitlements under their respective employment agreements), subject to their execution and non-revocation of a release of claims in favor of GLDD and Parent. Mr. Petterson's Waiver Agreement also amends his employment agreement to (i) clarify he will receive full vesting credit for any performance-based vesting long-term incentive awards upon a termination of his employment other than for "cause" or resignation for "good reason," in each case, within twenty-four (24) months following a "change in control" and (ii) provide that, for purposes of receiving full vesting credit of his equity awards upon a retirement, from and following December 31, 2027, he will be permitted to retire upon not less than six (6) months' advance written notice, provided that he remains employed by GLDD for at least six (6) months after providing such notice (or his employment is terminated by GLDD without "cause" or he resigns for "good reason" within such timeframe). Mr. Kornblau's and Ms. Schiffer's Waiver Agreements also amend their employment agreements to provide that "good reason" includes a relocation of their primary place of employment outside of Houston, Texas. Further, each Waiver Agreement amends the applicable employment agreement to provide that (i) any non-renewal of such employment agreement will constitute a termination without "cause" by GLDD and (ii) failure by Parent to provide compensation and benefits consistent with its obligations under the Merger Agreement through December 31, 2027 will constitute "good reason" under the applicable employment agreement.

This summary and description of the material terms of the Waiver Agreements does not purport to be complete and is qualified in its entirety by reference to the Waiver Agreements, which are filed as Exhibits (d)(2) — (d)(4) to the Schedule TO and are incorporated in this document by reference.

**Summary of Permission to Adopt a Retention Plan.** In connection with the Merger Agreement, GLDD may adopt a retention plan to retain employees in connection with and following the Transactions, with terms to be agreed to between GLDD and Parent. The terms of which have not yet been determined.

**12. PURPOSE OF THE OFFER AND PLANS FOR GLDD.** 

**Purpose of the Offer**. The purpose of the Offer and the Merger is for Parent and its affiliates, through Purchaser, to acquire control of, and all of the issued and outstanding Shares of, GLDD. Pursuant to the Merger, Parent will acquire all of the Shares not purchased pursuant to the Offer or otherwise. GLDD Stockholders who sell their Shares in the Offer will cease to have any equity interest in GLDD or any right to participate in its earnings and future growth.

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**Merger Without a Stockholder Vote**. If the Offer is consummated, we do not anticipate seeking the approval of the remaining GLDD Stockholders before effecting the Merger in accordance with Section 251(h) of the DGCL. Section 251(h) of the DGCL provides that following consummation of a successful tender offer for a public corporation, and subject to certain statutory provisions, if the stock irrevocably accepted for purchase pursuant to such offer, together with the stock otherwise owned by the corporation making the offer and its affiliates and any "rollover stock" (as defined in Section 251(h) of the DGCL), equals at least the amount of shares of each class of stock of the target corporation that would otherwise be required to adopt a merger agreement for the target corporation, and the other stockholders receive the same consideration for their stock in the merger as was payable in the tender offer, the acquiring corporation can effect a merger without the action of the other stockholders of the target corporation. Accordingly, if we consummate the Offer, we intend to effect the closing of the Merger without a vote of GLDD Stockholders in accordance with Section 251(h) of the DGCL, upon the terms and subject to the satisfaction or waiver of the conditions to the Merger, as soon as practicable on the same business day as the Acceptance Time (provided that all other conditions to closing have been satisfied or waived). Accordingly, we do not expect there to be a significant period of time between the consummation of the Offer and the consummation of the Merger.

**Plans for GLDD**. At the Effective Time, the Second Amended and Restated Certificate of Incorporation of GLDD, as in effect immediately prior to the Effective Time, will be amended and restated to read in its entirety to be in the form of the certificate of incorporation of Purchaser, and to include the provisions required by the terms of the Merger Agreement (except with respect to the name of the Surviving Corporation and provisions naming the initial board of directors or the incorporator) and, as so amended and restated, shall be the certificate of incorporation of the Surviving Corporation, until thereafter amended in accordance with applicable law and the applicable provision of the certificate of incorporation and bylaws of the Surviving Corporation. Immediately following the Effective Time, the Second Amended and Restated Bylaws of GLDD, as in effect immediately prior to the Effective Time, shall be amended and restated in their entirety to read as the bylaws of Purchaser and to include the provisions required by the terms of the Merger Agreement (except with respect to the name of the Surviving Corporation), and as so amended and restated, shall be the bylaws of the Surviving Corporation until thereafter amended in accordance with applicable law and the applicable provisions of the certificate of incorporation and bylaws of the Surviving Corporation. The board of directors of the Surviving Corporation will consist of the members of the board of directors of Purchaser immediately prior to the Effective Time, and the officers of the Surviving Corporation shall be the respective individuals who served as the officers of GLDD as of immediately prior to the Effective Time, in each case, each to hold office in accordance with the certificate of incorporation and bylaws of the Surviving Corporation. Promptly following the Effective Time, Parent anticipates that (i) Mr. Lasse J. Petterson will be appointed as a director and (ii) Mr. Jerald W. Richards will be appointed as Assistant Secretary of the Surviving Corporation. See "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Organizational Documents; Directors and Officers of the Surviving Corporation</u>" above.

At the Effective Time, Purchaser will be merged with and into GLDD, whereupon the separate existence of Purchaser will cease, and GLDD will continue as the Surviving Corporation in the Merger. The common stock of GLDD will be delisted and will no longer be traded on Nasdaq, GLDD's obligation to file periodic reports under the Exchange Act will be terminated, and GLDD will be privately held.

Except as disclosed in this Offer to Purchase, Parent and Purchaser do not have any present plan or proposal that would relate to or result in (i) the acquisition by any person of additional securities of GLDD, the disposition of securities of GLDD, (ii) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving GLDD or any of its subsidiaries, (iii) the purchase, sale or transfer of a material amount of assets of GLDD or any of its subsidiaries, (iv) any material change in GLDD's capitalization, indebtedness or dividend policy or (v) any other material change in GLDD's corporate structure or business.

As provided in the Merger Agreement, at the Closing, Parent will repay, or cause to be repaid, the indebtedness of GLDD and its subsidiaries under ABL Credit Agreement in accordance with the Payoff Letter

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and under the Notes and the Indenture in accordance with the Redemption Notice. See "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Notes; ABL Credit Agreement</u>." Following the Effective Time, GLDD will become a guarantor of Parent's obligations under the Parent Credit Agreement and the PPN Agreement. See "<u>The Tender Offer—Section</u> <u>9. Source and Amount of Funds</u>."

Parent, GLDD and certain executive officers of GLDD have entered into letter agreements between each such executive, on the one hand, and Parent and GLDD, on the other hand, regarding certain of their terms of employment following the Effective Time. See "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Summary of the Waiver Agreements and Retention Bonuses.</u>" Further, the Merger Agreement addresses various matters affecting compensation and benefits of GLDD employees following the Effective Time, including the executive officers of GLDD. See "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Treatment of RSUs, GLDD DSUs, GLDD Stock Plans, and GLDD ESPP</u>" and "<u>—Employee Matters</u>."

**13. CERTAIN EFFECTS OF THE OFFER.** 

**Market for the Shares***.* If the Offer is successful, there will be no market for the Shares because Parent and Purchaser intend to consummate the Merger as promptly as practicable following the Acceptance Time.

**Nasdaq Listing***.* The Shares are listed on Nasdaq. Immediately following the consummation of the Merger (which is expected to occur as promptly as practicable following the Acceptance Time), the Shares will no longer meet the requirements for continued listing on Nasdaq because the only stockholder will be Parent. Immediately following the consummation of the Merger, we intend to and will cause GLDD to delist the Shares from Nasdaq.

**Trading in the Shares will cease upon consummation of the Merger if trading has not ceased earlier as discussed above. See "<u>The Tender Offer—Section</u> <u>12. Purpose of the Offer and Plans for GLDD</u>."** 

**Exchange Act Registration**. The Shares currently are registered under the Exchange Act. The purchase of the Shares pursuant to the Offer may result in the Shares becoming eligible for deregistration under the Exchange Act. Registration of the Shares may be terminated by GLDD upon application to the Securities and Exchange Commission if the outstanding Shares are not listed on a "national securities exchange" and if there are fewer than 300 holders of record of Shares.

We intend to seek to cause GLDD to apply for termination of registration of the Shares as soon as possible after consummation of the Offer if the requirements for termination of registration are met. Termination of registration of the Shares under the Exchange Act would reduce the information required to be furnished by GLDD to its stockholders and to the Securities and Exchange Commission and would make certain provisions of the Exchange Act (such as the short-swing profit recovery provisions of Section 16(b), the requirement of furnishing a proxy statement or information statement in connection with stockholders' meetings or actions in lieu of a stockholders' meeting pursuant to Sections 14(a) and 14(c) under the Exchange Act and the related requirement of furnishing an annual report on Form 10-K to stockholders) no longer applicable with respect to the Shares. In addition, if the Shares are no longer registered under the Exchange Act, the requirements of Rule 13e-3 under the Exchange Act with respect to "going private" transactions would no longer be applicable to GLDD. Furthermore, the ability of "affiliates" of GLDD and persons holding "restricted securities" of GLDD to dispose of such securities pursuant to Rule 144 under the Securities Act, may be impaired or eliminated. If registration of the Shares under the Exchange Act were suspended, the Shares would no longer be eligible for continued inclusion on the Board of Governors of the Federal Reserve System's (the "<u>Federal Reserve Board</u>") list of "margin securities" or eligible for stock exchange listing.

If registration of the Shares is not suspended prior to the Merger, then the registration of the Shares under the Exchange Act will be suspended following completion of the Merger.

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**Margin Regulations**. The Shares are currently "margin securities" under the regulations of the Federal Reserve Board, which has the effect, among other things, of allowing brokers to extend credit using such Shares as collateral. Depending upon factors similar to those described above regarding listing and market quotations, following the Offer, the Shares may no longer constitute "margin securities" for the purposes of the margin regulations of the Federal Reserve Board, in which event the Shares would be ineligible as collateral for margin loans made by brokers.

**14. DIVIDENDS AND DISTRIBUTIONS.** 

GLDD has not historically paid dividends to GLDD Stockholders, and GLDD's ability to pay a dividend is restricted by agreements governing its debt, its bonding arrangements and the indenture governing its senior unsecured notes. The Merger Agreement provides that GLDD will not, during the Pre-Closing Period, without the prior written consent of Parent, declare, set aside, make or pay any dividend or other distribution with respect to the capital stock of GLDD (including the Shares), whether payable in cash, stock, property or a combination thereof. See "<u>Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—Conduct of Business by GLDD</u>."

**15. CONDITIONS OF THE OFFER.** 

Purchaser's obligation to accept for payment Shares tendered in the Offer is subject to the satisfaction or waiver of certain conditions. Purchaser will not be required to, and Parent will not be required to cause Purchaser to, accept for payment or, subject to any applicable rules and regulations of the SEC, including Rule 14e-1(c) under the Exchange Act (relating to Purchaser's obligation to pay for or return tendered Shares promptly after the termination or withdrawal of the Offer), pay for any Shares tendered pursuant to the Offer if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Minimum Tender Condition shall not have been satisfied. The " <u>Minimum Tender Condition</u> "
means that the number of Shares validly tendered and not properly withdrawn prior to the expiration of the Offer, together with the number of Shares owned, directly or indirectly, by Parent, Purchaser and any of their respective wholly-owned
subsidiaries, shall equal at least one (1) Share more than a majority of the issued and outstanding Shares as of the expiration of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the waiting period (or any extensions thereof) under the HSR Act relating to the purchase of Shares pursuant to
the Offer or the consummation of the Merger will not have expired or been terminated as of the expiration of the Offer (the " <u>Competition Laws Condition</u> "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any of the following conditions exist or will have occurred and be continuing as of the Acceptance Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. any governmental entity of competent jurisdiction has issued or entered any judgment, order, award,
stipulation, settlement, injunction or decree that is in effect and that enjoins or prohibits the making of the Offer or the consummation of the Offer or the Merger (the " <u>Injunction Condition</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. (1) any of the representations and warranties of GLDD in the Merger Agreement (other than the
representations and warranties of GLDD set forth in <u>Section</u> <u>3.01(a)</u>, <u>Section</u> <u>3.01(b)</u>, <u>Section</u> <u>3.02(a)</u>, <u>Section</u> <u>3.02(b)</u>, <u>Section</u> <u>3.02(d)</u>, <u>Section</u> <u>3.10(b)</u>, <u>Section</u> <u>3.23</u> and <u>Section</u> <u>3.24</u> of the Merger Agreement), without regard to materiality or GLDD Material Adverse
Effect qualifiers contained within such representations and warranties, will not have been true and correct in all respects at and as of the Acceptance Time, as though made on and as of such date (except to the extent such representations and
warranties were expressly made as of a specified date, in which case as of such specified date), except for any failure of such representations and warranties to be true and correct that would not, individually or in the aggregate, reasonably be
expected to have a GLDD Material Adverse Effect, (2) the representations and warranties of GLDD set forth in (x) the first, second and third sentences of <u>Section</u> <u>3.02(a)</u>, (y) <u>Section</u> <u>3.02(b)</u>, and (z) <u>Section</u> <u>3.02(d)</u> of the Merger Agreement will not have been true and correct in all

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respects, except for inaccuracies that are *de minimis*, as of the Acceptance Time as if made at and as of the Acceptance Time (except to the extent such representations and warranties were expressly made as of a specified date, in which case as of such specified date), (3) the representations and warranties of GLDD set forth in <u>Section</u> <u>3.01(a)</u>, <u>Section</u> <u>3.01(b)</u>, the fourth sentence of <u>Section</u> <u>3.02(a)</u>, <u>Section</u> <u>3.23</u> and <u>Section</u> <u>3.24</u> of the Merger Agreement, if qualified by GLDD Material Adverse Effect will not have been true and correct in all respects and if not qualified by GLDD Material Adverse Effect will not have been true and correct in all material respects at and as of the Acceptance Time, as though made on and as of such date (except to the extent such representations and warranties were expressly made as of a specified date, in which case as of such specified date), and (4) the representations and warranties of GLDD set forth in <u>Section</u> <u>3.10(b)</u> of the Merger Agreement will not have been true and correct in all respects as of the Acceptance Time as if made at and as of the Acceptance Time (except to the extent such representations and warranties were expressly made as of a specified date, in which case as of such specified date) (the "<u>GLDD Representations Condition</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. GLDD has not performed or complied in all material respects with its agreements and covenants contained in the
Merger Agreement that are required to be performed or complied with by it at or prior to the Acceptance Time (the " <u>GLDD Performance Condition</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Parent and Purchaser failed to receive a certificate signed on behalf of GLDD, by an executive officer of GLDD
and dated as of the Acceptance Time, to the effect that the Offer Conditions set forth in <u>clauses (B)</u> and <u>(C)</u> above and <u>clause (E)</u> below have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. a GLDD Material Adverse Effect has occurred since the date of the Merger Agreement (the " <u>GLDD MAE Condition</u> "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. the Merger Agreement has been terminated in accordance with its terms (the " <u>Termination Condition</u> ").

The foregoing conditions are for the sole benefit of Parent and Purchaser and, subject to the terms and conditions of the Merger Agreement and applicable law, may be waived by Parent and Purchaser, in whole or in part, at any time and from time to time in their sole discretion (other than the Minimum Tender Condition, the Competition Laws Condition, the Injunction Condition or the Termination Condition, which in each case may be waived by Purchaser only with the prior written consent of GLDD).

**16. CERTAIN LEGAL MATTERS; REGULATORY APPROVALS; APPRAISAL RIGHTS.** 

**General**. Except as otherwise set forth in this Offer to Purchase, based on Parent's and Purchaser's review of publicly available filings by GLDD with the Securities and Exchange Commission and other information regarding GLDD, Parent and Purchaser are not aware of any licenses or other regulatory permits which appear to be material to the business of GLDD and which might be adversely affected by the acquisition of Shares by Purchaser pursuant to the Offer or of any approval or other action by any governmental, administrative or regulatory agency or authority which would be required for the acquisition or ownership of Shares by Purchaser or Parent pursuant to the Offer. In addition to the HSR filing described below and filings under applicable antitrust laws, Parent, Purchaser and GLDD have agreed to use reasonable best efforts to, as expeditiously as reasonably practicable, (i) obtain all actions or nonactions, consents, permits (including environmental permits), waivers, approvals, authorizations and orders from governmental entities or other persons necessary or advisable in connection with the consummation of the Offer and the Merger, (ii) execute and deliver any additional instruments necessary or advisable to consummate the Offer and the Merger, and (iii) seek to resolve questions or objections, if any, as may be asserted by a governmental entity with respect to the Merger Agreement. The parties currently expect that no such approval or action would be sought or taken. There can be no assurance that any such approval or action, if needed, would be obtained or, if obtained, that it will be obtained without substantial conditions; and there can be no assurance that, in the event that such approvals were not obtained or such other actions were not taken, adverse consequences might not result to GLDD's or Parent's business or that

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certain parts of GLDD's or Parent's business might not have to be disposed of or held separate. In such an event, we may not be required to purchase any Shares in the Offer. See "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>."

**Antitrust**. Under the HSR Act and the rules and regulations that have been promulgated thereunder by the FTC, certain transactions may not be consummated until the acquiring and acquired persons have filed Notification and Report Forms containing certain information and documentary materials with the Antitrust Division and the FTC and statutory HSR waiting period requirements have been satisfied. The requirements of the HSR Act apply to the acquisition of Shares in the Offer and the Merger.

Under the HSR Act and the rules and regulations promulgated thereunder by the FTC, the waiting period for a cash tender offer is fifteen (15) days from the date of filing by the acquiring person. The Antitrust Division and the FTC have discretion to grant early termination of the HSR waiting period for certain transactions upon request by the filing parties. The acquiring person has the option to voluntarily withdraw and re-file its Notification and Report Form to start a second 15-day waiting period, or the reviewing agency may issue a formal request for additional information and documentary material, in which case the waiting period is extended and will expire ten (10) days after the date on which both parties have certified substantial compliance with such request. Parent and GLDD submitted their respective HSR filings on March 3, 2026, and the waiting period will expire at 11:59 p.m. Eastern Time on March 18, 2026.

The FTC and the Antitrust Division will consider the legality under the antitrust laws of the Purchaser's proposed acquisition of Shares pursuant to the Offer. At any time before or after the consummation of any such transactions, the Antitrust Division or the FTC could take such action under the antitrust laws of the United States as it deems necessary or desirable to enforce the antitrust laws, including seeking a federal court order enjoining the Transactions or, if Shares have already been acquired, requiring disposition of such Shares, or the divestiture of substantial assets of GLDD, Purchaser, Parent or any of their respective subsidiaries or affiliates. Private parties and individual states of the United States may also bring legal actions under the antitrust laws of the United States or state antitrust laws seeking similar relief or seeking conditions to the completion of the Offer. While Parent and GLDD do not believe that the consummation of the Offer and the Merger will violate applicable antitrust laws, there can be no assurance that a challenge to the Offer on antitrust grounds will not be made or, if a challenge is made, what the result will be. See "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>."

**Stockholder Approval Not Required**. Assuming the Offer and the Merger are consummated in accordance with Section 251(h) of the DGCL, GLDD has represented in the Merger Agreement that execution, delivery and performance of the Merger Agreement by GLDD and the consummation by GLDD of the Offer and the Merger have been duly validly authorized by all necessary corporate action on the part of GLDD, and, other than the filing of the Certificate of Merger with the Secretary of State of the State of Delaware, no other corporate proceedings on the part of GLDD are necessary to authorize the Merger Agreement or to consummate the Offer and the Merger. Section 251(h) of the DGCL provides that approval by stockholders of a public constituent company in a merger is not required if certain requirements are met, including that: (i) the acquiring company consummates an offer for all of the outstanding stock of the company to be acquired that, absent Section 251(h) of the DGCL, would be entitled to vote on such merger, provided, however, among other things, that such offer may be conditioned on the tender of a minimum number or percentage of shares of stock, and such offer may exclude any "excluded stock" (as defined in Section 251(h) of the DGCL), which includes stock that is owned at the commencement of the offer by any person that owns, directly or indirectly, all of the outstanding stock of the corporation making the offer, (ii) immediately following the consummation of such tender offer, the stock irrevocably accepted for purchase pursuant to the offer, together with the stock otherwise owned by the consummating company and its affiliates and any "rollover stock" (as defined in Section 251(h) of the DGCL), equals at least such percentage of the stock of the company to be acquired that, absent Section 251(h) of the DGCL, would be required to adopt the merger agreement, and (iii) the stockholders at the time of the merger receive the same consideration for their stock in the merger as was payable in the tender offer. If the Minimum

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Tender Condition is satisfied and we accept Shares for payment pursuant to the Offer, we will hold a sufficient number of Shares to ensure that GLDD will not be required to submit the adoption of the Merger Agreement to a vote of its stockholders. Following the consummation of the Offer and subject to the satisfaction of the remaining conditions set forth in the Merger Agreement, Purchaser, Parent and GLDD will take all necessary and appropriate action to effect the Merger as promptly as practicable without a meeting of GLDD Stockholders in accordance with Section 251(h) the DGCL. See "<u>The Tender Offer—Section</u> <u>11. Summary of the Merger Agreement and Certain Other Agreements—The Merger Closing and Effective Time</u>" and "<u>The Tender Offer—Section</u> <u>12. Purpose of the Offer and Plans for GLDD—Merger Without a Stockholder Vote</u>."

**Takeover Laws**. Parent, Purchaser and GLDD have agreed to use reasonable best efforts (i) to take all action necessary so that no takeover statute is or becomes applicable to restrict or prohibit the Transactions and (ii) if any takeover statute is or becomes applicable to restrict or prohibit any of the foregoing, to grant such approvals and take all action necessary so that the Transactions may be consummated as promptly as practicable on the terms contemplated by the Merger Agreement and otherwise act to eliminate or minimize (to the greatest extent practicable) the effects of such takeover statute on the Transactions.

GLDD is incorporated under the laws of the State of Delaware. In general, Section 203 of the DGCL prevents a Delaware corporation from engaging in a "business combination" (defined to include mergers and certain other actions) with an "interested stockholder" (including a person or group who owns or has the right to acquire fifteen percent (15%) or more of a corporation's outstanding voting stock) for a period of three (3) years following the date such person became an "interested stockholder" unless, among other things, the "business combination" or the transaction in which the person became an "interested stockholder" is approved in a prescribed manner. The GLDD Board has approved the Merger Agreement and the Transactions, including the Offer and the Merger, and the restrictions on "business combinations" described in Section 203 of the DGCL are inapplicable to the Transactions, including the Offer and the Merger. In addition to Section 203 of the DGCL, a number of other states have adopted laws which purport, to varying degrees, to apply to attempts to acquire corporations that are incorporated in, or which have substantial assets, stockholders, principal executive offices or principal places of business or whose business operations otherwise have substantial economic effects in, such states. GLDD, directly or through subsidiaries, conducts business in a number of states throughout the United States, some of which may have enacted such takeover laws. Except as described herein, we do not know whether any of these laws will, by their terms, apply to the Offer or the Merger, and we have not attempted to comply with any such laws.

GLDD is not aware of any other state takeover laws or regulations that are applicable to the Transactions and has not attempted to comply with any state takeover laws or regulations. If any government official or third party seeks to apply any state takeover law to the Offer or the Merger, the GLDD Board will grant such approvals and take such action are necessary so that the Transactions may be consummated as promptly as practicable on the terms contemplated by the Merger Agreement. If it is asserted that one or more state takeover statutes is applicable to the Offer or the Merger and an appropriate court does not determine that it is inapplicable or invalid as applied to the Offer or the Merger, we may be required to file certain information with, or to receive approvals from, the relevant state authorities or GLDD Stockholders, and we may be unable to accept for payment or pay for Shares tendered pursuant to the Offer, or be delayed in continuing or consummating the Offer or the Merger. See "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>."

**Appraisal Rights**. No appraisal rights are available to GLDD Stockholders in connection with the Offer. However, if the Offer is successful and the Merger is consummated, GLDD Stockholders and beneficial owners of Shares who: (i) did not tender their Shares in the Offer (or, if tendered, validly and subsequently withdrew such Shares prior to the time Purchaser accepts properly tendered Shares for purchase and not otherwise waived their appraisal rights), (ii) comply with the applicable requirements and procedures of Section 262 of the DGCL, and (iii) do not thereafter withdraw their demand for appraisal of such Shares or otherwise lose their appraisal rights, in each case, in accordance with the DGCL, will be entitled to demand appraisal of their Shares and receive in lieu of the consideration payable in the Merger a cash payment equal to the "fair value" of their

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Shares, as determined by the Delaware Court of Chancery, in accordance with Section 262 of the DGCL plus interest, if any, on the amount determined to be the fair value. If you choose to demand appraisal rights in connection with the Merger and you properly demand and perfect such rights in accordance with Section 262 of the DGCL, you may be entitled to payment for your Shares based on a judicial determination of the fair value of your Shares plus interest, and subject to withholding rights.

The following discussion is not a complete statement of the law pertaining to appraisal rights under the DGCL and is qualified in its entirety by the full text of Section 262 of the DGCL, a copy of which may be accessed without subscription or cost at the following publicly available website: https://delcode.delaware.gov/title8/c001/sc09/index.html#262.All references in Section 262 of the DGCL and in this summary to a (i) "GLDD Stockholder" or a "stockholder" are to the record holder of Shares unless otherwise expressly noted herein, (ii) "beneficial owner" are to a person who is the beneficial owner of Shares held either in voting trust or by a nominee on behalf of such person, and (iii) "person" are to an individual, corporation, partnership, unincorporated association or other entity. GLDD Stockholders and beneficial owners of Shares should carefully review the full text of Section 262 of the DGCL as well as the information discussed herein. GLDD Stockholders and beneficial owners of Shares should assume that GLDD will take no action to perfect any appraisal rights of any person.

The "fair value" of the Shares as determined by the Delaware Court of Chancery could be based upon considerations other than, or in addition to, the price paid in the Offer and the Merger and the market value of such Shares. GLDD Stockholders and beneficial owners of Shares should recognize that the value determined in an appraisal proceeding of the Delaware Court of Chancery could be higher or lower than, or the same as, the Offer Price (which is the same value as the Merger Consideration) and that an investment banking opinion as to the fairness, from a financial point of view, of the consideration payable in a sale transaction, such as the Offer and the Merger, is not an opinion as to, and does not otherwise address, "fair value" under the DGCL. Moreover, Parent, Purchaser and GLDD may argue in an appraisal proceeding that, for purposes of such proceeding, the "fair value" of such Shares is less than the Offer Price.

**Any GLDD Stockholder or beneficial owner of Shares who desires to demand appraisal rights should review carefully Section 262 of the DGCL and is urged to consult his, her or its legal advisor before electing or attempting to demand such rights.** 

Under Section 262 of the DGCL, if a merger is approved under Section 251(h) of the DGCL, either a constituent corporation before the effective date of the merger, or the surviving corporation within ten (10) days thereafter, must notify each of the holders of any class or series of stock of such constituent corporation who are entitled to appraisal rights of the approval of the merger or consolidation and that appraisal rights are available for any or all shares of such class or series of stock of such constituent corporation, and shall include in such notice either a copy of Section 262 of the DGCL or information directing the stockholders to a publicly available electronic resource at which Section 262 of the DGCL may be accessed without subscription or cost. **THE SCHEDULE 14D-9 CONSTITUTES THE FORMAL NOTICE OF APPRAISAL RIGHTS UNDER SECTION 262 OF THE DGCL. FAILURE TO FOLLOW THE STEPS REQUIRED BY SECTION 262 OF THE DGCL FOR EXERCISING AND PERFECTING APPRAISAL RIGHTS WILL RESULT IN THE LOSS OF SUCH RIGHTS**.

As discussed in the Schedule 14D-9, GLDD Stockholders and beneficial owners of Shares wishing to exercise the right to seek an appraisal of their Shares under Section 262 of the DGCL must do ALL of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within the later of the consummation of the Offer (which will occur at the date and time of the acceptance for
payment of Shares pursuant to and subject to the conditions of the Offer) and twenty (20) days after the mailing of the Schedule 14D-9, deliver to GLDD at the address indicated in the Schedule 14D-9 a written demand for appraisal of their Shares, which demand must reasonably inform

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GLDD of the identity of the person making the demand and that the person is demanding appraisal and, in the case of a demand made by a beneficial owner of Shares, must also reasonably identify the holder of record of the Shares for which the demand is made, be accompanied by documentary evidence of such beneficial owner's beneficial ownership of Shares and a statement that such documentary evidence is a true and correct copy of what it purports to be, and provide an address at which such beneficial owner consents to receive notices given by the surviving corporation and to be set forth on the verified list required by subsection (f) of Section 262 of the DGCL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not tender his, her or its Shares pursuant to the Offer (or, if tendered, validly and subsequently withdraw
such Shares prior to the time Purchaser accepts properly tendered Shares for purchase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) continuously hold of record or beneficially own, as applicable, the Shares from the date on which the written
demand for appraisal is made through the Effective Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) otherwise timely and strictly comply with the procedures of Section 262 of the DGCL.

Any GLDD Stockholder or beneficial owner of Shares who sells Shares in the Offer will not be entitled to demand appraisal rights with respect thereto but rather will receive the Offer Price, subject to the terms and conditions of the Merger Agreement, as well as this Offer to Purchase and related Letter of Transmittal, as applicable.

The preservation and demand of appraisal rights require strict and timely adherence to the applicable provisions of Delaware law which will be set forth in their entirety in the Schedule 14D-9. The foregoing discussion is not a complete statement of law pertaining to appraisal rights under Delaware law and is qualified in its entirety by reference to Delaware law, including without limitation, Section 262 of the DGCL, a copy of which may be accessed without subscription or cost at the following publicly available website: https://delcode.delaware.gov/title8/c001/sc09/index.html#262.

The information provided above is for informational purposes only with respect to your alternatives if the Merger is consummated. Any person who desires to demand appraisal rights should review carefully Section 262 of the DGCL and is urged to consult his, her or its legal advisor before electing or attempting to demand such rights. The foregoing summary does not constitute any legal or other advice nor does it constitute a recommendation that GLDD Stockholders or beneficial owners of Shares demand appraisal rights under Section 262 of the DGCL.

If you tender your Shares into the Offer, you will not be entitled to demand appraisal rights with respect to your Shares but, instead, subject to the conditions to the Offer, you will receive the Offer Price for your Shares.

Parent and Purchaser have made no arrangements in connection with the Offer to provide GLDD Stockholders access to our corporate files or to obtain counsel or appraisal services at our expense.

**Going Private Transactions.** The Securities and Exchange Commission has adopted Rule 13e-3 under the Exchange Act which is applicable to certain "going private" transactions and which may under certain circumstances be applicable to the Merger or another business combination following the purchase of Shares pursuant to the Offer in which the Purchaser seeks to acquire the remaining Shares not held by it. Rule 13e-3 will not be applicable to the Merger because (i) we were not, at the time the Merger Agreement was executed, and are not, an affiliate of GLDD for purposes of the Exchange Act, (ii) it is anticipated that the Merger will be effected as soon as practicable after the consummation of the Offer (and in any event within one (1) year following the consummation of the Offer), and (iii), in the Merger, stockholders will receive the same price per Share as paid in the Offer.

**Litigation**. As of the date of this Offer to Purchase, there are currently no pending legal proceedings relating to the Offer or the Merger.

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**17. FEES AND EXPENSES.** 

Parent has retained the Depositary and Paying Agent and the Information Agent in connection with the Offer. The Depositary and Paying Agent and the Information Agent will receive customary compensation, reimbursement for reasonable out-of-pocket expenses and indemnification against certain liabilities in connection with the Offer, including certain liabilities under the federal securities laws.

As part of the services included in such retention, the Information Agent may contact GLDD Stockholders by personal interview, mail, electronic mail, telephone, telex, telegraph and other methods of electronic communication and may request brokers, dealers, commercial banks, trust companies and other nominees to forward the Offer materials to beneficial GLDD Stockholders.

Except as set forth above, neither Parent nor Purchaser will pay any fees or commissions to any broker or dealer or other person for soliciting tenders of Shares pursuant to the Offer. Brokers, dealers, commercial banks and trust companies will upon request be reimbursed by us for customary mailing and handling expenses incurred by them in forwarding the offering material to their customers.

GLDD will incur its own fees and expenses in connection with the Transactions.

**18. MISCELLANEOUS.** 

The Offer is being made to all holders of the Shares. We are not aware of any jurisdiction in which the making of the Offer or the acceptance thereof would be prohibited by securities, "blue sky" or other valid laws of such jurisdiction. If we become aware of any U.S. state in which the making of the Offer or the acceptance of Shares pursuant thereto would not be in compliance with an administrative or judicial action taken pursuant to a U.S. state statute, we will make a good faith effort to comply with any such law. If, after such good faith effort, we cannot comply with any such law, the Offer will not be made to (nor will tenders be accepted from or on behalf of) GLDD Stockholders in such state. In any jurisdictions where applicable laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.

Parent and Purchaser have filed with the Securities and Exchange Commission the Schedule TO (including exhibits) in accordance with the Exchange Act, furnishing certain additional information with respect to the Offer, and may file amendments thereto. The Schedule TO and any amendments thereto, including exhibits, may be examined and copies may be obtained from the Securities and Exchange Commission in the manner set forth in "<u>The Tender Offer—Section</u> <u>7. Certain Information Concerning GLDD—Available Information</u>."

The Offer does not constitute a solicitation of proxies for any meeting of GLDD Stockholders. Any solicitation of proxies which Purchaser or any of its affiliates might seek would be made only pursuant to separate proxy materials complying with the requirements of Section 14(a) of the Exchange Act.

No person has been authorized to give any information or make any representation on behalf of Parent or the Purchaser not contained in this Offer to Purchase or in the Letter of Transmittal and, if given or made, such information or representation must not be relied upon as having been authorized. No broker, dealer, bank, trust company, fiduciary or other person shall be deemed to be an agent of Parent, Purchaser, the Depositary and Paying Agent or the Information Agent for the purpose of the Offer. Neither delivery of this Offer to Purchase nor any purchase pursuant to the Offer will, under any circumstances, create any implication that there has been no change in the affairs of Parent, Purchaser, GLDD or any of their respective subsidiaries since the date as of which information is furnished or the date of this Offer to Purchase.

Huron MergeCo., Inc.

Saltchuk Resources, Inc.

March 4, 2026

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SCHEDULE A

INFORMATION CONCERNING MEMBERS OF THE BOARDS OF DIRECTORS AND THE EXECUTIVE OFFICERS OF PURCHASER, PARENT AND SALTCHUK HOLDINGS, INC. AND THEIR RESPECTIVE CONTROLLING CORPORATIONS

**1. Huron MergeCo., Inc.** 

Huron MergeCo., Inc. is a Delaware corporation with its business address at Huron MergeCo., Inc., c/o Saltchuk Resources, Inc., 450 Alaskan Way South, Suite 708, Seattle, Washington 98104. The business telephone number of Purchaser is (206) 652-1111. Purchaser is a wholly owned subsidiary of Parent. Purchaser was formed for the purpose of making a tender offer for any and all of the issued and outstanding Shares and has not engaged, and does not expect to engage, in any business other than in connection with the Offer and the Merger. The following table sets forth information about the directors, executive officers, sole stockholder and ultimate parent corporation of Purchaser as of March 3, 2026.

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| **Name, Position,<br>Country of<br>Citizenship<br>or Jurisdiction of<br>Incorporation** | **Present Principal Occupation or Employment; Material Positions Held During the Past Five Years** |
|  Mark N. Tabbutt<br> President; Director<br> United States | Mr. Mark Tabbutt serves as a Director and the President and Chairman of Parent and Saltchuk Holdings, Inc. ("<u>Saltchuk Holdings</u>") and as a Director and the President of Purchaser. Mr. Tabbutt began working at the Saltchuk family of companies in 1995. He served as General Manager of Alaska for Totem Ocean Trailer Express from 1996 – 1999; President of Parent from 1999 – 2007; and was elected Chairman of Parent in 2007. He became a Director and the President and Chairman of Saltchuk Holdings upon its formation in December 2020. Mr. Tabbutt holds a Bachelor's Degree from Whitman College, a Juris Doctor degree from the University of Puget Sound / Seattle University, and completed the Owner-President Managed Program, unit #32, of the Harvard Business School's Executive Education Program. |
| Jerald W. Richards<br> Treasurer & Assistant Secretary; Director<br> United States | Mr. Jerald W. Richards serves as a Director and the Senior Vice President, Chief Financial Officer & Assistant Secretary of Parent, the Senior Vice President, Chief Financial Officer & Assistant Secretary of Saltchuk Holdings and as a Director, the Treasurer and the Assistant Secretary of Purchaser. Prior to joining Parent and Saltchuk Holdings in 2023, Mr. Richards held the position of Vice President and Chief Financial Officer at PotlatchDeltic Corporation, a publicly traded company headquartered in Spokane, Washington, for a decade. He also worked at Weyerhaeuser for eleven (11) years before that, including serving as the company's Chief Accounting Officer for three (3) years. Mr. Richards holds a Bachelor's Degree from Lewis & Clark College in Portland. |
| David R. Stewart<br> Secretary; Director<br> United States | Mr. David R. Stewart serves as a Director and Senior Vice President, General Counsel, Chief Ethics Officer & Secretary of Parent, Senior Vice President, General Counsel, Chief Ethics Officer & Secretary of Saltchuk Holdings and as a Director and the Secretary of Purchaser. Mr. Stewart joined Parent in 2022 following a year of public service in Washington DC, where he served as General Counsel for the U.S. Senate Committee on Commerce, Science, and Transportation. Prior to that, Dave served as the Chief Investment Officer and General Counsel of Copper Leaf, a diversified family investment fund, from 2019 through 2021 and the EVP, General Counsel, and Strategic Advisor, Philanthropy for Vulcan from 2012 through 2018. Dave graduated from Harvard College and earned law degrees from the University of California, Berkeley, and the University of Edinburgh in Scotland. |

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| Colleen Rosas<br> Director<br> United States | Ms. Colleen Rosas serves as a Director and the Senior Vice President, Human Resources of Parent, as a Director of Purchaser, and as Senior Vice President, Human Resources of Saltchuk Holdings. Ms. Rosas joined Parent in 2014 from subsidiary Foss Maritime where she served as the Vice President of Human Resources. She became the Senior Vice President, Human Resources of Saltchuk Holdings upon its formation in December 2020. Her professional background includes 20+ years of Human Resources leadership in a variety of industries including retail, hospitality, manufacturing, architecture, and healthcare. Ms. Rosas joined the Saltchuk family of companies after spending four (4) years with Swedish Health Services, where she provided strategic Human Resources leadership for one of the largest physician groups in the U.S. Prior to joining Swedish, she was the Director of Human Resources for a large architectural firm, with offices throughout the United States and China. She has had the distinction of earning "Best Company to Work For" designations in many of her prior roles. Ms. Rosas received her Bachelor of Arts in Business Administration with a concentration in Human Resources Management from Western Washington University, and is certified as a Senior Professional in Human Resources (SPHR). |
| Saltchuk Resources, Inc., a Washington corporation | Saltchuk Resources, Inc. is the parent and sole stockholder of Purchaser. Refer to "2. Saltchuk Resources, Inc." below for further information. |
|  Saltchuk Holdings,<br> Inc., a Washington<br> corporation | Saltchuk Holdings is the corporation ultimately in control of Purchaser. |

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The common business address and telephone number for all the directors and executive officers of Purchaser are as follows: Huron MergeCo., Inc., c/o Saltchuk Resources, Inc., 450 Alaskan Way South, Suite 708, Seattle, Washington 98104, (206) 652-1111.

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**2. Saltchuk Resources, Inc.** 

Saltchuk Resources, Inc. is a Washington corporation with its business address at Saltchuk Resources, Inc., 450 Alaskan Way South, Suite 708, Seattle, Washington 98104. The business telephone number of Parent is (206) 652-1111. Parent, through its subsidiary business units and operating companies, provides air cargo, marine services, energy distribution, domestic shipping, international shipping and logistics services. The following table sets forth information about the directors, executive officers and sole shareholder of Parent as of March 3, 2026.

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|:---|:---|
| **Name, Position,<br>Country of Citizenship<br>or Jurisdiction of**<br> **Incorporation** | **Present Principal Occupation or Employment; Material Positions Held During the Past Five Years** |
| Mark N. Tabbutt<br> President and Chairman; Director<br> United States | Refer to "1. Huron MergeCo., Inc." above for further information. |
| Jerald W. Richards<br> Senior Vice President, Chief Financial Officer & Assistant Secretary; Director<br> United States | Refer to "1. Huron MergeCo., Inc." above for further information. |
| David R. Stewart<br> Senior Vice President, General Counsel, Chief Ethics Officer & Secretary; Director<br> United States | Refer to "1. Huron MergeCo., Inc." above for further information. |
| Colleen Rosas<br> Senior Vice President, Human Resources; Director<br> United States | Refer to "1. Huron MergeCo., Inc." above for further information. |
| Brian Reid<br> Vice President, Controller & Assistant Treasurer<br> United States | Mr. Brian Reid serves as the Vice President, Controller & Assistant Treasurer of Parent and Saltchuk Holdings. Mr. Reid joined Parent and Saltchuk Holdings in 2021. He was previously the Corporate Controller of Saltchuk Marine from 2019 through 2021. Prior to Parent and Saltchuk Holdings, he worked at Esterline, a global aerospace manufacturer, in a variety of finance and accounting roles from 2009 through 2019. Mr. Reid graduated from Washington State University with a degree in accounting. |
| Christopher Coakley<br> Vice President, Government Affairs<br> United States | Mr. Christoper Coakley serves as the Vice President, Government Affairs of Parent and Saltchuk Holdings. Prior to joining Parent in 2012 (and Saltchuk Holdings upon its formation in December 2020), Mr. Coakley spent four (4) years as vice president of legislative affairs for the American Waterways Operators, an industry association representing the U.S. tugboat, towboat, and barge industry, and for the three (3) prior years he served as vice president for AWO's Atlantic Region. Before joining AWO, Mr. Coakley was a government affairs associate at the law firm of Preston Gates Ellis & Rouvelas Meeds. For three (3) years immediately following college, he worked in the office of Democratic Leader Richard Gephardt (D-MO) in the House of Representatives. Mr. Coakley received his Master's Degree in transportation policy, operations, and logistics from the |

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|:---|:---|
|  | School of Public Policy at George Mason University. A graduate of Colby College, he also studied at the London School of Economics and was an intern at the British Parliament. Following college graduation, he participated in the "Business Bridge" program in accounting, finance, and marketing at Dartmouth University's Tuck School. |
| Elizabeth Joy<br> Vice President, Finance & Treasurer<br> United States | Ms. Elizabeth Joy serves as the Vice President, Finance & Treasurer of Parent and Saltchuk Holdings. Ms. Joy joined Parent in November 2023. Before joining Parent and Saltchuk Holdings, Ms. Joy gained broad finance experience through a career with companies such as Chase Manhattan Bank, Microsoft, Vulcan, and, most recently, Dell Technologies, where she served from 2014 through 2023. She has held progressive roles in banking, treasury, sales operations and finance, planning & analysis (FP&A). Ms. Joy is a Yale University graduate and earned her MBA at UC Berkeley's Haas School of Business. |
| Michael G. Dannenberg<br> Vice President, Corporate Development & Strategy<br> United States | Mr. Michael G. Dannenberg serves as the Vice President, Corporate Development & Strategy of Parent and Saltchuk Holdings. Mr. Dannenberg joined Parent in October 2020, becoming Vice President, Corporate Development & Strategy of Parent and Saltchuk Holdings on April 1, 2024. Prior to joining Parent, Mr. Dannenberg held roles in both investment banking and corporate finance. Mr. Dannenberg graduated from Macalester College with a degree in economics. |
| Becky Macko<br> Vice President, Human Resources<br> United States | Ms. Becky Macko serves as the Vice President, Human Resources of Parent and Saltchuk Holdings. Ms. Macko joined Parent and Saltchuk Holdings in November 2025. Ms. Macko gained broad human resources experience at companies such as the Walt Disney Company, where she worked for several business units, and most recently serving as Chief Human Resources Officer at NASA's Jet Propulsion Laboratory. Ms. Macko graduated from Baker College and holds an MBA with a concentration in human resources management. |
| Saltchuk Holdings, Inc., a Washington corporation | Saltchuk Holdings is the corporation ultimately in control of Parent. |

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The common business address and telephone number for all the directors and executive officers of Parent are as follows: Saltchuk Resources, Inc., 450 Alaskan Way South, Suite 708, Seattle, Washington 98104, (206) 652-1111.

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**3. Saltchuk Holdings, Inc.** 

Saltchuk Holdings, Inc. is a Washington corporation with its business address at Saltchuk Holdings, Inc., c/o Saltchuk Resources, Inc., 450 Alaskan Way South, Suite 708, Seattle, Washington 98104. The business telephone number of Parent is (206) 652-1111. Saltchuk Holdings, Inc. is the holding company for Saltchuk Resources, Inc. and its subsidiaries. The following table sets forth information about the directors and executive officers of Saltchuk Holdings, Inc. as of March 3, 2026.

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|:---|:---|
| **Name, Position,<br>Country of Citizenship<br>or Jurisdiction of<br>Incorporation** | **Present Principal Occupation or Employment; Material Positions Held During the Past Five Years** |
| Mark N. Tabbutt<br> President and Chairman; Director<br> United States | Refer to "1. Huron MergeCo., Inc." above for further information. |
| Jerald W. Richards<br> Senior Vice President, Chief Financial Officer & Assistant Secretary<br> United States | Refer to "1. Huron MergeCo., Inc." above for further information. |
| David R. Stewart<br> Senior Vice President, General Counsel, Chief Ethics Officer & Secretary<br> United States | Refer to "1. Huron MergeCo., Inc." above for further information. |
| Colleen Rosas<br> Senior Vice President, Human Resources<br> United States | Refer to "1. Huron MergeCo., Inc." above for further information. |
| Brian Reid<br> Vice President, Controller & Assistant Treasurer<br> United States | Refer to "2. Saltchuk Resources, Inc." above for further information. |
| Christopher Coakley<br> Vice President, Government Affairs<br> United States | Refer to "2. Saltchuk Resources, Inc." above for further information. |
| Elizabeth Joy<br> Vice President, Finance & Treasurer<br> United States | Refer to "2. Saltchuk Resources, Inc." above for further information. |
| Michael G. Dannenberg<br> Vice President, Corporate Development & Strategy<br> United States | Refer to "2. Saltchuk Resources, Inc." above for further information. |
| Becky Macko<br> Vice President, Human Resources<br> United States | Refer to "2. Saltchuk Resources, Inc." above for further information. |

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| Scott Anderson<br> Director<br> United States | Mr. Scott Anderson serves as a Director of Saltchuk Holdings. Mr. Anderson has been a principal of Cedar Grove Partners, LLC, an investment and consulting/advisory partnership, since 1997, and a principal of Cedar Grove Investments, LLC, a private seed capital firm, since 1998. Prior to founding Cedar Grove, Mr. Anderson was with McCaw Cellular/AT&T Wireless, most recently as Senior Vice President of the Acquisitions and Development group. Before joining McCaw Cellular in 1986, he was engaged in private law practice. Scott received a Bachelor of Arts in History from the University of Washington, magna cum laude, and a law degree from the University of Washington Law School, with the highest honors. |
| Timothy B. Engle<br> Director<br> United States | Mr. Timothy B. Engle serves as a Director of Saltchuk Holdings. He is a member of Vistage International and currently serves on the University of Washington Foster School of Business Dean's Advisory Board and the board of The Commerce Bank of Washington. He served as President of Parent from 2007 to 2019. Before that, he was a Director of Foss Maritime Company and held positions in the San Francisco and Seattle offices. He also worked for TOTE Maritime Alaska for three (3) years. Mr. Engle holds a B.A. in Communication Studies from Seattle University, an MBA from the University of Washington, and completed the Owner/President Management Program of Executive Education at Harvard Business School. |
| Andrew W. Evans<br> Director<br> United States | Mr. Evans is the retired Chief Financial Officer of Southern Company, an electrical and natural gas utility holding company. He served as CFO from 2018 to 2021, with responsibility for investor relations, public reporting, information technology, cybersecurity, business development, and risk and capital deployment. Prior to that he served as Chairman, President and Chief Executive Officer of AGL Resources, Inc., the largest publicly traded gas distribution system in the U.S. During his 15 years at AGL, Mr. Evans served as Treasurer, CFO, and COO before becoming CEO. Prior to AGL, Mr. Evans worked at the Federal Reserve Bank of Boston, and at Mirant Corp, a global energy provider. Mr. Evans has served as chair of several philanthropic organizations, including the Grady Hospital Foundation and Zoo Atlanta. He is currently a trustee of Emory University and is a director of Georgia Power, Centuri Holdings, Inc., and Air Products and Chemicals, Inc. |

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| **Name, Position,<br>Country of<br>Citizenship<br>or Jurisdiction of<br>Incorporation** | **Present Principal Occupation or Employment; Material Positions Held During the Past Five Years** |
| Leslie Paul Goldberg<br> Director<br> United States | Mr. Leslie Paul Goldberg serves as a Director of Saltchuk Holdings. Mr. Goldberg is the founder and CEO of Pure Audio, Inc., a leading broadcast audio production facility in Seattle since 1996. For the past thirteen (13) years, Mr. Goldberg has served on the board of directors for the Evergreen State College Foundation. He has served on the board of directors for TVW.org since 2006. Mr. Goldberg graduated from The Evergreen State College with a Bachelor of Arts degree; he later went on to complete the Executive Education Program at the University of Washington Foster School of Business. |
| Brandon Pedersen<br> Director<br> United States | Mr. Brandon Pedersen serves as a Director of Saltchuk Holdings. Mr. Pedersen retired from Alaska Airlines in 2020 after nearly ten (10) years as CFO and sixteen (16) years as a member of the executive team. He brings his experience as a public company CFO and a "Big 4" audit partner to the board in the areas of strategy, risk management, and governance. He is active in the Seattle area, serving on the board of Northwest Harvest, and as an adjunct faculty member at the UW Foster School of Business teaches about leadership and the role of the board. He earned his Bachelor of Arts in Accounting and Economics from the University of Washington and is a licensed CPA. |

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| Susan Mullaney<br> Director<br> United States | Ms. Susan Mullaney serves as a Director of Saltchuk Holdings. Ms. Mullaney currently serves as a Senior Advisor with The Boston Consulting Group, a position that she has held since 2023. She is the former President of Kaiser Permanente Washington, a nonprofit health plan providing high-quality, affordable health care to more than 681,000 members in Northwest, Central and Eastern Washington, Coastal and Olympic regions, and Puget Sound, where she served from 2016 through 2022. She served on the board of directors at the American Heart Association and the Oregon Hospital Association, where she served as board chairman in her final year. Ms. Mullaney received a master's degree in Health Care Policy and Management from the University of Massachusetts, Amherst, and a Bachelor's Degree from Eastern Connecticut State University. She is a member of the American College of Healthcare Executives. She represents Kaiser Permanente at the International Federation of Health Plans' Executive Development Programme, which includes a respected cohort of global healthcare leaders. |

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| **Name, Position,<br>Country of<br>Citizenship<br>or Jurisdiction of**<br> **Incorporation** | **Present Principal Occupation or Employment; Material Positions Held During the Past Five Years** |
| Nicole Piasecki<br> Director<br> United States | Ms. Nicole Piasecki serves as a Director of Saltchuk Holdings. Ms. Piasecki retired from The Boeing Company in 2017 as the Vice President and General Manager of the Propulsion Systems Division of Boeing Commercial Airplanes. During twenty-five (25) years with The Boeing Company, she held a number of senior roles, from Senior Vice President of Business Development & Strategic Integration to President of Boeing Japan. Ms. Piasecki is the Chairman of the Seattle University Board of Trustees and a member of the board of directors of Weyerhaeuser. She earned her Bachelor of Science in Mechanical Engineering from Yale University and an MBA from the Wharton School of Business at the University of Pennsylvania, which included studies at the Keio Business School in Japan. |
| Romaine Seguin<br> Director<br> United States | Ms. Seguin brings 38 years of leadership experience from United Parcel Service, where her career began as a package delivery driver. Over four decades, she advanced to President of Global Freight Forwarding, demonstrating deep operational expertise and strategic vision. As President of UPS Europe, Africa, and the Middle East, she led 12 strategic acquisitions and their integration to expand UPS' global network. Ms. Seguin is currently the Acting President of William Woods University. She currently resides in Fulton, Missouri. |
| Mark Sterrett<br> Director<br> United States | Mr. Mark Sterrett serves as a Director of Saltchuk Holdings. Mr. Sterrett is a Principal at Makai Advisory Services in Seattle, where he has served since 2019. Prior to that, he has worked at a variety of banks, including, most recently, MUFG Union Bank, N.A., where he served in 2019, and Bank of Hawaii, where he served in 2018 He brings to the board 15+ years of experience in corporate and commercial banking and deep knowledge of our companies as part of the Saltchuk Holdings shareholder group. Mr. Sterrett earned his Bachelor of Arts in Accounting from the University of Denver, is a CPA, and has completed the Management Program at the University of Washington as well as the Corporate Governance program through Kellogg Executive Education. He is a board member for the Ronald McDonald House Charities of Western Washington. |
| Denise G. Tabbutt<br> Director<br> United States | Ms. Denise G. Tabbutt serves as a Director of Saltchuk Holdings. Ms. Tabbutt has served on the Saltchuk Holdings Board of Directors as the Chair of Saltchuk Holdings' Governance Committee since Saltchuk Holdings' formation in 2020, and held similar positions at Parent from 2007 through Saltchuk Holdings' formation in 2020. She has also served on the Board of Directors for SeaBear Smokehouse since 1996. Committed to education and youth development, Ms. Tabbutt joined the board of Seattle Nativity School, an independent middle school serving low-income students in the Seattle area, in 2020. She |

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served on the board of Seattle Preparatory School from 2011 to 2018 and the Board of Trustees at Westside School from 2001 to 2013. In addition, Ms. Tabbutt was on the Whitman College Board of Overseers from 2011 to 2015. She was named to the Board of Trustees for Whitman College in 2015. She also served on the Board of YouthCare, a non-profit organization dedicated to ending youth homelessness, from 2010 to 2014. Ms. Tabbutt received a Bachelor of Arts in Psychology and French from Whitman College in 1987 and completed Finance for Senior Executives and the Executive Education Program from Harvard Business School in 2002.

The common business address and telephone number for all the directors and executive officers of Saltchuk Holdings, Inc. are as follows: Saltchuk Holdings, Inc., 450 Alaskan Way South, Suite 708, Seattle, Washington 98104, (206) 652-1111.

**4. Security Ownership of Certain Beneficial Owners** 

As of March 3, 2026, none of Saltchuk Holdings, Parent, Purchaser, any majority-owned subsidiary of Saltchuk Holdings, Parent or Purchaser or, to the best knowledge of Saltchuk Holdings, Parent and Purchaser, any of the persons listed in this Schedule A or any associate or any of the persons so listed beneficially owns or has any right to acquire, directly or indirectly, any Shares and (ii) none of Saltchuk Holdings, Parent, Purchaser or, to the best knowledge of Saltchuk Holdings, Parent and Purchaser, any of the persons or entities referred to above nor any director, executive officer, general partner, associate or majority owned subsidiary of any of the foregoing has effected any transaction in the Shares during the past sixty (60) days.

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The Letter of Transmittal and any other required documents should be sent by each GLDD Stockholder or such stockholder's broker, dealer, commercial bank, trust company or other nominee to the Depositary and Paying Agent as follows:

*The Depositary and Paying Agent for the Offer is:* 

**Broadridge Corporate Issuer Solutions, LLC** 

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| | |
|:---|:---|
|  *If delivering by hand, express mail, courier or other expedited service:* | *If delivering by mail:* |
|  **Broadridge, Inc.<br>Attn: BCIS IWS**<br> **51 Mercedes Way**<br> **Edgewood, NY 11717** | **Broadridge, Inc.<br>Attn: BCIS Re-Organization Dept.**<br> **P.O. Box 1317**<br> **Brentwood, NY 11717-0718** |

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**Other Information:** 

Questions or requests for assistance or additional copies of this Offer to Purchase, the Letter of Transmittal, and the Schedule TO may be directed to the Information Agent at its location and telephone numbers set forth below. Stockholders may also contact their broker, dealer, commercial bank or trust company for assistance concerning the Offer.

*The Information Agent for the Offer is:*![LOGO](g94032g01e32.jpg)

7 Penn Plaza

New York, New York 10001

(212) 929-5500

Email: tenderoffer@mackenziepartners.com

Stockholders, banks and brokers may call MacKenzie Partners, Inc., the Information Agent for the Offer, toll-free at (800) 322-2885.

## Ex-99.(A)(1)(B)

**Exhibit (a)(1)(B)** 

**LETTER OF TRANSMITTAL** 

**To Tender Shares of Common Stock** 

**of** 

**GREAT LAKES DREDGE & DOCK CORPORATION** 

**a Delaware corporation** 

**at** 

**$17.00 PER SHARE** 

**Pursuant to the Offer to Purchase** 

**dated March 4, 2026** 

**by** 

**HURON MERGECO., INC.** 

**a wholly owned subsidiary of** 

**SALTCHUK RESOURCES, INC.** 

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 P.M., NEW YORK CITY TIME, ON MARCH 31, 2026, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED (SUCH DATE AND TIME, AS IT MAY BE EXTENDED, THE "EXPIRATION DATE").** 

***The Depositary for the Offer is:***

**Broadridge Corporate Issuer Solutions, LLC** 

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| | |
|:---|:---|
| ***If delivering by mail:*** | ***If delivering by express mail, courier, or other expedited service:*** |
| **Broadridge, Inc.<br>Attn: BCIS Re-Organization Dept.**<br> **P.O. Box 1317**<br> **Brentwood, NY 11717-0718** | **Broadridge, Inc.<br>Attn: BCIS IWS**<br> **51 Mercedes Way**<br> **Edgewood, NY 11717** |

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**Delivery of this Letter of Transmittal to an address other than as set forth above will not constitute a valid delivery to the Depositary (as defined below). You must sign this Letter of Transmittal in the appropriate space provided therefor below, with signature guaranteed, if required, and complete and sign the Internal Revenue Service ("IRS") Form W-9 included in this Letter of Transmittal, if you are a U.S. person. Stockholders who are not U.S. persons should submit a properly completed and signed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or other appropriate IRS Form W-8. Failure to provide the information on IRS Form W-9 or an appropriate IRS Form W-8, as applicable, may subject you to U.S. backup withholding on any payments made to you pursuant to the Offer (as defined below). The instructions set forth in this Letter of Transmittal should be read carefully before you tender any of your Shares (as defined below) into the Offer (as defined below).** 

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**DESCRIPTION OF SHARES TENDERED** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares Tendered** | **Shares Tendered** | **Shares Tendered** | **Shares Tendered** |
| <br>**Name(s) and Address(es) of Registered Holder(s)**<br> **(Please fill in exactly as name(s) appear(s)** <br> **on certificate(s)) (Attach additional signed list if** <br> **necessary)** | **Certificate<br>Number(s) (\*)** | **Total Number of<br>Shares Represented<br>by Certificate(s)** | **Total Number of<br>Shares Represented<br>by Book-Entry** | **Total Number of<br>Shares<br>Tendered(\*\*)** |
|  | Total Shares |  |  |  |

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(\*) Certificate numbers are not required if tendered shares are held in book-entry form.

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| | |
|:---|:---|
| (\*\*) | Unless a lower number of Shares to be tendered is otherwise indicated, it will be assumed that all Shares described above are being tendered. See Instruction 4.  |

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The Offer (as defined below) is not being made to (and no tenders will be accepted from or on behalf of) holders of Shares (as defined below) in any state in which the making of the Offer or acceptance thereof would not be in compliance with the securities, "blue sky" or other laws of such state.

This Letter of Transmittal is to be used by stockholders of Great Lakes Dredge & Dock Corporation ("GLDD"), if certificates for Shares (the "Share Certificates") are to be forwarded herewith or if Shares are held in registered book-entry form. This Letter of Transmittal should not be delivered to the Depositary(as defined below) if Shares are tendered through an Agent's Message (as defined in Section 3 of the Offer to Purchase (as defined below)) in connection with a book-entry transfer to an account maintained by the Depositary at The Depository Trust Company ("DTC") (pursuant to the procedures set forth in Section 3 of the Offer to Purchase). **Delivery of documents to DTC <u>does not</u> constitute delivery to the Depositary.**

**Additional Information if Shares Have Been Lost** 

If Share Certificates you are tendering with this Letter of Transmittal have been lost, stolen, destroyed or mutilated, you should contact Broadridge Corporate Issuer Solutions, LLC, as GLDD's transfer agent (the "Transfer Agent") to arrange for the replacement of securities at 1-866-321-8022 or shareholder@broadridge.com. You may be required to post a bond to secure against the risk that the Share Certificates may be subsequently recirculated. **You are urged to contact the Depositary immediately in order to receive further instructions, for a determination of whether you will need to provide additional information or materials to permit timely processing of this documentation. See Instruction 11.**

☐ CHECK HERE IF YOU HAVE LOST YOUR SHARE CERTIFICATE(S) AND REQUIRE ASSISTANCE IN OBTAINING REPLACEMENT CERTIFICATE(S). BY CHECKING THIS BOX, YOU UNDERSTAND THAT YOU MUST CONTACT THE TRANSFER AGENT TO OBTAIN INSTRUCTIONS FOR REPLACING LOST CERTIFICATES. SEE INSTRUCTION 11. 

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**NOTE: SIGNATURES MUST BE PROVIDED BELOW. PLEASE READ ACCOMPANYING INSTRUCTIONS CAREFULLY** 

Ladies and Gentlemen:

The undersigned hereby tenders to Huron MergeCo., Inc., a Delaware corporation ("Purchaser"), the above described shares of common stock, par value $0.0001 per share (the "Shares"), of Great Lakes Dredge & Dock Corporation, a Delaware corporation ("GLDD"), at a purchase price of $17.00 per Share, net to the seller in cash, without interest (the "Offer Price") and less any required withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated March 4, 2026 (the "Offer to Purchase"), and in this Letter of Transmittal (the "Letter of Transmittal" which, together with the Offer to Purchase and other related materials, as each may be amended and supplemented from time to time, constitutes the "Offer"), receipt of which is hereby acknowledged.

Upon the terms and subject to the conditions of the Offer (and if the Offer is extended or amended, the terms of any such extension or amendment), and effective upon acceptance for payment of the Shares validly tendered herewith and not properly withdrawn prior to the Expiration Date (as defined in Section 1 of the Offer to Purchase) in accordance with the terms of the Offer, the undersigned hereby sells, assigns and transfers to Purchaser, upon acceptance thereof, all right, title and interest in and to all of the Shares that are being tendered hereby (and any and all dividends, distributions, rights, other Shares or other securities issued or issuable in respect thereof on or after the date hereof (collectively, "Distributions")) and irrevocably constitutes and appoints Broadridge Corporate Issuer Solutions, LLC (the "Depositary") the true and lawful agent and attorney-in-fact of the undersigned with respect to such Shares (and any and all Distributions), with full power of substitution (such power of attorney being deemed to be an irrevocable power coupled with an interest in the Shares tendered by this Letter of Transmittal), to (i) deliver Share Certificates for such Shares (and any and all Distributions) or transfer ownership of such Shares (and any and all Distributions) on the account books maintained by DTC, together, in any such case, with all accompanying evidences of transfer and authenticity, to or upon the acceptance of Purchaser, (ii) present such Shares (and any and all Distributions) for transfer on the books of GLDD and (iii) receive all benefits and otherwise exercise all rights of beneficial ownership of such Shares (and any and all Distributions), all in accordance with the terms and subject to the conditions of the Offer.

By executing this Letter of Transmittal, the undersigned hereby irrevocably appoints each of the designees of Purchaser the attorneys-in-fact and proxies of the undersigned, each with full power of substitution, (i) to vote at any annual or special meeting of GLDD's stockholders or any adjournment or postponement thereof or otherwise in such manner as each such attorney-in-fact and proxy or its, his or her substitute shall in its, his or her sole discretion deem proper, (ii) to execute any written consent concerning any matter as each such attorney-in-fact and proxy or its, his or her substitute shall in its, his or her sole discretion deem proper and (iii) to otherwise act as each such attorney-in-fact and proxy or its, his or her substitute shall in its, his or her sole discretion deem proper, in each case, with respect to all of the Shares (and any and all Distributions) tendered hereby and accepted for payment by Purchaser. This appointment will be effective if and when, and only to the extent that, Purchaser accepts such Shares for payment pursuant to the Offer. This power of attorney and proxy are irrevocable and are granted in consideration of the acceptance for payment of such Shares in accordance with the terms of the Offer. Such acceptance for payment shall, without further action, revoke any prior powers of attorney and proxies granted by the undersigned at any time with respect to such Shares (and any and all Distributions), and no subsequent powers of attorney, proxies, consents or revocations may be given by the undersigned with respect thereto (and, if given, will not be deemed effective). Purchaser reserves the right to require that, in order for the Shares to be deemed validly tendered, immediately upon Purchaser's acceptance for payment of such Shares, Purchaser or its designees must be able to exercise full voting, consent and other rights with respect to such Shares (and any and all Distributions), including voting at any meeting of GLDD's stockholders.

The undersigned hereby represents and warrants that the undersigned has full power and authority to tender, sell, assign and transfer any and all of the Shares tendered hereby (and any and all Distributions) and that, when the same are accepted for payment by Purchaser, Purchaser will acquire good, marketable and unencumbered

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title to such Shares (and such Distributions), free and clear of all liens, restrictions, charges and encumbrances and the same will not be subject to any adverse claims. The undersigned will, upon request, execute and deliver any additional documents deemed by the Depositary or Purchaser to be necessary or desirable to complete the sale, assignment and transfer of the Shares tendered hereby (and any and all Distributions). In addition, the undersigned shall remit and transfer promptly to the Depositary for the account of Purchaser all Distributions in respect of any and all of the Shares tendered hereby, accompanied by appropriate documentation of transfer, and, pending such remittance and transfer or appropriate assurance thereof, Purchaser shall be entitled to all rights and privileges as owner of each such Distribution and may withhold the entire purchase price of the Shares tendered hereby or deduct from such purchase price the amount or value of such Distribution as determined by Purchaser in its sole discretion.

All authority herein conferred or agreed to be conferred shall not be affected by, and shall survive the death or incapacity of the undersigned, and any obligation of the undersigned hereunder shall be binding upon the heirs, executors, administrators, personal representatives, trustees in bankruptcy, successors and assigns of the undersigned. Except as stated in the Offer to Purchase, this tender is irrevocable.

**THE UNDERSIGNED HEREBY ACKNOWLEDGES THAT DELIVERY OF ANY SHARE CERTIFICATE SHALL BE EFFECTED, AND RISK OF LOSS AND TITLE TO SUCH SHARE CERTIFICATE SHALL PASS, ONLY UPON THE PROPER DELIVERY OF SUCH SHARE CERTIFICATE TO THE DEPOSITARY.** 

Unless otherwise indicated under "Special Payment Instructions," please issue the check for the purchase price of all of the Shares purchased and, if appropriate, return any Share Certificates evidencing Shares not tendered or not accepted for payment in the name(s) of the registered holder(s) appearing at the top of the Letter of Transmittal. Similarly, unless otherwise indicated under "Special Delivery Instructions," please mail the check for the purchase price of all of the Shares purchased and, if appropriate, return any Share Certificates evidencing Shares not tendered or not accepted for payment (and any accompanying documents, as appropriate) to the address(es) of the registered holder(s) appearing at the top of the Letter of Transmittal. In the event that the boxes entitled "Special Payment Instructions" and "Special Delivery Instructions" are both completed, please issue the check for the purchase price of all Shares purchased to and, if appropriate, return any Share Certificates evidencing Shares not tendered or not accepted for payment (and any accompanying documents, as appropriate) in the name(s) of, the person(s) so indicated. Unless otherwise indicated herein in the box entitled "Special Payment Instructions," please credit any Shares tendered herewith by book-entry transfer that are not accepted for payment by crediting the account at DTC designated above. The undersigned recognizes that Purchaser has no obligation, pursuant to the "Special Payment Instructions," to transfer any Shares from the name of the registered holder thereof if Purchaser does not accept for payment any of the Shares so tendered.

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**SPECIAL PAYMENT INSTRUCTIONS** 

**(See Instructions 1, 5, 6 and 7)** 

To be completed ONLY if the check for the purchase price of Shares accepted for payment and/or certificates for Shares not tendered or not accepted are to be issued in the name of someone other than the undersigned.

Issue check and/or certificates to:

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| |
|:---|
| Name: |
| **(Please Print)** |
| Address: |
| **(Include Zip Code)** |
| **(Taxpayer Identification or Social Security No.)** |
| **(Also complete, as applicable, IRS Form W-9 (included below) or the appropriate IRS Form W-8)** |
| **SPECIAL DELIVERY INSTRUCTIONS <br>(See Instructions 1, 5, 6 and 7)** |
| To be completed ONLY if the check for the purchase price of Shares accepted for payment and/or Share Certificates evidencing Shares not tendered or not accepted are to be mailed to someone other than the undersigned or to the undersigned at an address other than that shown above. |
| Mail check and/or Share Certificates to: |
| Name: |
| **(Please Print)** |
| Address: |
| **(Include Zip Code)** |

---

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**IMPORTANT** 

**STOCKHOLDER: SIGN HERE** 

**(U.S. Holders: Please complete and return the IRS Form W-9 included below)** 

**(Non-U.S. Holders: Please obtain, complete and return the appropriate IRS Form W-8)** 

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| |
|:---|
| **(Signature(s) of Holder(s) of Shares)** |
| Dated: _______________ |

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 <br> Name(s):

---

| |
|:---|
| (Please Print) |
| Capacity (full title) (See Instruction 5): |

---

 <br> Address:

**(Include Zip Code)**

 <br> Area Code and Telephone No.:

 <br> Email Address:

 <br> Tax Identification or Social Security No. (See IRS Form W-9 included below):

(Must be signed by registered holder(s) exactly as name(s) appear(s) on stock certificate(s) or by person(s) authorized to become registered holder(s) by certificates and documents transmitted herewith. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, agent, officer of a corporation or other person acting in a fiduciary or representative capacity, please set forth full title and see Instruction 5.)

**ELIGIBLE INSTITUTION GUARANTEE** 

(ONLY IF REQUIRED – PLEASE SEE INSTRUCTION 1)

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| |
|:---|
| Apply Eligible Institution<br> Guarantee Stamp Here: |
| Dated: _______________ |
| Authorized Signature: |
| Name (Please Print): |
| Capacity (full title)(Please Print): |
| Name of Financial Institution: |
| Area Code & Telephone No.: |

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**INSTRUCTIONS** 

**FORMING PART OF THE TERMS AND CONDITIONS OF THE OFFER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Guarantee of Signatures*. No signature guarantee is required on this Letter of Transmittal (a) if this Letter of Transmittal is signed by the registered holder(s) of Shares tendered herewith, unless such registered holder has completed either the box entitled "Special Payment Instructions" or the box entitled "Special Delivery Instructions" on this Letter of Transmittal or (b) if such Shares are tendered for the account of a financial institution (including most commercial banks, savings and loan associations and brokerage houses) that is a member in good standing of the Securities Transfer Agents Medallion Program or any other "eligible guarantor institution," as such term is defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (each, an "Eligible Institution"). In all other cases, all signatures on this Letter of Transmittal must be guaranteed by an Eligible Institution. See Instruction 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Requirements of Tender*. No alternative, conditional or contingent tenders will be accepted. In order for Shares to be validly tendered pursuant to the Offer, one of the following procedures must be followed:

For Shares held as physical certificates, the Share Certificates representing tendered Shares, a properly completed and duly executed Letter of Transmittal, together with any required signature guarantees, and any other documents required by this Letter of Transmittal, must be received by the Depositary at one of its addresses set forth on the front page of this Letter of Transmittal before the Expiration Date.

For Shares held in book-entry form, a properly completed and duly executed Letter of Transmittal, together with any required signature guarantees and any other required documents, must be received by the Depositary at one of its addresses set forth on the front page of this Letter of Transmittal before the Expiration Date.

For Shares held in book-entry form in "street name," an Agent's Message in lieu of this Letter of Transmittal, and such Shares must be delivered according to the book-entry transfer procedures (as set forth in Section 3 of the Offer to Purchase) and a timely confirmation of a book-entry transfer of Shares into the Depositary's account at DTC (a "Book-Entry Confirmation") must be received by the Depositary before the Expiration Date.

The term "Agent's Message" means a message transmitted by DTC to, and received by, the Depositary and forming part of a Book-Entry Confirmation that states that DTC has received an express acknowledgment from the participant in DTC tendering the Shares that are the subject of such Book-Entry Confirmation that such participant has received and agrees to be bound by the terms of this Letter of Transmittal and that Purchaser may enforce such agreement against the participant.

**The method of delivery of Shares (including Share Certificates), this Letter of Transmittal and all other required documents, including delivery through DTC, is at the election and risk of the tendering stockholder. Shares will be deemed delivered (and the risk of loss of Share Certificates will pass) only when actually received by the Depositary (including, in the case of a book-entry transfer, by Book-Entry Confirmation). If delivery is by mail, then registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to ensure timely delivery.** 

No fractional Shares will be purchased. By executing this Letter of Transmittal, the tendering stockholder waives any right to receive any notice of the acceptance for payment of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Inadequate Space*. If the space provided herein is inadequate, the Share Certificate numbers and/or the number of Shares tendered should be listed on a separate signed schedule attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Partial Tenders (Not Applicable to Stockholders who Tender by Book-Entry Transfer)*. If fewer than all the Shares represented by any Share Certificate delivered to the Depositary are to be tendered, fill in the number of Shares which are to be tendered in the box entitled "Total Number of Shares Tendered". In such case, a new certificate for the remainder of the Shares represented by the old certificate will be sent to the person(s) signing this Letter of Transmittal, unless otherwise provided in the appropriate box on this Letter of Transmittal, as

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promptly as practicable following the expiration or termination of the Offer. All Shares represented by Share Certificates delivered to the Depositary will be deemed to have been tendered unless otherwise indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Signatures on Letter of Transmittal; Stock Powers and Endorsements*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) *Exact Signatures*. If this Letter of Transmittal is signed by the registered holder(s) of the Shares tendered hereby, the signature(s) must correspond with the name(s) as written on the face of the Share Certificates or on a statement of shares held in registered book-entry form without alteration, enlargement or any change whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) *Joint Holders*. If any of the Shares tendered hereby are held of record by two or more persons, all such persons must sign this Letter of Transmittal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) *Different Names on Certificates*. If any of the Shares tendered hereby are registered in different names on different Share Certificates (if any), it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations of Shares or Share Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) *Endorsements*. If this Letter of Transmittal is signed by the registered holder(s) of the Shares tendered hereby, no endorsements of Share Certificates or separate stock powers are required unless payment of the purchase price is to be made, or Shares not tendered or not purchased are to be returned, in the name of any person other than the registered holder(s). Signatures on any such Share Certificates must be guaranteed by an Eligible Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) *Stock Powers*. If the Share Certificates are registered in the name of a person other than the signer of this Letter of Transmittal, or if payment is to be made or Share Certificates not tendered or not accepted for payment are to be returned to a person other than the registered owner of the Share Certificates surrendered, then the signature on this Letter of Transmittal, in either case, must be guaranteed as described above. See Instruction 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) *Evidence of Fiduciary or Representative Capacity*. If this Letter of Transmittal or any Share Certificate or stock power is signed by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other legal entity or other person acting in a fiduciary or representative capacity, such person should so indicate when signing, and proper evidence satisfactory to the Depositary of the authority of such person so to act must be submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Stock Transfer Taxes*. Except as otherwise provided in this Instruction 6, Purchaser or any successor entity thereto will pay all stock transfer taxes with respect to the transfer and sale of any Shares pursuant to the Offer (for the avoidance of doubt, transfer taxes do not include U.S. federal income taxes or withholding taxes). If, however, the Offer Price is to be paid to any person(s) other than the registered holder(s), Purchaser or any successor entity thereto will not be responsible for any stock transfer or similar taxes (whether imposed on the registered holder(s) or such other person(s)) payable on account of the transfer to such other person(s) and no consideration shall be paid in respect of such Share(s) unless evidence satisfactory to Purchaser of the payment of such taxes, or the inapplicability of such taxes, is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Special Payment and Delivery Instructions*. If a check is to be issued for the purchase price of any Shares tendered by this Letter of Transmittal in the name of, and, if appropriate, Share Certificates (if any) for Shares not tendered or not accepted for payment are to be issued or returned to, any person(s) other than the signer of this Letter of Transmittal or to an address other than that shown in this Letter of Transmittal, the appropriate boxes on this Letter of Transmittal must be completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Tax Withholding*. Under U.S. federal income tax laws, the Depositary may be required to backup withhold a portion of any payment made to certain stockholders (or other payees) pursuant to the Offer. To avoid such backup withholding, each tendering stockholder (or other payee) that is or is treated as a U.S. person (for U.S. federal income tax purposes) and that does not otherwise establish an exemption from U.S. federal backup

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withholding should complete and return the attached IRS Form W-9, certifying that such stockholder (or other payee) is a U.S. person, that the taxpayer identification number ("TIN") provided is correct, and that such stockholder (or other payee) is not subject to backup withholding.

Certain stockholders and other payees (including, among others, corporations, non-resident foreign individuals and foreign entities) generally are not subject to these backup withholding and reporting requirements if they properly demonstrate eligibility for exemption. Exempt U.S. persons should indicate their exempt status on IRS Form W-9. Exempt non-U.S. persons should complete, sign, and submit to the Depositary the appropriate IRS Form W-8. The appropriate IRS Form W-8 may be downloaded from the IRS website at the following address: www.irs.gov. Failure to complete IRS Form W-9 or the appropriate IRS Form W-8 will not, by itself, cause Shares to be deemed invalidly tendered, but may require the Depositary to withhold a portion of any payment of the Offer Price made pursuant to the Offer.

Tendering stockholders (or other payees) should consult their tax advisors as to any qualification for exemption from backup withholding, and the procedure for obtaining the exemption.

**NOTE: FAILURE TO COMPLETE AND RETURN IRS FORM W-9 (OR APPROPRIATE IRS FORM W-8, AS APPLICABLE) MAY RESULT IN BACKUP WITHHOLDING OF A PORTION OF ANY PAYMENT MADE TO YOU PURSUANT TO THE OFFER. PLEASE REVIEW THE "IMPORTANT TAX INFORMATION" SECTION BELOW.** 

See the instructions enclosed with the IRS Form W-9 included in this Letter of Transmittal for more instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Irregularities*. All questions as to the validity, form, eligibility (including time of receipt) and acceptance for payment of any tender of Shares will be determined by Purchaser, in its sole discretion (which may be delegated in whole or in part to the Depositary), which determination shall be final and binding on all parties. Purchaser reserves the absolute right to reject any and all tenders determined by us not to be in proper form or the acceptance for payment of which may, in the opinion of our counsel, be unlawful. Purchaser also reserves the absolute right to waive any defect or irregularity in the tender of any Shares of any particular stockholder, whether or not similar defects or irregularities are waived in the case of other stockholders. No tender of Shares will be deemed to have been validly made until all defects and irregularities have been waived or cured within such time as Purchaser shall determine. None of Purchaser, the Depositary, MacKenzie Partners, Inc. (the "Information Agent") or any other person will be under any duty to give notice of any defects or irregularities in tenders or incur any liability for failure to give any such notice. Purchaser's interpretation of the terms and conditions of the Offer (including the Letter of Transmittal and the instructions thereto) will be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Requests for Additional Copies*. The Information Agent may be contacted at the address and telephone number set forth on the last page of this Letter of Transmittal for questions and/or requests for additional copies of the Offer to Purchase, this Letter of Transmittal and other tender offer materials. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance. Such copies will be furnished promptly at Purchaser's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Lost, Stolen Destroyed or Mutilated Certificates*. If any Share Certificate has been lost, stolen, destroyed or mutilated, the stockholder should promptly notify the Transfer Agent, Broadridge Corporate Issuer Solutions, LLC, toll-free at 1-866-321-8022 or shareholder@broadridge.com. The stockholder will then be instructed as to the steps that must be taken in order to replace such Share Certificate(s). This Letter of Transmittal and related documents cannot be processed until the procedures for replacing lost, stolen, destroyed or mutilated Share Certificates have been followed.

**Share Certificates evidencing tendered Shares, or a Book-Entry Confirmation into the Depositary's account at DTC, as well as this Letter of Transmittal, properly completed and duly executed, with any required signature guarantees, or an Agent's Message (if utilized in lieu of this Letter of Transmittal in connection with a book-entry transfer), and any other documents required by this Letter of Transmittal, must be received before the Expiration Date.** 

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**IMPORTANT TAX INFORMATION** 

Under U.S. federal income tax law, a stockholder who is a U.S. person (as defined for U.S. federal income tax purposes) surrendering Shares must, unless an exemption applies, provide the Depositary (as payer) with the stockholder's correct TIN on IRS Form W-9, a copy of which is included in this Letter of Transmittal. If the stockholder is an individual, the stockholder's TIN is generally such stockholder's Social Security number. If the correct TIN is not provided, the stockholder may be subject to a penalty imposed by the IRS and payments of cash to the stockholder (or other payee) pursuant to the Offer may be subject to U.S. federal backup withholding (currently imposed at a rate of 24%).

Certain stockholders (including, among others, certain corporations and certain foreign individuals and entities) generally are not subject to backup withholding and reporting requirements if they properly demonstrate eligibility for exemption. Exempt U.S. persons should furnish their TIN, provide the applicable information on IRS Form W-9 and sign, date and return IRS Form W-9 to the Depositary in order to avoid erroneous backup withholding. See the instructions enclosed with IRS Form W-9 included in this Letter of Transmittal for additional instructions. In order for an exempt stockholder that is not a U.S. person to avoid backup withholding, such stockholder should complete and submit an appropriate IRS Form W-8 signed under penalties of perjury, attesting to his, her or its exempt status. IRS Forms W-8 can be obtained from the Depositary or from the IRS website (at *http://www.irs.gov*). Such stockholders should consult a tax advisor to determine which version of IRS Form W-8 is appropriate.

If backup withholding applies, the Depositary is required to withhold and pay over to the IRS a portion of any payment made to a stockholder. Backup withholding is not an additional tax. If backup withholding results in an overpayment of taxes, a refund may be obtained from the IRS provided the required information is timely provided to the IRS.

**NOTE: FAILURE BY A U.S. PERSON TO COMPLETE AND RETURN THE IRS FORM W-9 INCLUDED IN THIS LETTER OF TRANSMITTAL MAY RESULT IN BACKUP WITHHOLDING OF A PORTION OF ANY PAYMENTS MADE TO YOU PURSUANT TO THE OFFER. PLEASE REVIEW THE INSTRUCTIONS ENCLOSED WITH THE IRS FORM W-9 INCLUDED IN THIS LETTER OF TRANSMITTAL FOR ADDITIONAL DETAILS.** 

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The Information Agent may be contacted at the address and telephone number listed below for questions and/or requests for additional copies of the Offer to Purchase, this Letter of Transmittal and other tender offer materials. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance. Such copies will be furnished promptly at Purchaser's expense.

***The Information Agent for the Offer is:***

![LOGO](g94032g19a09.jpg)

7 Penn Plaza

New York, New York 10001

(212) 929-5500

or

**Call Toll-Free (800) 322-2885** 

Email: tenderoffer@mackenziepartners.com

## Ex-99.(A)(1)(C)

**Exhibit (a)(1)(C)** 

**Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**GREAT LAKES DREDGE & DOCK CORPORATION** 

**at** 

**AN OFFER PRICE OF $17.00 PER SHARE IN CASH** 

**Pursuant to the Offer to Purchase** 

**Dated March 4, 2026** 

**by** 

**HURON MERGECO., INC.,** 

**a wholly owned subsidiary** 

**of** 

**SALTCHUK RESOURCES, INC.** 

&nbsp;&nbsp; **THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE ONE MINUTE AFTER 11:59 P.M., NEW YORK CITY TIME, ON MARCH 31, 2026, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.**<br>

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March 4, 2026

To Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees:

We have been engaged by Huron MergeCo., Inc., a Delaware corporation ("<u>Purchaser</u>") and a wholly owned subsidiary of Saltchuk Resources, Inc., a Washington corporation ("<u>Parent</u>"), to act as information agent ("<u>Information Agent</u>") in connection with Purchaser's offer to purchase all of the issued and outstanding shares of common stock, par value $0.0001 per share (the "<u>Shares</u>"), of Great Lakes Dredge & Dock Corporation, a Delaware corporation ("<u>GLDD</u>"), for $17.00 per Share in cash (the "<u>Offer Price</u>") upon the terms and subject to the conditions described in the Offer to Purchase (together with any amendments or supplements thereto, the "<u>Offer to Purchase</u>") and in the related Letter of Transmittal (together with any amendments or supplements thereto, the "<u>Letter of Transmittal</u>" and, together with the Offer to Purchase, the "<u>Offer</u>") enclosed herewith. Please furnish copies of the enclosed materials to those of your clients for whom you hold Shares registered in your name or in the name of your nominee.

The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of February 10, 2026, by and among GLDD, Parent and Purchaser (together with any amendments or supplements thereto, the "<u>Merger Agreement</u>"), pursuant to which, after the completion of the Offer and the satisfaction or, to the extent permitted by the Merger Agreement, waiver of certain conditions, Purchaser will be merged with and into GLDD, without a meeting, vote or any further action of the stockholders of GLDD ("<u>GLDD Stockholders</u>") in accordance with Section 251(h) of the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"), whereupon the separate existence of Purchaser will cease and GLDD will survive the merger as a wholly owned subsidiary of Parent (such merger, the "<u>Merger</u>" and the Merger, together with the Offer and the other transactions contemplated by the Merger Agreement, the "<u>Transactions</u>").

After careful consideration, the board of directors of GLDD has unanimously: (i) determined that it is in the best interests of GLDD and GLDD Stockholders for GLDD to enter into the Merger Agreement and declared the Merger Agreement and the Transactions, including the Offer and the Merger, advisable, (ii) approved the execution, delivery and performance of, and adopted, the Merger Agreement and the consummation of the Transactions, including the Merger and the Offer, in accordance with the DGCL, (iii) resolved that the Merger shall be effected under and governed by Section 251(h) of the DGCL, and (iv) recommended that GLDD Stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer.

**The Offer is not subject to any financing condition. The conditions to the Offer are described in "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>" of the Offer to Purchase.** 

For your information and for forwarding to your clients for whom you hold Shares registered in your name or in the name of your nominee, we are enclosing the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Offer to Purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Letter of Transmittal (including Form W-9) for your use in
accepting the Offer and tendering Shares and for the information of your clients, together with "Important Tax Information" providing information relating to backup U.S. federal income tax withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A form of letter which may be sent to your clients for whose accounts you hold Shares registered in your name
or in the name of your nominee, with space provided for obtaining such clients' instructions with regard to the Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. GLDD's Solicitation/Recommendation Statement on Schedule 14D-9.

**Your prompt action is requested. We urge you to contact your clients as promptly as possible. Please note that the Offer and withdrawal rights will expire one minute after 11:59 p.m., New York City Time, on March 31, 2026, unless the Offer is extended or earlier terminated.** 

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For Shares to be properly tendered pursuant to the Offer, Broadridge Corporate Issuer Solutions, Inc., the depositary and paying agent for the Offer (the "<u>Depositary and Paying Agent</u>"), must be in timely receipt of (i) certificates representing such Shares or confirmation of the book-entry transfer of such Shares into an account maintained by the Depositary and Paying Agent at The Depository Trust Company pursuant to the procedures set forth in "<u>The Tender Offer—Section</u> <u>3. Procedures for Tendering Shares</u>," of the Offer to Purchase, (ii) a Letter of Transmittal, properly completed and duly executed, with any required signature guarantees (or, in the case of a book-entry transfer, an Agent's Message (as defined in the Offer to Purchase) in lieu of the Letter of Transmittal) and (iii) any other documents required by the Letter of Transmittal or any other customary documents required by Depositary and Paying Agent, in each case prior to the expiration of the Offer in accordance with the Offer to Purchase and the Letter of Transmittal.

Except as set forth in the Offer to Purchase, neither Parent nor Purchaser will pay any fees or commissions to any broker or dealer or other person (other than the Depositary and Paying Agent and the Information Agent as described in the Offer to Purchase) for soliciting tenders of Shares pursuant to the Offer. Purchaser will, however, upon request, reimburse brokers, dealers, commercial banks and trust companies for customary mailing and handling expenses incurred by them in forwarding the offering materials to their customers.. Purchaser will pay all stock transfer taxes applicable to its purchase of Shares pursuant to the Offer, subject to Instruction 6 of the Letter of Transmittal.

Any inquiries you may have with respect to the Offer should be addressed to, and additional copies of the enclosed materials may be obtained from, the undersigned at the addresses and telephone numbers set forth on the back cover of the Offer to Purchase.

Very truly yours,

MacKenzie Partners, Inc.

**Nothing contained herein or in the enclosed documents shall render you the agent of the Purchaser, the Information Agent or the Depositary and Paying Agent or any affiliate of any of them or authorize you or any other person to use any document or make any statement on behalf of any of them in connection with the Offer other than the enclosed documents and the statements contained therein.**

## Ex-99.(A)(1)(D)

**Exhibit (a)(1)(D)** 

**Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**GREAT LAKES DREDGE & DOCK CORPORATION** 

**at** 

**AN OFFER PRICE OF $17.00 PER SHARE IN CASH** 

**Pursuant to the Offer to Purchase** 

**Dated March 4, 2026** 

**by** 

**HURON MERGECO., INC.,** 

**a wholly owned subsidiary** 

**of** 

**SALTCHUK RESOURCES, INC.** 

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE ONE MINUTE AFTER 11:59 P.M., NEW YORK CITY TIME, ON MARCH 31, 2026, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

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March 4, 2026

To Our Clients:

Enclosed for your consideration are the Offer to Purchase, dated March 4, 2026 (together with any amendments or supplements thereto, the "<u>Offer to Purchase"), and the related Letter of Transmittal (together with any amendments or supplements thereto, the "Letter of Transmittal" and, together with the Offer to Purchase, the "Offer") in connection with the Offer by Huron MergeCo., Inc., a Delaware corporation ("Purchaser") and a wholly owned subsidiary of Saltchuk Resources, Inc., a Washington corporation ("Parent"), to purchase all of the issued and outstanding shares of common stock, par value $0.0001 per share (the "Shares"), of Great Lakes Dredge & Dock Corporation, a Delaware corporation ("GLDD"), for $17.00 per Share in cash (the "Offer Price") upon the terms and subject to the conditions described in the Offer to Purchase and the related Letter of Transmittal.</u> 

Also enclosed is GLDD's Solicitation/Recommendation Statement on Schedule 14D-9.

**THE BOARD OF DIRECTORS OF GLDD HAS UNANIMOUSLY RECOMMENDED THAT YOU ACCEPT THE OFFER AND TENDER YOUR SHARES TO PURCHASER PURSUANT TO THE OFFER.** 

**We or our nominees are the holder of record of Shares held for your account. A tender of such Shares can be made only by us as the holder of record and pursuant to your instructions. The Letter of Transmittal accompanying this letter is furnished to you for your information only and cannot be used by you to tender Shares held by us for your account.** 

We request instructions as to whether you wish us to tender any or all of the Shares held by us for your account, upon the terms and subject to the conditions set forth in the enclosed Offer to Purchase and the Letter of Transmittal.

Please note carefully the following:

1. The Offer Price for the Offer is $17.00 per Share in cash, to be paid to you subject to any required tax withholdings and without interest.

2. The Offer is being made for all issued and outstanding Shares.

3. The Offer and withdrawal rights will expire at one minute past 11:59 p.m. New York City time on March 31, 2026, unless the Offer is extended or earlier terminated by Purchaser.

4. The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of February 10, 2026, by and among GLDD, Parent and Purchaser (together with any amendments or supplements thereto, the "<u>Merger Agreement</u>"), pursuant to which, after the completion of the Offer and the satisfaction or, to the extent permitted by the Merger Agreement, waiver of certain conditions, Purchaser will be merged with and into GLDD, without a meeting, vote or any further action of GLDD's stockholders ("<u>GLDD Stockholders</u>") in accordance with Section 251(h) of the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"), whereupon the separate existence of Purchaser will cease and GLDD will survive the merger as a wholly owned subsidiary of Parent (such merger, the "<u>Merger</u>" and the Merger, together with the Offer and the other transactions contemplated by the Merger Agreement, the "<u>Transactions</u>").

5. After careful consideration, the board of directors of GLDD has unanimously: (i) determined that it is in the best interests of GLDD and GLDD Stockholders for GLDD to enter into the Merger Agreement and declared the Merger Agreement and the Transactions, including the Offer and the Merger, advisable, (ii) approved the execution, delivery and performance of, and adopted, the Merger Agreement and the consummation of the Transactions, including the Merger and the Offer, in accordance with the DGCL, (iii) resolved that the Merger

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shall be effected under and governed by Section 251(h) of the DGCL, and (iv) recommended that GLDD Stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer.

6. The Offer is not subject to any financing condition. The Offer is subject to certain conditions described in "<u>The Tender Offer—Section</u> <u>15. Conditions of the Offer</u>" of the Offer to Purchase.

7. Any transfer taxes applicable to the sale of Shares to Purchaser pursuant to the Offer will be paid by Purchaser, except as otherwise provided in Instruction 6 of the Letter of Transmittal.

If you wish to have us tender any or all of your Shares, then please so instruct us by completing, executing, detaching and returning to us the Instruction Form on the detachable part hereof. An envelope to return your instructions to us is enclosed. If you authorize tender of your Shares, then all such Shares will be tendered unless otherwise specified on the Instruction Form.

**Your prompt action is requested. Your Instruction Form should be forwarded to us in ample time to permit us to submit the tender on your behalf before the expiration of the Offer.** 

The Offer is not being made to, nor will tenders be accepted from or on behalf of, holders of Shares in any jurisdiction in which the making of the Offer or acceptance thereof would not be in compliance with the laws of such jurisdiction, and Purchaser is not aware of any jurisdiction in which the making of the Offer or the tender of Shares in connection therewith would not be in compliance with the laws of such jurisdiction. If Purchaser becomes aware of any jurisdiction in which the making of the Offer would not be in compliance with applicable law, Purchaser will make a good faith effort to comply with any such law. If, after such good faith effort, Purchaser cannot comply with any such law, the Offer will not be made to (nor will tenders be accepted from or on behalf of) the holders of Shares residing in such jurisdiction. In those jurisdictions where applicable laws require that the Offer be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.

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**INSTRUCTION FORM** 

**With Respect to the Offer to Purchase** 

**All Outstanding Shares of Common Stock of** 

**GREAT LAKES DREDGE & DOCK CORPORATION** 

**at** 

**AN OFFER PRICE OF $17.00 PER SHARE IN CASH** 

**Pursuant to the Offer to Purchase** 

**Dated March 4, 2026** 

**by** 

**HURON MERGECO., INC.,** 

**a wholly owned subsidiary** 

**of** 

**SALTCHUK RESOURCES, INC.** 

The undersigned acknowledge(s) receipt of your letter and the enclosed Offer to Purchase, dated March 4, 2026 (together with any amendments or supplements thereto, the "<u>Offer to Purchase</u>"), and the related Letter of Transmittal (together with any amendments or supplements thereto, the "<u>Letter of Transmittal</u>" and, together with the Offer to Purchase, the "<u>Offer</u>"), in connection with the offer by Huron MergeCo., Inc., a Delaware corporation ("<u>Purchaser</u>") and a wholly owned subsidiary of Saltchuk Resources, Inc., a Washington corporation ("<u>Parent</u>"), to purchase all of the issued and outstanding shares of common stock, par value $0.0001 per share (the "<u>Shares</u>"), of Great Lakes Dredge & Dock Corporation, a Delaware corporation ("<u>GLDD</u>"), for $17.00 per Share in cash, upon the terms and subject to the conditions described in the Offer to Purchase and the related Letter of Transmittal. The Offer Price will be paid subject to any required tax withholdings and without interest. The undersigned hereby instruct(s) you to tender to Purchaser the number of Shares indicated below (or, if no number is indicated, all Shares) that are held by you or your nominees for the account of the undersigned, upon the terms and subject to the conditions set forth in the Offer.

The undersigned understand(s) and acknowledge(s) that all questions as to the validity, form, eligibility (including time of receipt) and acceptance for payment of any tender of Shares and of the surrender of any certificate representing Shares submitted on my/our behalf, will be determined by Purchaser, in its sole discretion, which determination will be final and binding on all parties, subject to the rights of tendering stockholders of GLDD to challenge such determination with respect to their Shares in a court of competent jurisdiction. In addition, the undersigned understands and acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchaser reserves the absolute right to (i) reject any and all tenders determined by it not to be in proper form or the acceptance for payment of or payment for which may, in Purchaser's opinion, be unlawful and (ii) waive any defect or irregularity in the tender of any Shares of any particular stockholder, whether or not similar defects or irregularities are waived in the case of any other stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No tender of Shares will be deemed to have been validly made until all defects and irregularities relating thereto have been cured or waived to Purchaser's satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. None of Purchaser, Parent or any of their respective affiliates or assigns, Broadridge Corporate Issuer Solutions, LLC., in its capacity as depositary and paying agent, MacKenzie Partners, Inc., in its capacity as the information agent, or any other person will be under any duty to give any notification of any defects or irregularities in tenders or incur any liability for failure to give any such notification.

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**The method of delivery of this document is at the election and risk of the tendering stockholder. If delivery is by mail, then registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to ensure timely delivery.** 

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| | |
|:---|:---|
| Number of Shares to be Tendered: | SIGN HERE |
|  Shares\* | Signature(s) |
| Account No.: | |
| Dated: | |
|  | **Please Print Name(s) and Address(es) Here** |
| **Area Code and Phone Number** |  |
| **Tax Identification Number or Social Security Number** |  |

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\* Unless otherwise indicated, it will be assumed that all Shares held by us for your account are to be tendered.

## Ex-99.(A)(1)(E)

**Exhibit (a)(1)(E)** 

*This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below). The Offer (as defined below) is made solely by the Offer to Purchase (as defined below), dated March 4, 2026, and the related Letter of Transmittal (as defined below) and any amendments or supplements thereto. The Offer is not being made to, nor will tenders be accepted from or on behalf of, holders of Shares in any jurisdiction in which the making of the Offer or acceptance thereof would not be in compliance with the laws of such jurisdiction. In those jurisdictions where applicable laws require that the Offer be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of Purchaser (as defined below) by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.* 

**Notice of Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**GREAT LAKES DREDGE & DOCK CORPORATION** 

**at** 

**AN OFFER PRICE OF $17.00 PER SHARE IN CASH** 

**Pursuant to the Offer to Purchase** 

**Dated March 4, 2026** 

**by** 

**HURON MERGECO., INC.,** 

**a wholly-owned subsidiary** 

**of** 

**SALTCHUK RESOURCES, INC.** 

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Huron MergeCo., Inc., a Delaware corporation ("<u>Purchaser</u>") and a wholly-owned subsidiary of Saltchuk Resources, Inc., a Washington corporation ("<u>Parent</u>"), is offering to purchase (the "<u>Offer</u>") all of the issued and outstanding shares of common stock, par value $0.0001 per share (the "<u>Shares</u>"), of Great Lakes Dredge & Dock Corporation, a Delaware corporation ("<u>GLDD</u>"), for $17.00 per Share in cash (the "<u>Offer Price</u>") upon the terms and subject to the conditions described in the Offer to Purchase dated March 4, 2026 (together with any amendments or supplements thereto, the "<u>Offer to Purchase</u>") and in the related Letter of Transmittal (together with any amendments or supplements thereto, the "<u>Letter of Transmittal</u>"). Subject to the terms of the Agreement and Plan of Merger, dated as of February 10, 2026, by and among GLDD, Parent and Purchaser (together with any amendments or supplements thereto, the "<u>Merger Agreement</u>"), the Offer Price will be paid subject to any required tax withholdings and without interest.

Stockholders who hold Shares that are registered in their name and are tendered directly to Broadridge Corporate Issuer Solutions, LLC, which is the depositary and paying agent for the Offer (the "<u>Depositary and Paying Agent</u>"), will not be obligated to pay brokerage fees or commissions or, except as otherwise provided in Instruction 6 of the Letter of Transmittal, transfer taxes on the purchase of Shares by Purchaser pursuant to the Offer. Stockholders who hold their Shares through a broker, dealer, commercial bank, trust company or other nominee should consult with such institution as to whether they charge any service fees or commissions.

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE ONE MINUTE AFTER 11:59 P.M. NEW YORK CITY TIME ON MARCH 31, 2026 (THE "<u>EXPIRATION DATE</u>"), UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

The Offer is being made pursuant to the Merger Agreement, pursuant to which, after the completion of the Offer and the satisfaction or, to the extent permitted by the Merger Agreement, waiver of certain conditions, Purchaser will be merged with and into GLDD, without a meeting, vote or any further action of GLDD's stockholders ("<u>GLDD Stockholders</u>") in accordance with Section 251(h) of the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"), whereupon the separate existence of Purchaser will cease and GLDD will survive the merger as a wholly-owned subsidiary of Parent (such corporation, the "<u>Surviving Corporation</u>", such merger, the "<u>Merger</u>" and the Merger, together with the Offer and the other transactions contemplated by the Merger Agreement, the "<u>Transactions</u>"). At the effective time of the Merger (the "<u>Effective Time</u>"), by virtue of the Merger and without any action required by any party to the Merger Agreement or any GLDD Stockholder, each Share issued and outstanding immediately prior to the Effective Time other than Shares (i) held by GLDD in treasury or owned of record by GLDD or any subsidiary of GLDD and Shares owned of record by Parent, Purchaser (including Shares irrevocably accepted for payment by Purchaser in the Offer) or any of their respective wholly-owned subsidiaries (in each case, other than those held on behalf of any third party) shall be canceled and cease to exist, with no payment being made with respect thereto, and (ii) held by any GLDD Stockholders who have properly demanded appraisal rights of such Shares under, and who comply in all respects with, Section 262 of the DGCL and have not validly revoked such demand, will automatically be converted into the right to receive an amount in cash equal to the Offer Price, without interest thereon and subject to any applicable withholding taxes (the "<u>Merger Consideration</u>"). Upon the terms and subject to the conditions specified in the Merger Agreement, the Merger will become effective as soon as practicable on the same business day as the Acceptance Time (as defined below), without a meeting, vote or any further action of GLDD Stockholders, in accordance with Section 251(h) of the DGCL. At the Effective Time, Purchaser will be merged with and into GLDD, whereupon the separate existence of Purchaser will cease, and GLDD will continue as the Surviving Corporation in the Merger. The Merger Agreement is more fully described in the Offer to Purchase.

Purchaser's obligation to accept for purchase and payment all Shares validly tendered (and not validly withdrawn) pursuant to the Offer (such acceptance, the "<u>Offer Closing</u>", and the date and time at which the Offer Closing occurs, the "<u>Acceptance Time</u>") is subject to the satisfaction (or, to the extent permitted, waiver) of certain conditions set forth in the Merger Agreement, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the number of Shares validly tendered and not properly withdrawn prior to the expiration of the Offer, together
with the number of Shares owned, directly or indirectly, by Parent, Purchaser and any of their respective wholly-owned subsidiaries, shall equal at least one (1) Share more than a majority of the

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issued and outstanding Shares as of the expiration of the Offer, which, for this calculation, will exclude tendered Shares not yet "received" (within the meaning of Section 251(h) of the DGCL) (the "<u>Minimum Tender Condition</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the waiting period (or any extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended, relating to the purchase of Shares pursuant to the Offer or the consummation of the Merger shall have expired or been terminated as of the expiration of the Offer (the " <u>Competition Laws Condition</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. no governmental entity of competent jurisdiction shall have issued or entered any judgment, order, award,
stipulation, settlement, injunction or decree that is in effect and that enjoins or prohibits the making of the Offer or the consummation of the Offer or the Merger (the " <u>Injunction Condition</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the accuracy of the representations and warranties of GLDD set forth in the Merger Agreement (subject to
certain exceptions and qualifications described in the Merger Agreement and the Offer to Purchase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GLDD's performance and compliance in all material respects with its agreements and covenants contained in
the Merger Agreement that are required to be performed or complied with by it at or prior to the Acceptance Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Parent and Purchaser receiving a certificate signed on behalf of GLDD, dated as of the Acceptance Time, to the
effect that the conditions referenced in clauses (4) and (5) above and clause (7) below have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. no GLDD Material Adverse Effect (as defined in the Offer to Purchase) shall have occurred since the date of the
Merger Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. the Merger Agreement not being terminated in accordance with its terms (the " <u>Termination Condition</u> ", and collectively, (1) through (8), the " <u>Offer Conditions</u> ").

The obligations of Parent and Purchaser to consummate the Offer and the Merger under the Merger Agreement are not subject to a financing condition. Purchaser and Parent reserve the right to waive certain of the conditions to the Offer in their sole discretion to the extent permitted by applicable law (other than the Minimum Tender Condition, which may be waived by Purchaser only with the prior written consent of GLDD, or the Competition Laws Condition, the Injunction Condition or the Termination Condition).

The purpose of the Offer and the Merger is for Parent and its affiliates, through Purchaser, to acquire control of all of the issued and outstanding Shares of GLDD. Following the consummation of the Offer, Purchaser intends to effect the Merger pursuant to Section 251(h) of the DGCL as promptly as practicable on the same business day as the Acceptance Time, subject to the satisfaction or waiver (to the extent permitted by the Merger Agreement) of certain conditions. If the Merger is so effected pursuant to Section 251(h) of the DGCL, no vote of GLDD's stockholders will be required to adopt the Merger Agreement or consummate the Merger.

**After careful consideration, the GLDD Board has unanimously: (i) determined that it is in the best interests of GLDD and GLDD Stockholders for GLDD to enter into the Merger Agreement and declared the Merger Agreement and the Transactions, including the Offer and the Merger, advisable, (ii) approved the execution, delivery and performance of, and adopted the Merger Agreement and the consummation of the Transactions, including the Merger and the Offer, in accordance with the DGCL, (iii) resolved that the Merger shall be effected under and governed by Section 251(h) of the DGCL, and (iv) recommended that GLDD Stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer.** 

Descriptions of the reasons for the GLDD Board's recommendation and approval of the Offer are set forth in GLDD's Solicitation/Recommendation Statement on Schedule 14D-9 (the "<u>Schedule 14D-9</u>"), which is being mailed to GLDD Stockholders together with the Offer materials (including the Offer to Purchase and the related Letter of Transmittal). GLDD Stockholders should carefully read the information set forth in the Schedule 14D-9 in its entirety, including the information set forth in Item 4 thereof under the sub-headings "Recommendation of the Company Board", "Background of the Offer and Merger" and "Reasons for the Recommendation."

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The Merger Agreement provides that (i) Purchaser may, in its sole discretion, and without the consent of GLDD or any other person, extend the Offer on one or more occasions, for additional periods of up to ten (10) business days (as determined as set forth in Rule 14d-1(g)(3) under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")) per extension (or such longer period as the parties may agree), if, at any then-scheduled Expiration Date, any Offer Condition is not satisfied or waived by Purchaser or Parent, in order to permit such Offer Condition to be satisfied, except that, in the event that at any then-scheduled Expiration Date, the Minimum Tender Condition is the only Offer Condition not satisfied (other than the Offer Conditions that by their nature are only satisfied as of the Acceptance Time so long as such conditions would be satisfied if the Acceptance Time were to then occur) then Purchaser shall not be permitted to extend the Offer more than four (4) times in the aggregate, (ii) Purchaser shall, and Parent shall cause Purchaser to, extend the Offer for the minimum period required by applicable law, or by any rule, regulation, interpretation or position of the Securities and Exchange Commission or the staff thereof or Nasdaq applicable to the Offer, and (iii) if, at any then-scheduled Expiration Date, any Offer Condition is not satisfied or, if permitted by the Merger Agreement, waived by Parent or Purchaser at such time, then if requested by GLDD, Purchaser shall, and Parent shall cause Purchaser to, extend the Offer for additional periods of ten (10) business days (determined as set forth in Rule 14d-1(g)(3) under the Exchange Act) per extension (or such other period as the parties may agree), except that, in the event that at any then-scheduled Expiration Date, the Minimum Tender Condition is the only Offer Condition not satisfied (other than conditions that by their nature are only to be satisfied at the Acceptance Time, so long as such conditions would be satisfied if the Offer were to then expire), Purchaser is not required to, and Parent is not required to cause Purchaser to, further extend the Offer more than four (4) times in the aggregate; provided that Purchaser is not required to, and Parent is not required to cause Purchaser to, extend the Offer beyond the Outside Date (as defined in the Merger Agreement) or the date the Merger Agreement is validly terminated in accordance with the terms thereof.

Pursuant to the Merger Agreement, Purchaser has expressly reserved the right to (i) increase the amount of cash constituting the Offer Price and/or (ii) waive, in whole or in part, any Offer Condition, or modify the terms of the Offer not inconsistent with the terms of the Merger Agreement, except that, without the prior written consent of GLDD, Purchaser may not (and Parent will not permit Purchaser to) (a) reduce the number of Shares subject to the Offer, (b) reduce the Offer Price (other than as permitted by the Merger Agreement), (c) amend, modify or waive the Minimum Tender Condition, the Competition Laws Condition, the Injunction Condition and the Termination Condition, (d) add to the Offer Conditions or other conditions of the Offer or amend, modify or supplement any Offer Condition or other conditions of the Offer, (e) except as provided in the Merger Agreement with respect to the extension of the Offer, terminate, extend, or otherwise amend or modify the Expiration Date, (f) change the form of consideration payable in the Offer, (g) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse to GLDD Stockholders or that would reasonably be expected to cause any delay of Parent or Purchaser to consummate the Offer, or (h) provide any "subsequent offering period" within the meaning of Rule 14d-11 promulgated under the Exchange Act.

Any extension, waiver or amendment of the Offer or termination of the Offer will be followed, as promptly as practicable, by public announcement thereof, such announcement in the case of an extension to be issued not later than 9:00 a.m. New York City time on the next business day after the Expiration Date in accordance with the public announcement requirements of Rules 14d-3(b)(1), 14d-4(d), 14d-6(c), and 14e-1(d) under the Exchange Act.

For purposes of the Offer, if and when Purchaser gives oral or written notice to Depositary and Paying Agent of its acceptance for payment of such Shares pursuant to the Offer, then Purchaser has accepted for payment and thereby purchased Shares validly tendered and not validly withdrawn pursuant to the Offer. Upon the terms and subject to the conditions of the Offer, payment for Shares accepted for payment pursuant to the Offer will be made by deposit of the aggregate Offer Price (subject to any required tax withholdings) therefor with the Depositary and Paying Agent, which will act as agent for the tendering stockholders for purposes of receiving payments from Purchaser and transmitting such payments to the tendering stockholders. **Under no circumstances will interest be paid on the Offer Price for Shares, regardless of any extension of the Offer or any delay in payment for Shares**.

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Payment for Shares tendered and accepted for purchase and payment pursuant to the Offer will be made only after timely receipt by the Depositary and Paying Agent of (i) certificates representing such Shares or confirmation of the book-entry transfer of such Shares into the Depositary and Paying Agent's account at The Depository Trust Company ("<u>DTC</u>") pursuant to the procedures set forth in the Offer to Purchase (ii) a Letter of Transmittal, properly completed and duly executed, with any required signature guarantees in customary form (or, an Agent's Message in lieu of the Letter of Transmittal), and (iii) any other documents required by the Letter of Transmittal or any other customary documents required by Depositary and Paying Agent, in each case, as further described in the Offer to Purchase. Accordingly, tendering stockholders may be paid at different times depending upon when certificates for Shares or book-entry confirmations with respect to Shares, as the case may be, and other documents described above are actually received by the Depositary and Paying Agent.

Except as otherwise provided in the Offer to Purchase, tenders of Shares pursuant to the Offer are irrevocable. However, a stockholder has withdrawal rights that are exercisable until the Expiration Date (*i.e.*, at any time prior to one minute after 11:59 p.m. New York City time on March 31, 2026), or in the event the Offer is extended, on such date and time to which the Offer is extended. In addition, pursuant to Section 14(d)(5) of the Exchange Act, Shares may be withdrawn at any time after May 3, 2026, which is the 60<sup>th</sup> day after the date of the commencement of the Offer, unless prior to that date Purchaser has accepted for payment the Shares validly tendered in the Offer. Withdrawals of tenders of Shares may not be rescinded, and any Shares properly withdrawn will be deemed not to have been validly tendered for purposes of the Offer. However, withdrawn Shares may be re-tendered by following one of the procedures for tendering Shares described in the Offer to Purchase at any time prior to the expiration of the Offer.

The exchange of Shares for cash pursuant to the Offer or the Merger will generally be a taxable transaction for U.S. federal income tax purposes. For a summary of certain U.S. federal income tax consequences of the Offer and the Merger, see the Offer to Purchase. **Holders of Shares should consult their own tax advisors regarding the particular tax consequences of the Offer and the Merger in light of their particular circumstances, including the application and effect of any U.S. federal, state, local and non-U.S. tax laws.**

The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 of the General Rules and Regulations under the Exchange Act is contained in the Offer to Purchase and is incorporated herein by reference.

GLDD has agreed to provide Purchaser with its list of stockholders and security position listings for the purpose of disseminating the Offer to GLDD Stockholders. The Offer to Purchase and the related Letter of Transmittal will be mailed to record holders of Shares whose names appear on GLDD's stockholder list and will be furnished to brokers, dealers, commercial banks, trust companies and similar persons whose names, or the names of whose nominees, appear on the stockholder list or, if applicable, who are listed as participants in a clearing agency's security position listing, for subsequent transmittal to beneficial owners of Shares.

**The Offer to Purchase, the related Letter of Transmittal and the other exhibits to the Schedule TO, and GLDD's Schedule 14D-9, contain important information and all documents should be read carefully and in their entirety before any decision is made with respect to the Offer.** 

Questions and requests for assistance may be directed to MacKenzie Partners, Inc. (the "<u>Information Agent</u>") at the address and telephone number set forth below. Requests for copies of the Offer to Purchase and the related Letter of Transmittal may be directed to the Information Agent or to brokers, dealers, commercial banks or trust companies. Such copies will be furnished promptly at Purchaser's expense.

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*The Information Agent for the Offer is:*![LOGO](g94032g06g06.jpg)

7 Penn Plaza

New York, New York 10001

(212) 929-5500

Email: tenderoffer@mackenziepartners.com

Stockholders, banks and brokers may call MacKenzie Partners, Inc., the Information Agent for the Offer, toll-free at (800) 322-2885.

## Ex-99.(A)(5)(Ii)

**Exhibit (a)(5)(ii)** 

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**Saltchuk Resources, Inc. and Great Lakes Dredge & Dock Corporation Announce Commencement of Tender Offer for All Issued and Outstanding Shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)** 

**SEATTLE, WA and HOUSTON, TX, March 4, 2026 —** Saltchuk Resources, Inc. ("Saltchuk") and Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) ("GLDD") announced that on March 4, 2026, Saltchuk's wholly-owned subsidiary, Huron MergeCo., Inc. ("Purchaser"), commenced its tender offer (the "Offer") for all issued and outstanding shares of common stock of GLDD ("Shares") at a price of $17.00 per Share in cash, subject to any required tax withholdings and without interest (the "Offer Price"). The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of February 10, 2026, by and among Saltchuk, Purchaser, and GLDD (the "Merger Agreement"), which Saltchuk and GLDD announced on February 11, 2026.

The GLDD Board of Directors has unanimously determined that the Merger Agreement and the Offer are in the best interests of GLDD's stockholders. The GLDD Board of Directors also recommends that the stockholders of GLDD tender their shares to Purchaser pursuant to the Offer.

The Offer will expire at one minute after 11:59 p.m. New York City time on March 31, 2026, unless extended or earlier terminated. Instructions to tender Shares are being communicated to stockholders through MacKenzie Partners, Inc., the information agent for the Offer, or the institution or brokerage that holds Shares on the stockholder's behalf.

Purchaser's obligation to accept and pay for Shares tendered in the Offer is subject to conditions, including satisfaction of a minimum tender condition and other customary conditions for transactions of this type. After the completion of the Offer and the satisfaction or waiver of certain conditions, Purchaser will merge with and into GLDD, with GLDD continuing as the surviving entity (the "Merger"). As a result of the Merger, outstanding Shares will generally be cancelled and converted into the right to receive an amount equal to the Offer Price, and GLDD will cease to be a publicly traded company and will become wholly-owned by Saltchuk.

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**Additional Information** 

This press release is for information purposes only and does not constitute an offer to buy or the solicitation of an offer to sell any securities. The solicitation and the offer to buy shares of GLDD common stock will be made only pursuant to an offer to purchase and related materials that Saltchuk and Purchaser intend to file with the U.S. Securities and Exchange Commission (the "SEC"). Saltchuk and Purchaser will file a Tender Offer Statement on Schedule TO with the SEC and thereafter GLDD will file a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the Offer. BEFORE MAKING ANY INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF GLDD ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS), THE SOLICITATION/RECOMMENDATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE CONSIDERED BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. These materials will be sent free of charge to GLDD stockholders. In addition, all of these materials (and all other tender offer documents filed with the SEC) will be available at no charge from the SEC through its website at www.sec.gov and upon request to MacKenzie Partners, Inc., the information agent for the Offer, at 7 Penn Plaza, New York, New York 10001, by calling toll free (800) 322-2885. Broadridge Corporate Issuer Solutions, LLC is acting as depositary and paying agent for the Offer.

**Cautionary Note Regarding Forward-Looking Statements** 

Forward-looking statements made herein with respect to the tender offer and related transactions, including, for example, the timing of the completion of the tender offer and the merger or the potential benefits of the tender offer and the merger, reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, GLDD's and Saltchuk's actual results may differ materially from its expectations or projections. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "target," "project," "contemplate," "predict," "potential," "continue," "may," "would," "could," "should," "seeks," "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable language.

The following factors, among others, could cause actual plans and results to differ materially from those described in forward-looking statements. Such factors include, but are not limited to, the effect of the announcement of the tender offer and related transactions on GLDD's and Saltchuk's relationships with employees, governmental entities and other business relationships, operating results and business generally; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, and the risk that the merger agreement may be terminated in circumstances that require GLDD to pay a termination fee; the possibility that competing offers will be made; the outcome of any legal proceedings that may be instituted against GLDD and Saltchuk related to the transactions contemplated by the merger agreement, including the tender offer and the merger; uncertainties as to the timing of the tender offer; uncertainties as to the number of stockholders of GLDD who may tender their stock in the tender offer; the failure to satisfy other conditions to consummation of the tender offer or the merger on the anticipated timeframe or at all, including the receipt of regulatory approvals related to the merger (and any conditions, limitations or restrictions placed on these approvals); risks that the tender offer and related transactions disrupt current plans and operations and the potential difficulties in employee retention as a

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result of the proposed transactions; the effects of local and national economic, credit and capital market conditions on the economy in general, and other risks and uncertainties; and those risks and uncertainties discussed from time to time in GLDD's other reports and other public filings with the SEC.

Additional information concerning these and other factors that may impact GLDD's expectations and projections can be found in its periodic filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2025. GLDD's SEC filings are available publicly on the SEC's website at www.sec.gov, on GLDD's website at gldd.com under "Investors—Financials & Filings—SEC filings" or upon request via email to EMBirge@gldd.com. All forward-looking statements contained in this communication are based on information available to GLDD and Saltchuk as of the date hereof and are made only as of the date of this communication. GLDD and Saltchuk disclaim any obligation or undertaking to update or revise the forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required under applicable law. These forward-looking statements should not be relied upon as representing GLDD's or Saltchuk's views as of any date subsequent to the date of this communication. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of GLDD or Saltchuk.

**About Saltchuk Resources, Inc.** 

Saltchuk is a privately owned family of diversified freight transportation, marine service, and energy distribution companies, with consolidated annual revenue of approximately $5.6 billion and 8,800 employees. We make multi-generational investments, championing our companies' individual brands while providing strategic leadership and resources through our Corporate Home. Our companies maintain independent operations guided by shared values: safety comes first, reliability defines our customer relationships, and integrity shapes how we conduct business. We're committed to each other, to environmental stewardship, and to contributing to our communities, fostering places where anyone would be proud for their children to work. Headquartered in Seattle, additional information is available at <u>www.saltchuk.com</u>.

**About Great Lakes Dredge & Dock Corporation** 

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, which is complemented with a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the offshore energy industry. GLDD employs experienced civil, ocean and mechanical engineering staff in its estimating, production, and project management functions. In its over 136-year history, GLDD has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experience-based performance as they advance through GLDD operations. GLDD's Incident-and Injury-Free<sup>®</sup> (IIF<sup>®</sup>) safety management program is integrated into all aspects of the GLDD's culture. GLDD's commitment to the IIF<sup>®</sup> culture promotes a work environment where employee safety is paramount.

**Contact** 

Eric Birge,

Vice President of Investor Relations,

313-220-3053

## Ex-99.(B)(1)

**Exhibit (b)(1)** 

**EXECUTION VERSION** 

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| **U.S. BANK NATIONAL ASSOCIATION**<br>1095 Avenue of the Americas<br> New York, NY 10036 | **BANK OF AMERICA, N.A.**<br>**BOFA SECURITIES, INC.**<br>One Bryant Park New<br> York, NY 10036 | **PNC BANK, NATIONAL ASSOCIATION**<br>**PNC CAPITAL MARKETS LLC**<br>The Tower at PNC Plaza<br> 300 Fifth Avenue<br> Pittsburgh, PA 15222 | **WELLS FARGO BANK, NATIONAL ASSOCIATION**<br>**WELLS FARGO SECURITIES, LLC**<br>550 South Tryon Street<br> Charlotte, NC 28202 |

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February 10, 2026

Saltchuk Resources, Inc.

450 Alaskan Way S

Suite 708

Seattle, WA 98104

Attention: Jerald W. Richards

**Project Huron** 

**<u>Bridge Commitment Letter</u>**

Ladies and Gentlemen:

Saltchuk Resources, Inc., a Washington corporation ("***you***", the "***Borrower***", or the "***Company***"), advised each of U.S. Bank National Association ("***U.S. Bank***"), BofA Securities, Inc. (together with its designated affiliates, "***BofA Securities***"), Bank of America, N.A. ("***Bank of America***"), PNC Capital Markets LLC ("***PNCCM***"), PNC Bank, National Association ("***PNC Bank***"), Wells Fargo Securities, LLC ("***WFS***"), and Wells Fargo Bank, National Association ("***Wells Fargo***"; together with U.S. Bank, BofA Securities, Bank of America, PNCCM, PNC Bank and WFS, "***we***", "***us***", the "***Commitment Parties***", and each, a "***Commitment Party***"), in connection with the transaction identified to us as "Project Huron", that you (through a wholly-owned subsidiary) intend to acquire (the "***Acquisition***") Great Lakes Dredge & Dock Corporation, a Delaware corporation ("***GLDD***" or the "***Target***"), and consummate certain other transactions, all as described in <u>Exhibit A</u> hereto. In connection therewith, the Borrower intends to obtain a senior unsecured bridge term loan credit facility (the "***Bridge Credit Facility***") in an aggregate principal amount of $1,300,000,000. Each capitalized term used herein and not defined herein shall have the meaning ascribed thereto in this Bridge Commitment Letter, including the Exhibits hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Commitments.** In connection with the foregoing, (a) (i) U.S. Bank is pleased to advise you of its commitment to provide $325,000,000 of the Bridge Credit Facility, (ii) Bank of America is pleased to advise you of its commitment to provide $325,000,000 of the Bridge Credit Facility, (iii) PNC Bank is pleased to advise you of its commitment to provide $325,000,000 of the Bridge Credit Facility, and (iv) Wells Fargo is pleased to advise you of its commitment to provide $325,000,000 of the Bridge Credit Facility (each of U.S. Bank, Bank of America, PNC Bank, and Wells Fargo in such capacity, an "***Initial Lender***", and together, the "***Initial Lenders***"), <u>provided</u>, that the foregoing commitments are several, and not joint, (b) U.S. Bank is pleased to advise you of its willingness to act as the sole and exclusive administrative agent (in such capacity, the "***Administrative Agent***") for the Bridge Credit Facility, and (c) each of U.S. Bank (in such capacity, the "***Lead Left Arranger***"), BofA Securities, PNCCM, and WFS (or, in each case, its designated affiliate) is pleased to advise you of its willingness, and you hereby engage each of the foregoing, to act as the joint lead arrangers and joint bookrunners (collectively, in such capacity (including the Lead Left Arranger), the "***Lead Arrangers***", and each a "***Lead***

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 ***Arranger***") for the Bridge Credit Facility, and in connection therewith to form a syndicate of lenders for the Bridge Credit Facility, but excluding Disqualified Lenders (as defined below) (collectively, the "***Lenders***", and each, a "***Lender***"), including the Initial Lenders, in consultation with you (and subject to your approval and consent, as applicable, as provided in this Bridge Commitment Letter) and otherwise subject to the provisions of this Bridge Commitment Letter, in each case upon and subject to the terms set forth in this letter agreement and <u>Exhibits A</u> and <u>B</u> hereto, and subject solely to the conditions set forth in <u>Exhibit C</u> hereto (the "***Conditions Exhibit***", and together with <u>Exhibit B</u>, the "***Bridge Term Sheet***" and, the Bridge Term Sheet, together with this letter agreement, including the transaction summary set forth in <u>Exhibit A</u> hereto, as amended or modified from time to time, this "***Bridge Commitment Letter***"). You further agree, subject to the last paragraph of Section 2 of this Bridge Commitment Letter, that no other titles will be awarded and no compensation (other than that expressly contemplated by this Bridge Commitment Letter, the Bridge Fee Letter (as hereinafter defined) and the Lead Left Fee Letter (as hereinafter defined)) will be paid in connection with the Bridge Credit Facility unless you and the Lead Left Arranger shall so agree, including as agreed prior to the date hereof in accordance with the Syndication Plan (as defined below). It is understood and agreed that (a) U.S. Bank will have "left" or first placement in any marketing materials or other documentation used in connection with the Bridge Credit Facility, and in each case having the roles and responsibilities customarily associated with such name placement, (b) BofA Securities shall appear second, or immediately to the right of U.S. Bank, in any marketing materials or other documentation used in connection with the Bridge Credit Facility, and (c) the other agents (or their affiliates, as applicable) for the Bridge Credit Facility appointed as described above will be listed in any marketing materials or other documentation used in connection with the Bridge Credit Facility in an order determined by you in consultation with the Commitment Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Syndication.** The Lead Arrangers intend to commence syndication of the Bridge Credit Facility (which syndication shall not reduce the respective commitments of the Initial Lenders hereunder, except as provided for in this Section 2) promptly after your acceptance of the terms of this Bridge Commitment Letter, the Bridge Fee Letter, and the Lead Left Fee Letter (such date, the "***Syndication Commencement Date***"), and we agree not to commence any syndication of the Bridge Credit Facility prior to the Syndication Commencement Date. You agree to use commercially reasonable efforts to actively assist the Lead Arrangers in achieving a syndication that is reasonably acceptable to you and us, commencing on the Syndication Commencement Date until the date that is 60 days following the Acquisition Funding Date (as defined in <u>Exhibit A</u> hereto) (such period, the "***Syndication Period***"). Such assistance during the Syndication Period shall include (a) your using commercially reasonable efforts to provide all customary written readily available information in respect of the Borrower, the Target and its subsidiaries (the Target, together with such subsidiaries, the "***Target Entities***") reasonably deemed necessary by the Lead Arrangers to complete such syndication (in the case of information of or related to the Target Entities, solely to the extent practical and appropriate and not in contravention of (and consistent with) the Merger Agreement and subject to the provisions and restrictions under applicable law, using your commercially reasonable efforts to cause the Target Entities to provide such information), in each case subject to the limitations on the scope of Projections and financial statements described in clause (b) below, (b) your assistance in the preparation of an information memorandum and a lender presentation with respect to the Bridge Credit Facility, in each case, in form and substance customary for transactions of this type and otherwise reasonably satisfactory to the Lead Arrangers (each, an "***Information Memorandum***") (collectively with the Bridge Term Sheet, the transaction summary attached hereto as <u>Exhibit A</u>, and any additional summary of terms prepared for distribution to prospective Lenders (other than Disqualified Lenders), the "***Information Materials***"), it being understood and agreed that (x) the Information Memorandum shall include each of the total leverage ratio of the Borrower and the consolidated net leverage ratio of the Borrower, calculated on a pro forma basis for the Acquisition and the transactions related thereto (including the funding of the loans under the Bridge Credit Facility) and in a manner consistent with the below-defined "Existing Revolving Credit Agreement" and (y) Projections and/or financial statements with respect to the Borrower and the Target Entities that are to be included in the Information Materials shall be as mutually agreed between you and us; <u>provided</u>, that your requirement to assist in obtaining and providing any information of or related to the Target Entities, and the scope of any such information, shall be subject to the parenthetical at the end of clause (a) above, (c) your using your commercially reasonable efforts to ensure that the syndication efforts of the Lead Arrangers benefit from your existing lending relationships, and

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(d) the hosting, with the Commitment Parties and appropriate officers and senior management of the Borrower and, using your commercially reasonable efforts, solely to the extent practical and not in contravention of (and consistent with) the Merger Agreement, with respect to those of the Target Entities, of up to one meeting (or, at your option, a conference call or videoconference in lieu of such meeting) of prospective Lenders (as well as additional one-on-one conference calls with prospective Lenders as deemed reasonably necessary) in each case at such time during regular business hours and a location to be reasonably agreed (which can be a conference call or videoconference at your option). Without limiting your obligations to assist with syndication efforts as set forth herein, it is understood that the Initial Lenders' commitments hereunder are not conditioned upon the syndication of, or receipt of commitments in respect of, the Bridge Credit Facility and in no event shall the commencement or successful completion of syndication of the Bridge Credit Facility constitute a condition to the availability of the Bridge Credit Facility on the Acquisition Funding Date.

In order to facilitate an orderly and successful syndication of the Bridge Credit Facility, you agree that from the date hereof until the end of the Syndication Period, neither the Borrower nor any of its subsidiaries will issue, announce, offer, place or arrange debt securities or any syndicated credit facility, and you will use commercially reasonable efforts to ensure that the Target Entities do not issue, announce, offer place or arrange debt securities or any syndicated credit facility (in each case other than any borrowing, extension, increase or refinancing under the Borrower's existing revolving and term loan credit facilities, any syndicated credit facility or issuance, offer or placement or arrangement of debt securities used to refinance the Bridge Credit Facility, ordinary course purchase money indebtedness, letter of credit facilities, commercial paper facilities, working capital facilities, overdraft protection, hedging and cash management and/or financing, and financing lease obligations, any financing of the Target not prohibited by the Merger Agreement, and any other financing agreed to by the Lead Arrangers), in each case to the extent such issuance, announcement, offering, placement or arrangement would reasonably be expected to materially impair the primary syndication of the Bridge Credit Facility.

Syndication will not commence prior to the Syndication Commencement Date. From the Syndication Commencement Date to and including the date that is 60 consecutive days after the Syndication Commencement Date (the "***Initial Syndication Period***"), decisions regarding the syndication of the Bridge Credit Facility, including determinations as to the timing of all offers to prospective Lenders, the selection of Lenders, the acceptance and final allocation of commitments, the awarding of any "agent" title or similar designation or role to any Lender and the amounts offered and the compensation provided to each Lender from the amounts to be paid to the Lead Arrangers and the Initial Lenders pursuant to the terms of this Bridge Commitment Letter, the Bridge Fee Letter, and the Lead Left Fee Letter will be made jointly by the Lead Arrangers and you and, except to the extent the Lead Arrangers and you otherwise agree in writing, in accordance with the syndication plan heretofore jointly developed by such parties (the "***Syndication Plan***"). Without limiting the foregoing, the Bridge Credit Facility will be syndicated during the Initial Syndication Period only to Lenders identified in the Syndication Plan (and in the order set forth in the Syndication Plan) or otherwise agreed in writing prior to the date hereof (the "***Designated Lenders***"). Following the Initial Syndication Period, if and for so long as a successful syndication has not been achieved, the Lead Arrangers shall manage and control all aspects of the syndication of the Bridge Credit Facility in consultation with you (including in the selection of Lenders); <u>provided</u>, that the Bridge Credit Facility shall not be syndicated to (i) any person identified by you to the Lead Arrangers in writing prior to the date hereof (or, if after the date hereof, that is reasonably acceptable to the Lead Arrangers), or (ii) any person identified by you to the Lead Arrangers in writing that is a competitor of yours, your subsidiaries or the Target Entities, and any person controlling or controlled by any of the foregoing, or (iii) any affiliate of any person identified in clauses (i) or (ii) above that is (a) identified in writing by you from time to time or (b) clearly identifiable as an affiliate as a result of having such person's name in its legal name (any such person in clauses (i), (ii) or (iii) above, collectively, the "***Disqualified Lenders***"). Subject to the second to last paragraph of this Section 2, the commitments of each Initial Lender hereunder with respect to the Bridge Credit Facility will be reduced dollar-for-dollar by the amount of each commitment for the Bridge Credit Facility received from a Permitted Assignee (as defined below) selected in accordance with this paragraph upon such Permitted Assignee becoming (i) a party to this Bridge Commitment Letter as an additional "Commitment Party" pursuant to a Joinder Agreement or (ii) a party to the definitive documentation with respect to the Bridge Credit

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Facility that is consistent with this Bridge Commitment Letter, the Bridge Fee Letter, and the Lead Left Fee Letter (the "***Loan Documentation***"). Commitments assigned pursuant to the foregoing shall ratably reduce the commitments of the Initial Lenders based on their initial commitment amounts on the date hereof. For purposes herein, "Permitted Assignee" shall mean (i) each Designated Lender and (ii) any other Lender (other than a Disqualified Lender) approved by you in your reasonable discretion; <u>provided</u>, <u>however</u>, that to the extent that any portion of the commitments of an Initial Lender hereunder with respect to the Bridge Credit Facility is syndicated to a Lender that, upon first becoming party to this Bridge Commitment Letter or the applicable Loan Documentation as described above, is not a commercial or investment bank whose senior, unsecured, long-term indebtedness has an "investment grade" rating by Moody's Investors Service, Inc. and S&P Global Ratings, a Standard & Poor's Financial Services LLC business, then such Initial Lender shall not be relieved of its obligations. In connection with any commitments received from Permitted Assignees selected in accordance with this paragraph, you agree, at the request of the Lead Arranger to enter into one or more customary joinder agreements, amendments or amendments and restatements to the Bridge Commitment Letter (each, a "***Joinder Agreement***"), in each case acceptable to you, providing for such Permitted Assignees to become an additional "Commitment Party" and an additional "Initial Lender" under this Bridge Commitment Letter and extend commitments in respect of the Bridge Credit Facility directly to you (it being agreed that the commitments of such additional Commitment Parties and the Initial Lenders will be several and not joint). It is understood that, unless otherwise agreed by you and the Lead Left Arranger in writing, no Lender participating in the Bridge Credit Facility will receive compensation from you in order to obtain its commitment, except on the terms contained herein, in any Joinder Agreement, and in the Bridge Term Sheet, the Bridge Fee Letter, and the Lead Left Fee Letter.

Notwithstanding anything in this Bridge Commitment Letter, the Bridge Fee Letter, the Lead Left Fee Letter, the Loan Documentation or any other letter agreement or other undertaking concerning the financing of the transactions contemplated hereby to the contrary, (i) the Initial Lenders shall not be relieved or novated from their obligations hereunder or under any Loan Documentation (including their obligation to fund the full amount of the Bridge Credit Facility on the Acquisition Funding Date) in connection with any syndication, assignment or participation of the Bridge Credit Facility (other than, upon execution and delivery of a Joinder Agreement, in connection with any assignment to a Permitted Assignee in respect of the amount allocated to such Permitted Assignee pursuant to such Joinder Agreement), including its commitment in respect thereof, until after the full funding of the Bridge Credit Facility on the Acquisition Funding Date, (ii) no assignment or novation shall become effective with respect to all or any portion of any Initial Lender's commitment in respect of the Bridge Credit Facility until after the full funding of the Bridge Credit Facility on the Acquisition Funding Date (other than, upon execution and delivery of a Joinder Agreement, in connection with any assignment to a Permitted Assignee in respect of the amount allocated to such Permitted Assignee pursuant to such Joinder Agreement) and (iii) unless you and we agree in writing, the Initial Lenders shall retain exclusive control over all rights and obligations with respect to the commitments in respect of the Bridge Credit Facility, including all rights with respect to consents, modifications, supplements, amendments, and amendments and restatements hereunder (other than, upon execution and delivery of a Joinder Agreement, in connection with any assignment to a Permitted Assignee in respect of the amount allocated to such Permitted Assignee pursuant to such Joinder Agreement), until the full funding of the Bridge Credit Facility on the Acquisition Funding Date has occurred.

Notwithstanding anything in this Bridge Commitment Letter, the Bridge Fee Letter, the Lead Left Fee Letter, the Loan Documentation or any other letter agreement or other undertaking concerning the financing of the transactions contemplated hereby to the contrary, neither you, the Target Entities, or your or their respective subsidiaries or other affiliates, nor any of your or their respective representatives will be required to disclose, permit the inspection, examination or making copies or abstracts of, or permit the discussion of, any document, information or other matter (i) to the extent involving trade secrets, (ii) to the extent the provision thereof would, or could reasonably be expected to, violate any applicable law, rule or regulation, or any confidentiality obligation binding upon you or any Target Entity or any of your or their respective subsidiaries or other affiliates, or (iii) to the extent the provision thereof would, or could reasonably be expected to, waive any privilege that may be asserted by, you, the Target Entities, or any of your or their respective subsidiaries or other affiliates;

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 <u>provided</u>, that in the event you do not provide information in reliance on this sentence (and in the case of information applicable to the Target Entities, to your knowledge), you shall provide notice to us that such information is being withheld (but solely to the extent both feasible and permitted under applicable law, rule, regulation or confidentiality obligation, or without waiving such privilege, as applicable) and you shall use your commercially reasonable efforts to describe, to the extent both feasible and permitted under applicable law, rule, regulation or confidentiality obligation, or without waiving such privilege, as applicable, the applicable information; <u>provided</u>, <u>further</u>, that the representation and warranty made by you with respect to information in Section 3 shall not be affected in any way by your decision not to provide such information on the basis provided above. You shall have no obligation to provide (1) any financial information (other than the financial statements referenced in paragraph (ii) of <u>Exhibit C</u>) concerning the Borrower that the Borrower does not maintain in the ordinary course of business or (2) any other information not reasonably available to the Borrower under its current reporting systems, unless any such information referred to in clause (1) or (2) above would be required so that any marketing materials, when taken as a whole, would not contain any untrue statement of a material fact or omit a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; <u>provided</u> that nothing in this sentence shall be deemed to limit your obligation to prepare Projections for use in the Information Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Information Requirements.** You hereby represent and warrant (but the accuracy of which representation and warranty shall not be a condition to the commitments hereunder, the effectiveness of the Loan Documentation, the availability of the Bridge Credit Facility on the Acquisition Funding Date, or to the funding of the Bridge Credit Facility on the Acquisition Funding Date), and, with respect to the Target Entities and their respective businesses and assets prior to the Acquisition Funding Date, to your knowledge, that (a) all written information (other than (i) financial projections, the model, pro forma information, estimates, forecasts, and other forward-looking information (collectively, "***Projections***") and (ii) information of a general economic or industry nature) (the "***Information***") that has been or is hereafter made available to the Lead Arranger or any of the Lenders by you or on behalf of you by any of your representatives (and as supplemented from time to time as provided in the next sentence) in connection with the Transactions, taken as a whole, is and will be (as of the date made available, as supplemented from time to time as provided herein) correct in all material respects and does not and will not (as of the date made available, as supplemented from time to time as provided herein), taken as a whole, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, when taken as a whole, not materially misleading in light of the circumstances under which such statements were or are made and (b) all written financial Projections concerning the Borrower and the Target Entities (prior to the Acquisition Funding Date, solely to the extent such Projections in respect of the Target Entities have been made available to the Borrower and subject to your knowledge with respect to the Target Entities), that have been or are hereafter made available to the Lead Arrangers or any of the Lenders by you or on behalf of you by any of your representatives in connection with the Transactions have been or will be prepared in good faith based upon assumptions believed by you to be reasonable at the time made; it being understood that the Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, the Projections, by their nature, are inherently uncertain and no assurances are being given that the results reflected in the Projections will be achieved and actual results may differ from the Projections and such differences may be material. You agree that if at any time prior to the end of the Syndication Period (or, if earlier, the date on which the commitments in respect of the Bridge Credit Facility are terminated pursuant to clauses (a), (c) or (d) of the definition of "End Date" as set forth below), any of the representations in the preceding sentence would be incorrect in any material respect if the Information and Projections were being furnished, and such representations were being made, at such time, then you will promptly supplement or cause to be supplemented (or, in the case of the Target Entities, use commercially reasonable efforts to supplement or cause to be supplemented), the Information and Projections so that such representations contained in this paragraph are correct in all material respects under those circumstances. In issuing this commitment and in arranging and syndicating the Bridge Credit Facility, the Commitment Parties are and will be using and relying on the Information and Projections, if any, without independent verification thereof.

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You acknowledge that (a) the Lead Arrangers on your behalf will make available Information Materials to the proposed syndicate of Lenders by posting the Information Materials on Debticate, IntraLinks, SyndTrak or another similar electronic system and (b) certain prospective Lenders (such Lenders, "***Public Lenders***"; all other Lenders, "***Private Lenders***") may have personnel that do not wish to receive material non-public information (within the meaning of the United States federal securities laws, "***MNPI***") with respect to the Borrower, the Target Entities, their respective affiliates, or any other entity, or the respective securities thereof, and who may be engaged in investment and other market-related activities with respect to such entities' securities. If requested, you will assist us in preparing an additional version of the Information Materials not containing MNPI (the "***Public Information Materials***") to be distributed to prospective Public Lenders.

Before distribution of any Information Materials (a) to prospective Private Lenders, you shall provide us with a customary letter authorizing the dissemination of the Information Materials and (b) to prospective Public Lenders, you shall provide us with a customary letter authorizing the dissemination of the Public Information Materials and confirming the absence of MNPI therefrom. In addition, at our request, you shall identify Public Information Materials by clearly and conspicuously marking the same as "PUBLIC". All Information and Information Materials not specifically identified as "PUBLIC" shall be deemed suitable only for posting to Private Lenders. You agree that the Lead Arrangers on your behalf may distribute the following documents to all prospective Lenders, except to the extent you advise the Lead Arrangers in writing (including by email) within a reasonable time prior to their intended distributions that such material should only be distributed to prospective Private Lenders and provided that you shall have been given a reasonable opportunity to review such documents: (a) administrative materials for prospective Lenders such as lender meeting invitations and funding and closing memoranda; (b) notifications of changes to the terms of the Bridge Credit Facility; and (c) other materials intended for prospective Lenders after the initial distribution of the Information Materials, including drafts and final versions of term sheets and definitive documents with respect to the Bridge Credit Facility. If you advise us that any of the foregoing items should be distributed only to Private Lenders, then the Lead Arranger will not distribute such materials to Public Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Fees and Indemnities.** 

You agree to pay the fees set forth in the separate fee letter, addressed to you and dated the date hereof, from the Lead Arrangers (as amended, restated, supplemented or otherwise modified from time to time, the "***Bridge Fee Letter***"), on the terms and subject to the conditions (including as to timing and amount) set forth therein. You also agree to pay the fees set forth in the separate fee letter, addressed to you and dated the date hereof, from the Lead Left Arranger (as amended, restated, supplemented or otherwise modified from time to time, the "***Lead Left Fee Letter***"), on the terms and subject to the conditions (including as to timing and amount) set forth therein. You agree that, once paid, the fees or any part thereof payable hereunder, under the Bridge Fee Letter or under the Lead Left Fee Letter shall not be refundable under any circumstances, regardless of whether the transactions or borrowings contemplated by this Bridge Commitment Letter are consummated, except as otherwise agreed in writing by you and the Lead Arrangers or the Lead Left Arranger, as applicable. All fees payable hereunder, under the Bridge Fee Letter, and under the Lead Left Fee Letter shall be paid in immediately available funds in U.S. Dollars and shall not be subject to reduction by way of setoff or counterclaim or be otherwise affected by any claim or dispute related to any other matter. In addition, all fees payable to a recipient thereof hereunder or under the Bridge Fee Letter or the Lead Left Fee Letter shall be paid without deduction for any taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any national, state or local taxing authority, or will be grossed up in accordance with the terms of, and as provided in, the Existing Revolving Credit Agreement.

You agree that (i) in no event shall any Commitment Party, its affiliates, and its and its affiliates' respective officers, directors, employees, advisors, and agents (each, and including, without limitation, each Initial Lender, an "***Arranger-Related Person***") have any Liabilities (as defined below), on any theory of liability, for any special, indirect, consequential or punitive damages incurred by you, your affiliates or your respective equity holders arising out of, in connection with, or as a result of, this Bridge Commitment Letter, the Bridge Fee Letter,

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the Lead Left Fee Letter, the Bridge Credit Facility or any other agreement or instrument contemplated hereby and (ii) no Arranger-Related Person shall have any Liabilities arising from, or be responsible for, the use by others of Information or other materials (including, without limitation, any personal data) obtained through electronic, telecommunications or other information transmission systems, including an electronic platform or otherwise via the internet. You agree, to the extent permitted by applicable law, to not assert any claims against any Arranger-Related Person with respect to any of the foregoing. It is also agreed that neither you nor any Arranger-Related Person shall be liable for any special, indirect, consequential or punitive damages in connection with this Bridge Commitment Letter, the Bridge Fee Letter, the Lead Left Fee Letter, the Bridge Credit Facility or any other agreement or instrument contemplated hereby, or in connection with any activities related to any of the foregoing (except, with respect to you, to the extent you are otherwise required to indemnify an Indemnified Person in respect thereof pursuant to the terms of this paragraph, including to the extent such special, indirect, consequential or punitive damages are included in any third-party claim with respect to which the applicable indemnified person is otherwise entitled to indemnification). As used herein, the term "***Liabilities***" shall mean any losses, claims (including intraparty claims), demands, damages or liabilities of any kind and related expenses.

You agree (A) to (i) indemnify and hold harmless each Commitment Party, its affiliates, and its and its affiliates' respective officers, directors, employees, advisors, and agents (each, and including, without limitation, each Initial Lender, an "***Indemnified Person***") from and against any and all Liabilities to which any such Indemnified Person may become subject arising out of or in connection with this Bridge Commitment Letter, the Bridge Fee Letter, the Lead Left Fee Letter, the Bridge Credit Facility, the use of the proceeds thereof, any related transaction or the activities performed or the commitments or services furnished pursuant to this Bridge Commitment Letter or the role of each Lead Arranger or each Initial Lender in connection therewith or in connection with any actual or prospective claim, litigation, investigation, arbitration or administrative, judicial or regulatory action or proceeding in any jurisdiction relating to any of the foregoing (including in relation to enforcing the terms of the immediately preceding paragraph and this paragraph) (each, a "***Proceeding***"), regardless of whether or not any Indemnified Person is a party thereto and whether or not such Proceeding is brought by you, your equity holders, affiliates, creditors, the Borrower, any Target Entity or any other person and (ii) reimburse each Indemnified Person upon demand for any reasonable and documented legal or other expenses incurred in connection with investigating or defending any of the foregoing, regardless of whether or not in connection with any pending or threatened Proceeding to which any Indemnified Person is a party; <u>provided</u>, that the foregoing indemnity will not, as to any Indemnified Person, apply to any Liabilities or related expenses to the extent they are found by a final, non-appealable judgment of a court of competent jurisdiction to (I) primarily result from (x) the willful misconduct, bad faith or gross negligence of such Indemnified Person in performing its activities or in furnishing its commitments or services under this Bridge Commitment Letter or (y) a material breach in bad faith of the funding obligation of any Lead Arranger or any of its affiliates under this Bridge Commitment Letter, or (II) have not resulted from an act or omission by you or any of your affiliates and have been brought by an Indemnified Person against any other Indemnified Person (other than any claims against any Lead Arranger in its capacities or in fulfilling its roles as an arranger or agent or any similar role hereunder); <u>provided</u>, <u>further</u>, that you will not, in connection with any one such action or proceeding or separate but substantially similar actions or proceedings arising out of the same general allegations, be liable for the fees and expenses of more than one separate firm of attorneys at any time for all Indemnified Persons except to the extent that (i) local counsel or special counsel, in addition to its regular counsel, is, in the good faith judgment of an Indemnified Person, required in order to effectively defend against (or otherwise in connection with) such action or proceeding or (ii) more than one firm of attorneys is required due to an actual or potential conflict of interest, including any local counsel (in which case we agree to notify you promptly of such conflict and all similarly situated Indemnified Persons shall be represented by one firm of attorneys in each applicable jurisdiction), and (B) to reimburse us and our affiliates on demand for all reasonable and documented out-of-pocket expenses (including due diligence expenses and syndication expenses, and limited, in the case of fees, expenses, charges and disbursements of counsel, to the reasonable and documented out-of-pocket fees, charges and disbursements of one primary outside counsel and, solely to the extent that the Lead Left Arranger determines it is required in connection with this Bridge Commitment Letter or the Bridge Credit Facility after consultation with you, one

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additional local counsel or one additional specialty counsel) incurred in connection with the Bridge Credit Facility and any related documentation (including this Bridge Commitment Letter, the Bridge Term Sheet, the Bridge Fee Letter, the Lead Left Fee Letter, and the Loan Documentation (including amendments, waivers or modifications thereto)).

You shall not, without the prior written consent of an Indemnified Person (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person unless such settlement (a) includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person from all liability on claims that are the subject matter of such Proceedings and (b) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person or any injunctive relief or other non-monetary remedy. You acknowledge that any failure to comply with your obligations under the preceding sentence may cause irreparable harm to us and the other Indemnified Persons. Notwithstanding anything to the contrary herein, you shall not be liable for any settlement, compromise or consent to the entry of any judgment in any Proceeding (or expenses related thereto) effected without your written consent (which consent shall not be unreasonably withheld or delayed), but if settled, compromised or consented to with your written consent, or if there is a final and non-appealable judgment by a court of competent jurisdiction in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person in the manner and to the extent set forth above.

Each Indemnified Person shall be severally obligated to refund or return any and all amounts paid by you or any of your affiliates under this Section 4 to the extent such Indemnified Person is not entitled to payment of such amounts in accordance with the terms hereof (as determined by a court of competent jurisdiction in a final and non-appealable judgment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Conditions to Financing.** Notwithstanding anything in this Bridge Commitment Letter, the Bridge Fee Letter, the Lead Left Fee Letter, the Loan Documentation or any other letter agreement or other undertaking concerning the financing of the transactions contemplated hereby to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Initial Lender's commitment hereunder, and each of their agreements to perform the services described herein, are subject only to the satisfaction (or waiver by the Lead Arrangers) of the conditions set forth in the Conditions Exhibit (and there are no other conditions to the funding of the Bridge Credit Facility, whether express or implied), and upon satisfaction or waiver by the Lead Arrangers of such conditions, the full funding of the Bridge Credit Facility on the Acquisition Funding Date shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) neither the commencement or completion of syndication of the Bridge Credit Facility, nor the completion of an Information Memorandum or other Information Materials or marketing materials, nor, except as set forth in the Conditions Exhibit, compliance with any other provision set forth in this Bridge Commitment Letter, the Bridge Fee Letter, the Lead Left Fee Letter, or the Loan Documentation, and (ii) except as set forth in the Conditions Exhibit, neither the accuracy of any representation and warranty set forth in the Bridge Commitment Letter, the Bridge Fee Letter, the Lead Left Fee Letter or in any Loan Documentation, nor the delivery of any Information, Projections or any supplement or updates thereto, in the case of clauses (i) and (ii), shall constitute a condition to the commitments hereunder or (other than solely the conditions set forth in the Conditions Exhibit) to the effectiveness of the Loan Documentation, the availability of the Bridge Credit Facility on the Acquisition Funding Date, or to the funding of the Bridge Credit Facility on the Acquisition Funding Date, and (b) the only financial statements and Projections that shall be required to be delivered as a condition to the effectiveness of the Loan Documentation and the availability of the Bridge Credit Facility and the funding of the Bridge Credit Facility on the Acquisition Funding Date shall be those expressly described in paragraph (iii) of the Conditions Exhibit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the only representations relating to the Target Entities and their respective businesses the accuracy of which shall be a condition to the availability or full funding of the Bridge Credit Facility on the Acquisition

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Funding Date shall be the representations made by or with respect to the Target Entities in the Merger Agreement as are material to the interests of the Lenders, but only to the extent that you have (or a subsidiary of yours has) the right to terminate your (or its) obligations under the Merger Agreement, or to decline to consummate the Acquisition pursuant to the Merger Agreement, as a result of a breach of such representations in the Merger Agreement (in accordance with the terms of the Merger Agreement) (the "***Merger Agreement Representations***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the only other representations the accuracy of which shall be a condition to availability or full funding of the Bridge Credit Facility on the Acquisition Funding Date shall be the Specified Representations (as hereinafter defined); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the terms of the Loan Documentation shall be in a form such that they do not impair the full funding of the Bridge Credit Facility on the Acquisition Funding Date if the conditions expressly set forth in the Conditions Exhibit are satisfied or waived by the Lead Arrangers.

For purposes hereof, "***Specified Representations***" means the representations and warranties made by Borrower and the Guarantors in the Loan Documentation and set forth in the Bridge Term Sheet relating to corporate status of the Borrower and the Guarantors; corporate or similar power and authority of the Borrower and the Guarantors to enter into the Loan Documentation; due authorization, execution, delivery by the Borrower and the Guarantors and enforceability (subject to customary enforceability exceptions) against the Borrower and the Guarantors of the Loan Documentation; no conflicts of the Bridge Credit Facility (limited to the execution, delivery and performance of the Loan Documentation and incurrence of the Bridge Credit Facility (and not, for the avoidance of doubt, the assumption or the incurrence of any other indebtedness)) with charter documents of the Borrower and the Guarantors, agreements, documents and instruments governing debt for borrowed money of the Borrower and the Guarantors in an aggregate principal amount under any such agreement, document or instrument equaling or exceeding $100,000,000; Federal Reserve margin regulations; solvency as of the Acquisition Funding Date (after giving effect to the Transactions) of the Borrower and its subsidiaries on a consolidated basis (solvency to be defined in a manner consistent with the manner in which solvency is determined in the solvency certificate to be delivered pursuant to <u>Exhibit D</u>); the Investment Company Act; and use of proceeds of the Bridge Credit Facility not violating laws against sanctioned persons and foreign corrupt practices (including OFAC, the FCPA and the Patriot Act).

Notwithstanding anything in this Bridge Commitment Letter, the Bridge Fee Letter, the Lead Left Fee Letter, the Loan Documentation or any other letter agreement or other undertaking concerning the financing of the transactions contemplated hereby to the contrary, if any of the Merger Agreement Representations are qualified or subject to "material adverse effect," the definition of "Company Material Adverse Effect" in the Merger Agreement shall apply for the purposes of any representations and warranties required to be accurate, on or as of the applicable date they are made.

This Section 5 shall be referred to as the "***Certain Funds Provision***".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Confidentiality and Other Obligations.** This Bridge Commitment Letter, the Bridge Fee Letter, and the Lead Left Fee Letter, and the contents hereof and thereof, are confidential and may not be disclosed by you in whole or in part to any person or entity without our prior written consent except (a) to your directors, officers, employees, agents, attorneys, affiliates, auditors and advisors who are involved in the consideration of this matter, (b) as may be compelled in a judicial or administrative proceeding or as otherwise you may reasonably determine to be required by any law, rule or regulation (in which case you agree to inform us thereof if permitted by applicable law), (c) with respect to this Bridge Commitment Letter, but not the Bridge Fee Letter or the Lead Left Fee Letter, in filings with applicable regulatory authorities or any written tender offer or proxy related to the Acquisition, (d) the aggregate fee amounts contained in the Bridge Fee Letter and the Lead Left Fee Letter in connection with any Acquisition Funding Date funds flow, and as part of projections, pro forma information or a generic disclosure of aggregate sources and uses related to the Bridge Credit Facility to the extent customary or required in connection with the Transactions or in offering and marketing materials for the Bridge Credit

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Facility, or in any public release or filing relating to the Bridge Credit Facility, (e) the Bridge Term Sheet attached to this Bridge Commitment Letter to potential debt providers in coordination with us to obtain commitments to the Bridge Credit Facility from such potential debt providers and to rating agencies, (f) to the extent any such information becomes publicly available other than by reason of disclosure by you, or your officers, agents, attorneys, affiliates, auditors and advisors in breach of this Bridge Commitment Letter, (g) to the extent required in connection with any litigation or similar proceeding, (h) the Bridge Commitment Letter, the Bridge Fee Letter, and the Lead Left Fee letter (in the case of the Bridge Fee Letter and the Lead Left Fee Letter, redacted in a customary manner reasonably satisfactory to us, in respect of the amounts, percentages and basis points of fees set forth therein) on a confidential basis to the Target Entities and their respective affiliates, and the officers, directors, employees and agents, accountants, attorneys and other professional advisors of each of the foregoing under this clause (h), in connection with the Transactions, and (i) for purposes of establishing a "due diligence" defense or to enforce any rights and remedies hereunder. This paragraph shall terminate (as it relates to Bridge Commitment Letter but not as it relates to the Bridge Fee Letter or the Lead Left Fee Letter) on the first anniversary of the date hereof.

No confidential information obtained by us or any of our affiliates from you or your representatives and none of this Bridge Commitment Letter, the Bridge Fee Letter, the Lead Left Fee Letter or any of their terms or substance shall be disclosed, directly or indirectly, by us or any of our affiliates to any other person without your prior consent except (a) on a confidential "need to know" basis and solely in connection with the transactions contemplated hereby, to our affiliates and to our and our affiliates' officers, directors, agents, attorneys, affiliates, auditors and advisors (collectively, "***Representatives***") who are involved in the consideration of this matter and made aware of the confidential nature thereof and have been instructed to keep information of this type confidential in accordance with customary practices (provided that no Commitment Party shall be responsible for its Representatives' compliance with this paragraph), (b) as may be compelled in a judicial or administrative proceeding or as otherwise required by any law, rule or regulation (in which case we agree to inform you thereof if permitted by applicable law, rule or regulation), (c) in connection with the syndication of the Bridge Credit Facility contemplated hereby (other than the Bridge Fee Letter or the Lead Left Fee Letter), (d) to the extent requested or required by any state, federal or foreign authority or examiner regulating banks or banking, or regulatory or self-regulatory authority having jurisdiction over us or our affiliates (in which case we agree (except with respect to any audit or examination conducted by bank accountants or any governmental or bank regulatory authority (including any self-regulatory authority) exercising examination or regulatory authority) to inform you promptly thereof if permitted by applicable law, rule or regulation), (e) to the extent required in connection with any litigation or similar proceeding, (f) to the extent any such information becomes publicly available other than by reason of disclosure by us, or our officers, agents, attorneys, affiliates, auditors and advisors in breach of this Bridge Commitment Letter or other confidentiality obligations owed to you or your affiliates, or is independently developed by us without the use of any confidential information, (g) to the extent applicable and reasonably necessary or advisable, for purposes of establishing a "due diligence" defense, (h) to the extent that such information is received by a Commitment Party from a third party that is not to such Commitment Party's knowledge subject to confidentiality obligations to you, (i) to the extent that such information is independently developed by a Commitment Party, (j) this Bridge Commitment Letter may be disclosed to rating agencies in connection with obtaining a rating, and (k) to market data collectors, similar service providers to the lending industry, and service providers to the Administrative Agent and the Lenders in connection with the administration and management of the Bridge Credit Facility; <u>provided</u>, that such information is limited to the existence of this Bridge Commitment Letter and generic information about the Bridge Credit Facility. Our obligations under this paragraph shall be superseded by the confidentiality provisions of the Bridge Credit Facility upon the execution and effectiveness thereof and otherwise shall terminate on the first anniversary of the date hereof.

For the avoidance of doubt, nothing herein prohibits any individual from communicating or disclosing information regarding suspected violations of laws, rules, or regulations to a governmental, regulatory, or self-regulatory authority without any notification to any person.

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You acknowledge that the Commitment Parties or their respective affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein and otherwise. We will not use confidential information obtained from you by virtue of the transactions contemplated by this Bridge Commitment Letter or its other relationships with you in connection with the performance by us of services for other companies, and we will not furnish any such information to other companies. You also acknowledge that we have no obligation to use in connection with the transactions contemplated by this Bridge Commitment Letter, or to furnish to you, confidential information obtained from other companies. Subject to the second paragraph of this Section 6, you agree that in connection with the services and transactions contemplated hereby, each Commitment Party is permitted to access, use and share with any of its bank or non-bank affiliates, agents, advisors (legal or otherwise) or representatives any information concerning the Borrower, the Target Entities or any of their respective affiliates that is provided to a Commitment Party by or on behalf of you or any of your representatives.

You agree that each Commitment Party will act under this Bridge Commitment Letter as an independent contractor and that nothing in this Bridge Commitment Letter will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between such Commitment Party and you and your respective equity holders or your and their respective affiliates. You acknowledge and agree that (i) the transactions contemplated by this Bridge Commitment Letter are arm's-length commercial transactions between the Commitment Parties and, if applicable, their affiliates, on the one hand, and you, on the other, (ii) in connection therewith and with the process leading to such transaction the Commitment Parties and, if applicable, their affiliates, are acting solely as principals and have not been, are not and will not be acting as advisors, agents or fiduciaries of you, your management, equity holders, creditors, affiliates or any other person and (iii) the Commitment Parties and, if applicable, their affiliates, have not assumed an advisory or fiduciary responsibility or any other obligation in favor of you or your affiliates with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether any Commitment Party or any of its affiliates has advised or is currently advising you or your affiliates on other matters) except the obligations expressly set forth in this Bridge Commitment Letter. You further acknowledge and agree that (i) you are responsible for making your own independent judgment with respect to such transactions and the process leading thereto, and (ii) you are capable of evaluating and understand and accept the terms, risks and conditions of the transactions contemplated hereby, and we shall have no responsibility or liability to you with respect thereto. To the fullest extent permitted by law, you hereby waive and release any claims that you may have against any Commitment Party with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated by this Bridge Commitment Letter. You acknowledge that one or more Commitment Parties currently are acting or may act as a lender and/or agent under certain of the Borrower's existing or future revolving and term loan credit facilities, and the Borrower's and its affiliates' rights and obligations under any other agreement with any Commitment Party or any of its affiliates that currently or hereafter may exist are, and shall be, separate and distinct from the rights and obligations of the parties pursuant to this Bridge Commitment Letter, and none of such rights and obligations under such other agreements shall be affected by such Commitment Party's performance or lack of performance of services hereunder.

You further acknowledge that each Lead Arranger and its affiliates are a full-service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, each Lead Arranger may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, you and other companies with which you may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Lead Arranger or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

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We hereby notify you that pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the "***Patriot Act***") and 31 C.F.R. § 1010.230 (the "***Beneficial Ownership Regulation***"), we and our affiliates are required to obtain, verify and record information that identifies the Borrower and the Guarantors, which information includes the name, address, tax identification number and other information regarding the Borrower and the Guarantors that will allow us to identify the Borrower and the Guarantors in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and the Beneficial Ownership Regulation and is effective for us and each of our affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Survival of Obligations.** The provisions of Sections 2, 3, 4, 6, 7 and 8 shall remain in full force and effect regardless of whether any Loan Documentation shall be executed and delivered and notwithstanding the termination of this Bridge Commitment Letter or any commitment or undertaking of the Commitment Parties hereunder, except that the provisions of paragraphs 2 and 3 shall not survive if the commitments and undertakings of the Commitment Parties are terminated prior to the effectiveness of the Bridge Credit Facility; <u>provided</u> that if the Loan Documentation becomes effective, the reimbursement, indemnification, choice of law, and waiver of jury trial provisions contained herein shall be superseded by the corresponding provisions of the Loan Documentation to the extent covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Miscellaneous.** This Bridge Commitment Letter, the Bridge Fee Letter, and the Lead Left Fee Letter may be executed in multiple counterparts and by different parties hereto in separate counterparts, all of which, taken together, shall constitute an original. This Bridge Commitment Letter, the Bridge Fee Letter, and the Lead Left Fee Letter may be in the form of an Electronic Record (as defined herein) and may be executed using Electronic Signatures (as defined herein) (including, without limitation, facsimile and .pdf) and shall be considered an original, and shall have the same legal effect, validity and enforceability as a paper record. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by us of a manually signed paper communication which has been converted into electronic form (such as scanned into .pdf format), or an electronically signed communication converted into another format, for transmission, delivery and/or retention. Notwithstanding anything contained herein to the contrary, we are under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by us pursuant to procedures approved by us; <u>provided</u>, that without limiting the foregoing, (a) to the extent we have agreed to accept such Electronic Signature, we shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of the Borrower without further verification and (b) upon the request of us, any Electronic Signature shall be promptly followed by a manually executed, original counterpart. "***Electronic Record***" and "***Electronic Signature***" shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time. Headings are for convenience of reference only and shall not affect the construction of, or be taken into consideration when interpreting, this Bridge Commitment Letter, the Bridge Fee Letter or the Lead Left Fee Letter.

This Bridge Commitment Letter, the Bridge Fee Letter, and the Lead Left Fee Letter shall be governed by, and construed in accordance with, the laws of the State of New York; <u>provided</u>, that the governing law of the Merger Agreement, which is the laws of the state of Delaware, shall govern in determining (i) the interpretation of a "Company Material Adverse Effect" (as defined in the Merger Agreement) and whether a "Company Material Adverse Effect" has occurred, (ii) the making and accuracy of any Merger Agreement Representation and whether as a result of any inaccuracy thereof you or your applicable affiliate have the right or would have the right (taking into account any applicable cure provisions) to terminate your or its obligations (or to refuse to consummate the Acquisition) under the Merger Agreement and (iii) whether the Acquisition has been consummated in accordance with the terms of the Merger Agreement (in each case, without regard to the principles of conflicts of laws thereof, to the extent that the same are not mandatorily applicable by statute and would require or permit the application of the law of another jurisdiction). **EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS BRIDGE COMMITMENT LETTER, THE BRIDGE FEE LETTER, THE LEAD LEFT FEE LETTER, THE TRANSACTIONS AND THE OTHER**

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 **TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY OR THE ACTIONS OF THE COMMITMENT PARTIES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.** Each party hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the Borough of Manhattan in New York City in respect of any suit, action or proceeding arising out of or relating to the provisions of this Bridge Commitment Letter, the Bridge Fee Letter, or the Lead Left Fee Letter and, with respect to any other suit, action or proceeding between the Borrower or any of its affiliates and an Indemnified Party arising out of or relating to the Transactions, and irrevocably agrees that all claims in respect of any such suit, action or proceeding may be heard and determined in any such court. The parties hereto agree that service of any process, summons, notice or document by registered mail addressed to you shall be effective service of process against you for any suit, action or proceeding relating to any such dispute. Each party hereto waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceedings brought in any such court, and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. A final judgment in any such suit, action or proceeding brought in any such court may be enforced in any other courts to whose jurisdiction you are or may be subject by suit upon judgment.

This Bridge Commitment Letter, together with the Bridge Fee Letter and the Lead Left Fee Letter, embodies the entire agreement and understanding among the parties hereto and your affiliates with respect to the Bridge Credit Facility and supersedes all prior agreements and understandings relating to the subject matter hereof. No party has been authorized by the Commitment Parties to make any oral or written statements that are inconsistent with this Bridge Commitment Letter. None of this Bridge Commitment Letter (including the attachments hereto), the Bridge Fee Letter, or the Lead Left Fee Letter may be amended or any term or provision hereof or thereof waived or modified except by an instrument in writing signed by you and us (other than with respect to the Lead Left Fee Letter, which shall require an instrument in writing signed by you and the Lead Left Arranger).

Each of the parties hereto agrees that this Bridge Commitment Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors' rights generally and general principles of equity) with respect to the subject matter contained herein, including an agreement to negotiate in good faith the Loan Documentation by the parties hereto in a manner consistent with this Bridge Commitment Letter, it being acknowledged and agreed that the effectiveness of the Loan Documentation and the availability of, and full funding of, the Bridge Credit Facility on the Acquisition Funding Date in each case shall be subject solely to the satisfaction (or waiver by the Lead Arrangers) of the conditions precedent set forth in the Conditions Exhibit.

This Bridge Commitment Letter may not be assigned by you without our prior written consent (and any purported assignment without such consent will be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and the Indemnified Parties). Subject to Section 2, the Initial Lenders may assign all or a portion of their respective commitments hereunder to one or more Permitted Assignees; <u>provided</u>, that no such assignment shall relieve the Initial Lender of its obligations hereunder except as provided in Section 2. In the event that you determine, in your sole discretion, that you may consummate the Transactions for any reason with a lesser amount of commitments or indebtedness, then you may reduce the Initial Lenders' commitments with respect to the Bridge Credit Facility.

Subject to Section 2, we may employ the services of our affiliates in providing certain services hereunder and, in connection with the provision of such services, may exchange with such affiliates information concerning you and the other companies that may be the subject of the transactions contemplated by this Bridge Commitment Letter, and, to the extent so employed, such affiliates shall be entitled to the benefits, and be subject to the obligations, of us hereunder. We shall be responsible for our affiliates' failure to comply with such obligations under this Bridge Commitment Letter.

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Please indicate your acceptance of the terms hereof, the Bridge Fee Letter, and the Lead Left Fee Letter by returning to us executed counterparts of this Bridge Commitment Letter and the Bridge Fee Letter, and solely to the Lead Left Arranger the Lead Left Fee Letter, not later than 11:59 p.m. (New York City time) on February 10, 2026, whereupon the undertakings of the parties with respect to the Bridge Credit Facility shall become effective to the extent and in the manner provided hereby. This offer shall terminate with respect to the Bridge Credit Facility if not so accepted by you at or prior to that time. Thereafter, all commitments and undertakings of the Commitment Parties hereunder (or under the Loan Documentation, as applicable) will expire at 11:59 p.m., New York City time on the date that is the earliest of (a) the fifth business day after the latest "Outside Date" ((x) after giving effect to any automatic extensions thereof pursuant to the Merger Agreement as in effect on the date hereof and (y) regardless of whether the Merger Agreement terminates on such date) (as defined in the Merger Agreement as in effect on the date hereof), (b) the Acquisition Funding Date after giving effect to the full funding of the Bridge Credit Facility on such date, (c) the date that the Merger Agreement expires in accordance with its terms or your or your applicable subsidiary's obligations to consummate the Acquisition under the Merger Agreement terminate in accordance with its terms and, in each case, you notify us in writing of the same; <u>provided</u>, that you agree to provide prompt notice of the same and a public statement announcing the same shall constitute notice or you inform us in writing that you have abandoned your pursuit of the Acquisition, (d) the date set forth in a written notice from you to the Commitment Parties of your election to terminate all commitments under the Bridge Credit Facility in full and (e) the date the Tender Offer is consummated in accordance with the terms of the Merger Agreement without the use of the Bridge Credit Facility (the earliest such date, the "***End Date***"); <u>provided</u>, that the termination of any commitment pursuant to this sentence shall not prejudice your rights and remedies in respect of any breach of this Bridge Commitment Letter that occurred prior to any such termination.

The remainder of this page intentionally is blank.

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We are pleased to have the opportunity to work with you in connection with this important financing.

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|:---|:---|
| Very truly yours, | Very truly yours, |
| U.S. BANK NATIONAL ASSOCIATION | U.S. BANK NATIONAL ASSOCIATION |
| By: | /s/ Nora Golden |
| Name: | Nora Golden |
| Title: | Vice President |
| BANK OF AMERICA, N.A. | BANK OF AMERICA, N.A. |
| By: | /s/ Daryl K. Hogge |
| Name: | Daryl K. Hogge |
| Title: | Managing Director |
| BOFA SECURITIES, INC. | BOFA SECURITIES, INC. |
| By: | /s/ Mark N. Post |
| Name: | Mark N. Post |
| Title: | Managing Director |
| PNC BANK, NATIONAL ASSOCIATION | PNC BANK, NATIONAL ASSOCIATION |
| By: | /s/ Jack Broeren |
| Name: | Jack Broeren |
| Title: | Executive Vice President |
| PNC CAPITAL MARKETS LLC | PNC CAPITAL MARKETS LLC |
| By: | /s/ Jack Broeren |
| Name: | Jack Broeren |
| Title: | Executive Vice President |
| WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| By: | /s/ Chris Harbutt |
| Name: | Chris Harbutt |
| Title: | Executive Director |
| WELLS FARGO SECURITIES, LLC | WELLS FARGO SECURITIES, LLC |
| By: | /s/ Adam Hyder |
| Name: | Adam Hyder |
| Title: | Managing Director |

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Signature Page to Project Huron Bridge Commitment Letter

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|:---|:---|
| Agreed, acknowledged and accepted: | Agreed, acknowledged and accepted: |
| SALTCHUK RESOURCES, INC. | SALTCHUK RESOURCES, INC. |
| By: | /s/ Jerald W Richards |
| Name: Jerald W Richards | Name: Jerald W Richards |
| Title: SVP & Chief Financial Officer | Title: SVP & Chief Financial Officer |

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Signature Page to Project Huron Bridge Commitment Letter

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**EXHIBIT A** 

**PROJECT HURON TRANSACTION SUMMARY** 

Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Bridge Commitment Letter to which this <u>Exhibit A</u> is attached or in <u>Exhibits</u> <u>B</u> or <u>C</u> attached thereto, as applicable. In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this <u>Exhibit A</u> shall be determined by reference to the context in which it is used.

Saltchuk Resources, Inc., a Washington corporation ("***Saltchuk***"), through Huron MergeCo., Inc., a Delaware corporation and a wholly-owned subsidiary of Saltchuk (the "***Merger Sub***"), intends to acquire (the "***Acquisition***") all of the issued and outstanding shares of capital stock of Great Lakes Dredge & Dock Corporation, a Delaware corporation ("***GLDD***"), all as set forth in that certain Agreement and Plan of Merger, dated as of February 10, 2026 (the "***Merger Agreement***"), among Saltchuk, Merger Sub and GLDD. In connection therewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Merger Sub will launch a tender offer (the "***Tender Offer***") to offer to purchase all outstanding shares of GLDD common stock, par value $0.0001 per share (the "***GLDD Shares***"), upon the terms and subject to the conditions set forth in the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there will be validly tendered and not withdrawn on or prior to the "Expiration Date" (as defined in the Merger Agreement) a number of GLDD Shares which, together with any GLDD Shares then owned by Saltchuk and its subsidiaries (including Merger Sub), represents at least one GLDD Share more than a majority of the issued and outstanding GLDD Shares as of the expiration of the Tender Offer (the "***Minimum Tender Condition***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Merger Sub will be merged with and into GLDD pursuant to Section 251(h) of the General Corporation Law of the State of Delaware (the "***DGCL***"), with GLDD surviving as a wholly-owned subsidiary of Saltchuk, without the requirement for approval of any stockholder of GLDD, to be effected promptly following the consummation of the Tender Offer (and in any event within two business days after the consummation thereof) (the "***Merger Agreement Condition***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower will obtain the Bridge Credit Facility as described in <u>Exhibit B</u> to the Bridge Commitment Letter in an aggregate principal amount equal to (or, at the option of the Borrower, an amount less than) $1,300,000,000 (the "***Bridge Credit Facility***") (as such amount shall be reduced from time to time in accordance with the terms set forth in <u>Exhibit B</u> to the Bridge Commitment Letter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the fees, premiums, expenses and other transaction costs incurred in connection with the Transactions (the "***Transaction Costs***") will be paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the proceeds of the Bridge Credit Facility will be used to pay a portion of the consideration and other amounts owing in connection with the Acquisition, to repay the "Existing Target Indebtedness" (as defined in <u>Exhibit C</u> hereto), and to pay all or a portion of the Transaction Costs.

The transactions described above in clauses (a) through (f) (inclusive) are collectively referred to as the "***Transactions***". For purposes of the Bridge Commitment Letter, the Bridge Fee Letter, and the Lead Left Fee Letter, "***Acquisition Funding Date***" means the date of the consummation of the Tender Offer and the satisfaction or waiver of the relevant conditions set forth in <u>Exhibit C</u> to the Bridge Commitment Letter and the funding of the Bridge Credit Facility.

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**EXHIBIT B** 

**SUMMARY OF TERMS AND CONDITIONS** 

**BRIDGE CREDIT FACILITY** 

Attached

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**SUMMARY OF TERMS AND CONDITIONS** 

February 10, 2026

Capitalized terms not otherwise defined herein (this "***Bridge Term Sheet***" or this "***Term Sheet***") have the same meanings as specified therefor in the Bridge Commitment Letter (including the Exhibits thereto) to which this <u>Exhibit A</u> is attached.

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| **BORROWER:** | Saltchuk Resources, Inc., a Washington corporation (the "***Borrower***"). |
| **GUARANTORS:** | All obligations of the Borrower under the Bridge Credit Facility shall be guaranteed by the Borrower's subsidiaries that are required to act as guarantors under the Existing Revolving Credit Agreement (as defined below) (each a "***Guarantor***" and collectively, the "***Guarantors***" and, together with the Borrower, each a "***Loan Party***" and collectively, the "***Loan Parties***"); it being understood and agreed that none of the Target Entities shall be required to become Guarantors on the Acquisition Funding Date and shall only be required to become Guarantors thereafter under and to the extent the same would be required by Section 6.12 of the Existing Revolving Credit Agreement. Certain cash management and hedging obligations also shall be guaranteed by the Loan Parties, consistent with the requirements of the Existing Revolving Credit Agreement. All such obligations shall constitute "***Guaranteed Obligations***". |
| **TRANSACTIONS:** | The Borrower shall acquire the Target pursuant to the Transactions described in <u>Exhibit A</u> to the Commitment Letter. |
| **ADMINISTRATIVE AGENT:** | U.S. Bank National Association ("***U.S. Bank***") will act as sole and exclusive administrative agent for the Lenders (the "***Administrative Agent***"). |
| **JOINT LEAD ARRANGERS AND JOINT RUNNERS:** | U.S. Bank (in such capacity, the "***Lead Left Arranger***"), BofA Securities, Inc., PNC Capital Markets LLC, and Wells Fargo Securities, LLC (each of the foregoing, a "***Lead Arranger***"; collectively, the "***Lead Arrangers***"). |
| **LENDERS:** | U.S. Bank, Bank of America, N.A., PNC Bank, National Association, Wells Fargo Bank, National Association, and other banks, financial institutions and institutional lenders selected in accordance with the terms of the Bridge Commitment Letter. |
| **BRIDGE CREDIT FACILITY:** | A senior unsecured term loan credit facility in an aggregate principal amount in U.S. dollars of $1,300,000,000 (the "***Bridge Credit Facility***"; the loans thereunder, the "***Loans***"). The Bridge Credit Facility shall be drawn, in whole or in part, if at all, on the Acquisition Funding Date. All undrawn commitments, if any, shall automatically terminate immediately subsequent to the Acquisition Funding Date. |
| **PURPOSE:** | The proceeds shall be used by the Borrower (i) to pay a portion of consideration for the Acquisition, (ii) to pay certain Transaction Costs, and (iii) to repay Existing Target Indebtedness. |
| **INTEREST RATES AND FEES:** | As set forth in Annex I hereto. |
| **CALCULATION OF INTEREST AND FEES:** | Other than calculations in respect of interest at the Base Rate (as defined on Annex I hereto) (which shall be made on the basis of actual number of days elapsed in a 365/366 day year), all calculations of interest and fees shall be made on the basis of actual number of days elapsed in a 360-day year. |

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| ***BRIDGE CREDIT FACILITY***<br> ***SUMMARY OF TERMS AND CONDITIONS***<br> ***FEBRUARY 10, 2026*** | ***CONFIDENTIAL INFORMATION*** |

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|:---|:---|
| **DOCUMENTATION PRINCIPLES:** | Subject to the immediately succeeding paragraph, the Loan Documentation will be based on, and substantially similar to, that certain Credit Agreement, dated as of May 21, 2024, and amended pursuant to a First Amendment to Credit Agreement dated as of October 14, 2025, and as further amended pursuant to a Second Amendment to Credit Agreement dated as of February 10, 2026, among the Borrower, certain of its affiliates, the lenders party thereto, and Bank of America, N.A., as administrative agent (as in effect on the date hereof, the "***Existing Revolving Credit Agreement***"). |
|  | For purposes hereof, the term "substantially similar to the Existing Revolving Credit Agreement" and words of similar import means substantially the same as the Existing Revolving Credit Agreement as in effect on the date hereof with modifications (a) as are necessary to reflect the other terms specifically set forth in the Bridge Commitment Letter and this Bridge Term Sheet (including the limited conditions to funding as set forth herein) and, if applicable, the Bridge Fee Letter, including, without limitation, having such agreement evidence a single-draw term loan credit facility, (b) to reflect any changes in law or accounting standards since the date of the Existing Revolving Credit Agreement, and (c) that, subject to clauses (a) and (b), are otherwise no less favorable to the Borrower and its subsidiaries, taken as a whole, than those set forth in the Existing Revolving Credit Agreement, unless otherwise agreed by the Borrower. |
|  | The two immediately preceding paragraphs, collectively, shall be referred to herein as the "***Documentation Principles***". |
| **COST AND YIELD PROTECTION:** | Consistent with the Documentation Principles, substantially similar to the Existing Revolving Credit Agreement. |
| **MATURITY:** | The Bridge Credit Facility will mature on the date that is 364-days after the Acquisition Funding Date (the "***Initial Maturity Date***"); <u>provided</u>, that the Initial Maturity Date automatically shall be extended by an additional 180 days (as so extended, the "***Extended Maturity Date***") so long as (x) the Borrower, at least 30 days prior to the occurrence of the Initial Maturity Date, provides written notice to the Administrative Agent and the Lenders that it wishes to extend the Initial Maturity Date as contemplated above; (y) no Event of Default is outstanding on the date such notice is delivered or on the Initial Maturity Date; and (z) on the Initial Maturity Date, the Borrower pays to the Administrative Agent, for the ratable benefit of the Lenders, the "Extension Fee" (as defined below). |
| **SCHEDULED AMORTIZATION:** | None. |
| **OPTIONAL PREPAYMENTS AND COMMITMENT REDUCTIONS; MANDATORY PREPAYMENTS AND COMMITMENT REDUCTIONS:** | The Bridge Credit Facility may be prepaid at any time in whole or in part without premium or penalty, upon written notice, at the option of the Borrower. Subject to Documentation Principles, any prepayment of Term SOFR advances other than at the end of the applicable interest periods therefor shall be subject to funding indemnification provisions consistent with the Existing Revolving Credit Agreement. The commitment under the Bridge Credit Facility may be reduced permanently or terminated by the Borrower at any time without premium or penalty. |

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|:---|:---|
| ***BRIDGE CREDIT FACILITY***<br> ***SUMMARY OF TERMS AND CONDITIONS***<br> ***FEBRUARY 10, 2026*** | ***CONFIDENTIAL INFORMATION*** |

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| The following mandatory prepayments and commitment reductions shall be required in respect of the Bridge Credit Facility: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 100% of the committed amount of any Qualifying Loan Facility (as defined below) entered into after the date of the Bridge Commitment Letter; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication of clause (i) above, 100% of the Net Cash Proceeds (as defined below) received by the Borrower or any of its subsidiaries (other than any Unrestricted Subsidiary (as defined in the Existing Revolving Credit Agreement) in existence as of the date of the Bridge Commitment Letter) after the date of the Bridge Commitment Letter from the issuance and sale of any senior notes or any other debt securities (including any debt securities convertible or exchangeable into equity securities or hybrid debt-equity securities) or incurrence of any other debt for borrowed money, other than (a) the Bridge Credit Facility, (b) borrowings under the Borrower's existing revolving and term loan credit facilities, including the Existing Revolving Credit Agreement, (c) intercompany indebtedness among the Borrower and/or its subsidiaries, (d) financing leases, letters of credit, foreign subsidiary working capital facilities, purchase money and equipment financings, receivables financings, sale and leaseback arrangements or other similar obligations, in each case, incurred in the ordinary course of business, (e) any indebtedness of the Target permitted to be incurred by the Target after the date hereof but prior to the Acquisition Funding Date, or permitted to remain outstanding on the Acquisition Funding Date, in each case, under the Merger Agreement, (f) other debt to the extent the net cash proceeds of such debt are utilized to refinance any debt of the Borrower or its subsidiaries within six months of the maturity thereof and pay any fees or other amounts in respect thereof or otherwise in connection therewith (including any prepayment or redemption premiums and accrued interest thereon) and (g) other indebtedness in an aggregate principal amount not exceeding US$50,000,000; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 100% of the Net Cash Proceeds received by the Borrower after the date of the Bridge Commitment Letter from the issuance and sale of any equity securities by the Borrower (including, to the extent not duplicative of clause (ii) above, any securities convertible or exchangeable into or exercisable for equity securities or other equity-linked securities), other than issuances pursuant to employee stock plans, compensation plans or other benefit or employee or director incentive arrangements (including, for the avoidance of doubt, employee and director 401(k) plans); and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 100% of the Net Cash Proceeds received by the Borrower or any of its subsidiaries (other than any Unrestricted Subsidiary (as defined in the Existing Revolving Credit Agreement) in existence as of the date of the Bridge Commitment Letter) after the date of the Bridge |

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|:---|:---|
| ***BRIDGE CREDIT FACILITY***<br> ***SUMMARY OF TERMS AND CONDITIONS***<br> ***FEBRUARY 10, 2026*** | ***CONFIDENTIAL INFORMATION*** |

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|:---|
| Commitment Letter from the sale or other disposition of any property or assets of the Borrower or any of its subsidiaries (including any sale and leaseback transaction and sales or issuances of equity interests in any subsidiary of the Borrower, but excluding proceeds of any casualty loss or damage to, or any condemnation of, any property or asset of the Borrower or any of its subsidiaries) outside the ordinary course of business, including sales or issuances of equity interests in any subsidiary of the Borrower, other than (i) sales, issuances and other dispositions between or among the Borrower or any of its subsidiaries and (ii) sales and other dispositions the Net Cash Proceeds of which do not exceed US$50,000,000 in any transaction or series of related transactions (it being also understood that any casualty loss or damage to, or any condemnation of, any property or asset of the Borrower or any of its subsidiaries shall not be subject to this clause (iv)); <u>provided</u> that if the Borrower shall have given written notice to the Lead Arranger or, after the Acquisition Funding Date, the Administrative Agent, that the Borrower or its subsidiaries intend to reinvest such Net Cash Proceeds within 180 days of receipt thereof in long-term assets to be used in the business of the Borrower and/or its subsidiaries, such Net Cash Proceeds (or the portion thereof specified in such notice) shall not be subject to this clause (iv), except if such Net Cash Proceeds are not so reinvested by the end of such 180-day period (or, to the extent committed to be reinvested within such 180-day period, within 270 days of receipt thereof), in which case the portion thereof not so reinvested shall then be subject to the provisions of this clause (iv); it being understood that any prepayment or commitment reduction arising under this clause (iv) shall be applied ratably to the Bridge Credit Facility and any other senior debt that requires, as of the date of the Bridge Commitment Letter, an equivalent payment as a result of such event. |
| "***Qualifying Loan Facility"*** means any credit facility (including any tranche of any credit facility) that is entered into by the Borrower for the stated purpose of providing financing for the Acquisition or any portion thereof; <u>provided</u> that the definitive credit or similar agreement with respect thereto has become effective and the conditions precedent to funding thereunder are no less favorable to the Borrower or are more favorable to the Borrower than the conditions set forth herein to the funding of the Bridge Credit Facility. |
| "***Net Cash Proceeds***" means: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the issuance, sale or incurrence of debt securities or debt for borrowed money, the excess of (i) cash actually received by the Borrower or any of its subsidiaries in connection therewith (or for purposes of mandatory reductions of commitments under the Bridge Credit Facility, received into escrow, <u>provided</u> that the conditions to the release thereof from escrow are no less favorable to the Borrower |

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| ***BRIDGE CREDIT FACILITY***<br> ***SUMMARY OF TERMS AND CONDITIONS***<br> ***FEBRUARY 10, 2026*** | ***CONFIDENTIAL INFORMATION*** |

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|:---|
| or are more favorable to the Borrower than the conditions set forth herein to the funding of the Bridge Credit Facility, as determined in good faith by the Borrower) <u>over</u> (ii) the underwriting or issuance discounts, commissions, fees and other out-of-pocket expenses incurred by the Borrower or any of its subsidiaries in connection therewith; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the issuance and sale of any equity securities of the Borrower, the excess of (i) the cash actually received by the Borrower in connection therewith <u>over</u> (ii) the underwriting or issuance discounts, commissions, fees and other out-of-pocket expenses incurred by the Borrower in connection therewith; and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to a sale or other disposition of any property or assets of the Borrower or any of its subsidiaries, the excess, if any, of (i) the cash actually received by the Borrower or its subsidiaries in connection therewith (including any cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) payments made to retire any indebtedness that is secured by such asset and that is required to be repaid in connection with the sale or other disposition thereof, (B) all fees and out-of-pocket costs and expenses incurred by the Borrower or any of its subsidiaries in connection therewith (including attorneys' fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith), (C) taxes reasonably estimated to be payable in connection with such transaction (including sales, use and other transfer taxes, deed or mortgage recording taxes), and (D) the amount of reserves established by the Borrower or any of its subsidiaries in good faith and pursuant to commercially reasonable practices for adjustment in respect of the sale price of such property or assets in accordance with applicable generally accepted accounting principles or to fund contingent liabilities reasonably estimated to be payable and that are associated with such event, <u>provided</u> that if the amount of such reserves exceeds the required amount thereof, then such excess, upon the determination thereof, shall then constitute Net Cash Proceeds. |
| For purposes of determining the amount of any required commitment reduction or prepayment of loans under the Bridge Credit Facility, the U.S. dollar equivalent of any Net Cash Proceeds or, in the case of a Qualifying Loan Facility, commitments denominated in a currency other than U.S. dollars will be determined based on customary exchange rates prevailing at the time of receipt by the Borrower or its subsidiaries of such Net Cash Proceeds or such commitments. |

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|:---|:---|
| ***BRIDGE CREDIT FACILITY***<br> ***SUMMARY OF TERMS AND CONDITIONS***<br> ***FEBRUARY 10, 2026*** | ***CONFIDENTIAL INFORMATION*** |

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|:---|:---|
|  | Any required commitment reduction resulting from any of the foregoing shall be effective on the same day as such Net Cash Proceeds are actually received (or, where applicable, received into escrow) or, in the case of any Qualifying Loan Facility, the date of effectiveness of the definitive credit or similar agreement with respect thereto. Any required prepayment of Loans resulting from any of the foregoing shall be made on or prior to the fifth business day after such Net Cash Proceeds are received. The Borrower shall provide the Administrative Agent with prompt notice of any event giving rise to a requirement for a commitment reduction or prepayment of loans under the Bridge Credit Facility, together with a reasonably detailed calculation of the amount of such reduction or prepayment. |
|  | All mandatory commitment reductions and prepayments of loans under the Bridge Credit Facility required above shall be applied (a) prior to the funding of loans, to commitments under the Bridge Credit Facility, and (b) after the funding of loans, to the ratable repayment thereof. |
| **CONDITIONS PRECEDENT TO EFFECTIVENESS OF THE LOAN DOCUMENTATION AND THE BORROWING ON THE ACQUISITION FUNDING DATE:** | The effectiveness of the Loan Documentation and the availability of, and full funding of, the Bridge Credit Facility on the Acquisition Funding Date in each case shall be subject solely to the conditions precedent set forth in <u>Exhibit C</u> to the Bridge Commitment Letter. |
| **REPRESENTATIONS AND WARRANTIES:** | Subject to Documentation Principles, substantially similar to those contained in the Existing Revolving Credit Agreement, with additional exceptions, qualifications and modifications, if any, to be agreed, and in any event limited to the following: (i) existence, qualification and power; (ii) authorization; no contravention (including no conflict with the Merger Agreement); (iii) governmental authorization; other consents; (iv) binding effect; (v) financial statements; no material adverse change; (vi) litigation; (vii) no default; (viii) ownership of property; liens; (ix) environmental compliance; (x) insurance; (xi) taxes; (xii) ERISA compliance; (xiii) subsidiaries; (xiv) margin regulations; investment company act; (xv) disclosure; (xvi) compliance with laws; (xvii) taxpayer identification numbers; (xviii) intellectual property; licenses; etc.; (xix) solvency (to be defined and determined in a manner consistent with the manner in which solvency is defined and determined in the solvency certificate in the form set forth in <u>Exhibit D</u>); (xx) OFAC; (xxi) anti-corruption laws: (xxii) affected financial institutions; (xxiii) covered entities; (xxiv) beneficial ownership certification; and (xxv) outbound investment rules. Immediately after the Acquisition Funding Date and the consummation of the Acquisition, the Borrower automatically shall be deemed to make all of the representations and warranties set forth in the Loan Documentation, including, without limitation, no outstanding default or event of default. |
|  | "***Material Adverse Effect***" shall have the meaning set forth in the Existing Revolving Credit Agreement. |

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|:---|:---|
| ***BRIDGE CREDIT FACILITY***<br> ***SUMMARY OF TERMS AND CONDITIONS***<br> ***FEBRUARY 10, 2026*** | ***CONFIDENTIAL INFORMATION*** |

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|:---|:---|
| **COVENANTS:** | Subject to Documentation Principles, substantially similar to those contained in the Existing Revolving Credit Agreement, with exceptions, qualifications and modifications, if any, to be agreed, and in any event limited to the following: |
|  | (a) *Affirmative Covenants*: (i) financial statements; (ii) certificates; other information; (iii) notices; (iv) payment of obligations; (v) preservation of existence; (vi) maintenance of properties; (vii) maintenance of insurance; (viii) compliance with laws; (ix) books and records; (x) inspection rights; (xi) ownership of guarantors; (xii) material subsidiaries (with the understanding that the Target and its applicable subsidiaries shall be required to become Guarantors in accordance with Section 6.12 of the Existing Revolving Credit Agreement); (xiii) compliance with environmental laws; (xiv) preparation of environmental reports; (xv) use of proceeds; (xvi) further assurances; and (xvii) anti-corruption laws. |
|  | (b) *Negative Covenants*: (i) liens; (ii) investments; (iii) indebtedness; (iv) fundamental changes; (v) dispositions; (vi) lease obligations; (vii) restricted payments; (viii) change in nature of business; suspension of business; (ix) transactions with affiliates; (x) burdensome agreements; (xi) use of proceeds; (xii) sanctions; (xiii) anti-corruption laws; and (xiv) outbound investment rules. |
|  | (c) *Financial Covenants*: (i) Consolidated Net Leverage Ratio not in excess of 3.50 to 1.00 (which the Borrower may elect to increase to 4.00 to 1.00 for four consecutive fiscal quarters in connection with a material acquisition, including, without limitation, in connection with the Acquisition), and (ii) Fixed Charge Coverage Ratio of at least 1.50 to 1.00. The foregoing financial covenants shall be determined in accordance with the Existing Revolving Credit Agreement (including the use of the defined terms referenced in connection with such financial covenants and the netting of amounts contemplated in the Existing Revolving Credit Agreement), subject to any modifications thereto mutually acceptable to the Borrower and the Lenders. |
| **EVENTS OF DEFAULT:** | Subject to Documentation Principles, substantially similar to those contained in the Existing Revolving Credit Agreement, with exceptions, qualifications and modifications, if any, to be agreed, and in any event limited to the following: (i) non-payment of principal, interest (with a three-day grace period), and other obligations (with a five-day grace period); (ii) breaches of affirmative, negative and financial covenants (subject to grace and cure periods set forth in the Existing Revolving Credit Agreement); (iii) incorrectness of representations and warranties; (iv) cross-default to indebtedness exceeding $25,000,000 in principal amount; (v) voluntary or involuntary bankruptcy and insolvency events; inability to pay debts; attachments; (vi) judgments (subject to a $25,000,000 threshold amount); (vii) ERISA; (viii) change of control; (ix) invalidity of loan documents; and (x) to the extent Target Shares tendered in the Tender Offer are purchased thereunder prior to the closing date for the Merger, the failure to consummate the Merger within five business days after the Acquisition Funding Date. |

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|:---|:---|
| ***BRIDGE CREDIT FACILITY***<br> ***SUMMARY OF TERMS AND CONDITIONS***<br> ***FEBRUARY 10, 2026*** | ***CONFIDENTIAL INFORMATION*** |

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|:---|:---|
| **ASSIGNMENTS AND PARTICIPATIONS:** | Subject to Documentation Principles, substantially similar to the Existing Revolving Credit Agreement (subject, in the case of assignments prior to the Acquisition Funding Date, to the provisions of the Bridge Commitment Letter (which shall apply to all Lenders), and provided that in no event will any assignment or participation be permitted to Disqualified Lenders). Notwithstanding the foregoing, to the extent that prior to the Acquisition Funding Date commitments with respect to the Bridge Credit Facility have been syndicated as permitted by the Bridge Commitment Letter to a person that is neither a Disqualified Lender nor a Permitted Assignee, then the Initial Lender may assign the corresponding Loans to such person promptly following the funding of such Loans on the Acquisition Funding Date without the consent of the Borrower. |
| **WAIVERS AND AMENDMENTS:** | Subject to Documentation Principles, substantially similar to the Existing Revolving Credit Agreement. |
| **INDEMNIFICATION:** | Subject to Documentation Principles, substantially similar to the Existing Revolving Credit Agreement. |
| **GOVERNING LAW:** | State of New York. |
| **EXPENSES:** | Subject to Documentation Principles, substantially similar to the Existing Revolving Credit Agreement. |
| **COUNSEL TO THE ADMINISTRATIVE AGENT:** | Morgan, Lewis & Bockius LLP. |

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**ANNEX I** 

**TO EXHIBIT A** 

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|:---|:---|
| **INTEREST RATES:** | At the Borrower's option, any Loan that is made to it will bear interest at a rate equal to Term SOFR or the Base Rate, plus, in each case, the Applicable Rate therefor, as all of the foregoing shall be determined in accordance with the Performance Pricing grid set forth below.<br>"***Term SOFR***" and "***Base Rate***" will have customary meanings substantially similar to those in the Existing Revolving Credit Agreement. Term SOFR will not have a credit spread adjustment, but will have a 0% "floor".<br>The Borrower may select interest periods of 1, 3 or 6 months for Loans accruing interest at Term SOFR, subject to availability. Interest shall be payable at the end of the selected interest period, but no less frequently than quarterly for such loans. |
| **DEFAULT INTEREST:** | Default interest shall accrue as contemplated by the Existing Revolving Credit Agreement (2% above then applicable rates). |
| **PERFORMANCE PRICING:** | The Applicable Rate for Loans shall be, at any time, the applicable rate per annum set forth in the table below based on the Consolidated Net Leverage Ratio. |

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|:---|:---|:---|:---|
| **Pricing**<br> **Level** | **Consolidated Net Leverage**<br> **Ratio** | **Term SOFR Loans** | **Base Rate**<br> **Loans** |
| 1 | < 1.75 to 1.00 | 1.375% | 0.375% |
| 2 | ≥ 1.75 to 1.00 but < 2.25 to 1.00 | 1.625% | 0.625% |
| 3 | ≥ 2.25 to 1.00 but < 2.75 to 1.00 | 1.875% | 0.875% |
| 4 | ≥ 2.75 to 1.00 but < 3.25 to 1.00 | 2.125% | 1.125% |
| 5 | ≥ 3.25 to 1.00 | 2.375% | 1.375% |

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The Applicable Rate will increase, in each Pricing Level, by 0.25% per annum on each of the 90<sup>th</sup>, 180<sup>th</sup>, and 270<sup>th</sup> day after the Acquisition Funding Date.

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|:---|:---|
| **DURATION FEES:** | The Borrower will pay a fee (the "***Duration Fee***") to each Lender on each date set forth in the grid below in an amount equal to the percentage, determined in accordance with the grid below, of the principal amount of the Loans of such Lender outstanding at the close of business, New York City time, on such date: |

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| | | |
|:---|:---|:---|
|  | Duration Fees |  |
| 90 days after the Acquisition Funding Date | 180 days after the Acquisition Funding Date | 270 days after the Acquisition Funding Date |
| 0.50% | 0.50% | 0.50% |

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|:---|:---|
| **EXTENSION FEES:** | If the Initial Maturity Date is extended to the Extended Maturity Date as contemplated by this Bridge Term Sheet, the Borrower will pay a fee (the "***Extension Fee***") to the Administrative Agent, for the ratable benefit of each Lender with outstanding Loans on the Initial Maturity Date, equal to 0.25% <u>multiplied by</u> the aggregate principal amount of Loans outstanding on the Initial Maturity Date. |

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**EXHIBIT C** 

**CONDITIONS PRECEDENT TO ACQUISITION FUNDING DATE** 

Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Bridge Commitment Letter to which this <u>Exhibit C</u> is attached.

Subject to the Certain Funds Provision, the effectiveness of the Loan Documentation and the availability of, and full funding of, the Bridge Credit Facility on the Acquisition Funding Date in each case shall be subject solely to the satisfaction (or waiver by the Lead Arrangers) of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Intentionally Omitted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Substantially concurrently with the funding of the Bridge Credit Facility on the Acquisition Funding Date, the Tender Offer shall be consummated in all material respects in accordance with the terms of the Merger Agreement, but without giving effect to any amendments, waivers or consents by the Borrower that are materially adverse to the interests of the Initial Lenders in their capacities as such without the consent of the Lead Arrangers, such consent not to be unreasonably withheld, delayed or conditioned (provided that the Lead Arrangers shall be deemed to have consented to any such amendment or waiver unless they shall object thereto within five business days after receipt of notice of such amendment or waiver) (it being understood that (a) any decrease in the purchase shall not be materially adverse to the interests of the Initial Lenders or the Lead Arrangers provided such decrease is less than 10% or so long as such decrease is allocated to reduce the amount of the Bridge Credit Facility, (b) any increase in the purchase price shall not be materially adverse to the Initial Lenders or the Lead Arrangers so long as such increase is funded by proceeds of borrowings under the Existing Revolving Credit Agreement or cash on hand of the Borrower, (c) the granting of any consent under the Merger Agreement that is not materially adverse to the interests of the Initial Lenders or the Lead Arrangers shall not otherwise constitute an amendment or waiver and (d) any amendment or waiver of the Minimum Tender Condition or the Merger Agreement Condition shall be materially adverse to the interests of the Initial Lenders and Lead Arrangers. The Merger shall, on or as soon as practicable following the Acquisition Funding Date (and in any event no later than two business days thereafter), be consummated in all material respects pursuant to the terms of the Merger Agreement. To the extent GLDD Shares tendered in the Tender Offer are accepted for purchase and paid for prior to the date of the closing of the Merger, all conditions to the closing of the Merger pursuant to the Merger Agreement, other than the filing of a certificate of merger with the Secretary of State of the State of Delaware and other conditions that by their nature are to be satisfied on the closing of the Acquisition, shall have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Lead Arrangers shall have received for Target and its subsidiaries audited consolidated balance sheets and the related audited consolidated statements of operations, comprehensive income (loss), cash flows and equity, in each case, prepared at the time thereof in accordance with U.S. GAAP in all material respects (except as may be indicated therein) for the fiscal years (or the periods) ended as of December 31, 2023 and December 31, 2024. The Lead Arrangers shall have received for Target and its subsidiaries unaudited condensed consolidated balance sheets and the related unaudited condensed consolidated statements of operations, comprehensive income (loss), cash flows and equity, in each case, prepared at the time thereof in accordance with U.S. GAAP in all material respects (except as may be indicated therein and except for normal year-end adjustments) for the fiscal quarters ended as of March 31, 2025, June 30, 2025, and September 30, 2025. The Lead Arrangers hereby acknowledge receipt of each of the foregoing financial statements. The Lead Arrangers also shall have received unaudited condensed consolidated balance sheets and the related unaudited condensed consolidated statements of operations, comprehensive income (loss), cash flows and equity, in each case, prepared at the time thereof in accordance with U.S. GAAP in all material respects (except as may be indicated therein and except for normal year-end adjustments) for Target and its subsidiaries for each fiscal quarter occurring after December 31, 2025 (other than the fiscal quarter ending December 31, 2026) that ends at least 45 days prior to the Acquisition Funding Date. The Lead Arranger shall have received for Target and its subsidiaries audited consolidated balance sheets and the related audited consolidated statements of operations, comprehensive income (loss), cash flows and equity, in each case, prepared at the time thereof in accordance

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with U.S. GAAP in all material respects (except as may be indicated therein) for the fiscal year ended December 31, 2025 if the Acquisition Funding Date occurs after March 31, 2026. Information required to be delivered pursuant to this paragraph (iii) shall be deemed to have been delivered to the Lead Arrangers if such information, or one or more annual or quarterly reports containing such information, shall be available on the website of the SEC at http://www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (A) The Administrative Agent shall have received customary legal opinions, corporate organizational documents of the Borrower and the Guarantors, good standing certificates for the Borrower and the Guarantors, to the extent applicable, customary resolutions of the appropriate governing body with respect to the Borrower and the Guarantors, a customary closing certificate with respect to the Borrower and the Guarantors, and an appropriate borrowing notice, (B) the Administrative Agent shall have received the Borrower's, the Guarantors' and the Lenders' executed signature page to the credit agreement evidencing the Bridge Credit Facility, which credit agreement shall be consistent with the Bridge Commitment Letter, the Bridge Term Sheet, and the Documentation Principles, (C) the Specified Representations shall be true and correct in all material respects on the Acquisition Funding Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (unless already qualified by materiality or "material adverse effect", in which case they shall be true and correct in all respects) as of such earlier date) after giving effect to the Acquisition and the initial funding of the loans under the Bridge Credit Facility and (D) the Merger Agreement Representations shall be true and correct as and to the extent required by clause (c) of the Certain Funds Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Substantially concurrently with the funding of the Bridge Credit Facility on the Acquisition Funding Date, the Lead Arrangers, the Administrative Agent and the Lenders shall receive all fees and expenses required to be paid on or prior to the Acquisition Funding Date pursuant to the Bridge Fee Letter and the Lead Left Fee Letter and invoiced to the Borrower at least two business days prior to the Acquisition Funding Date (which amounts may, at the Borrower's election, be offset against the proceeds funded under the Bridge Credit Facility on the Acquisition Funding Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Lead Arrangers shall have received, at least three business days prior to the Acquisition Funding Date, all reasonably necessary documentation and other information required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation reasonably requested in writing by the Lead Arrangers at least ten business days prior to the Acquisition Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Administrative Agent shall have received a solvency certificate from the chief financial officer of the Borrower in substantially the form of <u>Exhibit D</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) A Company Material Adverse Effect (as defined in the Merger Agreement) shall not have occurred since the date of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) All indebtedness under the following financing agreements shall be fully repaid (or, in the case of letters of credit, replaced, cash collateralized, otherwise collateralized with "back to back" letters of credit, or otherwise addressed in a manner reasonably acceptable to the applicable letter of credit issuer), all commitments to extend credit thereunder shall be terminated, and, if applicable, all liens in respect of the foregoing will be released, substantially simultaneously with the initial borrowing under the Bridge Credit Facility (the "***Existing Target Indebtedness***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Second Amended and Restated Revolving Credit and Security Agreement, dated as of July 29, 2022, by and
among GLDD, certain of its affiliates, the lenders party thereto, and PNC Bank, National Association as agent, as amended, restated, supplemented or otherwise modified from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Indenture, dated May 25, 2021, among GLDD, certain of its affiliates and Wells Fargo Bank, National
Association, as Trustee, together with all notes issued pursuant thereto, including GLDD's 2029 Notes, in each case as amended, restated, supplemented or otherwise modified from time to time.

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**EXHIBIT D** 

Form of Solvency Certificate

[DATE]

This Solvency Certificate ("***Certificate***") of Saltchuk Resources, Inc. (the "***Borrower***") is delivered pursuant to Section [ ] of the Credit Agreement, dated as of [ ] (the "***Credit Agreement***"), by and among the Borrower, the Guarantors, the Lenders from time to time party thereto, and U.S. Bank National Association, as administrative agent. Unless otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Credit Agreement.

I, [ ], the duly elected, qualified and acting Chief Financial Officer of the Borrower, DO HEREBY CERTIFY that I have reviewed the Credit Agreement and the other Loan Documents referred to therein and have made such investigation as I have deemed necessary to enable me to express a reasonably informed opinion as to the matters referred to herein.

I HEREBY FURTHER CERTIFY, in my capacity as Chief Financial Officer and not in my individual capacity, that as of the date hereof, immediately after giving effect to the Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, at a fair valuation on a going concern basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The present fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated and going concern basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Borrower and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Borrower and its Subsidiaries are not engaged in businesses, and are not about to engage in businesses for which they have unreasonably small capital, on a consolidated basis.

For purposes of this Certificate, the amount of any contingent liability at any time shall be computed as the amount that, in light of all the facts and circumstances existing as of the date hereof, would reasonably be expected to become an actual and matured liability.

For the purpose of the foregoing, I have assumed there is no Default or Event of Default under the Credit Agreement on the date hereof and will be no Default or Event of Default under the Credit Agreement after giving effect to the funding under the Credit Agreement.

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IN WITNESS WHEREOF, the Borrower has caused this certificate to be executed on its behalf by its Chief Financial Officer as of the date first written above.

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|:---|:---|
| SALTCHUK RESOURCES, INC. | SALTCHUK RESOURCES, INC. |
| By: |  |
|  | Name: |
|  | Title: Chief Financial Officer |

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## Ex-99.(B)(2)

**Exhibit (b)(2)** 

***Execution Version***

(deal) Published CUSIP Number: 795753AL6

(revolver) Published CUSIP Number: 795753AN2

(delayed draw term A-1 loan) Published CUSIP Number: 795753AM4

(delayed draw term A-2 loan) Published CUSIP Number: 795753AN2

**CREDIT AGREEMENT** 

Dated as of May 21, 2024

among

**SALTCHUK RESOURCES, INC.** 

as the Company,

**CERTAIN SUBSIDIARIES OF THE COMPANY PARTY HERETO** 

as Borrowers or Guarantors,

**BANK OF AMERICA, N.A.** 

as Administrative Agent and L/C Issuer,

**WELLS FARGO BANK, NATIONAL ASSOCIATION** 

as Swing Line Lender,

and

**THE LENDERS PARTY HERETO,** 

**BOFA SECURITIES, INC.** 

**WELL FARGO SECURITIES, LLC,** 

**U.S. BANK NATIONAL ASSOCIATION,** 

**PNC CAPITAL MARKETS LLC** 

and

**JPMORGAN CHASE BANK, N.A.,** 

as

Joint Lead Arrangers and Joint Bookrunners

![LOGO](g94032g01p43.jpg)

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**TABLE OF CONTENTS** 

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| Section |  | Page |
| ARTICLE I DEFINITIONS AND ACCOUNTING TERMS | ARTICLE I DEFINITIONS AND ACCOUNTING TERMS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01** | **Defined Terms** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02** | **Other Interpretive Provisions** | **36** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.03** | **Accounting Terms** | **37** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.04** | **Rounding** | **38** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.05** | **Times of Day** | **38** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.06** | **Letter of Credit Amounts** | **38** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.07** | **Currency Equivalents Generally** | **38** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.08** | **Rates** | **39** |
| ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS | ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01** | **The Loans** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02** | **Borrowings, Conversions and Continuations of Loans** | **40** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.03** | **Letters of Credit** | **41** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.04** | **Swing Line Loans** | **48** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.05** | **Mandatory Prepayment of Loans** | **50** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.06** | **Voluntary Prepayments** | **51** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.07** | **Termination or Reduction of Commitments** | **52** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.08** | **Repayment of Loans** | **53** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.09** | **Interest** | **53** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** | **Fees** | **54** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11** | **Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate** | **55** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12** | **Evidence of Debt** | **55** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13** | **Payments Generally; Administrative Agent's Clawback** | **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14** | **Sharing of Payments by Lenders** | **57** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15** | **Designated Borrowers** | **58** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16** | **Incremental Facility Loans** | **59** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17** | **Cash Collateral** | **61** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18** | **Defaulting Lenders** | **63** |
| ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY | ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01** | **Taxes** | **65** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.02** | **Illegality** | **68** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.03** | **Inability to Determine Rates** | **68** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.04** | **Increased Costs** | **70** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.05** | **Compensation for Losses** | **71** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.06** | **Mitigation Obligations; Replacement of Lenders** | **72** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.07** | **Survival** | **72** |
| ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01** | **Conditions of Initial Credit Extension** | **72** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02** | **Conditions to all Credit Extensions** | **73** |
| ARTICLE V REPRESENTATIONS AND WARRANTIES | ARTICLE V REPRESENTATIONS AND WARRANTIES | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.01** | **Existence, Qualification and Power** | **74** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02** | **Authorization; No Contravention** | **75** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03** | **Governmental Authorization; Other Consents** | **75** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.04** | **Binding Effect** | **75** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.05** | **Financial Statements; No Material Adverse Effect** | **75** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.06** | **Litigation** | **75** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.07** | **No Default** | **75** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.08** | **Ownership of Property; Liens** | **76** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.09** | **Environmental Compliance** | **76** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10** | **Insurance** | **77** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11** | **Taxes** | **77** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12** | **ERISA Compliance** | **77** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13** | **Subsidiaries** | **78** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14** | **Margin Regulations; Investment Company Act** | **78** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15** | **Disclosure** | **78** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16** | **Compliance with Laws** | **79** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17** | **Taxpayer Identification Numbers** | **79** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18** | **Intellectual Property; Licenses, Etc** | **79** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.19** | **Solvency** | **79** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.20** | **OFAC** | **79** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.21** | **Anti-Corruption Laws** | **79** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.22** | **Affected Financial Institutions** | **79** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.23** | **Covered Entities** | **79** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.24** | **Beneficial Ownership Certification** | **79** |
| ARTICLE VI AFFIRMATIVE COVENANTS | ARTICLE VI AFFIRMATIVE COVENANTS | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.01** | **Financial Statements** | **80** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.02** | **Certificates; Other Information** | **80** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.03** | **Notices** | **82** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.04** | **Payment of Obligations** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.05** | **Preservation of Existence, Etc** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.06** | **Maintenance of Properties** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.07** | **Maintenance of Insurance** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.08** | **Compliance with Laws** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09** | **Books and Records** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10** | **Inspection Rights** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11** | **Ownership of Guarantors** | **84** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12** | **Material Subsidiaries** | **84** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.13** | **Compliance with Environmental Laws** | **84** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.14** | **Preparation of Environmental Reports** | **84** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.15** | **Use of Proceeds** | **85** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.16** | **Further Assurances** | **85** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.17** | **Anti-Corruption Laws** | **85** |
| ARTICLE VII NEGATIVE COVENANTS | ARTICLE VII NEGATIVE COVENANTS | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.01** | **Liens** | **85** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.02** | **Investments** | **86** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.03** | **Indebtedness** | **86** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.04** | **Fundamental Changes** | **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.05** | **Dispositions** | **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.06** | **Lease Obligations** | **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.07** | **Restricted Payments** | **89** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.08** | **Change in Nature of Business; Suspension of Business** | **89** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.09** | **Transactions with Affiliates** | **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10** | **Burdensome Agreements** | **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11** | **Use of Proceeds** | **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12** | **Financial Covenants** | **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13** | **Sanctions** | **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14** | **Anti-Corruption Laws** | **92** |

---

ii

------

---

| | | |
|:---|:---|:---|
| ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES | ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.01** | **Events of Default** | **92** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.02** | **Remedies Upon Event of Default** | **93** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.03** | **Application of Funds** | **94** |
| ARTICLE IX ADMINISTRATIVE AGENT | ARTICLE IX ADMINISTRATIVE AGENT | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.01** | **Appointment and Authority** | **95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.02** | **Rights as a Lender** | **95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.03** | **Exculpatory Provisions** | **95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.04** | **Reliance by Administrative Agent** | **96** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.05** | **Delegation of Duties** | **96** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.06** | **Resignation of Administrative Agent** | **97** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.07** | **Non-Reliance on Administrative Agent and Other Lenders** | **98** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.08** | **No Other Duties, Etc** | **98** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.09** | **Administrative Agent May File Proofs of Claim** | **98** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10** | **Guaranty Matters** | **99** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11** | **ERISA Matters** | **99** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12** | **Recovery of Erroneous** | **100** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13** | **Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements** | **100** |
| ARTICLE X CONTINUING GUARANTY | ARTICLE X CONTINUING GUARANTY | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.01** | **Guaranty** | **101** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.02** | **Rights of Lenders** | **101** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.03** | **Certain Waivers** | **102** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.04** | **Obligations Independent** | **102** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.05** | **[Reserved]** | **102** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.06** | **Borrower Indemnity** | **102** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.07** | **Guarantor Contribution** | **102** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.08** | **Subrogation** | **102** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.09** | **Termination; Reinstatement** | **103** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10** | **Subordination** | **103** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11** | **Stay of Acceleration** | **103** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12** | **Condition of Borrower** | **103** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13** | **Keepwell** | **103** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14** | **Appointment of Company** | **104** |
| ARTICLE XI MISCELLANEOUS | ARTICLE XI MISCELLANEOUS | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.01** | **Amendments, Etc** | **104** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.02** | **Notices; Effectiveness; Electronic Communications** | **106** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.03** | **No Waiver; Cumulative Remedies; Enforcement** | **107** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.04** | **Expenses; Indemnity; Damage Waiver** | **108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.05** | **Payments Set Aside** | **109** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.06** | **Successors and Assigns** | **110** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.07** | **Treatment of Certain Information; Confidentiality** | **114** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.08** | **Right of Setoff** | **115** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.09** | **Interest Rate Limitation** | **115** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10** | **Integration; Effectiveness** | **115** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11** | **Survival of Representations and Warranties** | **115** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12** | **Severability** | **116** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13** | **Replacement of Lenders** | **116** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.14** | **Governing Law; Jurisdiction; Etc** | **117** |

---

iii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.15** | **Waiver of Jury Trial** | **118** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.16** | **No Advisory or Fiduciary Responsibility** | **118** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.17** | **Electronic Execution; Electronic Records; Counterparts** | **118** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.18** | **Acknowledgement and Consent to Bail-In of Affected Financial Institutions** | **119** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.19** | **Authorizations** | **120** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.20** | **USA PATRIOT Act Notice** | **120** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.21** | **Acknowledgement Regarding Any Supported QFCs** | **120** |
| **SCHEDULES** | **SCHEDULES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | Existing Letters of Credit |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | Commitments and Applicable Percentages |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | Environmental Matters |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | Pension Plans |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | Subsidiaries; Other Equity Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | Intellectual Property Matters |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 | Existing Liens |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | Existing Indebtedness |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.02 | Administrative Agent's Office; Certain Addresses for Notices |  |
| **EXHIBITS** | **EXHIBITS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Form of*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Form of*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | Committed Loan Notice |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B-1 | Delayed Draw Term A-1 Note |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B-2 | Delayed Draw Term A-2 Note |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B-3 | Revolving Credit Note |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C | Compliance Certificate |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D | Assignment and Assumption Agreement |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E | Additional Guarantor Joinder Agreement |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F | Designated Borrower Request and Assumption Agreement |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G | Designated Borrower Notice |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H | U.S. Tax Compliance Certificates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I | Guaranteed Party Designation Notice |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J | Notice of Loan Prepayment |  |

---

iv

------

**CREDIT AGREEMENT** 

This CREDIT AGREEMENT (this "<u>Agreement</u>") is entered into as of May 21, 2024, among SALTCHUK RESOURCES, INC., a Washington corporation (the "<u>Company</u>"), certain Subsidiaries of the Company a party hereto pursuant to <u>Section</u> <u>2.15</u> (each a "<u>Designated Borrower</u>" and, together with the Company, the "<u>Borrowers</u>" and, each a "<u>Borrower</u>"), the Guarantors (defined herein), the Lenders (defined herein), BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Swing Line Lender.

**RECITALS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. WHEREAS, the Loan Parties (as hereinafter defined) have requested that the Lenders, the Swing Line Lender and the L/C Issuer make loans and other financial accommodations to the Loan Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. WHEREAS, the Lenders, the Swing Line Lender and the L/C Issuer have agreed to make loans and other financial accommodations to the Loan Parties on the terms and subject to the conditions set forth herein.

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements herein contained, and for other good and valuable consideration receipt of which is hereby acknowledged, the parties hereto covenant and agree as follows:

**ARTICLE I** 

**DEFINITIONS AND ACCOUNTING TERMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01 <u>Defined Terms</u>.** As used in this Agreement, the following terms shall have the meanings set forth below:

"<u>Acquisition</u>", by any Person, means the acquisition by such Person, in a single transaction or in a series of related transactions, of all or substantially all of the property (whether real, personal or mixed, or tangible or intangible) of another Person or any identifiable Business Unit, division or operations of any other Person, or more than 50% of all of the voting Capital Stock of another Person, in each case whether or not involving a merger or consolidation with such other Person and whether for cash, property, services, assumption of Indebtedness, securities or otherwise.

"<u>Additional Guaranteed Obligations</u>" means (a) all obligations arising under Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges and disbursements of counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest, expenses and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest, expenses and fees are allowed claims in such proceeding; *provided* that Additional Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor.

"<u>Additional Guarantor Joinder Agreement</u>" has the meaning specified in <u>Section</u> <u>6.12(a)</u>.

"<u>Adjustment Period</u>" has the meaning specified in <u>Section</u> <u>7.12(a)</u>.

"<u>Administrative Agent</u>" means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

------

"<u>Administrative Agent's Office</u>" means the Administrative Agent's address and, as appropriate, account as set forth on <u>Schedule 11.02</u>, or such other address or account as the Administrative Agent may from time to time notify the Company and the Lenders.

"<u>Administrative Questionnaire</u>" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affiliate</u>" means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

"<u>Aggregate Revolving Commitments</u>" means the Revolving Credit Commitments of all the Lenders. The Aggregate Revolving Commitments as of the Closing Date are $800,000,000.

"<u>Agreement</u>" means this Credit Agreement.

"<u>All-In Yield</u>" means, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, original issue discount, upfront fees, a Term SOFR, SOFR Daily Floating Rate or Base Rate floor or otherwise, in each case, incurred or payable by the Borrowers generally to all lenders of such Indebtedness; provided that original issue discount and upfront fees shall be equated to interest rate assuming a 4-year life to maturity (or, if less, the stated life to maturity at the time of incurrence of the applicable Indebtedness); and provided, further, that "All-In Yield" shall not include arrangement, structuring, commitment, underwriting or other similar fees (regardless of whether paid in whole or in part to any lenders) not paid generally to all lenders of such Indebtedness.

"<u>Applicable Percentage</u>" means (a) in respect of the Delayed Draw A-1 Facility, with respect to any Delayed Draw A-1 Lender at any time, the percentage (carried out to the ninth decimal place) of the Delayed Draw A-1 Facility represented by (i) at any time during the Delayed Draw A-1 Availability Period, the percentage (carried out to the ninth decimal place) of the Delayed Draw A-1 Facility represented by such Delayed Draw A-1 Lender's Delayed Draw A-1 Commitment at such time, subject to adjustment as provided in <u>Section</u> <u>2.18</u>, and (ii) with respect to any Delayed Draw A-1 Lender's portion of the outstanding Delayed Draw Term A-1 Loan, the percentage (carried out to the ninth decimal place) of the outstanding principal amount of such Delayed Draw Term A-1 Loan held by such Lender at such time, subject to adjustment as provided in <u>Section</u> <u>2.18</u>; (b) in respect of the Delayed Draw A-2 Facility, with respect to any Delayed Draw A-2 Lender at any time, the percentage (carried out to the ninth decimal place) of the Delayed Draw A-2 Facility represented by (i) at any time during the Delayed Draw A-2 Availability Period, the percentage (carried out to the ninth decimal place) of the Delayed Draw A-2 Facility represented by such Delayed Draw A-2 Lender's Delayed Draw A-2 Commitment at such time, subject to adjustment as provided in <u>Section</u> <u>2.18</u>, and (ii) with respect to any Delayed Draw A-2 Lender's portion of the outstanding Delayed Draw Term A-2 Loan, the percentage (carried out to the ninth decimal place) of the outstanding principal amount of such Delayed Draw Term A-2 Loan held by such Lender at such time, subject to adjustment as provided in <u>Section</u> <u>2.18</u>; and (c) in respect of the Revolving Credit Facility, with respect to any Revolving Credit Lender at any time, the percentage (carried out to the ninth decimal place) of the Revolving Credit Facility represented by such Revolving Credit Lender's Revolving Credit Commitment at such time, subject to adjustment as provided in <u>Section</u> <u>2.18</u>. If the commitment of each Delayed Draw A-1 Lender to make Delayed Draw Term A-1 Loans has been terminated pursuant to <u>Section</u> <u>8.02</u>, or if the Delayed Draw A-1 Commitments have expired, then the Applicable Percentage of each Delayed Draw A-1 Lender in respect of the Delayed Draw A-1 Facility shall be determined based on the Applicable Percentage of such Delayed Draw A-1 Lender in respect of the Delayed Draw A-1 Facility most recently in effect, giving effect to any subsequent assignments and to any Lender's status as a Defaulting Lender at the time of determination. If the commitment of each Delayed Draw A-2 Lender to make Delayed Draw Term A-2 Loans has been terminated pursuant to <u>Section</u> <u>8.02</u>, or if the Delayed Draw A-2 Commitments have expired, then the Applicable Percentage

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of each Delayed Draw A-2 Lender in respect of the Delayed Draw A-2 Facility shall be determined based on the Applicable Percentage of such Delayed Draw A-2 Lender in respect of the Delayed Draw A-2 Facility most recently in effect, giving effect to any subsequent assignments and to any Lender's status as a Defaulting Lender at the time of determination. If the commitment of each Revolving Credit Lender to make Revolving Credit Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to <u>Section</u> <u>8.02</u>, or if the Revolving Credit Commitments have expired, then the Applicable Percentage of each Revolving Credit Lender in respect of the Revolving Credit Facility shall be determined based on the Applicable Percentage of such Revolving Credit Lender in respect of the Revolving Credit Facility most recently in effect, giving effect to any subsequent assignments and to any Lender's status as a Defaulting Lender at the time of determination. The initial Applicable Percentage of each Lender in respect of each Facility is set forth opposite the name of such Lender on <u>Schedule 2.01</u> or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto or in any documentation executed by such Lender pursuant to <u>Section</u> <u>2.16</u>, as applicable.

"<u>Applicable Rate</u>" means, for any day, the rate per annum set forth below opposite the applicable Level then in effect (based on the Consolidated Net Leverage Ratio):

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| | | | | |
|:---|:---|:---|:---|:---|
| Pricing<br>Level | Consolidated Net Leverage<br>Ratio | Commitment Fee,<br>A-1 Ticking Fee<br>and A-2 Ticking<br>Fee | Term SOFR Loans,<br>SOFR Daily Floating<br>Rate Loans and Letter<br>of Credit Fees | Base Rate Loans |
| 1 | < 1.75 to 1 | 0.150% | 1.375% | 0.375% |
| 2 | ≥ 1.75 to 1.0 but < 2.25 to 1 | 0.200% | 1.625% | 0.625% |
| 3 | ≥ 2.25 to 1.0 but < 2.75 to 1 | 0.225% | 1.875% | 0.875% |
| 4 | ≥ 2.75 to 1.0 but < 3.25 to 1 | 0.250% | 2.125% | 1.125% |
| 5 | ≥ 3.25 to 1 | 0.300% | 2.375% | 1.375% |

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Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Net Leverage Ratio shall become effective as of the first Business Day of the month immediately following the date the Administrative Agent receives a Compliance Certificate delivered pursuant to <u>Section</u> <u>6.02(b)</u>. If the Company shall fail to provide any such Compliance Certificate within 5 days after delivery of such Compliance Certificate is due, then, upon the request of the Required Lenders, Pricing Level 5 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the first Business Day following the date on which such Compliance Certificate is delivered. In addition, at all times while the Default Rate is in effect, the highest rate set forth in each column of the Applicable Rate shall apply. Notwithstanding anything to the contrary contained in this definition, (i) the determination of the Applicable Rate for any period shall be subject to the provisions of <u>Section</u> <u>2.11(b)</u>, (ii) the Applicable Rate in effect from the Closing Date through the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to <u>Section</u> <u>6.02(b)</u> for the fiscal quarter ending June 30, 2024 shall be Pricing Level 3, (iii) the Applicable Rate in effect from the date of the initial Borrowing of the Delayed Draw Term A-1 Loan through the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to <u>Section</u> <u>6.02(b)</u> for the fiscal quarter of the Company in which such Borrowing occurred, shall be determined based upon the Pricing Level corresponding to the Consolidated Net Leverage Ratio (calculated on a pro forma basis after giving effect to the borrowing of the Delayed Draw Term A-1 Loan) set forth in the Compliance Certificate delivered pursuant to <u>Section</u> <u>4.02(e)</u>, (iv) if the OSG Acquisition is consummated without the Delayed Draw Term A-1 Loan being borrowed, the Applicable Rate in effect from the closing date of the OSG Acquisition through the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to <u>Section</u> <u>6.02(b)</u> for the fiscal quarter of the Company in which such Acquisition was consummated, shall be determined based upon the Pricing Level corresponding to the Consolidated Net Leverage Ratio (calculated on a pro forma basis after giving effect to the OSG Acquisition) set forth in the certificate delivered pursuant to clause (f) of the definition of "Permitted Acquisition" and (v) the Applicable Rate in effect from the date of the initial Borrowing of the Delayed Draw Term A-2 Loan through the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to <u>Section</u> <u>6.02(b)</u> for the fiscal quarter of the Company in which such Borrowing occurred, shall be determined

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based upon the Pricing Level corresponding to the Consolidated Net Leverage Ratio (calculated on a pro forma basis after giving effect to the borrowing of the Delayed Draw Term A-2 Loan) set forth in the Compliance Certificate delivered pursuant to <u>Section</u> <u>4.02(f)</u>. Any adjustment in the Applicable Rate shall be applicable to all Credit Extensions then existing or subsequently made or issued.

"<u>Applicant Borrower</u>" has the meaning specified in <u>Section</u> <u>2.15</u>.

"<u>Approved Fund</u>" means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

"<u>Arrangers</u>" means BAS, Wells Fargo Securities, LLC, U.S. Bank National Association, PNC Capital Markets LLC and JPMorgan Chase Bank, N.A., in their capacities as joint lead arranger and joint bookrunner.

"<u>Assignment and Assumption</u>" means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by <u>Section</u> <u>11.06(b</u>)), and accepted by the Administrative Agent, in substantially the form of <u>Exhibit D</u> or any other form (including an electronic documentation form generated by use of an electronic platform) approved by the Administrative Agent.

"<u>Attributable Indebtedness</u>" means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease or similar payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease or other agreement or instrument were accounted for as a Capitalized Lease.

"<u>Audited Financial Statements</u>" means the audited consolidated balance sheet of the Company and its Subsidiaries for the fiscal year ended December 31, 2023, and the related consolidated statements of income or operations, shareholders' equity and cash flows for such fiscal year of the Company and its Subsidiaries, including the notes thereto.

"<u>Availability Period</u>" means the period from and including the Closing Date to the earliest of (i) the Maturity Date for the Revolving Credit Facility, (ii) the date of termination of the Revolving Credit Commitments pursuant to <u>Section</u> <u>2.07</u>, and (iii) the date of termination of the commitment of each Revolving Credit Lender to make Revolving Credit Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to <u>Section</u> <u>8.02</u>.

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Bank of America</u>" means Bank of America, N.A. and its successors.

"<u>BAS</u>" means BofA Securities, Inc., in its capacity as joint lead arranger and joint bookrunner.

"<u>Base Rate</u>" means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate *plus* 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to

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time by Bank of America as its "prime rate," and (c) Term SOFR *plus* 1.00%, subject to the interest rate floors set forth therein; *provided* that if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. The "prime rate" is a rate set by Bank of America based upon various factors including Bank of America's costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. If the Base Rate is being used as an alternate rate of interest pursuant to <u>Section</u> <u>3.03</u> hereof, then the Base Rate shall be the greater of <u>clauses (a</u>) and (<u>b</u>) above and shall be determined without reference to <u>clause (c</u>) above.

"<u>Base Rate Loan</u>" means a Loan that bears interest based on the Base Rate.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Borrower</u>" and "<u>Borrowers</u>" each has the meaning specified in the introductory paragraph hereto.

"<u>Borrower Materials</u>" has the meaning specified in <u>Section</u> <u>6.02</u>.

"<u>Borrowing</u>" means a Revolving Credit Borrowing, a Swing Line Borrowing, a Delayed Draw A-1 Borrowing or a Delayed Draw A-2 Borrowing, as the context may require.

"<u>Business Day</u>" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent's Office is located.

"<u>Business Unit</u>" means a business, business unit, division or product or service line, or the assets that constitute all or substantially all of the assets of any of the foregoing.

"<u>Capital Construction Fund</u>" means, with respect to any Person, a fund established by such Person under Chapter 535 of Title 46 of the United States Code, as amended, for the purpose of acquiring, constructing or reconstructing qualified vessels, including the fund established pursuant to that certain Capital Construction Fund Agreement dated September 13, 1983, among the Company, certain of its Subsidiaries and MARAD.

"<u>Capital Stock</u>" means (i) in the case of a corporation, capital stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (iii) in the case of a partnership, partnership interests (whether general or limited), (iv) in the case of a limited liability company, membership interests and (v) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

"<u>Capitalized Leases</u>" means all leases that have been or should be, in accordance with GAAP, recorded as capitalized or financing leases.

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"<u>Cash Collateral Fund Amount</u>" means, on any date of determination, the aggregate fair market value of the property and assets held in any deposit accounts, securities accounts or escrow funds opened for the benefit of the Noteholders (solely in their capacity as holders of the notes issued in connection with the Noteholder Documents) to receive and hold, at the election of any of the Loan Parties pursuant to the terms of any Noteholder Document, in lieu of a mandatory prepayment, their share of the net proceeds from any net proceeds of insurance that are required to be paid to any such Noteholder(s) pursuant to the terms of any applicable Noteholder Document.

"<u>Cash Collateralize</u>" means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the L/C Issuer or the Lenders, as collateral for L/C Obligations or obligations of the Revolving Credit Lenders to fund participations in respect of L/C Obligations, (a) cash or deposit account balances, (b) backstop letters of credit entered into on terms, from issuers and in amounts satisfactory to the Administrative Agent and the applicable L/C Issuer, and/or (c) if the Administrative Agent and the applicable L/C Issuer shall agree, in their sole discretion, other credit support, in each case, in Dollars and pursuant to documentation in form and substance satisfactory to the Administrative Agent and the L/C Issuer. "<u>Cash Collateral</u>" shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral or other credit support.

"<u>Cash Management Agreement</u>" means any agreement to provide treasury or cash management services, including deposit accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards), funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services.

"<u>Cash Management Bank</u>" means any Person in its capacity as a party to a Cash Management Agreement that, (a) at the time it enters into a Cash Management Agreement with a Loan Party or any Restricted Subsidiary, is a Lender or an Affiliate of a Lender, or (b) at the time it (or its Affiliate) becomes a Lender, is a party to a Cash Management Agreement with a Loan Party or any Restricted Subsidiary, in each case in its capacity as a party to such Cash Management Agreement (even if such Person ceases to be a Lender or such Person's Affiliate ceased to be a Lender); <u>provided</u>, <u>however</u>, that for any of the foregoing to be included as a "Guaranteed Cash Management Agreement" on any date of determination by the Administrative Agent, the applicable Cash Management Bank (other than the Administrative Agent or an Affiliate of the Administrative Agent) must have delivered a Guaranteed Party Designation Notice to the Administrative Agent prior to such date of determination.

"<u>CERCLA</u>" means the Comprehensive Environmental Response, Compensation and Liability Act of 1980.

"<u>CERCLIS</u>" means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency.

"<u>CFC</u>" means a Person that is a controlled foreign corporation under Section 957 of the Code in which the Company or any Loan Party is a United States shareholder within the meaning of Section 951(b) of the Code.

"<u>Change in Law</u>" means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; <u>provided</u> that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in the implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law", regardless of the date enacted, adopted, issued or implemented.

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"<u>Change of Control</u>" means an event or series of events by which any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than Michael Garvey, Lynn Garvey or any of their lineal descendants (including by adoption) or trusts for the benefit of the foregoing persons or the estates of the foregoing persons, becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have "beneficial ownership" of all securities that such person or group has the right to acquire (such right an "option right"), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 50% or more of the Capital Stock of the Company entitled to vote for members of the board of directors or equivalent governing body of the Company on a fully-diluted basis (and taking into account all such securities that such "person" or "group" has the right to acquire pursuant to any option right).

"<u>Closing Date</u>" means May 21, 2024.

"<u>CME</u>" means CME Group Benchmark Administration Limited.

"<u>Code</u>" means the Internal Revenue Code of 1986.

"<u>Collected Balance</u>" means, at any time, the ledger balance in the Swing Line Account <u>minus</u> the total dollar amount of items deposited into the Swing Line Account for which, based upon the most recent collected funds schedule Swing Line Lender has provided to the Company, the Swing Line Account has not yet been credited for purposes of calculating the Collected Balance.

"<u>Commitment</u>" means a Delayed Draw A-1 Commitment, a Delayed Draw A-2 Commitment or a Revolving Credit Commitment, as the context may require.

"<u>Committed Loan Notice</u>" means a notice of (a) a Delayed Draw A-1 Borrowing, (b) a Delayed Draw A-2 Borrowing, (c) a Revolving Credit Borrowing, (d) a conversion of Loans from one Type to the other, or (e) a continuation of Term SOFR Loans, pursuant to <u>Section</u> <u>2.02(a)</u>, which shall be substantially in the form of <u>Exhibit A</u> or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Company.

"<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 U.S.C. § 1 *et seq.*), as amended from time to time, and any successor statute.

"<u>Communication</u>" means this Agreement, any Loan Document and any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to any Loan Document.

"<u>Company</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Company Note Agreement One</u>" means that certain Fifth Amended and Restated Note Purchase and Private Shelf Agreement dated as of January 30, 2017, by and among the Company, the Guarantors, PGIM, Inc. and each purchaser named on the Purchaser Schedule attached thereto, as it may be amended, restated, extended, supplemented or otherwise modified in writing from time to time.

"<u>Company Note Agreement Two</u>" means that certain Second Amended and Restated Note Purchase Agreement dated as of January 30, 2017, by and among the Company, the Guarantors and each purchaser named on the Purchaser Schedule attached thereto, as it may be amended, restated, extended, supplemented or otherwise modified in writing from time to time.

"<u>Compliance Certificate</u>" means a certificate substantially in the form of <u>Exhibit C</u>.

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"<u>Conforming Changes</u>" means, with respect to the use, administration of or any conventions associated with SOFR or any proposed Successor Rate or Term SOFR, as applicable, any conforming changes to the definitions of "Base Rate", "SOFR", "Term SOFR", "SOFR Daily Floating Rate" and "Interest Period", timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definitions of "Business Day" and "U.S. Government Securities Business Day", timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consolidated Adjusted EBITDA</u>" means, for any period, for the Company and the Restricted Subsidiaries on a consolidated basis, the sum of the following, without duplication, (a) Consolidated Net Earnings, <u>plus</u> (b) the following to the extent deducted in calculating such Consolidated Net Earnings (without duplication): (i) Consolidated Interest Expense, (ii) income tax expense, (iii) depreciation expense and amortization expense, (iv) non-recurring costs, cash expenses and fees in connection with any Permitted Acquisition incurred during such period, (v) unusual or non-recurring losses, charges and expenses incurred during such period and (vi) non-cash charges and losses (excluding any such non-cash charges or losses to the extent (A) there were cash charges with respect to such charges and losses in past accounting periods or (B) there is a reasonable expectation that there will be cash charges with respect to such charges and losses in future accounting periods), <u>plus</u> (c) the amount of cost synergies, cost savings, and operating expense reductions (net of actual amounts realized) that are reasonably identifiable and factually supportable (in the good faith determination of the Company, as certified by the Company in the Compliance Certificate delivered by the Company for such period) related to any Investment (including any Permitted Acquisition), Disposition, restructuring or cost savings initiatives that are expected to be realized within twenty-four (24) months after the consummation of such transaction or initiative, in each case net of the amount of actual benefits realized during such period from such transaction or initiative, <u>provided</u> that projected amounts (that are not yet realized) may no longer be added in calculating Consolidated Adjusted EBITDA to the extent occurring more than twenty-four (24) calendar months after the consummation of the applicable transaction, <u>less</u> (d) without duplication and to the extent reflected as a gain or otherwise included in the calculation of Consolidated Net Earnings for such period, (i) non-cash gains (excluding any such non-cash gains to the extent (A) there were cash gains with respect to such gains in past accounting periods or (B) there is a reasonable expectation that there will be cash gains with respect to such gains in future accounting periods) and (ii) Consolidated Interest Income.

Notwithstanding the foregoing, the aggregate amount added to Consolidated Adjusted EBITDA for any period pursuant to clauses (b)(iv), (b)(v) and (c) above shall not exceed fifteen percent (15%) of Consolidated Adjusted EBITDA for such period (calculated prior to giving effect to clauses (b)(iv), (b)(v) and (c)). For the avoidance of doubt, the Company shall provide detail sufficient to the Administrative Agent with respect to any amounts added back pursuant to clauses (b)(iv), (b)(v) and (c).

"<u>Consolidated Capitalized Interest</u>" means, for any period, for the Company and the Restricted Subsidiaries on a consolidated basis, the aggregate amount of Consolidated Interest Expense, determined in accordance with GAAP for such period, that has been capitalized on the balance sheet of such Person during such period.

"<u>Consolidated Debt</u>" means, on any date, without duplication, the aggregate amount of (i) all Indebtedness of the Company and the Restricted Subsidiaries of the types described in clauses (a) through (e) of the definition

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of Indebtedness, specifically excluding, however, all obligations (whether direct or contingent) of the Company and the Restricted Subsidiaries arising under Performance Bonds maturing on demand or within one year from the date of the creation thereof, (ii) all Guarantees of the Company and the Restricted Subsidiaries in respect of any of the foregoing, and (iii) all modifications, renewals and extensions of the above, all determined in accordance with GAAP.

"<u>Consolidated Fixed Charge Coverage Ratio</u>" means, as of any date of determination for the most recently completed four (4) fiscal quarters of the Company, the ratio of (a) Consolidated Adjusted EBITDA <u>to</u> (b) the sum of (i) all regularly scheduled principal payments on Consolidated Debt required to be made by the Company and the Restricted Subsidiaries within one year of the date of determination <u>plus</u> (ii) Consolidated Interest Expense for such period, <u>plus</u> (ii) Consolidated Capitalized Interest for such period.

"<u>Consolidated Interest Expense</u>" means, for any period, for the Company and the Restricted Subsidiaries on a consolidated basis, the aggregate amount of interest expense as determined in accordance with GAAP. Notwithstanding the foregoing, specific items of interest expense shall only be included in this definition to the extent such items have been deducted from gross revenues in calculating Consolidated Net Earnings for such Person for such period.

"<u>Consolidated Interest Income</u>" means, for any period, for the Company and the Restricted Subsidiaries on a consolidated basis, the aggregate amount of interest income as determined in accordance with GAAP, including, without duplication, interest associated with any Capital Construction Fund, and all other types of interest income on debt securities.

"<u>Consolidated Net Earnings</u>" means, for any period, for the Company and the Restricted Subsidiaries on a consolidated basis, the net earnings of such Person for such period determined in accordance with GAAP for such period. For the avoidance of doubt, cash dividends and other distributions actually distributed to the Company or any Restricted Subsidiary by any Unrestricted Subsidiary during such period, net of any permitted Investment in, or Disposition to, any Unrestricted Subsidiary made during such period that is not in the ordinary course of business (provided that if such amount as so determined would be less than zero, such amount shall be deemed to be zero), shall be included in Consolidated Net Earnings (and in the case of a dividend or other distribution to a Restricted Subsidiary, such Restricted Subsidiary is not precluded from further distributing such amount to the Company by operation of the terms of its Organization Documents or any agreement, instrument or Law applicable to such Restricted Subsidiary during such period); <u>provided</u>, that, such cash dividend or distribution shall not be included to the extent such dividend or distribution requires that it be repaid to an Unrestricted Subsidiary at a future date.

"<u>Consolidated Net Leverage Ratio</u>" means, as of any date of determination, the ratio of (a) the difference of (i) Consolidated Debt as of such date <u>less</u> (ii) the Title XI Fund Amount as of such date <u>less</u> (iii) the Cash Collateral Fund Amount as of such date <u>less</u> (iv) the Unrestricted Cash Amount as of such date to (b) Consolidated Adjusted EBITDA for the most recently completed four (4) fiscal quarters of the Company.

"<u>Consolidated Revenues</u>" means, for any period, for the Company and its Restricted Subsidiaries on a consolidated basis, the aggregate net revenues of such Persons determined in accordance with GAAP.

"<u>Consolidated Stockholder's Equity</u>" means, as of any date of determination, for the Company and all Subsidiaries on a consolidated basis, total equity <u>less</u> non-controlling interests determined in accordance with GAAP.

"<u>Consolidated Tangible Assets</u>" means, as of any date of determination, with respect to the Company and its Restricted Subsidiaries, the aggregate amount of assets as of such date (determined on a consolidated basis and in accordance with GAAP) after deducting therefrom all goodwill, trade names, trademarks, patents, licenses, unamortized debt discount and expense, treasury stock and other like intangibles (in each case, determined on a consolidated basis and in accordance with GAAP).

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"<u>Consolidated Total Assets</u>" means, as of any date of determination, for the Company and the Restricted Subsidiaries on a consolidated basis, the aggregate value of the total assets of such Persons (including leaseholds and leasehold improvements and reserves against assets but excluding monies due from Affiliates, officers, directors, employees, shareholders, members or managers of such Persons).

"<u>Contractual Obligation</u>" means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "Controlling" and "Controlled" have meanings correlative thereto.

"<u>Covered Entity</u>" means any of the following: (a) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Credit Extension</u>" means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

"<u>Daily Simple SOFR</u>" with respect to any applicable determination date means the SOFR published on such date on the Federal Reserve Bank of New York's website (or any successor source).

"<u>Debtor Relief Laws</u>" means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.

"<u>Default</u>" means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

"<u>Default Rate</u>" means (a) with respect to any Obligation for which a rate is specified, a rate per annum equal to two percent (2%) in excess of the rate otherwise applicable thereto and (b) with respect to any Obligation for which a rate is not specified or available, a rate per annum equal to the Base Rate *plus* the Applicable Rate for Base Rate Loans *plus* two percent (2%), in each case, to the fullest extent permitted by applicable law.

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Defaulting Lender</u>" means, subject to <u>Section</u> <u>2.18(b)</u>, any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Company in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two Business Days of the date when due, (b) has notified the Company, the Administrative Agent, the L/C Issuer or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender's obligation to fund a Loan hereunder and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has

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failed, within three Business Days after written request by the Administrative Agent or the Company, to confirm in writing to the Administrative Agent and the Company that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Company), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <u>Section</u> <u>2.18(b)</u>) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Company, the L/C Issuer, the Swing Line Lender and each other Lender promptly following such determination.

"<u>Delayed Draw A-1 Availability Period</u>" means the period from and including the Closing Date to the earliest of (i) May 21, 2025, (ii) the date of termination of the Delayed Draw A-1 Commitments pursuant to <u>Section</u> <u>2.07</u>, and (iii) the date of termination of the commitment of each Delayed Draw A-1 Lender to make Delayed Draw Term A-1 Loans pursuant to <u>Section</u> <u>8.02</u>

"<u>Delayed Draw A-1 Borrowing</u>" means a borrowing consisting of simultaneous Delayed Draw Term A-1 Loans of the same Type and, in the case of Term SOFR Loans, having the same Interest Period made by each of the Delayed Draw A-1 Lenders pursuant to <u>Section</u> <u>2.01(a)</u>.

"<u>Delayed Draw A-1 Commitment</u>" means, as to each Delayed Draw A-1 Lender, its obligation to make Delayed Draw Term A-1 Loans to the Company pursuant to <u>Section</u> <u>2.01(a)</u> in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Delayed Draw A-1 Lender's name on <u>Schedule 2.01</u>, as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate principal amount of the Delayed Draw A-1 Commitments as of the Closing Date is $400,000,000.

"<u>Delayed Draw A-1 Facility</u>" means (a) at any time during the Delayed Draw A-1 Availability Period, the aggregate amount of the Delayed Draw A-1 Commitments at such time and (b) at any time thereafter, the aggregate principal amount of the Delayed Draw Term A-1 Loans of all Delayed Draw A-1 Lenders outstanding at such time, and shall include any Incremental Term Facility increasing the Delayed Draw A-1 Facility.

"<u>Delayed Draw A-1 Lender</u>" means (a) at any time during the Delayed Draw A-1 Availability Period, any Lender that has a Delayed Draw A-1 Commitment at such time and (b) at any time thereafter, any Lender that holds Delayed Draw Term A-1 Loans at such time.

"<u>Delayed Draw Term A-1 Loan</u>" means an advance made by any Delayed Draw A-1 Lender under the Delayed Draw A-1 Facility.

"<u>Delayed Draw Term A-1 Loan Note</u>" means a promissory note made by the Company in favor of a Delayed Draw A-1 Lender evidencing Delayed Draw Term A-1 Loans made by such Delayed Draw A-1 Lender, substantially in the form of <u>Exhibit B-1</u>.

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"<u>Delayed Draw A-2 Availability Period</u>" means the period from and including the Closing Date to the earliest of (i) November 21, 2024, (ii) the date on which any Noteholder Documents are executed and become effective, (iii) the date of termination of the Delayed Draw A-2 Commitments pursuant to <u>Section</u> <u>2.07</u>, and (iv) the date of termination of the commitment of each Delayed Draw A-2 Lender to make Delayed Draw Term A-2 Loans pursuant to <u>Section</u> <u>8.02</u>

"<u>Delayed Draw A-2 Borrowing</u>" means a borrowing consisting of simultaneous Delayed Draw Term A-2 Loans of the same Type and, in the case of Term SOFR Loans, having the same Interest Period made by each of the Delayed Draw A-2 Lenders pursuant to <u>Section</u> <u>2.01(b)</u>.

"<u>Delayed Draw A-2 Commitment</u>" means, as to each Delayed Draw A-2 Lender, its obligation to make Delayed Draw Term A-2 Loans to the Company pursuant to <u>Section</u> <u>2.01(b)</u> in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Delayed Draw A-2 Lender's name on <u>Schedule 2.01</u>, as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate principal amount of the Delayed Draw A-2 Commitments as of the Closing Date is $180,000,000.

"<u>Delayed Draw A-2 Facility</u>" means (a) at any time during the Delayed Draw A-2 Availability Period, the aggregate amount of the Delayed Draw A-2 Commitments at such time and (b) at any time thereafter, the aggregate principal amount of the Delayed Draw Term A-2 Loans of all Delayed Draw A-2 Lenders outstanding at such time, and shall include any Incremental Term Facility increasing the Delayed Draw A-2 Facility.

"<u>Delayed Draw A-2 Lender</u>" means (a) at any time during the Delayed Draw A-2 Availability Period, any Lender that has a Delayed Draw A-2 Commitment at such time and (b) at any time thereafter, any Lender that holds Delayed Draw Term A-2 Loans at such time.

"<u>Delayed Draw Term A-2 Loan</u>" means an advance made by any Delayed Draw A-2 Lender under the Delayed Draw A-2 Facility.

"<u>Delayed Draw Term A-2 Loan Note</u>" means a promissory note made by the Company in favor of a Delayed Draw A-2 Lender evidencing Delayed Draw Term A-2 Loans made by such Delayed Draw A-2 Lender, substantially in the form of <u>Exhibit B-2</u>.

"<u>Designated Borrower</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Designated Borrower Notice</u>" has the meaning specified in <u>Section</u> <u>2.15</u>.

"<u>Designated Borrower Request and Assumption Agreement</u>" has the meaning specified in <u>Section</u> <u>2.15</u>.

"<u>Designated Borrower Sublimit</u>" means an amount equal to the lesser of the Aggregate Revolving Commitments and $50,000,000. The Designated Borrower Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.

"<u>Designated Jurisdiction</u>" means any country or territory to the extent that such country or territory is the subject of any Sanction (as of the Closing Date, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, the Crimea Region of Ukraine, the Kherson Region of Ukraine, the Zaporizhzhia Region of Ukraine, Cuba, Iran, North Korea and Syria).

"<u>Disposition</u>" or "<u>Dispose</u>" means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any property (other than cash) by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

"<u>Dollar</u>" and "<u>$</u>" mean lawful money of the United States.

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"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Electronic Copy</u>" has the meaning specified in <u>Section</u> <u>11.17</u>.

"<u>Electronic Record</u>" and "<u>Electronic Signature</u>" shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

"<u>Eligible Assignee</u>" means any Person that meets the requirements to be an assignee under <u>Section</u> <u>11.06(b)(iii)</u> and <u>(v)</u> (subject to such consents, if any, as may be required under <u>Section</u> <u>11.06(b)(iii)</u>).

"<u>Environment</u>" means ambient air, indoor air, surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources such as wetland, flora and fauna.

"<u>Environmental Laws</u>" means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, agreements or governmental restrictions relating to pollution or the protection of the Environment or human health (to the extent related to exposure to Hazardous Materials), including those relating to the manufacture, generation, handling, transport, storage, treatment, Release threat of Release of Hazardous Materials.

"<u>Environmental Liability</u>" means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Company, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

"<u>Environmental Permit</u>" means any permit, approval, identification number, license or other authorization required under any Environmental Law.

"<u>Equity Interests</u>" means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

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"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) under common control with the Company within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"<u>ERISA Event</u>" means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Company or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a "substantial employer" as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Company or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent; (d) the filing of a notice of intent to terminate a Pension Plan, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Company or any ERISA Affiliate; or (i) a failure by the Company or any ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or the failure by the Company or any ERISA Affiliate to make any required contribution to a Multiemployer Plan.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Event of Default</u>" has the meaning specified in <u>Section</u> <u>8.01</u>.

"<u>Event of Loss</u>" means, with respect to any property, any of the following: (a) any loss, destruction or damage of such property; (b) any pending or threatened institution of any proceedings for the condemnation or seizure of such property or for the exercise of any right of eminent domain; or (c) any actual condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such property, or confiscation of such property or the requisition of the use of such property.

"<u>Excluded Swap Obligation</u>" means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act (determined after giving effect to <u>Section</u> <u>10.13</u> and any other "keepwell, support or other agreement" for the benefit of such Guarantor and any and all guarantees of such Guarantor's Swap Obligations by other Loan Parties) at the time the Guaranty of such Guarantor, or a grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty or security interest is or becomes excluded in accordance with the first sentence of this definition.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment

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pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Company under <u>Section</u> <u>11.13</u>) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to <u>Section</u> <u>3.01)</u>, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient's failure to comply with <u>Section</u> <u>3.01(e)</u> and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

"<u>Existing Credit Agreement</u>" means that certain Sixth Amended and Restated Credit Agreement, dated as of January 30, 2017 (as amended, restated, supplemented or otherwise modified from time to time) among the Company, the other borrowers party thereto, the guarantors party thereto, the lenders party thereto, and Bank of America, N.A., as administrative agent.

"<u>Existing Letters of Credit</u>" means those certain letters of credit set forth on <u>Schedule 1.01</u>.

"<u>Existing Noteholder Documents</u>" means, collectively, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Company Note Agreement One; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Company Note Agreement Two;

and each other document, instrument or agreement from time to time executed by any Loan Party or any Responsible Officer and delivered in connection with any of the foregoing, as any thereof may be amended, restated, extended, supplemented or otherwise modified in writing from time to time.

"<u>Facility</u>" means the Delayed Draw A-1 Facility, the Delayed Draw A-2 Facility or the Revolving Credit Facility, as the context may require, and shall include any Incremental Facility Loans.

"<u>Facility Termination Date</u>" means the date as of which all of the following shall have occurred: (a) all Commitments have terminated, (b) all Obligations have been paid in full (other than contingent indemnification obligations), and (c) all Letters of Credit have terminated or expired (other than Letters of Credit as to which other arrangements with respect thereto satisfactory to the Administrative Agent and the L/C Issuer shall have been made).

"<u>FASB ASC</u>" means the Accounting Standards Codification of the Financial Accounting Standards Board.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantially comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

"<u>Federal Funds Rate</u>" means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"<u>Fee Letter</u>" means the letter agreement, dated May 21, 2024, among the Company and BAS.

"<u>Foreign Lender</u>" means (a) if the applicable Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the applicable Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a

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jurisdiction other than that in which such Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

"<u>FRB</u>" means the Board of Governors of the Federal Reserve System of the United States.

"<u>Fronting Exposure</u>" means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting Lender's Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender's Applicable Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

"<u>Fund</u>" means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.

"<u>GAAP</u>" means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. For the avoidance of doubt, this definition of GAAP includes the basis upon which the Company and the Restricted Subsidiaries are presented on a consolidated basis in the footnotes to the Audited Financial Statements.

"<u>Governmental Authority</u>" means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

"<u>Guarantee</u>" means, as to any Person, any (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the "primary obligor") in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); <u>provided</u>, <u>however</u>, that the term "Guarantee" shall not include (a) endorsements of instruments for deposit or collection in the ordinary course of business or (b) any hold harmless or other agreement having the economic effect of guarantying the collectability of the receivables of any Subsidiary, from time to time deposited (or with respect to which interests therein are from time to time deposited) into a Capital Construction Fund. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term "Guarantee" as a verb has a corresponding meaning.

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"<u>Guaranteed Cash Management Agreement</u>" means any Cash Management Agreement between any Loan Party and any of its Restricted Subsidiaries and any Cash Management Bank.

"<u>Guaranteed Hedge Agreement</u>" means any interest rate, currency, foreign exchange, or commodity Swap Contract not prohibited under <u>Article VI</u> or <u>VII</u> between any Loan Party and any of its Restricted Subsidiaries and any Hedge Bank.

"<u>Guaranteed Obligations</u>" means all Obligations and all Additional Guaranteed Obligations.

"<u>Guaranteed Party Designation Notice</u>" means a notice from any Lender or an Affiliate of a Lender substantially in the form of <u>Exhibit I</u>.

"<u>Guarantors</u>" means, collectively, (a) the Subsidiaries of the Company identified as a "Guarantor" on the signature pages hereto and as may from time to time become parties to this Agreement pursuant to <u>Section</u> <u>6.12</u>, and (b) with respect to Additional Guaranteed Obligations owing by any Loan Party or any of its Restricted Subsidiaries and any Swap Obligation of a Specified Loan Party (determined before giving effect to <u>Sections 10.01</u> and <u>10.13</u>) under the Guaranty, each Borrower.

"<u>Guaranty</u>" means the Guaranty made by the Guarantors under <u>Article X</u> in favor of the Administrative Agent, the Lenders and the L/C Issuer.

"<u>Hazardous Materials</u>" means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants including petroleum or petroleum distillates, natural gas, natural gas liquids, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, toxic mold, infectious or medical wastes and all other substances, wastes, chemicals, pollutants, contaminants or compounds of any nature in any form regulated pursuant to any Environmental Law.

"<u>Hedge Bank</u>" means any Person in its capacity as a party to a Swap Contract that, (a) at the time it enters into a Swap Contract not prohibited under <u>Articles VI</u> or <u>VII</u>, is a Lender or an Affiliate of a Lender, or (b) at the time it (or its Affiliate) becomes a Lender, is a party to a Swap Contract not prohibited under <u>Articles VI</u> or <u>VII</u>, in each case, in its capacity as a party to such Swap Contract (even if such Person ceases to be a Lender or such Person's Affiliate ceased to be a Lender); <u>provided</u>, in the case of a Guaranteed Hedge Agreement with a Person who is no longer a Lender (or Affiliate of a Lender), such Person shall be considered a Hedge Bank only through the stated termination date (without extension or renewal) of such Guaranteed Hedge Agreement and <u>provided</u> <u>further</u> that for any of the foregoing to be included as a "Guaranteed Hedge Agreement" on any date of determination by the Administrative Agent, the applicable Hedge Bank (other than the Administrative Agent or an Affiliate of the Administrative Agent) must have delivered a Guaranteed Party Designation Notice to the Administrative Agent prior to such date of determination.

"<u>Incremental Amount</u>" means, as of any date of determination, the sum of (a) $400,000,000 <u>minus</u> (b) the aggregate amount of Incremental Term Facilities and/or Incremental Revolving Commitments incurred in reliance on <u>clause (a)</u> above prior to such date pursuant to <u>Section</u> <u>2.16</u> <u>plus</u> (c) an unlimited amount so long as, in the case of this <u>clause (c)</u>, immediately after giving pro forma effect to the applicable increase in the Incremental Term Facility and/or Incremental Revolving Commitments and the use of proceeds therefrom (and any related Acquisitions, other Investments or other transactions in connection therewith), the Consolidated Net Leverage Ratio does not exceed 3.50 to 1.00 (assuming for the purpose of calculating the Consolidated Net Leverage Ratio pursuant to this definition, (i) such increase of the Incremental Revolving Commitments and/or Incremental Term Facility shall be deemed to be fully drawn and (ii) the cash proceeds of such Incremental Revolving Commitments and/or Incremental Term Facility or any other simultaneous incurrence of Indebtedness shall not be netted from Consolidated Debt) <u>minus</u> (d) the aggregate amount of any Incremental Equivalent Debt incurred prior to such date.

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"<u>Incremental Equivalent Debt</u>" means any unsecured (senior or subordinated) notes issued in lieu of Incremental Revolving Commitments or Incremental Term Loans; <u>provided</u>, <u>that</u>, (a) if secured, such Incremental Equivalent Debt shall be subject to an intercreditor agreement on terms reasonably satisfactory to the Administrative Agent and the Company, (b) if subordinated, such Incremental Equivalent Debt shall be subject to a subordination agreement (or other subordination provisions in lieu thereof) on terms reasonably satisfactory to the Administrative Agent and the Company, (c) no Default or Event of Default shall have occurred and be continuing at the time any such Incremental Equivalent Debt is incurred, (d) Incremental Equivalent Debt shall not mature prior to the Maturity Date, or have mandatory prepayment provisions (other than related to customary asset sale, similar events and change of control offers) that would result in mandatory prepayment of such Incremental Equivalent Debt prior to the Maturity Date (it being understood that any Incremental Equivalent Debt may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis) in any applicable mandatory prepayments hereunder), (e) the yield applicable to any Incremental Equivalent Debt will be determined by the Company and the lenders thereunder, (f) there shall be no obligors in respect of any Incremental Equivalent Debt that are not Loan Parties, and (g) the other material terms and conditions of such Incremental Equivalent Debt are (taken as a whole) no more favorable to the lenders providing such Incremental Equivalent Debt than those contained in the Loan Documents (taken as a whole) except for terms and provisions reasonably satisfactory to the Administrative Agent or those that are incorporated via an amendment into this Agreement solely with the consent of the Administrative Agent, such consent not to be unreasonably withheld (it being understood, for the avoidance of doubt, that such amendment shall not require the consent of any Lender).

"<u>Incremental Facility Amendment</u>" has the meaning specified in <u>Section</u> <u>2.16</u>.

"<u>Incremental Facility Loans</u>" has the meaning specified in <u>Section</u> <u>2.16</u>.

"<u>Incremental Request</u>" has the meaning specified in <u>Section</u> <u>2.16</u>.

"<u>Incremental Revolving Commitments</u>" has the meaning specified in <u>Section</u> <u>2.16</u>.

"<u>Incremental Revolving Credit Loans</u>" has the meaning specified in <u>Section</u> <u>2.16</u>.

"<u>Incremental Term Facility</u>" has the meaning specified in <u>Section</u> <u>2.16</u>.

"<u>Incremental Term Loans</u>" has the meaning specified in <u>Section</u> <u>2.16</u>.

"<u>Incremental Tranche A Term Loan</u>" has the meaning specified in <u>Section</u> <u>2.16</u>.

"<u>Incremental Tranche B Term Loan</u>" has the meaning specified in <u>Section</u> <u>2.16</u>.

"<u>Indebtedness</u>" means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers' acceptances, bank guaranties, surety bonds and similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business and not past due for more than 90 days after the date on which such trade account was due and payable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person and all Synthetic Debt of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) net obligations of such Person under any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any other Person or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference <u>plus</u> accrued and unpaid dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Guarantees of such Person in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Indemnitees</u>" has the meaning specified in <u>Section</u> <u>11.04(b)</u>.

"<u>Information</u>" has the meaning specified in <u>Section</u> <u>11.07</u>.

"<u>Interest Payment Date</u>" means, (a) as to any Term SOFR Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; <u>provided</u>, <u>however</u>, that if any Interest Period for a Term SOFR Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; (b) as to any SOFR Daily Floating Rate Loan, the first Business Day of each month and the Maturity Date of the Facility under which such Loan was made; and (c) as to any Base Rate Loan or Swing Line Loan, the last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made (with Swing Line Loans being deemed made under the Revolving Credit Facility for purposes of this definition).

"<u>Interest Period</u>" means, as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the date one (1) or three (3) months thereafter (in each case, subject to availability), as selected by the Company in its Committed Loan Notice; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made.

"<u>Investment</u>" means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any

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other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a Business Unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

"<u>IP Rights</u>" has the meaning specified in <u>Section</u> <u>5.18</u>.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>ISP</u>" means the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time).

"<u>Issuer Documents</u>" means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and the Company (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of Credit.

"<u>Latest Maturity Date</u>" means the latest of the Maturity Date for the Revolving Credit Facility, the Maturity Date for the Delayed Draw A-1 Facility and the Maturity Date for the Delayed Draw A-2 Facility, as of any date of determination.

"<u>Laws</u>" means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.

"<u>L/C Advance</u>" means, with respect to each Revolving Credit Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

"<u>L/C Borrowing</u>" means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing.

"<u>L/C Credit Extension</u>" means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

"<u>L/C Issuer</u>" means Bank of America in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

"<u>L/C Obligations</u>" means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit <u>plus</u> the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section</u> <u>1.06</u>. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn.

"<u>Lender</u>" means each of the Persons identified as a "Lender" on the signature pages hereto, each other Person that becomes a "Lender" in accordance with this Agreement and, their successors and assigns and, unless the context requires otherwise, includes the Swing Line Lender.

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"<u>Lender Parties</u>" and "<u>Lender Recipient Parties</u>" mean collectively, the Lenders, the Swing Line Lender and the L/C Issuer.

"<u>Lending Office</u>" means, as to the Administrative Agent, the L/C Issuer or any Lender, the office or offices of such Person described as such in such Person's Administrative Questionnaire, or such other office or offices as such Person may from time to time notify the Company and the Administrative Agent; which office may include any Affiliate of such Person or any domestic or foreign branch of such Person or such Affiliate.

"<u>Letter of Credit</u>" means any letter of credit issued hereunder, providing for the payment of cash upon the honoring of a presentation thereunder and shall include the Existing Letters of Credit. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.

"<u>Letter of Credit Application</u>" means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

"<u>Letter of Credit Expiration Date</u>" means the day that is seven days prior to the Maturity Date then in effect for the Revolving Credit Facility (or, if such day is not a Business Day, the next preceding Business Day).

"<u>Letter of Credit Fee</u>" has the meaning specified in <u>Section</u> <u>2.03(h)</u>.

"<u>Letter of Credit Sublimit</u>" means an amount equal to $75,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

"<u>Lien</u>" means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of any financing statement under the Uniform Commercial Code or comparable Laws of any jurisdiction) or any other type of preference, priority or preferential arrangement that creates an interest in property for the purpose, or having the effect, of protecting a creditor against loss or securing the payment or performance of an obligation, and including the interest of a purchaser of accounts receivable.

"<u>Loan</u>" means an extension of credit by a Lender to a Borrower under <u>Article II</u> in the form of a Delayed Draw Term A-1 Loan, a Delayed Draw Term A-2 Loan, a Revolving Credit Loan or a Swing Line Loan, and shall include, as the context requires, any Incremental Facility Loan.

"<u>Loan Documents</u>" means this Agreement, each Designated Borrower Request and Assumption Agreement, each Additional Guarantor Joinder Agreement, each Note, each Issuer Document, the Fee Letter, each Incremental Facility Amendment, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of <u>Section</u> <u>2.17</u> of this Agreement and each other document, instrument or agreement from time to time executed by any Loan Party or any Responsible Officer and delivered in connection with this Agreement.

"<u>Loan Parties</u>" means, collectively, the Company, each Guarantor and each Designated Borrower.

"<u>MARAD</u>" shall mean the United States, represented by the Maritime Administrator.

"<u>Material Adverse Effect</u>" means (a) a material adverse change in, or a material adverse effect upon, on the business, financial condition or operations of the Company and its Restricted Subsidiaries taken as a whole; (b) a material impairment of the ability of the Borrowers and the Guarantors to perform their obligations under the Loan Documents; or (c) a material adverse effect on the rights and remedies of the Lenders or the Administrative Agent under the Loan Documents.

"<u>Material Subsidiary</u>" means each Subsidiary of the Borrower that is (a) a Designated Borrower, (b) a Guarantor, or (c) any other Restricted Subsidiary that (i) accounts or accounted for 10% or more of Consolidated

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Adjusted EBITDA and/or (ii) owned 10% or more of the Consolidated Total Assets, in each case, as of the last day of the most recent period of four consecutive fiscal quarters of the Borrower for which financial statements have been delivered pursuant to <u>Section</u> <u>6.01</u> or as of the end of either of the two most recently ended fiscal years of the Company; <u>provided</u>, <u>that</u>, if as of the last day of the most recent fiscal period for which financial statements have been delivered pursuant to <u>Section</u> <u>6.01,</u> (A) the Consolidated Adjusted EBITDA of all Restricted Subsidiaries that are not Material Subsidiaries hereunder shall have exceeded 15% of the Consolidated Adjusted EBITDA of the Company and its Restricted Subsidiaries, or (B) the total Consolidated Total Assets attributable to all Restricted Subsidiaries that are not Material Subsidiaries hereunder shall have exceeded 15% of the Consolidated Total Assets, in each case, for the most recent four-quarter period for which financial statements have been delivered pursuant to <u>Section</u> <u>6.01</u>, then the Borrower shall, within forty-five (45) days of the delivery of such financial statements, designate one or more of such Restricted Subsidiaries that are not Material Subsidiaries to be deemed Material Subsidiaries, until such excess shall have been eliminated.

"<u>Maturity Date</u>" means (a) with respect to the Revolving Credit Facility and the Delayed Draw A-1 Facility, May 21, 2029 and (b) with respect to the Delayed Draw A-2 Facility, the earlier of (i) November 21, 2024 and (ii) the date on which the date on which any Noteholder Documents are executed and become effective; <u>provided</u>, <u>however</u>, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

"<u>Minimum Collateral Amount</u>" means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 100% of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time, (ii) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of <u>Section</u> <u>2.17(a)(i)</u>, <u>(a)(ii)</u> or <u>(a)(iii)</u>, an amount equal to 100% of the Outstanding Amount of all L/C Obligations, and (iii) otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their sole discretion.

"<u>Multiemployer Plan</u>" means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Company or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

"<u>Multiple Employer Plan</u>" means a Plan which has two or more contributing sponsors (including the Company or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

"<u>Net Proceeds</u>" means (a) as to any Disposition by a Person, proceeds in cash, checks or other cash equivalent financial instruments as and when received by such Person, net of: (i) the direct costs relating to such Disposition excluding amounts payable to such Person or any Affiliate of such Person and (ii) sale, use or other transaction taxes paid or payable by such Person as a direct result thereof and (b) as to any Event of Loss, proceeds paid to a Person on account of such Event of Loss, net of (i) all of the costs and expenses reasonably incurred in connection with the collection of such proceeds, award or other payments, and (ii) any amounts retained by or paid to parties having superior rights to such proceeds, awards or other payments. "<u>Net Proceeds</u>" shall not include proceeds paid to a Person on account of any Event of Loss if and to the extent that such proceeds (x) are required by a Contractual Obligation of such Person with MARAD or applicable Law to be deposited in a Capital Construction Fund of such Person and (y) such proceeds are actually deposited by such Person in such Capital Construction Fund when no Event of Default has occurred and is continuing.

"<u>Non-Consenting Lender</u>" means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of <u>Section</u> <u>11.01</u> and (ii) has been approved by the Required Lenders.

"<u>Non-Defaulting Lender</u>" means, at any time, each Lender that is not a Defaulting Lender at such time.

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"<u>Note</u>" means a Delayed Draw A-1 Loan Term Note, Delayed Draw A-2 Loan Term Note or a Revolving Credit Note, as the context may require.

"<u>Noteholder Documents</u>" means, each note purchase agreement executed by any Loan Party and each other document, instrument or agreement from time to time executed by such Loan Party or any Responsible Officer and delivered in connection with such note purchase agreement, as any thereof may be amended, restated, extended, supplemented or otherwise modified in writing from time to time.

"<u>Noteholders</u>" means collectively, each holder of a note issued under a Noteholder Document described in the definition of the Noteholder Documents.

"<u>Notice of Loan Prepayment</u>" means a notice of prepayment with respect to a Loan, which shall be substantially in the form of <u>Exhibit J</u> or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Company.

"<u>NPL</u>" means the National Priorities List under CERCLA.

"<u>Obligations</u>" means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, or Letter of Credit, and all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges and disbursements of counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest, expenses and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof pursuant to any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest, expenses and fees are allowed claims in such proceeding; <u>provided</u> that, without limiting the foregoing, the Obligations of a Loan Party shall exclude any Excluded Swap Obligations with respect to such Loan Party.

"<u>OFAC</u>" means the Office of Foreign Assets Control of the United States Department of the Treasury.

"<u>Organization Documents</u>" means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

"<u>OSG Acquisition</u>" means the Company's acquisition of 100% of the issued and outstanding Equity Interests of Overseas Shipholdings Group, Inc., a Delaware corporation, that are not owned by the Company as of the Closing Date.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement

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or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section</u> <u>3.06</u>).

"<u>Other Term Loans</u>" has the meaning specified in <u>Section</u> <u>2.16</u>.

"<u>Outstanding Amount</u>" means (a) with respect to Delayed Draw Term A-1 Loans, Delayed Draw Term A-2 Loans, Revolving Credit Loans and Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Delayed Draw Term A-1 Loans, Delayed Draw Term A-2 Loans, Revolving Credit Loans and Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Company of Unreimbursed Amounts.

"<u>Participant</u>" has the meaning specified in <u>Section</u> <u>11.06(d)</u>.

"<u>Participant Register</u>" has the meaning specified in <u>Section</u> <u>11.06(d</u>).

"<u>Patriot Act</u>" has the meaning specified in <u>Section</u> <u>11.20</u>.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation.

"<u>Pension Funding Rules</u>" means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

"<u>Pension Plan</u>" means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by the Company and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.

"<u>Performance Bonds</u>" means all surety bonds, performance bonds, bid bonds, appeal bonds, completion guarantees, notary bonds and similar instruments issued for the account of the Company or any Restricted Subsidiary to secure the performance of obligations of the Company or any Subsidiary (or to the extent issued in the ordinary course of business, any other Person) under any contract entered into in the ordinary course of business.

"<u>Permitted Acquisition</u>" means Investments consisting of an Acquisition by the Company or any Material Subsidiary; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties made by the Loan Parties in any Loan Document shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct on and as of the date of such Acquisition (after giving effect thereto) and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects on and as of the date of such Acquisition (after giving effect thereto), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this clause (a), the representations and warranties contained in subsections (a) and (b) of <u>Section</u> <u>5.05</u> shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of <u>Section</u> <u>6.01</u> and the representations and warranties contained in <u>Section</u> <u>5.13(a)</u> shall be deemed to refer to <u>Schedule 5.13</u> as supplemented by each of the reports furnished pursuant to <u>Section</u> <u>6.02(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Default or Event of Default shall then exist or would exist after giving effect to such Acquisition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of an Acquisition of the Capital Stock of another Person, the board of directors (or other comparable governing body) of such other Person shall have duly approved such Acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) after giving effect to such Acquisition, (i) the Company will be in <u>pro</u> <u>forma</u> compliance with the financial covenants set forth in <u>Section</u> <u>7.12</u> and (ii) the Consolidated Net Leverage Ratio shall be at least 0.25x less than the then permitted Consolidated Net Leverage Ratio set forth in <u>Section</u> <u>7.12(a)</u> (giving effect to any Adjustment Period, if applicable), in each case, with each financial covenant recomputed as at the last day of the most recently ended fiscal quarter of the Company for which financial statements were required to be delivered to the Administrative Agent and the Lenders pursuant to <u>Section</u> <u>6.01(a)</u> or <u>(b)</u> as though such Acquisition had been consummated as of the first day of the four fiscal quarter period preceding the date of such financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if such Acquisition is structured as a merger, the Company (or if such merger is with any Restricted Subsidiary, then such Restricted Subsidiary) shall be the surviving Person after giving effect to such merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if the consideration for such Acquisition (including assumed liabilities, earnout payments and any other deferred payment) exceeds $50,000,000, the Company shall have delivered to the Administrative Agent, a certificate of a Responsible Officer of the Company certifying as to the compliance with the conditions set forth in this definition (including detailed financial covenant calculations) not less than five Business Days prior to the consummation of such Acquisition; provided, that, the Company shall deliver such certificate for the OSG Acquisition regardless of the amount of consideration paid.

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"<u>Plan</u>" means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Company or any ERISA Affiliate or any such Plan to which the Company or any ERISA Affiliate is required to contribute on behalf of any of its employees.

"<u>Platform</u>" has the meaning specified in <u>Section</u> <u>6.02</u>.

"<u>Principal Shareholders</u>" means, collectively (a) Michael Garvey, Lynn Garvey or any of their lineal descendants (including by adoption) and/or (b) any trust or similar entity all of the beneficiaries of which, or a corporation, partnership or limited liability company, all of the stockholders, limited and general partners or members of which, are any of the Persons identified in the foregoing clause (a).

"<u>Priority Debt</u>" means, at any time of determination thereof and without duplication, (a) Indebtedness of the Company secured by any Lien (including, without limitation, all Title XI Debt, whether full recourse or limited recourse) and (b) all Indebtedness or Restricted Subsidiaries secured by any Lien (including, without limitation, all Title XI Debt, whether full recourse or limited recourse) and, without duplication, all unsecured Indebtedness of Restricted Subsidiaries of the Company (other than unsecured Indebtedness of Designated Borrowers and Guarantors); <u>provided</u>, <u>however</u>, that Priority Debt shall not include (i) Indebtedness of Unrestricted Subsidiaries, (ii) Indebtedness owing from any Subsidiary to the Company or any other Subsidiary, (iii) any of the Obligations, or (iv) any of the obligations of the Company or any Restricted Subsidiary under the Noteholder Documents and Guarantees in respect thereof, so long as the obligations under the Noteholder Documents are unsecured; <u>provided</u> <u>further</u>, for purposes of clarification, the obligations of the Company and its Restricted Subsidiaries under any Noteholder Documents and Guarantees in respect thereof shall not constitute Priority Debt solely as a result of such obligations being secured (without the Obligations being equally and ratably secured) by cash collateral in an amount for each such Noteholder Document not to exceed the amount of Cash Collateral at such time being provided by the Company and its Subsidiaries pursuant to <u>Section</u> <u>2.17</u>.

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

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"<u>Public Lender</u>" has the meaning specified in <u>Section</u> <u>6.02</u>.

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>QFC Credit Support</u>" has the meaning specified in <u>Section</u> <u>11.21</u>.

"<u>Qualified ECP Guarantor</u>" shall mean, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such time as an "eligible contract participant" under the Commodity Exchange Act and can cause another person to qualify as an "eligible contract participant" at such time under §1a(18)(A)(v)(II) of the Commodity Exchange Act.

"<u>Recipient</u>" means the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder.

"<u>Register</u>" has the meaning specified in <u>Section</u> <u>11.06(c)</u>.

"<u>Related Parties</u>" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors, consultants, service providers and representatives of such Person and of such Person's Affiliates.

"<u>Release</u>" means any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injection or leaching into the Environment, or into, from or through any building, structure or facility.

"<u>Reportable Event</u>" means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.

"<u>Request for Credit Extension</u>" means (a) with respect to a Borrowing, conversion or continuation of Delayed Draw Term A-1 Loans, Delayed Draw Term A-2 Loans or Revolving Credit Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.

"<u>Required Lenders</u>" means, at any time, Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders at such time. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time; <u>provided</u> that, the amount of any participation in any Swing Line Loan and Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that is the Swing Line Lender or the L/C Issuer, as the case may be, in making such determination; <u>provided</u>, <u>further</u>, that this definition is subject to <u>Section</u> <u>3.03</u>.

"<u>Rescindable Amount</u>" has the meaning as defined in <u>Section</u> <u>2.13(b)(ii)</u>.

"<u>Resignation Effective Date</u>" has the meaning set forth in Section 9.06.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party, solely for purposes of the delivery of incumbency certificates pursuant to <u>Section</u> <u>4.01(b</u>), the secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to <u>Article II</u>, any other officer or employee of the applicable Loan Party so designated by

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any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. To the extent requested by the Administrative Agent, each Responsible Officer will provide an incumbency certificate and to the extent requested by the Administrative Agent, appropriate authorization documentation, in form and substance satisfactory to the Administrative Agent.

"<u>Restricted Payment</u>" means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to any Person's stockholders, partners or members (or the equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or other distribution or payment.

"<u>Restricted Subsidiary</u>" means any Subsidiary other than an Unrestricted Subsidiary.

"<u>Revolving Credit Borrowing</u>" means a borrowing consisting of simultaneous Revolving Credit Loans of the same Type and, in the case of Term SOFR Loans, having the same Interest Period made by each of the Revolving Credit Lenders pursuant to <u>Section</u> <u>2.01(c)</u>.

"<u>Revolving Credit Commitment</u>" means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Credit Loans to a Borrower pursuant to <u>Section</u> <u>2.01(c)</u>, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender's name on <u>Schedule 2.01</u> under the caption "Revolving Credit Commitment" or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. Revolving Credit Commitments shall include any Incremental Revolving Commitments.

"<u>Revolving Credit Exposure</u>" means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding Revolving Credit Loans and such Lender's participation in L/C Obligations and Swing Line Loans at such time.

"<u>Revolving Credit Facility</u>" means, at any time, the aggregate amount of the Revolving Credit Lenders' Revolving Credit Commitments at such time.

"<u>Revolving Credit Lender</u>" means, at any time, (a) so long as any Revolving Credit Commitment is in effect, any Lender that has a Revolving Credit Commitment at such time or (b) if the Revolving Credit Commitments have terminated or expired, any Lender that has a Revolving Credit Loan or a participation in L/C Obligations or Swing Line Loans at such time.

"<u>Revolving Credit Loan</u>" has the meaning specified in <u>Section</u> <u>2.01(c)</u>.

"<u>Revolving Credit Note</u>" means a promissory note made by a Borrower in favor of a Revolving Credit Lender evidencing Revolving Credit Loans or Swing Line Loans, as the case may be, made by such Revolving Credit Lender, substantially in the form of <u>Exhibit B-3</u>.

"<u>Sanction(s)</u>" means any sanction administered or enforced by the United States government (including, without limitation, OFAC or the U.S. Department of State), the United Nations Security Council, the European Union (or any European Union member state), His Majesty's Treasury or other relevant sanctions authority.

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"<u>Scheduled Unavailability Date</u>" has the meaning specified in <u>Section</u> <u>3.03(b)</u>.

"<u>Shareholder Subordinated Debt</u>" means Indebtedness of the Company that satisfies the following criteria: (a) such Indebtedness is of a type described in clause (a) of the definition of Indebtedness in this Section; (b) such Indebtedness matures not earlier than the Maturity Date; (c) such Indebtedness is owing to shareholders of the Company; and (d) the Company and the Principal Shareholders or other shareholders of the Company to whom such Indebtedness is owed have executed and delivered a subordination agreement in favor of the Administrative Agent, the Lenders and the Noteholders in form and substance satisfactory to Required Lenders and the Majority Noteholders or any similar term, as defined in each Noteholder Document.

"<u>SOFR</u>" means the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a successor administrator).

"<u>SOFR Adjustment</u>" means 0.10% (10 basis points).

"<u>SOFR Daily Floating Rate</u>" means, for any day, a fluctuating rate of interest, which can change on each Business Day, equal to the Term SOFR Screen Rate two (2) U.S. Government Securities Business Days prior to such day, with a term equivalent to one (1) month beginning on that date; <u>provided</u>, <u>that</u>, if the rate is not published prior to 11:00 a.m. on such determination date then the SOFR Daily Floating Rate means such Term SOFR Screen Rate on the first (1<sup>st</sup>) U.S. Government Securities Business Day immediately prior thereto, in each case, *plus* the SOFR Adjustment; <u>provided</u>, <u>further</u>, <u>that</u>, if the SOFR Daily Floating Rate shall be less than zero, such rate shall be deemed zero.

"<u>SOFR Daily Floating Rate Loan</u>" a Loan that bears interest at the SOFR Daily Floating Rate.

"<u>Solvent</u>" and "<u>Solvency</u>" mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person's property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

"<u>Specified Loan Party</u>" means any Loan Party that is not then an "eligible contract participant" under the Commodity Exchange Act (determined prior to giving effect to <u>Section</u> <u>10.13</u>).

"<u>Subsidiary</u>" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which more than 50% of the Capital Stock having ordinary voting power for the election of directors, managing general partners or other governing body (other than Capital Stock having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "<u>Subsidiary</u>" or to "<u>Subsidiaries</u>" shall refer to a Subsidiary or Subsidiaries of the Company.

"<u>Successor Rate</u>" has the meaning specified in <u>Section</u> <u>3.03(b)</u>.

"<u>Supported QFC</u>" has the meaning specified in <u>Section</u> <u>11.21</u>.

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"<u>Swap Contract</u>" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a "Master Agreement"), including any such obligations or liabilities under any Master Agreement.

"<u>Swap Obligations</u>" means with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act.

"<u>Swap Termination Value</u>" means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

"<u>Swing Line Account</u>" means a deposit account maintained by the Company with the Swing Line Lender as may be designated by Company and the Swing Line Lender to the Administrative Agent from time to time.

"<u>Swing Line Borrowing</u>" means a borrowing of a Swing Line Loan pursuant to <u>Section</u> <u>2.04</u>.

"<u>Swing Line Lender</u>" means Wells Fargo, in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

"<u>Swing Line Loan</u>" has the meaning specified in <u>Section</u> <u>2.04(a)</u>.

"<u>Swing Line Loan Notice</u>" means a notice of a Swing Line Borrowing pursuant to <u>Section</u> <u>2.04(b)</u>.

"<u>Swing Line Rate</u>" means for any day a fluctuating rate per annum equal to the rate of interest most recently announced within the Swing Line Lender at its principal office as its "prime rate," with the understanding that the "prime rate" is one of the Swing Line Lender's base rates and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto, and is evidenced by the recording thereof after its announcement in such internal publication or publications as the Swing Line Lender may designate.

"<u>Swing Line Rules</u>" has the meaning specified in <u>Section</u> <u>2.04(b)</u>.

"<u>Swing Line Sublimit</u>" means an amount equal to the lesser of (a) $30,000,000 and (b) the Revolving Credit Facility. The Swing Line Sublimit is part of, and not in addition to, the Revolving Credit Facility.

"<u>Synthetic Debt</u>" means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect of transactions entered into by such Person that are intended to function primarily as a borrowing of funds but are not otherwise included in the definition of "Indebtedness" or as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP.

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"<u>Synthetic Lease Obligation</u>" means the monetary obligations of a Person under Synthetic Leases under which such Person is party as lessee. For purposes of this definition, "Synthetic Lease" shall mean, at any time, any lease (including leases that may be terminated by the lessee at any time) of any property (i) that is accounted for as an operating lease under GAAP, and (ii) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax purposes, other than any such lease under which such Person is the lessor.

"<u>Target Balance</u>" means, at any time, a Collected Balance of zero Dollars.

"<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term SOFR</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any Interest Period with respect to a Term SOFR Loan, the rate per annum equal to the Term SOFR Screen Rate two U.S. Government Securities Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; <u>provided</u> that if the rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto, in each case, <u>plus</u> the SOFR Adjustment for such Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the Term SOFR Screen Rate two U.S. Government Securities Business Days prior to such date with a term of one month commencing that day; <u>provided</u> that if the rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto, in each case, <u>plus</u> the SOFR Adjustment for such term;

<u>provided</u> that if Term SOFR determined in accordance with either of the foregoing provisions (a) or (b) of this definition would otherwise be less than zero, Term SOFR shall be deemed zero for purposes of this Agreement.

"<u>Term SOFR Loan</u>" means a Loan that bears interest at a rate based on <u>clause (a)</u> of the definition of "Term SOFR".

"<u>Term SOFR Screen Rate</u>" means the forward-looking SOFR term rate administered by CME (or any successor administrator satisfactory to the Administrative Agent) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time).

"<u>Threshold Amount</u>" means $25,000,000.

"<u>Title XI Fund Amount</u>" means, on any date, the aggregate amount of Investments maintained in all Title XI Reserve Funds.

"<u>Title XI Debt</u>" means all Indebtedness of the Company or any Restricted Subsidiary that is guaranteed by the United States pursuant to 46 USC Chapter 537.

"<u>Title XI Reserve Fund</u>" means, with respect to any Person, a fund established by such Person pursuant to the terms of financing documents made or entered into or in effect between such Person and the United States in connection with Indebtedness of such Person that is guaranteed by the United States pursuant to Chapter 537 of Title 46 of the United States Code, as amended.

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"<u>Total Credit Exposure</u>" means, as to any Lender at any time, the unused Aggregate Revolving Commitments, the unused Delayed Draw A-1 Commitments, the unused Delayed Draw A-2 Commitments, the Revolving Credit Exposure, the Outstanding Amount of all Delayed Draw Term A-1 Loans and the Outstanding Amount of all Delayed Draw Term A-2 Loans of such Lender at such time.

"<u>Total Revolving Credit Outstandings</u>" means the sum of (a) the Outstanding Amount of all Revolving Credit Loans <u>plus</u> (b) the Outstanding Amount of L/C Obligations, <u>plus</u> (c) Swing Line Sublimit.

"<u>Tropical Shipping</u>" means Tropical Shipping and Construction Company Holdings Limited, a corporation formed under the laws of the Cayman Islands.

"<u>Type</u>" means, with respect to a Loan, its character as a Base Rate Loan, a Term SOFR Loan or a SOFR Daily Floating Rate Loan.

"<u>UCP</u>" means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce ("ICC") Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>United States</u>" and "<u>U.S.</u>" mean the United States of America.

"<u>Unreimbursed Amount</u>" has the meaning specified in <u>Section</u> <u>2.03(c)(i)</u>.

"<u>Unrestricted Cash Amount</u>" means, as of any date of determination, the lesser of (i) $50,000,000 and (ii) the aggregate amount of domestic cash and cash equivalents of Company and its Restricted Subsidiaries (in each case, free and clear of all Liens), excluding cash and cash equivalents that are listed as "restricted" on the consolidated balance sheet of the Company and its Subsidiaries as of such date unless "restricted" in favor of the Obligations.

"<u>Unrestricted Subsidiaries</u>" means, at any date of determination, any Subsidiary of the Company (other than a Borrower) that has been designated as an Unrestricted Subsidiary by the Company (in a written notice by the Company to the Administrative Agent) and any Subsidiary of an Unrestricted Subsidiary (it being understood that the designation of a Subsidiary as an Unrestricted Subsidiary shall constitute a designation of such Subsidiaries as Unrestricted Subsidiaries); <u>provided</u>, <u>that</u>, after giving effect to any such designation, no Subsidiary that owns any Equity Interests of a Borrower or any Restricted Subsidiary shall be designated an Unrestricted Subsidiary; <u>provided</u>, <u>further</u>, <u>that</u>, (i) no Default or Event of Default has occurred and is continuing or would result therefrom, (ii) the Company shall have delivered to the Administrative Agent a Compliance Certificate demonstrating that, upon giving pro forma effect to such designation, the Loan Parties would be in compliance with the financial covenants set forth in <u>Section</u> <u>7.12</u> as of the most recent fiscal quarter end for which the Company was required to deliver financial statements pursuant to <u>Section</u> <u>6.01(a)</u> or <u>(b)</u> and (iii) such Subsidiary shall have been or will promptly be designated an "unrestricted subsidiary" (or otherwise not be subject to the covenants) under the Noteholder Documents, any Incremental Equivalent Debt, any other Indebtedness with an outstanding principal amount in excess of the Threshold Amount and any permitted refinancing of any of the foregoing. The designation of any Restricted Subsidiary as an Unrestricted Subsidiary

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shall constitute an Investment by the applicable Loan Party or Subsidiary therein. Any Unrestricted Subsidiary may be redesignated as a Restricted Subsidiary in a written notice by the Company to the Administrative Agent; <u>provided</u>, <u>that</u>, (i) no Default or Event of Default has occurred and is continuing or would result therefrom and (ii) the Company shall have delivered to the Administrative Agent a Compliance Certificate demonstrating that, upon giving pro forma effect to such redesignation, the Loan Parties would be in compliance with the financial covenants set forth in <u>Section</u> <u>7.12</u> as of the most recent fiscal quarter end for which the Company was required to deliver financial statements pursuant to <u>Section</u> <u>6.01(a)</u> or <u>(b)</u>. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of such designation of any Indebtedness or Liens of such Subsidiary existing at such time. Once an Unrestricted Subsidiary has been re-designated as a Restricted Subsidiary, such Subsidiary may only be designated as an Unrestricted Subsidiary one (1) additional time during the term of this Agreement. As of the Closing Date, the Unrestricted Subsidiaries are set forth on <u>Schedule 5.13</u>.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Person</u>" means any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Special Resolution Regimes</u>" has the meaning specified in <u>Section</u> <u>11.21</u>.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning specified in <u>Section</u> <u>3.01(e)(ii)(B)(III)</u>.

"<u>Weighted Average Life to Maturity</u>" means, when applied to any Indebtedness at any date, the number of years (and/or portion thereof) obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness.

"<u>Wells Fargo</u>" means Wells Fargo Bank, National Association, and its successors.

"<u>Withholding Agent</u>" means each Loan Party and the Administrative Agent.

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02 <u>Other Interpretive Provisions</u>.** With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be deemed to be followed

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by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including the Loan Documents and any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, modified, extended, restated, replaced or supplemented from time to time (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person's successors and assigns, (iii) the words "hereto," "herein," "hereof" and "hereunder," and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory rules, regulations, orders and provisions consolidating, amending, replacing or interpreting such law and any reference to any law, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified, extended, restated, replaced or supplemented from time to time, and (vi) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including;" the words "to" and "until" each mean "to but excluding;" and the word "through" means "to and including."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.03 <u>Accounting</u><u> </u><u>Terms</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, (i) Indebtedness of the Loan Parties and their Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded, (ii) all liability amounts shall be determined excluding any liability relating to any operating lease, all asset amounts shall be determined excluding any right-of-use assets relating to any operating lease, all amortization amounts shall be determined excluding any amortization of a right-of-use asset relating to any operating lease, and all interest amounts shall be determined excluding any deemed interest comprising a portion of fixed rent payable under any operating lease, in each case to the extent that such liability, asset, amortization or interest pertains to an operating lease under which the covenantor or a member of its consolidated group is the lessee and would not have been accounted for as such under GAAP as in effect on December 31, 2015, and (iii) all terms of an

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accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under FASB ASC Topic 825 "Financial Instruments" (or any other financial accounting standard having a similar result or effect) to value any Indebtedness of any Loan Party or any Subsidiary at "fair value", as defined therein. For purposes of determining the amount of any outstanding Indebtedness, no effect shall be given to (x) any election by the Company to measure an item of Indebtedness using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification 825–10–25 (formerly known as FASB 159) or any similar accounting standard) or (y) any change in accounting for leases pursuant to GAAP resulting from the implementation of Financial Accounting Standards Board ASU No. 2016–02, Leases (Topic 842), to the extent such adoption would require recognition of a lease liability where such lease (or similar arrangement) would not have required a lease liability under GAAP as in effect on December 31, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Changes in GAAP</u>. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); <u>provided</u> that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Company shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Consolidation of Variable Interest Entities</u>. All references herein to consolidated financial statements of the Company and its Subsidiaries or to the determination of any amount for the Company and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that the Company is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Pro Forma Treatment</u>. Each Disposition of all or substantially all of a line of business, and each Acquisition, by any Loan Party and its Subsidiaries that is consummated during any four fiscal quarter period shall, for purposes of determining compliance with the financial covenants set forth in <u>Section</u> <u>7.12</u> and for purposes of determining the Applicable Rate, be given pro forma effect in accordance with <u>Section</u> <u>7.12(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.04 <u>Rounding</u>.** Any financial ratios required to be maintained by the Company pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.05 <u>Times of Day</u>.** Unless otherwise specified, all references herein to times of day shall be references to Pacific time (daylight or standard, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.06 <u>Letter of Credit Amounts</u>.** Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; <u>provided</u>, <u>however</u>, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.07 <u>Currency Equivalents Generally</u>.** Any amount specified in this Agreement (other than in <u>Articles II</u>, <u>IX</u> and <u>X</u>) or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than Dollars, such equivalent amount thereof in the applicable currency to be determined

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by the Administrative Agent at such time on the basis of the Spot Rate (as defined below) for the purchase of such currency with Dollars. For purposes of this <u>Section</u> <u>1.07</u>, the "<u>Spot Rate</u>" for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date of such determination; <u>provided</u> that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.08 <u>Rates</u>**. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to any reference rate referred to herein or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an alternative or replacement for or successor to any such rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing) or the effect of any of the foregoing, or of any Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions or other activities that affect any reference rate referred to herein, or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to the Borrowers. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any reference rate referred to herein or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) **(**or any component of any of the foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrowers, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or other action or omission related to or affecting the selection, determination, or calculation of any rate (or component thereof) provided by any such information source or service.

**ARTICLE II** 

**THE COMMITMENTS AND CREDIT EXTENSIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01 <u>The</u><u> </u><u>Loans</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>The Delayed Draw A-1 Borrowing</u>. Subject to the terms and conditions set forth herein, each Delayed Draw A-1 Lender severally agrees to make a single loan to the Company during the Delayed Draw A-1 Availability Period in an amount not to exceed such Delayed Draw A-1 Lender's Applicable Percentage of the Delayed Draw A-1 Facility. The Delayed Draw A-1 Borrowing shall consist of Delayed Draw Term A-1 Loans made simultaneously by the Delayed Draw A-1 Lenders in accordance with their respective Applicable Percentage of the Delayed Draw A-1 Facility. Amounts borrowed under this <u>Section</u> <u>2.01(a)</u> and repaid or prepaid may not be reborrowed. Delayed Draw Term A-1 Loans may be Base Rate Loans, SOFR Daily Floating Rate Loans or Term SOFR Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Delayed Draw A-2 Borrowing</u>. Subject to the terms and conditions set forth herein, each Delayed Draw A-2 Lender severally agrees to make a single loan to the Company during the Delayed Draw A-2 Availability Period in an amount not to exceed such Delayed Draw A-2 Lender's Applicable Percentage of the Delayed Draw A-2 Facility. The Delayed Draw A-2 Borrowing shall consist of Delayed Draw Term A-2 Loans made simultaneously by the Delayed Draw A-2 Lenders in accordance with their respective Applicable Percentage of the Delayed Draw A-2 Facility. Amounts borrowed under this <u>Section</u> <u>2.01(b)</u> and repaid or prepaid may not be reborrowed. Delayed Draw Term A-2 Loans may be Base Rate Loans, SOFR Daily Floating Rate Loans or Term SOFR Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Revolving Credit Borrowings</u>. Subject to the terms and conditions set forth herein, each Revolving Credit Lender severally agrees to make loans (each such loan, a "<u>Revolving</u> <u>Credit Loan</u>") to the

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Borrowers from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender's Revolving Credit Commitment; <u>provided</u>, <u>however</u>, that after giving effect to any Revolving Credit Borrowing, (i) the Total Revolving Credit Outstandings shall not exceed the Revolving Credit Facility, (ii) the Revolving Credit Exposure shall not exceed such Revolving Credit Lender's Revolving Credit Commitment and (iii) the Outstanding Amount of all Revolving Credit Loans made to the Designated Borrowers shall not exceed the Designated Borrower Sublimit. Within the limits of each Revolving Credit Lender's Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this <u>Section</u> <u>2.01(c)</u>, prepay under <u>Section</u> <u>2.05</u>, and reborrow under this <u>Section</u> <u>2.01(c)</u>. Revolving Credit Loans may be Base Rate Loans, Term SOFR Loans or SOFR Daily Floating Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02 <u>Borrowings,</u><u> </u><u>Conversions</u><u> </u><u>and</u><u> </u><u>Continuations</u><u> </u><u>of</u><u> </u><u>Loans</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Term SOFR Loans shall be made upon the Company's irrevocable notice to the Administrative Agent, which may be given by: (A) telephone or (B) a Committed Loan Notice; <u>provided</u> that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Committed Loan Notice. Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) two Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Term SOFR Loans or of any conversion of Term SOFR Loans to Base Rate Loans or SOFR Daily Floating Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans or of any conversion of Base Rate Loans to SOFR Daily Floating Rate Loans, any Borrowing of SOFR Daily Floating Rate Loans or of any conversion of SOFR Daily Floating Rate Loans to Base Rate Loans. Each Borrowing of, conversion to or continuation of Term SOFR Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if less, the entire principal thereof then outstanding). Each Borrowing of or conversion to SOFR Daily Floating Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal thereof then outstanding). Except as provided in <u>Sections 2.03(c)</u> and <u>2.04(c)</u>, each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal thereof then outstanding). Each Committed Loan Notice shall specify (i) whether the Company is requesting a Delayed Draw A-1 Borrowing, a Delayed Draw A-2 Borrowing, a Revolving Credit Borrowing, a conversion of Delayed Draw Term A-1 Loans, Delayed Draw Term A-2 Loans or Revolving Credit Loans from one Type to the other, or a continuation of Term SOFR Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Company fails to specify a Type of Loan in a Committed Loan Notice or if the Company fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Term SOFR Loans. If the Company requests a Borrowing of, conversion to, or continuation of Term SOFR Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage under the applicable Facility of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the Company, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in <u>Section</u> <u>2.02(a)</u>. In the case of a Borrowing, each applicable Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent's Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in <u>Section</u> <u>4.02</u> (and, if

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such Borrowing is the initial Credit Extension, <u>Section</u> <u>4.01</u>), the Administrative Agent shall make all funds so received available to the Company or the other applicable Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of such Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Company; <u>provided</u>, <u>however</u>, that if, on the date a Committed Loan Notice with respect to a Revolving Credit Borrowing is given by the Company, there are L/C Borrowings outstanding, then the proceeds of such Revolving Credit Borrowing, <u>first</u>, shall be applied to the payment in full of any such L/C Borrowings, and <u>second</u>, shall be made available to the applicable Borrower as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided herein, a Term SOFR Loan may be continued or converted only on the last day of an Interest Period for such Term SOFR Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Term SOFR Loans or SOFR Daily Floating Rate Loans without the consent of the Required Lenders, and the Required Lenders may demand that any or all of the outstanding Term SOFR Loans and/or SOFR Daily Floating Rate Loans be converted immediately to Base Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrowers and the Lenders in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) After giving effect to all Delayed Draw A-1 Borrowings, all conversions of Delayed Draw Term A-1 Loans from one Type to the other, and all continuations of Delayed Draw Term A-1 Loans as the same Type, there shall not be more than three Interest Periods in effect in respect of the Delayed Draw A-1 Facility. After giving effect to all Delayed Draw A-2 Borrowings, all conversions of Delayed Draw Term A-2 Loans from one Type to the other, and all continuations of Delayed Draw Term A-2 Loans as the same Type, there shall not be more than three Interest Periods in effect in respect of the Delayed Draw A-2 Facility. After giving effect to all Revolving Credit Borrowings, all conversions of Revolving Credit Loans from one Type to the other, and all continuations of Revolving Credit Loans as the same Type, there shall not be more than ten Interest Periods in effect in respect of the Revolving Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Company, the Administrative Agent, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With respect to SOFR, SOFR Daily Floating Rate or Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; <u>provided</u> that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This <u>Section</u> <u>2.02</u> shall not apply to Swing Line Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.03 <u>Letters</u><u> </u><u>of</u><u> </u><u>Credit</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>The Letter of Credit Commitment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this <u>Section</u> <u>2.03</u>, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Company or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with <u>Section</u> <u>2.03(b)</u>, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in

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Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; <u>provided</u> that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Revolving Credit Facility, (y) the Revolving Credit Exposure shall not exceed such Lender's Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Company that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Company's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Company may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The L/C Issuer shall not issue any Letter of Credit, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) subject to <u>Section</u> <u>2.03(b)(iii)</u>, the expiry date of the requested Letter of Credit would occur more than twelve months after the date of issuance or last extension, unless the Lenders holding a majority of the Revolving Credit Commitments have approved such expiry date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless (x) all the Revolving Credit Lenders and the L/C Issuer have approved such expiry date or (y) such Letter of Credit is cash collateralized on terms and pursuant to arrangements satisfactory to the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing the Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the L/C Issuer with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the issuance of the Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) except as otherwise agreed by the Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000, in the case of a commercial Letter of Credit, or $500,000, in the case of a standby Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Letter of Credit is to be denominated in a currency other than Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Revolving Credit Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Company or such Defaulting Lender to eliminate the L/C Issuer's actual or potential Fronting Exposure (after giving effect to <u>Section</u> <u>2.18(a)(iv)</u>) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue the Letter of Credit in its amended form under the terms hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed amendment to the Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The L/C Issuer shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in <u>Article IX</u> with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term "Administrative Agent" as used in <u>Article IX</u> included the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension</u> <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Company delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Company. Such Letter of Credit Application may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the L/C Issuer, by personal delivery or by any other means acceptable to the L/C Issuer. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least two Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the L/C Issuer may require. Additionally, the Company shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Company and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice from any Revolving Credit Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in <u>Article IV</u> shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Company (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer's usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender's Applicable Percentage <u>times</u> the amount of such Letter of Credit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Company so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an "<u>Auto-Extension Letter of Credit</u>"); <u>provided</u> that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the "<u>Non-Extension Notice Date</u>") in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Company shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; <u>provided</u>, <u>however</u>, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of <u>Section</u> <u>2.03(a)</u> or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Revolving Credit Lender or the Company that one or more of the applicable conditions specified in <u>Section</u> <u>4.02</u> is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Company and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Drawings and Reimbursements; Funding of Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall notify the Company and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an "<u>Honor Date</u>"), the Company shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the Company fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the amount of the unreimbursed drawing (the "<u>Unreimbursed Amount</u>"), and the amount of such Revolving Credit Lender's Applicable Percentage thereof. In such event, the Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in <u>Section</u> <u>2.02</u> for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments and the conditions set forth in <u>Section</u> <u>4.02</u> (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this <u>Section</u> <u>2.03(c)(i)</u> may be given by telephone if immediately confirmed in writing; <u>provided</u> that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Revolving Credit Lender shall upon any notice pursuant to <u>Section</u> <u>2.03(c)(i)</u> make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Administrative Agent's Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of <u>Section</u> <u>2.03(c)(iii)</u>, each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Company in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in <u>Section</u> <u>4.02</u> cannot be satisfied or for any other reason, the Company shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Credit Lender's payment to the Administrative Agent for the account of the L/C Issuer pursuant to <u>Section</u> <u>2.03(c)(ii)</u> shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this <u>Section</u> <u>2.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this <u>Section</u> <u>2.03(c)</u> to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender's Applicable Percentage of such amount shall be solely for the account of the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Revolving Credit Lender's obligation to make Revolving Credit Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this <u>Section</u> <u>2.03(c)</u>, shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the L/C Issuer, the Company, any Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; <u>provided</u>, <u>however</u>, that each Revolving Credit Lender's obligation to make Revolving Credit Loans pursuant to this <u>Section</u> <u>2.03(c)</u> is subject to the conditions set forth in <u>Section</u> <u>4.02</u> (other than delivery by the Company of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Company to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this <u>Section</u> <u>2.03(c)</u> by the time specified in <u>Section</u> <u>2.03(c)(ii)</u>, then, without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, <u>plus</u> any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender's Revolving Credit Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this <u>Section</u> <u>2.03(c)(vi)</u> shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Repayment of Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such Lender's L/C Advance in respect of such payment in accordance with <u>Section</u> <u>2.03(c)</u>, if the Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Company or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to <u>Section</u> <u>2.03(c)(i)</u> is required to be returned under any of the circumstances described in

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 <u>Section</u> <u>11.05</u> (including pursuant to any settlement entered into by the L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the Administrative Agent for the account of the L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, <u>plus</u> interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Obligations Absolute</u>. The obligation of the Company to reimburse the L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, counterclaim, setoff, defense or other right that the Company or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) waiver by the L/C Issuer of any requirement that exists for the L/C Issuer's protection and not the protection of the Company or any waiver by the L/C Issuer which does not in fact materially prejudice the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Company or any Subsidiary.

The Company shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Company's instructions or other irregularity, the Company will immediately notify the L/C Issuer. The Company shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Role of L/C Issuer</u>. Each Lender and the Company agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft,

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certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Credit Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Company hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; <u>provided</u>, <u>however</u>, that this assumption is not intended to, and shall not, preclude the Company's pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (v) of <u>Section</u> <u>2.03(e)</u>; <u>provided</u>, <u>however</u>, that anything in such clauses to the contrary notwithstanding, the Company may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Company, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Company which the Company proves were caused by the L/C Issuer's willful misconduct or gross negligence or the L/C Issuer's willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. The L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Applicability of ISP and UCP</u>. Unless otherwise expressly agreed by the L/C Issuer and the Company when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Company for, and the L/C Issuer's rights and remedies against the Company shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade—International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Letter of Credit Fees</u>. The Company shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance with its Applicable Percentage a Letter of Credit fee (the "<u>Letter of Credit Fee</u>") (i) for each commercial Letter of Credit equal to 1/8 of 1% per annum <u>times</u> the daily amount available to be drawn under such Letter of Credit and (ii) for each standby Letter of Credit equal to the Applicable Rate <u>times</u> the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section</u> <u>1.06</u>. Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each standby Letter of

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Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer</u>. The Company shall pay directly to the L/C Issuer for its own account a fronting fee (i) with respect to each commercial Letter of Credit, at the rate specified in the Fee Letter, computed on the amount of such Letter of Credit, and payable upon the issuance thereof, (ii) with respect to any amendment of a commercial Letter of Credit increasing the amount of such Letter of Credit, at a rate separately agreed between the Company and the L/C Issuer, computed on the amount of such increase, and payable upon the effectiveness of such amendment, and (iii) with respect to each standby Letter of Credit, at the rate per annum specified in the Fee Letter, computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth Business Day after the end of each March, June, September and December in respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section</u> <u>1.06</u>. In addition, the Company shall pay directly to the L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Conflict with Issuer Documents</u>. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control. Notwithstanding the terms of any Letter of Credit Application for a commercial Letter of credit, in no event may the Company extend the time for reimbursing any drawing under a commercial Letter of credit by obtaining a banker acceptance from the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Letters of Credit Issued for Subsidiaries</u>. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Company shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Company hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Company, and that the Company's business derives substantial benefits from the businesses of such Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.04 <u>Swing</u><u> </u><u>Line</u><u> </u><u>Loans</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>The Swing Line</u>. Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of the other Lenders set forth in this <u>Section</u> <u>2.04</u>, may in its sole discretion make loans (each such loan, a "<u>Swing Line Loan</u>") to the Company from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Revolving Credit Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender's Revolving Credit Commitment; <u>provided</u>, <u>however</u>, that after giving effect to any Swing Line Loan, (i) the Total Revolving Credit Outstandings shall not exceed the Revolving Credit Facility at such time, and (ii) the Revolving Credit Exposure of any Revolving Credit Lender shall not exceed such Lender's Revolving Credit Commitment, (y) the Company shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan, and (z) the Swing Line Lender shall not be under any obligation to make any Swing Line Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, the Company may borrow under this <u>Section</u> <u>2.04</u>, prepay under <u>Section</u> <u>2.05</u>, and reborrow under this <u>Section</u> <u>2.04</u>. Each Swing Line Loan shall bear interest only at

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a rate based on the Swing Line Rate. Immediately upon the making of a Swing Line Loan, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Revolving Credit Lender's Applicable Percentage <u>times</u> the amount of such Swing Line Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Borrowing and Repayment Procedures</u>. On each Business Day that the Target Balance exceeds the Collected Balance in the Swing Line Account (such amount, the "<u>Target</u> <u>Balance Shortfall Amount</u>"), the Company shall be deemed to have requested a Swing Line Loan to be disbursed on such Business Day in an amount equal to the Target Balance Shortfall Amount. On each Business Day that the Collected Balance in the Swing Line Account exceeds the Target Balance (such amount, the "<u>Target Balance Excess Amount</u>"), the Swing Line Lender shall, without any further authorization from or prior notice to the Company, to the extent any Swing Line Loans are outstanding, apply the Target Balance Excess Amount to the payment of such outstanding Swing Line Loans up to the Outstanding Amount thereof. All such disbursements and applications shall be effectuated in accordance with Swing Line Lender's procedures and rules which govern the maintenance and operation of the Swing Line Account (collectively, the "<u>Swing</u> <u>Line Rules</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Refinancing of Swing Line Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Company (which hereby irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Revolving Credit Lender make a Base Rate Loan in an amount equal to such Lender's Applicable Percentage of the amount of Swing Line Loans then outstanding, or a portion of the amount of Swing Line Loans then outstanding; <u>provided</u> that such portion is not less than a principal amount of $100,000 or a whole multiple of $100,000 in excess thereof. Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of <u>Section</u> <u>2.02</u>, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Revolving Credit Facility and the conditions set forth in <u>Section</u> <u>4.02</u>. The Swing Line Lender shall furnish the Company with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each Revolving Credit Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Committed Loan Notice available to the Administrative Agent in immediately available funds for the account of the Swing Line Lender at the Administrative Agent's Office not later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject to <u>Section</u> <u>2.04(c)(ii)</u>, each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Company in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If for any reason any Swing Line Loan cannot be refinanced by such a Revolving Credit Borrowing in accordance with <u>Section</u> <u>2.04(c)(i)</u>, the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the Revolving Credit Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving Credit Lender's payment to the Administrative Agent for the account of the Swing Line Lender pursuant to <u>Section</u> <u>2.04(c)(i)</u> shall be deemed payment in respect of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this <u>Section</u> <u>2.04(c)</u> by the time specified in <u>Section</u> <u>2.04(c)(i)</u>, the Swing Line Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation, <u>plus</u> any administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender's

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Revolving Credit Loan included in the relevant Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Revolving Credit Lender's obligation to make Revolving Credit Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this <u>Section</u> <u>2.04(c)</u> shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Company or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; <u>provided</u>, <u>however</u>, that each Revolving Credit Lender's obligation to make Revolving Credit Loans pursuant to this <u>Section</u> <u>2.04(c)</u> is subject to the conditions set forth in <u>Section</u> <u>4.02</u>. No such funding of risk participations shall relieve or otherwise impair the obligation of the Company to repay Swing Line Loans, together with interest as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Repayment of Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At any time after any Revolving Credit Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Revolving Credit Lender its Applicable Percentage thereof in the same funds as those received by the Swing Line Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in <u>Section</u> <u>11.05</u> (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Revolving Credit Lender shall pay to the Swing Line Lender its Applicable Percentage thereof on demand of the Administrative Agent, <u>plus</u> interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Interest for Account of Swing Line Lender</u>. The Swing Line Lender shall be responsible for invoicing the Company for interest on the Swing Line Loans. Until each Revolving Credit Lender funds its Base Rate Loan or risk participation pursuant to this <u>Section</u> <u>2.04</u> to refinance such Revolving Credit Lender's Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swing Line Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Direct Payments; Automatic Deductions</u>. The Company shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender. The Company hereby authorizes the Swing Line Lender to deduct automatically from the Swing Line Account all payments of any interest in respect of the Swing Line Loans when due hereunder or under any other Loan Document. The Swing Line Lender agrees to provide written notice to the Company of any automatic deduction made pursuant to this <u>Section</u> <u>2.04(f)</u> showing in reasonable detail the amounts of such deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.05 <u>Mandatory Prepayment of Loans</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Dispositions and Event of Loss</u>. The Borrowers shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereinafter provided in an aggregate amount equal to 100% of the Net Proceeds received by any Loan Party or any Subsidiary from all Dispositions (other than Dispositions made pursuant to <u>Sections 7.05(a)</u> through <u>(g)</u>) and Events of Loss within 18 months of the date of such Disposition or Event of Loss; <u>provided</u>, <u>however</u>, that so long as no Default shall have occurred and be continuing, such Net Proceeds shall not be required to be so applied at the election of the Company (as notified by the Company to the Administrative Agent) to the extent such Loan Party or such Subsidiary reinvests all or any

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portion of such Net Proceeds in operating assets (but specifically excluding current assets as classified by GAAP) within 18 months after the receipt of such Net Proceeds; <u>provided</u> that, if such Net Proceeds shall have not been so reinvested, such Net Proceeds shall be immediately applied to prepay the Loans and/or Cash Collateralize the L/C Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Application of Payments</u>. Each prepayment of Loans pursuant to the foregoing provisions of <u>Section</u> <u>2.05(a)</u> shall be applied, <u>first</u>, ratably to the principal repayment installments of the Delayed Draw Term A-1 Loan and Delayed Draw Term A-2 Loan on a *pro*-*rata* basis for all such principal repayment installments, including, without limitation, the final principal repayment installments on the Maturity Date and, <u>second</u>, to the Revolving Credit Facility in the manner set forth in <u>Section</u> <u>2.05(d)</u>. Subject to <u>Section</u> <u>2.18</u>, such prepayments shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of the relevant Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Revolving Outstandings</u>. If for any reason the Total Revolving Outstandings at any time exceed the Aggregate Revolving Commitments at such time, the Borrowers shall immediately prepay Revolving Credit Loans, Swing Line Loans and L/C Borrowings and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; <u>provided</u>, <u>however</u>, that the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this <u>Section</u> <u>2.05(c)</u> unless, after the prepayment of the Revolving Credit Loans and Swing Line Loans, the Total Revolving Outstandings exceed the Aggregate Revolving Commitments at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Application of Other Payments</u>. Except as otherwise provided in <u>Section</u> <u>2.18</u>, prepayments of the Revolving Credit Facility made pursuant to this <u>Section</u> <u>2.05</u>, <u>first</u>, shall be applied ratably to the L/C Borrowings and the Swing Line Loans, <u>second</u>, shall be applied to the outstanding Revolving Credit Loans, and, <u>third</u>, shall be used to Cash Collateralize the remaining L/C Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Debt Issuance</u>. Immediately upon the receipt by any Loan Party or any Subsidiary of the Net Cash Proceeds of any issuance of Indebtedness under the Noteholder Documents, the Borrowers shall prepay the Delayed Draw Term A-2 Loans as hereinafter provided in an aggregate amount equal to 100% of such Net Cash Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Application of Payments</u>. Each prepayment of the Delayed Draw Term A-2 Loans pursuant to the foregoing provisions of <u>Section</u> <u>2.05(e)</u> shall be applied to the aggregate principal of the Delayed Draw Term A-2 Loans outstanding on such date. Subject to <u>Section</u> <u>2.18</u>, such prepayments shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of the relevant Delayed Draw A-2 Facility.

Within the parameters of the applications set forth above, prepayments pursuant to this <u>Section</u> <u>2.05</u> shall be applied first to Base Rate Loans, then to SOFR Daily Floating Rate Loans and then to Term SOFR Loans in direct order of Interest Period maturities. All prepayments under this <u>Section</u> <u>2.05</u> shall be subject to <u>Section</u> <u>3.05</u>, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.06 <u>Voluntary</u><u> </u><u>Prepayments</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower may, upon delivery of a Notice of Loan Prepayment from the Company to the Administrative Agent, at any time or from time to time voluntarily prepay Delayed Draw Term A-1 Loans, Delayed Draw Term A-2 Loans and Revolving Credit Loans in whole or in part without premium or penalty; <u>provided</u> that (i) such notice must be in a form acceptable to the Administrative Agent and be received by the Administrative Agent not later than 11:00 a.m. (A) two Business Days prior to any date of prepayment of Term SOFR Loans and (B) on the date of prepayment of Base Rate Loans or of SOFR Daily Floating Rate Loans; (ii) any prepayment of Term SOFR Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (iii) any prepayment of Base Rate Loans or of SOFR Daily Floating Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding.

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Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Term SOFR Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender's ratable portion of such prepayment (based on such Lender's Applicable Percentage in respect of the relevant Facility). If such notice is given by the Company, the applicable Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Term SOFR Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to <u>Section</u> <u>3.05</u>. Subject to <u>Section</u> <u>2.18</u>, each prepayment of the outstanding Delayed Draw Term A-1 Loans or the Delayed Draw Term A-2 Loans, as applicable, pursuant to this <u>Section</u> <u>2.06(a)</u> shall be applied to the principal repayment installments thereof on a pro rata basis, and each such prepayment shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of each of the relevant Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may, subject to and in accordance with the Swing Line Rules, at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.07 <u>Termination</u><u> </u><u>or</u> <u>Reduction</u><u> </u><u>of</u><u> </u><u>Commitments</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Optional</u>. The Company may, upon notice to the Administrative Agent, terminate the Delayed Draw A-1 Commitments, the Delayed Draw A-2 Commitments, Aggregate Revolving Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit, or from time to time permanently reduce the Delayed Draw A-1 Commitments, the Delayed Draw A-2 Commitments, Aggregate Revolving Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit; <u>provided</u> that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Company shall not terminate or reduce (A) the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Credit Outstandings would exceed the Aggregate Revolving Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Swing Line Loans would exceed the Letter of Credit Sublimit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mandatory</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The aggregate Delayed Draw A-1 Commitments shall be automatically and permanently reduced to zero on the earlier (i) the date of the Borrowing of the Delayed Draw Term A-1 Loan and (ii) the last day of the Delayed Draw A-1 Availability Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The aggregate Delayed Draw A-2 Commitments shall be automatically and permanently reduced to zero on the earlier (i) the date of the Borrowing of the Delayed Draw Term A-2 Loan and (ii) the last day of the Delayed Draw A-2 Availability Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If after giving effect to any reduction or termination of Revolving Credit Commitments under this <u>Section</u> <u>2.07</u>, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the Revolving Credit Facility at such time, the Letter of Credit Sublimit or the Swing Line Sublimit, as the case may be, shall be automatically reduced by the amount of such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Application of Commitment Reductions; Payment of Fees</u>. The Administrative Agent will promptly notify the Lenders of any termination or reduction of the Letter of Credit Sublimit, Swing Line Sublimit or the Revolving Credit Commitment under this <u>Section</u> <u>2.07</u>. Upon any reduction of the Revolving Credit Commitments, the Revolving Credit Commitment of each Revolving Credit Lender shall be reduced by such Lender's Applicable Percentage of such reduction amount. All fees in respect of the Revolving Credit Facility accrued until the effective date of any termination of the Revolving Credit Facility shall be paid on the effective date of such termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.08 <u>Repayment</u><u> </u><u>of</u><u> </u><u>Loans</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Delayed Draw Term A-1 Loans</u>. The Company shall repay to the Delayed Draw A-1 Lenders the principal amount of all Delayed Draw Term A-1 Loans in equal quarterly payments in the amount of $5,000,000 commencing on the last Business Day of the first full quarter ending after the Delayed Draw Term A-1 Loans are borrowed and on the last Business Day of each March, June, September and December thereafter (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Sections 2.05</u> and <u>2.06</u> and increased with respect to any increase to the Delayed Draw Term A-1 Loan pursuant to <u>Section</u> <u>2.16</u>); <u>provided</u>, <u>however</u>, that the final principal repayment installment of the Delayed Draw Term A-1 Loan shall be repaid on the Maturity Date for the Delayed Draw A-1 Facility and in any event shall be in an amount equal to the aggregate principal amount of all Delayed Draw Term A-1 Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delayed Draw Term A-2 Loans</u>. The Company shall repay to the Delayed Draw A-2 Lenders, on the Maturity Date for the Delayed Draw A-2 Facility, the aggregate principal amount of all Delayed Draw Term A-2 Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Revolving Credit Loans</u>. Each Borrower shall repay to the Revolving Credit Lenders, on the Maturity Date for the Revolving Credit Facility, the aggregate principal amount of all Revolving Credit Loans made to such Borrower outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Swing Line Loans</u>. The Company shall repay each Swing Line Loan on the earlier to occur of (i) the date that is ten (10) Business Days after such Loan is made and (ii) on the Maturity Date for the Revolving Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.09 <u>Interest</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section</u> <u>2.09(b)</u>, (i) each Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to Term SOFR for such Interest Period <u>plus</u> the Applicable Rate; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate <u>plus</u> the Applicable Rate; (iii) each SOFR Daily Floating Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the SOFR Daily Floating Rate <u>plus</u> the Applicable Rate; and (iv) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Swing Line Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any amount (other than principal of any Loan) payable by any Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Upon the request of the Required Lenders, while any Event of Default exists (other than as set forth in clauses <u>2.09(b)(i)</u> and <u>(b)(ii)</u> above), the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in

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accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 <u>Fees</u>.** In addition to certain fees described in <u>Sections 2.03(i)</u> and <u>(j)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Commitment Fee</u>. The Company shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance with its Applicable Percentage, a commitment fee equal to the Applicable Rate <u>times</u> the actual daily amount by which the Aggregate Revolving Commitments exceed the sum of (i) the Outstanding Amount of Revolving Credit Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in <u>Section</u> <u>2.18</u>. For the avoidance of doubt, the Outstanding Amount of Swing Line Loans shall not be counted towards or considered usage of the Aggregate Revolving Commitments for purposes of determining the commitment fee. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>A-1 Ticking Fee</u>. The Company shall pay to the Administrative Agent for the account of each Delayed Draw A-1 Lender in accordance with its Applicable Percentage, a ticking fee equal to the Applicable Rate <u>times</u> the actual daily amount by which the Delayed Draw A-1 Commitments exceed the Outstanding Amount of Delayed Draw Term A-1 Loans, subject to adjustment as provided in <u>Section</u> <u>2.18</u>. The ticking fee shall accrue at all times during the Delayed Draw A-1 Availability Period, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Delayed Draw A-1 Availability Period. The ticking fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>A-2 Ticking Fee</u>. The Company shall pay to the Administrative Agent for the account of each Delayed Draw A-2 Lender in accordance with its Applicable Percentage, a ticking fee equal to the Applicable Rate <u>times</u> the actual daily amount by which the Delayed Draw A-2 Commitments exceed the Outstanding Amount of Delayed Draw Term A-2 Loans, subject to adjustment as provided in <u>Section</u> <u>2.18</u>. The ticking fee shall accrue at all times during the Delayed Draw A-2 Availability Period, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Delayed Draw A-2 Availability Period. The ticking fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall pay to the Arrangers and the Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11 <u>Computation</u><u> </u><u>of</u><u> </u><u>Interest</u><u> </u><u>and</u> <u>Fees;</u><u> </u><u>Retroactive</u><u> </u><u>Adjustments</u><u> </u><u>of</u><u> </u><u>Applicable</u><u> </u><u>Rate</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Term SOFR) and all computations of interest for Swing Line Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, <u>provided</u> that any Loan that is repaid on the same day on which it is made shall, subject to <u>Section</u> <u>2.13(a)</u>, bear interest for one day. Each determination by the Administrative Agent of an interest rate (other than the interest rate applicable to Swing Line Loans) or fee hereunder shall be conclusive and binding for all purposes, absent manifest error, and each determination by the Swing Line Lender of the interest rate applicable to Swing Line Loans shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, as a result of any restatement of or other adjustment to the financial statements of the Company and its Subsidiaries or for any other reason, the Company, or the Lenders determine that (i) the Consolidated Net Leverage Ratio as calculated by the Company as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Net Leverage Ratio would have resulted in higher pricing for such period, the Borrowers shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to a Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This <u>clause (b</u>) shall not limit the rights of the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under any provision of this Agreement to payment of any Obligations hereunder at the Default Rate or under <u>Article VIII</u>. The Borrowers' obligations under this <u>clause (b</u>) shall survive the termination of all Commitments and the repayment of all other Obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12 <u>Evidence</u><u> </u><u>of</u><u> </u><u>Debt</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The Administrative Agent shall maintain the Register in accordance with <u>Section</u> <u>11.06(c</u>). The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the Register, the Register shall control in the absence of manifest error. Upon the request of any Lender to a Borrower made through the Administrative Agent, such Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender's Loans to such Borrower in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the accounts and records referred to in <u>Section</u> <u>2.12(a)</u>, each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13 <u>Payments</u><u> </u><u>Generally;</u><u> </u><u>Administrative</u> <u>Agent</u><u>'</u><u>s</u><u> </u><u>Clawback</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. All payments to be made by the Borrowers shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent's Office in Dollars and in immediately available funds not later than 1:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect of the relevant Facility (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender's Lending Office. All payments received by the Administrative Agent after 1:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. Subject to <u>Section</u> <u>2.08(a)</u> and as otherwise specifically provided for in this Agreement, if any payment to be made by any Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) <u>Funding by Lenders; Presumption by Administrative Agent</u>. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Term SOFR Loans (or, in the case of any Borrowing of Base Rate Loans or of any Borrowing of SOFR Daily Floating Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with <u>Section</u> <u>2.02</u> (or, in the case of a Borrowing of Base Rate Loans or of a Borrowing of SOFR Daily Floating Rate Loans, that such Lender has made such share available in accordance with and at the time required by <u>Section</u> <u>2.02</u>) and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, <u>plus</u> any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by such Borrower, the interest rate applicable to Base Rate Loans. If such Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender's Loan included in such Borrowing. Any payment by such Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payments by Borrowers; Presumptions by Administrative Agent</u>. Unless the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due.

With respect to any payment that the Administrative Agent makes for the account of the Lenders or the L/C Issuer hereunder as to which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the "<u>Rescindable Amount</u>"): (1) the applicable Borrower has not in fact made such payment; (2) the Administrative Agent has made a payment in excess of the amount so paid by the applicable Borrower (whether or not then owed); or (3) the Administrative Agent has for any reason otherwise erroneously

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made such payment; then each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this <u>clause (b)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Failure to Satisfy Conditions Precedent</u>. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to such Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Obligations of Lenders Several</u>. The obligations of the Lenders hereunder to make Delayed Draw Term A-1 Loans, Delayed Draw Term A-2 Loans and Revolving Credit Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant to <u>Section</u> <u>11.04(c)</u> are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under <u>Section</u> <u>11.04(c)</u> on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under <u>Section</u> <u>11.04(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Funding Source</u>. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Insufficient Funds</u>. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) <u>first</u>, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) <u>second</u>, toward payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and L/C Borrowings then due to such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14 <u>Sharing of Payments by Lenders</u>.** If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time, then, in each case under <u>clauses (a</u>) and (<u>b</u>) above, the Lender receiving such greater proportion shall (A) notify the Administrative Agent of such fact, and (B) purchase (for cash at face value) participations in the Loans and subparticipations in L/C Obligations and Swing Line Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments

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shall be shared by the Lenders ratably in accordance with the aggregate amount of Obligations then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of a Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in <u>Section</u> <u>2.17</u>, or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than an assignment to the Company or any Subsidiary thereof (as to which the provisions of this Section shall apply).

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15 <u>Designated</u><u> </u><u>Borrowers</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the Closing Date there are no Designated Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may at any time, upon not less than 15 Business Days' notice from the Company to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), designate any additional Subsidiary that is organized under the laws of any political subdivision of the United States (an "<u>Applicant Borrower</u>") as a Designated Borrower to receive Revolving Credit Loans hereunder by delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each Lender) a duly executed notice and agreement in substantially the form of <u>Exhibit F</u> (a "<u>Designated Borrower</u> <u>Request and Assumption Agreement</u>"). The parties hereto acknowledge and agree that prior to any Applicant Borrower becoming entitled to utilize the credit facilities provided for herein the Administrative Agent and the Revolving Credit Lenders shall have received such supporting resolutions, incumbency certificates, opinions of counsel and other documents or information, in form, content and scope reasonably satisfactory to the Administrative Agent, as may be required by the Administrative Agent or the Required Lenders in their reasonable discretion, and Notes signed by such new Borrowers to the extent any Lenders so require. If the Administrative Agent and the Required Lenders agree that an Applicant Borrower shall be entitled to receive Revolving Credit Loans hereunder, then promptly following receipt of (x) all documentation and other information required by bank regulatory authorities under the applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act, (y) if such Applicant Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, to the extent requested by a Lender, a Beneficial Ownership Certification in relation to such Applicant Borrower and (z) all such requested resolutions, incumbency certificates, opinions of counsel and other documents or information, the Administrative Agent shall send a notice in substantially the form of <u>Exhibit G</u> (a "<u>Designated Borrower Notice</u>") to the Company and the Revolving Credit Lenders specifying the effective date upon which the Applicant Borrower shall constitute a Designated Borrower for purposes hereof, whereupon each of the Revolving Credit Lenders agrees to permit such Designated Borrower to receive Revolving Credit Loans hereunder, on the terms and conditions set forth herein, and each of the parties agrees that such Designated Borrower otherwise shall be a Borrower for all purposes of this Agreement; <u>provided</u> that no Committed Loan Notice or Letter of Credit Application may be submitted by or on behalf of such Designated Borrower until the date five Business Days after such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Obligations of the Company and each Designated Borrower shall be joint and several in nature regardless of which such Person actually receives Credit Extensions hereunder or the amount of such Credit

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Extensions received or the manner in which the Administrative Agent or any Lender accounts for such Credit Extensions on its books and records. Each of the obligations of the Company and each Designated Borrower with respect to Credit Extensions made to it, and each such Borrower's obligations arising as a result of the joint and several liability of such Borrower hereunder, with respect to Credit Extensions made to and other Obligations owing by the Company and the other Designated Borrowers hereunder, shall be separate and distinct obligations, but all such obligations shall be primary obligations of each such Borrower. The provisions of <u>Section</u> <u>10.01</u> and <u>10.03</u> are incorporated herein by reference and shall apply to the obligations of the Company and the Designated Borrowers under this <u>Section</u> <u>2.15(c)</u> *mutatis mutandis*. Without limiting the foregoing, for purposes of <u>Article X</u>, the term "Guarantor" shall mean and include the Company with respect to the Obligations of each Designated Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Subsidiary that is or becomes a "Designated Borrower" pursuant to this <u>Section</u> <u>2.15</u> hereby irrevocably appoints the Company as its agent for all purposes relevant to this Agreement and each of the other Loan Documents, including (i) the giving and receipt of notices, (ii) the execution and delivery of all documents, instruments and certificates contemplated herein and all modifications hereto, and (iii) the receipt of the proceeds of any Revolving Credit Loans made by the Revolving Credit Lenders to any such Designated Borrower hereunder. Any acknowledgment, consent, direction, certification or other action which might otherwise be valid or effective only if given or taken by all Borrowers, or by each Borrower acting singly, shall be valid and effective if given or taken only by the Company, whether or not any such other Borrower joins therein. Any notice, demand, consent, acknowledgement, direction, certification or other communication delivered to the Company in accordance with the terms of this Agreement shall be deemed to have been delivered to each Designated Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company may from time to time, upon not less than 15 Business Days' notice from the Company to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), terminate a Designated Borrower's status as such; <u>provided</u> that there are no outstanding Revolving Credit Loans payable by such Designated Borrower, or other amounts payable by such Designated Borrower on account of any Revolving Credit Loans made to it, as of the effective date of such termination. The Administrative Agent will promptly notify the Revolving Credit Lenders of any such termination of a Designated Borrower's status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16 <u>Incremental</u><u> </u><u>Facility</u><u> </u><u>Loans</u>.** 

Subject to the terms and conditions set forth herein, the Company shall have the right, from time to time and upon at least ten Business Days' prior written notice to the Administrative Agent (an "<u>Incremental Request</u>"), to request to incur additional term loans under a then existing tranche and/or add one or more additional tranches of term loans ("<u>Other Term Loans</u>" and, together with any additional term loans under a then existing tranche incurred pursuant to this <u>Section</u> <u>2.16</u>, the "<u>Incremental Term Loans</u>"; and any credit facility for providing for any Incremental Term Loans being referred to as an "<u>Incremental</u> <u>Term Facility</u>") and/or increase the Aggregate Revolving Commitments (the "<u>Incremental Revolving</u> <u>Commitments</u>"; and revolving loans made thereunder the "<u>Incremental Revolving Credit Loans</u>"); the Incremental Revolving Credit Loans, together with the Incremental Term Loans are referred to herein as the "<u>Incremental Facility Loans</u>") <u>subject</u>, <u>however</u>, in any such case, to satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate amount of all Incremental Revolving Commitments and Incremental Term Loans effected pursuant to this <u>Section</u> <u>2.16</u> shall not exceed the then applicable Incremental Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the date on which any Incremental Facility Amendment is to become effective, both immediately prior to and immediately after giving effect to the incurrence of such Incremental Facility Loans (assuming that the full amount of the Incremental Facility Loans shall have been funded on such date) and any related transactions, no Default or Event of Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after giving effect to the incurrence of such Incremental Facility Loans (assuming the full amount of the Incremental Facility Loans have been funded) and any related transactions, the Loan Parties shall be in

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 <u>pro</u> <u>forma</u> compliance with the financial covenants set forth in <u>Section</u> <u>7.12</u>, with each financial covenant recomputed as at the last day of the most recently ended fiscal quarter of the Company for which financial statements were required to be delivered to the Administrative Agent and the Lenders pursuant to <u>Section</u> <u>6.01(a)</u> or <u>(b)</u> as though such incurrence of such Incremental Facility Loans and any related transactions had occurred as of the first day of the four fiscal quarter period preceding the date of such financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the representations and warranties made by the Loan Parties in any Loan Document shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct on and as of such date and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this clause (d), the representations and warranties contained in subsections (a) and (b) of <u>Section</u> <u>5.05</u> shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of <u>Section</u> <u>6.01</u> and the representations and warranties contained in <u>Section</u> <u>5.13(a)</u> shall be deemed to refer to <u>Schedule 5.13</u> as supplemented by each of the reports furnished pursuant to <u>Section</u> <u>6.02(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such Incremental Facility Loans shall be in a minimum amount of $10,000,000 and in integral multiples of $5,000,000 in excess thereof (or such lesser amounts as agreed by the Administrative Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Incremental Revolving Commitments shall be made on the same terms and provisions (other than upfront fees) as apply to the existing Revolving Credit Commitments, including with respect to maturity date, interest rate and prepayment provisions, and shall not constitute a credit facility separate and apart from the existing Revolving Credit Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Incremental Term Loans that constitute additional term loans under a then existing tranche of term loans shall be made on the same terms and provisions (other than upfront fees) as apply to such outstanding term loans, including with respect to maturity date, interest rate and prepayment provisions, and shall not constitute a credit facility separate and apart from such term loans; <u>provided</u> that in the case of an Incremental Term Loan that is an additional advance of any existing tranche of term loans that is subject to a prepayment premium, the expiration date of such prepayment premium as to the full principal amount of such term loan may be extended to a date agreed by the Company and the Lenders providing such Incremental Term Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in the case of any Other Term Loan that the Administrative Agent has determined is a term loan A (an "<u>Incremental Tranche A Term Loan</u>"), such Other Term Loan shall: (A) rank pari passu in right of payment priority with the existing Delayed Draw Term A-1 Loans and Delayed Draw Term A-2 Loans, (B) share ratably in rights in the Guaranty and in a manner consistent with the terms of the Loan Documents, (C) have a maturity date that is not earlier than the later of (1) the Maturity Date with respect to the Revolving Credit Facility and (2) the final maturity of any other Incremental Tranche A Term Loan, (D) have a Weighted Average Life to Maturity that is not shorter than the then-remaining Weighted Average Life to Maturity of any other Incremental Tranche A Term Loan (it being understood that, subject to the foregoing, the amortization schedule applicable to such Other Term Loan shall be determined by the Company and the Lenders of such Other Term Loan), (E) share ratably in any mandatory prepayments of the Delayed Draw Term A-1 Loan, the Delayed Draw Term A-2 Loan and any Incremental Term Facilities pursuant to <u>Section</u> <u>2.05</u> (or otherwise provide for more favorable (from the perspective of the Borrowers) prepayment treatment than the then outstanding Delayed Draw Term A-1 Loan, Delayed Draw Term A-2 Loan and Incremental Term Facilities) and (F) otherwise be on terms reasonably acceptable to the Administrative Agent, <u>provided</u> that, such terms and documentation relating to such Other Term Loans shall be on terms not materially more onerous, taken as a whole, to the Borrowers than the existing Delayed Draw Term A-1 Loan and the existing Delayed Draw Term A-2 Loan (except to the extent permitted above with respect to the maturity date, amortization and interest rate and other than terms which are applicable only after the then-latest Maturity Date of the Loans);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of any Other Term Loan that the Administrative Agent has determined is a term loan B (an "<u>Incremental Tranche B Term Loan</u>"), such Other Term Loan shall: (A) rank pari passu in right of payment priority with the existing Delayed Draw Term A-1 Loans and Delayed Draw Term A-2 Loans, (B) share ratably in rights in the Guaranty and in a manner consistent with the terms of the Loan Documents, (C) have a maturity date that is not earlier than the later of (1) the Latest Maturity Date and (2) the final maturity of any other Incremental Tranche B Term Loan, (D) have a Weighted Average Life to Maturity that is not shorter than the then-remaining Weighted Average Life to Maturity of any other Incremental Tranche B Term Loan (it being understood that, subject to the foregoing, the amortization schedule applicable to such Other Term Loan shall be determined by the Company and the Lenders of such Other Term Loan), (E) if the All-In Yield on such Other Term Loan exceeds the All-In Yield on any Incremental Tranche B Term Loan by more than 50 basis points (0.50%) per annum, then the Applicable Rate or fees payable by the Borrowers with respect to such Incremental Tranche B Term Loan shall on the effective date of such Other Term Loan be increased to the extent necessary to cause the All-In Yield on such Incremental Tranche B Term Loan to be 50 basis points (0.50%) less than the All-In Yield on such Other Term Loan (such increase to be allocated as reasonably determined by the Administrative Agent in consultation with the Company), (F) share ratably in any mandatory prepayments of any other Incremental Term Facilities pursuant to <u>Section</u> <u>2.05</u> (or otherwise provide for more favorable (from the perspective of the Borrowers) prepayment treatment than the then outstanding Incremental Term Facilities) and (G) otherwise be on terms reasonably acceptable to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Administrative Agent shall have received additional commitments in a corresponding amount of such requested Incremental Facility Loans from either existing Lenders and/or one or more other institutions that qualify as Eligible Assignees (it being understood and agreed that no existing Lender shall be required to provide an additional commitment); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Administrative Agent shall have received customary closing certificates and legal opinions and all other documents (including resolutions of the board of directors of the Loan Parties) it may reasonably request relating to the corporate or other necessary authority for such Incremental Facility Loans and the validity of such Incremental Facility Loans, and any other matters relevant thereto, all in form and substance reasonably satisfactory to the Administrative Agent.

Each Incremental Term Facility and any Incremental Revolving Commitments shall be evidenced by an amendment (an "<u>Incremental Facility Amendment</u>") to this Agreement, giving effect to the modifications permitted by this <u>Section</u> <u>2.16</u> (and subject to the limitations set forth in the immediately preceding paragraph), executed by the Loan Parties, the Administrative Agent and each Lender providing a portion of the Incremental Term Facility and/or Incremental Revolving Commitments, as applicable; which such amendment, when so executed, shall amend this Agreement as provided therein. Each Incremental Facility Amendment shall also require such amendments to the Loan Documents, and such other new Loan Documents, as the Administrative Agent reasonably deems necessary or appropriate to effect the modifications and credit extensions permitted by this <u>Section</u> <u>2.16</u>. Neither any Incremental Facility Amendment, nor any such amendments to the other Loan Documents or such other new Loan Documents, shall be required to be executed or approved by any Lender, other than the Lenders providing such Incremental Term Loans and/or Incremental Revolving Commitments, as applicable, and the Administrative Agent, in order to be effective. The effectiveness of any Incremental Facility Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set forth above and such other conditions as requested by the Lenders under the Incremental Term Facility and/or Incremental Revolving Commitments, as applicable, established in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17 <u>Cash</u><u> </u><u>Collateral</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Certain Credit Support Events</u>. If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Company shall be required to provide Cash Collateral pursuant to <u>Section</u> <u>8.02(c)</u>, or (iv) there shall exist a Defaulting Lender, the

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Company shall immediately (in the case of clause (iii) above) or within one Business Day (in all other cases) following any request by the Administrative Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (iv) above, after giving effect to <u>Section</u> <u>2.18(a)(iv)</u> and any Cash Collateral provided by the Defaulting Lender).If at any time the Administrative Agent determines that any funds held as Cash Collateral are subject to any right or claim of any Person other than the Administrative Agent or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Company will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited as Cash Collateral, an amount equal to the excess of (x) such aggregate Outstanding Amount over (y) the total amount of funds, if any, then held as Cash Collateral that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Laws, to reimburse the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Grant of Security Interest</u>. The Company, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to <u>Section</u> <u>2.17(c)</u>. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Company will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (determined in the case of Cash Collateral provided pursuant to <u>Section</u> <u>2.18(a)(v)</u>, after giving effect to <u>Section</u> <u>2.18(a)(v)</u> and any Cash Collateral provided by the Defaulting Lender). All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. The Company shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Application</u>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this <u>Section</u> <u>2.17</u> or <u>Sections 2.03</u>, <u>2.04</u>, <u>2.05</u>, <u>2.18</u> or <u>8.02</u> in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Release</u>. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with <u>Section</u> <u>11.06(b)(vi)</u>)) or (ii) the determination by the Administrative Agent and the L/C Issuer that there exists excess Cash Collateral; <u>provided</u>, <u>however</u>, (x) any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents and the other applicable provisions of the Loan Documents, and (y) the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18 <u>Defaulting</u><u> </u><u>Lenders</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section</u> <u>11.01</u> and the definition of "Required Lenders".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VIII</u> or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to <u>Section</u> <u>11.08</u> shall be applied at such time or times as may be determined by the Administrative Agent as follows: <u>first</u>, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; <u>second</u>, to the payment on a <u>pro</u> <u>rata</u> basis of any amounts owing by such Defaulting Lender to the L/C Issuer or Swing Line Lender hereunder; <u>third</u>, to Cash Collateralize the L/C Issuer's Fronting Exposure with respect to such Defaulting Lender in accordance with <u>Section</u> <u>2.17</u>; <u>fourth</u>, as the Company may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; <u>fifth</u>, if so determined by the Administrative Agent and the Company, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the L/C Issuer's future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section</u> <u>2.17</u>; <u>sixth</u>, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer or the Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; <u>seventh</u>, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Company as a result of any judgment of a court of competent jurisdiction obtained by the Company against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and <u>eighth</u>, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in <u>Section</u> <u>4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to <u>Section</u> <u>2.18(a)(iv)</u>. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section</u> <u>2.18(a)(ii)</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) No Defaulting Lender shall be entitled to receive any fee payable under <u>Section</u> <u>2.10(a)</u> for any period during which that Lender is a Defaulting Lender (and the Company shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable

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Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to <u>Section</u> <u>2.17</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) With respect to any fee payable under <u>Section</u> <u>2.10(a)</u> or any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Company shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's participation in L/C Obligations or Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the L/C Issuer and Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer's or Swing Line Lender's Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Applicable Percentages to Reduce Fronting Exposure</u>. All or any part of such Defaulting Lender's participation in L/C Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender's Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender's Commitment. Subject to <u>Section</u> <u>11.18</u>, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Cash Collateral; Repayment of Swing Line Loans</u>. If the reallocation described in clause (a)(iv) above cannot, or can only partially, be effected, the Company shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (x) <u>first</u>, prepay Swing Line Loans in an amount equal to the Swing Line Lenders' Fronting Exposure and (y) <u>second</u>, Cash Collateralize the L/C Issuers' Fronting Exposure in accordance with the procedures set forth in <u>Section</u> <u>2.17</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defaulting Lender Cure</u>. If the Company, the Administrative Agent, Swing Line Lender and the L/C Issuer agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a <u>pro</u> r<u>ata</u> basis by the Lenders in accordance with their Applicable Percentages (without giving effect to <u>Section</u> <u>2.18(a)(iv)</u>), whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>New Swing Line Loans/Letters of Credit</u>. So long as any Revolving Credit Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) the L/C Issuer shall not be required to issue, extend, increase, reinstate or renew any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

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**ARTICLE III** 

**TAXES, YIELD PROTECTION AND ILLEGALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01 <u>Taxes</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes</u>. Any and all payments by or on account of any obligation of any Loan Party hereunder or under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of an applicable Withholding Agent) require the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Laws, and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this <u>Section</u> <u>3.01</u>) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes by the Loan Parties</u>. Without limiting the provisions of subsection (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Indemnifications</u>. (i) Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this <u>Section</u> <u>3.01</u>) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to a Borrower by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Lender and the L/C Issuer shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender or the L/C Issuer (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (y) the Administrative Agent against any Taxes attributable to such Lender's failure to comply with the provisions of <u>Section</u> <u>11.06(d)</u> relating to the maintenance of a Participant Register and (z) the Administrative Agent against any Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender and the L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by a Loan Party to a Governmental Authority as provided in this <u>Section</u> <u>3.01</u>, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority

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evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Status of Lenders; Tax Documentation</u>. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section</u> <u>3.01(e)(ii)(A)</u>, <u>(ii)(B)</u> and <u>(ii)(D)</u> below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing, in the event that the applicable Borrower is a U.S. Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Company and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of <u>Exhibit H-1</u> to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the applicable Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax</u> <u>Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN- E (or W-8BEN, as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E (or W-8BEN, as

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applicable), a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit H-2</u> or <u>Exhibit</u> <u>H-3</u>, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit H-4</u> on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), executed copies (or originals, as required) of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Company or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Lender agrees that if any form or certification it previously delivered pursuant to this <u>Section</u> <u>3.01</u> expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Company and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Treatment of Certain Refunds</u>. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this <u>Section</u> <u>3.01</u>, it shall pay to the Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Loan Party under this <u>Section</u> <u>3.01</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), <u>provided</u> that the Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to the Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification

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payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Survival</u>. Each party's obligations under this <u>Section</u> <u>3.01</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.02 <u>Illegality</u>.** If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund or charge interest with respect to any Credit Extension, or to determine or charge interest rates based upon SOFR or Term SOFR, then, upon notice thereof by such Lender to the Company through the Administrative Agent, (i) any obligation of such Lender to make or continue Term SOFR Loans or SOFR Daily Floating Rate Loans or to convert Base Rate Loans to Term SOFR Loans or SOFR Daily Floating Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Term SOFR component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Company that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (A) the applicable Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Term SOFR Loans and SOFR Daily Floating Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of the Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR component of the Base Rate), immediately in the case of SOFR Daily Floating Rate Loans and, with respect to Term SOFR Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Term SOFR Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Term SOFR Loans and (B) if such notice asserts the illegality of such Lender determining or charging interest rates based upon SOFR, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Term SOFR component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon SOFR. Upon any such prepayment or conversion, the applicable Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to <u>Section</u> <u>3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.03 <u>Inability</u><u> </u><u>to</u><u> </u><u>Determine</u><u> </u><u>Rates</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Inability to Determine Rate</u>. If in connection with any request for a Term SOFR Loan or SOFR Daily Floating Rate Loan or a conversion of Base Rate Loans to Term SOFR Loans or SOFR Daily Floating Rate Loans or a continuation of any of such Loans, as applicable, (i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (A) no Successor Rate has been determined in accordance with <u>Section</u> <u>3.03(b),</u> and the circumstances under clause (i) of <u>Section</u> <u>3.03(b)</u> or the Scheduled Unavailability Date has occurred, or (B) adequate and reasonable means do not otherwise exist for determining Term SOFR for any requested Interest Period with respect to a proposed Term SOFR Loan or SOFR Daily Floating Rate Loan, as applicable or in connection with an existing or proposed Base Rate Loan, or (ii) the Administrative Agent or the Required Lenders determine that for any reason that Term SOFR for any requested Interest Period with respect to a proposed Term SOFR Loan or SOFR Daily Floating Rate Loan, as applicable does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Company and each Lender.

Thereafter, (x) the obligation of the Lenders to make or maintain Term SOFR Loans or SOFR Daily Floating Rate Loans, as applicable, or to convert Base Rate Loans to Term SOFR Loans or SOFR Daily Floating Rate Loans, shall be suspended (to the extent of the affected Term SOFR Loans, SOFR Daily

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Floating Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of a determination by the Required Lenders described in clause (ii) of <u>Section</u> <u>3.03(a)</u>, until the Administrative Agent upon instruction of the Required Lenders) revokes such notice.

Upon receipt of such notice, (x) the Borrowers may revoke any pending request for a Borrowing of, or conversion to, or continuation of Term SOFR Loans or SOFR Daily Floating Rate Loans (to the extent of the affected Term SOFR Loans, SOFR Daily Floating Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein and (y) any outstanding Term SOFR Loans and SOFR Daily Floating Rate Loans shall be deemed to have been converted to Base Rate Loans immediately or, in the case of Term SOFR Loans, at the end of their respective applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Replacement of Term SOFR, SOFR Daily Floating Rate or Successor Rate</u>. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Company or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Company) that the Company or Required Lenders (as applicable) have determined, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adequate and reasonable means do not exist for ascertaining one month and three month interest periods of Term SOFR (or, in the case of SOFR Daily Floating Rate Loans, the one month interest period of Term SOFR), including, without limitation, because the Term SOFR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) CME or any successor administrator of the Term SOFR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent or such administrator with respect to its publication of Term SOFR, in each case acting in such capacity, has made a public statement identifying a specific date after which the one month and three month interest periods of Term SOFR (or, in the case of the SOFR Daily Floating Rate, the one month interest period of Term SOFR) or the Term SOFR Screen Rate shall or will no longer be made available, or permitted to be used for determining the interest rate of Dollar denominated syndicated loans, or shall or will otherwise cease, <u>provided</u>, <u>that</u>, at the time of such statement, there is no successor administrator that is satisfactory to the Administrative Agent, that will continue to provide such interest periods of Term SOFR (or, in the case of the SOFR Daily Floating Rate, the one month interest period of Term SOFR) after such specific date (the latest date on which the one month and three month interest periods of Term SOFR (or, in the case of the SOFR Daily Floating Rate, the one month interest period of Term SOFR) or the Term SOFR Screen Rate are no longer available permanently or indefinitely, the "<u>Scheduled Unavailability Date</u>");

then, on a date and time determined by the Administrative Agent (any such date, the "<u>Term SOFR</u> <u>Replacement Date</u>"), which date shall be, in the case of Term SOFR Loans, at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to clause (y) above, no later than the Scheduled Unavailability Date, Term SOFR and the SOFR Daily Floating Rate will be replaced hereunder and under any Loan Document with Daily Simple SOFR *plus* the SOFR Adjustment for any payment period for interest calculated that can be determined by the Administrative Agent, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document (the "<u>Successor</u> <u>Rate)</u>.

If the Successor Rate is Daily Simple SOFR plus the SOFR Adjustment, all interest payments will be payable on a monthly basis.

Notwithstanding anything to the contrary herein, (A) if the Administrative Agent determines that Daily Simple SOFR is not available on or prior to the Term SOFR Replacement Date, or (B) if the events or circumstances of the type described in <u>Section</u> <u>3.03(b)(i)</u> or <u>3.03(b)(ii)</u> have occurred with respect to the

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Successor Rate then in effect, then in each case, the Administrative Agent and the Company may amend this Agreement and the other Loan Documents solely for the purpose of replacing Term SOFR, the SOFR Daily Floating Rate or any then current Successor Rate in accordance with this <u>Section</u> <u>3.03(b)</u> at the end of any Interest Period, relevant interest payment date or payment period (or, in the case of a daily floating interest rate, upon the effectiveness of such amendment) for interest calculated, as applicable, with an alternative benchmark rate giving due consideration to any evolving or then existing convention for similar Dollar denominated credit facilities syndicated and agented in the United States for such alternative benchmark. and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar Dollar denominated credit facilities syndicated and agented in the United States for such benchmark. For the avoidance of doubt, any such proposed rate and adjustments, shall constitute a "<u>Successor Rate</u>". Any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Company unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to such amendment.

The Administrative Agent will promptly (in one or more notices) notify the Company and each Lender of the implementation of any Successor Rate.

Any Successor Rate shall be applied in a manner consistent with market practice; <u>provided</u> that to the extent such market practice is not administratively feasible for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than zero, the Successor Rate will be deemed to be zero for the purposes of this Agreement and the other Loan Documents.

In connection with the implementation of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; <u>provided</u> that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Company and the Lenders reasonably promptly after such amendment becomes effective.

For purposes of this <u>Section</u> <u>3.03</u>, those Lenders that either have not made, or do not have an obligation under this Agreement to make, the relevant Loans shall be excluded from any determination of Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.04 <u>Increased</u><u> </u><u>Costs</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Increased Costs Generally</u>. If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender or the L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) impose on any Lender or the L/C Issuer any other condition, cost or expense affecting this Agreement or Term SOFR Loans made by such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan, or of maintaining its obligation to make any such Loan, or to increase the

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cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the L/C Issuer, the Company will pay (or cause the applicable Designated Borrower to pay) to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Capital Requirements</u>. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender's or the L/C Issuer's holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's or the L/C Issuer's capital or on the capital of such Lender's or the L/C Issuer's holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swing Line Loans held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender's or the L/C Issuer's holding company could have achieved but for such Change in Law (taking into consideration such Lender's or the L/C Issuer's policies and the policies of such Lender's or the L/C Issuer's holding company with respect to capital adequacy), then from time to time the Company will pay (or cause the applicable Designated Borrower to pay) to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender's or the L/C Issuer's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certificates for Reimbursement</u>. A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Company shall be conclusive absent manifest error. The Company shall pay (or cause the applicable Designated Borrower to pay) such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delay in Requests</u>. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender's or the L/C Issuer's right to demand such compensation; <u>provided</u> that no Borrower shall be required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender's or the L/C Issuer's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.05 <u>Compensation for Losses</u>.** Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Company shall promptly compensate (or cause the applicable Designated Borrower to compensate) such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by any Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Company or the applicable Designated Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any assignment of a Term SOFR Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Company pursuant to <u>Section</u> <u>11.13</u>;

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including any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Company shall also pay (or cause the applicable Designated Borrower to pay) any customary administrative fees charged by such Lender in connection with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.06 <u>Mitigation</u><u> </u><u>Obligations;</u> <u>Replacement</u><u> </u><u>of</u><u> </u><u>Lenders</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Designation of a Different Lending Office</u>. If any Lender requests compensation under <u>Section</u> <u>3.04</u>, or any Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender or the L/C Issuer pursuant to <u>Section</u> <u>3.01</u>, or if any Lender gives a notice pursuant to <u>Section</u> <u>3.02</u>, then at the request of the Company such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section</u> <u>3.01</u> or <u>3.04</u>, as the case may be, in the future, or eliminate the need for the notice pursuant to <u>Section</u> <u>3.02</u>, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be. The Company hereby agrees to pay (or to cause the applicable Designated Borrower to pay) all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Replacement of Lenders</u>. If any Lender requests compensation under Section 3.04, or if any Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section</u> <u>3.01</u> and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with <u>Section</u> <u>3.06(a)</u>, the Company may replace such Lender in accordance with <u>Section</u> <u>11.13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.07 <u>Survival</u>.** All of the Borrowers' obligations under this <u>Article III</u> shall survive termination of the Aggregate Revolving Commitments, Delayed Draw A-1 Commitments, Delayed Draw A-2 Commitments, resignation of the Administrative Agent and the Facility Termination Date.

**ARTICLE IV** 

**CONDITIONS PRECEDENT TO CREDIT EXTENSIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01 <u>Conditions of Initial Credit Extension</u>.** The obligation of the L/C Issuer and each Lender to make its initial Credit Extension hereunder is subject to substantially simultaneous satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Loan Documents</u>. The Administrative Agent shall have received counterparts of this Agreement and the other Loan Documents, each properly executed by a Responsible Officer of the signing Loan Party and, in the case of this Agreement, by each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Organization Documents, Resolutions, Etc</u>. The Administrative Agent shall have received a certificate of a Responsible Officer of each Loan Party, dated the Closing Date, certifying as to the Organization Documents of such Loan Party (which, to the extent filed with a Governmental Authority, shall be certified as of a recent date acceptable to the Administrative Agent by such Governmental Authority), the resolutions of the governing body of such Loan Party and of the incumbency (including specimen signatures) of the Responsible Officers of such Loan Party. The Administrative Agent shall also have received such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and is validly existing, in good standing and qualified to engage in business in its state of organization or formation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Opinions of Counsel</u>. The Administrative Agent shall have received an opinion or opinions (including, if requested by the Administrative Agent, local counsel opinions) of counsel for the Loan Parties, dated the Closing Date and addressed to the Administrative Agent and the Lenders, in form and substance acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Closing Certificate</u>. The Administrative Agent shall have received a certificate signed by a Responsible Officer of the Company (i) certifying that the conditions specified in <u>Sections 4.02(a)</u> and <u>4.02(b)</u> have been satisfied and (ii) either (A) attaching copies of all consents, licenses and approvals (other than those required pursuant to <u>Section</u> <u>4.01(b)</u>) required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Existing Credit Agreement</u>. All of the existing Indebtedness under the Existing Credit Agreement shall be repaid in full, all commitments thereunder shall be terminated and all security interests related thereto shall be terminated, in each case, on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Existing Noteholder Documents</u>. All of the existing Indebtedness under the Existing Noteholder Documents shall be repaid in full, all commitments thereunder shall be terminated and all security interests related thereto shall be terminated, in each case, substantially simultaneously with the closing of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>KYC Information; Beneficial Ownership</u>. Upon the reasonable request of any Lender, the Company shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, and any Loan Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall have delivered to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Payment of Fees</u>. Any fees required to be paid on or before the Closing Date shall have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Attorney Costs</u>. Unless waived by the Administrative Agent, the Company shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the Closing Date, <u>plus</u> such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (<u>provided</u> that such estimate shall not thereafter preclude a final settling of accounts between the Company and the Administrative Agent).

Without limiting the generality of the provisions of <u>Section</u> <u>9.03(c)</u>, for purposes of determining compliance with the conditions specified in this <u>Section</u> <u>4.01</u>, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02 <u>Conditions to all Credit Extensions</u>.** The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Loans) is subject to the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of the Company and each other Loan Party contained in <u>Article V</u> or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct on and as of the date of such Credit Extension and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct

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in all material respects on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this <u>Section</u> <u>4.02</u>, (A) the representations and warranties contained in subsections (a) and (b) of <u>Section</u> <u>5.05</u> shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of <u>Section</u> <u>6.01</u> and (B) the representations and warranties contained in subsection (a) of <u>Section</u> <u>5.13</u> shall be deemed to refer to <u>Schedule 5.13</u> as supplemented by each of the reports furnished pursuant to clause (g) of <u>Section</u> <u>6.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the applicable Borrower is a Designated Borrower, then the conditions of <u>Section</u> <u>2.15</u> to the designation of such Borrower as a Designated Borrower shall have been met to the satisfaction of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Request for Credit Extension is the request for the initial Borrowing of the Delayed Draw Term A-1 Loan, the Company shall have delivered a Compliance Certificate demonstrating that after giving effect to such Borrowing, the Company will be in <u>pro</u> <u>forma</u> compliance with the financial covenants set forth in <u>Section</u> <u>7.12</u>, with each financial covenant recomputed as at the last day of the most recently ended fiscal quarter of the Company, as though such Indebtedness had been incurred as of the first day of the four fiscal quarter period preceding the date of such financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Request for Credit Extension is the request for the initial Borrowing of the Delayed Draw Term A-2 Loan, the Company shall have delivered a Compliance Certificate demonstrating that after giving effect to such Borrowing, the Company will be in <u>pro</u> <u>forma</u> compliance with the financial covenants set forth in <u>Section</u> <u>7.12</u>, with each financial covenant recomputed as at the last day of the most recently ended fiscal quarter of the Company, as though such Indebtedness had been incurred as of the first day of the four fiscal quarter period preceding the date of such financial statements. Notwithstanding the foregoing, a Compliance Certificate shall not be required to be delivered if the initial Borrowing of the Delayed Draw Term A-2 Loan occurs on the Closing Date.

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Term SOFR Loans) submitted by the Company shall be deemed to be a representation and warranty that the conditions specified in <u>Sections 4.02(a)</u> and <u>(b)</u> have been satisfied on and as of the date of the applicable Credit Extension.

**ARTICLE V** 

**REPRESENTATIONS AND WARRANTIES** 

The Company and each other Loan Party represents and warrants to the Administrative Agent and the Lenders that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.01 <u>Existence, Qualification and Power</u>.** Each Loan Party (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02 <u>Authorization; No Contravention</u>.** The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person's Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03 <u>Governmental Authorization; Other Consents</u>.** No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document. To the knowledge of the Company after due and diligent investigation, no event has occurred which would allow the revocation or termination of any such consent, approval, permit or other authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.04 <u>Binding Effect</u>.** This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.05 <u>Financial</u><u> </u><u>Statements;</u> <u>No</u><u> </u><u>Material</u><u> </u><u>Adverse</u><u> </u><u>Effect</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Company and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Company and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The unaudited consolidated and consolidating balance sheets of the Company and its Subsidiaries dated March 31, 2024, and the related consolidated and consolidating statements of income or operations, and consolidated statement of cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the Company and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.06 <u>Litigation</u>.** There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Company after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against the Company or any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.07 <u>No Default</u>.** Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.08 <u>Ownership of Property; Liens</u>.** Each of the Company and each Material Subsidiary has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The property of the Company and the Material Subsidiaries is subject to no Liens, other than Liens permitted by <u>Section</u> <u>7.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.09 <u>Environmental</u><u> </u><u>Compliance</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Loan Parties and their respective Subsidiaries conduct in the ordinary course of business a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Company has reasonably concluded that such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the knowledge of the Company: (i) except as otherwise set forth on <u>Schedule</u> <u>5.09</u>, none of the properties currently or formerly owned or operated by any Loan Party or any of its Subsidiaries is listed or formally proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property; (ii) there are no and never have been any underground or above-ground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been treated, stored or disposed on any property currently owned or operated by any Loan Party or any of its Subsidiaries which could reasonably be expected to result in liability of any Loan Party or any Subsidiary that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (iii) there is no asbestos or asbestos-containing material on, at or in any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries which could reasonably be expected to result in liability of any Loan Party or any Subsidiary that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (iv) no Hazardous Materials have been Released on, at, under or from any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries in a manner, form or amount which could reasonably be expected to result in liability of any Loan Party or any Subsidiary that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the knowledge of the Company: (i) except as otherwise set forth on <u>Schedule</u> <u>5.09</u>, neither any Loan Party nor any of its Subsidiaries is undertaking, and has not completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened Release of Hazardous Materials at, on, under, or from any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law; and (ii) no Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries have been disposed of in a manner which could reasonably be expected to result in liability of any Loan Party or any Subsidiary that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Loan Parties and their respective Subsidiaries: (i) are, and within the period of all applicable statutes of limitation have been, in compliance with all applicable Environmental Laws, except in such instances in which the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; (ii) hold all Environmental Permits (each of which is in full force and effect) required for any of their current or intended operations or for any property owned, leased, or otherwise operated by any of them; (iii) are, and within the period of all applicable statutes of limitation have been, in compliance with all of their Environmental Permits, except in such instances in which the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; and (iv) to the extent within the control of the Loan Parties and their respective Subsidiaries, (A) each of their Environmental Permits will be timely renewed and, except in such instances in which the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, complied with, (B) each

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additional Environmental Permit that may be required of any of them will be timely obtained and, except in such instances in which the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, complied with, and (C) compliance with any Environmental Law that is or is expected to become applicable to any of them will be timely attained and, except in such instances in which the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10 <u>Insurance</u>.** Except to the extent permitted by <u>Section</u> <u>6.07</u>, the properties of the Company and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Company, in such amounts, with such deductibles or franchise clauses or self-insurance retentions, and covering such risks, as are customarily carried by companies engaged in similar businesses and owning similar properties in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11 <u>Taxes</u>.** The Company and its Subsidiaries have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against the Company or any Subsidiary that would, if made, have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12 <u>ERISA Compliance</u>.** Other than with respect to clause (d) below, except for matters that would not reasonably be expected to result in a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the IRS to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter has been applied for and is currently pending IRS review. To the best knowledge of the Company, nothing has occurred that would prevent or cause the loss of such tax-qualified status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no pending or, to the best knowledge of the Company, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan. There has been no non-exempt prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) No ERISA Event has occurred, and neither the Company nor any ERISA Affiliate is aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan or Multiemployer Plan; (ii) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither the Company nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation date; (iii) neither the Company nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (iv) neither the Company nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (v) no Pension Plan has been terminated by the plan administrator thereof or by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the Company or any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute to or liability under, any active or terminated Pension Plan other than: (A) on the Closing Date, the Pension Plans listed on <u>Schedule 5.12</u> hereto; and (B) after the Closing Date, Pension Plans not otherwise prohibited by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to each scheme or arrangement mandated by a sovereign government other than the United States (a "<u>Foreign Government Scheme or Arrangement</u>") and with respect to each employee benefit plan maintained or contributed to by any Loan Party or any Subsidiary of any Loan Party that is not subject to United States law (a "<u>Foreign Plan</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any employer and employee contributions required by law or by the terms of any Foreign Government Scheme or Arrangement or any Foreign Plan have been made, or, if applicable, accrued, in accordance with applicable accounting principles (e.g., International Financial Reporting Standards) and minimum funding standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the fair market value of the assets of each Foreign Plan, the liability of each insurer for any Foreign Plan funded through insurance or the book reserve established for any Foreign Plan, together with any accrued contributions, is sufficient to meet the legal minimum funding standards applicable to each such plan, as of the date hereof, with respect to all current and former participants in such Foreign Plan according to the actuarial assumptions and valuations most recently used to determine employer contributions to and obligations under such Foreign Plan in accordance with applicable accounting principles (e.g., International Financial Reporting Standards); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Foreign Plan required to be registered has been registered and has been maintained in good standing with applicable regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Borrower represents and warrants as of the Closing Date that the Borrower is not and will not be using "plan assets" (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13 <u>Subsidiaries</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Part (a) of <u>Schedule 5.13</u> identifies each Restricted Subsidiary of the Company that constitutes a Material Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has no equity investments in any corporation or entity other than Subsidiaries, equity investments held in the form of short-term marketable securities and those corporations and other entities specifically disclosed in Part (b) of <u>Schedule 5.13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Unrestricted Subsidiary holds, directly or indirectly, any Capital Stock of any Material Subsidiary or any Loan Party. Part (c) of <u>Schedule 5.13</u> includes a list of all Unrestricted Subsidiaries as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14 <u>Margin</u> <u>Regulations;</u><u> </u><u>Investment</u><u> </u><u>Company</u><u> </u><u>Act</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Borrower is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of any Borrower only or of any Borrower and its respective Subsidiaries on a consolidated basis) subject to the provisions of <u>Section</u> <u>7.01</u> or <u>Section</u> <u>7.05</u> or subject to any restriction contained in any agreement or instrument between such Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of <u>Section</u> <u>8.01(e)</u> will be margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Company, any Person Controlling the Company, or any Subsidiary is or is required to be registered as an "investment company" under the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15 <u>Disclosure</u>.** The Company has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or other written information (other than projected or

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pro forma financial information) furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein (taken as a whole), in the light of the circumstances under which they were made, not misleading; <u>provided</u> that, with respect to projected financial information, the Company represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16 <u>Compliance with Laws</u>.** Each Loan Party and each Subsidiary thereof is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17 <u>Taxpayer Identification Numbers</u>.** The true and correct U.S. taxpayer identification number of the Company and each Designated Borrower that is a party hereto on the Closing Date is set forth on <u>Schedule 11.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18 <u>Intellectual Property; Licenses, Etc</u>.** The Company and its Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, "<u>IP Rights</u>") that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person. To the best knowledge of the Company, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by the Company or any Subsidiary infringes upon any rights held by any other Person. Except as specifically disclosed in <u>Schedule 5.18</u>, no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the Company, threatened, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.19 <u>Solvency</u>.** Each Loan Party is, individually and together with its Subsidiaries on a consolidated basis, Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.20 <u>OFAC</u>.** Neither (a) the Company, nor any of its Subsidiaries, nor, to the knowledge of the Company and its Subsidiaries, any director, officer or employee thereof, or (b) to the knowledge of the Company, any agent of the Company or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is an individual or entity that is, or is owned or controlled by any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC's List of Specially Designated nationals, HMT's Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction. The Company and its Subsidiaries have conducted their businesses in compliance with all applicable Sanctions and have instituted and maintained policies and procedures designed to promote and achieve compliance with such Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.21 <u>Anti-Corruption Laws</u>.** The Company and its Subsidiaries have conducted their businesses in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.22 <u>Affected Financial Institutions</u>.** No Loan Party is an Affected Financial Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.23 <u>Covered Entities</u>.** No Loan Party is a Covered Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.24 <u>Beneficial Ownership Certification</u>.** The information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.

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**ARTICLE VI** 

**AFFIRMATIVE COVENANTS** 

Until the Facility Termination Date, the Company shall, and shall (except in the case of the covenants set forth in <u>Sections 6.01</u>, <u>6.02</u>, <u>6.03</u> and <u>6.11</u>) cause each Material Subsidiary to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.01 <u>Financial Statements</u>.** Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as available, but in any event within 105 days after the end of each fiscal year of the Company, a consolidated and consolidating balance sheets of the Company and its Subsidiaries as at the end of such fiscal year, and the related consolidated and consolidating statements of income or operations, and consolidated statements of shareholders' equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any "going concern" or like qualification or exception or any qualification or exception as to the scope of such audit, and such consolidating statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the Company to the effect that such statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of the Company and its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Company, a consolidated and consolidating balance sheets of the Company and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated and consolidating statements of income or operations, and consolidated statement of cash flows for such fiscal quarter and for the portion of the Company's fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the Company as fairly presenting the financial condition, results of operations, shareholders' equity and cash flows of the Company and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes and such consolidating statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the Company to the effect that such statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Company designates any of its Subsidiaries as an Unrestricted Subsidiary, the Borrower shall deliver concurrently with the delivery of any financial statements pursuant to <u>Section</u> <u>6.01(a)</u> or <u>6.01(b)</u>, the related unaudited consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries from such consolidated financial statements.

As to any information contained in materials furnished pursuant to <u>Section</u> <u>6.02(d)</u>, the Company shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Company to furnish the information and materials described in clauses (a) and (b) above at the times specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.02 <u>Certificates; Other Information</u>.** Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) concurrently with the delivery of the financial statements referred to in <u>Section</u> <u>6.01(a)</u>, a certificate of its independent certified public accountants certifying such financial statements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) concurrently with the delivery of the financial statements referred to in <u>Sections 6.01(a)</u> and <u>(b)</u>, a duly completed Compliance Certificate signed by a Responsible Officer of the Company together with (i) calculations of the components of each the financial covenants set forth in <u>Section</u> <u>7.12</u> as of the date of such financial statements and (ii) a calculation of the Priority Debt covenant set forth in <u>Section</u> <u>7.03(h)</u> as of the date of such financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as soon as available, but in any event within ninety (90) days after the end of each fiscal year of the Company, an annual business plan and budget, including forecasts prepared by management, in form satisfactory to the Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows of the Company and its Subsidiaries on a quarterly basis for the immediately following fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly after any request by the Administrative Agent or any Lender, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Company by independent accountants in connection with the accounts or books of the Company or any Subsidiary, or any audit of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly after any request by the Administrative Agent or any Lender, copies of any annual, regular, periodic and special report or registration statement which the Company may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly after the furnishing thereof, if requested by the Administrative Agent or any Lender, copies of any statement or report furnished to any holder of debt securities of any Loan Party or any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to <u>Section</u> <u>6.01</u> or any other clause of this <u>Section</u> <u>6.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) concurrently with making any Permitted Acquisition, a report supplementing <u>Schedule 5.13</u>, identifying each Subsidiary acquired in such Permitted Acquisition that satisfies the criteria set forth in <u>Section</u> <u>5.13(a)</u>, and concurrently with the delivery of the financial statements referred to in <u>Section</u> <u>6.01(a)</u>, a report supplementing <u>Schedule 5.13</u>, identifying each Subsidiary formed or organized or acquired or Disposed of during the fiscal year covered by such financial statements that satisfies the criteria set forth in <u>Section</u> <u>5.13(a)</u> and, in each case, a description of such other changes in the information included in <u>Schedule 5.13</u> as may be necessary for such Schedule to be accurate and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promptly following any request therefor, information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent any Loan Party qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, an updated Beneficial Ownership Certification promptly following any change in the information provided in the Beneficial Ownership Certification delivered to any Lender in relation to such Loan Party that would result in a change to the list of beneficial owners identified in such certification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) promptly, such additional information regarding the business, financial or corporate affairs of the Company or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request.

Documents required to be delivered pursuant to <u>Section</u> <u>6.01(a)</u> or <u>(b)</u> or <u>Section</u> <u>6.02(f</u>) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such documents, or provides a link thereto on the Company's website on the Internet at the website address listed on <u>Schedule 11.02</u>; or (ii) on which such documents are posted on the Company's behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); <u>provided</u> that: (i) the Company shall deliver

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paper copies of such documents to the Administrative Agent or any Lender upon its request to the Company to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Company shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (<u>i.e</u>., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Company with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

Each Borrower hereby acknowledges that (a) the Administrative Agent and/or any Affiliate thereof may, but shall not be obligated to, make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of such Borrower hereunder (collectively, "<u>Borrower Materials</u>") by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar, or a substantially similar electronic transmission system (the "<u>Platform</u>") and (b) certain of the Lenders (each, a "<u>Public Lender</u>") may have personnel who do not wish to receive material non-public information with respect to any of the Borrowers or their respective Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons' securities. Each Borrower hereby agrees that so long as such Borrower is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked "PUBLIC" which, at a minimum, shall mean that the word "PUBLIC" shall appear prominently on the first page thereof; (x) by marking Borrower Materials "PUBLIC," the Borrowers shall be deemed to have authorized the Administrative Agent, any Affiliate thereof, the Arrangers, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrowers or their respective securities for purposes of United States Federal and state securities laws (<u>provided</u>, <u>however</u>, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in <u>Section</u> <u>11.07</u>); (y) all Borrower Materials marked "PUBLIC" are permitted to be made available through a portion of the Platform designated "Public Side Information;" and (z) the Administrative Agent, any Affiliate thereof and any Arranger shall be entitled to treat any Borrower Materials that are not marked "PUBLIC" as being suitable only for posting on a portion of the Platform not designated "Public Side Information." Notwithstanding the foregoing, no Borrower shall be under any obligation to mark any Borrower Materials "PUBLIC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.03 <u>Notices</u>.** Promptly notify the Administrative Agent and each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the occurrence of any Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation of the Company or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between the Company or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Company or any Subsidiary, including pursuant to any applicable Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of any litigation, investigation or proceeding affecting any Loan Party in which the amount involved (in excess of insurance coverage) exceeds the Threshold Amount, or in which injunctive relief or similar relief is sought, which relief, if granted, could be reasonably expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of the occurrence of any ERISA Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the creation, acquisition or existence of any new Material Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) of any material change in accounting policies or financial reporting practices by the Company or any Subsidiary, including any determination by the Company referred to in <u>Section</u> <u>2.11(b)</u>.

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Each notice pursuant to this <u>Section</u> <u>6.03</u> shall be accompanied by a statement of a Responsible Officer of the Company setting forth details of the occurrence referred to therein and stating what action the Company has taken and proposes to take with respect thereto. Each notice pursuant to <u>Section</u> <u>6.03(a)</u> shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.04 <u>Payment of Obligations</u>.** Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted (which proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien) and adequate reserves in accordance with GAAP are being maintained by the Company or such Material Subsidiary; (b) all lawful claims for more than the Threshold Amount which, if unpaid, would by law become a Lien upon its property (except to the extent such Lien is permitted by <u>Sections 7.01(b)</u>, <u>7.01(c)</u> or <u>7.01(d)</u>); and (c) all Indebtedness having an aggregate principal amount of more than the Threshold Amount, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.05 <u>Preservation of Existence, Etc</u>**. (a) Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by <u>Sections 7.04</u> or <u>7.05</u>; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.06 <u>Maintenance of Properties</u>.** (a) Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.07 <u>Maintenance of Insurance</u>.** Maintain or cause to be maintained with financially sound and reputable insurance companies not Affiliates of the Company, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons; including workers' compensation insurance, general liability insurance and insurance against loss of or damage to property (but excluding breach of warranty and loss of earnings insurances).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.08 <u>Compliance with Laws</u>.** Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09 <u>Books and Records</u>.** (a) Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the Company or such Subsidiary, as the case may be; and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Company or such Subsidiary, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 <u>Inspection Rights</u>.** Permit representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its

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directors, officers, and independent public accountants, all at the expense of the Company and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Company; <u>provided</u>, <u>however</u>, that when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Company at any time during normal business hours and without advance notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11 <u>Ownership of Guarantors</u>.** Own directly or indirectly, 100% of the issued and outstanding shares of the equity securities of each Guarantor entitled to vote for members of the board of directors of such Guarantor; <u>provided</u> that the Company shall not be in breach of this covenant on account of (a) any merger or consolidation permitted by the terms of <u>Section</u> <u>7.04(a)</u> or <u>(b)</u> the issuance of stock to employees of the Company or such Guarantor pursuant to an employee stock option plan in an aggregate amount not to exceed at any time 5% of the issued and outstanding shares of the equity securities of such Guarantor entitled to vote for members of the board of directors of such Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12 <u>Material</u><u> </u><u>Subsidiaries</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>New Subsidiaries</u>. Within forty-five (45) days after the creation or acquisition of any new Material Subsidiary (other than any CFC or a Subsidiary that is held directly or indirectly by a CFC) by any Loan Party or in connection with a designation of a new Material Subsidiary as required by the definition of "Material Subsidiary" (each, a "<u>New Material Subsidiary</u>"), the Company will cause such New Material Subsidiary to deliver to the Administrative Agent (i) duly executed joinder agreements in substantially the form of <u>Exhibit E</u> (an "<u>Additional Guarantor</u> <u>Joinder Agreement</u>") and (ii) such supporting resolutions, incumbency certificates, opinions of counsel and other documents or information regarding such New Material Subsidiary, in form, content and scope reasonably satisfactory to the Administrative Agent, as may be required by the Administrative Agent or the Required Lenders in their reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Tropical Shipping</u>. Notwithstanding anything in this Agreement to the contrary, the Lenders agree that neither Tropical Shipping or Seven Seas Insurance Company, Inc., a Florida corporation, or any of their respective direct or indirect Subsidiaries, whether now or hereafter existing, are, or shall be required to become, a Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Unrestricted Subsidiaries</u>. Notwithstanding anything in this Agreement to the contrary, the Lenders agree that the Company may, at any time after the Closing Date, designate Subsidiaries, as Unrestricted Subsidiaries, subject to the requirements set forth in the definition of "Unrestricted Subsidiary" in <u>Section</u> <u>1.01</u> (it being understood that any Subsidiary that is designated as an Unrestricted Subsidiaries, and each of its Subsidiaries, shall be released as a Guarantor upon such designation under this Agreement, the applicable Noteholder Documents, the documentation governing any Incremental Equivalent Debt, the documentation governing any other Indebtedness with an outstanding principal amount in excess of the Threshold Amount and any permitted refinancing of any of the foregoing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.13 <u>Compliance with Environmental Laws</u>.** Comply, and cause all lessees and other Persons operating or occupying its properties to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits; obtain and renew all Environmental Permits necessary for its operations and properties; and conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address all Hazardous Materials at, on, under or emanating from any of properties owned, leased or operated by it in accordance with the requirements of all Environmental Laws; <u>provided</u>, <u>however</u>, that neither the Company nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.14 <u>Preparation of Environmental Reports</u>.** At the request of the Required Lenders from time to time, provide to the Lenders within 60 days after such request, at the expense of the Company, an environmental site assessment report for any properties owned, leased or operated by it described in such request, prepared by an

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environmental consulting firm acceptable to the Administrative Agent, indicating the presence or absence of Hazardous Materials and the estimated cost of any compliance, response or other corrective action to address any Hazardous Materials on such properties; without limiting the generality of the foregoing, if the Administrative Agent determines at any time that a material risk exists that any such report will not be provided within the time referred to above, the Administrative Agent may retain an environmental consulting firm to prepare such report at the expense of the Company, and the Company hereby grants and agrees to cause any Subsidiary that owns or leases any property described in such request to grant at the time of such request to the Administrative Agent, the Lenders, such firm and any agents or representatives thereof an irrevocable non-exclusive license, subject to the rights of tenants or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.15 <u>Use of Proceeds</u>.** (a) With respect to Revolving Credit Borrowings, Swing Line Borrowings and/or L/C Credit Extensions, use the proceeds (i) to make Permitted Acquisitions, (ii) to refinance existing Indebtedness, including indebtedness under that certain Existing Credit Agreement and (iii) for working capital and other general corporate purposes (including, for avoidance of doubt, to pay fees, costs and expenses in connection with the refinancing contemplated by clause (ii) of this <u>Section</u> <u>6.15</u>) not in contravention of any Law or of any Loan Document, (b) with respect to the Delayed Draw A-1 Borrowing, use the proceeds to make Permitted Acquisitions or to repay the Delayed Draw Term A-2 Loan, and (c) with respect to the Delayed Draw A-2 Borrowing, use the proceeds to repay the Indebtedness outstanding under the Existing Noteholder Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.16 <u>Further Assurances</u>.** Promptly upon request by the Administrative Agent or the Required Lenders through the Administrative Agent, correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.17 <u>Anti-Corruption Laws</u>.** Conduct its businesses in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions, and maintain policies and procedures designed to promote and achieve compliance with such laws.

**ARTICLE VII** 

**NEGATIVE COVENANTS** 

Until the Facility Termination Date, the Company shall not, nor shall it permit any Material Subsidiary to, directly or indirectly through a Material Subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.01 <u>Liens</u>.** Create, incur, assume or suffer to exist, any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens pursuant to any Loan Document, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens existing on the Closing Date and listed on <u>Schedule 7.01</u> and any renewals or extensions thereof, <u>provided</u> that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by <u>Section</u> <u>7.03(b</u>), (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by <u>Section</u> <u>7.03(b</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes which (i) are not yet due, or (ii) are being contested in good faith; <u>provided</u> that adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) carriers', warehousemen's, landlord's, mechanics', materialmen's, repairmen's, necessaries supplier's or other like Liens arising in the ordinary course of business which (i) are not overdue for a period of more than 30 days, or (ii) are being contested in good faith; <u>provided</u> that adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Liens for damages arising out of tort, out of charters and maritime service contracts entered into in the ordinary course of business, for wages of a stevedore when employed by the Company or any Subsidiary, for crew wages, for general average, and for salvage (including contract salvage) which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of the applicable Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) pledges or deposits in the ordinary course of business in connection with workers' compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens securing judgments for the payment of money not constituting an Event of Default under <u>Section</u> <u>8.01(h)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens securing Priority Debt permitted by <u>Section</u> <u>7.03(h)</u>.

Notwithstanding the foregoing, no Liens shall be permitted to secure the obligations under any Noteholder Document unless the Obligations are secured on a *pari passu* basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.02 <u>Investments</u>.** Make any Investments, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Permitted Acquisitions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investments (other than Permitted Acquisitions) by the Company or any Material Subsidiary; <u>provided</u> that (i) no Default or Event of Default shall then exist or would exist after giving effect to such Investment and (ii) after giving effect to such Investment, the Company will be in <u>pro forma</u> compliance with all of the terms and provisions of the financial covenants set forth in <u>Section</u> <u>7.12</u>, with each financial covenant recomputed as at the last day of the most recently ended fiscal quarter of the Company for which financial statements were required to be delivered to the Administrative Agent and the Lenders pursuant to <u>Section</u> <u>6.01(a)</u> or <u>(b)</u> as though such Investment had been made as of the first day of the four fiscal quarter period preceding the date of such financial statements; <u>provided</u>, <u>further</u>, that the aggregate amount of Investments outstanding at any time in Unrestricted Subsidiaries pursuant to this clause (b) shall not exceed 30% of Consolidated Total Assets (determined as of the most recently ended fiscal year of the Company for which financial statements were required to be delivered to the Administrative Agent and the Lenders pursuant to <u>Section</u> <u>6.01(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.03 <u>Indebtedness</u>.** Create, incur, assume or suffer to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness under the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness outstanding on the Closing Date and listed on <u>Schedule 7.03</u> and any refinancings, refundings, renewals or extensions thereof; <u>provided</u> that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct or any contingent obligor with respect thereto is not changed, as a result of or in connection with such refinancing, refunding, renewal or extension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Incremental Equivalent Debt in an aggregate principal amount not to exceed the then applicable Incremental Amount;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Guarantees with respect to Indebtedness permitted by this <u>Section</u> <u>7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Guarantees of the Company or any Restricted Subsidiary in respect of trade accounts payable of the Company or any Subsidiary incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) obligations (contingent or otherwise) of the Company or any Restricted Subsidiary existing or arising under any Swap Contract, <u>provided</u> that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person and not for purposes of speculation or taking a "market view;" and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) intercompany Indebtedness permitted under <u>Section</u> <u>7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Priority Debt in an aggregate principal amount not to exceed 17.5% of Consolidated Tangible Assets of the Company and its Restricted Subsidiaries determined as of the most recently ended fiscal quarter of the Company for which financial statements were required to be delivered to the Administrative Agent and the Lenders pursuant to <u>Section</u> <u>6.01(a)</u> or <u>(b)</u>; <u>provided</u>, that, the aggregate principal amount of Priority Debt that is not Title XI Debt shall not, at any time, exceed 10% of Consolidated Tangible Assets of the Company and its Restricted Subsidiaries determined as of the most recently ended fiscal quarter of the Company for which financial statements were required to be delivered to the Administrative Agent and the Lenders pursuant to <u>Section</u> <u>6.01(a)</u> or <u>(b)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unsecured Indebtedness of the Loan Parties so long as after giving effect to such incurrence of Indebtedness, the Company will be in <u>pro forma</u> compliance with all of the terms and provisions of the financial covenants set forth in <u>Section</u> <u>7.12</u>, with each financial covenant recomputed as at the last day of the most recently ended fiscal quarter of the Company for which financial statements were required to be delivered to the Administrative Agent and the Lenders pursuant to <u>Section</u> <u>6.01(a)</u> or <u>(b)</u> as though such Indebtedness had been incurred as of the first day of the four fiscal quarter period preceding the date of such financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.04 <u>Fundamental Changes</u>.** Merge, consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default or Event of Default exists or would result therefrom:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Subsidiary may merge with the Company or any Guarantor organized in the United States, <u>provided</u> that the Company or such Guarantor shall be the continuing or surviving Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Subsidiary that is not a Material Subsidiary may merge with any other Subsidiary, <u>provided</u> that if the other Subsidiary is a Material Subsidiary, then such other Subsidiary shall be the continuing or surviving Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company or any Subsidiary may merge with any Person as part of a Permitted Acquisition, <u>provided</u> that the Company or such Subsidiary shall be the continuing or surviving Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Subsidiary may sell or Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Company or any Guarantor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company or any Subsidiary may sell or Dispose of its assets to the extent such Disposition is permitted by <u>Section</u> <u>7.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.05 <u>Dispositions</u>.** Make (in one transaction or a series of transactions) any Disposition or enter into any agreement to make any Disposition, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of inventory and other property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of property of the types used in the present lines of business of the Company and its Subsidiaries or (ii) the proceeds of such Disposition are applied to the purchase price of such property within 180 days of such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dispositions of property by (i) any Subsidiary to a Loan Party and (ii) any Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dispositions permitted by <u>Section</u> <u>7.07</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Dispositions permitted by <u>Sections 7.02</u> or <u>7.04</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Licenses of IP Rights in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Dispositions of notes, receivables and any interests therein or rights or claims associated therewith, (i) by the Company in any Capital Construction Fund maintained by (A) the Company or (B) the Company and one or more of its Subsidiaries or (ii) by any Subsidiary in any Capital Construction Fund maintained by (A) such Subsidiary, (B) the Company and such Subsidiary or (C) the Company, such Subsidiary and one or more other Subsidiaries, <u>provided</u> that, at the time of such Disposition, the aggregate balance in all such Capital Construction Funds shall not exceed by more than $50,000,000 the total amount of qualified withdrawals (as defined in Chapter 535 of Title 46 of the United States Code and implementing regulations) that the Company or its Subsidiaries, as appropriate, would be entitled to make as of that date, including reimbursements of general funds as permitted by applicable regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Dispositions of property by the Company and the Material Subsidiaries not otherwise permitted in this <u>Section</u> <u>7.05</u>, for cash or cash equivalents; <u>provided</u>, that (i) no Default or Event of Default shall be exist or result therefrom, (ii) after giving effect to the Disposition, the Company shall be in <u>pro</u> <u>forma</u> compliance with the financial covenants set forth in <u>Section</u> <u>7.12</u>, with each financial covenant recomputed as at the last day of the most recently ended fiscal quarter of the Company for which financial statements were required to be delivered to the Administrative Agent and the Lenders pursuant to <u>Section</u> <u>6.01(a)</u> or <u>(b)</u> as though such Disposition had occurred as of the first day of the four fiscal quarter period preceding the date of such financial statements, and (iii) the aggregate fair market value of all such property Disposed of (A) during any fiscal year of Company shall not exceed 10% of Consolidated Total Assets (determined as of the most recently ended fiscal year of the Company for which financial statements were required to be delivered to the Administrative Agent and the Lenders pursuant to <u>Section</u> <u>6.01(a)</u>) and (B) after the Closing Date shall not exceed 30% of Consolidated Total Assets (determined as of the most recently ended fiscal year of the Company for which financial statements were required to be delivered to the Administrative Agent and the Lenders pursuant to <u>Section</u> <u>6.01(a)</u>); <u>provided</u>, <u>further</u>, that if all or any portion of the Net Proceeds of a Disposition are reinvested in assets useful to the business (excluding current assets as classified by GAAP) within 18 months of such Disposition, the reinvested portion of such proceeds shall not constitute utilization of the baskets set forth in the foregoing clause (iii);<u> </u>

<u>provided</u>, that any Disposition pursuant to clauses (a) through (i) shall be for fair market value of the property Disposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.06 <u>Lease Obligations</u>.** Create or suffer to exist any obligations for the payment of rent for any property under lease or agreement to lease, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) operating leases (other than those constituting Synthetic Lease Obligations) and vessel charters entered into or assumed by the Company or any Subsidiary in the ordinary course of business, <u>provided</u> that, with respect to operating leases entered into after the Closing Date, no Default or Event of Default would result from the Company or such Subsidiary entering into or assuming such lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) leases in connection with any sale-leaseback arrangement permitted hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) capital leases and Synthetic Lease Obligations to the extent permitted by <u>Section</u> <u>7.03</u>; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) leases not otherwise described in subsections (a) through (c) above, <u>provided</u> that the aggregate amount of the obligations of the Company and the Material Subsidiaries thereunder shall not exceed $25,000,000 at any one time outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.07 <u>Restricted Payments</u>.** Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Subsidiary may make Restricted Payments to the Company and to wholly-owned Subsidiaries (and, in the case of a Restricted Payment by a non-wholly-owned Subsidiary, to the Company and any Subsidiary and to each other owner of Capital Stock of such Subsidiary on a <u>pro rata</u> basis based on their relative ownership interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock or other common Equity Interests of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company and each Subsidiary may purchase, redeem or otherwise acquire Equity Interests issued by it with the proceeds received from the substantially concurrent issue of new shares of its common stock or other common Equity Interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company may from time to time (i) declare and make Restricted Payments, (ii) make cash payments in respect of the Shareholder Subordinated Debt, and (iii) redeem Equity Interests of the Company from shareholders (collectively, "<u>Distributions</u>" and individually, a "<u>Distribution</u>"); <u>provided</u> that (A) no Default or Event of Default shall then exist or would exist after giving effect to such Distribution and (B) after giving effect to such Distribution, (x) the Company will be in <u>pro</u> <u>forma</u> compliance with the financial covenants set forth in <u>Section</u> <u>7.12</u> and (ii) the Consolidated Net Leverage Ratio shall be at least 0.25x less than the then permitted Consolidated Net Leverage Ratio set forth in <u>Section</u> <u>7.12(a)</u>, in each case, with each financial covenant recomputed as at the last day of the most recently ended fiscal quarter of the Company for which financial statements were required to be delivered to the Administrative Agent and the Lenders pursuant to <u>Section</u> <u>6.01(a)</u> or <u>(b)</u> as though such Distribution had been consummated as of the first day of the four fiscal quarter period preceding the date of such financial statements; <u>provided</u> <u>further</u> that (A) if any Distribution (other than redemptions of Equity Interests of the Company) would result in all Distributions (other than redemptions of Equity Interests of the Company) being made in any 12 month period exceeding two (2) percent of the Company's Consolidated Stockholder's Equity presented in the most recent annual financial statements delivered in accordance with <u>Section</u> <u>6.01(a)</u>, excluding minority interests and rounded up to the nearest $100,000, the Company shall have delivered to the Administrative Agent, a certificate of a Responsible Officer of the Company certifying as to the compliance with the conditions set forth above not less than five Business Days prior to the making of any such Distribution, and (B) if any redemption of any Equity Interest of the Company from shareholders would result in all such redemptions being made in any 12 month period exceeding $5,000,000 in the aggregate, the Company shall have delivered to the Administrative Agent a certificate of a Responsible Officer of the Company certifying as to the compliance with the conditions set forth above not less than five Business Days prior to the consummation of such redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.08 <u>Change in Nature of Business; Suspension of Business</u>.** Engage in any line of business which is substantially different from or unrelated to the lines of business engaged in by the Company and its Subsidiaries on the Closing Date, except for lines of business that, as of any date of determination, accounted for or constituted 20% or less of the Consolidated Total Assets, nor discontinue or voluntarily suspend any material portion of lines of business engaged in by the Company and its Restricted Subsidiaries on the Closing Date, except to the extent such discontinuation or suspension results from a Disposition permitted by <u>Section</u> <u>7.05</u> or is caused by the condemnation or other taking for public use of, the property of the Company or its Subsidiaries. For the avoidance of doubt, each of the parties hereto acknowledge and agree that, as of the Closing Date, the Company and its Subsidiaries were engaged in, among other businesses, freight transportation businesses conducted in any mode of transport and fuel distribution businesses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.09 <u>Transactions with Affiliates</u>.** Enter into any transaction of any kind with any Affiliate of the Company (other than a Loan Party), other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) arm's-length transactions or transactions with Affiliates that are otherwise expressly permitted to be other than arm's-length hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) operating leases (including bareboat and demise charters) of property and time charters of vessels (i) among any of the Loan Parties or (ii) among any of the Company or its Subsidiaries that are permitted by <u>Section</u> <u>7.05</u>, <u>provided</u>, in each case, that the lease or charter rates under any such lease or charter shall be calculated at book value or at rates calculated based on property valuation of book value or the greater of the equipment or vessel leased or chartered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) deposits of property to and withdrawals of property from any Capital Construction Fund maintained by the Company or the Company and one or more of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transactions in connection with cash management facilities among the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) payment of insurance premiums in respect of life insurance and/or split-dollar life insurance policies on shareholders or key employees of the Company and spouses thereof, <u>provided</u> the aggregate amount thereof shall not exceed $5,000,000 in any fiscal year of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) advances to (i) officers, directors and employees of the Company and its Subsidiaries, provided the aggregate amount of advances made pursuant to this clause (i) shall not exceed $1,000,000 at any time outstanding and (ii) shareholders of the Company not to exceed $5,000,000 at any time outstanding and secured by capital stock of the Company held by such shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the making of any Restricted Payment permitted by <u>Section</u> <u>7.07</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the making of any Investment in the Company, any Guarantor or any wholly-owned Subsidiary permitted by <u>Section</u> <u>7.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10 <u>Burdensome Agreements</u>.** Enter into any Contractual Obligation that limits the ability (a) of any Material Subsidiary to make Restricted Payments to the Company or to otherwise transfer property to the Company or (b) of the Company or any Material Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Noteholder Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) documents and instruments entered into in respect of any Capital Construction Fund permitted by <u>Section</u> <u>7.05(h)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) documents and instruments entered into in respect of capital leases, synthetic leases and purchase money obligations for fixed or capital assets, <u>provided</u> that the restrictions on the creation or existence of Liens applies only to the property securing the Indebtedness documented or evidenced by such documents and instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any documentation governing Incremental Equivalent Debt permitted pursuant to <u>Section</u> <u>7.03(b)</u>, so long as such encumbrances or restrictions are not, taken as a whole, more restrictive to the Borrowers and their Restricted Subsidiaries in any material respect than those in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11 <u>Use of Proceeds</u>.** Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12 <u>Financial</u><u> </u><u>Covenants</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Consolidated Net Leverage Ratio</u>. Permit the Consolidated Net Leverage Ratio to exceed, as of the last day of any fiscal quarter, 3.50:1.0; <u>provided</u>, that if the Company or any other Loan Party makes an

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Acquisition (or series of related Acquisitions) for consideration (including assumed liabilities, earnout payments and any other deferred payment) in excess of $50,000,000 (a "<u>Material Acquisition</u>"), at the Borrower's election (which shall be made by notifying the Administrative Agent of such election prior to the consummation of such Material Acquisition), the maximum Consolidated Net Leverage Ratio required to be maintained pursuant to this <u>Section</u> <u>7.12(a)</u> shall increase by 0.50 for each of the four fiscal quarters ending immediately following such Material Acquisition, including the fiscal quarter in which such Material Acquisition was consummated (or, in the case of series of related Acquisitions, the fiscal quarter in which the last Acquisition was consummated) (the "<u>Adjustment Period</u>"); <u>provided</u>, <u>further</u>, that (i) for at least four complete consecutive fiscal quarters immediately following each Adjustment Period, the Consolidated Net Leverage Ratio as of the end of such fiscal quarter shall not be greater than 3.50:1.00 for such quarters prior to giving effect to another Adjustment Period pursuant to the immediately preceding proviso, (ii) there shall be no more than two (2) Adjustment Periods during the term of this Agreement, (iii) not more than one Adjustment Period shall be in effect at any time, and (iv) the Adjustment Period shall only apply with respect to the calculation of the Consolidated Net Leverage Ratio for purposes of determining compliance with this <u>Section</u> <u>7.12(a)</u> (and for the avoidance of doubt, any action hereunder in connection with the applicable Material Acquisition for which pro forma compliance with this <u>Section</u> <u>7.12(a)</u> is required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Fixed Charge Coverage Ratio</u>. Permit the Consolidated Fixed Charge Coverage Ratio to be less than 1.50:1.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Pro Forma Calculations</u>. For purposes of calculating the financial covenants set forth in subsections (a) and (b) above (including for purposes of determining the Applicable Rate), any Disposition, Acquisition or Restricted Payment shall be deemed to have occurred as of the first day of the most recent four fiscal quarter period preceding the date of such transaction for which the Company was required to deliver financial statements pursuant to <u>Sections 6.01(a)</u> or <u>6.01(b)</u>. In connection with the foregoing, (i) with respect to any Disposition, (A) income statement and cash flow statement items (whether positive or negative) attributable to the property disposed of shall be excluded to the extent relating to any period occurring prior to the date of such transaction and (B) Indebtedness which is retired shall be excluded and deemed to have been retired as of the first day of the applicable period and (ii) with respect to any Acquisition, (A) income statement items attributable to the Person or property acquired shall be included to the extent relating to any period applicable in such calculations to the extent (1) such items are not otherwise included in such income statement items for the Company and the Restricted Subsidiaries in accordance with GAAP or in accordance with any defined terms set forth in <u>Section</u> <u>1.01</u> and (2) such items are supported by financial statements or other information reasonably satisfactory to the Administrative Agent (it being understood that the Administrative Agent's reasonable satisfaction shall apply only to the inclusion of the income statement items attributable to the Person or property acquired, including applicable adjustments and synergies, and not to the Acquisition itself, for which no prior consent by the Lenders is required if such Acquisition constitutes a Permitted Acquisition) and (B) any Indebtedness incurred or assumed by the Company or any Restricted Subsidiary (including the Person or property acquired) in connection with such transaction and any Indebtedness of the Person or property acquired which is not retired in connection with such transaction (1) shall be deemed to have been incurred as of the first day of the applicable period and (2) if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13 <u>Sanctions</u>.** Directly or indirectly, use the proceeds of any Credit Extension, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer, Swing Line Lender, or otherwise) of Sanctions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14 <u>Anti-Corruption Laws</u>.** Directly or indirectly use the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions.

**ARTICLE VIII** 

**EVENTS OF DEFAULT AND REMEDIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.01 <u>Events of Default</u>.** Any of the following shall constitute an event of default (each an "<u>Event</u> <u>of Default</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Payment</u>. Any Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation or deposit any funds as Cash Collateral in respect of L/C Obligations, or (ii) within three days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Specific Covenants</u>. The Company fails to perform or observe any term, covenant or agreement contained in any of <u>Section</u> <u>6.03(a)</u>, <u>6.05</u>, <u>6.07</u> or <u>6.12</u>, <u>Article VII</u> or <u>Article X</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Defaults</u>. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Representations and Warranties</u>. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Company or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading when made or deemed made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cross-Default</u>. (i) The Company or any Restricted Subsidiary (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than $25,000,000, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the Company or any Restricted Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which the Company or any Restricted Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Company or such Restricted Subsidiary as a result thereof is greater than $25,000,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Insolvency Proceedings, Etc</u>. The Company or any Restricted Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60

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calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Inability to Pay Debts; Attachment</u>. (i) The Company or any Restricted Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Judgments</u>. There is entered against the Company or any Restricted Subsidiary (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in each case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ERISA</u>. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of the Company to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount that has resulted in or could reasonably be expected to result in a Material Adverse Effect, or (ii) the Company or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Change of Control</u>. There occurs any Change of Control without the prior written consent of the Required Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Invalidity of Loan Documents</u>. Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations arising under the Loan Documents, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any Loan Document, or it becomes unlawful for a Loan Party to perform any of its obligations under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.02 <u>Remedies Upon Event of Default</u>.** If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) require that the Company Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or applicable Law or equity;

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<u>provided</u>, <u>however</u>, that upon the occurrence of an event described in <u>Section</u> <u>8.01(f)</u>, the Commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Company to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.03 <u>Application</u><u> </u><u>of</u><u> </u><u>Funds</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Priority of Distributions</u>. After the exercise of remedies provided for in <u>Section</u> <u>8.02</u> (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to <u>Section</u> <u>8.02</u>), any amounts received on account of the Guaranteed Obligations shall, subject to the provisions of <u>Sections 2.17</u> and <u>2.18</u>, be applied by the Administrative Agent in the following order:

<u>First</u>, to payment of that portion of the Guaranteed Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under <u>Article III</u>) payable to the Administrative Agent in its capacity as such;

<u>Second</u>, to payment of that portion of the Guaranteed Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer (including fees and time charges for attorneys who may be employees of any Lender or the L/C Issuer) arising under the Loan Documents and amounts payable under <u>Article III</u>), ratably among them in proportion to the respective amounts described in this clause <u>Second</u> payable to them;

<u>Third</u>, to payment of that portion of the Guaranteed Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Guaranteed Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause <u>Third</u> payable to them;

<u>Fourth</u>, to payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Loans, L/C Borrowings and Guaranteed Obligations then owing under Guaranteed Hedge Agreements and Guaranteed Cash Management Agreements and to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrowers pursuant to <u>Sections 2.03</u> and <u>2.17</u>, in each case ratably among the Administrative Agent, the Lenders, the L/C Issuer**s**, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this <u>Fourth</u> clause held by them; and

<u>Last</u>, the balance, if any, after all of the Guaranteed Obligations have been indefeasibly paid in full, to the Company or as otherwise required by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Sections 2.03(c)</u> and <u>2.17</u>, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause <u>Fourth</u> above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Guaranteed Obligations, if any, in the order set forth above. Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Guaranteed Obligations otherwise set forth above in this <u>Section</u> <u>8.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reliance by Administrative Agent</u>. Notwithstanding the foregoing, Guaranteed Obligations arising under Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements shall be excluded from the application described above if the Administrative Agent has not received a Guaranteed Party Designation Notice, together with such supporting documentation as the Administrative Agent may request,

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from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of <u>Article IX</u> for itself and its Affiliates as if a "Lender" party hereto.

**ARTICLE IX** 

**ADMINISTRATIVE AGENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.01 <u>Appointment and Authority</u>.** Each of the Lenders and the L/C Issuer hereby irrevocably appoints, designates and authorizes Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this <u>Article IX</u> are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither any Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term "agent" herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.02 <u>Rights as a Lender</u>.** The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust, financial, advisory, underwriting or other business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.03 <u>Exculpatory</u><u> </u><u>Provisions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent or its Related Parties shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent and its Related Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), *provided* that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall not have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender or the L/C Issuer any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their Affiliates that is communicated to, or in the possession of, the Administrative Agent, any Arranger or any of their Related Parties in any capacity, except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or not taken by the Administrative Agent under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary), or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in <u>Sections 11.01</u> and <u>8.02</u>) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by a Borrower, a Lender or the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Administrative Agent nor any of its Related Parties have any duty or obligation to any Lender or participant or any other Person to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in <u>Article IV</u> or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.04 <u>Reliance by Administrative Agent</u>.** The Administrative Agent shall be entitled to rely upon, and shall be fully protected in relying and shall not incur any liability for relying upon, any notice, request, certificate, communication, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall be fully protected in relying and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. For purposes of determining compliance with the conditions specified in <u>Section</u> <u>4.01</u>, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.05 <u>Delegation of Duties</u>.** The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this <u>Article IX</u> shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of

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the Facilities as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.06 <u>Resignation</u><u> </u><u>of</u> <u>Administrative</u><u> </u><u>Agent</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the "<u>Resignation Effective Date</u>"), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above, <u>provided</u> that in no event shall any such successor Administrative Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Company and such Person remove such Person as Administrative Agent and, in consultation with the Company, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the "<u>Removal Effective</u> <u>Date</u>"), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor's appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in <u>Section</u> <u>3.01(g</u>) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section</u> <u>9.06</u>). The fees payable by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the retiring or removed Administrative Agent's resignation or removal hereunder and under the other Loan Documents, the provisions of this <u>Article XI</u> and <u>Section</u> <u>11.04</u> shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (A) while the retiring or removed Administrative Agent was acting as Administrative Agent and (B) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including, without limitation, (1) acting as collateral agent or otherwise holding any collateral security on behalf of any of the holders of the Obligations and (2) in respect of any actions taken in connection with transferring the agency to any successor Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation or removal by Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation as L/C Issuer. If Bank of America resigns as the L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to <u>Section</u> <u>2.03(c)</u>. Upon the appointment by the Company of a successor L/C Issuer hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender and such Lender shall have consented to such appointment), (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.07 <u>Non-Reliance on Administrative Agent and Other Lenders</u>.** Each Lender and the L/C Issuer expressly acknowledges that none of the Administrative Agent nor any Arranger has made any representation or warranty to it, and that no act by the Administrative Agent or any Arranger hereafter taken, including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent or any Arranger to any Lender or the L/C Issuer as to any matter, including whether the Administrative Agent or any Arranger have disclosed material information in their (or their Related Parties') possession. Each Lender and the L/C Issuer represents to the Administrative Agent and the Arrangers that it has, independently and without reliance upon the Administrative Agent, any Arranger, any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrowers hereunder. Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger, any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Each Lender and the L/C Issuer represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender or L/C Issuer for the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to such Lender or L/C Issuer, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Lender and the L/C Issuer agrees not to assert a claim in contravention of the foregoing. Each Lender and the L/C Issuer represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such L/C Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.08 <u>No Other Duties, Etc</u>.** Anything herein to the contrary notwithstanding, none of the titles listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, an Arranger, a Lender or the L/C Issuer hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.09 <u>Administrative Agent May File Proofs of Claim</u>.** In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent

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(irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Guaranteed Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under <u>Sections 2.03(h</u>) and (i), <u>2.10</u>, <u>2.11(b</u>) and <u>(c)</u> and <u>11.04</u>) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under <u>2.10</u>, <u>2.11(b</u>) and <u>(c)</u> and <u>11.04</u>.

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Guaranteed Obligations or the rights of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer or in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10 <u>Guaranty</u><u> </u><u>Matters</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting the provisions of <u>Section</u> <u>9.09</u>, each of the Lenders (including in its capacities as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent's authority to release any Guarantor from its obligations under the Guaranty pursuant to this <u>Section</u> <u>9.10</u>. In each case as specified in this <u>Section</u> <u>9.10</u>, the Administrative Agent will, at the Borrowers' expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Section</u> <u>9.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any certificate prepared by any Loan Party in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11 <u>ERISA</u><u> </u><u>Matters</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Company or any other Loan Party, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments, or this Agreement,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84– 14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95–60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90–1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91–38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96–23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84–14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84–14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84–14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless either (1) <u>clause (i</u>) in the immediately preceding <u>clause (a</u>) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with <u>clause (iv</u>) in the immediately preceding <u>clause (a</u>), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Company or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12 <u>Recovery of Erroneous Payments</u>**.

Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender Recipient Party, whether or not in respect of an Obligation due and owing by the Borrowers at such time, where such payment is a Rescindable Amount, then in any such event, each Lender Recipient Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Lender Recipient Party in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. Each Lender Recipient Party irrevocably waives any and all defenses, including any "discharge for value" (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The Administrative Agent shall inform each Lender Recipient Party promptly upon determining that any payment made to such Lender Recipient Party comprised, in whole or in part, a Rescindable Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13 <u>Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements</u>**.

Except as otherwise expressly set forth herein, no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of <u>Section</u> <u>8.03</u>, the Guaranty by virtue of the provisions hereof shall have any right to

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notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this <u>Article IX</u> to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Guaranteed Obligations arising under Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements except to the extent expressly provided herein and unless the Administrative Agent has received a Guaranteed Party Designation Notice of such Guaranteed Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Guaranteed Obligations arising under Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements in the case of a Facility Termination Date.

**ARTICLE X** 

**CONTINUING GUARANTY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.01 <u>Guaranty</u>.** Each Guarantor hereby, jointly and severally, absolutely and unconditionally guarantees, as primary obligor and as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all of the Guaranteed Obligations; <u>provided</u> that (a) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor and (b) the liability of each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law or other applicable Law. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or compromised or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any debtor under any Debtor Relief Laws. The Administrative Agent's books and records showing the amount of the Guaranteed Obligations (other than with respect to Guaranteed Obligations arising under a Guaranteed Hedge Agreement or Guaranteed Cash Management Agreement) shall be admissible in evidence in any action or proceeding, and shall be conclusive absent manifest error for the purpose of establishing the amount of the Guaranteed Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of any Guarantor under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing (other than the indefeasible payment in full in cash and performance of all the Guaranteed Obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.02 <u>Rights of Lenders</u>.** Each Guarantor consents and agrees that Administrative Agent and the holders of the Guaranteed Obligations may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as Administrative Agent, the L/C Issuer and the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of any Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.03 <u>Certain Waivers</u>.** Each Guarantor waives (a) any defense arising by reason of any disability or other defense of any Borrower or any other Guarantor, or the cessation from any cause whatsoever (including any act or omission of the Administrative Agent or any holder of the Guaranteed Obligations) of the liability of any Borrower or any other Loan Party; (b) any defense based on any claim that such Guarantor's obligations exceed or are more burdensome than those of any Borrower or any other Loan Party; (c) the benefit of any statute of limitations affecting such Guarantor's liability hereunder; (d) any right to proceed against any Borrower or any other Loan Party, proceed against or exhaust any security for the Guaranteed Obligations, or pursue any other remedy in the power of the Administrative Agent or any holder of the Guaranteed Obligations whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by the Administrative Agent or any holder of the Guaranteed Obligations; and (f) to the fullest extent permitted by Law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of or exonerating guarantors or sureties (other than the indefeasible payment in full in cash and performance of all the Guaranteed Obligations). Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.04 <u>Obligations Independent</u>.** The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of any other guarantor, and a separate action may be brought against any Guarantor to enforce this Guaranty whether or not any Borrower or any other Person is joined as a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.05 <u>[Reserved]</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.06 <u>Borrower Indemnity</u>.** In addition to all such rights of indemnity and subrogation as Guarantors may have under applicable Law, each Borrower agrees that in the event a payment shall be made by any Guarantor under this Guaranty, such Borrower shall indemnify such Guarantor for the full amount of such payment and such Guarantor shall be subrogated to the rights of the Person to whom such payment shall have been made to the extent of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.07 <u>Guarantor Contribution</u>.** Each Guarantor (for purposes of this Section, a "<u>Contributing</u> <u>Guarantor</u>") agrees that, in the event a payment shall be made by any other Guarantor under this Guaranty and such Guarantor (for purposes of this Section, the "<u>Claiming Guarantor</u>") shall not have been fully indemnified by the Borrowers as provided in <u>Section</u> <u>10.06</u>, the Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Guarantor on the date of this Agreement (or, in the case of any Guarantor becoming a party hereto pursuant to <u>Section</u> <u>6.12</u>, the date of the Additional Guarantor Joinder Agreement executed and delivered by such Guarantor) and the denominator shall be the aggregate net worth of all Guarantors on the date of this Agreement (or, in the case of any Guarantor becoming a party hereto pursuant to <u>Section</u> <u>6.12</u>, the date of the Additional Guarantor Joinder Agreement executed and delivered by such Guarantor). Any Contributing Guarantor making any payment to a Claiming Guarantor pursuant to this Section shall be subrogated to the rights of such Claiming Guarantor under <u>Section</u> <u>10.06</u> to the extent of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.08 <u>Subrogation</u>.** No Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full and the Commitments and the Facilities are terminated. If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Administrative Agent and the holders of the Guaranteed Obligations and shall forthwith be paid to the Administrative Agent to reduce the amount of the Guaranteed Obligations, whether matured or unmatured.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.09 <u>Termination; Reinstatement</u>.** This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until the Facility Termination Date. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Borrower or any Guarantor is made, or the Administrative Agent or any holder of the Guaranteed Obligations exercises its right of setoff, in respect of the Guaranteed Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or any holder of the Guaranteed Obligations in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Administrative Agent or any holder of the Guaranteed Obligations is in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of each Guarantor under this Section shall survive termination of this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10 <u>Subordination</u>.** Each Guarantor hereby subordinates the payment of all obligations and indebtedness of each Borrower owing to such Guarantor, whether now existing or hereafter arising, including any obligation of such Borrower to such Guarantor as subrogee of Administrative Agent, the L/C Issuer or any Lender or resulting from such Guarantor's performance under this Guaranty, to the indefeasible payment in full in cash of all Guaranteed Obligations. If the Administrative Agent or any holder of the Guaranteed Obligations so request, any such obligation or indebtedness of any Borrower to any Guarantor shall be enforced and performance received by such Guarantor as trustee for the Administrative Agent and the holders of the Guaranteed Obligations and the proceeds thereof shall be paid over to the Administrative Agent on account of the Guaranteed Obligations, but without reducing or affecting in any manner the liability of such Guarantor under this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11 <u>Stay of Acceleration</u>.** If acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in connection with any case commenced by or against any Guarantor or any Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantors immediately upon demand by the Administrative Agent or any holder of the Guaranteed Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12 <u>Condition of Borrower</u>.** Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from each Borrower and any other guarantor such information concerning the financial condition, business and operations of each Borrower and any such other guarantor as such Guarantor requires, and that none of the Administrative Agent or any holder of the Guaranteed Obligations has any duty, and such Guarantor is not relying on the Administrative Agent or any holder of the Guaranteed Obligations at any time, to disclose to such Guarantor any information relating to the business, operations or financial condition of any Borrower or any other guarantor (each Guarantor waiving any duty on the part of the Administrative Agent and each holder of the Guaranteed Obligations to disclose such information and any defense relating to the failure to provide the same).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13 <u>Keepwell</u>.** Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty or the grant of the security interest hereunder, in each case, by any Specified Loan Party, becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under this Guaranty and the other Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor's obligations and undertakings under this <u>Article X</u> voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this <u>Section</u> <u>10.13</u> shall remain in full force and effect until the Guaranteed Obligations have been indefeasibly paid and performed in full. Each Loan Party intends this <u>Section</u> <u>10.13</u> to constitute, and this <u>Section</u> <u>10.13</u> shall be deemed to constitute, a guarantee of the obligations of, and a "keepwell, support, or other agreement" for the benefit of, each Specified Loan Party for all purposes of the Commodity Exchange Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14 <u>Appointment of Company</u>**. Each of the Loan Parties hereby appoints the Company to act as its agent for all purposes of this Agreement, the other Loan Documents and all other documents and electronic platforms entered into in connection herewith and agrees that (a) the Company may execute such documents and provide such authorizations on behalf of such Loan Parties as the Company deems appropriate in its sole discretion and each Loan Party shall be obligated by all of the terms of any such document and/or authorization executed on its behalf, (b) any notice or communication delivered by the Administrative Agent, L/C Issuer or a Lender to the Company shall be deemed delivered to each Loan Party and (c) the Administrative Agent, L/C Issuer or the Lenders may accept, and be permitted to rely on, any document, authorization, instrument or agreement executed by the Company on behalf of each of the Loan Parties.

**ARTICLE XI** 

**MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.01 <u>Amendments,</u><u> </u><u>Etc</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in Section <u>11.01(b)</u>, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Company or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Company or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; <u>provided</u>, <u>however</u>, that no such amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) waive any condition set forth in <u>Section</u> <u>4.01(a)</u> or, in the case of the initial Credit Extension, <u>Section</u> <u>4.02</u>, without the written consent of each Lender (it being understood and agreed that a waiver of any condition precedent in <u>Section</u> <u>4.02</u> or of any Default or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to <u>Section</u> <u>8.02</u>) without the written consent of such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled reduction of the Commitments hereunder or under any other Loan Document without the written consent of each Lender entitled to receive such payment or whose Commitments are to be reduced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender entitled to such amount; <u>provided</u>, <u>however</u>, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of "Default Rate" or to waive any obligation of any Borrower to pay interest or Letter of Credit Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (A) change <u>Section</u> <u>2.14</u> or <u>Section</u> <u>8.03</u> in a manner that would alter the pro rata sharing or order of application of payments required thereby without the written consent of each Lender directly and adversely affected thereby or (B) subordinate, or have the effect of subordinating, the Obligations to any other Indebtedness or other obligation without the written consent of each Lender directly affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) change any provision of this <u>Section</u> <u>11.01</u> or the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) release all or substantially all of the value of the Guaranty, without the written consent of each Lender, except to the extent the release of any Subsidiary from the Guaranty is permitted pursuant to <u>Section</u> <u>9.10</u> or in connection with the designation of an Unrestricted Subsidiary pursuant to Section 6.12(c), in which cases such release may be made by the Administrative Agent acting alone; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) release the Company or permit the Company to assign or transfer any of its rights or obligations under this Agreement or the other Loan Documents without the consent of each Lender; and, <u>provided</u> <u>further</u>, that (A) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (B) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; and (C) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender, or all Lenders or each affected Lender under a Facility, may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (A) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (B) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender, or all Lenders or each affected Lender under a Facility, that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender; (ii) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth herein and (iii) the Required Lenders shall determine whether or not to allow a Loan Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement may be amended and restated without the consent of any Lender (but with the consent of the Company and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), the Commitments of such Lender shall have terminated, such Lender shall have no other commitment or other obligation hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Administrative Agent and the Company may make amendments contemplated by <u>Section</u> <u>3.03(b).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Incremental Facility Amendments may be effected in accordance with <u>Section</u> <u>2.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the Administrative Agent and the Company acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document (including the schedules and exhibits thereto), then the Administrative Agent and the Company shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.02 <u>Notices;</u><u> </u><u>Effectiveness;</u><u> </u><u>Electronic</u> <u>Communications</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to a Borrower, the Administrative Agent, the L/C Issuer or the Swing Line Lender, to the address, facsimile number, electronic mail address or telephone number specified for such Person on <u>Schedule 11.02</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Borrowers).

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Electronic Communications</u>. (i) Notices and other communications to the Administrative Agent, the Swing Line Lender, the Lenders and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail, FpML messaging, and Internet or intranet websites) pursuant to an electronic communications agreement (or such other procedures approved by the Administrative Agent in its sole discretion); <u>provided</u> that the foregoing shall not apply to notices to any Lender, the Swing Line Lender or the L/C Issuer pursuant to <u>Article II</u> if such Lender, the Swing Line Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent, the Swing Line Lender, the L/C Issuer or the Company may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; <u>provided</u> that approval of such procedures may be limited to particular notices or communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless the Administrative Agent otherwise prescribes, (A) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement) and (B) notices and other communications posted to an Internet or intranet website shall be deemed received by the intended recipient upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail address or other written acknowledgement) indicating that such notice or communication is available and identifying the website address therefor; <u>provided</u> that, for both clauses (A) and (B), if such notice or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Platform</u>. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY

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ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the "<u>Agent Parties</u>") have any liability to any Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower's, any Loan Party's, or the Administrative Agent's transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change of Address, Etc</u>. Each of the Borrowers, the Administrative Agent, the L/C Issuer and the Swing Line Lender may change its address, facsimile or telephone number or e-mail address for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number or e-mail address for notices and other communications hereunder by notice to the Company, the Administrative Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the "Private Side Information" or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender's compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the "Public Side Information" portion of the Platform and that may contain material non-public information with respect to the Borrowers or its securities for purposes of United States Federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reliance by Administrative Agent, L/C Issuer and Lenders</u>. The Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including, without limitation, telephonic or electronic notices, Committed Loan Notices, Letter of Credit Applications, Swing Line Loan Notices and Notices of Loan Prepayment) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Company shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of any Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.03 <u>No</u><u> </u><u>Waiver;</u><u> </u><u>Cumulative</u><u> </u><u>Remedies;</u> <u>Enforcement</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Waiver; Cumulative Remedies</u>. No failure by any Lender, the L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Enforcement</u>. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with <u>Section</u> <u>8.02</u> for the benefit of all the Lenders and the L/C Issuer; <u>provided</u>, <u>however</u>, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent)

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hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swing Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with <u>Section</u> <u>11.08</u> (subject to the terms of <u>Section</u> <u>2.14</u>), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and <u>provided</u>, <u>further</u>, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to <u>Section</u> <u>8.02</u> and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to <u>Section</u> <u>2.14</u>, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.04 <u>Expenses;</u><u> </u><u>Indemnity;</u><u> </u><u>Damage</u><u> </u><u>Waiver</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Costs and Expenses</u>. The Company shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal, reinstatement or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or the L/C Issuer), and shall pay all fees and time charges for attorneys who may be employees of the Administrative Agent, any Lender or the L/C Issuer, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification by the Company</u>. The Company shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including any Borrower or any other Loan Party) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby (including, without limitation, the Indemnitee's reliance on any Communication executed using an Electronic Signature, or in the form of an Electronic Record), the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in <u>Section</u> <u>3.01</u>), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials at, on, under or emanating from any property owned, leased or operated by the Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Company or any other Loan

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Party or any of the Company's or such Loan Party's directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto; <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (y) result from a claim brought by the Company or any other Loan Party against an Indemnitee for a material breach of such Indemnitee's obligations hereunder or under any other Loan Document, if the Company or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (z) result from a claim not involving an act or omission of the Company or any other Loan Party and that is brought by an Indemnitee against another Indemnitee (other than against the arranger or the Administrative Agent in their capacities as such). Without limiting the provisions of <u>Section</u> <u>3.01(c)</u>, this <u>Section</u> <u>11.04(b)</u> shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reimbursement by Lenders</u>. To the extent that the Company for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer, the Swing Line Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer, the Swing Line Lender or such Related Party, as the case may be, such Lender's pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender's share of the Total Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders' Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), <u>provided</u>, <u>further</u> that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swing Line Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swing Line Lender in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of <u>Section</u> <u>2.13(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Waiver of Consequential Damages, Etc</u>. To the fullest extent permitted by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipient by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Payments</u>. All amounts due under this Section shall be payable not later than ten Business Days after demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Survival</u>. The agreements in this Section and the indemnity provisions of <u>Section</u> <u>11.02(e)</u> shall survive the resignation of the Administrative Agent, the L/C Issuer and the Swing Line Lender, the replacement of any Lender, and the Facility Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.05 <u>Payments Set Aside</u>.** To the extent that any payment by or on behalf of any Borrower is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement

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entered into by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, <u>plus</u> interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.06 <u>Successors</u><u> </u><u>and</u><u> </u><u>Assigns</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Successors and Assigns Generally</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither any Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of <u>Section</u> <u>11.06(b)</u>, (ii) by way of participation in accordance with the provisions of <u>Section</u> <u>11.06(d)</u>, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of <u>Section</u> <u>11.06(f)</u> (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in <u>Section</u> <u>11.06(d)</u> and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Assignments by Lenders</u>. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this <u>Section</u> <u>11.06(b)</u>, participations in L/C Obligations and in Swing Line Loans) at the time owing to it); <u>provided</u> that (in each case with respect to any Facility) any such assignment shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Minimum Amounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment under any Facility and/or the Loans at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in paragraph <u>(b)(i)(B)</u> of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in any case not described in subsection <u>(b)(i)(A)</u> of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if "Trade Date" is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving Credit Facility, or $2,000,000, in the case of any assignment in respect of the Delayed Draw A-1 Facility or the Delayed Draw A-2 Facility unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Proportionate Amounts</u>. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (b)(ii) shall not apply to (A) the Swing Line Lender's rights and obligations in respect of Swing Line Loans or (B) prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Required Consents</u>. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the consent of the Company (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; <u>provided</u> that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of (1) any unfunded Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any Delayed Draw Term A-1 Loan or any Delayed Draw Term A-2 Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the consent of the L/C Issuer and the Swing Line Lender shall be required for any assignment in respect of the Revolving Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Assignment and Assumption</u>. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; <u>provided</u>, <u>however</u>, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>No Assignment to Certain Persons</u>. No such assignment shall be made (A) to the Company or any of the Company's Affiliates or Subsidiaries, or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person (or a holding company, investment vehicle or trust for, or owned and operated by or for the primary benefit of one or more natural Persons).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Certain Additional Payments</u>. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Company and the Administrative Agent, the applicable <u>pro rata</u> share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full <u>pro rata</u> share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

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Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u>, <u>3.05</u> and <u>11.04</u> with respect to facts and circumstances occurring prior to the effective date of such assignment; <u>provided</u>, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender. Upon request, each Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Register</u>. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers (and such agency being solely for tax purposes), shall maintain at the Administrative Agent's Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and interest amounts) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrowers and any Lender (with respect to such Lender's interest only), at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Participations</u>. Any Lender may at any time, without the consent of, or notice to, any Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of one or more natural Persons, a Defaulting Lender or the Company or any of the Company's Affiliates or Subsidiaries) (each, a "<u>Participant</u>") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in L/C Obligations and/or Swing Line Loans) owing to it); <u>provided</u> that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under <u>Section</u> <u>11.04(c)</u> without regard to the existence of any participation.

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to <u>Section</u> <u>11.01</u> that affects such Participant. Each Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section (it being understood that the documentation required under <u>Section</u> <u>3.01(e)</u> shall be delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; <u>provided</u> that such Participant (A) agrees to be subject to the provisions of <u>Sections 3.06</u> and <u>11.13</u> as if it were an assignee under paragraph (b) of this

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Section and (B) shall not be entitled to receive any greater payment under <u>Sections 3.01</u> or <u>3.04</u>, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrowers' request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of <u>Section</u> <u>3.06</u> with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section</u> <u>11.08</u> as though it were a Lender; <u>provided</u> that such Participant agrees to be subject to <u>Section</u> <u>2.14</u> as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Certain Pledges</u>. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note(s), if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; <u>provided</u> that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Resignation as L/C Issuer after Assignment</u>. Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Revolving Credit Commitment and Revolving Credit Loans pursuant to <u>Section</u> <u>11.06(b)</u>, Bank of America may, upon 30 days' notice to the Company and the Lenders, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Company shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder (subject to the consent of such Lender); <u>provided</u>, <u>however</u>, that no failure by the Company to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to <u>Section</u> <u>2.03(c)</u>). Upon the appointment of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Resignation as Swing Line Lender after Assignment</u>. Notwithstanding anything to the contrary contained herein, if at any time Wells Fargo assigns all of its Revolving Credit Commitment and Revolving Credit Loans pursuant to <u>clause (b</u>) above, Wells Fargo may, upon 30 days' notice to the Administrative Agent, the Company and the Lenders, resign as Swing Line Lender. In the event of any such resignation as Swing Line Lender, the Company shall be entitled to appoint from among the Lenders a successor Swing Line Lender hereunder; <u>provided</u>, <u>however</u>, that no failure by the Company to appoint any such successor shall affect the resignation of Wells Fargo as Swing Line Lender. If Wells Fargo resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing

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Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to <u>Section</u> <u>2.04(c</u>). Upon the appointment of a successor Swing Line Lender, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Swing Line Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.07 <u>Treatment</u><u> </u><u>of</u><u> </u><u>Certain</u><u> </u><u>Information;</u> <u>Confidentiality</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates, its auditors and its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to <u>Section</u> <u>2.16</u> or (B) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrowers and their obligations, this Agreement or payments hereunder, (vii) on a confidential basis to (A) any rating agency in connection with rating the Company or its Subsidiaries or the credit facilities provided hereunder or (B) the provider of any Platform or other electronic delivery service used by the Administrative Agent, the L/C Issuer and/or the Swing Line Lender to deliver Borrower Materials or notices to the lenders, (viii) to the CUSIP Service Bureau or any similar agency in connection with the application, issuance, publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (ix) with the consent of the Company, (x) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section or (B) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Company or (xi) is independently discovered or developed by a party hereto without utilizing any Information received from the Company or violating the terms of this <u>Section</u> <u>11.07</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Section, "Information" means all information received from the Company or any Subsidiary relating to the Company or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Company or any Subsidiary, <u>provided</u> that, in the case of information received from the Company or any Subsidiary after the Closing Date, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents and the Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Non-Public Information</u>. Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include material non-public information concerning a Loan Party or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Press Releases</u>. The Loan Parties and their Affiliates agree that they will not in the future issue any press releases or other public disclosure using the name of the Administrative Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the Loan Documents without the prior written consent of the Administrative Agent, unless (and only to the extent that) the Loan Parties or such Affiliate is required to do so under law and then, in any event the Loan Parties or such Affiliate will consult with such Person before issuing such press release or other public disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.08 <u>Right of Setoff</u>.** If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of any Borrower or any other Loan Party against any and all of the obligations of such Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, the L/C Issuer or such Affiliates, irrespective of whether or not such Lender, the L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Borrower or such Loan Party may be contingent or unmatured, secured or unsecured or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; <u>provided</u>, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of <u>Section</u> <u>2.18</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Guaranteed Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Company and the Administrative Agent promptly after any such setoff and application; <u>provided</u> that the failure to give such notice shall not affect the validity of such setoff and application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.09 <u>Interest Rate Limitation</u>.** Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "<u>Maximum Rate</u>"). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Company. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10 <u>Integration; Effectiveness</u>.** This Agreement, the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuer, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in <u>Section</u> <u>4.01</u>, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11 <u>Survival of Representations and Warranties</u>.** All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection

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herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12 <u>Severability</u>.** If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this <u>Section</u> <u>11.12</u>, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13 <u>Replacement</u><u> </u><u>of</u><u> </u><u>Lenders</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company is entitled to replace a Lender pursuant to the provisions of <u>Section</u> <u>3.06</u>, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Company the right to replace a Lender as a party hereto, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section</u> <u>11.06</u>), all of its interests, rights (other than its existing rights to payments pursuant to <u>Sections 3.01</u> and <u>3.04</u>) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall have paid (or caused a Designated Borrower to pay) to the Administrative Agent the assignment fee (if any) specified in <u>Section</u> <u>11.06(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under <u>Section</u> <u>3.05</u>) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company or applicable Designated Borrower (in the case of all other amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of any such assignment resulting from a claim for compensation under <u>Section</u> <u>3.04</u> or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such assignment does not conflict with applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party hereto agrees that (i) an assignment required pursuant to this <u>Section</u> <u>11.13</u> may be effected pursuant to an Assignment and Assumption executed by the Company, the Administrative Agent and the assignee and (ii) the Lender required to make such assignment need not be a party thereto in order

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for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; <u>provided</u>, <u>that</u>, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, <u>provided</u> <u>further</u> that any such documents shall be without recourse to or warranty by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this <u>Section</u> <u>11.13</u> to the contrary, (A) the Lender that acts as the L/C Issuer may not be replaced hereunder at any time it has any Letter of Credit outstanding hereunder unless arrangements satisfactory to such Lender (including the furnishing of a backstop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to the L/C Issuer or the depositing of Cash Collateral into a Cash Collateral account in amounts and pursuant to arrangements reasonably satisfactory to the L/C Issuer) have been made with respect to such outstanding Letter of Credit and (B) the Lender that acts as the Administrative Agent may not be replaced hereunder except in accordance with the terms of <u>Section</u> <u>9.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.14 <u>Governing</u><u> </u><u>Law;</u><u> </u><u>Jurisdiction;</u><u> </u><u>Etc</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>GOVERNING LAW</u>. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>SUBMISSION TO JURISDICTION</u>. EACH BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>WAIVER OF VENUE</u>. EACH BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN

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PARAGRAPH (B) OF THIS SECTION. EACH LOAN PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>SERVICE OF PROCESS</u>. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN <u>SECTION 11.02</u>. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.15 <u>Waiver of Jury Trial</u>.** EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.16 <u>No Advisory or Fiduciary Responsibility</u>.** In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and agrees, and acknowledges its Affiliates' understanding, that: (a) (i) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates are arm's-length commercial transactions between each Loan Party and its Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates, on the other hand, (ii) each of the Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) each Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) the Administrative Agent, each Arranger and each Lender and each of their respective Affiliates each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary, for any Loan Party or any of its Affiliates, or any other Person and (ii) none of the Administrative Agent, any Arranger, nor any Lender nor any of their respective Affiliates has any obligation to any Loan Party or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Administrative Agent, any Arranger, nor any Lender nor any of their respective Affiliates has any obligation to disclose any of such interests to any Loan Party or any of its Affiliates. To the fullest extent permitted by law, each Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, the Arrangers, the Lenders and their respective Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.17 <u>Electronic Execution; Electronic Records; Counterparts</u>.** This Agreement, any Loan Document and any other Communication, including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures. Each of the Loan Parties and each of the Administrative Agent and each Lender Recipient Party agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on such Person to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding

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obligation of such Person enforceable against such Person in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered. Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. The Administrative Agent and each of the Lender Recipient Parties may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record ("<u>Electronic Copy</u>"), which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document. All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, neither the Administrative Agent, L/C Issuer nor Swing Line Lender is under any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by such Person pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Administrative Agent, L/C Issuer and/or Swing Line Lender has agreed to accept such Electronic Signature, the Administrative Agent and each of the Lender Recipient Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party and/or any Lender Recipient Party without further verification and (b) upon the request of the Administrative Agent or any Lender Recipient Party, any Electronic Signature shall be promptly followed by such manually executed counterpart.

Neither the Administrative Agent, the L/C Issuer nor the Swing Line Lender shall be responsible for or have any duty to ascertain or inquire into the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document (including, for the avoidance of doubt, in connection with the Administrative Agent's, L/C Issuer's or Swing Line Lender's reliance on any Electronic Signature transmitted by telecopy, emailed .pdf or any other electronic means). The Administrative Agent, L/C Issuer and Swing Line Lender shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any Communication (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution or signed using an Electronic Signature) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

Each of the Loan Parties and each Lender Recipient Party hereby waives (i) any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement or any other Loan Document based solely on the lack of paper original copies of this Agreement or such other Loan Document, and (ii) waives any claim against the Administrative Agent and each Lender Recipient Party for any liabilities arising solely from the Administrative Agent's and/or any Lender Recipient Party's reliance on or use of Electronic Signatures, including any liabilities arising as a result of the failure of the Loan Parties to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.18 <u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>.** Solely to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an Affected Financial Institution; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.19 <u>Authorizations</u>.** The Lenders, the Swing Line Lender and the L/C Issuer hereby authorize and instruct the Administrative Agent to execute and deliver this Agreement and each of the documents and agreements described in <u>Section</u> <u>4.01(a)</u> of this Agreement to which the Administrative Agent is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.20 <u>USA PATRIOT Act Notice</u>.** Each Lender that is subject to the Patriot Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Company and each other Loan Party that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>Act</u>"), it is required to obtain, verify and record information that identifies the Company and such other Loan Party, which information includes the name and address of the Company and such other Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Company and each other Loan Party in accordance with the Act. The Company and each other Loan Party shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the Act and the Beneficial Ownership Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.21 <u>Acknowledgement Regarding Any Supported QFCs</u>.** To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>", and each such QFC, a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

[SIGNATURE PAGES FOLLOW]

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**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the date first above written.

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| | | |
|:---|:---|:---|
| <u>BORROWER</u>: | SALTCHUK RESOURCES, INC. | SALTCHUK RESOURCES, INC. |
|  | By: | /s/ Jerald W. Richards |

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Name: Jerald W. Richards <br> Title: <u>Senior Vice President, Chief Financial<br>Officer & Assistant Secretary</u> 

CREDIT AGREEMENT

SALTCHUCK RESOURCES, INC.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>GUARANTORS</u>: | AEKO KULA, LLC<br> AMNAV MARITIME, LLC<br> AQUA ACQUISITION CORP.<br> BIRDSALL, INC.<br> CARLILE TRANSPORTATION SYSTEMS, LLC<br> COOK INLET TUG & BARGE, LLC<br> FOSS INTERNATIONAL, LLC<br> FOSS MARITIME COMPANY, LLC<br> NANIQ GLOBAL LOGISTICS, LLC<br> NAS AIRCRAFT LEASING COMPANY, LLC<br> NORTHERN AIR CARGO, LLC<br> NORTHWEST TUG LEASING, LLC<br> PUERTO RICO TERMINALS, LLC<br> SALTCHUK AVIATION, LLC<br> SALTCHUK AVIATION SHARED SERVICES, LLC<br> SALTCHUK LOGISTICS, LLC<br> SALTCHUK MARINE SERVICES, LLC<br> STRAHLER, LLC<br> TOTE, LLC<br> TOTE MARITIME, LLC<br> TOTE MARITIME ALASKA, LLC<br> TOTE MARITIME PUERTO RICO, LLC<br> TOTE SERVICES, LLC<br> TOTE SHIPHOLDINGS, LLC |

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| | |
|:---|:---|
| By: | /s/ Jerald W. Richards |

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Name: Jerald W. Richards <br> Title: Assistant Secretary

CREDIT AGREEMENT

SALTCHUCK RESOURCES, INC.

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| | | |
|:---|:---|:---|
|  <u>ADMINISTRATIVE AGENT</u>: | BANK OF AMERICA, N.A.,<br> as Administrative Agent | BANK OF AMERICA, N.A.,<br> as Administrative Agent |
|  | By: | /s/ Jeanmarie Curtis |

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Name: Jeanmarie Curtis <br> Title: Vice President

CREDIT AGREEMENT

SALTCHUK RESOURCES, INC.

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| | | |
|:---|:---|:---|
|  <u>LENDERS</u>: | BANK OF AMERICA, N.A.,<br> as a Lender and L/C Issuer | BANK OF AMERICA, N.A.,<br> as a Lender and L/C Issuer |
|  | By: | /s/ Daryl K. Hogge |

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Name: Daryl K. Hogge <br> Title: Senior Vice President

CREDIT AGREEMENT

SALTCHUCK RESOURCES, INC.

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| | |
|:---|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION,<br> as a Lender and Swing Line Lender | WELLS FARGO BANK, NATIONAL ASSOCIATION,<br> as a Lender and Swing Line Lender |
| By:<br>| /s/ Jim Teichman |

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Name: Jim Teichman <br> Title: Director

CREDIT AGREEMENT

SALTCHUCK RESOURCES, INC.

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| | |
|:---|:---|
| U.S. BANK NATIONAL ASSOCIATION,<br> as a Lender | U.S. BANK NATIONAL ASSOCIATION,<br> as a Lender |
| By:<br>| /s/ Michael Day |
| Name: | Michael Day |
| Title: | Vice President<u> </u> |

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CREDIT AGREEMENT

SALTCHUCK RESOURCES, INC.

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| | |
|:---|:---|
| JPMORGAN CHASE BANK, N.A.,<br> as a Lender | JPMORGAN CHASE BANK, N.A.,<br> as a Lender |
| By:<br>| /s/ Christopher L. Beery |

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Name: Christopher L. Beery <br> Title: Vice President

CREDIT AGREEMENT

SALTCHUCK RESOURCES, INC.

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| | |
|:---|:---|
| PNC BANK, NATIONAL ASSOCIATION<br> as a Lender | PNC BANK, NATIONAL ASSOCIATION<br> as a Lender |
| By:<br>| /s/ James Ferguson |

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Name: James Ferguson <br> Title: SVP

CREDIT AGREEMENT

SALTCHUCK RESOURCES, INC.

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| | |
|:---|:---|
| ZIONS BANCORPORATION, N.A. DBA THE COMMERCE BANK OF WASHINGTON,<br> as a Lender | ZIONS BANCORPORATION, N.A. DBA THE COMMERCE BANK OF WASHINGTON,<br> as a Lender |
| By:<br>| /s/ Jackie Kopson |

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Name: Jackie Kopson <br> Title: Relationship Manager/Authorized Signer

CREDIT AGREEMENT

SALTCHUCK RESOURCES, INC.

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| | |
|:---|:---|
| WASHINGTON FEDERAL BANK<br> as a Lender | WASHINGTON FEDERAL BANK<br> as a Lender |
| By:<br>| /s/ Jadwinder Singh |
| Name: | Jadwinder Singh |
| Title: | Commercial Portfolio Manager |

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CREDIT AGREEMENT

SALTCHUCK RESOURCES, INC.

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| | |
|:---|:---|
| FIRST HAWAIIAN BANK,<br> as a Lender | FIRST HAWAIIAN BANK,<br> as a Lender |
| By: | /s/ Hanul Vera Abraham |
| Name: | Hanul Vera Abraham |
| Title: | Vice President |

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CREDIT AGREEMENT

SALTCHUCK RESOURCES, INC.

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| | |
|:---|:---|
| BANK OF HAWAII,<br> as a Lender | BANK OF HAWAII,<br> as a Lender |
| By: | /s/ Ryan Kitamura |
| Name: | Ryan Kitamura |
| Title: | Vice President |

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CREDIT AGREEMENT

SALTCHUCK RESOURCES, INC.

## Ex-99.(D)(5)

**Exhibit (d)(5)** 

***Execution Version*** 

**<u>NON-DISCLOSURE AGREEMENT</u>**

**THIS NON-DISCLOSURE AGREEMENT** (this "<u>Agreement</u>") is made as of October 1, 2025 (the "<u>Effective Date</u>") by and between **GREAT LAKES DREDGE & DOCK CORPORATION**, a Delaware corporation ("<u>GLDD</u>" and together with its direct and indirect subsidiaries, "<u>Disclosing Party</u>") and **SALTCHUK RESOURCES, INC.** ("<u>Recipient</u>"). For the purposes of this Agreement, each of Recipient and Disclosing Party is sometimes referred to, individually, as a "<u>Party</u>" and Recipient and Disclosing Party are sometimes referred to as, together, the "<u>Parties</u>".

**BACKGROUND** 

The Recipient is requesting, and may in the future request, information concerning the Disclosing Party in connection with Recipient's consideration of a potential transaction with Disclosing Party. Disclosing Party is willing to provide such information, subject to the terms and conditions of this Agreement.

**NOW, THEREFORE,** in consideration of the foregoing, the covenants, terms and conditions set forth in this Agreement, and other good and valuable consideration, the receipt and adequacy of which consideration is hereby conclusively acknowledged by each Party, the Parties agree as follows:

1. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Affiliate</u>" means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified; <u>provided</u>, that with respect to Recipient, its Representatives do not include any of its Affiliates not identified on <u>Annex A</u> hereto or consented to by Disclosing Party pursuant to the second proviso set forth in the definition of "Representatives". The term "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Combination</u>" shall mean a transaction in which (i) a person or "group" (within the meaning of Section 13(d) under the Securities and Exchange Act of 1934, as amended (the "<u>Exchange</u> <u>Act</u>")) other than Recipient or its Affiliates acquires, directly or indirectly, securities representing a majority of the voting power of the outstanding securities of GLDD or properties or assets constituting a majority of the consolidated assets of GLDD and its subsidiaries; or (ii) in any case not covered by (i), GLDD engages in a merger or other business combination such that the holders of voting securities of GLDD immediately prior to the transaction will own less than a majority of the voting power of securities of the resulting entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Confidential</u> <u>Information</u>" means all information, data, documents, agreements, files, and other materials (in any form or medium of communication, including whether disclosed orally or disclosed or stored in written, electronic, or other form or media) that is, directly or indirectly, obtained from or disclosed by or on behalf of the Disclosing Party or its Representatives, on or after the Effective Date, relating directly or indirectly to the Disclosing Party or its businesses, affairs, assets, properties, or prospects, and all notes, analyses, compilations, reports, forecasts, data, studies, samples, interpretations, summaries, and other documents and materials (in any form or medium of communication, whether oral, written, electronic, or other form or media) prepared by or for the Recipient or any of its Representatives to the extent that they contain or otherwise use or reflect, in whole or in part, such information, data, documents, agreements, files, or other materials. The term "Confidential Information" does not include information that: (i) at the time of disclosure is or thereafter becomes generally available to and known by the public (other than as a result of its disclosure directly or indirectly by the Recipient or any of its Representatives in violation of this Agreement); (ii) was available to the

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Recipient on a non-confidential basis from a source other than the Disclosing Party or its Representatives, <u>provided</u> that such source, to the Recipient's knowledge, is not and was not bound by a confidentiality agreement with respect to such information or otherwise prohibited from transmitting such information by a contractual, legal, or fiduciary obligation; (iii) was or is already in the possession of Recipient or any of its Representatives prior to the time of disclosure by the Disclosing Party, as shown by Recipient's or such Representative's files and records, <u>provided</u> that such information is not known by Recipient or any of its Representatives to be subject to another obligation of confidentiality to the Disclosing Party; or (iv) is independently developed by the Recipient without reference to or reliance upon, or using in any manner, the Confidential Information and without violating any of its obligations under this Agreement, as shown by Recipient's or such Representative's files and records. Disclosure of Confidential Information under this Agreement cannot be used by Recipient or its Representatives to claim waiver of attorney-client or other privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Person</u>" means any individual, corporation, limited or general partnership, limited liability company, limited liability partnership, trust, association, joint venture, governmental entity, or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Representatives</u>" means, as to any Person, such Person's Affiliates, and its and their respective directors, officers, employees, managing members and general partners; <u>provided</u>, that with respect to any Person other than Recipient or Recipient's Affiliates, Representatives shall also include agents and consultants (including attorneys, financial advisors, and accountants); <u>provided</u>, <u>further</u>, that with respect to Recipient, Representatives shall also include (i) those agents, consultants and Affiliate personnel that are set forth on <u>Annex</u><u> </u><u>A</u> hereto and, (ii) only if Recipient receives the prior written consent of Disclosing Party (which consent shall not be unreasonably withheld, conditioned or delayed), any other agents, consultants, Affiliate personnel or any actual or potential source of financing (debt, equity or otherwise). The limitations on Recipient set forth in the immediately preceding proviso will terminate and be of no further force and effect at any time after a Fundamental Change Event.

Other terms not specifically defined in this <u>Section</u> <u>1</u> shall have the meanings given them elsewhere in this Agreement.

2. <u>Duty</u><u> </u><u>of</u><u> </u><u>Confidentiality</u>. Recipient will: (a) hold the Confidential Information in strict confidence; (b) use such Confidential Information for the sole purpose of evaluating, negotiating, financing, and consummating a potential negotiated transaction with Disclosing Party; (c) restrict disclosure of such Confidential Information to those of its Representatives with a *bona fide* need to know such Confidential Information in connection with evaluating, negotiating, financing, and consummating a potential negotiated transaction with Disclosing Party; (d) take commercially reasonable steps necessary to protect the confidentiality of the Confidential Information and to assure compliance with this Agreement by its Representatives, including informing each such Person of the confidential nature of the Confidential Information and of the provisions of this Agreement, and shall direct each such Person (i) to comply fully with the restrictions contained in this Agreement with respect to the confidential treatment and use of Confidential Information and (ii) not to disclose such Confidential Information to any other Person; and (e) not modify, reverse engineer, decompile, or disassemble any such Confidential Information. Recipient shall be liable for a breach of this Agreement by any of its Representatives, and will indemnify Disclosing Party for all damages arising from any such breach, unless such Representative enters into a confidentiality agreement with the Disclosing Party.

3. <u>Confidential Information Required to be Disclosed by Law</u>. In the event that Recipient or any of its Representatives is required by law, regulation, legal or regulatory process (including interrogatories, subpoena, request for information or documents, civil investigation, demand or similar process) court order, supervisory authority, any applicable rules and regulations of any national securities exchange, or other governmental requirement (each a "<u>Governmental</u><u> </u><u>Requirement</u>") to disclose any Confidential Information, Recipient shall, or shall direct its Representatives to, as promptly as possible and in advance of such disclosure, to the extent permitted by applicable law, provide Disclosing Party with written notice of any such requirement so that Disclosing Party may either seek a protective order or other appropriate remedy (and Recipient will reasonably

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cooperate with Disclosing Party in such efforts, at Disclosing Party's request and expense) or waive compliance with the provisions of this Agreement. If, in the absence of a protective order or other remedy or the receipt of a written waiver from Disclosing Party, Recipient or any of its Representatives is advised in writing by legal counsel that it is nonetheless required to disclose Confidential Information, then Recipient or such Representative, as applicable, may, without liability under this Agreement, disclose only that portion of the Confidential Information required to be so disclosed, <u>provided</u> that Recipient will cooperate with Disclosing Party, at Disclosing Party's request and expense, and use commercially reasonable efforts to obtain assurance that confidential treatment will be accorded such disclosed information, <u>provided</u> <u>further</u>, that prior to such disclosure, Recipient will have (i) provided Disclosing Party with the text of such disclosure as far in advance of its disclosure as is practicable and (ii) considered in good faith Disclosing Party's suggestions concerning the scope and nature of the information to be contained in such disclosure.

4. <u>Co-Bidding; Exclusive Financing</u>. Neither Recipient nor any of its Representatives or Affiliates will, without the prior written consent of Disclosing Party, (i) act as a broker for, or representative of, or as a joint bidder or co-bidder with, any other person with respect to a possible transaction with the Disclosing Party or (ii) directly or indirectly, enter into any agreement, arrangement or understanding (whether written or oral), or engage in any contact or communications, with any other person regarding a possible transaction with the Disclosing Party (including, without limitation, the debt or equity financing thereof); <u>provided</u>, that this sentence shall terminate and be of no further force and effect at any time after a Fundamental Change Event. Recipient hereby represents and warrants that, prior to its execution of this Agreement, neither Recipient nor any of its Representatives has taken any prohibited action referred to in the immediately preceding sentence. Without limiting the foregoing, neither Recipient nor any of its Representatives will, without the prior written consent of Disclosing Party, enter into any exclusive arrangement with a source of capital or financing (debt, equity or otherwise) in connection with a possible transaction with Disclosing Party. For purposes of this Agreement, any agreement, arrangement or understanding, whether written or oral, with any potential source of capital or financing (debt, equity or otherwise) which does, or could be reasonably expected to, legally or contractually limit, restrict or otherwise impair in any manner, directly or indirectly, such source from consummating a transaction involving Disclosing Party or acting as a potential source of capital or financing (debt, equity or otherwise) to any other person with respect to a potential transaction with Disclosing Party shall be deemed an exclusive arrangement.

5. <u>No Grant of Rights</u>. Nothing in this Agreement, nor any disclosure made under this Agreement, shall be construed to grant Recipient or any of its Representatives any rights, by license or otherwise, either express or implied, in any patent, copyright, trademark, trade secret or other form of intellectual property now or hereafter owned, obtained or licensed by Disclosing Party or any of its Affiliates, or any other ownership rights of any kind in any Confidential Information. Recipient acknowledges and agrees that the Confidential Information is, and remains, the exclusive property of Disclosing Party or its Affiliates (as applicable) at all times and throughout the world.

6. <u>No Representations or Warranties</u>. Nothing in this Agreement shall be deemed to be a representation or warranty by Disclosing Party or any of its Representatives about any Confidential Information. Recipient acknowledges and agrees that neither Disclosing Party nor any of Disclosing Party's Representatives has made any representation or warranty under this Agreement, express or implied, as to the accuracy or completeness of any Confidential Information. Recipient agrees that, except as otherwise set forth in a subsequent definitive written agreement, other than this Agreement, executed by the Parties relating to a potential transaction between the Parties, neither Disclosing Party nor any of Disclosing Party's Representatives shall have any liability to Recipient relating to or resulting from the use of the Confidential Information or any errors therein or omissions therefrom. Disclosing Party's Representatives are express third party beneficiaries of this <u>Section</u> <u>6</u>.

7. <u>Return or Destruction of Confidential Information</u>. Recipient shall, and shall cause its Representatives to, promptly (and in any event within 5 Business Days) following Disclosing Party's written request, return all originals, copies, extracts, other reproductions, summaries and any other form(s) or embodiment(s) made by Recipient or any of its Representatives of any Confidential Information in Recipient's or any of its Representatives' possession or disclosed to any other Person (whether or not such disclosure was permitted

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hereunder), or, in the alternative and at Recipient's sole option, promptly (and in any event within 5 Business Days) following Disclosing Party's written request, destroy such Confidential Information and certify to Disclosing Party, in a writing signed by an executive officer of Recipient, such destruction (as applicable), and following such return or destruction shall not retain any copies or other reproductions, in whole or in part, of such Confidential Information. Recipient's and its Representatives' obligation to return or destroy copies of Confidential Information does not apply to copies of Confidential Information: (a) required to be retained pursuant to law, regulatory rule, or legally binding order of any governmental authority or (b) that are electronically stored copies contained in archives or back-up systems in accordance with ordinary back-up practices or *bona fide* retention policies; <u>provided</u> that such archival and back-up copies are not readily accessible to users whose functions are not primarily information technology in nature. Notwithstanding anything to the contrary in this Agreement (including <u>Section</u> <u>13</u> below), all Confidential Information that is retained in accordance with the immediately foregoing sentence shall remain subject to this Agreement (including <u>Sections</u> <u>2</u> and <u>3</u> of this Agreement and this <u>Section</u> <u>7</u>) for as long as such Confidential Information is so retained.

8. <u>No Disclosure of this Agreement</u>. Except as required by Governmental Requirement and in accordance with <u>Section</u> <u>3</u> of this Agreement, the Recipient shall not, and shall not permit any of its Representatives to, without the prior written consent of the Disclosing Party, disclose to any Person the fact that the Confidential Information has been made available to the Recipient or its Representatives, that the Recipient or its Representatives has requested, received or inspected any portion of the Confidential Information, the existence of this Agreement, that Recipient is considering, that any discussions or negotiations have taken place concerning, or any term, condition or other fact relating to a possible transaction with Disclosing Party. All such information shall be deemed to be included in the definition of "Confidential Information".

9. <u>Standstill Agreement</u>. Recipient hereby represents to Disclosing Party that, as of the date hereof, Recipient does not have beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of any securities of Disclosing Party. Unless approved in advance or invited by the Board of Directors of GLDD in writing, the Recipient agrees that neither it, any of its Representatives that has received Confidential Information or is acting on behalf of or in concert with Recipient (or any of its Representatives) or any of its controlled Affiliates will, during the one-year period following the Effective Date, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make any statement or proposal to the Board of Directors of GLDD, a board of directors or similar governing body of any of its subsidiaries, any of the Disclosing Party's Representatives, any of the stockholders of GLDD or any of the equity holders of any subsidiaries of GLDD regarding, or make any announcement, proposal, or offer (including any "solicitation" of "proxies" as such terms are defined or used in Regulation 14A under the Exchange Act) with respect to, or otherwise solicit, seek, or offer to effect (including, for the avoidance of doubt, indirectly by means of communication with the press or by social or other media): (i) any business combination, merger, tender offer, exchange offer, or similar transaction involving GLDD or any of its subsidiaries; (ii) any restructuring, recapitalization, liquidation, or similar transaction involving GLDD or any of its subsidiaries; (iii) any acquisition of any of GLDD's or any of its subsidiaries' loans, debt securities, equity securities or assets, or rights or options to acquire interests in any of such loans, debt securities, equity securities, or assets; or (iv) any proposal to seek representation on the Board of Directors of GLDD or any of its subsidiaries or otherwise seek to control, influence or advise the management, board of directors, or policies of any of them or to influence, advise or direct the vote of stockholders of GLDD or any of the equity holders of any subsidiaries of GLDD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) knowingly instigate, encourage, or assist any third party (including forming a "group" with any such third party) to do, or enter into any discussions or agreements with any third party with respect to, any of the actions set forth in <u>Section</u> <u>9(a)</u> or <u>9(e)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take any action that would reasonably be expected to require the Disclosing Party to make a public announcement regarding any of the actions set forth in <u>Section</u> <u>9(a)</u> or <u>9(e)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except pursuant to a confidential communication contemplated by this <u>Section</u> <u>9</u> that would not reasonably be expected to require GLDD or Recipient to make any public disclosure, request that GLDD (or the Board of Directors of GLDD or Disclosing Party's Representatives) amend, waive, grant any consent under or otherwise not enforce any provision of this <u>Section</u> <u>9</u>, or refer to any desire or intention, but for this <u>Section</u> <u>9</u>, to do so; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) acquire (or seek, propose or agree to acquire, publicly or privately), of record or beneficially, by purchase, business combination, tender offer, exchange offer or otherwise, any loans, debt securities, equity securities, or assets of the Disclosing Party or any of its subsidiaries, or rights or options to acquire interests in any of the Disclosing Party's loans, debt securities, equity securities, or assets, except to the extent resulting exclusively from actions taken by GLDD. The foregoing restrictions in this <u>Section</u> <u>9(e)</u> shall not prevent any of Recipient's actual or potential financing sources that are Representatives hereunder (but are not Affiliates of Recipient) that effect or recommend transactions in securities (i) in the ordinary course of its business as an investment advisor, broker, dealer in securities, market maker, specialist or block positioner; (ii) not at the direction or request of Recipient or any Affiliate thereof; (iii) subject to the terms of <u>Section</u> <u>10</u> hereof and (iv) subject to such financing source(s) establishing a customary and appropriate "tree" system or "wall" system segregating investment professionals with any involvement in Recipient's actual or potential financing of a potential transaction with the Disclosing Party from, and from sharing Confidential Information with, investment professionals involved in effectuating or recommending any such transaction in securities; provided, in each case, (i) that such transactions in securities are not used to benefit Recipient or its Affiliates or any of their respective Affiliates, (ii) that all Confidential Information will be kept strictly confidential and kept unavailable to all individuals that are not involved in Recipient's actual or potential financing of a potential transaction with the Disclosing Party, (iii) that such Representatives shall otherwise comply with all other terms of this Agreement to the extent applicable, and (iv) that Recipient will not cause, direct or encourage any such Representative or its Affiliates to take any action Recipient is restricted from taking hereunder. For purposes of this <u>Section</u> <u>9</u>, the following will be deemed to be an acquisition of beneficial ownership of securities: (1) establishing or increasing a call equivalent position, or liquidating or decreasing a put equivalent position, with respect to such securities within the meaning of Section 16 of the Exchange Act; or (2) entering into any swap or other arrangement that results in the acquisition of any of the economic consequences of ownership of such securities, whether such transaction is to be settled by delivery of such securities, in cash or otherwise.

Notwithstanding anything to the contrary in this <u>Section</u> <u>9</u>, Recipient or any of its Representatives may submit to GLDD one or more offers, proposals or indications of interest to acquire GLDD in a negotiated Combination between the Recipient or its Affiliates and GLDD that would otherwise violate the provisions of <u>Sections 9(d)</u> or <u>(e)</u>; <u>provided</u> that each submission is made solely to GLDD's Board of Directors on a private and confidential basis and in a manner that would not reasonably be expected to require GLDD or Recipient to make public disclosure of such offer, proposal or indication of interest; <u>provided</u> <u>further</u> that Recipient and its Representatives shall not make a confidential proposal to GLDD after the commencement of a public offer to acquire securities of GLDD made in connection with a non-negotiated transaction and before the filing of GLDD's recommendation with respect to such offer on Schedule 14D-9 under the Exchange Act.

Notwithstanding the foregoing provisions of this <u>Section</u> <u>9</u>, if at any time during the one-year period referenced above (i) GLDD enters into an agreement providing for a Combination or GLDD redeems any rights under, or modifies or agrees to modify, a shareholder rights plan for the sole purpose of facilitating any Combination or (ii) a tender or exchange offer which if consummated would constitute a Combination is made for securities of GLDD and the Board of Directors of GLDD recommends that its stockholders accept such offer(each, a "**Fundamental Change Event**"), then the restrictions set forth in <u>Sections</u><u> </u><u>9(a)–</u><u>(e)</u> and the preceding paragraph shall immediately terminate and be of no further force or effect.

Notwithstanding anything to the contrary in this Agreement, any action, statement or disclosure by Recipient or any of its Representatives taken after expiration of the one-year period referenced above that would have been restricted by terms of this <u>Section</u> <u>9</u> (the "**Standstill Restrictions**") if such action, statement or

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disclosure had been taken before expiration or termination of the Standstill Restrictions shall not be, and shall be deemed not to involve, a breach of the Standstill Restrictions.

10. <u>Securities Law Compliance</u>. Recipient understands that: (a) the Confidential Information may contain or constitute material non-public information concerning the Disclosing Party and its Affiliates; and (b) trading in the Disclosing Party's securities while in possession of material nonpublic information or communicating that information to any other Person who trades in such securities could subject the Recipient to liability under the U.S. federal and state securities laws, and the rules and regulations promulgated thereunder, including Section 10(b) of the Exchange Act, and Rule 10b-5 promulgated thereunder. Recipient agrees that it and its Affiliates will not, and Recipient will direct its Representatives not to, trade in the Disclosing Party's securities until such time as it and they may do so under applicable securities laws.

11. <u>No Solicitation of Employees</u>. Recipient agrees that, without the prior written consent of Disclosing Party, neither Recipient nor any of its Representatives will, for a period of eighteen (18) months from the date hereof, directly or indirectly, solicit the services of or employ, as employee, consultant or otherwise, (i) any officer or director of Disclosing Party or (ii) any other person who is employed by Disclosing Party on the date hereof or at any other time hereafter and prior to the termination of discussions between Recipient and Disclosing Party with respect to the possible transaction with Recipient and whose annual salary (at the time of any such solicitation) exceeded $100,000 (any such person described in clause (ii) is referred to herein as an "<u>Other Employee</u>"); <u>provided,</u> <u>however</u>, that the foregoing shall not preclude (a) the hiring of Other Employees who apply for employment with Recipient on their own initiative without direct or indirect inducement or encouragement by Recipient or any of its Representatives, (b) the solicitation (or employment as a result of the solicitation) of Other Employees whose employment has been terminated, or (c) the solicitation (or employment as a result of the solicitation) of Other Employees through (1) public advertisements or general solicitations that are not specifically targeted at such person(s) or (2) recruiting or search firms retained by Recipient, or internal search personnel who did not have access to Confidential Information, using a database of candidates without targeting Disclosing Party or specific individuals, without direction or knowledge on Recipient's behalf by any person who had access to Confidential Information. Recipient agrees that Recipient and its Representatives will not, without the prior written consent of Disclosing Party, engage in discussions with management of Disclosing Party regarding any post-transaction employment (including the terms of any such employment) or equity participation as part of, in connection with or after a possible transaction with Recipient; provided, that this sentence shall terminate and be of no further force and effect at any time after a Fundamental Change Event.

12. <u>Additional</u><u> </u><u>Agreements</u>. Each Party acknowledges and agrees that the Parties, and/or their counsel, in the future may enter into additional written agreements regarding certain, specified Confidential Information that may be sensitive or of a competitive nature that will provide additional restrictions on the disclosure or use of such Confidential Information. Each Party further agrees that where there is conflict between the terms of any such additional agreement and this Agreement, the terms of such additional agreement shall govern with respect to the subject matter of such additional agreement.

13. <u>Term</u>. Unless otherwise specifically provided in another Section of this Agreement, the term of this Agreement and the rights and obligations of the Parties pursuant to this Agreement shall commence on the Effective Date and terminate two (2) years following the Effective Date; <u>provided</u> that the last sentence of <u>Section</u> <u>7</u>, the provisions of <u>Sections 10</u> and <u>14</u> and the provisions of this <u>Section</u> <u>13</u> shall survive the expiration or termination of this Agreement. Notwithstanding the immediately foregoing sentence, Recipient's obligations under this Agreement shall not terminate with respect to any trade secret until such time as such trade secret is no longer a trade secret (<u>provided</u>, <u>however</u>, that Recipient's obligations under this Agreement shall not terminate with respect to any trade secret if such trade secret ceases to be a trade secret as a result of any breach of this Agreement by Recipient or any of its Representatives). Recipient agrees that unless a definitive agreement is executed and delivered with respect to a possible transaction between the Disclosing Party and Recipient (in which case, until such execution and delivery), neither Disclosing Party nor Recipient intends to be, nor shall either be, under any legal obligation with respect to such a possible transaction or otherwise, by virtue of any written or oral expressions by our respective Representatives with respect to such possible transaction, including

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any obligation to commence or continue discussions or negotiations, except for the matters specifically agreed to in this Agreement. Unless otherwise specified herein, either Party may terminate discussions and negotiations at any time and for any reason.

14. <u>General</u><u> </u><u>Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Construction</u>. Unless the context requires otherwise: (i) the gender (or lack of gender) of all words used in this Agreement includes the masculine, feminine and neuter; (ii) references to Sections are to sections of this Agreement; (iii) "or" is used in the inclusive sense of "and/or"; and (iv) the word "including" means "including, without limitation", the word "include" means "include, without limitation" and the word "includes" means "includes, without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equitable</u><u> </u><u>Relief</u>. The Parties agree that money damages would not be a sufficient remedy for any breach or potential breach of this Agreement by the Recipient or any of its Representatives (treating the Recipient's Representatives as if they were signatories hereto) and that without prejudice to any other rights and in addition to all other remedies it may be entitled to, the Disclosing Party shall be entitled to seek specific performance and injunctive or other equitable relief without proof of damages and, to the extent permitted by law, without the necessity of posting any bond or other security as a remedy for any such breach or potential breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Assignment</u>. Recipient shall not assign this Agreement or any interest in this Agreement without Disclosing Party's prior express written consent, which written consent Disclosing Party may, at its sole discretion, withhold. Any attempted assignment or transfer by Recipient not in accordance with this <u>Section</u> <u>14(c)</u> shall be void and without effect. This Agreement shall be binding upon, shall inure to the benefit of, and may be enforced by the Parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Severability</u>. If any provision of this Agreement is deemed invalid or unenforceable, such provision will be deemed limited by construction in scope and effect to the minimum extent necessary to render it valid and enforceable and, in the event no such limiting construction is possible, the invalid or unenforceable provision will be deemed severed from this Agreement without affecting the validity of any other term or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Amendment and Modification</u>. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Waivers,</u><u> </u><u>etc.;</u> <u>Effect</u><u> </u><u>of</u><u> </u><u>Waiver</u><u> </u><u>or</u><u> </u><u>Consent</u>. Any waiver, permit, consent or approval of any kind or character on the part of either Party of any provision of this Agreement or of any breach or default under this Agreement must be made in writing and shall be effective only to the extent specifically set forth in such writing. No delay or omission to exercise any right, power or remedy accruing to a Party shall impair any such right, power or remedy of that Party; nor shall it be construed to be a waiver of any such breach or default or an acquiescence in such breach or default or of any similar breach or default occurring after such breach or default; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after such breach or default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Governing</u><u> </u><u>Law;</u><u> </u><u>Submission</u><u> </u><u>to</u><u> </u><u>Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ANY ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT SHALL BE EXCLUSIVELY INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF DELAWARE, IN EACH CASE LOCATED IN NEW CASTLE COUNTY, DELAWARE, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE

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JURISDICTION OF SUCH COURTS IN SUCH ACTION OR PROCEEDING. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE ANY RIGHT TO, AND AGREE NOT TO, PLEAD OR CLAIM THAT AN ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Entire</u><u> </u><u>Agreement</u>. This Agreement is the only agreement between the Parties on its subject matter and supersedes all prior or contemporaneous agreements regarding its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Notice; Access</u>. All notices hereunder shall be deemed given if in writing and delivered, if sent by national overnight delivery service, courier, electronic mail or by registered or certified mail (return receipt requested) to the Parties at their respective addresses (or at such other addresses as shall be specified by like notice) set forth on the signature page(s) to this Agreement. Any notice given by national overnight delivery service, courier, or mail (including electronic mail) shall be effective when received. It is understood that all communications with the Disclosing Party regarding a possible transaction with Recipient or requests for information, facility tours or management meetings will be submitted or directed only to a person designated by Disclosing Party from time to time. Recipient also agrees not to, and to cause its Representatives not to, initiate or maintain contact (except for those contacts made in the ordinary course of business and unrelated to a possible transaction with Recipient) with any Representative (other than Disclosing Party's financial advisors and counsel), customer or supplier of Disclosing Party, except with the express permission of Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Affiliates</u>. Notwithstanding anything to the contrary provided elsewhere herein, none of the provisions of this Agreement shall in any way limit the activities of Recipient's Affiliates, <u>provided</u> that (i) neither such Affiliates nor any of their Representatives have been given access to Confidential Information by Recipient or its Representatives and (ii) neither such Affiliates nor their Representatives are acting on Recipient's behalf or upon its instruction or encouragement in contravention of any term or provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Further Miscellaneous Provisions</u>. The headings contained in this Agreement are for convenience only. Such headings are not considered a part of this Agreement and will not limit or affect in any way the meaning or interpretation of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but both of which shall constitute the same agreement. Signatures to this Agreement transmitted by facsimile transmission, by electronic mail in "portable document format" (.pdf) format, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature.

**[SIGNATURE PAGE FOLLOWS]** 

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The undersigned have executed this Non-Disclosure Agreement as of the date first set forth above.

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| | |
|:---|:---|
| **RECIPIENT:** | **RECIPIENT:** |
| **SALTCHUK RESOURCES, INC.** | **SALTCHUK RESOURCES, INC.** |
| By: | /s/ Mike Dannenberg |
| Print Name: <u>Mike Dannenberg</u> | Print Name: <u>Mike Dannenberg</u> |
| Title: <u>VP, Corporate Development & Strategy</u> | Title: <u>VP, Corporate Development & Strategy</u> |
| Address for Notices: | Address for Notices: |
| Saltchuk Resources, Inc.<br> Attn: General Counsel<br> 450 Alaskan Way S, Ste 708 | Saltchuk Resources, Inc.<br> Attn: General Counsel<br> 450 Alaskan Way S, Ste 708 |
| Seattle, Washington 98104 | Seattle, Washington 98104 |
| **DISCLOSING PARTY:** | **DISCLOSING PARTY:** |
| **GREAT LAKES DREDGE & DOCK CORPORATION** | **GREAT LAKES DREDGE & DOCK CORPORATION** |
| By: | /s/ Vivienne Schiffer |
| Print Name: Vivienne Schiffer | Print Name: Vivienne Schiffer |
| Title: Chief Legal Officer, Chief Compliance Officer and Corporate Secretary | Title: Chief Legal Officer, Chief Compliance Officer and Corporate Secretary |
|  Address for Notices: | Address for Notices: |
| 9811 Katy Freeway, Suite 1200 | 9811 Katy Freeway, Suite 1200 |
| Houston, Texas 77024 | Houston, Texas 77024 |

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**<u>ANNEX A</u>**

**AGENTS AND CONSULTANTS OF RECIPIENT** 

[Redacted]

## Ex-99.(D)(6)

**Exhibit (d)(6)** 

**CONFIDENTIALITY AGREEMENT** 

This Confidentiality Agreement (this "**Agreement**") is entered into by and between Great Lakes Dredge & Dock Corporation, a Delaware corporation ("**Recipient**"), and Saltchuk Resources, Inc., a Washington corporation, effective as of the last date set forth below and concerns the disclosure of certain oral and written confidential and proprietary information of Saltchuk Resources, Inc. and its subsidiaries (collectively, "**Saltchuk**") in connection with a potential transaction between Recipient and Saltchuk (the "**Purpose**"). Recipient acknowledges that such information is highly confidential and proprietary and is not available to the public generally.

As used herein, "**Confidential Information**" means all information, data, documents, agreements, files, and other materials (in any form or medium of communication, including whether disclosed orally or disclosed or stored in written, electronic, or other form or media) that is, directly or indirectly, obtained from or disclosed by or on behalf of Saltchuk, on or after the Effective Date, which (i) relates directly or indirectly to the financial statements of Saltchuk, or (ii) Saltchuk designates with respect to its business or operations (which designation may be via email) as Confidential Information for purposes of this Agreement, and all notes, analyses, compilations, reports, forecasts, data, studies, samples, interpretations, summaries, and other documents and materials (in any form or medium of communication, whether oral, written, electronic, or other form or media) prepared by or for the Recipient to the extent that they contain or otherwise use or reflect, in whole or in part, any such information, data, documents, agreements, files, or other materials. The term "Confidential Information" does not include information that: (i) at the time of disclosure is or thereafter becomes generally available to and known by the public (other than as a result of its disclosure directly or indirectly by the Recipient in violation of this Agreement); (ii) was available to the Recipient on a non-confidential basis from a source other than Saltchuk, <u>provided</u> that such source, to the Recipient's knowledge, is not and was not bound by a confidentiality agreement with respect to such information or otherwise prohibited from transmitting such information by a contractual, legal, or fiduciary obligation; (iii) was or is already in the possession of Recipient or any of its Representatives prior to the time of disclosure hereunder, as shown by Recipient's or such Representative's files and records, provided that such information is not known by Recipient or any of its Representatives to be subject to another obligation of confidentiality to Saltchuk; or (iv) is independently developed by the Recipient without reference to or reliance upon, or using in any manner, the Confidential Information and without violating any of its obligations under this Agreement, as shown by Recipient's or such Representative's files and records. Disclosure of Confidential Information under this Agreement cannot be used by Recipient to claim waiver of attorney-client or other privilege**.**

In consideration of Saltchuk providing Confidential Information to Recipient, Recipient hereby agrees that the Confidential Information will be used solely for the Purpose, and will not be disclosed to any third party, other than Recipient's Representatives (as defined below) who have a *bona fide* need to know such Confidential Information in connection with the Purpose, without written authorization from Saltchuk. The Confidential Information shall be treated confidentially by Recipient and its Representatives. Prior to any disclosure of Confidential Information to any Representatives, Recipient shall inform such Representatives of the confidential nature of the Confidential Information and the understanding upon which it has been furnished. Recipient agrees, at its sole expense, to take all commercially reasonable measures to restrain its Representatives from prohibited or unauthorized disclosure or use of the Confidential Information. Recipient shall be liable for a breach of this Agreement by any of its Representatives, and will indemnify Saltchuk for all damages arising from any such breach, unless such Representative enters into a confidentiality agreement with Saltchuk. As used herein, "**Representatives**" means Recipient's directors, officers, employees, managing members and general partners, agents and consultants (including attorneys, financial advisors, and accountants).

In the event that Recipient or any of its Representatives is requested or required by subpoena or court order to disclose any Confidential Information received pursuant to this Agreement, it is agreed that Recipient will, and will direct its Representatives to, as allowed by applicable law, provide as promptly as possible notice of such request(s) to Saltchuk and will not object to or interfere with Saltchuk's reasonable efforts to resist disclosure,

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until an appropriate protective order may be sought or a waiver of compliance with provisions of this Agreement granted. If, in the absence of a protective order or the receipt of a waiver hereunder, Recipient or any of its Representatives is nonetheless, as advised in writing by counsel, legally required to disclose the Confidential Information received pursuant to this Agreement, then in such event Recipient or such Representative may disclose such information without liability hereunder, provided that Saltchuk has been given a reasonable opportunity, as allowed by applicable law, to review the text of such disclosure before it is made and that disclosure is limited to only the Confidential Information specifically required to be disclosed.

All Confidential Information received by Recipient shall remain the sole and exclusive property of Saltchuk. Upon written request by Saltchuk, Recipient will destroy all Confidential Information in its possession. Notwithstanding the foregoing, Recipient and its Representatives may retain a copy of any Confidential Information, including summaries, compilations or analyses thereof to the extent required by applicable law or that are electronically stored copies contained in archives or back-up systems in accordance with ordinary back-up practices or *bona fide* retention policies; <u>provided</u> that such archival and back-up copies are not readily accessible to users whose functions are not primarily information technology in nature. Any Confidential Information retained shall continue to be treated as Confidential Information subject to the restrictions set forth in this Agreement.

This Agreement shall terminate two years from the effective date. Notwithstanding the immediately foregoing sentence, Recipient's obligations under this Agreement shall not terminate with respect to any trade secret until such time as such trade secret is no longer a trade secret.

This Agreement shall be construed under and governed by the laws of the State of Delaware applicable to contracts executed and wholly performed in such state. Each party irrevocably and unconditionally consents to the exclusive jurisdiction of the Federal Courts of the United States of America or the courts of the State of Delaware for any actions, in each case located in New Castle County, Delaware, for all suits or proceedings arising out of or relating to this Agreement.

Nothing in this Agreement shall impose any obligation upon either party to consummate a commercial financing relationship, to enter into any discussion or negotiations with respect thereto, or to take any other action not expressly agreed to herein. Neither party shall have any obligation to the other for any action such other party may take or refrain from taking based on or otherwise attributable to any information (whether or not constituting Confidential Information) furnished to such other party hereunder. Nothing contained herein shall limit or preclude Recipient or any of its affiliates (i) from carrying on any business with any party whatsoever, including without limitation, any competitor, supplier or customer of Saltchuk, or any other party which may have interests different than or adverse to Saltchuk or (ii) from carrying on its business as currently conducted or as such business may be conducted in the future. The foregoing shall not limit or change the obligations of confidentiality and nondisclosure contained herein.

This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Delaware.

EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF, OR RELATED TO, THIS AGREEMENT.

This Agreement is the only agreement between the parties hereto on its subject matter, and nothing in this Agreement shall be deemed to modify or supersede that certain Non-Disclosure Agreement, dated as of October 1, 2025, by and between Recipient and Saltchuk, as supplemented by certain addenda prior to the date hereof and as may be further amended, supplemented and modified hereafter.

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This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but both of which shall constitute the same agreement. Signatures to this Agreement transmitted by facsimile transmission, by electronic mail in "portable document format" (.pdf) format, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature.

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| | | | |
|:---|:---|:---|:---|
| **RECIPIENT:** | **RECIPIENT:** | **SALTCHUK:** | **SALTCHUK:** |
| **GREAT LAKES DREDGE & DOCK CORPORATION** | **GREAT LAKES DREDGE & DOCK CORPORATION** | **SALTCHUK RESOURCES, INC.** | **SALTCHUK RESOURCES, INC.** |
| By: | /s/ Vivienne Schiffer | By: | /s/ Michael Dannenberg |
| Name: | Vivienne Schiffer | Name: | Michael Dannenberg |
| Title: | SVP, Chief Legal Officer & | Title: | VP, Corporate Development & Strategy |
|  | Chief Compliance Officer |  |  |
| Date: | January 7, 2026 | Date: | January 6, 2026 |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

 **Calculation of Filing Fee Tables** <br>

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Transaction Valuation**  | **Fee Rate**  | **Amount of Filing Fee**  |
| Fees to be Paid | 1 | $1177788628.00 | 0.0001381 | $162652.61 |
| Fees Previously Paid |  |  |  |  |
|  | Total Transaction Valuation: | $1177788628.00  |  |  |
|  | Total Fees Due for Filing: |  |  | $162652.61  |
|  | Total Fees Previously Paid:  |  |  | $0.00  |
|  | Total Fee Offsets:  |  |  | $0.00  |
|  | Net Fee Due:  |  |  | $162652.61  |

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 **Offering Note** <br>

<sup>1</sup> (1) Estimated solely for the purpose of calculating the filing fee. The transaction value was calculated by adding (a) the product of (i) $17.00 (the "Offer Price") and (ii) 67,433,542 issued and outstanding shares of common stock, par value $0.0001 per share, of Great Lakes Dredge & Dock Corporation (the "Company") (each a "Share"), other than Shares that may be issued under the Company ESPP (as defined below) after March 4, 2026; (b) the product of (i) 1,052,160 shares of common stock subject to then outstanding time-based restricted stock unit awards, excluding the Company DSUs (as defined below) ("Time-Based RSU Awards") and (ii) the Offer Price; (c) the product of (i) 465,920 shares of common stock subject to then outstanding performance-based restricted stock unit awards, excluding Special PSUs (as defined below) (the "Performance-Based RSUs"), measured at (A) the projected actual level of performance in respect of metrics established as of the date of the Merger Agreement with respect to the 2026 annual performance period, and (B) the target level of performance in respect of metrics applicable to the (1) 2027 annual performance period and (2) metrics not established as of the date of the Merger Agreement and applicable to the 2026 annual performance period, and (ii) the Offer Price; (d) the product of (i) 150,000 shares of common stock subject to then outstanding performance-based restricted stock unit awards that are subject to performance-based vesting conditions that do not provide for a target level of performance ("Special PSUs"), measured assuming all conditions applicable to such Special PSUs will be achieved and (ii) the Offer Price; (e) the product of (i) 126,318 shares of common stock subject to then outstanding deferred stock units of the Company under the Company Director Deferral Plan ("Company DSUs"), and (ii) the Offer Price, and (f) the product of (i) 53,744 shares of common stock which are expected to be issued under the Company's 2025 Employee Stock Purchase Plan (the "Company ESPP"), estimated based on deductions withheld from compensation under the Company ESPP through March 2, 2026 and (ii) the Offer Price. The calculation of the transaction value is based on information provided by the Company as of March 3, 2026, with Share numbers estimated as of the close of business on March 30, 2026. (2) The amount of the filing fee was calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory No. 1 for Fiscal Year 2026, issued August 25, 2025 and effective October 1, 2025, by multiplying the transaction value by 0.00013810.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Fee Paid with Fee Offset Source |
| Fee Offset Claims | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Fee Offset Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---