# EDGAR Filing Document

**Accession Number:** 0001925283
**File Stem:** 0001628279-26-000087
**Filing Date:** 2026-2
**Character Count:** 2388636
**Document Hash:** 566fb5c5c7df285c6e0f34aabe911f82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628279-26-000087.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001628279-26-000087

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lincoln International, Inc.
- **CENTRAL INDEX KEY:** 0001925283
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-06162
- **FILM NUMBER:** 26608509

**BUSINESS ADDRESS:**
- **STREET 1:** 110 NORTH WACKER DRIVE
- **STREET 2:** 51ST FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3125808339

**MAIL ADDRESS:**
- **STREET 1:** 110 NORTH WACKER DRIVE
- **STREET 2:** 51ST FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**Confidential Treatment Requested by Lincoln International, Inc.**

**Pursuant to 17 C.F.R. Section 200.83**

**As confidentially submitted to the Securities and Exchange Commission on February 6, 2026**

**This Amendment No. 4 to the draft registration statement has not been publicly filed with the Securities and Exchange Commission and all information**

**herein remains strictly confidential.**

**Registration No. 333-**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-1**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**Lincoln International, Inc.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **6282** | **38-4224068** |
| **(State or other jurisdiction of <br>incorporation or organization)** | **(Primary Standard Industrial <br>Classification Code Number)** | **(I.R.S. Employer <br>Identification No.)** |

---

**110 North Wacker Drive, 51st Floor**<br>**Chicago, Illinois 60606**<br>**Telephone: (312) 580-8339**<br>

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

**Kristin M. Marvin, Esq.**

**General Counsel**

**110 North Wacker Drive, 51st Floor**

**Chicago, Illinois 60606**

**Telephone: (312) 796-8550**

**(Name, address, including zip code, and telephone number, including area code, of agent for service)**

***Copies to:***

---

| | |
|:---|:---|
| **Steven B. Stokdyk, Esq. <br>Lewis W. Kneib, Esq. <br>Scott W. Westhoff, Esq. <br>Latham & Watkins LLP<br>10250 Constellation Blvd., Ste. 1100<br>Los Angeles, California 90067<br>Telephone: (213) 891-7421** | **Mitchell S. Eitel, Esq. <br>Catherine M. Clarkin, Esq. <br>Sullivan & Cromwell LLP <br>125 Broad Street<br>New York, New York 10004<br>Telephone: (212) 558-4000** |

---

**Approximate date of commencement of proposed sale to the public:**

**As soon as practicable after this Registration Statement is declared effective.**

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | Accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| Non-accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ | Smaller reporting company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| | | Emerging Growth Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

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**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

**Subject to completion, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026**

**PRELIMINARY PROSPECTUS**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**

![prospectuscoverlogo1a.jpg](prospectuscoverlogo1a.jpg)

**Lincoln International, Inc.**

**Class A Common Stock**

This is an initial public offering of shares of Class A common stock of Lincoln International, Inc. We are selling&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock in this offering.

Prior to this offering, there has been no public market for our Class A common stock. It is currently estimated that the initial public offering price for our Class A common stock will be between $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share. We intend to apply to have our Class A common stock listed on the New York Stock Exchange (the "NYSE") under the symbol "LCLN."

Following this offering, we will have three classes of authorized common stock: Class A common stock, Class B common stock and Class C common stock. Our Class A common stock offered hereby and our Class B common stock will each be entitled to one vote per share and our Class C common stock will be entitled to ten votes per share. Immediately following the consummation of this offering, all of the outstanding shares of our Class B common stock will be held by the LILP Non-controlling Partners (as defined below) of Lincoln International, LP ("LILP"), which will represent approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding capital stock (or approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise their option to purchase additional shares in full). Immediately following the consummation of this offering, all of the outstanding shares of our Class C common stock will be held by the LILP Controlling Partners (as defined below), which will represent approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding capital stock (or approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise their option to purchase additional shares in full). As a result, the LILP Controlling Partners will control more than a majority of the combined voting power of our outstanding shares of capital stock and will be able to control any action requiring the general approval of our stockholders.

We intend to use the net proceeds from this offering, after the underwriting discount and estimated offering expenses payable by us, to purchase newly issued common units (as defined below) (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offer price per share of Class A common stock we issue in this offering, less the underwriting discount, and we intend to cause LILP to use the net proceeds from the sale of common units to us as described in "Use of Proceeds," including to partially redeem units from the LILP Partners (as defined below), which include certain executive officers and directors, to pay fees and expenses in connection with this offering and the Reorganization Transactions (as defined below), to repay amounts outstanding under the Credit Facilities (as defined below) and, to the extent there are remaining proceeds, for general corporate purposes.

We will be a holding company and the sole general partner of LILP, and upon the consummation of a series of Organizational Transactions (as defined below), our principal asset will consist of common units. We will conduct our business through LILP and its direct and indirect subsidiaries.

After the consummation of the Reorganization Transactions and this offering, we will be a "controlled company" within the meaning of the NYSE rules. See "Our Organizational Structure" and "Management—Controlled Company Exception."

We are an "emerging growth company" as that term is defined under the federal securities laws and, as such, we have elected to comply with certain reduced reporting requirements for this prospectus and may elect to do so in future filings. See "Prospectus Summary—Implications of Being an Emerging Growth Company."

**Investing in our Class A common stock involves risks. See "<u>[Risk Factors](#i7a3c422cdd584cf6a1030e898a63848a_28)</u>" beginning on page <u>[30](#i7a3c422cdd584cf6a1030e898a63848a_28)</u> to read about factors that you should consider before buying shares of our Class A common stock.**

**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved these securities, or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

---

| | | |
|:---|:---|:---|
| | **Per Share** | **Total** |
| Initial public offering price | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Underwriting discount<sup>(1)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Proceeds, before expenses, to Lincoln International, Inc | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

__________________

(1)See "<u>[Underwriting](#i7a3c422cdd584cf6a1030e898a63848a_85)</u>" for a description of the compensation payable to the underwriters.

The underwriters may also exercise their option to purchase up to an additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock from us at the initial public offering price, less underwriting discounts and commissions, within 30 days after the date of this prospectus.

The underwriters expect to deliver the shares of Class A common stock against payment in New York, New York on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026.

---

| | |
|:---|:---|
| **Goldman Sachs & Co. LLC** | **Morgan Stanley** |

---

**The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026.**

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![prospectussummary1g.jpg](prospectussummary1g.jpg)

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![prospectussummary2g.jpg](prospectussummary2g.jpg)

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page** |
| <u>[PROSPECTUS SUMMARY](#i7a3c422cdd584cf6a1030e898a63848a_19)</u> | <u>[1](#i7a3c422cdd584cf6a1030e898a63848a_19)</u> |
| <u>[RISK FACTORS](#i7a3c422cdd584cf6a1030e898a63848a_28)</u> | <u>[30](#i7a3c422cdd584cf6a1030e898a63848a_28)</u> |
| <u>[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i7a3c422cdd584cf6a1030e898a63848a_31)</u> | <u>[63](#i7a3c422cdd584cf6a1030e898a63848a_31)</u> |
| <u>[OUR ORGANIZATIONAL STRUCTURE](#i7a3c422cdd584cf6a1030e898a63848a_34)</u> | <u>[65](#i7a3c422cdd584cf6a1030e898a63848a_34)</u> |
| <u>[USE OF PROCEEDS](#i7a3c422cdd584cf6a1030e898a63848a_37)</u> | <u>[69](#i7a3c422cdd584cf6a1030e898a63848a_37)</u> |
| <u>[CAPITALIZATION](#i7a3c422cdd584cf6a1030e898a63848a_40)</u> | <u>[70](#i7a3c422cdd584cf6a1030e898a63848a_40)</u> |
| <u>[DIVIDEND POLICY](#i7a3c422cdd584cf6a1030e898a63848a_43)</u> | <u>[71](#i7a3c422cdd584cf6a1030e898a63848a_43)</u> |
| <u>[DILUTION](#i7a3c422cdd584cf6a1030e898a63848a_46)</u> | <u>[73](#i7a3c422cdd584cf6a1030e898a63848a_46)</u> |
| <u>[UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION](#i7a3c422cdd584cf6a1030e898a63848a_49)</u> | <u>[76](#i7a3c422cdd584cf6a1030e898a63848a_49)</u> |
| <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i7a3c422cdd584cf6a1030e898a63848a_58)</u> | <u>[89](#i7a3c422cdd584cf6a1030e898a63848a_58)</u> |
| <u>[BUSINESS](#i7a3c422cdd584cf6a1030e898a63848a_61)</u> | <u>[112](#i7a3c422cdd584cf6a1030e898a63848a_61)</u> |
| <u>[MANAGEMENT](#i7a3c422cdd584cf6a1030e898a63848a_64)</u> | <u>[130](#i7a3c422cdd584cf6a1030e898a63848a_64)</u> |
| <u>[EXECUTIVE AND DIRECTOR COMPENSATION](#i7a3c422cdd584cf6a1030e898a63848a_67)</u> | <u>[137](#i7a3c422cdd584cf6a1030e898a63848a_67)</u> |
| <u>[CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#i7a3c422cdd584cf6a1030e898a63848a_70)</u> | <u>[144](#i7a3c422cdd584cf6a1030e898a63848a_70)</u> |
| <u>[PRINCIPAL STOCKHOLDERS](#i7a3c422cdd584cf6a1030e898a63848a_73)</u> | <u>[154](#i7a3c422cdd584cf6a1030e898a63848a_73)</u> |
| <u>[DESCRIPTION OF CAPITAL STOCK](#i7a3c422cdd584cf6a1030e898a63848a_76)</u> | <u>[156](#i7a3c422cdd584cf6a1030e898a63848a_76)</u> |
| <u>[SHARES ELIGIBLE FOR FUTURE SALE](#i7a3c422cdd584cf6a1030e898a63848a_79)</u> | <u>[162](#i7a3c422cdd584cf6a1030e898a63848a_79)</u> |
| <u>[MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF CLASS A COMMON STOCK](#i7a3c422cdd584cf6a1030e898a63848a_82)</u> | <u>[164](#i7a3c422cdd584cf6a1030e898a63848a_82)</u> |
| <u>[UNDERWRITING](#i7a3c422cdd584cf6a1030e898a63848a_85)</u> | <u>[168](#i7a3c422cdd584cf6a1030e898a63848a_85)</u> |
| <u>[VALIDITY OF CLASS A COMMON STOCK](#i7a3c422cdd584cf6a1030e898a63848a_88)</u> | <u>[175](#i7a3c422cdd584cf6a1030e898a63848a_88)</u> |
| <u>[EXPERTS](#i7a3c422cdd584cf6a1030e898a63848a_91)</u> | <u>[175](#i7a3c422cdd584cf6a1030e898a63848a_91)</u> |
| <u>[WHERE YOU CAN FIND MORE INFORMATION](#i7a3c422cdd584cf6a1030e898a63848a_94)</u> | <u>[175](#i7a3c422cdd584cf6a1030e898a63848a_94)</u> |
| <u>[INDEX TO FINANCIAL STATEMENTS](#i7a3c422cdd584cf6a1030e898a63848a_97)</u> | <u>[F-1](#i7a3c422cdd584cf6a1030e898a63848a_97)</u> |

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You should rely only on the information contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. We and the underwriters have not authorized anyone to provide you with different information. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of shares of our Class A common stock.

**Through and including&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

For investors outside the United States: We and the underwriters have not done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of Class A common stock and the distribution of this prospectus outside the United States. See "Underwriting."

i

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**BASIS OF PRESENTATION**

**Organizational Structure**

In connection with this offering, we will undertake organizational transactions to reorganize our corporate structure. Unless otherwise stated or the context otherwise requires, all information in this prospectus reflects the consummation of the organizational transactions described in the section titled "Our Organizational Structure-Reorganization Transactions," to which we refer to as the "Reorganization Transactions," and offering transactions described in the section titled "Our Organizational Structure-Offering Transactions," including this offering and the application of the proceeds therefrom, to which we refer to as the "Offering Transactions." We refer to the Reorganization Transactions and the Offering Transactions collectively as the "Organizational Transactions."

See "Our Organizational Structure" for a diagram depicting our organizational structure after giving effect to the Organizational Transactions, including this offering.

**Recent Acquisition**

On October 31, 2025, we consummated the MarshBerry Acquisition by acquiring MarshBerry pursuant to the Equity Purchase Agreement, dated as of September 9, 2025, by and among LILP, Lincoln International Holdings Limited, Lincoln International Parent B.V., Lincoln International B.V., MarshBerry Holdco, Inc., MarshBerry Holdco II, LLC, AMC MB Mini-Master, LP, DB FLF MBH LLC, the specified holders party thereto, MarshBerry Holding Company, LLC, and Atlas Merchant Capital LLC.

Unless otherwise indicated, (i) information presented for a period ended prior to the date of the MarshBerry Acquisition does not give effect to the MarshBerry Acquisition and (ii) information presented for a period ended after MarshBerry Acquisition includes the impact of the MarshBerry Acquisition from the date of the MarshBerry Acquisition.

**Definitions**

As used in this prospectus, unless the context otherwise requires, references to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Basis Adjustments" refers to Lincoln International, Inc.'s allocable share of the existing tax basis of LILP's assets, which tax basis is attributable to the common units being acquired in this offering, as well as an increase in Lincoln International, Inc.'s allocable share of the tax basis of LILP's assets and Lincoln International Inc.'s additional allocable share of the existing tax basis of LILP's assets in the future, when (as described below under "—Prospectus Summary—The Offering—Redemption rights of LILP Partners holding common units") an LILP Partner receives Class A common stock or cash, as applicable, in connection with an exercise of such LILP Partner's right to have common units held by such LILP Partner redeemed by LILP or, at our election, exchanged directly with us, when LILP makes, or is deemed to make, certain distributions to the LILP Partners and when Lincoln International, Inc. makes payments under the Tax Receivable Agreement (any resulting basis increases and/or allocable share of existing basis collectively referred to as the "Basis Adjustments").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Blocker Companies" refers to (i) Lincoln International Partners Holdings, LLC, (ii) Lincoln International Partners Holdings II, LLC, and (iii) MarshBerry Holdco II, LLC and "Blocker Company" refers to each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "common units" refers to the limited partnership interests of LILP, which are units designated as common units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Credit Agreement" refers to the Credit Agreement, dated as of October 31, 2025, by and among Monarch FinCo, LLC, as borrower, Lincoln International CentCo, LLC, as holdings, Antares Capital LP, as administrative agent, collateral agent and an issuing bank, and the lenders party thereto from time to time, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

ii

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Credit Facilities" collectively refers the Term Loan Credit Facility, the Delayed Draw Term Loan Credit Facility, and Revolving Credit Facility (each as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Interest Deductions" refers to deductions attributable to imputed interest and other payments of interest pursuant to the Tax Receivable Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LILP" refers to Lincoln International, LP, a Delaware limited partnership, and its predecessors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LILP Controlling Partners" refers to Lawrence James Lawson III, our co-founder and Chairman of our board of directors, Robert Bruce Barr, our co-founder and director, and Robert Todd Brown, our Chief Executive Officer and director, who will each be holders of common units and our Class A and Class C common stock immediately following consummation of the Organizational Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LILP Non-controlling Partners" refers to holders, consisting of certain of our executive officers, managing directors and senior professionals (other than the LILP Controlling Partners and Other Senior Professionals), of common units and our Class B common stock immediately following consummation of the Organizational Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LILP Partners" refers to the LILP Controlling Partners and the LILP Non-controlling Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LILP Partnership Agreement" refers to LILP's Fourth Amended and Restated Limited Partnership Agreement, which will become effective prior to the consummation of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MarshBerry" refers to MarshBerry Holding Company, LLC and its consolidated subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MarshBerry Acquisition" refers to the transaction consummated on October 31, 2025, pursuant to which we acquired MarshBerry. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Acquisitions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Other Senior Professionals" refers to members of the Blocker Companies who are international and U.S. based managing directors and certain other senior professionals of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Tax Receivable Agreement" means the tax receivable agreement entered into between Lincoln International, Inc., LILP and the TRA Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Tax Receivable Agreement Representative" refers to Theodore J. Heidloff, our Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "TRA Parties" refers to, collectively, the LILP Partners and any future party to the Tax Receivable Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our," the "Company," "Lincoln," and similar references refer: (1) following the consummation of the Organizational Transactions, including this offering, to Lincoln International, Inc., a Delaware corporation, and, unless otherwise stated, all of its direct and indirect subsidiaries, including LILP; and (2) prior to the completion of the Organizational Transactions, including this offering, to LILP and, unless otherwise stated, all of its direct and indirect subsidiaries. In each case, such references include MarshBerry from and after the date of the MarshBerry Acquisition unless otherwise stated or the context otherwise requires.

We will be a holding company and the sole general partner of LILP, and upon the consummation of a series of Organizational Transactions, our principal asset will consist of common units. We will conduct our business through LILP and its direct and indirect subsidiaries.

iii

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**Presentation of Financial Information**

LILP is the accounting predecessor of the issuer, Lincoln International, Inc., for financial reporting purposes. Lincoln International, Inc. will be the financial reporting entity following this offering. Accordingly, this prospectus contains the following historical financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Lincoln International, Inc.—*Other than the balance sheet dated as of December 31, 2024, the historical financial information of Lincoln International, Inc. has not been included in this prospectus as it has no business transactions or activities to date and had no assets or liabilities during the periods presented in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *LILP—*Because Lincoln International, Inc. will have no interest in any operations, other than those of LILP and its subsidiaries, the historical consolidated financial information included in this prospectus is that of LILP and its subsidiaries.

Except as otherwise noted, the unaudited pro forma condensed consolidated financial information of Lincoln International, Inc. presented in this prospectus has been derived by the application of pro forma adjustments to the audited historical consolidated financial statements of LILP and its subsidiaries included elsewhere in this prospectus. These pro forma adjustments give effect to the MarshBerry Acquisition and to the Organizational Transactions as described in "Our Organizational Structure," including the consummation of this offering, as if all such transactions had occurred on January 1, 2025 in the case of the unaudited pro forma condensed consolidated statements of income data, and as of December 31, 2025, in the case of the unaudited pro forma condensed consolidated balance sheet data. See "Unaudited Pro Forma Condensed Consolidated Financial Information" for a complete description of the adjustments and assumptions underlying the pro forma financial information included in this prospectus.

Certain monetary amounts, percentages, and other figures included in this prospectus have been subject to rounding adjustments. Percentage amounts included in this prospectus have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this prospectus may vary from those obtained by performing the same calculations using the figures in our consolidated financial statements included elsewhere in this prospectus. Other amounts that appear in this prospectus may not sum due to rounding.

**TRADEMARKS**

This prospectus includes our trademarks and trade names which are protected under applicable intellectual property laws and are our property. This prospectus also contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. Solely for convenience, trademarks, trade names and service marks referred to in this prospectus may appear without the®,™ or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent permitted under applicable law, our rights or the right of the applicable licensor to these trademarks, trade names and service marks. We do not intend our use or display of other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.

**MARKET AND INDUSTRY DATA**

Unless otherwise indicated, information contained in this prospectus concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, including trade associations and government agencies and data from our internal research, and are based on assumptions made by us upon reviewing such data and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate, and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described in "Risk Factors" and "Cautionary Note Regarding Forward-Looking

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Statements." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

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**PROSPECTUS SUMMARY**

*This summary highlights information appearing elsewhere in this prospectus. This summary is not complete and does not contain all of the information that you should consider before making your investment decision. Before investing in our Class A common stock, you should carefully read the entire prospectus, including the financial data and related notes and the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Some of the statements in this prospectus constitute forward-looking statements.*

**Company Overview**

We are a global independent investment banking advisory firm focused on the private capital markets. As a leader in advising private equity and private credit investors, private company business owners and other senior executives, our globally integrated platform allows us to deliver comprehensive, sector-focused advisory services to clients across key areas of the economy.

Our experienced professionals provide meaningful and differentiated private capital markets expertise across our two segments, Investment Banking Advisory and Valuations and Opinions:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Banking Advisory** | **Investment Banking Advisory** | **Investment Banking Advisory** | **Investment Banking Advisory** | **Valuations and Opinions** |
| **Mergers & Acquisitions** | **Capital Advisory** | **Private Funds Advisory** | **Other Services** | **Valuations and Opinions** |
| • Sell-Sides<br>• Buy-Sides<br>• Add-ons | • Debt Advisory <br>• Special Situations & Restructuring <br>• Growth Capital & Minority Equity | • Continuation Vehicles<br>• Single Asset and Co-Investment Vehicles<br>• Primary Funds | • Strategic Consulting<br>• Executive Peer Networks<br>• Agency Member Network | • Portfolio Valuations<br>• Transaction Opinions & Board Advisory<br>• Disputes Advisory |

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Since our founding in 1996, we have experienced significant growth achieved through investments in our talent, our platform, the complementary capabilities we offer—including our growing, recurring, and non-cyclical valuations business—and the strategic positioning of the firm. As a result, we have built a platform to support clients in attracting capital and investing with purpose, driving value and realizing returns. As of December 31, 2025, approximately 1,400 professionals, including 161 managing directors, serve our clients and operate our business from more than 30 offices across 15 countries throughout the Americas, Europe, Middle East and Asia. *Mergermarket* has ranked us the #2 sell-side advisor for private equity transactions globally over the three years ending December 31, 2025.

Our success is rooted in a thoughtfully designed, institutionalized, and proactively managed entrepreneurial culture, fostering collaboration and engagement while strengthening our ability to attract, develop, and retain exceptional talent at all levels of the organization. We believe this culture is distinctive within our industry and is reinforced by a proven executive leadership team with strong continuity, as well as experienced senior professionals who lead our industry, product, and administrative groups. Reflecting this continuity, our leadership team has been with Lincoln for an average of approximately 20 years, and our managing directors have averaged more than eight years with the firm. We continue to build our next generation of leaders through a deliberate focus on high-performing talent and internal promotion, as demonstrated by the fact that approximately 43% of U.S. managing directors were promoted from within—one-third of whom joined Lincoln as junior professionals.

Over time, we have intentionally diversified our business across service offerings and created depth of expertise and client relationships within industry sectors, including Business Services, Consumer, Healthcare, Industrials, Technology, and, through our acquisition of MarshBerry that we closed on October 31, 2025, Financial Services. MarshBerry is a global leader in investment banking advisory services, serving the insurance brokerage and wealth and retirement sectors through all stages of growth. MarshBerry has been recognized by *S&P Global Market Intelligence* as the #1 M&A sell-side advisor in insurance brokerage in each year since 2022. We believe this strategic acquisition solidifies our position as the leading advisor for independent owners, strategic acquirers, and private equity firms amidst the evolving and growing landscape of insurance brokerage and wealth management.

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**The Evolution of Lincoln International**![diversification.jpg](diversification.jpg)

Note: (1) 2025 represents pro forma client revenue. (2) 2008 and 2015 product group diversity only reflect U.S. operations. (3) Financial Services included within Business Services for 2008 and 2015. (4) Excludes MarshBerry offices in locations where Lincoln has an established office. (5) "M&A" incorporates MarshBerry's M&A-related client revenue, while "Other" incorporates FirstChoice, an agency member network, Connect, an executive peer exchange program, and consulting client revenue.

We continue to invest to drive growth. As a catalyst for growth, we accelerated our lateral managing director hiring in recent years, leading to the onboarding of 31 new managing directors since the beginning of 2024 who either introduce—or strengthen—certain sector, product, or geographic expertise. This senior talent hiring success is a testament to the strength of our brand and culture. Lincoln has become a destination for talent as we have evolved. We have also invested in our technology infrastructure, including designing a customer relationship management system that also functions as an enterprise resource planning system, by building a proprietary artificial intelligence, or AI, tool that aggregates institutional, market and client intelligence to drive efficiency and optimize knowledge sharing, and by improving the delivery of portfolio valuations through automation.

Our relentless focus on client success and continued investments in our people and platform have produced substantial growth in revenue and profits. Our client revenues have increased from $191.9 million in 2015 to $ million in 2025, a % annualized growth rate. Our business has also become more diverse with the non-M&A revenue contribution growing from 21% in 2015 to % in 2025. For the year ended December 31, 2025, after giving effect to the MarshBerry Acquisition and the Organizational Transactions, we had pro forma earnings before income taxes of $ million and $ million on an adjusted basis. See the section titled "—Summary Consolidated Financial and Other Data" for information regarding our use of adjusted earnings before income taxes, which is considered a non-GAAP measure, and a reconciliation from income before income taxes.

**Our Services**

Our services are delivered with "Real Connection and True Perspective," the essence of our brand, which underpins partnership-oriented advisory relationships with our clients. Our proactively managed culture promotes knowledge sharing and, when combined with our deep relationships across the private capital markets, enables us to deliver differentiated insights. Our core segments—Investment Banking Advisory (comprised of M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services) and Valuations and Opinions (comprised of Portfolio Valuations, Transaction Opinions and Board Advisory, and Disputes Advisory)—provide revenue diversification, multiple avenues for growth across market cycles, and complementary services that support our clients' evolving needs. Our international reach enables clients to access the optimal acquirers, investors and capital pools in nearly every major market in the world.

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**Private Capital Markets Continuum of Services**

We strive to support our clients throughout the full private equity and debt lifecycle, delivering value at each stage through the combination of expertise and insights across our service offerings.

![prosumm7ba.jpg](prosumm7ba.jpg)

The global private equity community is a focal point of our client service model. Our Financial Sponsors Coverage group, together with our industry and practice professionals, form a collaborative team, delivering timely, tailored services to meet client needs. This coverage strategy complements our ongoing engagement with other market-leading companies, both private and public, across sectors, enabling us to optimally serve our wide-ranging client base. Within our highly customized database and software system platform, we maintain a proprietary target list. We actively cover more than 1,000 private equity firms that collectively have more than 18,500 portfolio companies, and we have identified and strategically target approximately 3,300 as potential advisory opportunities in the next five years in addition to our coverage of approximately 1,150 global corporations. We have also invested in enhancing our coverage of private companies with a dedicated group of professionals focused on identifying and engaging with private, founder-owned companies within our core sectors and sub-sectors. We believe the combination of these efforts with MarshBerry's existing depth and breadth of relationships with private companies provides us with an even deeper pool of potential clients. MarshBerry uniquely targets its predominantly private company client base through an advisory-led model and evolves with its clients to the point of exit, creating a unique ecosystem that attracts and retains clients throughout their phases of growth. We believe that our comprehensive coverage strategy enables us to develop differentiated relationships that support the strength of our platform; excluding MarshBerry, 57% of advisory transactions closed during 2025 were with repeat clients.

Further, our Valuations and Opinions practice is a recognized market leader, valuing approximately 32% of all U.S. private equity-backed companies in 2025 through our private equity and private credit portfolio valuation engagements. Moreover, 50% of fairness opinion transactions in 2025 were continuation vehicles or secondary transactions. In addition to supporting our growth and revenue diversification, the Valuations and Opinions practice provides us with unique access to information and enhances our ability to deliver differentiated insights to clients.

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**Selected Transactions Across Industries and Practices**

![prospectussummary3fa.jpg](prospectussummary3fa.jpg)

Our services are organized in the following groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Mergers & Acquisitions Advisory***: Our M&A Advisory practice services are delivered by a team of industry-focused professionals who have spent their careers developing deep professional connections and providing knowledgeable market perspectives and sector expertise to our clients. Our business is balanced across six core industries—Business Services, Consumer, Healthcare, Industrials, Technology, and Financial Services—and we continue to expand into new sectors within each industry. We have successfully added high-quality senior talent through lateral hiring and by purposefully developing talent internally in sectors we believe are likely to experience significant M&A growth.

Our focus is on private market transactions between $250 million and $2 billion in deal value, which we believe represents a large, sustainable, and growing segment of the market for investment banking advisory services. However, as we continue to grow with our clients and deepen our expertise, we expect that the number of transactions we advise on that are greater than this threshold will continue to expand, particularly where we have strong sub-sector expertise. As demonstrated below, our M&A Advisory practice is largely oriented towards sell-side advisory and we most frequently represent private equity firms as they seek return on their portfolio companies, typically selling to corporate or private equity acquirers. Excluding MarshBerry, cross-continental transactions represented approximately 25% of our M&A Advisory activity in 2025, reinforcing the importance of our international footprint and connectivity with acquirers and investors around the world.

**Composition of our 2025 M&A Advisory Transactions by Transaction Count**![business4c.jpg](business4c.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Capital Advisory:*** Our Capital Advisory practice delivers advisory services spanning the entire capital structure from healthy to distressed situations, with services ranging from arranging debt financing to raising minority growth equity to advising on special situations and restructuring. Our bankers have decades of experience providing bespoke services for stakeholders in a variety of complex situations and markets including storied M&A, capital structure assessment, bridge and rescue financing and other liquidity solutions. Approximately one-third of our Capital Advisory bankers have experience in distressed and restructuring situations, bolstered by the recent hiring of senior professionals with this expertise. As an independent, advisory-only firm, client outcomes—not capital deployment—drive our recommendations, allowing us to build a differentiated sense of trust with our clients in any market cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Private Funds Advisory:*** Established at the beginning of 2022, our Private Funds Advisory practice works with financial sponsors to design comprehensive capital solutions that align with their strategic growth objectives. Whether seeking capital for direct new investments, executing GP-led secondary transactions and continuation vehicles to extend hold periods, or raising new funds, our team has access to and knowledge of capital providers (e.g., limited partners) to assist sponsor clients with a tailored private capital fundraising solution aligned with their investment strategies. Since the beginning of 2024, we have tripled the number of managing directors in this group including the addition of senior professionals with significant experience in GP-led secondaries and continuation vehicles. We continue to sharpen our focus and deepen our expertise in this area as global secondaries volumes reached nearly $200 billion in 2025 (up from approximately $40 billion in 2015). Our Private Funds Advisory practice has grown rapidly by both closed assignments and headcount in the short period of time since its creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Valuations and Opinions:*** Our Valuations and Opinions practice has established us as a thought leader that routinely provides independent, timely valuations and advisory services for many of the world's leading alternative asset managers. These alternative asset managers include private equity firms, private credit firms, mutual funds, insurance companies, banks, infrastructure firms, hedge funds, and institutional investors. In addition to servicing these institutions, we also provide leading financial advice to general partners, boards of directors, special committees, investors, trustees, and other corporate decision-makers at both public and private companies.

Our Valuations and Opinions practice is organized into two sub-groups—(1) Portfolio Valuation and (2) Transaction Opinions and Board Advisory. Our global Portfolio Valuation practice operates on a recurring-revenue model, performing valuations of illiquid securities on behalf of our clients for financial and tax reporting purposes, with frequency of valuations varying from daily to annual. Our global Transaction Opinions and Board Advisory team provides transaction and fairness opinions for mergers, acquisitions, continuation vehicles, and various other transactions as well as solvency opinions for corporate spin-offs, dividend recapitalizations, alongside a range of financial opinions tailored to other types of transactions. In addition to these two sub-groups, in 2025, the Valuations and Opinions group launched a dedicated dispute advisory services business. Leveraging our core competencies in M&A and valuations, our disputes team specializes in advising either sellers or buyers on the resolution of post-closing purchase price adjustments (e.g., working capital and earnouts). The Valuations and Opinions practice has significant market share—valuing approximately 32% of all U.S. private equity-backed companies in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• *Other Services:*** In addition to its core Investment Banking Advisory services, MarshBerry offers services that we believe provide an early entry point into our ecosystem of offerings, enabling our team to learn a client's business and add value throughout its lifecycle. These services include strategic consulting, an executive peer exchange called Connect, which fosters connection and mentorship among leaders within the insurance and wealth sectors, and an agency member network, FirstChoice, which provides members direct insurance carrier access, strategic business planning, advanced technology services, and a comprehensive education platform. We believe these offerings enable us to build relationships with smaller, privately held insurance agencies and wealth management practices, and evolve with them to the point of eventual exit.

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**Our Market Opportunity**

We believe an attractive market opportunity exists for an independent investment banking advisory firm focused on the private capital markets, and that we are uniquely positioned to benefit from compelling trends underlying the broader industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growth in the Global Private Capital Markets:*** Since 2000, the number of private companies in the United States backed by private equity firms has grown from approximately 2,000 to approximately 13,600, with private market assets under management expected to grow from $19 trillion in 2024 to $32 trillion in 2030, while the number of U.S. public companies has declined from approximately 7,000 to approximately 4,200 over the same period. Global funds raised but not yet deployed by private equity firms remain abundant at more than $2.6 trillion globally as of December 31, 2025, providing sponsors with capital to support new platforms. We believe these dynamics—abundant investable capital, evolving exit pathways, and heightened liquidity needs—position us to capitalize on strong demand for advisory services in the private capital markets.

**Global Private Equity Undeployed Funds ($T)**

![business5ca.jpg](business5ca.jpg)

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Source: *S&P Global Market Intelligence*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growing and Resilient Private Market M&A Transaction Activity:*** M&A activity in the private capital markets benefits from higher and more stable transaction activity than public, large-cap M&A. Private transactions up to $2 billion in deal value averaged approximately 25.2x the annual number of large-cap market transactions over the past ten years according to Dealogic. Additionally, transactions below $2 billion in deal value experienced significantly more stability in annual transaction count relative to the market from 2015 to 2025, with volatility of 19% over the period relative to 37% for transactions over $2 billion. We believe this long-term stability supports our business model.

![business6ba.jpg](business6ba.jpg)<br>

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Source: Dealogic

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Increasing M&A Fee Pool for Private Equity:*** We believe the expansion of private capital has contributed to a structurally larger and more durable M&A fee pool, particularly for sponsor-led transactions. Global M&A advisory revenues have grown from approximately $12 billion in 2000 to $27.6 billion for the twelve

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months ended December 31, 2025, while independent advisors have meaningfully increased market share from approximately 17% to approximately 37% over the same period. The proliferation of private equity-backed companies, coupled with abundant investable capital, extended hold periods, and evolving exit and liquidity pathways, is driving sustained demand for platform formation, add-on acquisitions, recapitalizations, and exits. Additionally, an increase in the multiple on invested capital ("MOIC") serves as an indicator of more deals coming to market. We believe these dynamics will continue to support strong M&A activity and advisory demand, positioning Lincoln to capture an increasing share of sponsor-driven fee opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Expansion of Retail Investor Participation in the Private Capital Markets:*** Asset managers are increasingly capitalizing on growing retail investor demand for access to private market investments, driven by the search for higher returns, diversification, and income amid public market volatility. This has led to the expansion of retail-accessible private market products, including interval funds, tender offer funds, BDCs, and other semi-liquid vehicles across private equity, private credit, and real assets. Reflecting this shift, a 2025 global private markets survey found that 56% of institutional investors expect at least half of private market capital flows to come through semi-liquid, retail-oriented vehicles within the next one to two years. We believe these trends will continue to support demand for our capital advisory and valuation services as sponsors evaluate retail and wealth-channel fundraising strategies and navigate increasing product, liquidity, and governance complexity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increasing Demand for Independent Advice:*** The demand for unbiased, specialized expertise has supported the ability of independent advisors to capture increasing share of growing M&A fees. Clients are increasingly scrutinizing any potential conflicts of interest at large financial institutions that operate investment banking businesses alongside sales and trading, underwriting, and lending businesses. We believe these large investment banks often face greater regulatory constraints and the relative size and complexity of their organizations can render them less able than independent firms to move nimbly and deliver customized service without any actual or perceived conflicts of interest. We believe that commercial banks view investment banking as a secondary offering to supplement lending activities in specific sub-sectors. In contrast, independent firms have been able to specialize in providing advisory and broader financial services and offer a differentiated level of industry knowledge, quality of service, and the flexibility to rapidly adapt to client needs. In addition to gaining market share from full-service investment banking firms, we believe that the leading independent firms will grow market position relative to smaller, specialized "boutique" advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increase in Private Debt Issuance:*** Companies have capitalized on robust investor demand for higher yielding assets by issuing large volumes of debt, including leveraged loans, structured debt capital, and other similar products. Loan volumes have been particularly high across a broad range of non-bank private capital providers ranging from private credit funds, BDCs, insurance companies, mezzanine funds, and other institutional investors. The demand for credit assets has supported significant growth in global private credit assets under management. After growing at approximately 13-16% per year over the last decade, global private credit assets under management reached approximately $2.3 trillion in 2025 and is forecasted to grow to $4.5 trillion by 2030 according to a report by Preqin. North America direct lending, the most popular strategy, comprises nearly 30% of the global private credit market. We believe that these market trends will continue to support demand for our capital advisory services, particularly as companies seek to evaluate the full range of financing alternatives in the private capital markets. The expansion of the private debt markets is expected to increase demand for valuations and opinions services in all market environments, and particularly during periods of uncertainty, which we believe demonstrates the ability of our business to capitalize on different phases of the business cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increasingly Competitive Fundraising Markets:*** We believe that the extension of private investment holding periods, coupled with elevated levels of undeployed funds, has limited institutional investors' ability to deploy new capital, contributing to a "tightening" of fundraising markets. As a result, we believe fund limited partners have become increasingly selective in allocating funds to investment opportunities, which has catalyzed an increasing demand for advisory services by asset managers to support private capital fundraising efforts. This trend has supported the growth of our Private Funds Advisory practice, as

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fund general partners have increasingly sought advisory services to support the achievement of fundraising goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growing Need for Third-Party Valuation Services:*** Alternative asset managers are typically required to complete valuations that align with their financial reporting requirements to investors, as well as when subscriptions or redemptions occur within a fund vehicle, to satisfy compliance standards and regulatory reporting obligations. Coupled with the need to maintain high governance standards, alternative asset managers often engage third-party valuation firms to consult on internally prepared valuations or to provide independent ranges of values. We believe that as both alternative asset managers and the capital held within private capital markets continue to grow—including growth of such investments within the retail channel—the importance, use and frequency of third-party portfolio valuations will only increase. During the quarter ending December 31, 2025, we performed approximately 7,100 portfolio company valuations, excluding a growing number of asset-backed finance investment valuations from our newly launched asset-backed finance practice. In all of 2025, we performed more than 25,000 portfolio company valuations. While the most common valuation cadence is quarterly, more than 20% of the portfolio company valuations we performed in 2025 were conducted more frequently (i.e., daily, weekly, or monthly).

**Our Key Competitive Strengths**

We believe that our business is differentiated from our competitors based on several factors, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Proactively Managed Culture Drives Exceptional Human Capital:*** Since our inception, we have cultivated a collaborative and entrepreneurial culture that enables us to attract, retain, and engage exceptional people. We anchored our strategy in a clearly defined purpose, vision, and mission, supported by the five core values that define our culture and enable its execution.

![business7b.jpg](business7b.jpg)

We define our culture at a granular level and actively measure it using data-driven tools, including an annual, third-party administered culture and engagement survey and regular focus groups. We take deliberate action based on this feedback to ensure we are upholding our values and addressing issues directly. We believe our high levels of employee engagement validate the widespread adoption of our values, and our compensation structure is designed to reinforce and incentivize dedication to promoting our culture.

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Our unique culture supports strong retention and effective recruiting, both on university campuses and laterally within the industry. We invest significant resources in developing our talent, creating clear pathways for professional advancement, and fostering long-term retention by enabling employees at all levels to have a meaningful impact on the firm's growth and success. This is reflected in approximately 80% employee retention since 2020, an approximately 80% junior banker direct promotion acceptance rate since 2015, and an average managing director tenure of more than eight years. At the same time, we have established ourselves as a destination for top talent. At the end of 2023, we made a deliberate strategic decision to accelerate the hiring of high-quality senior professionals based on our experience that the strongest talent is most willing to change platforms during periods of market uncertainty. This strategy has proven to be highly effective, as evidenced by the successful onboarding of 31 managing directors laterally from January 1, 2024 to January 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Advisor of Choice for Large, Loyal and Repeat Client Base:*** We have long-standing relationships with many of the world's most active and respected private equity firms, and are ranked as the #2 sell-side advisor globally for private equity transactions over the three years ending December 31, 2025 according to *Mergermarket*. Private equity clients are among the most sophisticated and frequent users of investment banking services and deep relationships with this community are critical to driving repeat business and market visibility in a private market M&A advisory business. Beyond sell-side advisory, we have purpose-built our service offerings to support the full continuum of private equity and private debt needs, from attracting capital, to investing with purpose, to creating value and ultimately realizing returns.

Led by our Financial Sponsors group, we actively cover more than 1,000 private equity firms worldwide with more than 18,500 portfolio companies, of which we have identified approximately 3,300 as targets for potential advisory engagements in the next five years. We strategically identify potential targets through an evaluation of size, industry, and investor relationships, and prioritize opportunities where we believe we can achieve optimal outcomes for our clients. For each of the approximately 3,300 targets, we maintain an institutionalized strategic business planning approach captured within our CRM system enabling us to develop an authentic relationship with the decision makers while delivering value to the portfolio company during the private equity group's hold period. Our track record of driving successful outcomes for private equity firms across numerous transactions and services has resulted in deeply embedded relationships. We believe these relationships are further supported by how we are often a top source of new investment opportunities for these firms. Excluding MarshBerry, approximately 57% of our advisory transactions closed in 2025 were with repeat clients, which we believe demonstrates the quality of our advisory services and client coverage efforts. Many of our repeat clients utilize multiple products across business lines, as demonstrated in the examples below:

**Examples of Breadth of Private Equity Client Relationships**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Transactions (2019-2025)** | **Transactions (2019-2025)** | **Transactions (2019-2025)** | **Transactions (2019-2025)** |
|<br>**Client** |<br>**# of Total Portfolio Companies** |<br>**# of Portfolio Companies on LI Target List** | **Sold a Business To?** | **Sold a Business For?** | **Completed a Capital Raise For?** | **Valuations and Opinions Client?** |
| Client A | 97 | 11 | Y | Y | N | Y |
| Client B | 84 | 12 | Y | Y | N | Y |
| Client C | 43 | 8 | Y | Y | Y | Y |
| Client D | 33 | 8 | Y | Y | Y | N |

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We believe the above examples are representative of our breadth of private equity client relationships as a whole and demonstrate the typical engagement of these clients across our continuum of services. Our robust and consistent deal flow as a result of our meticulous target tracking efforts and continuous engagement with these clients, enables us to generate more transaction opportunities that deliver excellent outcomes. Further, our hiring efforts are focused on expanding our industry expertise, which we believe will support our ability to expand our target universe, further deepen client relationships and enhance our ability to capture a greater share of advisory opportunities among our client base.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Complementary Services, with Growing and Recurring Revenue Streams:*** Since our founding, we have strategically expanded into a diversified platform offering complementary services to clients across key sectors of the economy. Our advisory capabilities span two core segments: Investment Banking Advisory (comprised of M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services) and Valuations and Opinions.

**Complementary Service Offerings**

![business8ba.jpg](business8ba.jpg)

This expansion has broadened our client relationships and deepened our engagement across the private capital markets, creating multiple entry points for new business and recurring revenue streams. In particular, our Valuations and Opinions practice provides ongoing, comprehensive valuation services that generate predictable, repeatable revenue, enhance connectivity with clients and often facilitate the identification of potential advisory opportunities. Market dynamics and evolving investment opportunities drive increased demand for higher frequency valuations. While the most common valuation cadence is quarterly, more than 20% of the portfolio company valuations we performed in 2025 were conducted more frequently (i.e., daily, weekly, or monthly). Collectively, we believe our complementary service offerings create a balanced revenue mix, enhance stability, reduce cyclicality, and position us for continued growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Globally Integrated Organization:*** We have strategically expanded into new geographies with a focus on building a locally deep and globally integrated presence across the world's top economies. This approach has resulted in an integrated global footprint, providing broad market knowledge and strong access to investors. Our teams are embedded within their local business communities around the world, enhancing our ability to win assignments and deliver tailored advisory services. We believe this globally integrated organization enables us to deliver superior outcomes for our clients.

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**<u>Global Client Professionals</u>**

![business9f.jpg](business9f.jpg)

We have well-established teams in the three largest Western European markets by gross domestic product, with a presence in Germany since 1999, France since 2006, and the United Kingdom since 2008. We believe that operating near the headquarters of many pan-European private equity firms positions us well to deploy cross-border European advisory teams in support of our clients' objective. We also maintain an established presence in Asia, having entered Japan in 2008, India in 2011, China in 2013, and Dubai in 2025. In 2023, we established a strategic partnership with Miles Advisory Partners, which expanded our global footprint into Australia and New Zealand, enhancing our geographic reach, industry expertise, and investor connectivity in a region with growing deal activity.

Our collaborative culture and global systems infrastructure enable real-time knowledge sharing and the ability to provide differentiated service to our clients. This level of global connectivity is particularly valuable in facilitating successful outcomes in cross-border transactions. For example, in a sell-side transaction, our footprint allows us to access a global universe of strategic and financial buyers, enabling us to drive competitive tension and generate superior outcomes for our clients.

Our global footprint diversifies our business from the impact of regional economic cycles. Over the two year period ended December 31, 2025, excluding adjustment for the MarshBerry Acquisition, approximately 30% of our closed engagements combined a local market professional with a sector expert from another geography.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Distinctive Technology and Data–Driven Approach:*** We employ a data-driven approach to managing our business and leverage technology to enhance knowledge sharing and client service. Our investments in data and technology enable leadership, client facing professionals, and administrative teams to collaborate effectively, lead, forecast, generate business, and execute transactions.

Our highly customized customer relationship management system is built to maximize collaboration and analytical decision making, featuring a robust target list of potential advisory opportunities, proprietary dashboards that provide actionable insights that help us to manage our business, and deep intelligence that

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enable us to better serve clients. Real-time access to productivity metrics, revenue backlog, closed deal statistics and target scores informs strategic planning and support enterprise resource planning.

We have also developed an internal, bespoke generative artificial intelligence powered knowledge retrieval engine to enhance the efficiency and quality of our client service. Leveraging the expertise of our global professionals, we completed an extensive development process through the targeted collection of Lincoln's proprietary documents and client meeting notes, organization by industry and deal type, cleansing of sensitive data, and implementation of retrieval algorithms. This tool has equipped our team with instant access to critical client and market information, enabling us to better share insights across global offices and deliver deeper value for our clients.

To improve our portfolio valuation service within our Valuations and Opinions group, we have implemented cloud-based platforms that streamline the management of large datasets and complex analyses, as well as tools that enhance the transparency of our processes with clients. Additionally, we have integrated artificial intelligence and other automation technologies to extract data from information received from our clients and to uniformly incorporate market data into our valuations systemically. These advancements enable our valuations professionals to improve accuracy of results, enhance process efficiency, strengthen quality control, and deliver deeper, more insightful results, on a near real-time basis to our clients and, where applicable, their fund administrators.

Through our portfolio valuation and opinions business, Lincoln has captured and aggregated significant amounts of private company performance and transaction data since 2015. This enables us to analyze, in an anonymized and aggregated manner, key indicators regarding the health of the private capital markets and can extract themes across industry verticals, investment vintage, and size categories. The data we regularly report on includes, but is not limited to, enterprise valuation levels, business performance, financial covenants and investment interest rates in private credit transactions.

**Our Growth Opportunities**

Since our founding, we have proactively capitalized on opportunities to drive growth throughout market cycles. Our vision is to continue advancing our position as a leading global independent investment banking advisory firm serving the private capital markets through the consistent execution of our growth strategies. We have a long track-record of evolving our business model by identifying and acting on opportunities to accelerate our growth, including during periods of market uncertainty, resulting in increased scale, productivity, and diversification.

**Global Revenue Over Time**

![prospectussummary10b.jpg](prospectussummary10b.jpg)

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We plan to further our growth objectives by continuing to focus on:

***Expand Market Share***

We believe there is a significant opportunity to continue to increase our share of the expanding demand for investment banking advisory services in the private capital markets. We intend to accomplish this by both deepening relationships with existing clients and adding new clients across sectors and geographies. As our client relationships mature, we increasingly serve as a holistic advisor, helping clients navigate often complex strategic objectives. Several of our private equity clients with whom we have worked for decades have grown into diversified asset managers, requiring sophisticated and wide-ranging advisory support. Moreover, over the last five years, approximately 2,400 new private equity groups have been formed globally, many of which have investment professionals with whom we have worked while they were at other firms. We have grown and adapted alongside our clients, expanding our industry expertise and service offerings to meet their evolving needs in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Deepen Current Expertise:** We continue to build depth and scale in our existing industries and products by developing high performing talent internally and hiring senior professionals who expand our expertise. The strength of our platform and collaborative culture enables retention and promotion of our internal talent and makes us an attractive destination for high-caliber lateral hires. This approach is supported by a robust internal pipeline, including more than 120 directors and more than 140 vice presidents as of December 31, 2025, who represent potential future managing directors. This deep bench of internal talent, combined with strategic lateral hiring, allows us to strengthen sector, sub-sector and product density. Throughout our history, we've employed this approach to expand our coverage and reach in nearly all of our industry groups and products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Expand into New Industries and Products:** While we continue to drive talent density in our current industry and product groups, we remain focused on leveraging our proven strategy to further expand our advisory capabilities across new industries and offerings. We are an employer of choice for lateral hiring. We added a record 66 managing directors from January 1, 2024 to January 1, 2026, of which 31 were outside hires, 21 joined through acquisitions, and 14 were internally promoted. The MarshBerry Acquisition added 16 managing directors with sub-sector experience across the insurance brokerage and wealth management sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Cross-Sell Services:** Our deep M&A client relationships create significant opportunities to introduce Capital Advisory, Private Funds Advisory, and Valuations and Opinions services, further embedding us in our clients' businesses. Likewise, our Valuations and Opinions practice serves many of the largest asset managers, providing a strong opportunity to expand into more transaction-oriented advisory services. These efforts are reinforced by deliberate relationship-building initiatives, including our Financial Sponsors group, Private Company Coverage group, private markets conferences and other forums designed to create lasting client connections.

This expanding market opportunity is reflected in our strong and growing backlog which is at an all-time high as of December 31, 2025. This important benchmark underscores the continued demand for our services, the depth of our client relationships, and our ability to capitalize on our growth opportunities across our complimentary advisory offerings. We regularly review and assess backlog on both a gross and probability weighted basis.

***Increase Productivity & Expand Margins***

We strive to increase productivity and expand margins by driving greater discipline and consistency across target coverage, fee realization and deal execution. As our platform has scaled, we've sharpened our focus on deal selection and target coverage, which supports increases in revenue per managing director as well as average deal and fee size.

Maintaining a high-performance culture remains central to this effort. We actively manage productivity expectations and hold employees accountable to meeting those standards, which has been validated by growth in employee productivity. This discipline also ensures we reserve capacity within the organization for opportunities

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that increase our franchise value. In addition, we expect the full productivity impact of the significant number of lateral managing directors onboarded in the past two years to be fully realized in 2026, 2027 and beyond.

Another key driver of this margin expansion is the continued growth of insourcing to our operations in India, which provides high-quality, cost-efficient support across the platform. While this has been most impactful to date in our Valuations and Opinions business, we expect similar productivity gains in our Investment Banking Advisory business going forward. In parallel, we are increasingly 'working smarter' by automating workflows and leveraging technology to improve efficiency and accelerate execution. These efficiencies allow us to support growth in managing directors while growing incoming junior banker classes at a slower rate, reflecting productivity improvements enabled by technology and outsourced support.

We believe these investments to date lay the groundwork for further expanded margins through operating leverage and continued efficiency gains. We have made significant, forward-looking investments in our real estate footprint across nearly all major office locations, providing substantial capacity to support future headcount growth. Investments made in real estate, as well as technology, infrastructure, talent optimization, and our global operating model, are beginning to deliver scale benefits, allowing incremental revenue to convert at higher margins while preserving the high-quality service clients expect from us.

***Strategically Invest in the Platform***

We take an approach of investing in our business to establish competitive advantages in the way we serve clients. Our strategic investments drive growth, efficiency, and client impact. We continue to invest in technology and tools that further professionalize our organization and optimize employee efficiency, ensuring our teams can operate at the highest level. We are already beginning to realize tangible benefits from recent investments in artificial intelligence, including improved data aggregation, faster insight generation, and more efficient execution. As these capabilities scale, they enhance our ability to deliver differentiated perspectives, support banker productivity, and provide a consistently high-quality client experience.

In parallel, we are expanding our coverage of private companies in an organized, methodical, and data-driven way through the recent addition of our Private Company Coverage Group, aimed at identifying growth-oriented, entrepreneur-owned businesses that require advisory services. Connections with private company leadership teams unlock new insights into industry and private market trends that we can leverage across the platform. These investments position us for long-term success, strengthening our ability to deliver differentiated insights and exceptional client outcomes.

We are also investing in the aggregation of our proprietary data to create opportunities for data commercialization. By systematically capturing and organizing transactional and operational private capital information generated through our client engagements, we have built a differentiated dataset that can be leveraged beyond individual client engagements. These investments reinforce our position as a leading source of proprietary perspectives in the private capital markets.

***Selectively Pursue Acquisitions***

We have pursued, and will continue to pursue, strategic acquisitions that expand our capabilities, strengthen our industry and geographic reach, and enhance our ability to serve both existing and new clients. Alongside organic growth, acquisitions represent a critical lever to accelerate expansion, particularly in targeted sectors and key markets, with cultural alignment remaining a top priority to ensure seamless integration and long-term success. Over the past four years, we have demonstrated our ability to execute this strategy through the acquisitions of Spurrier Capital Partners in 2022 and TCG Corporate Finance in 2024, which significantly enhanced our technology sector expertise in the United States and Europe while deepening relationships with leading private equity firms. The MarshBerry Acquisition provided immediate entry at scale into the Financial Services sector—one of the most active M&A sectors over the past five years—while also diversifying our end markets, client base, and business model. In addition, we view group hires as a valuable complement to acquisitions, strengthening sector and product expertise across the firm. We expect to build on this momentum by leveraging both acquisitions and group hires as key drivers of continued growth.

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**Summary Risk Factors**

Participating in this offering involves substantial risk. Our ability to execute our strategy is also subject to risks. The risks described under the heading "Risk Factors" immediately following this summary may cause us not to realize the full benefits of our strengths or may cause us to be unable to successfully execute all or part of our strategy. Some of the most significant challenges and risks we face include the following:

***Risks Related to Our Business***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to Retaining and Recruiting Talent and Maintaining Our Culture*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Our ability to retain our managing directors and professionals, including our executive officers and other key senior professionals, is critical to the success of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Our future growth will depend on, among other things, our ability to successfully identify, recruit and develop talent and will require us to commit additional resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ If we are unable to maintain our corporate culture as we grow, we could lose focus on the core values that we believe contribute to our success and our business may be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to Market Conditions and the Impact on Our Business*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Changing market conditions and the impact of economic conditions, including those resulting from military conflicts and public health incidents, can adversely affect, and in the past has adversely affected, our business in many ways, including by reducing the volume of the transactions involving our business, which could materially impact our performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to the Drivers of Our Revenues*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ A substantial portion of our revenue is derived from advisory engagements under which a significant portion of our fees is not paid until the completion of a transaction. As a result, our revenue and profits can be highly volatile on a quarterly basis and may cause the price of our Class A common stock to fluctuate and decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We derive a substantial portion of our revenue from private equity firms, and the loss of major clients or a downturn in that industry would harm our business and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Our revenues in any given period are dependent on the number of fee-paying clients in such period and the size of transactions on which we are advising. A significant reduction in the number of fee-paying clients in any given period could reduce our revenue and adversely affect our operating results in such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We face strong competition from other financial advisory firms, many of which offer clients a wider range of products and services than those we offer. Our competitors' wider range of products and services could cause us to lose engagements to competitors and subject us to pricing pressures that could materially adversely affect our revenue and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to Conflicts of Interest, Misconduct by Employees, Client Satisfaction and Our Reputation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Our failure to properly manage actual, potential or perceived conflicts of interest could damage our reputation and materially adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Employee misconduct, which is difficult to detect and deter, and other labor-related issues could harm us by impairing our ability to attract and retain clients and by subjecting us to legal liability and reputational harm.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to Litigation, Compliance and Information Technology and Security*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ As a member of the financial services industry, we face substantial litigation risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Extensive and evolving regulation of our business and the businesses of our clients exposes us to the potential for significant penalties and fines due to compliance failures, increases our costs and may result in limitations on the manner in which our business is conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We are exposed to risks and costs associated with protecting the integrity and security of our clients', employees' and others' personal data and other sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Artificial intelligence presents risks and challenges that can impact our business including by, among other things, posing security risks to our confidential information, proprietary information, and personal data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The cost of compliance with international broker-dealer, securities, data privacy, employment, labor, benefits and tax regulations may adversely affect our business and hamper our ability to expand internationally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to Growing Our Business*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We may be unable to execute on our growth initiatives, business strategies or operating plans, which would harm our business and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Our inability to successfully identify, consummate and integrate acquisitions and strategic investments, including integrating the MarshBerry Acquisition, may result in additional risks and uncertainties in our businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Goodwill and other intangible assets may represent a significant portion of our assets, and an impairment of these assets could have a material adverse effect on our business, financial condition and results of operation.

***Risks Related to our Indebtedness***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restrictions imposed by our Credit Facilities may materially limit our ability to operate our business and finance our future operations or capital needs.

***Risks Related to Our Organizational Structure***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our principal asset after the completion of this offering will be our direct and indirect interest in LILP, and, as a result, we will depend on distributions from LILP to pay our dividends, taxes and expenses, including payments under the Tax Receivable Agreement. LILP's ability to make such distributions may be subject to various limitations and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Tax Receivable Agreement with the LILP Partners will require us to make cash payments to them in respect of tax benefits to which we may become entitled, and we expect that such payments will be substantial.

***Risks Related to Our Class A Common Stock and This Offering***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be controlled by the LILP Controlling Partners whose interests may differ from those of our other stockholders and may give rise to actual or perceived conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you purchase shares of Class A common stock in this offering, you will incur immediate and substantial dilution and may experience additional dilution in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While we currently intend to pay a quarterly cash dividend to our stockholders, we may change our dividend policy at any time and we may not continue to declare cash dividends.

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**Summary of the Organizational Transactions**

Lincoln International, Inc., the issuer of Class A common stock in this offering, was incorporated as a Delaware corporation on April 6, 2022. Prior to this offering and the Organizational Transactions, all of our business operations have been conducted through LILP and its subsidiaries, which has been owned by the LILP Partners and the Blocker Companies. After giving effect to this offering and the Organizational Transactions, Lincoln International, Inc. will be a holding company whose principal asset will consist of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the outstanding common units of LILP (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise their option to purchase additional shares of our Class A common stock in full).

**Organizational Transactions**

Prior to the Organizational Transactions, there is only one holder of common stock of Lincoln International, Inc. We will consummate the following transactions in connection with this offering, to which we refer collectively as the "Reorganization Transactions":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend and restate the existing limited partnership agreement of LILP, which will become effective prior to the consummation of this offering, to, among other things, (1) recapitalize all existing ownership interests in LILP into one class of common units, (2) admit Lincoln International, Inc. as the general partner of LILP upon its acquisition of common units in connection with the Corporate Mergers (as defined below) and (3) provide certain redemption rights to the LILP Partners as described in "Certain Relationships and Related Party Transactions—LILP Partnership Agreement";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend and restate Lincoln International, Inc.'s certificate of incorporation to, among other things, provide for (1) Class A common stock, entitling its holder to one vote per share on all matters presented to our stockholders generally, (2) Class B common stock, entitling its holder to one vote per share on all matters presented to our stockholders generally, and that shares of our Class B common stock may only be held by the LILP Non-controlling Partners and their respective permitted transferees as described in "Description of Capital Stock—Common Stock—Class B Common Stock," (3) Class C common stock, entitling its holder to ten votes per share on all matters presented to our stockholders generally, and that shares of our Class C common stock may only be held by the LILP Controlling Partners and their respective permitted transferees as described in "Description of Capital Stock—Common Stock—Class C Common Stock" and (4) the recapitalization of our outstanding shares of existing common stock into shares of Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire, by mergers, LI GP, Inc. and the Blocker Companies (the "Corporate Mergers"), and issue an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock to the stockholders of LI GP, Inc. (who are the same individuals as the LILP Controlling Partners) and the members of the Blocker Companies (who are the Other Senior Professionals) as consideration in the Corporate Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class B common stock to the LILP Non-controlling Partners, which is equal to the number of common units held directly or indirectly by such LILP Non-controlling Partners immediately following the Organizational Transactions, for nominal consideration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class C common stock to the LILP Controlling Partners, which is equal to the number of common units held directly or indirectly by such LILP Controlling Partners immediately following the Organizational Transactions, for nominal consideration.

Following the Reorganization Transactions, we will consummate the following transactions in connection with this offering, to which we refer collectively as the "Offering Transactions":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock to the investors in this offering (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full) in exchange for net proceeds, after taking into account the underwriting discount, of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million (or approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use the net proceeds from this offering, after taking into account the underwriting discount and estimated offering expenses payable by us, to purchase newly issued common units (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LILP intends to use the net proceeds from the sale of common units to us (i) to pay $&nbsp;&nbsp;&nbsp;&nbsp; million in cash to partially redeem a portion of the common units held directly or indirectly by the LILP Partners, including some of our executive officers and directors, (ii) to pay fees and expenses of approximately $&nbsp;&nbsp;&nbsp;&nbsp; million in connection with this offering and the Organizational Transactions, (iii) to repay $&nbsp;&nbsp;&nbsp;&nbsp; million in borrowings under the Credit Facilities and, (iv) if any proceeds are remaining, for general corporate purposes as described under "Use of Proceeds"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will enter into the Tax Receivable Agreement with LILP and the TRA Parties. For a description of the terms of the Tax Receivable Agreement, see "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

**Organizational Structure Following the Organizational Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will be a holding company and its principal asset will consist of common units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will be the sole general partner of LILP and will control the business and affairs of LILP and its direct and indirect subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will own, directly or indirectly&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common units of LILP, representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common units, representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Controlling Partners will own (1) directly through the LILP Controlling Partners' ownership of common units and indirectly through Lincoln International, Inc.'s ownership of common units, approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP (or approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full), (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the combined voting power of all of Lincoln International, Inc.'s common stock (or shares of Class A common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class C common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the combined voting power of all of Lincoln International, Inc.'s common stock (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class C common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Non-controlling Partners will own (1) directly through the LILP Non-controlling Partners' ownership of &nbsp;&nbsp;&nbsp;&nbsp; common units, approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP (or approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class B common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the combined voting power of all of Lincoln International, Inc.'s common stock (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class B common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Other Senior Professionals will (1) own&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock of Lincoln International, Inc. representing approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the combined voting power of all of Lincoln International, Inc.'s common stock and approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the economic interest in Lincoln International, Inc. (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock of Lincoln International, Inc. representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of

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such combined voting power and &nbsp;&nbsp;&nbsp;&nbsp; % of the economic interest if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (2) through Lincoln International, Inc.'s ownership of common units, will hold approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the economic interest in LILP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investors in this offering will own (1) indirectly through Lincoln International, Inc.'s ownership of common units, approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP (or approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the combined voting power of all of Lincoln International, Inc.'s common stock (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock of Lincoln International, Inc., representing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

As the sole general partner of LILP, we will operate and control all of the business and affairs of LILP and, through LILP and its subsidiaries, conduct our business. Following the Organizational Transactions, including this offering, Lincoln International, Inc. will have a minority economic interest in LILP, and will control the management of LILP as its sole general partner. As a result, Lincoln International, Inc. will consolidate LILP and record a significant non-controlling interest in a consolidated entity.

For more information regarding the Organizational Transactions and our structure, see "Our Organizational Structure."

**Ownership Structure**

The diagram below depicts our organizational structure as of December 31, 2025.

![prosumm11aa.jpg](prosumm11aa.jpg)

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The diagram below depicts our organizational structure after giving effect to the Organizational Transactions, including this offering and the use of net proceeds of this offering as described under "Use of Proceeds," assuming no exercise by the underwriters of their option to purchase additional shares of Class A common stock.

![prosumm12a.jpg](prosumm12a.jpg)

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(1)Investors in this offering will hold approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the combined voting power of Lincoln International, Inc. (or approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

**Corporate Information**

Our corporate headquarters is located at 110 North Wacker Drive, 51st Floor, Chicago, Illinois 60606. Our telephone number is (312) 580-8339. Our principal website address is www.lincolninternational.com. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

**Implications of Being an Emerging Growth Company**

We qualify as an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities Act"), as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As an emerging growth company, we may take advantage of specified reduced disclosure and other requirements that are otherwise applicable, in general, to public companies that are not emerging growth companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the option to present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements; 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;• exemptions from the requirements of holding nonbinding, advisory stockholder votes on executive compensation or on any golden parachute payments not previously approved.

We will remain an emerging growth company until the earliest to occur of: (i) the last day of the first fiscal year in which our annual gross revenue exceeds $1.235 billion; (ii) the date that we become a "large accelerated filer," with at least $700 million of equity securities held by non-affiliates as of the end of the second quarter of that fiscal year; (iii) the date on which we have issued, in any three-year period, more than $1 billion in non-convertible debt securities; and (iv) the last day of the fiscal year ending after the fifth anniversary of the completion of this offering.

We may choose to take advantage of some but not all of these reduced requirements. We have elected to adopt the reduced disclosure with respect to financial statements and the related Management's Discussion and Analysis of Financial Condition and Results of Operations disclosure, as well as executive compensation. As a result of this election, the information that we provide stockholders may be different than other public companies in which you hold equity.

The JOBS Act permits an emerging growth company like us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We are choosing to "opt out" of this provision because FINRA regulations require all broker dealers to adopt new accounting standards on public company timelines. As a result, we will comply with new or revised accounting standards as required when they are adopted. This decision to opt out of the extended transition period is irrevocable.

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**The Offering**

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| | |
|:---|:---|
| Issuer | Lincoln International, Inc. |
| Shares of Class A common stock offered by us | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares. |
| Option to purchase additional shares of Class A common stock after this offering | We have granted the underwriters the right to purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional shares of Class A common stock from us within 30 days from the date of this prospectus. |
| Shares of Class A common stock to be outstanding immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares, representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the combined voting power of all of our common stock (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares, representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the combined voting power of all of our common stock if the underwriters exercise their option to purchase additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock in full), &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in Lincoln International, Inc. and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the indirect economic interest in LILP. |
| Shares of Class B common stock to be outstanding immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares, representing approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the combined voting power of all of our common stock (or&nbsp;&nbsp;&nbsp;&nbsp; shares, representing approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the combined voting power of all of our common stock if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and no economic interest in Lincoln International, Inc. |
| Shares of Class C common stock to be outstanding immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares, representing approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the combined voting power of all of our common stock (or&nbsp;&nbsp;&nbsp;&nbsp; shares, representing approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the combined voting power of all of our common stock if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and no economic interest in Lincoln International, Inc. |
| Common units to be held by us immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp; common units, representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common units, representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full). |
| Common units to be held by the LILP Controlling Partners immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp; common units, representing approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the economic interest in LILP (or&nbsp;&nbsp;&nbsp;&nbsp; common units, representing approximately &nbsp;&nbsp;&nbsp;&nbsp; % of the economic interest in LP if the underwriters exercise their option to purchase additional shares of Class A common stock in full). |

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| | |
|:---|:---|
| Common units to be held by the LILP Non-controlling Partners immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp; common units, representing approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the economic interest in LILP (or&nbsp;&nbsp;&nbsp;&nbsp; common units, representing approximately &nbsp;&nbsp;&nbsp;&nbsp; % of the economic interest in ILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full). |
| Ratio of shares of Class A common stock to common units | Our amended and restated certificate of incorporation and the LILP Partnership Agreement will require that we and LILP at all times maintain a one-to-one ratio between the number of shares of Class A common stock issued by us and the number of common units owned by us. |
| Voting rights | Holders of shares of our Class A common stock, our Class B common stock and our Class C common stock will vote together as a single class on all matters resented to stockholders for their vote or approval, except as otherwise required by law or our amended and restated certificate of incorporation. Each share of our Class A common stock and our Class B common stock entitles its holder to one vote per share and each share of our Class C common stock entitles its holder to ten votes per share on all matters presented to our stockholders generally. See "Description of Capital Stock." |
|  | Immediately after this offering, holders of shares of our Class A common stock and Class C common stock will represent approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %, respectively, of the voting interest in Lincoln International, Inc. (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%, respectively, if the underwriters exercise their option to purchase additional shares of Class A common stock in full in this offering). If all shares of Class C common stock are exchanged for Class A common stock or Class B common stock, at a one-to-one ratio immediately after this offering, holders of our Class A common stock would represent approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %, respectively, of the voting interest in Lincoln International, Inc. (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %, respectively, if the underwriters exercise their option to purchase additional shares of Class A common stock in full in this offering). |
| Redemption rights of LILP Partners holding common units | The LILP Partners may, subject to exceptions, from time to time at their option require LILP to redeem all or a portion of their common units in exchange for, at our election (determined solely by a majority of our directors who are disinterested), newly issued shares of our Class A common stock on a one-for-one basis, or to the extent there is cash available from a secondary offering, a cash payment equal to (i) a volume-weighted average market price of one share of our Class A common stock for each common unit so redeemed or (ii) in the case that the cash is from a related sale of stock by us, the net proceeds per share from such sale, in each case, in accordance with the terms of the LILP Partnership Agreement; provided that, at our election, we may effect a direct exchange by Lincoln International, Inc. of such Class A common stock or such cash, as applicable, for such common units. The LILP Partners may, subject to exceptions, exercise such redemption right for as long as their common units remain outstanding. See "Certain Relationships and Related Party Transactions—LILP Partnership Agreement—Agreement in Effect Upon Consummation of the Organizational Transactions." Simultaneously with the payment of cash or shares of Class A common stock, as applicable, in connection with a redemption or exchange of common units pursuant to the terms of the LILP Partnership Agreement, a number of shares of our Class B common stock or our Class C common stock registered in the name of the redeeming or exchanging LILP Partner, as applicable, will be transferred to the Company and will be cancelled for no consideration on a one-for-one basis with the number of common units so redeemed or exchanged. |

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| | |
|:---|:---|
| Use of proceeds | We estimate, based upon an assumed initial public offering price $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share (which is the midpoint of the price range set forth on the front cover page of this prospectus), that we will receive net proceeds from this offering of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million (or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million if the underwriters exercise their option to purchase additional shares of Class A common stock in full), after deducting the underwriting discount and estimated offering expenses payable by us. We intend to use the net proceeds from this offering to purchase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; newly issued common units (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount. We intend to cause LILP to use the net proceeds from the sale of common units to us (i) to pay $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in cash to partially redeem a portion of the common units held directly or indirectly by the LILP Partners, including some of our executive officers and directors, (ii) to pay fees and expenses of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in connection with this offering and the Organizational Transactions, (iii) to repay $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in borrowings under the Credit Facilities and, (iv) if any proceeds are remaining, for general corporate purposes. See "Use of Proceeds." |
| Dividend policy | Following this offering and subject to applicable laws and regulations as well as funds being available, we intend to pay a quarterly cash dividend to holders of our Class A common stock, initially equal to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of Class A common stock, commencing with the quarter of fiscal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . Any declaration and payment of future dividends will be at the discretion of our board of directors and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, including those contained in the Credit Agreement, and other considerations that our board of directors deems relevant. While we currently intend to pay a quarterly cash dividend to holders of our Class A common stock, we may change our dividend policy at any time and we may discontinue the issuance of cash dividends. Our ability to pay dividends may also be restricted by the terms of the Credit Agreement and any future credit agreement or any future debt or preferred equity securities of us or of our subsidiaries. See "Dividend Policy" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Cash and Liquidity—Credit Facilities." |
| Controlled company exception | Following this offering, we will be a "controlled company" within the meaning of the New York Stock Exchange ("NYSE") rules. See "Our Organizational Structure" and "Management—Controlled Company Exception." |

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| | |
|:---|:---|
| Tax receivable agreement | We will enter into a Tax Receivable Agreement with LILP and the TRA Parties that will provide for the payment by Lincoln International, Inc. to the TRA Parties of 85% of the amount of tax benefits, if any, that Lincoln International, Inc. actually realizes (or in some circumstances is deemed to realize) as a result of the Basis Adjustments and Interest Deductions. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement" for more information. Assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, we expect that the tax savings associated with the Basis Adjustments and Interest Deductions would aggregate to approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; over approximately 20 years from the date of this offering based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our Class A common stock, which is the midpoint of the price range set forth on the front cover page of this prospectus, and assuming all future redemptions or exchanges would occur on the date of this offering at the same assumed price per share. Under such scenario, assuming future payments are made on the date each relevant tax return is due, without extensions, we would be required to pay approximately 85% of such amount, or approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , over the 20- year period from the date of this offering. We will depend on cash distributions from LILP to make payments under the Tax Receivable Agreement. Any payments made by Lincoln International, Inc. to the TRA Parties under the Tax Receivable Agreement will generally reduce the amount of cash that might have otherwise been available to us. We expect to benefit from the remaining 15% of the tax benefits, if any, that we may actually realize. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement" for a discussion of the Tax Receivable Agreement. |
| Risk Factors | See "<u>[Risk Factors](#i7a3c422cdd584cf6a1030e898a63848a_28)</u>" beginning on page <u>[30](#i7a3c422cdd584cf6a1030e898a63848a_28)</u> and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in shares of our Class A common stock. |
| Trading symbol | We intend to apply to list our Class A common stock on the NYSE under the symbol "LCLN." |
| Reserved share program | At our request, the underwriters have reserved for sale, at the initial public offering price, up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the Class A common stock offered by this prospectus for sale to some of our directors, officers, employees, business associates and related parties as well as business associates and related parties of the LILP Controlling Partners, through a reserved share program (the "Reserved Share Program"). If these persons purchase reserved shares, it will reduce the number of shares of Class A common stock available for sale to the general public. Any reserved shares of Class A common stock that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares of Class A common stock offered by this prospectus. See "Underwriting—Reserved Share Program." |

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Unless we indicate otherwise or the context otherwise requires, all information in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gives effect to the MarshBerry Acquisition and Organizational Transactions, including the consummation of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock reserved for issuance under our 2026 Incentive Award Plan (the "2026 Plan"), which will become effective in connection with the consummation of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of Class A common stock, which is the midpoint of the price range set forth on the front cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes no purchase of Class A Common Stock by our directors, officers, employees, business associates and related parties as well as business associates and related parties of the LILP Controlling Partners, through the Reserved Share Program. See "Underwriting—Reserved Share Program"; 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;• assumes no exercise by the underwriters of their option to purchase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional shares of Class A common stock.

The 2026 Plan also provides for automatic annual increases in the number of shares reserved thereunder, which are not reflected in the numbers above. See "Executive and Director Compensation—Equity Incentive Plans" for additional information.

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**Summary Consolidated Financial and Other Data**

The following tables present the summary historical consolidated financial and other data for Lincoln International, LP and its subsidiaries and the summary pro forma condensed consolidated financial and other data for Lincoln International, Inc. Lincoln International, LP is the predecessor of the issuer, Lincoln International, Inc., for financial reporting purposes. The summary consolidated statement of income data for the years ended December 31, 2025 and 2024 and the summary consolidated balance sheet data as of December 31, 2025 and 2024 are derived from the audited consolidated financial statements and notes of Lincoln International, LP and its subsidiaries included elsewhere in this prospectus. The results of operations for the periods presented below are not necessarily indicative of the results to be expected for any future period. The information set forth below should be read together with the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and the accompanying notes included elsewhere in this prospectus.

The summary unaudited pro forma condensed consolidated financial data of Lincoln International, Inc. presented below have been derived from our unaudited pro forma condensed consolidated financial information included elsewhere in this prospectus. These pro forma adjustments give effect to the MarshBerry Acquisition and the Organizational Transactions as described in "Our Organizational Structure," including the consummation of this offering, as if all such transactions had occurred on January 1, 2025 in the case of the unaudited pro forma condensed consolidated statements of income data and as of December 31, 2025 in the case of the unaudited pro forma condensed consolidated balance sheet data. The unaudited pro forma condensed consolidated financial information includes various estimates which are subject to material change and may not be indicative of what our operations or financial position would have been had the MarshBerry Acquisition and the Organizational Transactions taken place on the dates indicated or that may be expected to occur in the future. See "Unaudited Pro Forma Condensed Consolidated Financial Information" for a complete description of the adjustments and assumptions underlying the summary unaudited pro forma condensed consolidated financial information.

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The summary historical consolidated financial and other data of Lincoln International, Inc. has not been presented because Lincoln International, Inc. is a newly incorporated entity, has had no business transactions or activities to date and had no assets or liabilities during the periods presented in this section.

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| | | | |
|:---|:---|:---|:---|
| | **Lincoln International, LP Year Ended** | **Lincoln International, LP Year Ended** | **Lincoln International, Inc. Pro Forma Year Ended**<br>**December 31,**<br>**2025** |
| *(USD in thousands)* | **December 31, 2025** | **December 31, 2024** | **Lincoln International, Inc. Pro Forma Year Ended**<br>**December 31,**<br>**2025** |
| **Consolidated statements of income data**: |  |  |  |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client revenue |  | $572061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursed expense |  | 6686 |  |
| **Total revenues**  |  | $**578747** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses |  | 285003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compensation expenses |  | 135557 |  |
| **Total expenses**  |  | **420560** |  |
| **Total operating income**  |  | **158187** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income and expenses, net |  | 9296 |  |
| **Income before income taxes**  |  | 167483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes |  | 3889 |  |
| **Net income**  |  | $**163594** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Less: net income attributable to noncontrolling interest |  | 2855 |  |
| **Net income attributable to Lincoln International, LP**  |  | $**160739** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Consolidated balance sheet data** |  |  |  |
| Cash and cash equivalents |  | 225638 |  |
| **Total assets**  |  | $**640161** |  |
| **Total liabilities**  |  | $**285735** |  |
| **Total equity**  |  | $**354426** |  |
| **Other financial data** |  |  |  |
| Compensation Ratio<sup>(1)</sup> |  | 49.8% | % |
| Non-Compensation Ratio<sup>(2)</sup> |  | 23.7% | % |
| Adjusted EBIT<sup>(3)</sup> |  | $181635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Client revenue per Managing Director |  | $3918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Number of advisory transactions completed |  | 361 |  |
| Number of Managing Directors |  | 146 |  |
| Number of employees |  | 991 |  |

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(1)Compensation ratio is calculated as compensation and related expenses divided by client revenues.

(2)Non-compensation ratio is calculated non-compensation expenses divided by client revenues.

(3)Adjusted earnings before income taxes ("adjusted EBIT") is considered non-GAAP measure. Please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations— Non-GAAP Financial Measures" section for additional information on non-GAAP measures. We define adjusted EBIT as Income before income taxes adjusted for certain non-cash items that we may record each period, as well as non-recurring items such as acquisition costs, integration and severance costs, business transformation costs and other discrete expenses, when applicable.

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The following table presents a reconciliation of income before income taxes to adjusted earnings before income taxes:

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| | | | |
|:---|:---|:---|:---|
| | **Lincoln International, LP Year Ended** | **Lincoln International, LP Year Ended** | **Lincoln International, Inc. Pro Forma Year Ended**<br>**December 31,**<br>**2025** |
| *(USD in thousands)* | **December 31, 2025** | **December 31, 2024** | **Lincoln International, Inc. Pro Forma Year Ended**<br>**December 31,**<br>**2025** |
| Income before income taxes |  | $167483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Acquisition-related expenses<sup>(a)</sup> |  | 6314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Other expenses<sup>(b)</sup> |  | 7838 |  |
| **Adjusted earnings before income taxes**  |  | $**181635** |  |

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__________________

(a)Acquisition-related expenses primarily represent amortization of the backlog intangible acquired as part of the TCG Corporate Finance acquisition in October 2024 and transaction costs related to the TCG Corporate Finance acquisition.

(b)Other expenses represent restructuring expenses and costs of one-time employee legal matters.

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**RISK FACTORS**

*Investing in our Class A common stock involves a high degree of risk. You should carefully consider the following risks and all other information contained in this prospectus, including our financial statements and the related notes thereto, before investing in our Class A common stock. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not currently known to us, or that we currently believe are not material, may become important factors that affect us. If any of the following risks materialize, our business, financial condition, results of operations, cash flow and liquidity could be materially adversely affected. In that case, the trading price of our Class A common stock could decline, and you may lose some or all of your investment.*

**Risks Related to Our Business**

**Risks Related to Retaining and Recruiting Talent and Maintaining Our Culture**

***Our ability to retain our managing directors and professionals, including our executive officers and other key senior professionals, is critical to the success of our business.***

We depend on the efforts and reputations of our professionals. Our managing directors' and other professionals' reputations and relationships with clients and potential clients are critical elements in the success of our business. Our future success depends to a substantial degree on our ability to retain qualified professionals within our organization. However, we may not be successful in our efforts to retain the required personnel as the market for qualified professionals is extremely competitive. Our professionals possess substantial experience and expertise and have strong relationships with our advisory clients. As a result, the loss of any of these professionals could jeopardize our relationships with clients and result in the loss of client engagements. For example, if our managing directors or other senior professionals were to join or form a competing firm, some of our current clients could choose to use the services of that competitor rather than our services. Managing directors and other professionals have resigned from Lincoln in the past and others may do so in the future, including at rates that exceed our historical retention rates, and the departure of any of these professionals may have an adverse impact on our business. Our compensation arrangements and post-employment restriction agreements with our managing directors and other professionals may not provide sufficient incentives or protections to prevent these professionals from resigning to join our competitors. In addition, some of our competitors have more resources than we do, which may allow them to attract some of our existing professionals by offering superior compensation and benefits or otherwise. The departure of a number of managing directors or groups of professionals could have a material adverse effect on our business, financial condition and results of operations.

We also depend on the efforts, reputations, and the continued services of our executive officers and other key senior professionals. The loss of any one of these individuals could disrupt our operations and strategic plans. Our executive officers' reputations and relationships with clients, potential clients, managing directors and other staff are critical elements in the success of our business. While we generally require notice, any of our personnel may terminate their employment at will. If we lose one or more of our executive officers or other key senior professionals, our ability to implement our business strategy successfully could be seriously harmed. Furthermore, replacing executive officers or other key senior professionals may be difficult and may take an extended period of time as we compete for talent not only within our industry but also from other industries. The loss of the services of any of them could have a material adverse effect on our business, including our ability to attract clients.

***Our future growth will depend on, among other things, our ability to successfully identify, recruit and develop talent and will require us to commit additional resources.***

Our business involves the delivery of professional services and is largely dependent on the talents and efforts of highly skilled individuals. Our continued growth will depend on, among other things, our ability to successfully identify and recruit individuals and teams to join our firm. It typically takes time for these professionals to become fully integrated and profitable. During that time, we may incur significant expenses and expend significant time and resources toward training, integration and business development aimed at developing this new talent. If we are unable to recruit and develop profitable professionals, we will not be able to implement our growth strategy, which ultimately could materially adversely affect our financial results.

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Our recruitment efforts may be negatively affected by the use of non-solicitation and non-competition agreements by other firms from which we may seek to attract talent, including as a result of such firms threatening or commencing litigation against individuals that we hire based on alleged violations of such agreements or against us based on allegations that we induce such alleged violations.

In addition, sustaining growth will require us to commit additional management, operational and financial resources and to maintain appropriate operational and financial systems to adequately support expansion, especially in instances where we enter new lines of business or open new offices that may require additional resources before they become profitable. We may not be able to recruit and develop talent and manage our expanding operations effectively, and any failure to do so could materially adversely affect our ability to grow revenue and control our expenses.

***If we are unable to maintain our corporate culture as we grow, we could lose focus on the core values that we believe contribute to our success and our business may be harmed.***

We believe a critical component to our success has been our collaborative and entrepreneurial culture. We have invested substantial time and resources in building our team. We believe our culture resonates across our organization and enables us to retain and recruit effectively both on university campuses and laterally in the industry. As we continue to grow and develop our infrastructure as a public company, our operations may become increasingly complex. We may find it difficult to maintain these important aspects of our corporate culture when integrating an increasing number of employees across the globe. We will need to expend significant efforts to maintain our culture among a larger number of employees dispersed in various geographic regions, which may not be successful. Any failure to preserve and enhance our culture could materially adversely affect our future success, including our ability to retain and recruit personnel, and to effectively focus on and pursue our corporate objectives.

**Risks Related to Market Conditions and the Impact on Our Business**

***Changing market conditions and the impact of economic conditions resulting from military conflicts, and public health incidents can adversely affect, and in the past have adversely affected, our business in many ways, including by reducing the volume of the transactions involving our business, which could materially impact our performance.***

As a participant in the financial services industry, we are materially affected by conditions in the global financial markets and economic conditions throughout the world. The future market and economic climate may deteriorate because of many factors beyond our control, including interest rates, availability of credit, inflation rates, economic uncertainty, market volatility, evolving regulatory environment (and the timing and nature of legal and regulatory reform), natural disasters, pandemics or other severe public health events, trade barriers (including tariffs and other barriers under any applicable trade agreements), sanctions, commodity prices, supply chain disruptions, currency exchange rates and controls, national and international political circumstances (including political uncertainty, government shutdowns, sanctions, wars, terrorist acts or military operations), and the effects of climate change.

Unfavorable market or economic conditions may adversely affect our businesses and demand for our services; in particular where revenue generated is directly related to the volume and size of the transactions in which we are involved. For example, weak market or economic conditions may adversely affect our business because, in an economic downturn, the volume and size of transactions may decrease, thereby reducing the demand for our Investment Banking Advisory Services and Valuations and Opinions services. In addition, we may experience increasing price competition among financial services companies seeking such engagements. Specifically, over the past three years, economic uncertainty associated with increased interest rates, inflation and military conflicts have negatively impacted M&A activity volume and lengthened transaction timelines as clients wait out market volatility. Relatedly, over the past three years, increases in interest rates have caused our private equity clients to hold portfolio companies for increased periods of time to create further value, which has lowered M&A volumes across the industry.

Moreover, in the period following an economic downturn, the volume and size of transactions typically takes time to recover and lags a recovery in market and economic conditions. Although not a significant contributor to our

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results of operations, our Special Situations and Restructuring practice may be adversely affected by strong market or economic conditions. In a strong market or economic environment, the volume and size of recapitalization and restructuring transactions, including debt defaults and bankruptcies, may decrease, thereby reducing the demand for our Special Situations and Restructuring practice and increasing price competition among financial services companies seeking such engagements. Demand for much of our valuation work is driven by regulatory requirements and any changes in requirements or trends may materially affect our Valuations and Opinions practice.

Changes in market and economic conditions could impact our businesses in different ways, and we may not be able to benefit from such changes. For example, in 2022, in connection with the military conflict between Russia and Ukraine, we made the choice to cease all operations in our Moscow, Russia office. Further, our profitability may also be adversely affected by our fixed costs because we may not be able to reduce costs within a time frame sufficient to match any decreases in revenue relating to changes in market and economic conditions, which would adversely affect our results of operations.

***Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions could adversely affect our business, financial condition or results of operations, or our prospects.***

Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations, ability to pay operational expenses or make other payments, and our financial condition and results of operations. Our cash held in non-interest bearing and interest-bearing accounts exceeds the Federal Deposit Insurance Corporation ("FDIC") limits and is predominantly held at one institution, Bank of America, N.A. Should events, including limited liquidity, defaults, non-performance or other adverse developments occur with respect to the banks or other financial institutions that hold our funds, or that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, the value of the cash held by these institutions could be impaired, which could have a material impact on our operating results, liquidity, financial condition and prospects. For example, the closures of Silicon Valley Bank, Signature Bank and First Republic Bank and their placement into receivership with the FDIC created bank-specific and broader financial institution liquidity risk and concerns. In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing on acceptable terms or at all. Any decline in available funding or access to our cash and liquidity resources could, among other risks, adversely impact our ability to meet our operating expenses, financial obligations or fulfill our other obligations, result in breaches of our financial and/or contractual obligations or result in violations of federal or state wage and hour laws. Any of these impacts, or any other impacts resulting from the factors described above or other related or similar factors not described above, could have material adverse impacts on our liquidity and our current and/or projected business operations and financial condition and results of operations.

**Risks Related to the Drivers of Our Revenues**

***A substantial portion of our revenue is derived from advisory engagements under which a significant portion of our fees is not paid until the completion of a transaction. As a result, our revenue and profits can be highly volatile on a quarterly basis and may cause the price of our Class A common stock to fluctuate and decline.***

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actions of our clients and interested third parties. Complications that may terminate or delay a transaction include failure to agree upon terms between counterparties, failure to obtain board or stockholder approvals, failure to secure financing, adverse market conditions, unexpected operating or financial problems related to either party of the transaction or failure to obtain required regulatory consents. Anticipated bidders for client assets during a restructuring transaction may not materialize or our client may not be able to restructure its operations or indebtedness due to a failure to reach agreement with its principal creditors. Capital Advisory and Private Funds Advisory transactions may not be completed due to the client being unsatisfied with market terms. Because these fees are contingent, revenue on such engagements, which is recognized when all revenue recognition criteria are met, is not certain and the timing of receipt is difficult to predict and may not occur evenly throughout the year.

We expect that we will continue to rely on advisory fees, including fees based upon achievement of specified goals, such as the completion of a transaction, for a substantial portion of our revenue. Accordingly, a decline in our advisory engagements or the market for advisory services would adversely affect our business. In addition, our financial results will likely fluctuate from quarter to quarter based on when fees are earned, and high levels of revenue in one quarter will not necessarily be predictive of continued high levels of revenue in future periods. Should these fee arrangements represent a greater percentage of our business in the future, we may experience increased volatility in our working capital requirements and greater variations in our quarter-to-quarter results, which could increase the price volatility of our Class A common stock. Because advisory revenue can be volatile and represents a significant portion of our total revenue, we may experience greater variations in our revenue and profits than other larger, more diversified competitors in the financial services industry.

***We derive a substantial portion of our revenue from private equity firms, and the loss of major clients or a downturn in that industry would harm our business and financial results.***

In 2025, we derived approximately % of our Investment Banking Advisory revenues from private equity firms or their portfolio companies. The loss of any of our major private equity firm clients, or a reduction in our level of business with them, would adversely affect our business and results of operations.

A downturn in the private equity industry would also harm our business and financial results. The business of private equity firms is materially affected by conditions in the global financial markets and economic conditions or events throughout the world that are outside of our and their control, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, pandemics or other severe public health events, trade barriers (including tariffs and other barriers under any applicable trade agreements), sanctions, commodity prices, currency exchange rates and controls, national and international political circumstances (including government shutdowns, sanctions, wars, terrorist acts or military operations), natural disasters, and the effects of climate change. Recently, markets have been affected by inflation rates, changes in interest rates, the imposition of trade barriers and tariffs, ongoing negotiations with major U.S. trading partners, changes in U.S. tax regulations and geopolitical events such as the military conflicts involving the Middle East and between Russia and Ukraine. These conditions, events and factors, which are outside of our control, could reduce the volume and/or value of transactions by our private equity clients as well as the level of business we conduct with our private equity clients.

***Our revenues in any given period are dependent on the number of fee-paying clients in such period and the size of transactions on which we are advising. A significant reduction in the number of fee-paying clients in any given period could reduce our revenue and adversely affect our operating results in such period.***

Although no single client represented more than % of our client revenues in 2025, a significant reduction in the number of our fee-paying clients would harm our business and results of operations. Our revenue in any given period is dependent on the number of fee-paying clients in such period and the size of transactions on which we advised. We may lose clients as a result of the sale or merger of a client, a change in a client's senior management, competition from other financial advisors and financial institutions and other causes. A significant reduction in the number of fee-paying clients in any given period could reduce our revenue and adversely affect our results of operations in such period and in future periods.

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***We face strong competition from other financial advisory firms, many of which offer clients a wider range of products and services than those we offer. Our competitors' wider range of products and services could cause us to lose engagements to competitors and subject us to pricing pressures that could materially adversely affect our revenue and profitability.***

The financial services industry is intensely competitive, highly fragmented and subject to rapid change, and we expect it to remain so. Our competitors are other investment banking and financial advisory firms. We compete on both a global and a regional basis, and on the basis of a number of factors, including depth of client relationships, industry knowledge, transaction execution skills, range of products and services, innovation, reputation and price. In addition, in our business, there are usually no long-term contracted sources of revenue. Each revenue-generating engagement typically is separately solicited, awarded and negotiated and our engagements are typically terminable without cause upon written notice, subject to customary tail period provisions. If we are unable to compete successfully with our existing competitors or with any new competitors, we will not be able to successfully implement our growth strategy, which ultimately could materially adversely affect our business, financial condition and results of operations.

Our primary competitors include other investment banks, many of which have greater financial and other resources, greater name recognition and a greater range of products and services. Many of our competitors also have more extensive marketing resources, larger customer bases, more managing directors to serve their clients' needs, greater global reach and more established relationships with their clients. These larger and better capitalized competitors may be better able to respond to changes in the investment banking market, to compete for skilled professionals, to finance acquisitions, to fund internal growth and to compete for market share generally, which puts us at a competitive disadvantage and could result in pricing pressures or loss of opportunities, which could materially adversely affect our revenue and profitability. In particular, we may be at a competitive disadvantage with regard to our competitors who are able to, and often do, provide financing or market making services that are often a crucial component of the types of transactions on which we advise.

In addition to our existing competitors, new entrants into the market seeking to gain market share could create pricing pressures, which would adversely affect our revenue and earnings. We have experienced intense competition over obtaining advisory engagements in recent years, and we may experience further pricing pressures in our business in the future as some of our competitors may seek to obtain increased market share by reducing fees. In particular, when making proposals for fixed-fee engagements, we estimate the costs and timing for completing the engagements. Any increased or unexpected costs or unanticipated delays in connection with the performance of fixed-fee engagements, including delays caused by factors outside our control, could make these contracts less profitable or unprofitable, which would have an adverse effect on our business, financial condition, and results of operations.

Existing and new competitors may have or develop technological advantages, including effective customer relationship management systems, target lists and client portals, that are superior to our customer relationship management system, and thereby may erode what we believe is a proprietary advantage to track advisory opportunities, which would have an adverse effect on our business and results of operations.

***Our international operations are subject to risks that may affect our revenue and margins.***

In 2025, we earned approximately % of our client revenue from our international operations. We intend to grow our non-U.S. business, including growth into new regions with which we have less familiarity and experience, and this growth is important to our overall success. In addition, many of our clients are non-U.S. entities seeking to enter into transactions involving U.S. businesses. Our international operations carry special financial and business risks, which could include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• greater difficulties in managing and staffing foreign operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of U.S. management's time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased investment in regulatory compliance infrastructure;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in foreign currency exchange rates that could adversely affect our results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected changes in trading policies, regulatory requirements, tariffs and other barriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• longer transaction cycles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower margins;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• local labor conditions and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse consequences or restrictions on the repatriation of earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional reporting obligations such as climate-related reporting that is costly and time-consuming;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potentially adverse tax consequences including, but not limited to, trapped foreign losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potentially less stable political and economic environments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terrorism, political hostilities, war and other civil disturbances or other catastrophic events that reduce business activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reputational risk from operating in politically or popularly disfavored jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cultural and language barriers and the need to adopt different business practices in different geographic areas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• less profitable fee structures, including lower fees for similarly sized deals, and difficulty collecting fees.

As part of our day-to-day operations outside the United States, we are required to create compliance policies and procedures, employment policies, compensation programs and other administrative programs that comply with the laws of multiple countries. We also must communicate and monitor standards, compliance initiatives and directives across our global operations. Our failure to successfully manage our geographically diverse operations could impair our ability to react quickly to changing business and market conditions and result in non-compliance with non-U.S. standards and procedures.

Any payment of distributions, loans or advances to and from our subsidiaries could be subject to restrictions on or taxation of, dividends or repatriation of earnings under applicable local law, monetary transfer restrictions, foreign currency exchange regulations in the jurisdictions in which our subsidiaries operate or other restrictions imposed by current or future agreements, including debt instruments, to which our non-U.S. subsidiaries or U.S. subsidiaries may be a party. Our business, financial condition and/or results of operations could be adversely impacted, possibly materially, if we are unable to successfully manage these and other risks of international operations in a volatile environment. If our international business increases relative to our total business, these factors could have a more pronounced effect on our operating results or growth prospects.

In recent years, the U.S. Department of Justice and the SEC have devoted greater resources to enforcement of the Foreign Corrupt Practices Act (the "FCPA"). In addition, the United Kingdom has significantly expanded the reach of its anti-bribery laws. Although we have developed and implemented policies and procedures designed to ensure compliance by us and our personnel with the FCPA and other anti-corruption laws, such policies and procedures may not be effective in all instances to prevent violations. Any determination that we have violated the FCPA or other applicable anti-corruption laws could subject us to, among other things, civil and criminal penalties, material fines, profit disgorgement, injunctions on future conduct, securities litigation, reputational harm and a general loss of investor confidence, any one of which could adversely affect our business prospects, financial position or the market value of our Class A common stock.

Because our financial statements are denominated in U.S. dollars and we receive a portion of our net revenue in other currencies, we are exposed to fluctuations in foreign currencies. In addition, we pay some of our expenses in

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such currencies. As presented in our cash flow statement, fluctuations in foreign currency exchange rates led to a net &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in cash of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in 2025, compared to a net loss in cash of $3.8 million in 2024. In particular, we are exposed to the Euro and the Pound Sterling, and the weakening of the Euro, Pound Sterling and other currencies relative to the U.S. dollar has had, and may continue to have, an adverse effect on our revenue. An appreciation or depreciation of any of the currencies to which we are exposed relative to the U.S. dollar could result in an adverse or beneficial impact to our business, financial condition, results of operations and/or cash flows. In the future, we may enter into hedging transactions, which would expose us to additional risks.

***Our clients may be unable or unwilling to pay us for our services, which would impact our accounts receivable and cash flows.***

We face the risk that clients may not have the financial resources to pay our agreed-upon advisory fees, including in the bankruptcy or insolvency context. Our clients include some companies that may from time to time encounter financial difficulties. If a client's financial difficulties become severe, the client may be unwilling or unable to pay our invoices in the ordinary course of business, which could adversely affect collections of both our accounts receivable and unbilled services. On occasion, some of our clients have entered bankruptcy, which has prevented us from collecting amounts owed to us. The bankruptcy of a number of our clients that, in the aggregate, owe us substantial accounts receivable could have a material adverse effect on our business, financial condition and results of operations. In addition, if a number of clients declare bankruptcy after paying us only some of their invoices, courts may determine that we are not properly entitled to those payments and may require repayment of some or all of the amounts we received, which could adversely affect our business, financial condition and results of operations. In addition, some fees earned from activities in our Capital Advisory practice are subject to approval by the U.S. Bankruptcy Courts and other interested parties, including U.S. Trustees, have the ability to challenge the payment of those fees. Fees earned and reflected in our future revenue may from time to time be subject to successful challenges, which could result in a reduction of future revenue. Finally, clients may also be unwilling to pay our advisory fees in whole or in part, in which case we may have to incur significant costs to bring legal action to enforce our engagement agreement to obtain our advisory fees. We incurred bad debt expense of $2.8 million in 2024 and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in 2025 related to uncollectible or doubtful accounts receivable. In addition, our clients may not be sufficiently capitalized or otherwise have sufficient assets or cash flows to satisfy their contractual indemnification obligations to us. Finally, clients may also be unwilling to indemnify us in whole or in part even where contractually obligated to do so, in which case we may have to incur significant costs to bring legal action to enforce our engagement agreement.

**Risks Related to Conflicts of Interest, Misconduct by Employees, Client Satisfaction and Our Reputation**

***Our failure to properly manage actual, potential or perceived conflicts of interest could damage our reputation and materially adversely affect our business.***

We confront actual, potential or perceived conflicts of interest in our business. For instance, such a conflict may arise when we represent a client on a transaction in which an existing (or potential) client is (or becomes) a party. We may be asked by two or more potential clients to act on their behalf on the same transaction, including multiple clients as potential buyers in the same acquisition transaction, and we may act for such clients if all such clients agree to us doing so (with such agreement potentially being subject to operational or other conditions). In each of these situations, we face the risk that our current policies, controls and procedures may not timely identify, disclose or appropriately manage such conflicts of interest.

Conflicts may also arise from investments or activities of employees outside their business activities on behalf of us, including, for example, investments that senior professionals may have in clients, potential clients, counterparties and potential counterparties in transactions that we may advise on. It is possible that actual, potential or perceived conflicts could give rise to client dissatisfaction, litigation or regulatory enforcement actions, or result in a client terminating our engagement. Appropriately identifying and managing actual or perceived conflicts of interest is complex and difficult, and our reputation could be damaged if we fail, or appear to fail, to deal appropriately with one or more potential or actual conflicts of interest. Regulatory scrutiny of, or litigation in connection with, conflicts of interest could have a material adverse effect on our reputation which could materially

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adversely affect our business in a number of ways, including a reluctance of some potential clients and counterparties to do business with us.

We have established a commitment committee to review all potential new business activity in each jurisdiction. Financial professionals are required to submit a memorandum to the commitment committee that includes a discussion of potential conflicts. If there are potential conflicts, the commitment committee evaluates and consults with relevant functional groups (such as legal and compliance) as necessary before entering the engagement.

Further, we maintain policies and procedures that address conflicts of interest. Our employees are required to annually certify that they comply with these policies, including a requirement for our U.S. employees to report investments in other entities or serving in a fiduciary or employee capacity of any entity.

Other policies, controls and procedures that we implement to identify and mitigate actual or potential conflicts of interest, may increase our costs (including for additional personnel and infrastructure and information technology improvements), limit our activities, or reduce the positive synergies that we seek to cultivate across our businesses.

***Employee misconduct, which is difficult to detect and deter, and other labor-related issues could harm us by impairing our ability to attract and retain clients and by subjecting us to legal liability and reputational harm.***

There have been a number of highly publicized cases involving fraud, insider trading and other misconduct by employees in the financial services industry, and there is a risk that our employees could engage in misconduct that would adversely affect our business. For example, our business often requires that we deal with confidential matters of great significance to our clients. If our employees were to improperly use or disclose confidential information provided by our clients, or fail to follow proper measures to maintain confidentiality, resulting in the disclosure of such information, we could be subject to legal sanctions and suffer serious harm to our reputation, financial position, current client relationships and ability to attract future clients. In addition, our professionals are responsible for following proper measures to maintain the confidentiality of information we hold. Many of our professionals also have access to our proprietary information and data, and unauthorized use or theft of such information or data could disrupt our business and have an adverse effect on our financial condition and reputation.

Furthermore, we are subject to and may be under greater risk of becoming subject to legal proceedings related to employee misconduct including, but not limited to, discrimination, harassment (sexual or otherwise), wrongful termination and local, state, federal or foreign labor law violations. It is not always possible to deter employee misconduct, and the precautions we take to detect and prevent misconduct may not be effective in all cases. If our employees engage in misconduct or fail to follow appropriate policies, procedures and security measures, our business could be materially adversely affected.

***We may face damage to our reputation if our services are not regarded as satisfactory or for other reasons.***

As an advisory service firm, we depend to a large extent on our relationships with our clients and our reputation for integrity and high caliber professional services to attract and retain clients. Our ability to secure new engagements is substantially dependent on our reputation and the individual reputations of our professionals. Any factor that diminishes our reputation or that of our professionals, including not meeting client expectations or actual or alleged misconduct by our professionals, including misuse of confidential information or mishandling actual or perceived conflicts, could make it substantially more difficult for us to attract new engagements and clients or retain existing clients. As a result, if a client is not satisfied with our services, it may be more damaging in our field of business than in other business fields.

Further, because we provide our services primarily in connection with significant or complex transactions, disputes or other matters that usually involve confidential and sensitive information or are adversarial, and because our work is the product of myriad judgments of our professionals operating under significant time and other pressures, we may not always perform to the standards expected by our clients.

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***We are subject to various risks regarding environmental, social, and governance matters, including how negative publicity regarding our clients, our business and our people could adversely affect our reputation and our business.***

There is increased scrutiny from investors, customers, policymakers, and other stakeholders regarding companies' management of various environmental, social, and governance ("ESG"), matters. While we engage in various initiatives to manage such matters and address stakeholder expectations, such efforts can be costly and may not have the desired effect. Navigating these issues is complex, particularly as stakeholder expectations are not uniform, and any failure to successfully navigate such expectations (including as they evolve) may result in reputational damage, loss of customers, investor or regulatory engagement, or other adverse business impacts. We depend to a large extent on our reputation for integrity and high-caliber professional services to attract and retain clients. We may experience negative publicity from time to time relating to our clients (including their actual or alleged misconduct), our business and our people, regardless of whether the allegations are valid. Such negative publicity may adversely affect our business in a number of ways, including whether potential clients choose to engage us and our ability to attract and retain talent. Additionally, our reputation and client relationships may be damaged as a result of our involvement, or our clients' involvement, in certain industries or projects, as well as any decisions we make to continue to conduct or change our activities in response to considerations relating to climate change, human capital, or other ESG matters. There are also increasing regulatory requirements, disclosure related and otherwise, on such matters. As with other stakeholder expectations, such requirements are not uniform, which increases the cost and complexity of compliance, as well as associated risks. The risks described herein also apply to our clients and other stakeholders, which can exacerbate or result in additional risks to our business.

***If we are not able to maintain our brand and comply with third-party trademark agreements, our business and operating results will be harmed. Damage to our reputation and negative publicity could have a material adverse effect on our business, financial condition and results of operations.***

We are aware of at least two other third-party businesses that use the "Lincoln" name in the financial services industry, but are not affiliated with our business. We entered into an agreement with these two third parties that, together, place restrictions on our ability to use or register the "Lincoln International" and "Lincoln Partners" marks in certain geographic areas and with respect to certain products and services. While we do not anticipate expanding into any of the business areas restricted under these agreements and there have been no material disputes with the applicable third parties under such agreements, these agreements create legal risks in the operation of our business and any breach of such agreements could result in litigation, impair our ability to operate under the Lincoln International name, and negatively impact our business, operating results and financial condition. Furthermore, if despite these agreements, our business is mistakenly confused with either third-party business or another business, the value of our brand could be adversely impacted, which could harm our business, operating results and financial condition.

**Risks Related to Litigation, Compliance and Information Technology and Security**

***As a member of the financial services industry, we face substantial litigation risks.***

Our role as advisor to our clients involves complex analysis and the exercise of professional judgment, including valuing complex illiquid securities and debt positions and rendering fairness opinions and solvency opinions in connection with mergers and other transactions. Our activities, and particularly those of our Valuations and Opinions practice, may subject us to the risk of significant legal liabilities to our clients and affected third parties, including our clients and their equity holders who could bring securities class actions, claims for aiding and abetting breaches of fiduciary duty or other actions against us. In recent years, the volume of claims and amount of damages claimed in litigation and regulatory proceedings against financial services companies have been increasing. Although we are not currently party to any material litigation, litigation alleging that we performed below our agreed standard of care, aided and abetted a breach of fiduciary duty or breached any other obligations to a client could expose us to significant legal liabilities and, regardless of outcome, is often very costly, could distract our management and could damage our reputation. These risks may be difficult to assess or quantify and their existence and magnitude often remain unknown for substantial periods of time. In addition, as a result of being involved in matters of great significance to our clients, from time-to-time we receive third-party subpoenas or other information

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requests during the ordinary course of business which divert time and resources away from our core business activities. Our engagements typically include broad indemnities from our clients and provisions to limit our exposure to legal claims relating to our services, but these provisions may not protect us in all cases, including when we perform below our agreed standard of care, when a client does not have the financial capacity to pay under the indemnity or if we have to engage in litigation or take other costly action in order to enforce the indemnity. As a result, we may incur significant legal expenses in defending against or settling litigation. In addition, we may have to spend a significant amount to adequately insure against these potential claims, or insurance coverage may not be available on commercial terms or at all. Substantial legal liability or significant regulatory action against us could have a material adverse effect on our business and results of operations or cause significant reputational harm to us, which could seriously harm our business prospects.

***Extensive and evolving regulation of our business and the businesses of our clients exposes us to the potential for significant penalties and fines due to compliance failures, increases our costs and may result in limitations on the manner in which our business is conducted.***

As a participant in the financial services industry, we are subject to extensive regulation in the United States and internationally. We are subject to regulation by governmental and self-regulatory organizations in the jurisdictions in which we operate. For example, our U.S. broker-dealer entities, Lincoln International LLC and MarshBerry Capital, LLC, are primarily regulated by the Financial Industry Regulatory Authority, Inc. ("FINRA"), of which each is a member, and the U.S. Securities and Exchange Commission ("SEC"). Our failure to comply with applicable laws or regulations could result in adverse publicity and reputational harm as well as fines, suspensions of personnel or other sanctions, including revocation of any required registration of us or any of our subsidiaries and could impair executive retention or recruitment. In addition, any changes in the regulatory framework under which we operate could impose additional expenses or capital requirements on us, result in limitations on the manner in which our business is conducted, have an adverse impact upon our business, financial condition and results of operations and require substantial attention by senior management. In addition, our business is subject to periodic examination by various regulatory authorities, and we cannot predict the outcome of any such examinations.

Our ability to conduct business and our operating results, including compliance costs, may be adversely affected as a result of any new requirements imposed by the SEC, FINRA, the United Kingdom's Financial Conduct Authority (the "FCA"), or other U.S. or foreign governmental regulatory authorities or self-regulatory organizations that regulate financial services firms or supervise financial markets. We may be adversely affected by changes in the interpretation or enforcement of existing laws and rules by these governmental authorities and self-regulatory organizations. FINRA, FCA and the SEC have adopted extensive regulatory requirements which apply to all aspects of our business, including communications with the public, capital structure, recordkeeping, anti-money laundering, trade and sales practices, advertising, the qualifications, registration, conduct and supervision of personnel, compensation and disclosure. Our broker-dealer entities are also subject to net capital rules that mandate that our subsidiaries subject to regulation by FINRA, the FCA and/or the SEC maintain specific levels of capital. We are also regulated by state securities administrators in those U.S. states where we do business. In addition, FINRA, FCA, the SEC and some U.S. states also have the authority to conduct periodic examinations of us and monitor our operations on an ongoing basis, and may also conduct administrative proceedings. Violations of any rules and regulations referenced above could result in censure, penalties and fines, the issuance of cease-and-desist orders, the suspension or expulsion from the securities industry of us or our officers or employees, or other similar consequences. Even if a sanction imposed against us or our personnel is small in monetary amount, the adverse publicity arising from the imposition of sanctions against us by regulators could harm our reputation and our brand and lead to material legal, regulatory and financial exposure (including fines and other penalties), cause us to lose existing clients or fail to gain new clients. Additionally, material expansions of the business in which we engage are subject to approval by FINRA, the FCA, or other foreign governmental regulatory authorities or self-regulatory organizations. This could delay, or even prevent, our ability to expand our business offerings in the future. Finally, some of our clients or prospective clients may adopt policies that exceed regulatory requirements and impose additional restrictions affecting their dealings with us. In light of the foregoing factors, we may incur significant costs to comply with U.S. and foreign regulations and the requirements of our clients. Our expenses incurred in complying with these regulatory requirements, including legal fees and fees paid to the SEC, FINRA, the FCA and U.S. or foreign governmental regulatory authorities or self-regulatory organizations, have increased in recent years. In addition, new

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laws or regulations or changes in enforcement of existing laws or regulations applicable to our clients may adversely affect our business. For example, changes in antitrust enforcement or the foreign investment review process could affect the level of M&A activity and changes in applicable regulations could restrict the activities of our clients and their need for the types of advisory services that we provide to them.

***We are exposed to risks and costs associated with protecting the integrity and security of our clients', employees' and others' personal data and other sensitive information.***

As part of our business, we manage, utilize and store sensitive or confidential client or employee data, including personal data. As a result, we are subject to various risks and costs associated with the collection, handling, storage, processing and transmission of sensitive information, including those related to compliance with increasingly stringent U.S. and foreign data collection and privacy laws and other contractual obligations, as well as those associated with the breach of our information systems collecting such information. For example, the GDPR (as defined below) requires companies to meet more stringent requirements regarding the processing of personal data. Any failure to comply with these regulations could expose us to liability and/or reputational damage.

If any person, including any of our employees, negligently disregards or intentionally breaches our established controls with respect to client or employee data, or otherwise mismanages or misappropriates that data, we could be subject to significant monetary damages, regulatory enforcement actions, fines and/or criminal prosecution. In addition, unauthorized disclosure of sensitive or confidential client or employee data, whether through cyber-attacks, systems failure, employee negligence, fraud or misappropriation, could damage our reputation and cause us to lose clients, potential clients and related revenue in the future.

***If we or our third-party providers fail to protect confidential information and/or experience data security incidents, there may be damage to our brand and reputation, material financial penalties, and legal liability, which would materially adversely affect our business, results of operations and financial condition.***

We rely on computer systems, hardware, software, technology infrastructure and online sites and networks for both internal and external operations that are critical to our business (collectively, "IT Systems"). We and some of our third-party providers collect, maintain and process data about customers, employees, business partners and others, including information about individuals, as well as proprietary information belonging to our business such as trade secrets (collectively, "Confidential Information").

We face various cybersecurity and other operational risks related to our business on a day-to-day basis. There have been a number of highly publicized cases involving financial services companies, consumer-based companies, governmental agencies and other organizations reporting the unauthorized disclosure of Confidential Information in recent years, as well as cyber-attacks involving the dissemination, theft and destruction of Confidential Information or other assets, as a result of failures of employees or contractors or as a result of actions by third parties, including actions by foreign governments. There have also been several highly publicized cases where hackers have demanded ransom payments to prevent the disclosure of their victims' Confidential Information or to restore their victims' access to IT Systems. Certain types of cyberattacks or security breaches could harm us even if our systems are left undisturbed. For example, cyberattacks or security breaches may be designed to deceive employees and service providers into releasing control of our systems to a hacker, while others may aim to introduce computer viruses or malware into our systems with a view to stealing confidential or proprietary data. Additionally, certain threats are designed to remain dormant or undetectable until launched against a target, and we may not be able to implement adequate preventative measures. Even when a cyberattack or security breach is detected, the full extent of the breach may not be able to be determined immediately.

We rely heavily on financial, accounting, communication and other IT Systems, including, without limitation, mobile and cloud-based systems, and the people who operate them. These IT Systems, including the systems of third parties on whom we rely, may fail to operate properly or become disabled as a result of tampering or a breach of our or our third-party service providers' IT Systems. Any such failure, disablement, tampering or breach would have an adverse impact on our business.

Our clients typically provide us with Confidential Information. We are dependent on IT Systems to securely process, transmit and store such Confidential Information and to communicate among our locations around the

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world and with our professionals, clients and vendors. We and some of our third-party providers are and have been subject to security attacks that threatened the confidentiality, integrity, and availability of our IT Systems and Confidential Information. While none of these attacks have had a material impact on our business to date, we cannot guarantee that material incidents will not occur in the future and if we experience a successful attack, it could lead to shutdowns or disruptions of our IT Systems or third-party IT Systems on which we rely, potential unauthorized disclosure of Confidential Information, and other negative effects. Cyberattacks are expected to accelerate on a global basis in frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools—including AI—that circumvent security controls, evade detection and remove forensic evidence. As a result, we may be unable to detect, investigate, remediate or recover from future attacks or incidents, or to avoid a material adverse impact to our IT Systems, Confidential Information or business. There can also be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our IT Systems and Confidential Information. Furthermore, while we deploy scanning tools across our networks and products to identify and track security vulnerabilities, we are unable to comprehensively apply patches or confirm that adequate measures are in place to mitigate such vulnerabilities, or that patches will be applied before vulnerabilities are exploited by a threat actor.

Breaches of our IT Systems or third-party IT Systems on which we rely could involve attacks that are intended to obtain unauthorized access to our Confidential Information, destroy data or disable, degrade or sabotage our IT Systems through a variety of attack vectors, including the introduction of computer viruses, malware, ransomware, social engineering/phishing, malfeasance by insiders, human or technological error, malicious code embedded in open-source software, or misconfigurations, bugs or other vulnerabilities in commercial software that is integrated into our (or our suppliers' or service providers') IT Systems. In addition, such attacks could originate from a wide variety of sources, including state-sponsored organizations, opportunistic hackers and hacktivists, and other unknown third parties outside the Company. If our IT Systems or any third-party IT Systems on which we rely are compromised, do not operate properly or are disabled, we could suffer a disruption of our business, financial losses, liability to clients, regulatory sanctions and damage to our reputation. Phishing attacks and email spoofing attacks are often used to attempt to obtain information to impersonate employees or clients in order to, among other things, direct fraudulent bank transfers or obtain valuable information. Fraudulent bank transfers resulting from phishing attacks or email spoofing of our employees could result in a material loss of assets, reputational harm or legal liability and in turn materially adversely affect our business and our results of operations. In addition, our professionals are responsible for following proper protocols to maintain the confidentiality of information we hold. If an employee's failure to do so results in the improper release of Confidential Information, or our IT Systems are otherwise compromised or do not operate properly, we could suffer a disruption of our business, financial losses, liability to clients, regulatory sanctions and reputational harm and in turn materially adversely affect our business. The increased use of mobile technologies can heighten these and other operational risks. The Company has taken measures to prevent, detect or otherwise mitigate the business impact from a compromise of business systems or third-party systems, but there can be no assurance that we or the third parties on whom we rely will be able to anticipate, detect or implement effective preventative measures against frequently changing cyber threats.

We operate a business that is highly dependent on IT Systems and technology. Any failure to keep accurate books and records can render us liable to disciplinary action by governmental and self-regulatory authorities, as well as to claims by our clients (including class actions). We rely on third-party service providers for aspects of our business. Any interruption or deterioration in the performance of these third parties or failures of their IT Systems and technologies could impair our operations, affect our reputation and adversely affect our business. Additionally, we cannot guarantee that any costs and liabilities incurred in relation to an attack or incident will be covered by our existing insurance policies or that applicable insurance will be available to us in the future on economically reasonable terms or at all.

In addition, a disaster or other business continuity problem, such as a pandemic, or other severe public health event, government shutdown, war, terrorist act or military operation, or other man-made or natural disaster or disruption involving electronic communications or other services used by us or third parties with whom we conduct business, could lead us to experience operational challenges, and if we were unable to timely and successfully recover from such event, our business could be materially disrupted and we may face material financial loss, regulatory actions, reputational harm or legal liability. Climate change may cause natural disasters or extreme

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weather events and is expected to increase the frequency and/or severity of such events, as well as contribution to various chronic changes in meteorological and hydrological patterns, which could increase the risk of disruption to our business and the risks identified above. The incidence and severity of catastrophes and other disasters are inherently difficult to predict, especially over longer time horizons, and our inability to timely and successfully recover could materially disrupt our business and cause material financial loss, regulatory actions, reputational harm or legal liability.

***Our data collection and processing activities are governed by restrictive regulations, laws, and other requirements governing the privacy, security, use, processing and, in some jurisdictions, cross-border transfer of personal information.***

In connection with running our business, we receive, store, use and otherwise process information that relates to individuals and/or constitutes "personal data," "personal information," "personally identifiable information," or similar terms under applicable data privacy laws (collectively, "Personal Information"), including from and about employees and business contacts. We also depend on a number of third-party vendors in relation to the operation of our business, a number of which process Personal Information on our behalf.

We and our vendors are therefore subject to a variety of federal, state and foreign laws, regulations and other requirements relating to the privacy, security and handling of Personal Information in the United States, Europe, the United Kingdom and other countries. These laws require us to adhere to disclosure requirements and deletion obligations with respect to the Personal Information of their residents, and allow for penalties for violations and, in some cases, a private right of action. These laws also impose transparency and other obligations with respect to Personal Information of their respective residents and provide residents with similar rights with respect to their Personal Information. We have invested, and continue to invest, human and technology resources in our efforts to comply with such requirements, and such efforts may be time-intensive and costly.

We have personnel located in the United States, United Kingdom, Japan, China, Brazil, Switzerland, India, the United Arab Emirates, and the European Economic Area ("EEA") subjecting us to additional privacy restrictions and data protection requirements. For example, the collection and use of Personal Information in the EEA and the UK are governed by the provisions of the EU General Data Protection Regulation ("EU GDPR") as well as other national data protection legislation in force in relevant EEA member states, with respect to the EEA, and the UK General Data Protection Regulation (the "UK GDPR," together with the EU GDPR, the "GDPR") and the UK Data Protection Act 2018 with respect to the UK. These laws impose a broad range of strict requirements on companies subject to the GDPR, such as requirements that companies, among other things, have a legal basis for processing Personal Information relating to identifiable individuals or transferring such information outside the EEA or the UK, transparency obligations to data subjects with respect to the processing of their Personal Information, implement safeguards to keep Personal Information secure, enter into data processing agreements with third parties who process Personal Information, respond to individuals' requests to exercise their rights with respect to their Personal Information, report security and privacy breaches involving Personal Information to the competent national data protection authority and affected individuals, appoint data protection officers, conducting data protection impact assessments, and maintain documentation demonstrating accountability for their obligations. The GDPR may impose additional responsibility and liability in relation to Personal Information that we process and we may be required to put in place additional mechanisms ensuring compliance with the EEA and UK data protection regimes. This may be onerous and adversely affect our business, financial condition, results of operations and prospects. A breach of the EU GDPR or UK GDPR or any other privacy restrictions and data protection requirements could result in regulatory investigations, reputational damage, fines and sanctions, orders to cease or change our processing of our data, enforcement notices, assessment notices (for a compulsory audit), and civil claims, including representative actions and other class action-type litigation. Further, Post-Brexit, the UK GDPR will not automatically incorporate changes made to the EU GDPR going forward, which creates a risk that the EU GDPR and the UK GDPR may increasingly diverge from each other, thereby increasing both our compliance costs and the potential for noncompliance.

The GDPR prohibits the international transfer of Personal Information to certain countries outside of the EEA or the UK ("third countries") which are not deemed as adequate by the European Commission or UK Information Commissioner's Office for the transfers of Personal Information, unless a derogation exists or additional safeguards

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are put in place. These obligations may be interpreted and applied in a manner that is inconsistent from one jurisdiction to another and may conflict with other requirements or our practices. Case law from the Court of Justice of the European Union states that reliance on standard contractual clauses—a standard form of contract approved by the European Commission as an adequate data transfer mechanism—alone may not necessarily be sufficient in all circumstances and that transfers must be assessed on a case-by-case basis. With respect to the United States, on July 10, 2023, the European Commission rendered an adequacy decision for the EU-U.S. Data Privacy Framework (the "EU-U.S. DPF") (a new framework for transferring personal information from the EEA to the United States), having determined that such framework ensures that the protection of Personal Information transferred from the EEA to the United States will be comparable to the protection offered in the EU. However, this decision will likely face legal challenges and ultimately may be invalidated by the Court of Justice of the European Union mid-term. Additionally, on October 12, 2023, a UK-U.S. Data Bridge went into effect to operate as an extension of the EU-U.S. DPF to facilitate transfers of Personal Information from the United Kingdom to the United States. Such Data Bridge could not only be challenged, but also may be affected by any challenges to the EU-U.S. DPF. We expect the existing legal complexity and uncertainty regarding international data transfers to continue. The international transfer obligations under the EEA and UK data protection regimes will require significant effort and cost. Any inability to transfer Personal Information from the EEA and UK to the United States or other third countries in compliance with data protection laws may impede our ability to conduct our business and may adversely affect our business and financial position. If the provisions and enforcement of the EU GDPR and UK GDPR further diverge, we will face additional regulatory challenges and uncertainty. The lack of clarity on future UK laws and regulations and their interaction with EU laws and regulations could add legal risk, uncertainty, complexity and cost to our handling of European Personal Information and our privacy and data security compliance programs and could require us to implement different compliance measures for the UK and the EEA. In addition, EEA member states have adopted national laws to implement the EU GDPR that may partially deviate from the EU GDPR or impose additional obligations. Furthermore, competent authorities in the EEA member states may interpret the EU GDPR obligations slightly differently from country to country. Therefore, we do not expect to operate in a uniform legal landscape in the EEA. If we are investigated by an EEA or UK data protection authority, we may face fines and other corrective measures, including bans on processing and transferring Personal Information. EEA and UK data protection authorities have the power to impose administrative fines for violations of the GDPR of up to a maximum of €20 million (£17.5 million under the UK GDPR) or 4% of our total worldwide global turnover for the preceding fiscal year, whichever is higher. Violations of the GDPR may also lead to damages claims by affected data subjects. Such penalties are in addition to any potential civil litigation claims by customers and other affected individuals. As such, we will need to take steps to cause our processes to continue to be compliant with the applicable portions of the GDPR, but we cannot assure that we will be able to implement changes in a timely manner or without significant disruption to our business, or that such steps will be effective, and we may face the risk of liability under the GDPR.

We are also subject to data protection laws in other jurisdictions in which we operate, including India's Digital Personal Data Protection Act and the UAE's Federal Decree-Law No. 45 of 2021 on Personal Data Protection, which impose requirements regarding the collection, processing, and transfer of personal data and may require localization of certain data or other compliance measures. Many jurisdictions outside of Europe where we may do business in the future are also considering and/or have enacted comprehensive data protection legislation. In addition, we also continue to see jurisdictions imposing data localization laws. These and similar regulations may interfere with our intended business activities or inhibit our ability to expand into those markets without significant additional costs.

Even though we believe we and our vendors are generally in compliance with applicable laws, rules and regulations relating to privacy and data security, these laws, and their application, interpretation and amendment are constantly evolving. It is also possible that new laws, regulations and other requirements, or amendments to or changes in interpretations of existing laws, regulations and other requirements may require us to incur significant costs, implement new processes, or change our handling of information and business operations, which could ultimately hinder our ability to grow our business by extracting value from our data assets. Any failure or perceived failure by us to comply with data privacy laws, rules, regulations, industry standards and other requirements could result in proceedings or actions against us by individuals, consumer rights groups, government agencies, or others. We could incur significant costs in investigating and defending such claims and, if found liable, pay significant damages or fines or be required to make changes to our business. Further, these proceedings and any subsequent

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adverse outcomes may subject us to significant negative publicity and an erosion of trust. If any of these events were to occur, our business, results of operations, and financial condition could be materially adversely affected.

***Artificial intelligence presents risks and challenges that can impact our business including by, among other things, posing security risks to our confidential information, proprietary information, and personal data.***

We use AI, machine learning, automated decision-making technologies and similar tools, including generative AI (collectively, "AI Technologies"), within our business. Specifically, we utilize a proprietary AI tool that aggregates institutional, market and client intelligence to provide employees with critical client and market information. Issues in the use of AI, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business and results of operations. As with many technological innovations, AI presents risks and challenges that could impact our business. In particular, if the models underlying our AI Technologies are: incorrectly designed or implemented; trained or reliant on incomplete, inadequate, inaccurate, biased or otherwise poor quality data, or on data to which we do not have sufficient rights or in relation to which we and/or the providers of such data have not implemented sufficient legal compliance measures; used without sufficient oversight and governance to ensure their responsible use; and/or adversely impacted by unforeseen defects, technical challenges, cybersecurity threats or material performance issues, then the performance of our products, services and business, as well as our reputation and the reputations of our customers, could suffer or we could incur liability resulting from the violation of laws applicable to us, the breach of contracts to which we are a party, or civil claims.

The development, deployment, provision, and other uses of AI Technologies within the European Union ("EU"), or outside the EU where there is a relevant EU connection, are governed by the EU Artificial Intelligence Act ("AI Act"). The AI Act imposes a comprehensive set of requirements on providers and deployers of AI Technologies, as well as on other specified actors. It adopts a risk-based and roles-based approach, primarily focusing on high-risk AI systems. Additionally, some AI Technologies, such as systems designed to evaluate or classify individuals' social behavior, are generally prohibited under the AI Act. The specific obligations under the AI Act vary according to the risk profile of the AI Technology and the role of the relevant actor. Providers and deployers of high-risk AI systems must, among others, maintain risk management systems, adhere to data governance requirements, record-keeping and maintain certain documentation, provide adequate human oversight, implement measures to ensure accuracy, robustness, and cybersecurity, and conduct conformity assessments and quality management processes. For non-high-risk AI Technologies, the AI Act imposes transparency and documentation obligations, along with AI literacy requirements. The obligations under the AI Act will be phased in over time, with the majority of requirements becoming applicable by August 2026, and full compliance required by August 2027. Currently, there is no established case law or regulatory best practice concerning the AI Act, which presents increased challenges in implementing its requirements. If we are investigated by the competent supervisory authority under the AI Act, we may face fines and other corrective measures, including bans on some AI Technologies. The AI Act empowers supervisory authorities to impose administrative fines of up to €35 million or 7% of our total worldwide turnover for the preceding fiscal year, whichever is higher. Violations may also result in claims for damages by affected individuals. While the AI Act does not establish an independent liability framework, non-compliance may be subject to existing liability regimes under EU law, such as the GDPR, other EU acts, and/or EEA member state laws. In light of these considerations, we will need to take measures to ensure compliance with applicable provisions of the AI Act. However, we cannot guarantee that we will be able to implement all requirements in a timely manner or without significant disruption to our business, nor can we assure the effectiveness of such measures. Consequently, we may face liability under the AI Act and other applicable privacy or digital services laws.

Additionally, our vendors may incorporate generative AI tools (*i.e.*, AI Technologies that can produce and output new content, software code, data and information) into their offerings without disclosing this use to us, and the providers of these generative AI tools may not meet existing or rapidly evolving regulatory or industry standards with respect to privacy and data protection and may inhibit our or our vendors' ability to maintain an adequate level of service and experience. The regulatory framework for AI Technologies is rapidly evolving as many federal, state and foreign government bodies and agencies have introduced or are currently considering additional laws and regulations. Additionally, existing laws and regulations may be interpreted in ways that would affect the operation of our AI Technologies. As a result, implementation standards and enforcement practices are likely to remain uncertain

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for the foreseeable future, and we cannot yet determine the impact that future laws, regulations or standards (or the market reaction to such laws, regulations and standards) may have on our business and we may not be able to anticipate how to respond to these laws, regulations and standards. We may need to expend resources to adjust our products or services in some jurisdictions if the laws, regulations, or decisions are not consistent across jurisdictions. Further, the cost to comply with such laws, regulations, or decisions and/or guidance interpreting existing laws, could be significant and may increase our operating expenses (including, for example by imposing additional reporting obligations regarding our use of AI Technologies).

Further, if we, our vendors, or our third-party partners experience an actual or perceived privacy or security incident or breach because of the use of AI, including generative AI, we may lose valuable intellectual property and confidential information and our reputation and the public perception of the effectiveness of our security measures could be harmed. Further, bad actors around the world use increasingly sophisticated methods, including the use of AI, to engage in illegal activities involving the theft and misuse of personal information, confidential information, and intellectual property. Any of these outcomes could damage our reputation, result in the loss of valuable property and information, and adversely impact our business.

***The cost of compliance with international broker-dealer, securities, data privacy, employment, labor, benefits and tax regulations may adversely affect our business and hamper our ability to expand internationally.***

Because we operate our business both in the United States and internationally, we are subject to many distinct broker-dealer, securities, data privacy, employment, labor, benefits and tax laws in each country in which we operate, including regulations affecting our employment practices and our relations with our employees and service providers. If we are required to comply with new regulations or new interpretations of existing regulations, or if we are unable to comply with these regulations or interpretations, our business could be adversely affected or the cost of compliance may make it difficult to expand into new international markets. Additionally, our competitiveness in international markets may be adversely affected by regulations requiring, among other things, the awarding of contracts to local contractors, the employment of local citizens and/or the purchase of services from local businesses or favoring or requiring local ownership.

***A change in relevant income tax laws, regulations, or treaties, or an adverse interpretation of these items by tax authorities, could result in an audit adjustment or revaluation of our deferred tax assets that may cause our effective tax rate and tax liability to be higher than what is currently presented in the consolidated statements of financial condition.***

As part of the process of preparing our consolidated statements of financial condition, we are required to estimate income taxes in each of the jurisdictions in which we operate. Significant management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, and any valuation allowance recorded against our deferred tax assets. This process requires us to estimate our actual current tax liability and to assess temporary differences between the financial statement and tax bases of our assets and liabilities. Our effective tax rate and tax liability are based on the application of current income tax laws, regulations, and treaties. These laws, regulations, and treaties are complex, and the manner in which they apply to our facts and circumstances is sometimes open to interpretation. We believe our application of current laws, regulations, and treaties to be correct and sustainable upon examination by the tax authorities. However, the tax authorities could challenge our interpretation resulting in additional tax liability or adjustment to our income tax provision that could increase our effective tax rate. In addition, tax laws, regulations, or treaties enacted in the future may cause us to revalue our net deferred tax assets and have a material change to our effective tax rate and corresponding income tax liabilities.

***Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our results of operations and financial condition.***

We are subject to taxes by the U.S. federal, state, local and foreign tax authorities. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allocation of revenues and expenses to and among different jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the valuation of our deferred tax assets and liabilities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected timing and amount of the release of any tax valuation allowance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax effects of stock-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs related to intercompany restructurings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, tax treaties, regulations or interpretations thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings in jurisdictions where we have higher statutory tax rates.

In addition, we may be subject to tax audits of our income, sales and other taxes by U.S. federal, state, and local and foreign taxing authorities. Outcomes from these audits could have an adverse effect on our operating results and financial condition.

***We are exposed to risks related to our insurance coverage.***

We maintain insurance for a variety of risks, including cybersecurity risk. Although we endeavor to purchase insurance coverage appropriate for our risk assessment, we are unable to predict with certainty the frequency, nature or magnitude of claims for direct, consequential, or other special damages. Our business may be negatively affected if our insurance coverage proves to be inadequate, unavailable or the insurance carriers deny coverage of any claim for whatever reason. Insurance claims may divert management resources away from operating our business. In addition, our insurance costs may increase based on market conditions or in the event we purchase additional insurance to reflect changes in the size of our business, or the nature of our operations, or if we make a business determination that more or differing coverage may be warranted.

**Risks Related to Growing Our Business**

***Our growth strategy may require substantial investment by us and could materially and adversely affect our operating results.***

Our ability to grow our business organically depends in part on our ability to open or acquire new offices, expand internationally and hire new managing directors and other senior professionals for these offices. We may not be successful in any efforts to do so. The costs of opening a new office, expanding internationally and hiring the necessary personnel may be substantial. If we are not successful in these efforts, we may not be able to recover our investments or our substantial cost outlays, and new international operations may not achieve profitability.

***We may be unable to execute on our growth initiatives, business strategies or operating plans, which would harm our business and financial results.***

We are executing on a number of growth initiatives, strategies and operating plans designed to enhance our business. For example, we intend to continue to further integrate our global operations, expand our platform into new industry and product sectors such as our Private Funds Advisory practice that we launched in 2022 or Financial Services industry coverage that we established through the acquisition of MarshBerry in 2025, both organically and through acquisitions, and we intend to expand our existing expertise into new geographies, some of which may be more profitable than others. The anticipated benefits from these efforts are based on several assumptions that may prove to be inaccurate such as projected revenue, costs of doing business and the volume of transactions. Moreover, we may not be able to successfully complete these growth initiatives, strategies and operating plans and realize any or all of the intended benefits, including growth targets and cost savings, we expect to achieve or it may be more costly to do so than we anticipate. A variety of factors could cause us not to realize some or all of the expected benefits. These factors include, among others, delays in the anticipated timing of activities related to such growth initiatives, strategies and operating plans; difficulty in competing in specific industries, product areas and geographies in which we have less experience than others; negative attention from any failed initiatives; and increased or unexpected costs in implementing these efforts.

Moreover, our continued implementation of our growth plans may disrupt our operations and performance. As a result, we may not realize the expected benefits from these plans. If, for any reason, the benefits we realize are less

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than our estimates or the implementation of these growth initiatives, strategies and operating plans adversely affect our operations or cost more or take longer to effectuate than we expect, or if our assumptions prove inaccurate, we will not be able to implement our growth strategy, which ultimately could materially adversely affect our business, financial condition and results of operations.

***Our inability to successfully identify, consummate and integrate acquisitions and strategic investments, including integrating the MarshBerry Acquisition, may result in additional risks and uncertainties in our businesses.***

In addition to recruiting and organic expansion, we have grown, and intend to continue to grow, our core businesses through acquisitions. We regularly evaluate opportunities to acquire other businesses. On October 31, 2025, we consummated the MarshBerry Acquisition. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Acquisitions." The success of the MarshBerry Acquisition will depend in part on our ability to realize the anticipated business opportunities from combining the operations of MarshBerry with our business in an efficient and effective manner. The integration process could take longer than anticipated and could result in the loss of key employees, the disruption of each company's ongoing businesses, tax costs or inefficiencies or inconsistencies in standards, controls, IT systems, procedures and policies, any of which could adversely affect our ability to maintain relationships with customers, employees or other third parties, or our ability to achieve the anticipated benefits of the MarshBerry Acquisition, and could harm our financial performance. If we are unable to successfully or timely integrate the operations of MarshBerry with our business, we may incur unanticipated liabilities and be unable to realize the revenue growth, synergies and other anticipated benefits resulting from the MarshBerry Acquisition, and our business, results of operations and financial condition could be materially and adversely affected. Additionally, we acquired TCG Corporate Finance in October 2024, with the goal of increasing the breadth of our technology industry vertical by adding additional investment banking advisors in Europe focused on technology, including software and information-technology services, while further deepening connectivity with leading private equity firms in Europe and accelerating revenue growth.

Unless and until such acquisitions generate meaningful revenues, the purchase prices we pay to acquire such businesses could have a material adverse effect on our business, financial condition and results of operations. We may be unable to manage any acquired business, including MarshBerry, profitably or successfully integrate its operations with our own. Moreover, we may be unable to realize the financial, operational, and other benefits and synergies we anticipate from such acquisitions.

Competition for future acquisition opportunities in our markets could increase the price we pay for businesses we acquire and could reduce the number of potential acquisition targets. Further, acquisitions may involve a number of specific financial and business risks, including expenses related to any potential acquisition from which we may withdraw, diversion of our management's time, attention, and resources, decreased utilization during the integration process, loss of key acquired personnel, difficulties in integrating different corporate cultures, increased costs to improve or integrate personnel and financial, accounting, technology and other systems, including dilutive issuances of equity securities, the assumption of legal liabilities, amortization of acquired intangible assets, potential write-offs related to the impairment of goodwill and additional conflicts of interest. If we are unable to successfully manage these risks, we will not be able to implement our growth strategy, which ultimately could materially adversely affect our business, financial condition and results of operations.

***Goodwill and other intangible assets may represent a portion of our assets, and an impairment of these assets could have a material adverse effect on our business, financial condition and results of operation.***

Goodwill and other intangible assets represent a portion of our assets and totaled $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million as of December 31, 2025. We recognized $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million of goodwill in connection with the MarshBerry Acquisition. Goodwill is the excess of the fair value of consideration transferred over the fair value of identifiable net assets, including other intangibles, acquired at the time of an acquisition. We review goodwill and other intangible assets at least annually for impairment. We may need to perform impairment tests more frequently if events occur or circumstances indicate that the carrying amount of these assets may not be recoverable. These events or circumstances could include a significant change in the business climate, attrition of key personnel, a prolonged decline in our stock price and market capitalization, legal factors, or operating performance indicators, competition, sale or disposition of a significant portion of one of our businesses and other factors. Annual impairment reviews of

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indefinite-lived intangible assets, any future impairment of goodwill or other intangible assets would result in a non-cash charge against earnings, which would adversely affect our results of operations. The valuation of the reporting unit requires judgment in estimating future cash flows, discount rates and other factors. In making these judgments, we evaluate the financial health of our reporting unit, including such factors as market performance, changes in our client base and projected growth rates. Because these factors are ever changing, due to market and general business conditions, our goodwill and indefinite-lived intangible assets may be impaired in future periods.

***We may enter into new lines of business, which may result in additional risks and uncertainties in our business.***

We currently generate substantially all of our revenue from advisory services. While we have no current plans to do so, we may grow our business by entering into new lines of business. To the extent we enter into new lines of business, we will face numerous risks and uncertainties, including risks associated with actual or perceived conflicts of interest because we would no longer be limited to the advisory business, the possibility that we have insufficient expertise to engage in such activities profitably or without incurring inappropriate amounts of risk, the required investment of capital and other resources and the loss of clients due to the perception that we are no longer focusing on a core business.

We have also expanded our advisory services historically. For example, in 2022, we launched our Private Funds Advisory practice through lateral hires. We may be unable to manage this expansion (or other future expansions) profitably or successfully integrate its (or their) operations with our existing advisory services. Moreover, we may be unable to realize the financial, operational and other benefits and synergies we anticipate from such expansions of advisory services.

Entry into new lines of business and expansion of our advisory services may subject us to new laws and regulations with which we are not familiar, or from which we are currently exempt, and may lead to increased litigation and regulatory risk. In addition, some aspects of our cost structure, such as costs for compensation, occupancy and equipment rentals, communication and information technology services, and depreciation and amortization will be largely fixed, and we may not be able to timely adjust these costs to match fluctuations in revenue related to our entering into new lines of business. If a new business generates insufficient revenue or if we are unable to efficiently manage our expanded operations, our business, financial condition and results of operations could be materially adversely affected.

***Our backlog is not necessarily indicative of our future revenue or profits, and we may not fully realize the revenue estimated in our backlog.***

Our backlog, at an all-time high as of December 31, 2025, is a useful metric that senior management reviews on a regular basis to gauge our expected operating performance in the near to medium term, and the amount is based on feedback from our managing directors who are closest to our clients. Engagements included in our backlog, as of any date of estimation, may not close, may be delayed and typically experience subsequent changes that increase or decrease the amount of fees we ultimately earn for such engagements, causing us to realize more or less revenue than was reflected in our backlog as of the date of estimation. Our backlog also changes from quarter to quarter based on the addition of new engagements and changes to existing engagements. Although we believe that our backlog provides visibility as to our future operating performance, our backlog is based on a number of assumptions and estimates. We may not realize the revenue we currently expect from our backlog, or, if realized, such revenue may not result in expected profits. For example, if an engagement reflected in our backlog is abandoned, terminated or reduced in scope or if such engagement is delayed, suspended or disrupted, our backlog may be reduced, and we may experience a delay in the realization of our estimated revenue and/or may experience unrecoverable costs, which could materially reduce the revenue and profits we realize in any particular period. If a client abandons or terminates an engagement, we may retain non-refundable initial retainer fees and be reimbursed for costs incurred, but we typically have no contractual right to the total fees reflected in our backlog. Significant abandonments, terminations, reductions in scope or delays, suspensions or disruptions of, or unrecoverable costs on, engagements in our backlog could materially adversely affect our business, revenues and profitability.

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**Risks Related to our Indebtedness**

***Restrictions imposed by our Credit Facilities may materially limit our ability to operate our business and finance our future operations or capital needs.***

Our current financing arrangements (including the Credit Agreement) contain certain covenants that restrict us and our restricted subsidiaries from engaging in specified types of transactions, including, among other things, our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur certain liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate, merge or sell or otherwise dispose of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make certain investments, loans, advances, capital contributions, guarantees, assumptions of indebtedness, acquisitions and purchases, including without limitation, in our subsidiaries not party to the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends or make other distributions on equity interests, or purchase, redeem, retire, acquire, cancel or terminate equity interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into hedge agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• alter the business conducted by us and our subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change our fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend or modify governing documents.

A breach of any of these covenants, or any other covenant in the documents governing our Credit Facilities or other indebtedness, could result in a default or event of default under our Credit Facilities. In the event of any event of default under our Credit Facilities, the applicable lenders or agents could elect to terminate borrowing commitments and declare the unpaid principal amount of all outstanding loans thereunder, together with all premium and interest accrued and any fees and other obligations, to be immediately due and payable. In addition, or in the alternative, the applicable lenders or agents could require that we cash collateralize our letters of credit issued under the Revolving Credit Facility. In addition, or in the alternative, the applicable lenders or agents could exercise their rights under the security documents and any other loan documents entered into in connection with our Credit Facilities. Subject to exceptions, the parties party to the Credit Agreement have pledged substantially all of their assets as collateral securing our Credit Facilities and any such exercise of remedies on any material portion of such collateral would likely materially adversely affect our business, financial condition or results of operations.

If we were unable to repay or otherwise refinance these borrowings and loans when due, and the applicable lenders proceeded against the collateral granted to them to secure that indebtedness, we may be forced into bankruptcy or liquidation. In the event the applicable lenders accelerate the repayment of our borrowings, we may not have sufficient assets to repay that indebtedness. Any acceleration of amounts due under our Credit Facilities or other outstanding indebtedness would also likely have a material adverse effect on us.

An event of default also could significantly limit our financing alternatives, which could cause us to curtail our investment activities and/or dispose of assets when we otherwise would not choose to do so. If we default on several of our debt agreements or any single significant debt agreement, it could have a material adverse effect on our business, prospects, liquidity, financial condition, and results of operations.

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***We expect to use leverage in executing our business strategy, which may adversely affect the return on our assets.***

We and our subsidiaries may be able to incur substantial additional debt in the future. Although the Credit Agreement contains restrictions on the incurrence of additional indebtedness, these restrictions are subject to a number of significant qualifications and exceptions, and under certain circumstances, the amount of debt that could be incurred in compliance with these restrictions could be substantial. Subject to customary conditions (including, without limitation, absence of an event of default), Monarch FinCo, LLC may incur additional debt in the form of term loans or revolving loans in an aggregate principal amount equal to the sum of (a) the greater of $128 million and 100% of Lincoln International CentCo, LLC's most recently reported last-twelve-month EBITDA (calculated in accordance with the Credit Agreement), (b) the aggregate amount of prepayments and permanent commitment reductions of other debt secured on a pari passu basis to the loans under the Term Loan Credit Facility and/or the Revolving Credit Facility to the extent not funded with other long-term debt, (c) unused general debt basket up to the greater of $65 million and 100% of Lincoln International CentCo, LLC's most recently reported last-twelve-month EBITDA (calculated in accordance with the Credit Agreement) and (d) additional unlimited amounts, subject to compliance with the following leverage ratios: (i) for debt secured on a pari passu basis with the obligations under the Term Loan Credit Facility and/or the Revolving Credit Facility, a first lien net leverage ratio no greater than 3.50x, (ii) for debt secured on a junior-priority basis to the obligations under the Term Loan Credit Facility and/or the Revolving Credit Facility, a secured net leverage ratio no greater than 3.50x, and (iii) for unsecured debt or debt that is not secured by any collateral that secures the obligations under the Credit Agreement, a total net leverage ratio no greater than 3.50x. In addition, the terms of the Credit Agreement will not prevent us from incurring obligations that do not constitute prohibited indebtedness thereunder. If new debt is added to our and our subsidiaries' existing debt levels, the related risks that we now face would increase. Our board of directors will consider several factors when evaluating our level of indebtedness and when making decisions regarding the incurrence of new indebtedness, including the purchase price of assets to be acquired with debt financing, the estimated market value of our assets, and the ability of particular assets, and us as a whole, to generate cash flow to cover the expected debt service. Our governing corporate documents do not contain a limitation on the amount of debt we may incur, and our board of directors may change our target debt levels at any time without the approval of our stockholders.

Incurring substantial additional debt could have important consequences for our business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making it more difficult for us to satisfy our obligations with respect to our debt or to our trade or other creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to adverse economic or industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to obtain additional financing to fund capital expenditures and acquisitions, particularly when the availability of financing in the capital markets is limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring a substantial portion of our cash flows from operations and the proceeds from this offering for the payment of interest on our debt and reducing our ability to use our cash flows and the proceeds from this offering to fund working capital, capital expenditures, acquisitions, and general corporate requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• placing us at a competitive disadvantage to less leveraged competitors.

We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us through capital markets financings or under our Credit Facilities or otherwise in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness, on or before its maturity. We cannot assure you that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. In addition, we may incur additional indebtedness to finance our operations or to repay existing indebtedness. If we cannot service our indebtedness, we may have to take actions such as selling assets, seeking additional debt or equity, financing, or reducing or delaying capital expenditures, strategic acquisitions, investments, and alliances. We cannot assure you that any such actions,

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if necessary, could be effected on commercially reasonable terms or at all, or on terms that would be advantageous to our stockholders or on terms that would not require us to breach the terms and conditions of our existing or future debt agreements.

***An increase in interest rates would increase interest costs on our Credit Facilities and any variable rate debt we incur, which could adversely impact our ability to refinance existing debt or acquire assets.***

Borrowings under our Credit Facilities bear interest, at our election, at term Secured Overnight Financing Rate ("SOFR") (subject to a 0.50% floor) plus a margin of 4.25% or at the base rate (subject to a 1.50% floor) plus a margin of 3.25%. Any increase in the interest rate applicable to borrowings under the Credit Facilities will reduce our cash flows available for other corporate purposes, including operations, capital expenditures and acquisitions. Further, rising interest rates could limit our ability to refinance existing debt when it matures and increase interest costs on any debt that is refinanced. We may from time to time enter into agreements such as interest rate swaps or other interest rate hedging contracts. While these agreements may lessen the impact of rising interest rates, they also expose us to the risk that other parties to the agreements will not perform or that the agreements will be unenforceable.

During 2026, the variable interest rates applicable to loans under our Credit Facilities are expected to fluctuate with any future Federal Reserve Board interest rate changes and future changes in SOFR. In addition, increases in interest expenses are considered with other expense increases that may be passed, in whole or in part, along to our customers; however, we do not expect increases in interest expenses to materially impact our pricing strategy in the near term. The increased interest payments on our variable rate debt are not material to our overall liquidity position and have not impacted, and are not expected to have an impact on, our ability to make timely payments under our Credit Facilities.

***We and our subsidiaries may incur substantially more indebtedness, which could further exacerbate the risks associated with our indebtedness.***

We and our subsidiaries may incur substantial additional indebtedness in the future. The terms of the instruments governing our indebtedness do not prohibit us or fully prohibit our subsidiaries from doing so. The Credit Facilities permit additional borrowings beyond the committed amounts under certain circumstances. If new indebtedness is added to our current indebtedness levels, the related risks we face would increase, and we may not be able to meet all of our debt obligations.

**Risks Related to Our Organizational Structure**

***Our principal asset after the completion of this offering will be our direct and indirect interest in LILP, and, as a result, we will depend on distributions from LILP to pay our dividends, taxes and expenses, including payments under the Tax Receivable Agreement. LILP's ability to make such distributions may be subject to various limitations and restrictions.***

Upon the consummation of this offering and the Organizational Transactions, we will be a holding company and will have no material assets other than our direct and indirect ownership of common units in LILP. As such, we will have no independent means of generating revenue or cash flow, and our ability to pay our taxes and operating expenses (including payments due under the Tax Receivable Agreement) or declare and pay dividends in the future, if any, will be dependent upon the financial results and cash flows of LILP and its subsidiaries and distributions we receive from LILP. There can be no assurance that LILP and its subsidiaries will generate sufficient cash flow to distribute funds to us or that applicable state law and contractual restrictions, including negative covenants contained in current or future debt instruments, will permit such distributions. LILP is generally prohibited under Delaware law from making distributions to its members to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of LILP exceed the fair value of its assets. Certain operating subsidiaries of LILP are subject to regulatory minimum capital requirements and other minimum capital requirements contained in debt instruments, each of which could restrict the ability of such subsidiaries to make distributions to LILP and indirectly to us. Under the Credit Agreement, we will be restricted from paying cash dividends in certain circumstances and we expect these restrictions to continue in the future. In addition, the terms of future credit facilities and other indebtedness incurred in the future may restrict the ability of our subsidiaries to pay dividends to us.

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LILP will continue to be treated as a partnership for U.S. federal income tax purposes and, as such, generally will not be subject to any entity-level U.S. federal income tax. Instead, any taxable income of LILP will be allocated to holders of common units, including us. Accordingly, we will incur income taxes on our allocable share of any net taxable income of LILP. Under the terms of the LILP Partnership Agreement, LILP will be obligated, subject to various limitations and restrictions, including with respect to our debt agreements, to make tax distributions to holders of common units, including us. In addition to tax expenses, we will also incur expenses related to our operations, including payments under the Tax Receivable Agreement, which we expect could be significant. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." We intend, as its general partner, to cause LILP to make cash distributions to the holders of common units in an amount sufficient to (i) fund all or part of their tax obligations in respect of taxable income allocated to them and (ii) cover our operating expenses, including payments under the Tax Receivable Agreement. However, LILP's ability to make such distributions may be subject to various limitations and restrictions, such as restrictions on distributions that would either violate any contract or agreement to which LILP is then a party, including debt agreements, or any applicable law, or that would have the effect of rendering LILP insolvent. If we do not have sufficient funds to pay tax or other liabilities, or to fund our operations (including, if applicable, as a result of an acceleration of our obligations under the Tax Receivable Agreement), we may have to borrow funds, which could materially and adversely affect our liquidity and financial condition, and subject us to various restrictions imposed by any lenders of such funds. To the extent we are unable to make timely payments under the Tax Receivable Agreement for any reason, such payments generally will be deferred and will accrue interest until paid; provided, however, that nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement resulting in the acceleration of payments due under the Tax Receivable Agreement. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." In addition, if LILP does not have sufficient funds to make distributions, our ability to declare and pay cash dividends will also be restricted or impaired.

Under the LILP Partnership Agreement, we intend to cause LILP, from time to time, to make distributions in cash to its common unit holders (including us) in amounts at least sufficient to cover the taxes imposed on their allocable share of taxable income of LILP. As a result of (i) potential differences in the amount of net taxable income allocable to us and to the LILP Partners, (ii) the lower tax rate under current law applicable to corporations as compared to individuals, and (iii) that tax distributions are required to be paid by LILP to its common unit holders pro rata in accordance with each common unit holder's economic interests in LILP, these tax distributions may be in amounts that exceed our tax liabilities and our obligations under the Tax Receivable Agreement. Our board of directors will determine the appropriate uses for any excess cash so accumulated, which may include, among other uses, the payment of obligations under the Tax Receivable Agreement and the payment of other expenses. We will have no obligation to distribute such cash (or other available cash) to our stockholders. In addition, no adjustments to the exchange ratio for common units and corresponding shares of Class A common stock will be made as a result of any cash distribution by us or any retention of cash by us. The holders of common units may benefit from any value attributable to such cash balances if they acquire shares of Class A common stock in exchange for their common units, notwithstanding that such holders may have participated previously as holders of common units in distributions that resulted in such excess cash balances to us. To the extent we do not distribute such excess cash as dividends on our Class A common stock we may take other actions with respect to such excess cash, for example, holding such excess cash, or lending it (or a portion thereof) to LILP, which may result in shares of our Class A common stock increasing in value relative to the value of common units. Following a contribution of such excess cash to LILP, we may make an adjustment to the outstanding number of common units held by holders of common units (other than us).

***The Tax Receivable Agreement with the TRA Parties will require us to make cash payments to them in respect of tax benefits to which we may become entitled, and we expect that such payments will be substantial.***

In connection with the consummation of this offering, we will enter into a Tax Receivable Agreement with LILP and the TRA Parties. Under the Tax Receivable Agreement, we will be required to make cash payments to the TRA Parties equal to 85% of the cash tax benefits, if any, that we actually realize, or in certain circumstances are deemed to realize, as a result of the Basis Adjustments and Interest Deductions. Payments under the Tax Receivable Agreement will not be conditioned upon one or more of the TRA Parties maintaining a continued ownership interest in LILP or us.

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The payment obligation is an obligation of Lincoln International, Inc. and not of LILP. We expect that the amount of the cash payments we will be required to make under the Tax Receivable Agreement will be substantial. Any payments made by us to the LILP Partners under the Tax Receivable Agreement will not be available for reinvestment in our business and will generally reduce the amount of overall cash flow that might have otherwise been available to us. To the extent that we are unable to make timely payments under the Tax Receivable Agreement for any reason, the unpaid amounts will be deferred and will accrue interest until paid by us; provided, however, that nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement resulting in the acceleration of payments due under the Tax Receivable Agreement. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

Furthermore, if we experience a change of control (as defined under the Tax Receivable Agreement), which includes certain mergers, asset sales, and other forms of business combinations, we would be obligated to make an immediate payment, and such payment may be significantly in advance of, and may materially exceed, the actual realization, if any, of the future tax benefits to which the payment relates. This payment obligation could (i) make us a less attractive target for an acquisition, particularly in the case of an acquirer that cannot use some or all of the tax benefits that are the subject of the Tax Receivable Agreement, and (ii) result in holders of our Class A common stock receiving substantially less consideration in connection with a change of control transaction than they would receive in the absence of such obligation.

Assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, we expect that the tax savings associated with the Basis Adjustments and Interest Deductions would aggregate to approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; over approximately 20 years from the date of this offering based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our Class A common stock, which is the midpoint of the range set forth on the cover page of this prospectus, and assuming all future redemptions or exchanges would occur on the date of this offering at the same assumed price per share. Under such scenario, assuming future payments are made on the date each relevant tax return is due, without extensions, we would be required to pay approximately 85% of such amount, or approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , over the approximately 20-year period from the date of this offering. We will depend on cash distributions from LILP to make payments under the Tax Receivable Agreement.

The actual tax benefits described above, and the actual utilization of such tax benefits, as well as the amount and timing of any payments under the Tax Receivable Agreement, will vary depending upon a number of factors, including the timing of redemptions by the LILP Partners; the price of shares of our Class A common stock at the time of the exchange; the extent to which such exchanges are taxable; the amount of gain recognized by such LILP Partners; the amount and timing of the taxable income allocated to us or otherwise generated by us in the future; the portion of our payments under the Tax Receivable Agreement constituting imputed interest; and the federal and state tax rates then applicable.

***In certain cases, payments under the Tax Receivable Agreement to the TRA Parties may be accelerated or significantly exceed any actual benefits we realize in respect of the tax attributes subject to the Tax Receivable Agreement.***

The Tax Receivable Agreement will generally apply to each of our taxable years, beginning with the first taxable year ending after the consummation of the Offering Transactions. There is no maximum term for the Tax Receivable Agreement. However, the Tax Receivable Agreement will provide that if (i) we materially breach any of our material obligations under the Tax Receivable Agreement, (ii) certain mergers, asset sales, other forms of business combinations or other changes of control occur after the consummation of this offering, or (iii) we elect an early termination of the Tax Receivable Agreement, then our obligations, or our successor's obligations, under the Tax Receivable Agreement to make payments will be determined based on certain assumptions, including an assumption that we will have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the Tax Receivable Agreement.

As a result of the foregoing, we would be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the Tax Receivable Agreement, based on certain assumptions, which payment may be made significantly in advance of the actual realization, if any, of such future

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tax benefits. Such cash payment to the TRA Parties could be greater than the specified percentage of any actual benefits we ultimately realize in respect of the tax benefits that are subject to the Tax Receivable Agreement. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of discouraging, delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other changes of control, even if such a change in control would be beneficial to our stockholders. For example, should we elect to terminate the Tax Receivable Agreement immediately following this offering, assuming no material changes in the relevant tax laws or tax rates and that we earn sufficient taxable income to realize all tax potential benefits that are subject to the Tax Receivable Agreement, we estimate that the aggregate of termination payments would be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our Class A common stock, which is the midpoint of the range set forth on the cover page of this prospectus, and assuming SOFR (as defined in the Tax Receivable Agreement) were to be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .There can be no assurance that we will be able to fund or finance our obligations under the Tax Receivable Agreement. We may need to incur debt to finance payments under the Tax Receivable Agreement to the extent our cash resources are insufficient to meet our obligations under the Tax Receivable Agreement as a result of timing discrepancies or otherwise.

***We will not be reimbursed for any payments made to the TRA Parties under the Tax Receivable Agreement in the event that any tax benefits are disallowed.***

Payments under the Tax Receivable Agreement will be based on the tax reporting positions that we determine, and the U.S. Internal Revenue Service (the "IRS"), or another tax authority, may challenge all or part of the tax basis increases or other tax benefits we claim, as well as other related tax positions we take, and a court could sustain such challenge. If the outcome of any such challenge would reasonably be expected to materially and adversely affect the rights and obligations of the TRA Parties under the Tax Receivable Agreement, then we will not be permitted to settle or fail to contest such challenge without the consent (not to be unreasonably withheld or delayed) of the Tax Receivable Agreement Representative. The interests of the TRA Parties in any such challenge may differ from or conflict with our interests and your interests, and the Tax Receivable Agreement Representative may exercise its consent rights relating to any such challenge in a manner adverse to our interests and your interests. We will not be reimbursed for any cash payments previously made to the TRA Parties under the Tax Receivable Agreement in the event that any tax benefits initially claimed by us and for which payment has been made to a TRA Party are subsequently challenged by a taxing authority and are ultimately disallowed. Instead, any excess cash payments made by us to a TRA Party will be netted against any future cash payments we might otherwise be required to make to such TRA Party under the terms of the Tax Receivable Agreement. However, we might not determine that we have effectively made an excess cash payment to a TRA Party for a number of years following the initial time of such payment and, if any of our tax reporting positions are challenged by a taxing authority, we will not be permitted to reduce any future cash payments under the Tax Receivable Agreement until any such challenge is finally settled or determined. Moreover, the excess cash payments we made previously under the Tax Receivable Agreement could be greater than the amount of future cash payments against which we would otherwise be permitted to net such excess. The applicable U.S. federal income tax rules for determining applicable tax benefits we may claim are complex and factual in nature, and there can be no assurance that the IRS or a court will agree with our tax reporting positions. As a result, payments could be made under the Tax Receivable Agreement significantly in excess of any actual cash tax savings that we realize in respect of the tax attributes with respect to a TRA Party that are the subject of the Tax Receivable Agreement.

**Risks Related to Our Class A Common Stock and This Offering**

***We will be controlled by the LILP Controlling Partners whose interests may differ from those of our other stockholders and may give rise to actual or perceived conflicts of interest.***

Upon completion of this offering, we will be controlled by the LILP Controlling Partners. The LILP Controlling Partners' interests may differ from those of other stockholders. Upon completion of this offering, the LILP Controlling Partners will control approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the voting interest in Lincoln International, Inc. (or &nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise their option to purchase additional shares of Class A common stock in full), as a result of the LILP Controlling Partners holding all outstanding Class C common stock upon completion of this offering. The shares of Class C common stock will entitle the LILP Controlling Partners to ten votes per share for so long as such

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shares of Class C common stock are not exchanged for shares of Class B common stock or transferred to someone other than a permitted transferee as described in "Description of Capital Stock— Common Stock—Class C Common Stock," after which they will be entitled to one vote per share. As a result, because the LILP Controlling Partners will have a majority of the voting power in Lincoln International and our amended and restated certificate of incorporation to be in effect upon consummation of this offering will not provide for cumulative voting, the LILP Controlling Partners will have the ability to elect all of the members of our board of directors and thereby to control our management and affairs, including determinations with respect to acquisitions, dispositions, borrowings, issuances of Class A common stock or other securities, and the declaration and payment of dividends. The LILP Controlling Partners will be able to determine the outcome of all matters requiring stockholder approval and will be able to cause or prevent a change of control of Lincoln International or a change in the composition of our board of directors and could preclude any unsolicited acquisition of Lincoln International. The LILP Controlling Partners' voting control could deprive our stockholders of an opportunity to receive a premium for their Class A common stock as part of a sale of Lincoln International and might ultimately affect the market price of our Class A common stock. As a result of the control exercised by the LILP Controlling Partners over us, none of our agreements with them have been negotiated on arm's length terms. We cannot assure you that we would not have received more favorable terms from an unaffiliated party.

In addition, immediately following this offering and application of the net proceeds therefrom, the LILP Partners, will own approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the common units (or approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise in full their option to purchase additional shares of Class A common stock). Because they hold their ownership interest in our business directly in LILP, the LILP Partners, may have conflicting interests with holders of shares of our Class A common stock. For example, if LILP makes distributions to Lincoln International, Inc., the LILP Partners will also be entitled to receive such distributions pro rata in accordance with their ownership of common units and their preferences as to the timing and amount of any such distributions may differ from those of our public shareholders. The LILP Partners, including the LILP Controlling Partners, may also have different tax positions from us that could influence their decisions regarding whether and when to dispose of assets, especially in light of the existence of the Tax Receivable Agreement that we will enter into in connection with this offering with LILP and the TRA Parties, whether and when to incur new or refinance existing indebtedness and whether and when Lincoln International, Inc. should terminate the Tax Receivable Agreement and accelerate its obligations thereunder. In addition, the structuring of future transactions may take into consideration our pre-initial public offering owners' tax or other considerations even where no similar benefit would accrue to us. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

***If you purchase shares of Class A common stock in this offering, you will incur immediate and substantial dilution and may experience additional dilution in the future.***

Dilution is the difference between the offering price per share and the pro forma net tangible book value per share of our Class A common stock immediately after this offering. The price you pay for shares of our Class A common stock sold in this offering will be substantially higher than our pro forma net tangible book value per share immediately after this offering. If you purchase shares of Class A common stock in this offering, you will incur immediate and substantial dilution in the amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share based upon an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the price range listed on the cover page of this prospectus. In addition, you may also experience additional dilution, or potential dilution, upon future equity issuances to investors (including upon redemption or exchange of our Class B or Class C common stock), in connection with future acquisitions, or to our employees, consultants and directors under the 2026 Plan and/or any other equity incentive compensation plans we may adopt. As a result of this dilution, investors purchasing shares of Class A common stock in this offering may receive significantly less than the full purchase price that they paid for the stock purchased in this offering in the event of liquidation.

***While we currently intend to pay a quarterly cash dividend to our stockholders, we may change our dividend policy at any time and we may not continue to declare cash dividends.***

Although we currently intend to pay a quarterly cash dividend to our stockholders, we have no obligation to do so, and our dividend policy may change at any time. Returns on stockholders' investments will primarily depend on the appreciation, if any, in the price of our Class A common stock. The amount and timing of dividends, if any, are

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subject to capital availability and periodic determinations by our board of directors that cash dividends are in the best interest of our stockholders and are in compliance with all applicable laws and any other contractual agreements limiting our ability to pay dividends. Under the Credit Agreement, we will be restricted from paying cash dividends in certain circumstances and we expect these restrictions to continue in the future. Our ability to pay dividends may also be restricted by the terms of any future credit agreement or any future debt or preferred equity securities of ours or of our subsidiaries. See "Dividend Policy" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Cash and Liquidity—Credit Facilities." Future dividends, including their timing and amount, may be affected by, among other factors: general economic and business conditions; our financial condition and operating results; our available cash and current anticipated cash needs; capital requirements; contractual, legal, tax and regulatory restrictions and implications on the payment of dividends by us to our stockholders; and such other factors as our board of directors may deem relevant.

Our dividend payments may change from time to time, and we may not continue to declare dividends in any particular amounts or at all. The reduction in or elimination of our dividend payments could have a negative effect on our stock price.

***We are a "controlled company" within the meaning of the NYSE listing standards and, as a result, will qualify for, and intend to rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements.***

After this offering, the LILP Controlling Partners will continue to control a majority of the voting power of our outstanding common stock. As a result, we will qualify as a "controlled company" within the meaning of the corporate governance standards of the NYSE. Under these rules, a listed company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including: the requirement that a majority of the board of directors consist of independent directors, the requirement that we have a nominating and corporate governance committee that is composed entirely of independent directors and the requirement that we have a compensation committee that is composed entirely of independent directors.

Following this offering, we intend to rely on some or all of these exemptions. As a result, we will not have a majority of independent directors and our compensation and nominating and corporate governance committees will not consist entirely of independent directors. Accordingly, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

***We do not know whether a market will develop for our Class A common stock or what the market price of our Class A common stock will be and as a result it may be difficult for you to sell your shares of our Class A common stock.***

Before this offering, there was no public trading market for our Class A common stock. If a market for our Class A common stock does not develop or is not sustained, it may be difficult for you to sell your shares of Class A common stock at an attractive price or at all. We cannot predict the prices at which our Class A common stock will trade. It is possible that in one or more future periods our results of operations may be below the expectations of public market analysts and investors and, as a result of these and other factors, the price of our Class A common stock may fall.

***If securities analysts do not publish research or reports about our business or if they publish negative evaluations of our Class A common stock, the price of our Class A common stock could decline.***

The trading market for our Class A common stock will rely in part on the research and reports that industry or financial analysts publish about us or our business. We do not currently have and may never obtain research coverage by industry or financial analysts. If no or few analysts commence coverage of us, the trading price of our stock would likely decrease. Even if we do obtain analyst coverage, if one or more of the analysts covering our business downgrade their evaluations of our stock, the price of our Class A common stock could decline. If one or more of these analysts cease to cover our Class A common stock, we could lose visibility in the market for our stock, which in turn could cause our Class A common stock price to decline.

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***The market price of our Class A common stock may be volatile or may decline regardless of our operating performance and you may not be able to resell your shares at or above the initial public offering price.***

After this offering, the market price for our Class A common stock is likely to be volatile, in part because our shares have not been traded publicly. In addition, the market price of our Class A common stock may fluctuate significantly in response to a number of factors, most of which we cannot control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operating and financial performance and prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our quarterly or annual earnings or those of other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public's reaction to our press releases, our other public announcements and our filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quarterly variations in our operating results compared to market expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in, or failure to meet, earnings estimates or recommendations by research analysts who track our common shares or the stock of other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse publicity about us, the industries we participate in or individual scandals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements of new offerings by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stock price performance of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of research analysts to cover our common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in stock market prices and volumes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default on our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions by competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in senior management or key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial estimates by securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market's reaction to our reduced disclosure as a result of being an "emerging growth company" under the JOBS Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market's reaction to our status as a "controlled company";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative earnings or other announcements by us or other financial services companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• downgrades in our credit ratings or the credit ratings of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incurrence of indebtedness or issuances of capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global economic, legal and regulatory factors unrelated to our performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the other factors listed in this "Risk Factors" section.

The initial public offering price of our Class A common stock will be determined by negotiations between us, the selling stockholders and the underwriters based upon a number of factors and may not be indicative of prices that will prevail following the closing of this offering. Volatility in the market price of our common stock may prevent investors from being able to sell their Class A common stock at or above the initial public offering price. As a result, you may suffer a loss on your investment.

In addition, stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies in our industry. In the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were involved in

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securities litigation, we could incur substantial costs and our resources and the attention of management could be diverted from our business.

***Our share price may decline due to the large number of shares eligible for future sale and for exchange.***

The market price of our Class A common stock could decline as a result of sales of a large number of shares of Class A common stock in the market after this offering or the perception that such sales could occur. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

All of our executive officers, directors and holders of substantially all of our outstanding capital stock, including the LILP Controlling Partners, are subject to lock-up agreements that restrict their ability to transfer shares of our capital stock for 180 days from the date of this prospectus without the consent of the representatives of the underwriters. After the expiration of the 180-day lock-up period,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock, including those issuable upon exchange of outstanding Class B common stock and Class C Common Stock, and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock issued under the 2026 Plan to our non-employee directors, will become eligible for sale, subject to the restrictions under the lock-up agreements described above and restrictions under the Securities Act. Stockholders who are subject to any of the lock-up agreements described above may be permitted to sell shares prior to the expiration of the applicable lock-up agreement in certain circumstances, including as the result of the waiver or termination of such lock-up agreement.

***The JOBS Act will allow us to postpone the date by which we must comply with certain laws and regulations intended to protect investors and to reduce the amount of information we provide in our reports filed with the SEC, and taking advantage of the reduced disclosure requirements applicable to "emerging growth companies" may make our Class A common stock less attractive to investors.***

The JOBS Act provides that, so long as a company qualifies as an "emerging growth company," it will, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that its independent registered public accounting firm provide an attestation report on the effectiveness of its internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be exempt from the "say on pay" and "say on golden parachute" advisory vote requirements of the Dodd-Frank Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be exempt from certain disclosure requirements of the Dodd-Frank Act relating to compensation of its executive officers and be permitted to omit the detailed compensation discussion and analysis from proxy statements and reports filed under the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be exempt from any rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotations or a supplement to the auditor's report on the financial statements.

We currently intend to take advantage of each of the exemptions described above. We have irrevocably elected not to take advantage of the extension of time to comply with new or revised financial accounting standards available under Section 107(b) of the JOBS Act, which is mandated by FINRA for our broker-dealer entities. We could be an emerging growth company for up to five years after this offering. We cannot predict if investors will find our Class A common stock less attractive if we elect to rely on these exemptions, or if taking advantage of these exemptions would result in less active trading or more volatility in the price of our Class A common stock.

***The historical and pro forma financial information in this prospectus may make it difficult to accurately predict our costs of operations in the future.***

The historical financial information in this prospectus does not reflect the added costs we expect to incur as a public company or the resulting changes that will occur in our capital structure and operations. In preparing our pro forma financial information we have given effect to, among other items, the MarshBerry Acquisition and the

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Organizational Transactions. The estimates we used in our pro forma financial information may not be similar to our actual experience as a public company. For more information on our historical financial information and pro forma financial information, see "Unaudited Pro Forma Condensed Consolidated Financial Information," "Prospectus Summary—Summary Consolidated Financial and Other Data," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Our Organizational Structure," and our consolidated financial statements included elsewhere in this prospectus.

***We have not previously operated as a public company and we will incur increased costs as a result of becoming a public company and in the administration of our organizational structure, and the compliance and operational activities could harm our business.***

Our management team has historically operated our business as a privately owned company. Most of the individuals who now constitute our management have not previously managed a publicly traded company. Compliance with public company requirements will place significant additional demands on our management and will require us to enhance our investor relations, legal, financial reporting, internal audit, compliance with the Sarbanes-Oxley Act and corporate communications functions. These additional efforts may strain our resources and divert management's attention from other business concerns, which could adversely affect our business and profitability.

As a public company, we will incur significant legal, accounting, insurance and other expenses that we have not incurred as a private company, including costs associated with public company reporting requirements. We also have incurred and will incur costs associated with the Sarbanes-Oxley Act and related rules implemented by the SEC. Following the completion of this offering, we will also incur ongoing periodic expenses in connection with the administration of our organizational structure. The expenses incurred by public companies generally for reporting and corporate governance purposes have been increasing and are expected to increase in light of new and proposed rules and regulations. We expect these rules and regulations to increase our legal, accounting, financial and other compliance costs and to make some activities more time-consuming and costly. Due to these laws and regulations, it may become more difficult or costly for us to obtain some types of insurance, including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. Potential legal liability and limitations on insurance coverage could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as our executive officers. Furthermore, if we are unable to satisfy our obligations as a public company, we could be subject to delisting of our common stock, fines, sanctions and other regulatory action and potentially civil litigation.

The historical financial information in this prospectus for the periods presented herein do not reflect the added costs we will incur as a public company, including costs related to public company reporting, investor relations and compliance with the Sarbanes-Oxley Act. As a result of these matters, among others, it may be difficult for investors to compare our future results to historical results or to evaluate our relative performance or trends in our business.

***Failure to establish and maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and market price of our Class A common stock.***

We are not currently required to comply with the rules of the SEC implementing Section 404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. Upon becoming a public company, we will be required to comply with the SEC's rules implementing Sections 302 and 404 of the Sarbanes-Oxley Act, which will require management to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of controls over financial reporting. Though we will be required to disclose changes made in our internal controls and procedures on a quarterly basis, we will not be required to make our first annual assessment of our internal controls over financial reporting pursuant to Section 404 until the year following our first annual report required to be filed with the SEC. However, as an emerging growth company, our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal controls over financial reporting pursuant to Section 404 until the later of the year following our first annual report required to be filed with the SEC or the date we are no longer an emerging growth company. At such time, our independent registered public

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accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our controls are documented, designed or operating.

To comply with the requirements of being a public company, we have undertaken various actions, and will need to take additional actions, such as implementing new internal controls and procedures and hiring additional accounting or internal audit staff. Testing and maintaining internal controls can divert our management's attention from other matters that are important to the operation of our business. Although we have not identified a material weakness or significant deficiency in the past two fiscal years, in the future when evaluating our internal control over financial reporting, we may identify material weaknesses or significant deficiencies that we may not be able to remediate in time to meet the applicable deadline imposed upon us for compliance with the requirements of Section 404. If we identify any material weaknesses or significant deficiencies in our internal control over financial reporting or are unable to comply with the requirements of Section 404 in a timely manner or assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting once we are no longer an emerging growth company, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our Class A common stock could be negatively affected, and we could become subject to investigations by the stock exchange on which our securities will be listed, the SEC or other regulatory authorities, which could require additional financial and management resources and could lead to a decline in our stock price.

***Our anti-takeover provisions could prevent or delay a change in control of our company, even if such change in control would be beneficial to our stockholders.***

Provisions of our amended and restated certificate of incorporation and amended and restated bylaws, as they will be in effect upon completion of this offering, as well as provisions of Delaware law, to which we are subject, could discourage, delay or prevent a merger, acquisition or other change in control of our company, even if such change in control would be beneficial to our stockholders. Provisions of our amended and restated certificate of incorporation and our amended and restated bylaws, as they will be in effect upon the completion of this offering, that could prevent or delay a change in control of our company include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Controlling Partners control approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the voting interest in Lincoln International, Inc. (or&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise their option to purchase additional shares of Class A common stock in full), as a result of the LILP Controlling Partners holding all outstanding Class C common stock upon completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to issue "blank check" preferred stock, which could increase the number of outstanding shares and thwart a takeover attempt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a classified board of directors so that not all members of our board of directors are elected at one time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to remove directors only for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no use of cumulative voting for the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no ability of stockholders to call special meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supermajority voting provisions for stockholder approval of amendments to our certificate of incorporation and by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that, to the fullest extent permitted by law and unless we agree otherwise, certain proceedings against or involving us or our directors, officers or employees be brought exclusively in the Court of Chancery in the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of stockholders to take action by written consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advance notice and duration of ownership requirements for nominations for election to the board of directors or for proposing matters that can be acted upon by stockholders at stockholder meetings.

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These provisions could also discourage proxy contests and make it more difficult for you and other stockholders to elect directors of your choosing and cause us to take other corporate actions you desire. In addition, because our board of directors is responsible for appointing the members of our management team, these provisions could in turn affect any attempt by our stockholders to replace current members of our management team.

In addition, the General Corporation Law of the State of Delaware (the "DGCL"), to which we are subject, prohibits us, except under specified circumstances, from engaging in any mergers, significant sales of stock or assets or business combinations with any stockholder or group of stockholders who owns at least 15% of our common stock.

The Tax Receivable Agreement will also provide that if mergers, asset sales, other forms of business combinations or other changes of control were to occur after the consummation of this offering, then our obligations, or our successor's obligations, under the Tax Receivable Agreement to make payments would be accelerated and become immediately due and payable.

***We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Class A common stock, which could depress the price of our Class A common stock.***

Our amended and restated certificate of incorporation authorizes us to issue one or more series of preferred stock. Our board of directors has the authority to determine the preferences, limitations and relative rights of the shares of preferred stock and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our stockholders. Our preferred stock could be issued with voting, liquidation, dividend and other rights superior to the rights of our Class A common stock. The potential issuance of preferred stock may delay or prevent a change in control of us, discourage bids for our Class A common stock at a premium to the market price, and materially and adversely affect the market price and the voting and other rights of the holders of our Class A common stock.

***Our amended and restated certificate of incorporation and amended and restated bylaws will provide for an exclusive forum in the Court of Chancery of the State of Delaware for certain disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.***

We believe these provisions may benefit us by providing increased consistency in the application of Delaware law and federal securities law by chancellors and judges, as applicable, particularly experienced in resolving corporate disputes, efficient administration of cases on a more expedited schedule relative to other forums and

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this prospectus may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding the MarshBerry Acquisition and the Organizational Transactions, including the consummation of this offering, expected growth, future capital expenditures and debt service obligations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms, such as "may," "will," "would," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "commits," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain our managing directors and our other senior professionals and executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully identify, recruit and develop talent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with our acquisitions, joint ventures and strategic investments, including our ability to successfully integrate the MarshBerry Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to generate sufficient cash in the future to service our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changing market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of major clients or a downturn in the private equity industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reputational risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our highly volatile revenue and profits on a quarterly basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strong competition from other financial advisory and investment banking firms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute on our growth initiatives, business strategies or operating plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our management not having previously managed a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with our international operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to acquire and open new offices and expand internationally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in foreign currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of compliance associated with international broker-dealer, securities, data privacy, employment, labor, benefits and tax regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on fee-paying clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our clients' ability to pay us for our services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our potential growth into new lines of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operational risks;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extensive and evolving regulation of our business and the business of our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• substantial litigation risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact on economic conditions resulting from military conflicts, public health incidents and natural catastrophes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cybersecurity and other security risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated changes in effective tax rates or adverse outcomes resulting from examinations of our income or other tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on distributions from LILP to pay our taxes and expenses after completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with our obligations under the Tax Receivable Agreement associated with the consummation of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Controlling Partners' ability to control our company immediately following this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of the costs, fees, expenses and charges related to this offering and the related costs of being a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors disclosed in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any statements of belief and any statements of assumptions underlying any of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors beyond our control.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this prospectus. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

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**OUR ORGANIZATIONAL STRUCTURE**

Lincoln International, Inc., a Delaware corporation, was formed on April 6, 2022, and is the issuer of Class A common stock offered by this prospectus. Prior to this offering and the Organizational Transactions, all of our business operations have been conducted through LILP and its subsidiaries. We will consummate the Reorganization Transactions prior to the consummation of this offering.

**Existing Organization**

LILP is treated as a partnership for U.S. federal income tax purposes and, as such, is generally not subject to any U.S. federal entity-level income taxes. Taxable income or loss of LILP is included in the U.S. federal income tax returns of LILP's partners. Prior to the consummation of this offering, LI GP, Inc., the LILP Partners and the Blocker Companies were the only partners of LILP.

The diagram below depicts our organizational structure as of December 31, 2025.

![ourorgstructure1aa.jpg](ourorgstructure1aa.jpg)

**Incorporation of Lincoln International, Inc.**

Lincoln International, Inc., the issuer of Class A common stock offered by this prospectus, was incorporated as a Delaware corporation on April 6, 2022. Lincoln International, Inc. has not engaged in any material business or other activities except in connection with its formation and the Organizational Transactions. The amended and restated certificate of incorporation of Lincoln International, Inc. that will become effective immediately prior to the consummation of this offering will, among other things, (i) authorize three classes of common stock, Class A common stock, Class B common stock and Class C common stock, and one or more series of preferred stock, each having the terms described in "Description of Capital Stock" and (ii) recapitalize the outstanding common stock into Class A common stock.

**Reorganization Transactions**

Prior to the Organizational Transactions, there is only one holder of common stock of Lincoln International, Inc. We will consummate the following Reorganization Transactions in connection with this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend and restate the existing limited partnership agreement of LILP, which will become effective prior to the consummation of this offering, to, among other things, (1) recapitalize all existing ownership interests

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in LILP into one class of common units, (2) admit Lincoln International, Inc. as the general partner of LILP upon its acquisition of common units in connection with this offering and (3) provide certain redemption rights to the LILP Partners as described in "Certain Relationships and Related Party Transactions—LILP Partnership Agreement";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend and restate Lincoln International, Inc.'s certificate of incorporation to, among other things, provide for (1) Class A common stock, entitling its holder to one vote per share on all matters presented to our stockholders generally, (2) Class B common stock, entitling its holder to one vote per share on all matters presented to our stockholders generally, and that shares of our Class B common stock may only be held by the LILP Non-controlling Partners and their respective permitted transferees as described in "Description of Capital Stock—Common Stock—Class B Common Stock," (3) Class C common stock, entitling its holder to ten votes per share on all matters presented to our stockholders generally, and that shares of our Class C common stock may only be held by the LILP Controlling Partners and their respective permitted transferees as described in "Description of Capital Stock— Common Stock—Class C Common Stock" and (4) the recapitalization of our outstanding shares of existing common stock into shares of Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire, by the Corporate Mergers, LI GP, Inc. and the Blocker Companies, and issue an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock to the stockholders of LI GP, Inc. (who are the same individuals as the LILP Controlling Partners) and the members of the Blocker Companies (who are the Other Senior Professionals) as consideration in the Corporate Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class B common stock to the LILP Non-controlling Partners, which is equal to the number of common units held directly or indirectly by such LILP Non-controlling Partners immediately following the Organizational Transactions, for nominal consideration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class C common stock to the LILP Controlling Partners, which is equal to the number of common units held directly or indirectly by such LILP Controlling Partners immediately following the Organizational Transactions, for nominal consideration.

**Offering Transactions**

Following the Reorganization Transactions, we will consummate the following Offering Transactions in connection with this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class A common stock to the investors in this offering (or shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full) in exchange for net proceeds, after taking into account the underwriting discount, of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million (or approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use the net proceeds from this offering, after taking into account the underwriting discount and estimated offering expenses payable by us, to purchase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;newly issued common units (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LILP intends to use the net proceeds from the sale of common units to us (i) to pay $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million in cash to partially redeem a portion of the common units held directly or indirectly by the LILP Partners, including some of our executive officers and directors, (ii) to pay fees and expenses of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million in connection with this offering and the Organizational Transactions, (iii) to repay $&nbsp;&nbsp;&nbsp;&nbsp; million in borrowings under the Credit Facilities and, (iv) if any proceeds are remaining, for general corporate purposes as described under "Use of Proceeds"; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will enter into the Tax Receivable Agreement with LILP and the TRA Parties. For a description of the terms of the Tax Receivable Agreement, see "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

**Organizational Structure Following the Organizational Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will be a holding company and its principal asset will consist of common units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will be the sole general partner of LILP and will control the business and affairs of LILP and its direct and indirect subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will own, directly or indirectly,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common units of LILP, representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common units, representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Controlling Partners will own (1) directly through the LILP Controlling Partners' ownership of common units and indirectly through Lincoln International, Inc.'s ownership of common units, approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP (or approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full), (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the combined voting power of all of Lincoln International, Inc.'s common stock (or shares of Class A common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (3)&nbsp;&nbsp;&nbsp;&nbsp;shares of Class C common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the combined voting power of all of Lincoln International, Inc.'s common stock (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class C common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Non-controlling Partners will own (1) directly through the LILP Non-controlling Partners' ownership of &nbsp;&nbsp;&nbsp;&nbsp; common units, approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP (or approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class B common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the combined voting power of all of Lincoln International, Inc.'s common stock (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class B common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Other Senior Professionals will (1) own&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock of Lincoln International, Inc. representing approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the combined voting power of all of Lincoln International, Inc.'s common stock and approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the economic interest in Lincoln International, Inc. (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock of Lincoln International, Inc. representing approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of such combined voting power and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the economic interest if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (2) through Lincoln International, Inc.'s ownership of common units, will hold approximately % of the economic interest in LILP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investors in this offering will own (1) indirectly through Lincoln International, Inc.'s ownership of common units, approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP (or approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the combined voting power of all of Lincoln International, Inc.'s common stock (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock of Lincoln International, Inc., representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

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The diagram below depicts our organizational structure after giving effect to the Organizational Transactions, including this offering and the use of net proceeds of this offering as described under "Use of Proceeds," assuming no exercise by the underwriters of their option to purchase additional shares of Class A common stock.

![prosumm12a.jpg](prosumm12a.jpg)

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(1)Investors in this offering will hold approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the combined voting power of Lincoln International, Inc. (or approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

As the general partner of LILP, we will operate and control all of the business and affairs of LILP and, through LILP and its subsidiaries, conduct our business. Following the Organizational Transactions, including this offering, Lincoln International, Inc. will have a minority economic interest in LILP, and will control the management of LILP as its general partner. As a result, Lincoln International, Inc. will consolidate LILP and record a significant non-controlling interest in a consolidated entity.

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**USE OF PROCEEDS**

We estimate that we will receive net proceeds from this offering of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million (or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million if the underwriters exercise their option to purchase additional shares of Class A common stock in full), after deducting the underwriting discount and estimated offering expenses payable by us.

Each $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, would increase (decrease) the net proceeds to us by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discount and the estimated offering expenses payable by us. We may also increase or decrease the number of shares we are offering. Each increase (decrease) of 1,000,000 shares in the number of shares offered by us would increase (decrease) the net proceeds to us by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming that the assumed initial public offering price remains the same, and after deducting the underwriting discount and the estimated offering expenses payable by us.

We intend to use the net proceeds from this offering to purchase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; newly issued common units (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount and estimated offering expenses payable by us.

We intend to cause LILP to use the net proceeds from the sale of common units to us (i) to pay $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in cash to partially redeem a portion of the common units held directly or indirectly by the LILP Partners, including some of our executive officers and directors, (ii) to pay fees and expenses of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in connection with this offering and the Organizational Transactions, and (iii) to repay $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million under the Credit Facilities and (iv) any remaining proceeds for general corporate purposes. At this time, we have not specifically identified a material single use for which we intend to cause the net proceeds to be used by LILP, and, accordingly, we are not able to allocate the net proceeds among any potential uses in light of the variety of factors that will affect how such net proceeds will be ultimately used by us or LILP. Our management will have broad discretion to direct LILP's use of the proceeds.

LILP will either bear or reimburse Lincoln International, Inc. for all of the expenses incurred in connection with the Organizational Transactions, including this offering.

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**CAPITALIZATION**

The following table sets forth our cash, cash equivalents and restricted cash and capitalization as of December 31, 2025 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• of LILP and its subsidiaries on a historical basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• of Lincoln International, Inc. and its subsidiaries on a pro forma basis to give effect to the MarshBerry Acquisition and the Organizational Transactions, including this offering.

For more information, please see "Our Organizational Structure," "Use of Proceeds" and "Unaudited Pro Forma Condensed Consolidated Financial Information" included elsewhere in this prospectus. You should read this information in conjunction with our consolidated financial statements and the related notes included elsewhere in this prospectus and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section and other financial information contained in this prospectus.

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| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** |
| **(USD in thousands, except share and per share data)** | **Lincoln International, LP Actual** | **Lincoln International, Inc. Pro Forma** |
| Cash, cash equivalents and restricted cash | $ | $ |
| Long-term debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan Credit Facility<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Facility |  |  |
| Partners' capital/stockholders' equity: |  |  |
| Preferred stock, par value $0.0001 per share,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares authorized and no&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares outstanding on a pro forma basis |  |  |
| Class A common stock, par value $0.0001 per share,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares authorized and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares outstanding on a pro forma basis |  |  |
| Class B common stock, par value $0.0001 per share,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares authorized and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares outstanding on a pro forma basis |  |  |
| Class C common stock, par value $0.0001 per share,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares authorized and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares outstanding on a pro forma basis |  |  |
| Additional paid-in capital |  |  |
| Partners' equity |  |  |
| **Total partners' capital /stockholders' equity**  |  |  |
| Non-controlling interest |  |  |
| **Total capitalization**  | $ | $ |

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<sup>(1)</sup> Includes $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million of borrowings drawn under the Delayed Draw Term Loan Credit Facility. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Cash and Liquidity—Credit Facilities."

A $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, would increase (decrease) the pro forma amount of each of cash and cash equivalents, additional paid-in capital and total capitalization by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discount and estimated offering expenses payable by us.

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**DIVIDEND POLICY**

Following this offering and subject to applicable laws and regulations as well as funds being available, we intend to pay a quarterly cash dividend to holders of our Class A common stock, initially equal to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of Class A common stock, commencing with the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; quarter of fiscal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . Holders of our Class B common stock and Class C common stock, as stockholders, are not entitled to participate in any dividends declared by our board of directors. Any declaration and payment of future dividends by Lincoln International, Inc. will be at the sole discretion of our board of directors. When considering the issuance of dividends, our board of directors will consider many factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business, economic and political conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current and projected financial condition, earnings, cash flows, capital requirements, and level of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• available cash less any current and anticipated cash needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statutory, tax, legal and regulatory considerations applicable to the payment of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considerations as specified in our Tax Receivable Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other considerations that our board of directors may deem relevant.

While we currently intend to pay a quarterly cash dividend to holders of our Class A common stock, we may change our dividend policy at any time and we may discontinue the issuance of cash dividends.

Because we are a holding company and our principal asset will be the ownership of common units, our ability to pay cash dividends on our Class A common stock depends on our receipt of cash distributions from LILP and, through LILP, cash distributions and dividends from our indirect subsidiaries. Under Delaware law, dividends may be payable only out of surplus, which is calculated as our assets less our liabilities and our capital, or, if we have no surplus, out of our net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. Under the Credit Agreement, we will be restricted from paying cash dividends in certain circumstances and we expect these restrictions to continue in the future. Our ability to pay dividends may also be restricted by the terms of any future credit agreement or any future debt or preferred equity securities of us or our subsidiaries. See "Description of Capital Stock" and "Management's Discussion and Analysis of Financial Condition and Results of Operation—Cash and Liquidity." Any future determination as to the declaration and payment of dividends, if any, will be at the discretion of our board of directors, subject to compliance with Delaware law and contractual restrictions and covenants in the agreements governing our current and future indebtedness. Any such determination will also depend upon our business prospects, results of operations, financial condition, cash requirements and availability, industry trends and other factors that our board of directors may deem relevant. Accordingly, you may need to sell your shares of our Class A common stock to realize a return on your investment, and you may not be able to sell your shares at or above the price you paid for them. See "Risk Factors—Risks Related to Our Organizational Structure—Our principal asset after the completion of this offering will be our interest in LILP, and, as a result, we will depend on distributions from LILP to pay our dividends, taxes and expenses, including payments under the Tax Receivable Agreement. LILP's ability to make such distributions may be subject to various limitations and restrictions."

Immediately following this offering, we will be a holding company, and our principal asset will be common units. If we decide to pay a dividend in the future, we would need to cause LILP to make distributions to us in an amount sufficient to cover such dividend. If LILP makes such distributions to us, the holders of our Class B common stock and Class C common stock will be entitled to receive pro rata distributions as holders of common units. See "Risk Factors—Risks Related to Our Organizational Structure— Our principal asset after the completion of this offering will be our interest in LILP, and, as a result, we will depend on distributions from LILP to pay our dividends, taxes and expenses, including payments under the Tax Receivable Agreement. LILP's ability to make such distributions may be subject to various limitations and restrictions."

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Additionally, we will use any distributions from LILP to pay our taxes, make payments in accordance with the Tax Receivable Agreement and pay our expenses. Accordingly, amounts ultimately distributed as dividends to holders of our Class A common stock are expected to be less than the amounts distributed by us to the LILP Partners on a per share basis. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

Assuming LILP makes distributions to its partners in any given year, the determination to pay dividends, if any, to our Class A common stockholders out of the portion, if any, of such distributions remaining after our payment of taxes, Tax Receivable Agreement payments and expenses (any such portion, an "excess distribution") will be made by our board of directors. Because our board of directors may determine to pay or not pay dividends to our Class A common stockholders, our Class A common stockholders may not necessarily receive dividend distributions relating to excess distributions, even if LILP makes such distributions to us.

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**DILUTION**

The LILP Partners will own common units after the Organizational Transactions. Because the LILP Partners will not own any Class A common stock at the time of the offering or have any right to receive distributions from Lincoln International, Inc. (other than the LILP Controlling Partners who will own shares of Class A common stock received as stockholders of LI GP, Inc. in the Corporate Mergers), we have presented dilution in pro forma net tangible book value per share both before and after this offering assuming that all of the holders of common units (other than Lincoln International, Inc.) had their common units redeemed or exchanged for newly issued shares of Class A common stock on a one-for-one basis (rather than for cash) and the cancellation for no consideration of all of their shares of Class B common stock and Class C common stock (which are not entitled to receive distributions or dividends, whether cash or stock from Lincoln International, Inc.) in order to more meaningfully present the dilutive impact on the investors in this offering. We refer to the assumed redemption or exchange of all common units for shares of Class A common stock and cancellation of all shares of Class B common stock and Class C common stock as described in the previous sentence as the "Assumed Redemption."

Dilution is the amount by which the offering price paid by the purchasers of the Class A common stock in this offering exceeds the pro forma net tangible book value per share of Class A common stock after the offering. LILP's pro forma net tangible book value as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 prior to this offering and after giving effect to the Organizational Transactions and the Assumed Redemption was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . Pro forma net tangible book value per share prior to this offering is determined by subtracting our total liabilities from the total book value of our tangible assets and dividing the difference by the number of shares of Class A common stock deemed to be outstanding after giving effect to the Assumed Redemption.

If you invest in our Class A common stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per share and the pro forma net tangible book value per share of our Class A common stock after this offering.

Pro forma net tangible book value per share after this offering is determined by subtracting our total liabilities from the total book value of our tangible assets and dividing the difference by the number of shares of Class A common stock deemed to be outstanding, after giving effect to the Organizational Transactions, including this offering and the application of the proceeds from this offering as described in "Use of Proceeds," and the Assumed Redemption. Our pro forma net tangible book value as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 after this offering would have been approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of Class A common stock. This amount represents an immediate increase in pro forma net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share to our existing stockholders and an immediate dilution in pro forma net tangible book value of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share to new investors purchasing shares of Class A common stock in this offering. We determine dilution by subtracting the pro forma net tangible book value per share after this offering from the amount of cash that a new investor paid for a share of Class A common stock. The following table illustrates this dilution:

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| | |
|:---|:---|
| Assumed initial public offering price per share | $ |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma net tangible book value per share as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026, before this offering | $ |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase per share attributable to new investors in this offering | $ |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma net tangible book value per share after this offering |  |
| Dilution per share to new Class A common stock investors in this offering | $ |

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A $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, would increase the pro forma net tangible book value (deficit) per share after this offering by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , and dilution in pro forma net tangible book value (deficit) per share to new investors by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discount and estimated offering expenses payable by us. Similarly, each 1,000,000 increase or decrease in the number of shares of our Class A common stock offered by us would increase or decrease, as applicable, our pro forma as adjusted net tangible book value by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share and increase or decrease, as

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applicable, the dilution to investors purchasing shares of our Class A common stock in this offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, assuming the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, remains the same and after deducting the underwriting discount and estimated offering expenses payable by us.

If the underwriters exercise their option to purchase additional shares of Class A common stock in full, the pro forma net tangible book value (deficit) after the offering would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, the increase in pro forma net tangible book value per share to existing stockholders would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share and the dilution in pro forma net tangible book value to new investors would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, in each case assuming an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the price range set forth on the front cover page of this prospectus.

The following table summarizes, as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026, after giving effect to the Organizational Transactions (including this offering) and the Assumed Redemption, the number of shares of Class A common stock purchased from us, the total consideration paid, or to be paid, to us and the average price per share paid, or to be paid, by existing owners and by the new investors. The calculation below is based on an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, before deducting the underwriting discount and estimated offering expenses payable by us.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares<br>Purchased** | **Shares<br>Purchased** | **Total Consideration** | **Average Price<br>Per Share** |
| | **Number** | **Percent** | **Percent** | **Average Price<br>Per Share** |
| LILP Non-controlling Partners |  | % | $% | $ |
| LILP Controlling Partners |  | % | $% | $ |
| Other Senior Professionals |  | % | $% | $ |
| New investors |  | % | $% | $ |
| **Total**  |  | **100%** | $**100%** | **$** |

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Each $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share would increase (decrease) the total consideration paid by new investors and the total consideration paid by all stockholders by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, assuming the number of shares offered by us remains the same and after deducting the underwriting discount but before estimated offering expenses.

Except as otherwise indicated, the discussion and the tables above assume no exercise of the underwriters' option to purchase additional shares of Class A common stock. In addition, the discussion and tables above exclude shares of Class B common stock and Class C common stock, because holders of the Class B common stock and Class C common stock are not entitled to distributions or dividends, whether cash or stock, from Lincoln International, Inc. The number of shares of our Class A common stock outstanding after this offering as shown in the tables above is based on the number of shares outstanding as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026, after giving effect to the Organizational Transactions and the Assumed Redemption, and excludes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock reserved for issuance under the 2026 Plan, which will become effective in connection with the consummation of this offering, as well as any shares that will become issuable pursuant to provisions in the 2026 Plan that automatically increase the share reserve under the 2026 Plan.

To the extent any of these outstanding options are exercised, there will be further dilution to new investors. To the extent all of such outstanding options had been exercised as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the pro forma net tangible book value (deficit) per share after this offering would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and total dilution per share to new investors would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.

After giving effect to the Assumed Redemption, if the underwriters exercise their option to purchase additional shares of Class A common stock in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of shares of Class A common stock held by the LILP Non-controlling Partners will decrease to approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of all our shares of Class A common stock outstanding after this offering;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of shares of Class A common stock held by the LILP Controlling Partners will decrease to approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of all our shares of Class A common stock outstanding after this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of shares of Class A common stock held by the Other Senior Professionals will decrease to approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of all our shares of Class A common stock outstanding after this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of Class A common stock held by new investors will increase to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, or approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of all our shares of Class A common stock outstanding after this offering.

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**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION**

The unaudited pro forma condensed consolidated balance sheet as of December 31, 2025 and the unaudited pro forma condensed consolidated statement of income for the year ended December 31, 2025 present our financial position and results of operations after giving effect to the following pro forma transactions (collectively, the "Pro Forma Transactions"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the MarshBerry Acquisition, as described in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Acquisitions" and further defined in Note 1 of the Unaudited Pro Forma Financial Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Reorganization Transactions, as described in "Our Organizational Structure—Reorganization Transactions" and further defined in Note 1 of the Unaudited Pro Forma Financial Information below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Offering Transactions, as described in "Our Organizational Structure—Offering Transactions" and further defined in Note 1 of the Unaudited Pro Forma Financial Information below.

The unaudited pro forma condensed consolidated balance sheet as of December 31, 2025, gives effect to the Pro Forma Transactions as if the Pro Forma Transactions had occurred on December 31, 2025. No adjustments have been made within the pro forma condensed consolidated balance sheet for the MarshBerry Acquisition as these are already consolidated and reflected in our historical audited balance sheet. The unaudited pro forma condensed consolidated statement of income for the fiscal year ended December 31, 2025 gives effect to the Pro Forma Transactions as if the Pro Forma Transactions had occurred on January 1, 2025.

Our historical consolidated financial information has been derived from LILP's audited consolidated financial statements for the fiscal year ended December 31, 2025 and the accompanying notes to the consolidated financial statements included elsewhere in this prospectus. Lincoln International, Inc. was formed on April 6, 2022 and will have no material assets or results of operations until the completion of this offering. Therefore, historical financial information for Lincoln International, Inc. is not included in the unaudited pro forma condensed consolidated financial information.

We have based the pro forma adjustments on available information and on assumptions that we believe are reasonable under the circumstances in order to reflect, on a pro forma basis, the impact of the Pro Forma Transactions on the historical financial information of LILP.

The unaudited pro forma condensed consolidated financial information has been prepared based on these assumptions and is for illustrative and informational purposes only. The final amounts recorded may differ materially from the information presented. The unaudited pro forma condensed consolidated financial information is not intended to represent what our financial position or results of operations would have been had the relevant transactions occurred on the dates assumed. It does not project our financial position or results of operations for any future period or date.

For purposes of the unaudited pro forma condensed consolidated financial information, we have assumed that (i) we will issue&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock at a price per share of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , which is the midpoint of the price range set forth on the front cover page of this prospectus, and (ii) upon completion of this offering, the ownership percentage represented by common units not held by us will be&nbsp;&nbsp;&nbsp;&nbsp; %. The net income attributable to common units not held by us will accordingly represent&nbsp;&nbsp;&nbsp;&nbsp; % of our net income. Except as otherwise indicated, the unaudited pro forma condensed consolidated financial information presented assumes no exercise by the underwriters of their option to purchase additional shares of Class A common stock.

We plan to implement additional policies and procedures to address new requirements applicable to us as we transition to operating in a public company environment. We expect to incur additional annual expenses related to these requirements, including but not limited to directors' fees and insurance, transfer agent fees, SEC reporting requirements, increased auditing and legal fees and similar expenses as well as the hiring additional functional staff, including accounting and finance, investor relations, legal and administrative personnel. Our unaudited pro forma condensed consolidated financial information does not reflect any pro forma adjustments relating to these expenses.

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The unaudited pro forma condensed consolidated financial information also does not reflect any anticipated revenue synergies, operating efficiencies, cost savings or tax savings (beyond the benefits of the Tax Receivable Agreement), which we might otherwise expect to generate from operating as a public company.

This presentation of the unaudited pro forma condensed consolidated financial information is prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786, "Amendments to Financial Disclosures about Acquired and Disposed Businesses," using the assumptions set forth herein. The unaudited pro forma financial information presented below should be read together with "Audited Consolidated Financial Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET** 

**As of December 31, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Lincoln International, LP Audited As Reported (A)** | **Reorganization Transactions Adjustments** |  |  | **Lincoln International, Inc. <br>Pro Forma** |
| **Assets** |  |  |  |  |  |
| Cash and cash equivalents |  |  |  | $F | $ |
|  |  |  |  | G |  |
|  |  |  |  | H |  |
| Restricted cash |  |  |  |  |  |
| Receivables |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client accounts receivable, net of allowance |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party receivables |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued and other receivables |  |  |  |  |  |
| Total receivables |  |  |  |  |  |
| Prepaid expenses |  |  |  |  |  |
| Income tax receivable |  |  |  |  |  |
| Other assets |  |  |  |  |  |
| Furniture, equipment and leasehold improvements, net |  |  |  |  |  |
| Other intangible asset, net |  |  |  |  |  |
| Deferred tax asset |  |  | D | I |  |
| Goodwill |  |  |  |  |  |
| Right-of-use lease asset |  |  |  |  |  |
| **Total assets** |  |  |  | $ | $ |
| **Liabilities and Equity** |  |  |  |  |  |
| Liabilities |  |  |  |  |  |
| Accounts payable and accrued expenses |  |  |  | $ | $ |
| Line of credit payable |  |  |  | G |  |
| Compensation payable |  |  |  |  |  |
| Income tax payable |  |  |  |  |  |
| Deferred revenue |  |  |  |  |  |
| Deferred tax liability |  |  |  |  |  |
| Lease liability |  |  |  |  |  |
| Payable to related parties pursuant to the Tax Receivable Agreement |  |  |  | I |  |
| **Total liabilities** |  |  |  | $ | $ |
| **Commitments and contingencies (Note 9)** |  |  |  |  |  |
| **Equity** |  |  |  |  |  |
| Partners' Capital/Stockholders' Equity: |  |  |  |  |  |
| Class A common stock, par value $ per share |  |  | B | F |  |
| Class B common stock, par value $ per share |  |  | C |  |  |
| Class C common stock, par value $ per share |  |  | C |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Lincoln International, LP Audited As Reported (A)** | **Reorganization Transactions Adjustments** |  |  | **Lincoln International, Inc. <br>Pro Forma** |
| Additional Paid in Capital |  |  | B | F |  |
|  |  |  | C | H |  |
|  |  |  | D | I |  |
|  |  |  | E | J |  |
| Retained Earnings |  |  |  | G |  |
|  |  |  |  | H |  |
|  |  |  |  | J |  |
| Partners' Equity |  |  | B | $ | $ |
|  |  |  | C |  |  |
| Noncontrolling interest |  |  | E | J |  |
| Totals Partners' Capital/Stockholders' Equity: |  |  |  | $ | $ |
| **Total equity** |  |  |  |  |  |
| **Total liabilities and equity** |  |  |  | $ | $ |

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**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME** 

**For the Year Ended December 31, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Lincoln International, LP As Reported (K)** | **MarshBerry Holding Company LLC As Reported For the Ten Months ended October 31, 2025 (L)** | **Acquisition Transaction Adjustments** |  | **Reorganization Transaction Adjustments** |  | **Offering Transactions Adjustments** |  | **Lincoln International, Inc. <br>Pro Forma Combined** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client revenues |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursed Expense |  |  |  |  |  |  |  |  |  |
| **Total revenues** |  |  |  |  |  |  |  |  |  |
| **Expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses |  |  |  | M |  | U |  |  |  |
|  |  |  |  | N |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel, meals and entertainment |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent and occupancy |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recruiting and training |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology and communication services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting and professional service fees |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  |  |  | O |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net |  |  |  |  |  |  |  | V |  |
| **Total expenses** |  |  |  |  |  |  |  |  |  |
| **Total operating income** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income and expenses, net |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  |  |  | P |  |  |  | W |  |
|  |  |  |  | Q |  |  |  |  |  |
| **Income before income taxes** |  |  |  |  |  |  |  |  |  |
| Provision for income taxes |  |  |  | R |  | S |  | S |  |
| **Net income** |  |  |  |  |  |  |  |  |  |
| Less: Net income attributable to non-controlling interest |  |  |  |  |  | T |  | T |  |
| **Net income attributable to Lincoln International LP** |  |  |  |  |  |  |  |  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Lincoln International, LP As Reported (K)** | **MarshBerry Holding Company LLC As Reported For the Ten Months ended October 31, 2025 (L)** | **Acquisition Transaction Adjustments** | **Reorganization Transaction Adjustments** | **Offering Transactions Adjustments** |  | **Lincoln International, Inc. <br>Pro Forma Combined** |
| **Other comprehensive income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  |
| **Comprehensive income** |  |  |  |  |  |  |  |
| **Pro Forma Earnings Per Share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  |  |  |  |  | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  |  |  |  |  | X |  |
| Weighted-average shares used to compute net income per share |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  |  |  |  |  | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  |  |  |  |  | X |  |

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**1. DESCRIPTION OF PRO FORMA TRANSACTIONS & BASIS OF PRESENTATION**

The unaudited pro forma condensed consolidated financial information was prepared in accordance with Article 11 of Regulation S-X and presents the pro forma financial condition and results of operations of the Company based upon the historical financial information of LILP and MarshBerry after giving effect to the transaction accounting adjustments set forth in the notes to the unaudited pro forma condensed consolidated financial information.

***MarshBerry Acquisition***

On October 31, 2025, we consummated the MarshBerry Acquisition for $&nbsp;&nbsp;&nbsp;&nbsp; , subject to customary purchase price adjustments. The acquisition also includes potential earnout payments. The contingent consideration will be paid to the sellers upon achievement of specified revenue targets over a four-year earnout period.

The unaudited pro forma condensed combined statements of operations was prepared using the acquisition method of accounting under the provisions of Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 805, *Business Combinations* ("ASC 805"). The acquisition method of accounting requires use of the fair value concepts defined in ASC 820, *Fair Value Measurement* ("ASC 820").

As part of the transaction, certain subsidiaries of LILP entered into a Credit Agreement to fund the MarshBerry Acquisition. The Credit Agreement provides for (a) the Term Loan Credit Facility with an original aggregate principal amount of $250 million, (b) the Delayed Draw Term Loan Credit Facility with original aggregate commitments of $75 million, and (c) the Revolving Credit Facility having original aggregate commitments of $5 million. The obligations under the Credit Agreement are secured by all or substantially all assets of LILP's domestic subsidiaries, subject to customary and negotiated exclusions. Each Credit Facility has a term of seven years, and all amounts outstanding thereunder will be due and payable on October 31, 2032. Borrowings under the Credit Facilities bear interest, at our election, at a rate equal to either (i) term SOFR (subject to a 0.50% floor) plus a margin of 4.25% or (ii) the base rate (subject to a 1.50% floor), which is equal to the greatest of (A) the prime rate, (B) the NYFRB rate plus 0.50% and (C) one-month term SOFR plus 1.00%, plus a margin of 3.25%. Interest on SOFR loans is payable (x) based on the selected interest period if such interest period is less than three months or (y) quarterly if the selected interest period is three months or longer. Interest on base rate loans is payable quarterly. As of December 31, 2025, we had $&nbsp;&nbsp;&nbsp;&nbsp; million outstanding under the Term Loan Credit Facility and $&nbsp;&nbsp;&nbsp;&nbsp; outstanding under the Revolving Credit Facility.

***Reorganization Transactions***

As part of the Reorganization Transactions, LILP's existing ownership interests will be recapitalized into a single class of common units, with Lincoln International, Inc. being admitted as the general partner of LILP upon its acquisition of common units in connection with this offering.

Following the amendment and restatement of Lincoln International, Inc.'s certificate of incorporation, Lincoln International, Inc. will acquire LI GP, Inc. and the Blocker Companies through the Corporate Mergers in exchange for shares of Class A common stock.

Additionally, shares of Class B common stock and Class C common stock will be issued to the LILP Non-controlling Partners and LILP Controlling Partners, respectively, in amounts equal to the number of common units held by each such LILP Partner immediately following the Organizational Transactions.

Following the Reorganization Transactions, Lincoln International, Inc. will become the general partner of LILP. Although Lincoln International, Inc. will directly and indirectly have a minority economic interest in LILP, Lincoln International, Inc. will have the majority voting interest in, and control the management of LILP.

See "Our Organizational Structure—Reorganization Transactions" for a complete description of the Reorganization Transactions.

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***Offering Transactions***

The Company is offering shares of Class A Common Stock in this offering at an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering.

We intend to use the net proceeds from this offering to purchase &nbsp;&nbsp;&nbsp;&nbsp; newly issued common units (or &nbsp;&nbsp;&nbsp;&nbsp; common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount and estimated offering expenses payable by us.

We intend to cause LILP to use the net proceeds from the sale of common units to us (i) to pay $&nbsp;&nbsp;&nbsp;&nbsp; million in cash to partially redeem a portion of the common units held directly or indirectly by the LILP Partners, including some of our executive officers and directors, (ii) to pay fees and expenses of approximately $ million in connection with this offering and the Organizational Transactions, (iii) to repay $&nbsp;&nbsp;&nbsp;&nbsp; million of our outstanding indebtedness under the Credit Facilities, and (iv) for general corporate purposes. At this time, we have not specifically identified a material single use for which we intend to cause the net proceeds to be used by LILP, and, accordingly, we are not able to allocate the net proceeds among any potential uses in light of the variety of factors that will affect how such net proceeds will be ultimately used by us or LILP. Our management will have broad discretion to direct LILP's use of the proceeds.

See "Our Organizational Structure—Offering Transactions" for a complete description of the Offering Transactions.

**2. NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)Lincoln International, Inc. was incorporated as a Delaware corporation on April 6, 2022, and will have no material assets or results of operations until the completion of this offering and therefore its historical financial position is not shown in a separate column in this unaudited pro forma condensed consolidated balance sheet. This column represents the audited consolidated historical financial statements of LILP, the predecessor for accounting purposes.

***Reorganization Transactions Adjustments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)As part of the Reorganization Transactions, each of LI GP, Inc. and each Blocker Company will merge with and into Lincoln International, Inc. in exchange for&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock. The portion of the partners' capital reclassified to additional paid-in capital represents the partners' capital less amounts attributed to the par value of Class A common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Reflects the issuance of Class B and Class C common stock to LILP Partners, on a one-to-one basis with the number of common units they own. As a corporation, Lincoln International, Inc. will not record partners' capital in the consolidated balance sheet; as such, it will be reclassified to additional paid-in capital. To reflect the corporation structure of our equity, we will separately present the value of our common stock and additional paid-in capital. The portion of partners' capital reclassified to additional paid-in capital represents partners' capital less amounts attributed to the par value of common stock. This amount is then subject to the allocation of additional paid-in capital to non-controlling interests (see Note E below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)The following are the adjustments associated with the Reorganization Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Record a deferred tax asset of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million. Following the Reorganization Transactions, Lincoln International, Inc. will be subject to U.S. federal income taxes, in addition to state and local taxes as a corporation on its share of LILP's taxable income. As a result, the pro forma balance sheet reflects an adjustment to our taxes assuming the federal rates currently in effect and the highest statutory rates apportioned to each state, local and foreign jurisdiction. The presented

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deferred tax asset is measured based on the following: (i) differences between financial reporting and tax basis associated with Lincoln International, Inc.'s investment in LILP and (ii) tax carryforwards and credits from the merged Blocker Companies. The deferred tax asset includes (i) $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million related to Lincoln International, Inc.'s investment in LILP and (ii) $ million related to the tax attributes acquired by Lincoln International, Inc. as part of the Reorganization Transactions. To the extent we estimate that we will not realize either a portion or all of our deferred tax assets, based on an analysis of the available sources of taxable income, we will reduce our deferred tax assets with a valuation allowance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Record an adjustment to additional paid-in capital of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, for the change in deferred tax assets as a result of the Reorganization Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)Following the Reorganization Transactions, Lincoln International, Inc. will become the general partner of LILP. Although Lincoln International, Inc. will directly and indirectly have a minority economic interest in LILP, Lincoln International, Inc. will have the majority voting interest in, and control (as its general partner) of the management of LILP. As a result, we will consolidate the financial results of LILP and will report a non-controlling interest related to the common units held by the LILP Partners on our consolidated balance sheet. The adjustments to (i) non-controlling interest of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million and (ii) additional paid in capital of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million reflects the proportional interest in the pro forma condensed consolidated total equity of Lincoln International, Inc. owned by the LILP Partners.

***Offering Transactions Adjustments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)Reflects a $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million increase to cash and cash equivalents with a corresponding offset of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million to additional paid in capital and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million to Class A common stock related to the issuance of Class A common stock to the public pursuant to this offering. We estimate that the net proceeds to us from this offering will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million (or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million if the underwriters exercise their option to purchase additional shares of Class A common stock in full), based on an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, after deducting $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million of assumed underwriting discounts and commissions. We will use $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million of net proceeds to acquire currently outstanding common units from LILP Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)Reflects the payment of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million to repay borrowings outstanding under our Term Loan Credit Facility and approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million of accrued interest. The repayment of the Term Loan Credit Facility was treated as a partial extinguishment of debt, resulting in the write-off of approximately $ million of the related unamortized debt issuance costs, which was recognized as a loss on debt extinguishment and recorded to retained earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)As of December 31, 2025, the unaudited pro forma condensed consolidated balance sheet reflects (i) the reduction of cash of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, (ii) $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million to additional paid in capital for costs directly related to the Offering Transactions and (iii) $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million to retained earnings for the remaining transaction costs estimated to be incurred which are not subject to be deferred and capitalized as part of the transaction. The transaction costs recorded in the unaudited pro forma condensed consolidated statement of income for the fiscal year ended December 31, 2025 would not be expected to have a continuing impact beyond twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)As described in greater detail in "Our Organizational Structure," prior to the completion of this offering, we will enter into a Tax Receivable Agreement with certain of our pre-initial public offering owners that provides for the payment by Lincoln International, Inc. to LILP Partners of 85% of certain tax benefits, if any, that Lincoln International, Inc. actually realizes, or is deemed to realize (calculated using assumptions), as a result of the Basis Adjustments and Interest Deductions. The Tax Receivable Agreement

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will be accounted for as a contingent liability, with amounts accrued when considered probable and reasonably estimable. The following are the adjustments associated with these Offering Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Record a deferred tax asset of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million (or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million if the underwriters exercise in full their option to purchase additional shares of Class A common stock). Following the Organizational Transactions, Lincoln International, Inc. will be subject to U.S. federal income taxes, in addition to state and local taxes, as a corporation on its share of LILP's taxable income. As a result, the pro forma balance sheet reflects an adjustment to our taxes assuming the federal rates currently in effect and the highest statutory rates apportioned to each state, local and foreign jurisdiction. The presented deferred tax asset is measured based on the following: (i) differences between financial reporting and tax basis associated with Lincoln International Inc.'s investment in LILP; and (ii) tax benefits from future deductions attributable to payments under the Tax Receivable Agreement as a result of the Offering Transactions. The deferred tax asset includes (i) $ million related to Lincoln International, Inc.'s investment in LILP and (ii) $ million related to tax benefits from future deductions attributable to payments under the Tax Receivable Agreement. To the extent we estimate that we will not realize either a portion or all of our deferred tax assets, based on an analysis of the available sources of taxable income, we will reduce our deferred tax assets with a valuation allowance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Record a $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million liability under the Tax Receivable Agreement (or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million if the underwriters exercise in full their option to purchase additional shares of Class A common stock) based on our estimate of the aggregate amount that we will pay to the LILP Partners under the Tax Receivable Agreement as a result of the Offering Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Record an adjustment to additional paid-in capital of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, for the change in deferred tax assets and the increase in liabilities due to existing owners under the Tax Receivable Agreement as a result of the Offering Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)As outlined in Note E, Lincoln International, Inc. will consolidate LILP. The adjustment to (i) non-controlling interest of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, (ii) additional paid in capital of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, and (iii) retained earnings of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million reflects the proportional interest in the pro forma condensed consolidated total equity of Lincoln International, Inc. owned by the LILP Partners upon the Offering Transactions.

**3. NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)Lincoln International, Inc. was incorporated as a Delaware corporation on April 6, 2022, and will have no material assets or results of operations until the completion of this offering and therefore its historical financial position is not shown in a separate column in this unaudited pro forma condensed consolidated statement of income. This column represents the audited consolidated historical financial statements of LILP, the predecessor for accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L)This column represents the audited consolidated historical financial statements of MarshBerry for the ten months ended October 31, 2025. Refer to the MarshBerry audited financial statements for further details.

***Acquisition Transaction Adjustments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M)Reflects incremental compensation expense of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million for the year ended December 31, 2025, related to employee retention awards issued in conjunction with the acquisition. These awards are contractually required per the Equity Purchase Agreement. The amount includes one year of associated expense. The adjustment represents the estimated post-combination compensation expense for retention awards granted to MarshBerry employees. The awards vest on an annual basis over a 4-year service period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N)Reflects incremental compensation expense of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million for the year ended December 31, 2025, associated with the earnout issued in connection with the acquisition, a portion of which is accounted for as deferred compensation. The earnout is contractually required per the Equity Purchase Agreement. The

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amount includes one year of associated expense. The adjustment represents the estimated post-combination compensation expense for awards granted to MarshBerry employees that are payable based on Company revenue targets and continued employment. The awards vest on an annual basis over a 4-year service period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(O)Reflects the adjustment of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million for the year ended December 31, 2025 to increase amortization expense related to the intangible assets acquired in the acquisition. The following table summarizes the adjustment to amortization expense based on the fair value of identified definite-lived intangible assets with estimated assigned useful lives:

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| | | |
|:---|:---|:---|
| **Asset Class** | **Useful Life (Years)** | **Year Ended December 31, 2025** |
| Trade names | $ | $ |
| Customer relationships |  |  |
| Developed technology |  |  |
| Backlog |  |  |
| Total | $ | $ |
| Less: Historical amortization expense |  |  |
| Incremental amortization expense |  | $ |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(P)Reflects the removal of MarshBerry's historical interest expense of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million for the year ended December 31, 2025, as the associated debt was extinguished upon the closing date of acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Q)Reflects incremental interest expense of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million for the year ended December 31, 2025, associated with the borrowings under the Credit Facilities. On October 31, 2025, the Company entered into the Credit Agreement to fund the MarshBerry Acquisition. This agreement provides for (a) a Term Loan Credit Facility with an original aggregate principal amount of $250 million, (b) a Delayed Draw Term Loan Credit Facility with original aggregate commitments of $75 million, and (c) a Revolving Credit Facility having original aggregate commitments of $5 million. On October 31, 2025, LILP drew the full $250 million Term Loan Credit Facility and $25 million of the $75 million Delayed Draw Term Loan Credit Facility. Each Credit Facility has a term of seven years, and all amounts outstanding thereunder will be due and payable on October 31, 2032. Incremental interest expense has been calculated as follows:

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| | | |
|:---|:---|:---|
| | **Interest** | **Total Interest Expense Year Ended December, 31 2025** |
| Interest on Credit Facilities <sup>(1)</sup> | $% |  |
| Subtotal |  | $ |

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___________________

(1)Interest on the Credit Facilities is calculated using the Term SOFR plus a margin as defined within the Credit Facilities and is estimated to be &nbsp;&nbsp;&nbsp;&nbsp; % . An increase or decrease of 1/8% in the interest rate applied to the Credit Facilities would result in a change in pro forma interest expense of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million for the year-end December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(R)Reflects the net tax effect of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million at the estimated statutory rate of&nbsp;&nbsp;&nbsp;&nbsp; % for the year ended December 31, 2025, which includes a provision for U.S. federal income taxes and assumes the highest statutory rates apportioned to each state, local and foreign jurisdiction, in connection with the acquisition.

***Reorganization Transactions & Offering Transactions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(S)Following the Reorganization Transactions and Offering Transactions, Lincoln International, Inc. and its subsidiaries will collectively be subject to U.S. federal income taxes, in addition to state, local and foreign taxes. As a result, the unaudited pro forma condensed consolidated statements of income reflects an adjustment to our provision for corporate income taxes to reflect a statutory rate of&nbsp;&nbsp;&nbsp;&nbsp; % for the fiscal year

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ended December 31, 2025, which includes a provision for U.S. federal income taxes and assumes the highest statutory rates apportioned to each state, local and foreign jurisdiction. LILP has been, and will continue to be, treated as a partnership for U.S. federal and state income tax purposes. As such, LILP profits and losses will flow through to its common unit holders, including Lincoln International, Inc., and are generally not subject to tax at the LILP level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(T)As described in "Reorganization Transactions," upon completion of the Reorganizations Transactions, Lincoln International, Inc. will become the general partner of LILP. As a result of the Reorganization Transactions, Lincoln International, Inc. will initially own approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the economic interest in LILP and the ownership percentage held by noncontrolling interests will be approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % . Net earnings attributable to the noncontrolling interests after the Reorganization Transactions will represent &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of net earnings before income taxes.

Immediately following the completion of this offering, the ownership percentage held by Lincoln International, Inc. and by noncontrolling interests will be approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %, respectively. Net earnings attributable to the noncontrolling interests after the Offering Transactions will represent &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of net earnings before income taxes. These amounts have been determined based on an assumption that the underwriters' option to purchase additional shares is not exercised. If the underwriters' option to purchase additional shares is exercised in full, the ownership percentage held by the noncontrolling interest would decrease to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %.

***Reorganization Transactions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(U)Represents the impacts to compensation related to the Employment Agreements for the LILP Partners which are expected to be effective as of the Reorganization Transactions. This adjustment reflects the impact to compensation for the LILP Partners that have entered into the Employment Agreements in connection with the Reorganization Transactions as the LILP Partners historically received equity distributions that were not recorded in the consolidated statements of income.

***Offering Transactions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(V)Reflects total offering transaction costs incurred which are expected to be expensed, of which $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million are already included in the historical consolidated statement of income of LILP for the fiscal year end December 31, 2025, therefore resulting in $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million recorded in the unaudited pro forma condensed consolidated statement of income for the fiscal year ended December 31, 2025. The transaction costs recorded in the unaudited pro forma condensed consolidated statement of income for the fiscal year ended December 31, 2025 would not be expected to have a continuing impact beyond twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(W)Reflects the removal of historical interest expense related to the Term Loan Credit Facility of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million for the year ended December 31, 2025, as the associated debt was extinguished upon the Offering Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(X)The weighted average number of shares underlying the basic earnings per share calculation reflects&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock outstanding. Class A common stock outstanding after the offering are included within the weighted average number of shares as they are the only outstanding securities which participate in distributions or dividends by Lincoln International, Inc.

The pro forma diluted net income per share calculation includes the basic weighted average shares of Class A common stock outstanding plus the dilutive impact of outstanding shares of Class A common stock issued upon substitution of shares of Class B and Class C common stock outstanding.

The following table sets forth a calculation of the numerator and denominator used to compute pro forma basic and diluted earnings per share:

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---

| | |
|:---|:---|
| | **Fiscal Year Ended<br>December 31, 2025** |
| **Pro forma basic earnings per share:** | |
| Net income | $ |
| Income attributable to non-controlling interests |  |
| Income available to common shareholders, pro forma basic | $ |
| Weighted average shares outstanding |  |
| **Net income per share, pro forma basic**  | $ |
| **Pro forma diluted earnings per share:** |  |
| Income available to common shareholders, pro forma basic | $ |
| Increase to net income attributable to dilutive instruments |  |
| Income available to common shareholders, pro forma diluted | $ |
| Weighted average shares outstanding – basic |  |
| Incremental shares of common stock attributable to dilutive instruments |  |
| Weighted average shares outstanding – diluted |  |
| **Net income per share, pro forma diluted**  | $ |

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The historical financial data discussed below reflects the historical results of operations and financial condition of Lincoln International, LP and its consolidated subsidiaries and does not give effect to the MarshBerry Acquisition for periods prior to its consummation or the Organizational Transactions. See "Organizational Structure" and "Unaudited Pro Forma Condensed Consolidated Financial Information" included elsewhere in this prospectus.*

*This following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, those discussed in the section titled "Risk Factors" and those that can be found elsewhere in this prospectus.*

**Overview**

We are is a global independent investment banking advisory firm focused on the private capital markets. As a leader in advising private equity and private credit investors, private company business owners and other senior executives, our globally integrated platform allows us to deliver comprehensive, sector-focused advisory services to clients across key areas of the economy. Our experienced professionals provide meaningful and differentiated private capital markets expertise across our two segments, Investment Banking Advisory (comprised of M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services) and Valuations and Opinions (comprised of portfolio valuations, transaction opinions, board advisory, and disputes advisory).

Since our founding in 1996, we have experienced significant growth achieved through investments in talent, complementary capabilities we offer—including our growing, recurring, and non-cyclical valuations business—and the strategic positioning of the firm. As a result, we have built a platform to support clients in attracting capital and investing with purpose driving value and realizing returns. As of December 31, 2025, approximately 1,400 professionals, including 161 managing directors, serve our clients and operate our business from more than 30 offices across 15 countries throughout the Americas, Europe, Middle East and Asia. *Mergermarket* has ranked us the #2 sell-side advisor for private equity transactions globally over the three years ending December 31, 2025. We have invested in our technology infrastructure, including designing a customer relationship management system that also functions as an enterprise resource planning system, by building a proprietary artificial intelligence, or AI, tool that aggregates institutional, market and client intelligence to drive efficiency and optimize knowledge sharing, and by improving the delivery of portfolio valuations through automation.

We operate in two business segments: Investment Banking Advisory and Valuations and Opinions. In our Investment Banking Advisory business segment, we provide global mergers and acquisitions advisory, capital advisory, private funds advisory services, and other services. Through our Valuations and Opinions business segment, we provide financial valuations of illiquid securities and fairness and other transaction opinions. We plan to grow our firm across industries, service offerings, and geographies to deliver quality advice and services to our clients. Our acquisitions of Spurrier Capital Partners in April 2022 and TCG Corporate Finance in October 2024 expanded our M&A technology franchise, thereby increasing our capabilities in this sector and creating a more robust client offering. Over time, we have intentionally diversified our business across service offerings and created depth of expertise and client relationship within the Business Services, Consumer, Healthcare, Industrials, Technology, and through our acquisition of MarshBerry that we closed on October 31, 2025, Financial Services industries. MarshBerry is a global leader in investment banking advisory services, serving the insurance brokerage and wealth and retirement sectors through all stages of growth. MarshBerry has been recognized by *S&P Global Market Intelligence* as the #1 M&A sell-side advisor in insurance brokerage in each year since 2022. We believe this strategic acquisition solidifies our position as the leading advisor for independent owners, strategic acquirers, and private equity firms amidst the evolving and growing landscape of insurance brokerage and wealth management.

The historical results of operations discussed in this Management's Discussion and Analysis of Financial Condition and Results of Operations are those of LILP and its consolidated subsidiaries. After the completion of the Organizational Transactions, as the sole general partner of LILP, we will control its business and affairs and, therefore, consolidate its financial results with ours. In light of the LILP Partners' collective&nbsp;&nbsp;&nbsp;&nbsp; % equity interest in

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LILP immediately after the Organizational Transactions and this offering, we will reflect their interests as a non-controlling interest in our consolidated financial statements. As a result, our net income, after excluding that non-controlling interest, will represent&nbsp;&nbsp;&nbsp;&nbsp; % of LILP's net income and, similarly, outstanding shares of our Class A common stock will represent&nbsp;&nbsp;&nbsp;&nbsp; % of the outstanding equity interests of LILP. We will also enter into a Tax Receivable Agreement that will allocate some of the tax benefits on exchange of the ownership interests of LILP to the exchanging holder. Finally, our GAAP compensation expense will change, as much of our historical payments to managing directors were in the form of distributions on LILP's equity interests. For more information on the pro forma impact of the Organizational Transactions and this offering, see "Unaudited Pro Forma Condensed Consolidated Financial Information."

**Business Environment and Outlook**

Our business is affected by a variety of factors, including general conditions in the financial markets as well as economic and geopolitical conditions. Changes in global economic conditions, including inflation rates, changes in interest rates, the imposition of trade barriers and tariffs, ongoing negotiations with major U.S. trading partners, changes in U.S. tax regulations and geopolitical events such as the military conflicts involving the Middle East and between Russia and Ukraine can materially affect our business. We believe that while these events may continue to add uncertainty to the business environment, we remain well positioned for the future due to our experienced management team and focused client coverage. See "Risk Factors—Risks Related to Our Business" in this prospectus for a discussion of some of the factors that can affect our performance. As a result, revenue and net income in any period may not be indicative of full year results or the results of any other period and may vary significantly from quarter to quarter and year to year.

Worldwide announced M&A volumes during 2025 increased by 6% and M&A value increased by 37%, each as compared to 2024. We expect the level of M&A advisory activity to remain strong across all our industry groups and geographies through Q1 2026. As companies focus intently on strategic growth and capital deployment, we expect these factors will catalyze activity in the medium term.

In the United States, clients continue to evaluate strategic alternatives and our revenue backlog remains strong. Financing continues to be available despite a prolonged period of higher interest rates. Financing availability has continued to drive M&A growth, but our M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services businesses could be adversely impacted if inflation persists or worsens. In addition, in the current economic environment, companies and private equity firms globally are pursuing M&A in order to drive greater efficiencies by reducing costs and increasing cash flows.

We continue to experience demand for our capital advisory services due to client demand to finance transactions and growth opportunities. Restructuring opportunities have come as a result of disruption in some industries and increases in cost of capital. In the current economic environment, geographic and industry specific dislocations may result in increased restructuring activity worldwide. We intend to leverage our existing infrastructure to capitalize on the increasing breadth and depth of the private capital markets, activity in the M&A market, and our capital-light business model through deploying our intellectual capital to generate new revenue.

We believe that as private debt and private equity have continued to grow as asset classes, the importance of completing third-party portfolio valuations has only increased. Alternative asset management firms ranging from private equity funds, business development companies, and credit funds regularly look for an independent firm to establish ranges of values, consult on internally prepared valuations, and to review valuation policies and procedures. These firms are typically required to complete valuations on at least a quarterly basis, and increasingly more often, to satisfy compliance standards. Additionally, we believe growth in complex structured products across various collateral types has expanded investor demand for independent valuations.

Finally, we are well positioned to continue to identify attractive opportunities in geographies where markets are evolving, driven by increased external investment and continued development of financial and legal sophistication, such as India and the UAE.

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**Recent Acquisitions**

***MarshBerry***

On October 31, 2025, we consummated the MarshBerry Acquisition for $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, subject to customary purchase price adjustments. We funded the purchase price primarily from debt financing under the Credit Agreement and cash on hand. The acquisition also includes potential earnout payments. The contingent consideration will be paid to the sellers upon achievement of specified revenue targets over a four-year earnout period.

MarshBerry is a global leader in investment banking advisory services, serving the insurance brokerage and wealth and retirement sectors through all stages of growth. MarshBerry has been recognized by *S&P Global Market Intelligence* as the #1 M&A sell-side advisor in insurance brokerage in each year since 2022. We believe this strategic acquisition solidifies our position as the leading advisor for independent owners, strategic acquirers, and private equity firms amidst the evolving and growing landscape of insurance brokerage and wealth management.

Our audited financial statements as of and for the year ended December 31, 2025, include the results of operations of MarshBerry for the period between October 31, 2025, when the acquisition was consummated, and December 31, 2025. As a result, our results of operations for the year ended December 31, 2025 may not be directly comparable to prior periods. See "Unaudited Pro Forma Condensed Consolidated Financial Information" in this prospectus for additional information.

***TCG Corporate Finance***

On October 31, 2024, Lincoln International Parent B.V, a wholly-owned subsidiary of LILP, acquired TCG Corporate Finance, a boutique European technology and digital economy advisory firm headquartered in Germany. The total purchase price of $40 million consisted of cash of $15.2 million, partnership units in LILP of $12.4 million, and potential earnout payments of $12.4 million.

Our audited financial statements as of and for the year ended December 31, 2024, include the results of operations of TCG Corporate Finance for the period between October 31, 2024, when the acquisition was consummated, and December 31, 2024. As a result, our results of operations for the year ended December 31, 2024 may not be directly comparable to prior periods.

**Key Financial Measures**

***Client Revenues***

We generate revenues primarily from providing advisory services on transactions that are subject to individually negotiated engagement letters that set forth our fee structure. The amount and timing of fees we recognize can vary based on the type of engagement. We follow specific guidelines to ensure that our revenue is recognized in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"). In general, revenue is recognized when the performance obligation outlined in the engagement letter has been satisfied.

Substantially all of our Investment Banking Advisory engagements include a success fee, a small number of which also include a non-refundable retainer fee that is earned and due upon signing of the engagement. The timing of the recognition of Investment Banking Advisory client revenues is dependent upon the closing of a third-party transaction, which generally is not within our control. Accordingly, our client revenues and net income in any period may not be indicative of full year results or the results of any other period and may vary significantly from quarter to quarter and year to year.

Revenue in our Valuations and Opinions business segment can be categorized into two primary components: non-transaction-based services and transaction-based services. Non-transaction-based services reflect recurring portfolio valuations required by our clients for financial reporting. Transaction-based services include fairness opinions in connection with mergers and acquisitions and other transactions, solvency opinions, other types of financial opinions in connection with other transactions and our new dispute advisory services.

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***Investment Banking Advisory Revenues***

Our senior professionals maintain strong relationships with existing and potential clients. We add new clients each year as existing senior professionals continue to expand their relationships and newly hired senior professionals bring their client relationships to our firm. We can lose clients due to changes in client senior management, acquisitions or divestitures of client businesses or competition from other investment banking firms.

Our Investment Banking Advisory business segment operates in a competitive environment. The majority of revenue-generating engagements are separately solicited, negotiated, awarded, and executed. Although each client fee from an individual investment banking transaction is non-recurring, we have a history of providing advisory services to repeat clients. We also have visibility of transactions and associated potential revenues from our backlog, client target list and long-term client relationships.

Our Investment Banking Advisory business segment earns fees from our clients by providing M&A, capital advisory, and private funds advisory services. We advise public and private institutions on a broad spectrum of financial transactions, including buy side and sell side M&A transactions as well as debt, minority equity, primary/secondary fundraising, special situations and restructuring transactions. We also generate revenue through other services obtained via the MarshBerry Acquisition, including an executive peer exchange program, Connect, which charges a membership fee and provides members with direct access to insurance carriers.

The vast majority of our Investment Banking Advisory revenues consist of a success fee from completing each assignment. Success fees are recognized when we have completed our performance obligation as outlined in the engagement letter, which typically occurs upon completion of the transaction. Milestone fees are invoiced and recognized as income upon reaching a specific contractual outcome. A small number of transactions also include a non-refundable initial retainer fee, which is initially recorded as a deferred revenue liability and is recognized over time as the performance obligations are provided by the Company. The Company's standard practice is to recognize this deferred revenue over eight months, which the Company has assessed as the average life of an engagement.

As we generally earn our revenues upon completion of advisory engagements, we are only paid upon successful completion of an underlying transaction. Complications that may terminate or delay a transaction include, among others, failure to agree upon terms between counterparties, failure to obtain board, stockholder or regulatory approvals, failure to secure financing, adverse market conditions or adverse operating or financial considerations related to either party of the transaction. These events are outside of our control. While we may have devoted considerable time and resources to the transaction, our fees are generally limited to the initial retainer fee if the original engagement is terminated prior to completion.

Invoiced client receivables are recorded as accounts receivable in the consolidated balance sheets. See "—Critical Accounting Estimates—Revenue Recognition" for a more detailed discussion.

***Valuations and Opinions Revenues***

Our Valuations and Opinions business segment earns fees from our clients for providing valuations of various assets including: entire companies, illiquid debt and equity securities, and intellectual property (among other assets and liabilities). These valuations are used for financial reporting, tax reporting, and other purposes. In addition, our Valuations and Opinions business segment renders fairness opinions in connection with mergers and acquisitions and other transactions, expert witness testimony, solvency opinions in connection with corporate spin-offs and dividend re-capitalizations, and other types of financial opinions in connection with other transactions. In 2025, the Valuations and Opinions group launched a dedicated dispute advisory services business. Leveraging our core competencies in M&A and valuations, our disputes team specializes in advising either sellers or buyers on the resolution of post-closing purchase price adjustments (e.g., working capital and earnouts), serving as neutral accountants in post-acquisition disputes and providing expert services in accounting, valuation or other M&A-related matters.

Unlike our Investment Banking Advisory business segment, the fees generated in our Valuations and Opinions business segment are generally not contingent on the successful completion of a single transaction. Engagements for asset valuations are generally ongoing in nature, recurring on a daily, monthly, quarterly, semi- annually or annual

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basis. In 2025, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Valuations and Opinions revenue was recurring driven largely by our portfolio valuation work.

Revenue related to portfolio valuation fees is fully recognized when the fee is invoiced. At the time of invoicing, we have completed and delivered the valuation, which is the performance obligation as described in the engagement letter. Valuation fees are related to valuations that can be completed daily, monthly, quarterly, semi-annually or annually, depending on the client's needs.

Revenue generated from initial retainers related to fairness opinions is fully recognized when the fee is invoiced. The average fairness opinion is generally completed within three weeks of engagement, thus no portion of revenue is deferred. See "—Critical Accounting Estimates—Revenue Recognition" for a more detailed discussion.

In both of our operating segments, we incur various transaction-related expenditures, such as travel and professional fees, in the course of performing our services on behalf of our clients. Pursuant to the engagement letters with our clients, these expenditures may be reimbursable. We define these expenses, which are associated with revenue activities earned over time or at a point in time, as transaction-related expenses and record such expenditures as incurred. We record the corresponding reimbursement revenue when it is determined that a client has an obligation to reimburse us for such transaction-related expenses and we have issued the corresponding invoice to the client for reimbursement of expenses incurred. Client expense reimbursements are recorded as a component of revenue on the consolidated statements of comprehensive income.

***Operating Expenses***

Our operating expenses are broadly classified as either compensation and related expenses or non-compensation expenses. The primary drivers of our compensation and related expenses are salary and wages and variable compensation related to firm and individual performance. Expenses are recorded on the consolidated statements of income when accrued, inclusive of expenses subsequently reimbursed by clients in accordance with ASC 606.

***Compensation and Related Expenses***

Our compensation and related expenses, which account for the majority of our operating expenses, are determined by management based on revenues earned, headcount, hiring plans, individual performance, the competitive nature of the prevailing investment banking labor market, anticipated compensation requirements for our employees, and the anticipated needs related to the recruiting of new managing directors. These factors may vary over time and, as a result, our compensation and related expenses may fluctuate materially in any particular period. Accordingly, the amount of compensation and related expenses recognized in any particular period may not be consistent with prior periods or indicative of future periods.

Our compensation and related expenses consist of base salary, benefits and payroll taxes, annual incentive compensation and sign-on bonuses, which are payable as cash bonus awards, including certain amounts subject to clawback and contingent upon a required period of service. Base salary, benefits and payroll tax expenses are driven by headcount and are paid ratably throughout the year. Our annual incentive compensation bonuses are awarded and payable in the form of current year cash bonus awards and deferred cash bonus awards. Cash bonuses, for which we accrue monthly, are discretionary and dependent upon a number of factors including company and employee performance. These amounts are generally awarded and paid in December of the current performance year or within four months following the end of the calendar year with respect to the prior year's results. The deferred cash bonus awards include amounts that are contingent upon a required period of service. A portion of the cash bonus is also deferred and paid according to a prescribed deferral schedule based on employee level. Sign-on bonuses are accrued and paid in accordance with the terms of individualized employment arrangements.

***Non-Compensation Expenses***

Our non-compensation expenses include costs for rent and occupancy of our leased office spaces, travel and entertainment-related expenses, consulting and professional service fees, information technology and communication services, recruiting and training, depreciation and amortization, and other miscellaneous operating expenses. We refer to all of these expenses collectively as non-compensation expenses. The majority of our non-

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compensation expenses, including travel and entertainment-related expenses, recruiting and training costs, and information technology and communications services, fluctuate in response to changes in headcount.

Our leases for office space are recorded in accordance with ASC 842, Leases. Accordingly, rent expense for our leased office space is recorded in conjunction with our right-of-use lease assets and lease liabilities. Although we have previously made significant investments in our real estate footprint in nearly all of our major offices, we expect our rental and occupancy costs to continue to grow as our business expands.

We expect to incur additional annual expenses related to new requirements applicable to us as we transition to operating in a public company environment, including but not limited to directors' fees and insurance, transfer agent fees, SEC reporting requirements, increased auditing and legal fees and similar expenses as well as the hiring additional functional staff, including accounting and finance, investor relations, legal and administrative personnel.

***Other Income and Expenses, Net***

Our other income and expenses, net includes (i) interest income earned on investment securities, cash and cash equivalents, and (ii) interest expense and fees on our term loan.

***Provision for Income Taxes***

We account for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"), which requires the recognition of tax benefits or expenses based on temporary differences between the financial reporting and tax bases of our assets and liabilities. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial reporting basis and the tax basis of our assets and liabilities. The measurement of the deferred items is based on enacted tax laws and applicable tax rates. A valuation allowance related to a deferred tax asset is recorded if it is more likely than not that some portion or all of the deferred tax asset will not be realized.

**Key Performance Metrics**

Key measures that we use in assessing and evaluating our business include compensation ratio, non- compensation ratio, client revenue per managing director, number of advisory transactions completed, number of managing directors and number of employees.

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| | | |
|:---|:---|:---|
| | **Lincoln International, LP Year Ended** | **Lincoln International, LP Year Ended** |
| | **December 31, 2025** | **December 31, 2024** |
| Compensation ratio |  | 49.8% |
| Non-compensation ratio |  | 23.7% |
| Client revenue per managing director ($ in thousands) |  | $3918 |
| Number of advisory transactions completed |  | 361 |
| Number of managing directors |  | 146 |
| Number of employees |  | 991 |

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*Compensation Ratio*. Compensation ratio is calculated as compensation and related expenses divided by client revenues. Newly hired and newly promoted professionals typically require a ramp up period before they and their client relationships begin to contribute meaningful revenues to the Company. As a result, our compensation ratio has been higher in periods of significant headcount growth. We have &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; our compensation ratio in 2025 primarily through &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . Over time, we expect the compensation ratio to stabilize due to the continued maturation of our advisory platform as the tenure of our financial professionals has increased and revenue has grown.

The compensation ratio presented is based on our historical entity structure as a privately held partnership where payments to LILP Partners are historically treated as equity distributions and does not give effect to the Organizational Transactions. In connection with this offering, we expect to update our compensation structure with respect to the LILP Partners. As a result, we expect to recognize increased compensation and related expenses as

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these distributions are reallocated from equity to expense. This change will drive a meaningful increase in our compensation and related expenses and corresponding compensation ratio. Based on these factors, we intend to target a competitive compensation ratio commensurate with our industry peers. However, if we identify opportunities to grow revenues through significant expansion or to position our Company during challenging market conditions for future growth, we may report a compensation ratio in excess of this target. We intend to compensate our personnel competitively in order to continue building our business and growing our Company.

*Non-compensation Ratio*. Non-compensation ratio is calculated as non-compensation expenses divided by client revenues. Historically, our non-compensation expenses, particularly occupancy and travel costs associated with business development, have increased as we have grown our business and made strategic investments in real estate and technology. We expect this trend may continue as we expand across industries and geographies and products to serve our clients' evolving needs. In addition, we will experience increased non-compensation expenses in connection with operating as a public company.

*Client revenue per Managing Director*. Client revenue per managing director is calculated as client revenues divided by the number of managing directors, which we measure using headcount and revenue as of the end of a given period. We utilize this metric to measure our average productivity across our business. Client revenue per managing director varies across our geographies due to differing fee structures in international markets.

**Non-GAAP Financial Measures**

In addition to our financial results prepared in accordance with GAAP, we consider certain non-GAAP measures in assessing the performance of our business. The key non-GAAP measures we use are adjusted earnings before income taxes, adjusted compensation and related expenses and adjusted compensation ratio, and adjusted non-compensation expenses and adjusted non-compensation ratio, which management believes provide useful information to investors to enhance their ability to analyze our performance from period to period, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for Income before income taxes, Net income, compensation expenses, non-compensation expenses or any other measure calculated in accordance with GAAP and may not be comparable to similarly titled measures reported by other companies.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow.

The following non-GAAP adjustments are reflective of our historical business structure and do not adjust for the reclassification of equity distributions to historical LILP partners to compensation, among other adjustments. Please refer to the "Unaudited Pro Forma Condensed Consolidated Financial Information" section for the additional information.

***Adjusted Earnings Before Income Taxes***

We define adjusted earnings before income taxes as Income before income taxes adjusted for non-cash items that we may record each period, as well as non-recurring items such as acquisition costs, integration and severance costs, business transformation costs and other discrete expenses, when applicable. We use adjusted earnings before income taxes as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance by providing consistency and comparability with our past financial performance

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and facilitates period-to-period comparisons of our operations, as this metric generally eliminates the effects of variables unrelated to our overall operating performance.

The following table presents a reconciliation of income before income taxes to adjusted earnings before income taxes:

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| | | |
|:---|:---|:---|
| | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** |
| **(USD in thousands)** | **December 31, 2025** | **December 31, 2024** |
| Income before income taxes |  | $167483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Acquisition-related expenses<sup>(a)</sup> |  | 6314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Other expenses<sup>(b)</sup> |  | 7838 |
| Adjusted earnings before income taxes |  | $181635 |

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__________________

(a)Acquisition-related expenses primarily represent amortization of the backlog intangible acquired as part of the TCG Corporate Finance acquisition in October 2024 and transaction costs related to the TCG Corporate Finance acquisition.

(b)Other expenses represent restructuring expenses and costs of one-time employee legal matters.

***Adjusted compensation and related expenses and adjusted compensation ratio***

We define adjusted compensation and related expenses as compensation and related expenses adjusted for non-recurring items such as restructuring, when applicable. Adjusted compensation ratio is adjusted compensation and related expenses as a percentage of client revenues. We use adjusted compensation and related expenses and adjusted compensation ratio to evaluate our performance as an indicator of the efficiency of our operations between reporting periods.

The following table presents a reconciliation of compensation and related expenses to adjusted compensation and related expenses:

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| | | |
|:---|:---|:---|
| | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** |
| **(USD in thousands, except percentages)** | **December 31, 2025** | **December 31, 2024** |
| Compensation and related expenses |  | $285003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other expenses<sup>(a)</sup> |  | (2373) |
| **Adjusted compensation and related expenses**  |  | $282630 |
| Client revenues |  | $572061 |
| Compensation ratio |  | 49.8% |
| **Adjusted compensation ratio**  |  | 49.4% |

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__________________

(a)Other expenses represent restructuring expenses.

***Adjusted non-compensation expenses and adjusted non-compensation ratio***

We define adjusted non-compensation expenses as non-compensation expenses adjusted for non-cash items we may record each period, as well as non-recurring items such as acquisition costs, integration costs, business transformation costs and other discrete expenses, when applicable. Adjusted non-compensation ratio is adjusted non-compensation expenses as a percentage of client revenues. We use adjusted non-compensation expenses and adjusted non-compensation ratio to evaluate our performance as an indicator of the efficiency of our operations between reporting periods.

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The following table presents a reconciliation of non-compensation expenses to adjusted non-compensation expenses:

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| | | |
|:---|:---|:---|
| | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** |
| **(USD in thousands, except percentages)** | **December 31, 2025** | **December 31, 2024** |
| Non-compensation expenses |  | $135557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Acquisition-related expenses<sup>(a)</sup> |  | (6314) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other expenses<sup>(b)</sup> |  | (5465) |
| **Adjusted Non-compensation expenses**  |  | $123778 |
| Client revenues |  | $572061 |
| Non-compensation ratio  |  | 23.7% |
| **Adjusted Non-compensation ratio**  |  | 21.6% |

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__________________

(a)Acquisition-related expenses primarily represent amortization of the backlog intangible acquired as part of the TCG Corporate Finance acquisition in October 2024 and transaction costs related to the TCG Corporate Finance acquisition.

(b)Other expenses represent restructuring expenses and costs of one-time employee legal matters.

**Consolidated Results of Operations**

The following is a discussion of our consolidated results of operations for the years ended December 31, 2025 and December 31, 2024. For a more detailed discussion of the factors that affected the revenues and operating expenses of our Investment Banking Advisory and Valuations and Opinions practices in these periods, please see "—Business Segments" below.

The historical financial information presented below reflects our business as a privately held partnership. As such, our LILP U.S.-based partner compensation, including semi-monthly draws, quarterly tax advances and annual performance incentives, is recorded in equity on the balance sheet. As a public company, this cost will be recorded on our income statement as compensation and related expenses. Additionally, as a privately held partnership, LILP is not subject to federal income tax. Instead, each partner is individually liable for taxes on his or her share of LILP's income or loss. As a public company, we will be subject to U.S. federal income taxes which will be recorded on our financial statements. Please see "Unaudited Pro Forma Condensed Consolidated Financial Information" for additional information on the recording of U.S.-based partner compensation as an expense and the inclusion of U.S. federal income tax.

Substantially all of our revenue is earned by providing financial advisory services to our investment banking clients and portfolio valuations and transaction opinions to our valuations and opinions clients.

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Reimbursed expenses include amounts reimbursed by our clients for costs incurred in connection with client engagements.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | | |
| **(USD in thousands)** | **2025** | **2024** | **Change $** | **% Change** |
| Client revenues |  | $572061 |  |  |
| Reimbursed expenses |  | 6686 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues**  |  | $578747 |  |  |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses |  | 285003 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-compensation expenses |  | 135557 |  |  |
| **Total expenses**  |  | 420560 |  |  |
| **Total operating income**  |  | 158187 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income and expenses, net |  | 9296 |  |  |
| **Income before income taxes**  |  | 167483 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes |  | 3889 |  |  |
| **Net income**  |  | 163594 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interest |  | 2855 |  |  |
| **Net income attributable to Lincoln International**  |  | $160739 |  |  |
| **Other comprehensive income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  | (4112) |  |  |
| **Comprehensive income**  |  | $159482 |  |  |

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*Total revenues.* The year-over-year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in total revenues of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million was primarily driven by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in our Investment Banking Advisory business segment is the result of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in our Valuations and Opinions segment is due to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . Further detail can be found in "—Business Segments."

*Compensation and Related Expenses.* The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in compensation and related expenses was primarily due to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.

Compensation and related expenses were $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in 2025 and $285 million in 2024. This represented &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of client revenues in 2025 and 50% of client revenues in 2024. The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in compensation and related expenses relative to client revenues primarily relates to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.

Our fixed compensation costs, which are primarily the sum of base salaries, benefits and payroll taxes, were &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million in 2025 and $174.7 million in 2024. Our fixed compensation costs may vary from year to year based on a variety of factors such as changes to headcount, changes to the composition of headcount, prevailing market conditions that affect salary levels and other related matters. Our variable compensation costs include the aggregate amount of discretionary performance and sign-on cash bonus award expenses. These costs generally represent the amount of total compensation that is in excess of base compensation. Variable compensation costs were $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in 2025, which consisted of $ million of annual performance bonuses and $ million of sign-on bonuses, and $110.3 million in 2024, which consisted primarily of $95.9 million of annual performance bonuses and $14.3 million of sign-on bonuses.

*Non-Compensation Expenses.* Non-compensation expenses were $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million in 2025 and $135.6 million in 2024. This represented &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of client revenues in 2025 and 24% of client revenues in 2024. The year-over-year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in non-compensation expenses of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million was primarily attributable to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . These expenses also include the impact of costs incurred by us in connection with client engagements that were subsequently reimbursed by our clients.

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*Provision for Income Taxes*. The provision for income taxes was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in 2025 compared to $3.9 million in 2024. The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million was primarily due to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

*Other Income and Expenses*. Our other income and expense was $ million in 2025 compared to $9.3 million in 2024 . The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million was due primarily to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

**Business Segments**

***Investment Banking Advisory Business Segment***

Revenue trends in our Investment Banking Advisory business segment are generally correlated to the total volume and size of investment banking transactions completed. However, fluctuations from this trend have and may in the future occur in any given year for any number of reasons, including but not limited to, changes in our market share or the ability of our clients to close transactions on which we have been engaged and are owed contingent fees. These events can cause our revenues to diverge from the level of overall volume of investment banking transactions completed.

The following table summarizes the results of operations of our Investment Banking Advisory business segment:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | | |
| **(USD in thousands)** | **2025** | **2024** | **Change $** | **Change %** |
| Total revenues |  | $442885 |  |  |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses |  | 239298 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compensation expenses |  | 99704 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses |  | 339002 |  |  |
| Segment operating income |  | $103883 |  |  |

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*Total revenues:* Our &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in total revenues of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million was primarily driven by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

*Compensation and related expenses:* The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in compensation and related expenses is primarily the result of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Fixed compensation costs &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from $143.6 million in 2024 to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in 2025, an &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. Our fixed compensation costs &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; due to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . Variable compensation costs &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; from $95.7 million in 2024 to $ million in 2025, an &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. Our variable compensation costs include the aggregate amount of discretionary performance and sign-on cash bonus award expenses which has &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in 2025 based on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Headcount of financial professionals in Investment Banking Advisory &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; from 687 in 2024 to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in 2025, an &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in headcount contributes to both the amount of fixed and variable compensation incurred throughout the year.

*Non-compensation expenses:* Non-compensation expenses &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; primarily as a result of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. These expenses include the impact of costs incurred by us in connection with client engagements that were subsequently reimbursed by our clients.

***Valuations and Opinions Business Segment***

Revenue trends in our Valuations and Opinions business segment can be categorized into two primary components: non-transaction-based services and transaction-based services. Non-transaction-based services are recurring portfolio valuations that are required by our valuation clients for financial reporting and regulatory purposes. The transaction-based services are primarily influenced by the overall market for United States announced M&A and financing transactions in a given year. Transaction based services include fairness opinions, solvency opinions, dispute advisory, and other transaction-based opinions and advisory services.

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The following table summarizes the results of the Valuations and Opinions business segment.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | | |
| **(USD in thousands)** | **2025** | **2024** | **Change $** | **Change %** |
| Total revenues |  | $135862 |  |  |
| Operating Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses |  | 45705 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compensation expenses |  | 35853 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses |  | 81558 |  |  |
| Segment operating income |  | $54304 |  |  |

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*Total revenues:* Our &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in total revenues of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million was primarily the result of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.

*Compensation and related expenses:* The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in compensation and related expenses is primarily the result of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Fixed compensation costs &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; from $31.1 million in 2024 to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in 2025, an &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. Our fixed compensation costs &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . Variable compensation costs &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; from $14.6 million in 2024 to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in 2025 , an &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. Our variable compensation costs include the aggregate amount of discretionary performance and sign-on cash bonus award expenses which &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; based on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Headcount of financial professionals in Valuations and Opinions &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from 163 in 2024 to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in 2025, an &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %. The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in headcount contributes to both the amount of fixed and variable compensation incurred throughout the year.

*Non-compensation expenses:* Non-compensation expenses &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; primarily as a result of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . These expenses include the impact of costs incurred by us in connection with client engagements that were subsequently reimbursed by our clients.

**Cash and Liquidity**

We regularly monitor our liquidity position, including cash and cash equivalents, working capital assets and liabilities, any commitments and other liquidity requirements in the aggregate. Our cash and cash equivalents reflects the cash generated by our operating entities. Prior to this offering, such cash has been used to fund our working capital needs and strategic and capital investments. After the offering, the cash will either be retained by us or distributed to our Class A, Class B and Class C stockholders.

Our current assets have historically consisted of cash and cash equivalents, receivables related to fees earned from providing advisory and valuation services, receivables from the LILP Partners resulting from tax advances made to state and local jurisdictions on their behalf and prepaid expenses, largely related to sponsored events and annual software licenses.

Our current liabilities include accounts payable and accrued expenses, including accrued employee compensation. We pay a significant portion of annual incentive compensation to non-partner employees in December of the calendar year with respect to the current year's performance. We also pay a significant portion of annual incentive compensation to partners in February of the next calendar year with respect to the prior year's performance. Additionally, we have historically distributed estimated tax advance payments on our retained earnings to the LILP Partners on a quarterly basis throughout the year. As a result, our cash balances generally decline in the first quarter of each year after incentive compensation is paid to our employees and partners. Our cash balances then increase over the remainder of the year. We expect these practices and seasonal trends to continue.

We also evaluate our cash needs on a regular basis in light of current global and local economic and market conditions, and our strategic and capital investment requirements. Cash and cash equivalents include all short-term highly liquid investments that are readily convertible to cash. We had cash and cash equivalents and restricted cash of $&nbsp;&nbsp;&nbsp;&nbsp; million at December 31, 2025 and $229 million at December 31, 2024.

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Our liquidity is highly dependent upon cash receipts from clients in respect of fees for our Investment Banking Advisory services and our Valuations and Opinions services. The engagement letters for our U.S.-based Investment Banking Advisory business generally provide for our clients to pay our fees concurrent with the successful completion of a transaction and do not generally result in a receivable balance. Non-U.S. based Investment Banking Advisory fees are often received after completion of the transaction. Our Valuations and Opinions business requires clients to settle our fees upon receipt of the related portfolio valuation or fairness opinion. We regularly monitor aging associated with the collection of these receivable balances, which generally occurs within 30 days of billing. Accounts receivable for our Valuations and Opinions business was $ million at December 31, 2025 and $31 million at December 31, 2024.

We believe that cash and cash equivalents on hand, cash flows from operations, and available borrowings under our Credit Facilities will adequately fund our ongoing working capital, investing, and financing requirements for at least the next year and thereafter.

***Line of Credit***

To provide for working capital and other general corporate purposes, we maintain a line of credit available for advances and letters of credit, with a pledge capacity of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million from Morgan Stanley Private Bank, National Association. As of December 31, 2025, we had $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in cash on deposit. Our available credit under this facility was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million as a result of the issuance of an aggregate amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million of letters of credit, which are required in connection with our lease agreements for some of our U.S.-based office leases. We incur a monthly fee calculated as the SOFR plus 1.1% per annum on the outstanding balances of issued letters of credit under our line of credit. The proceeds of the advances are available solely to provide financing for our working capital and investment purposes and to pay reimbursement obligations in connection with letters of credit.

***Credit Facilities***

On October 31, 2025, we entered into the Credit Agreement, which provides for (a) the Term Loan Credit Facility with an original aggregate principal amount of $250 million (the "Term Loan Credit Facility"), (b) the Delayed Draw Term Loan Credit Facility with original aggregate commitments of $75 million (the "Delayed Draw Term Loan Credit Facility"), and (c) the Revolving Credit Facility having original aggregate commitments of $5 million (the "Revolving Credit Facility"). Term loans drawn under the Delayed Draw Term Loan Credit Facility (if any) constitute loans outstanding under the Term Loan Credit Facility. The obligations under the Credit Agreement are secured by all or substantially all assets of LILP's domestic subsidiaries, subject to customary and negotiated exclusions. Each Credit Facility has a term of seven years, and all amounts outstanding thereunder will be due and payable on October 31, 2032. Borrowings under the Credit Facilities bear interest, at our election, at a rate equal to either (i) term SOFR (subject to a 0.50% floor) plus a margin of 4.25% or (ii) the base rate (subject to a 1.50% floor), which is equal to the greatest of (A) the prime rate, (B) the NYFRB rate plus 0.50% and (C) one-month term SOFR plus 1.00%, plus a margin of 3.25%. Interest on SOFR loans is payable (x) based on the selected interest period if such interest period is less than three months or (y) quarterly if the selected interest period is three months or longer. Interest on base rate loans is payable quarterly. As of December 31, 2025, we had $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million outstanding under the Term Loan Credit Facility and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; outstanding under the Revolving Credit Facility.

The Credit Agreement also includes certain prepayment mechanism for term loans subject to leverage-based step-downs and/or thresholds.

In addition, the Credit Agreement contains customary non-financial covenants limiting, among other things, mergers and acquisitions; investments, loans, and advances; affiliate transactions; changes to capital structure and the business; additional indebtedness; additional liens; the payment of dividends; and the sale of assets, in each case, subject to certain customary exceptions. The Credit Agreement contains customary events of default, including payment defaults, breaches of representations and warranties, covenant defaults, defaults under other material debt, events of bankruptcy and insolvency, failure of any guaranty or security document supporting the Credit Agreement to be in full force and effect, and a change of control of our business. We were in compliance with all covenants under the Credit Agreement as of December 31, 2025.

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***Return of Excess Capital***

In 2021, we made our first return of excess capital to our partners of approximately $40 million. Three years later, in 2024, we made our second return of excess capital to our partners of approximately $13.9 million, and in 2025, we made our third return of excess capital to our partners of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million. These returns of capital were recorded as net cash used in financing activities in our consolidated statements of cash flows. Historically, we had previously retained all capital to fund growth opportunities and build our balance sheet, particularly cash, and to provide appropriate working capital for our growing business.

**Tax Receivable Agreement**

In connection with the Organizational Transactions, we will enter into a Tax Receivable Agreement with LILP and the TRA Parties, which will generally provide for the payment by Lincoln International, Inc. to the TRA Parties in an amount equal to 85% of the tax benefits, if any, that we actually realize (or in certain circumstances are deemed to realize) as a result of the Basis Adjustments and Interest Deductions. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement" for more information. We expect that the amount of the cash payments we will be required to make under the Tax Receivable Agreement will be substantial. Any payments made by Lincoln International, Inc. to the LILP Partners under the Tax Receivable Agreement will not be available for reinvestment in our business and will generally reduce the amount of overall cash flow that might have otherwise been available to us.

The Tax Receivable Agreement will provide that if certain mergers, asset sales, other forms of business combination, or other changes of control were to occur after the consummation of this offering, if we materially breach any of our material obligations under the Tax Receivable Agreement or if, at any time, we elect an early termination of the Tax Receivable Agreement, then the Tax Receivable Agreement will terminate and our obligations, or our successor's obligations, under the Tax Receivable Agreement would accelerate and become due and payable, based on certain assumptions, including an assumption that we would have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the Tax Receivable Agreement. In those circumstances, the TRA Parties, as applicable, would be deemed to exchange any remaining outstanding common units for Class A common stock and the TRA Parties generally would be entitled to payments under the Tax Receivable Agreement resulting from such deemed exchanges. As a result of the foregoing, we could be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the Tax Receivable Agreement, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits. We also could be required to make cash payments to the TRA Parties that are greater than the specified percentage of the actual benefits we ultimately realize in respect of the tax benefits that are subject to the Tax Receivable Agreement. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combination, or other changes of control. For example, should we elect to terminate the Tax Receivable Agreement immediately following this offering, assuming no material changes in the relevant tax laws or tax rates and that we earn sufficient taxable income to realize all tax potential benefits that are subject to the Tax Receivable Agreement, we estimate that the aggregate of termination payments would be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our Class A common stock (the midpoint of the range set forth on the cover page of this prospectus). There can be no assurance that we will be able to finance our obligations under the Tax Receivable Agreement. In the case of such an acceleration in connection with a change of control, where applicable, we generally expect the accelerated payments due under the Tax Receivable Agreement to be funded out of the proceeds of the change of control transaction giving rise to such acceleration, which could have a significant impact on our ability to consummate a change of control or reduce the proceeds received by our stockholders in connection with a change of control. However, we may be required to fund such payment from other sources, and as a result, any early termination of the Tax Receivable Agreement could have a substantial negative impact on our liquidity or financial condition.

The actual timing and amount of any payments that may be made under the Tax Receivable Agreement are unknown at this time and will vary based on a number of factors. For more information about these factors, see "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." However, we expect that the payments that we will be required to make to the TRA Parties (or their permitted assignees) in connection with the

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Tax Receivable Agreement will be substantial. Any payments made by Lincoln International, Inc. to the LILP Partners (or their permitted assignees) under the Tax Receivable Agreement will generally reduce the amount of cash that might have otherwise been available to us or LILP. To the extent LILP has available cash and subject to the terms of any current or future debt or other agreements, the LILP Partnership Agreement will require LILP to make cash distributions to the holders of common units in an amount sufficient to (1) fund all or part of their tax obligations in respect of taxable income allocated to them and (2) cover our operating expenses, including payments under the Tax Receivable Agreement. However, LILP's ability to make such distributions may be subject to various limitations and restrictions, such as restrictions on distributions that would either violate any contract or agreement to which LILP is then a party, including debt agreements, or any applicable law, or that would have the effect of rendering LILP insolvent. We generally expect LILP to fund such distributions out of available cash and, to the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts will be deferred and will accrue interest until paid by us and such interest may significantly exceed our other costs of capital. Further, except to the extent nonpayment is a result of restrictions under any current debt or other similar agreement or to the extent we do not have, and cannot take commercially reasonable action to obtain, sufficient funds to make such payments due under the Tax Receivable Agreement, nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement and, therefore, may accelerate payments due to the LILP Partners under the Tax Receivable Agreement.

**Regulatory Capital**

Certain of our subsidiaries in the United States and the United Kingdom are subject to regulatory requirements in their respective jurisdictions to ensure general financial soundness and liquidity. This requires, among other things, that those subsidiaries comply with minimum capital requirements, record-keeping, reporting procedures, experience and training requirements for employees and other requirements and procedures. These regulatory requirements, which differ between the United States and the United Kingdom, may restrict the flow of funds to and from affiliates. We actively monitor our regulatory capital base in conjunction with regulatory requirements. We believe that we provide each of our subsidiaries with sufficient capital and liquidity in a manner that is consistent with their business and regulatory requirements. Our required U.S. regulatory capital was $5.1 million, of which $5 million was required for Lincoln International LLC and $0.1 million was required for MarshBerry Capital, LLC, and our assigned U.K. regulatory capital was £3.2 million, of which £3.2 million was required for Lincoln International LLP and a nominal amount for IMAS Corporate Finance LLP, in each case at December 31, 2025.

**Cash Flows**

Our operating cash flows are primarily influenced by the timing and receipt of advisory fees from clients, which are generally collected by our Investment Banking Advisory business segment upon completion of a transaction and by our Valuations and Opinions business segment generally within 30 days of billing, and the payment of operating expenses, including payments of incentive compensation to our managing directors and employees. We pay a significant portion of annual incentive compensation to non-partner employees in December of the calendar year with respect to the current year's performance. We also pay a significant portion of annual incentive compensation

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to partners in March of the next calendar year with respect to the prior year's performance. A summary of our operating, investing and financing cash flows is as follows:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| **(USD in thousands)** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income |  | $163594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash sources and uses |  | 28545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating activities |  | (42800) |
| Net cash provided by operating activities |  | 149339 |
| **Cash flows from investing activities**  |  |  |
| Net cash used in investing activities |  | (13872) |
| **Cash flows from financing activities**  |  |  |
| Net cash used in financing activities |  | (171943) |
| **Effect of exchange rate changes on cash and equivalents**  |  | (3757) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash**  |  | (40233) |
| **Cash, cash equivalents and restricted cash, beginning of year**  |  | 269221 |
| **Cash, cash equivalents and restricted cash, end of year**  |  | $228988 |

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***Year Ended December 31, 2025***

Cash and cash equivalents and restricted cash were $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million at December 31, 2025, a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million from $$229 million at December 31, 2024. Operating activities resulted in a net &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million primarily due to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Investing activities resulted in a net &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million primarily attributable to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Financing activities resulted in a net cash &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, primarily attributable to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.

***Year Ended December 31, 2024***

Cash and cash equivalents and restricted cash were $229 million at December 31, 2024. Operating activities resulted in a net cash inflow of $149.3 million primarily due to net income of $163.6 million and non-cash charges of $28.5 million, and partially offset by a decrease in other operating activities of $42.8 million. Investing activities resulted in a net outflow of $13.9 million primarily attributable to the construction of new office facilities. Financing activities resulted in a net cash outflow of $171.9 million, primarily attributable to payments made to LPs, which include semi-monthly draws, tax advances and performance bonuses, as well as approximately $13.9 million of our return of capital distribution of excess cash to partners in 2024.

**Off Balance Sheet Arrangements**

We do not invest in off-balance sheet vehicles that provide liquidity, capital resources, market or credit risk or engage in any leasing activities that expose us to liabilities that are not reflected in our consolidated financial statements.

**Market And Credit Risk**

Given the low capital intensity of our business, we do not believe that we are subject to significant market risk (including interest rate risk, exchange rate risk, and foreign currency risk) or credit or indebtedness risk, as further described below.

***Risks Related to Cash and Short-Term Investments***

Our cash and cash equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or fewer from the date of purchase. We invest most of our cash in bank time deposits and money market funds. Cash is maintained in U.S. and non-U.S. bank

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accounts for the working capital needs of our U.S. and international operations. We maintain U.S. deposits at financial institutions that at times may exceed federally insured coverage limits. Such deposits are held in non-interest bearing and interest-bearing accounts, predominantly at one institution, Bank of America, N.A., which deposit amounts exceed the Federal Deposit Insurance Corporation limits. We have not experienced any losses in these accounts and believe we are not exposed to any significant credit risks. We believe our cash and short-term investments are not subject to any material interest rate risk, equity price risk, credit risk or other market risk.

***Credit Risk***

We regularly review our accounts receivable and allowance for doubtful accounts by considering factors such as historical experience, business life cycle, credit quality, age of client accounts receivable and recoverable out-of-pocket expense balances, and the current economic conditions that may affect a client's ability to pay such amounts owed to us. We maintain an allowance for doubtful accounts that, in our opinion, provides for an adequate reserve to cover losses that may be incurred. The balance of allowance for credit losses was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million at December 31, 2025 and $4.8 million at December 31, 2024. See "—Critical Accounting Estimates—Accounts Receivable and Allowance for Credit Losses."

***Indebtedness Risk***

Our indebtedness resulting from the MarshBerry Acquisition could limit our financial and operational flexibility and subjects us to restrictive covenants. The debt structure may limit our ability to pursue strategic opportunities, invest in our business, or respond to competitive pressures. Our debt agreements contain covenants that restrict our operations, such as limitations on incurring additional indebtedness, drawing on our line of credit, making acquisitions, and selling assets. Failure to comply with these covenants could result in an event of default, even if we are current on our principal and interest payments.

***Exchange Rate Risk***

We are exposed to the risk that the exchange rate of the U.S. dollar relative to our other operating currencies may have an adverse effect on the reported value of our non-U.S. dollar denominated assets and liabilities. In addition, the reported amounts of our revenues may be affected by movements in the rate of exchange primarily between each of the Euro and the Pound Sterling and the U.S. dollar, the currency in which our financial statements are denominated. We believe the majority of our business has a natural hedge against exchange rate risk because our cash inflows are largely denominated in the same currency as our cash outflows. As a result, we have not entered into any currency-related transactions to hedge our exposure to these foreign currency fluctuations through the use of derivative instruments or other methods, but we may do so in the future.

***Foreign Currency Risk***

We incur foreign currency transaction risk whenever we enter into a transaction using a currency other than the currency of the transacting entity. We conduct business in various jurisdictions throughout the world and are subject to market risk due to change in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. The functional currencies of our foreign operating locations are generally the local currency in the country. The net impact of the fluctuation of foreign currencies in other comprehensive income in the consolidated statements of comprehensive income was a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million in 2025 and a loss of $4.1 million in 2024.

**Critical Accounting Estimates**

Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") which require us to make estimates and assumptions that affect reported amounts. The estimates and assumptions used are based on historical experience and on other factors that we believe to be reasonable. Actual results may differ from these estimates and assumptions. We review these estimates and assumptions on a periodic basis to ensure reasonableness. While actual results may differ from these estimates and assumptions, we believe such differences are not likely to be material.

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***Accounting Policies***

We follow GAAP established by the Financial Accounting Standards Board (the "FASB") to ensure consistent reporting of financial condition, results of operations, and cash flows. The following is a summary of our significant accounting policies.

***Revenue Recognition***

Client revenues are recognized when we satisfy our performance obligation by delivering the promised services to its clients under the terms of each engagement. Our Investment Banking Advisory fees generally consist of a non-refundable initial retainer fee and a success fee, and we may also receive milestone fees and opinion fees for select engagements.

The non-refundable initial retainer fee is initially recorded as a deferred revenue liability and is recognized over time as we fulfill our performance obligations. Our standard practice is to recognize this deferred revenue over eight months, which we have assessed as the average life of an engagement. Any non-refundable fees are recognized immediately at the time a deal is considered to be terminated or closed before the amount of the deferred revenue is fully recognized.

Milestone fees arise when a specific outcome, which is outlined in underlying client engagement letters, has been achieved in an Investment Banking Advisory engagement. We fully recognize any such milestone fee revenue when it is billed since the performance obligation has been achieved.

We recognize success fee revenue upon the satisfaction of our performance obligation, which generally occurs upon the successful closing of the transaction to which the relevant engagement relates. Revenue related to portfolio valuation fees is fully recognized when the fee is invoiced. At the time of invoicing, we have completed the valuation, which is generally the performance obligation as described in the relevant engagement letters.

Fairness opinion engagement revenues generally consist of a non-refundable initial retainer fee and a fee that is payable upon the delivery of our opinion. We have assessed the average life of a fairness opinion engagement as three weeks; therefore, our standard practice is to recognize the initial retainer fee as revenue when it is invoiced. The opinion fee revenue is recognized upon completion and delivery of the opinion. At this time, our performance obligation in respect of these engagements is fulfilled, and the client obtains control of the promised service.

Client revenues are presented gross of related client reimbursed expenses. Expenses related to investment banking advisory transactions are recognized as expenses on the statement of income as incurred. Revenue related to the reimbursement of these expenses is reported separately as reimbursed expenses on the statement of income when we are contractually entitled to reimbursement. While the majority of our revenue is earned from success fees on the successful closing of an engagement, deferred revenue represents the contract liabilities related to non-refundable fees received for which the performance obligation has not been satisfied.

The revenue recognition process requires management to make significant judgments and estimates regarding various aspects of the revenue transaction. We apply significant judgments in the key areas related to revenue recognition.

We evaluate our client contracts to determine whether goods or services promised in the contract are distinct and should be treated as separate performance obligations. This evaluation involves assessing whether the client can benefit from the goods or services either on their own or together with other readily available resources and whether the performance obligations are separately identifiable in the context of the contract.

The transaction price is determined based the performance obligation as noted in the contract. The transaction price is allocated to each performance obligation based on the relative price of the goods or services. Determining standalone prices often requires judgment when observable prices are not available.

We recognize revenue when the performance obligation as stated in the engagement letter has been completed. In the case of non-refundable retainer fees, the performance obligations are satisfied over time, so we estimate

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progress toward completion based on the average life of a transaction. These estimates involve judgment and are reassessed periodically.

The judgments and estimates described above may have a material impact on the timing and amount of revenue recognized. Differences between estimated and actual outcomes may result in adjustments to revenue in future periods. Management continually reviews and updates these judgments and estimates based on historical experience and changes in market or contractual conditions.

***Accounts Receivable and Allowance for Credit Losses***

The consolidated balance sheets present accounts receivable balances net of allowance for credit losses based on our assessment of the collectability of client receivables. Accounts receivable primarily represents contract assets due from investment banking and advisory and valuations and opinions services and includes both billed and unbilled amounts. We maintain an allowance for credit losses that, in our opinion, provides for sufficient reserves to cover our current expectation of future losses as of the reporting date. We determine the appropriate allowance by considering factors such as historical experience, credit quality, age of the accounts receivable and the current economic conditions that may affect a client's ability to pay such amounts when due to us, Uncollectible amounts are written off at the time the individual receivable is determined to be uncollectible. The balance of allowance for credit losses &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million at December 31, 2025 from $4.8 million at December 31, 2024 due to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.

As of December 31, 2025 and December 31, 2024, the asset and liability balances related to contracts with clients were as follows:

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| | | |
|:---|:---|:---|
| **<u>(USD</u> <u>in thousands)</u>** | **December 31, 2025** | **December 31,<br>2024** |
| Client accounts receivable, net of allowance |  | $114174 |
| Deferred revenue |  | $1085 |

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***Income Taxes***

We are currently organized as a limited partnership under the Internal Revenue Code. We are not subject to federal income tax but are subject to certain state and local taxes. Each LILP partner is individually liable for taxes on his or her share of our taxable income. Certain foreign subsidiaries and affiliates are subject to income taxes in their jurisdictions. For a discussion of our structure after this offering, see "Unaudited Pro Forma Condensed Consolidated Financial Information."

We file tax returns in all jurisdictions when required, including federal, state, local and international filings.

Deferred tax assets or liabilities are recognized for the estimated future tax effects attributable to tax carryforwards and temporary differences in the timing of the recognition of income and expense for tax and financial reporting purposes. Temporary differences arise from differences between the book basis and tax basis of the assets and liabilities of the applicable subsidiaries or affiliates, which are expected to reverse at some future date. The provision for income taxes generally equals income taxes currently payable for the year and the net change in the deferred asset/liability balance.

We record a valuation allowance to reduce a deferred tax asset when it is not more likely than not that such amount will be realized. Deferred taxes have been provided for applicable subsidiaries and affiliates and are reported in the consolidated balance sheet.

We have adopted the guidance issued by the FASB on accounting for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, and disclosure.

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FASB guidance requires the evaluation of tax positions taken or expected to be taken in the course of preparing the tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions deemed to meet the more- likely-than-not threshold are recorded as a tax benefit or expense and liability in the current year. Management has determined that there are no material uncertain income tax positions as of December 31, 2025.

***Goodwill***

Goodwill is recognized for the excess of the purchase price over the fair value of the tangible and identifiable intangible net assets of businesses acquired. We review goodwill for impairment annually or whenever indicators of impairment exist. An impairment would occur if the carrying amount of a reporting unit exceeds the fair value of that reporting unit. If management concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, management conducts a goodwill impairment test to assess if the carrying value of goodwill exceeds its fair value, in which case an impairment loss is recognized. A discounted cash flow model is used to determine the fair value of our reporting units for purposes of testing for impairment. We perform our annual impairment tests on December 31 of each year. Impairment for the year ended December 31, 2025 was &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. There was no impairment for the year ended December 31, 2024.

As part of the acquisitions of MarshBerry, Spurrier Capital Partners, and TCG Corporate Finance, we allocated each purchase price to the fair value of identifiable assets acquired and liabilities assumed. The residual amount was recognized as goodwill. Judgment on our part was required to identify and estimate the fair value of the acquired assets, including intangible assets such as the acquired backlog and then determine the fair value of liabilities assumed, including contingent liabilities and deferred revenue.

We evaluate goodwill for impairment outside of the annual testing cycle if events or changes in circumstances ("triggering events") indicate that the carrying value of a reporting unit may not be recoverable. Triggering events may include a significant adverse change in market conditions or the regulatory environment, a significant decline in our internal deal backlog, deterioration in the financial performance of a reporting unit and the identification of triggering events and the timing of impairment testing require consideration of both qualitative and quantitative factors.

Goodwill is tested for impairment at the level of a reporting unit, which is typically an operating segment or a component of an operating segment. Significant judgment is required in assessing goodwill, including our reporting units, estimating fair value of the reporting unit and comparing to our carrying value. If the fair value of a reporting unit is less than its carrying value, an impairment is recognized for the amount by which the carrying value exceeds the fair value, but not exceeding the total amount of goodwill allocated to the reporting unit.

The determination of goodwill value involves significant judgment. Changes in key assumptions or market conditions could result in material impairments. To date, we have not recorded any impairment charges.

***Leases***

We are a lessee in several operating leases for office space and minor office equipment with non-cancellable terms in excess of one year. We determine if a contract contains a lease at the contract's inception and when the terms of an existing contract change. These leases can contain renewal options or early termination periods ranging from one to five years. Because we are not reasonably certain to exercise the renewal options or termination options, the renewal or termination periods are disregarded when determining the lease term and the costs associated with the renewal or termination options are excluded from lease payments.

We determine if an arrangement is a lease at inception in accordance with ASC 842, Leases. We recognize a lease liability and a right-of-use (ROU) asset for all leases with a term greater than twelve months. The lease liability is initially and subsequently measured at the present value of future lease payments, and the ROU asset is measured based on the lease liability, adjusted for any lease incentives received and initial direct costs incurred. We use our incremental borrowing rate as the discount rate because the implicit rates of our leases are not readily determinable. The incremental borrowing rate is the rate of interest we would pay to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The right-of-use asset is subsequently measured

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throughout the lease term at the present value of the remaining lease payments, plus any prepaid lease payments, less the unamortized balance of lease incentives received. Lease expense is recognized on a straight-line basis over the lease term.

In accounting for our leases under ASC 842, we make significant judgments and estimates in particular, in assessing the lease term, incremental borrowing rate (IBR) and impact of lease renewals and modifications.

For contracts that include renewal or termination options, we evaluate whether it is reasonable for us to exercise or not exercise these options. This assessment requires significant judgment and considers factors such as economic and strategic incentives to exercise renewal options, including the importance of the leased asset to our operations, costs associated with relocating operations to alternative office locations and our historical practice and the availability of similar leased office space within the local market. As a result, the lease term generally reflects only the non-cancelable period of the lease. We do not include periods covered by options to extend or terminate the lease if we are not reasonably certain to exercise those options.

We use our incremental borrowing rate to calculate the present value of lease payments when the implicit rate in the lease is not readily determinable. The incremental borrowing rate is the interest rate that we have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment.

Determining the IBR requires judgment and involves considering a proxy for our borrowing rate if one is not available, the lease term and payment structure and market conditions at the lease commencement date, including prevailing interest rates

For leases that are modified or reassessed due to changes in the lease term, we measure the lease liability using the updated IBR at the time of modification. Additionally, any changes to the ROU asset are recorded based on the remeasurement of the lease liability.

The judgments and estimates involved in determining the lease term and incremental borrowing rate could have a significant impact on the valuation of lease liabilities, ROU assets, and related expense recognition in the Company's financial statements. Changes in assumptions regarding the likelihood of renewals, modifications, or adjustments to the incremental borrowing rate may also result in material differences in amounts reported.

***Commitments and Contingencies***

We maintain a line of credit agreement, available for advances and letters of credit, with Morgan Stanley with a pledge capacity of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million and a borrowing capacity of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million. To date, we have pledged $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million in cash and cash equivalents. Any amount outstanding under the agreement bears interest at a floating rate of interest equal to SOFR plus 1.1% per annum.

We have security deposit requirements on office leases in the amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, for which we maintain letters of credit with various banks. In connection with such letters of credit, Morgan Stanley places restrictions on our cash resources in the amounts drawn.

The amounts drawn on the line of credit were $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as of December 31, 2025 and $0 as of December 31, 2024.

We also entered into the Credit Agreement to fund the MarshBerry Acquisition. Under the Credit Agreement, we have aggregate commitments of $75 million under the Delayed Draw Term Loan Credit Facility and $5 million under the Revolving Credit Facility available for drawing, in each case, subject to certain customary conditions and limitations. Amounts repaid or prepaid under the Delayed Draw Term Loan Facility may not be reborrowed. Amounts prepaid under the Revolving Credit Facility may be reborrowed. As of December 31, 2025, we had $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million drawn under the Delayed Draw Term Loan Credit Facility and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; loans outstanding under the Revolving Credit Facility.

Borrowings under the Delayed Draw Term Loan Facility and the Revolving Credit Facility bear interest, at our election, at a rate equal to either (i) term SOFR (subject to a 0.50% floor) plus a margin of 4.25% or (ii) the base rate

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(subject to a 1.50% floor), which is equal to the greatest of (A) the prime rate, (B) the NYFRB rate plus 0.50% and (C) one-month term SOFR plus 1.00%, plus a margin of 3.25%. Interest on SOFR loans is payable (x) based on the selected interest period if such interest period is less than three months or (y) quarterly if the selected interest period is three months or longer. Interest on base rate loans is payable quarterly.

In the normal course of business, we are subject to various claims, litigation, regulatory and arbitration matters. Because these claims and matters are at different stages, management is unable to predict their outcomes. We also enter into contracts that contain a variety of representations and warranties and provide indemnifications for breaches of such representations and warranties under certain circumstances. Our maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against us that have not yet occurred.

***Partner and Employee Compensation and Benefit Plans***

Certain partners and employees' compensation consists of a base salary and an annual performance bonus. The annual performance bonus payable to such partners and employees may be subject to forfeiture if, among other things, the employee's employment terminates prior to the payment date. This compensation is expensed over the period that future service is provided. The annual performance bonus, subject to conditions, is fully paid to partners and employees within two years after the date of the award. We may also award cash bonuses to new partners and employees as incentives to join our company. These bonuses are paid in accordance with service or individual employment agreements. They may be paid over multiple years, and future payments related to these awards are generally subject to the same forfeiture provisions as the annual performance bonuses. The amount of annual performance bonus payable was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million at December 31, 2025 and $82.3 million at December 31, 2024.

We maintain a qualified profit sharing and 401(k) plan for the benefit of most full-time U.S. employees who have attained age 18. Effective January 1, 2017, we make a 3% safe harbor non-elective contribution with immediate vesting for Non-Highly Compensated Employees (as defined by the IRS) each year. We also make a discretionary profit-sharing contribution to Highly Compensated Employees, subject to vesting over a six-year period. Employer discretionary profit-sharing contributions were $ million in 2025 and $3.1 million in 2024.

The collective amounts of annual bonus payable and profit-sharing contributions were $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in 2025 and $85.4 million in 2024 and are reported as compensation payable.

Through our office in the United Kingdom, we also operate a defined contribution pension plan. The assets of the plan are held separately from those of the rest of the Company in an independently administered fund. The pension cost charge represents contributions payable by us to the fund. There were no contributions payable to the plan at the balance sheet date.

***Business Combinations***

Accounting for business combinations requires management to make significant estimates and assumptions. Critical estimates include valuing of certain intangible assets include, but are not limited to, future expected cash flows, expected asset lives, geographic risk premiums, discount rates, and more. The amounts and useful lives assigned to acquisition-related intangible assets impact the amount and timing of future amortization expense.

The purchase price includes the consideration transferred by us, which may consist of cash, equity ownership, contingent consideration, or other forms of payment. For contingent consideration, we estimate the fair value using probability-weighted scenarios and discounted cash flow models, which require assumptions about the likelihood of achieving performance targets and the timing of payments.

We identify all tangible and intangible assets acquired and liabilities assumed as part of the transaction. Judgment is required to assess whether certain assets or liabilities meet the criteria for recognition under GAAP, value any leases acquired to in accordance with ASC 842, to determine whether certain assets, such as our acquired backlog or customer relationships, qualify as identifiable intangible assets and evaluate contingent liabilities and uncertain tax positions for recognition and measurement.

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Once the fair values of the identifiable assets and liabilities are determined, the purchase price is allocated accordingly. Any residual amount is recorded as goodwill. Judgment is required to allocate fair value to individual assets when they are part of broader asset groups, determine whether any portion of the purchase price should be allocated to non-controlling interests, assess whether any portion of the purchase price represents a bargain purchase gain, which would be recognized in earnings.

Goodwill is calculated as the excess of the purchase price over the fair value of the identifiable net assets. The determination of goodwill requires accurate estimation of the fair value of all assets and liabilities and consideration of synergies, strategic benefits, and market conditions that contributed to the purchase price exceeding the fair value of net assets.

We expense acquisition-related costs, such as legal, accounting, and advisory fees, as incurred. Judgment is required to distinguish acquisition-related costs from costs associated with post-acquisition integration or restructuring activities.

The judgments and estimates involved in accounting for business combinations can be subjective and may result in material adjustments to our financial statements in future periods. Changes in assumptions, valuation methodologies, or market conditions could affect the fair value of acquired assets and liabilities, the amount of goodwill recognized, and the overall financial impact of the business combination.

***Recent Accounting Pronouncements***

In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 2024-03"). ASU 2024-03 improves public entity disclosures by requiring the disaggregation of certain expense categories in the notes to the financial statements for qualifying entities. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Upon initial evaluation, we do not expect the adoption of ASU 2024-03 to have a material impact on our consolidated financial statements.

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**BUSINESS**

**Company Overview**

We are a global independent investment banking advisory firm focused on the private capital markets. As a leader in advising private equity and private credit investors, private company business owners and other senior executives, our globally integrated platform allows us to deliver comprehensive, sector-focused advisory services to clients across key areas of the economy.

Our experienced professionals provide meaningful and differentiated private capital markets expertise across our two segments, Investment Banking Advisory and Valuations and Opinions:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Banking Advisory** | **Investment Banking Advisory** | **Investment Banking Advisory** | **Investment Banking Advisory** | **Valuations and Opinions** |
| **Mergers & Acquisitions** | **Capital Advisory** | **Private Funds Advisory** | **Other Services** | **Valuations and Opinions** |
| • Sell-Sides<br>• Buy-Sides<br>• Add-ons | • Debt Advisory <br>• Special Situations & Restructuring <br>• Growth Capital & Minority Equity | • Continuation Vehicles<br>• Single Asset and Co-Investment Vehicles<br>• Primary Funds | • Strategic Consulting<br>• Executive Peer Networks<br>• Agency Member Network | • Portfolio Valuations<br>• Transaction Opinions & Board Advisory<br>• Disputes Advisory |

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Since our founding in 1996, we have experienced significant growth achieved through investments in our talent, our platform, the complementary capabilities we offer—including our growing, recurring, and non-cyclical valuations business—and the strategic positioning of the firm. As a result, we have built a platform to support clients in attracting capital and investing with purpose, driving value and realizing returns. As of December 31, 2025, approximately 1,400 professionals, including 161 managing directors, serve our clients and operate our business from more than 30 offices across 15 countries throughout the Americas, Europe, Middle East and Asia. *Mergermarket* has ranked us the #2 sell-side advisor for private equity transactions globally over the three years ending December 31, 2025.

Our success is rooted in a thoughtfully designed, institutionalized, and proactively managed entrepreneurial culture, fostering collaboration and engagement while strengthening our ability to attract, develop, and retain exceptional talent at all levels of the organization. We believe this culture is distinctive within our industry and is reinforced by a proven executive leadership team with strong continuity, as well as experienced senior professionals who lead our industry, product, and administrative groups. Reflecting this continuity, our leadership team has been with Lincoln for an average of approximately 20 years, and our managing directors have averaged more than eight years with the firm. We continue to build our next generation of leaders through a deliberate focus on high-performing talent and internal promotion, as demonstrated by the fact that approximately 43% of U.S. managing directors were promoted from within—one-third of whom joined Lincoln as junior professionals.

Over time, we have intentionally diversified our business across service offerings and created depth of expertise and client relationships within industry sectors, including Business Services, Consumer, Healthcare, Industrials, Technology, and, through our acquisition of MarshBerry that we closed on October 31, 2025, Financial Services. MarshBerry is a global leader in investment banking advisory services, serving the insurance brokerage and wealth and retirement sectors through all stages of growth. MarshBerry has been recognized by *S&P Global Market Intelligence* as the #1 M&A sell-side advisor in insurance brokerage in each year since 2022. We believe this strategic acquisition solidifies our position as the leading advisor for independent owners, strategic acquirers, and private equity firms amidst the evolving and growing landscape of insurance brokerage and wealth management.

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**The Evolution of Lincoln International**![diversification.jpg](diversification.jpg)

Note: (1) 2025 represents pro forma client revenue. (2) 2008 and 2015 product group diversity only reflect U.S. operations. (3) Financial Services included within Business Services for 2008 and 2015. (4) Excludes MarshBerry offices in locations where Lincoln has an established office. (5) "M&A" incorporates MarshBerry's M&A-related client revenue, while "Other" incorporates FirstChoice, an agency member network, Connect, an executive peer exchange program, and consulting client revenue.

We continue to invest to drive growth. As a catalyst for growth, we accelerated our lateral managing director hiring in recent years, leading to the onboarding of 31 new managing directors since the beginning of 2024 who either introduce—or strengthen—certain sector, product, or geographic expertise. This senior talent hiring success is a testament to the strength of our brand and culture. Lincoln has become a destination for talent as we have evolved. We have also invested in our technology infrastructure, including designing a customer relationship management system that also functions as an enterprise resource planning system, by building a proprietary artificial intelligence, or AI, tool that aggregates institutional, market and client intelligence to drive efficiency and optimize knowledge sharing, and by improving the delivery of portfolio valuations through automation.

Our relentless focus on client success and continued investments in our people and platform have produced substantial growth in revenue and profits. Our client revenues have increased from $191.9 million in 2015 to $ million in 2025, a % annualized growth rate. Our business has also become more diverse with the non-M&A revenue contribution growing from 21% in 2015 to % in 2025. For the year ended December 31, 2025, after giving effect to the MarshBerry Acquisition and the Organizational Transactions, we had pro forma earnings before income taxes of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million on an adjusted basis. See the section titled "—Summary Consolidated Financial and Other Data" for information regarding our use of adjusted earnings before income taxes, which is considered a non-GAAP measure, and a reconciliation from income before income taxes.

**Our Services**

Our services are delivered with "Real Connection and True Perspective," the essence of our brand, which underpins partnership-oriented advisory relationships with our clients. Our proactively managed culture promotes knowledge sharing and, when combined with our deep relationships across the private capital markets, enables us to deliver differentiated insights. Our core segments—Investment Banking Advisory (comprised of M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services) and Valuations and Opinions (comprised of Portfolio Valuations, Transaction Opinions and Board Advisory, and Disputes Advisory)—provide revenue diversification, multiple avenues for growth across market cycles, and complementary services that support our clients' evolving needs. Our international reach enables clients to access the optimal acquirers, investors and capital pools in nearly every major market in the world.

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**Private Capital Markets Continuum of Services**

We strive to support our clients throughout the full private equity and debt lifecycle, delivering value at each stage through the combination of expertise and insights across our service offerings.

![prosumm7ba.jpg](prosumm7ba.jpg)

The global private equity community is a focal point of our client service model. Our Financial Sponsors Coverage group, together with our industry and practice professionals, form a collaborative team, delivering timely, tailored services to meet client needs. This coverage strategy complements our ongoing engagement with other market-leading companies, both private and public, across sectors, enabling us to optimally serve our wide-ranging client base. Within our highly customized database and software system platform, we maintain a proprietary target list. We actively cover more than 1,000 private equity firms that collectively have more than 18,500 portfolio companies, and we have identified and strategically target approximately 3,300 as potential advisory opportunities in the next five years in addition to our coverage of approximately 1,150 global corporations. We have also invested in enhancing our coverage of private companies with a dedicated group of professionals focused on identifying and engaging with private, founder-owned companies within our core sectors and sub-sectors. We believe the combination of these efforts with MarshBerry's existing depth and breadth of relationships with private companies provides us with an even deeper pool of potential clients. MarshBerry uniquely targets its predominantly private company client base through an advisory-led model and evolves with its clients to the point of exit, creating a unique ecosystem that attracts and retains clients throughout their phases of growth. We believe that our comprehensive coverage strategy enables us to develop differentiated relationships that support the strength of our platform; excluding MarshBerry, 57% of advisory transactions closed during 2025 were with repeat clients.

Further, our Valuations and Opinions practice is a recognized market leader, valuing approximately 32% of all U.S. private equity-backed companies in 2025 through our private equity and private credit portfolio valuation engagements. Moreover, 50% of fairness opinion transactions in 2025 were continuation vehicles or secondary transactions. In addition to supporting our growth and revenue diversification, the Valuations and Opinions practice provides us with unique access to information and enhances our ability to deliver differentiated insights to clients.

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**Selected Transactions Across Industries and Practices**

![prospectussummary3fa.jpg](prospectussummary3fa.jpg)

Our services are organized in the following groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Mergers & Acquisitions Advisory***: Our M&A Advisory practice services are delivered by a team of industry-focused professionals who have spent their careers developing deep professional connections and providing knowledgeable market perspectives and sector expertise to our clients. Our business is balanced across six core industries—Business Services, Consumer, Healthcare, Industrials, Technology, and Financial Services—and we continue to expand into new sectors within each industry. We have successfully added high-quality senior talent through lateral hiring and by purposefully developing talent internally in sectors we believe are likely to experience significant M&A growth.

Our focus is on private market transactions between $250 million and $2 billion in deal value, which we believe represents a large, sustainable, and growing segment of the market for investment banking advisory services. However, as we continue to grow with our clients and deepen our expertise, we expect that the number of transactions we advise on that are greater than this threshold will continue to expand, particularly where we have strong sub-sector expertise. As demonstrated below, our M&A Advisory practice is largely oriented towards sell-side advisory and we most frequently represent private equity firms as they seek return on their portfolio companies, typically selling to corporate or private equity acquirers. Excluding MarshBerry, cross-continental transactions represented approximately 25% of our M&A Advisory activity in 2025, reinforcing the importance of our international footprint and connectivity with acquirers and investors around the world.

**Composition of our 2025 M&A Advisory Transactions by Transaction Count**![business4c.jpg](business4c.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Capital Advisory:*** Our Capital Advisory practice delivers advisory services spanning the entire capital structure from healthy to distressed situations, with services ranging from arranging debt financing to raising minority growth equity to advising on special situations and restructuring. Our bankers have decades of experience providing bespoke services for stakeholders in a variety of complex situations and markets including storied M&A, capital structure assessment, bridge and rescue financing and other liquidity solutions. Approximately one-third of our Capital Advisory bankers have experience in distressed and restructuring situations, bolstered by the recent hiring of senior professionals with this expertise. As an independent, advisory-only firm, client outcomes—not capital deployment—drive our recommendations, allowing us to build a differentiated sense of trust with our clients in any market cycle.

Our services include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Debt Advisory**: Acquisition financing, dividend recapitalization financing, refinancing, and structured capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Special Situations and Restructuring**: Liability management, financial restructuring, distressed M&A, and creditor advisory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Growth/Minority Equity**: Sourcing and structuring of growth capital and minority equity investments.

This cross-functional team stretches across geographies and leverages our platform to achieve the best possible outcome for our global client base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Private Funds Advisory:*** Established at the beginning of 2022, our Private Funds Advisory practice works with financial sponsors to design comprehensive capital solutions that align with their strategic growth objectives. Whether seeking capital for direct new investments, executing GP-led secondary transactions and continuation vehicles to extend hold periods, or raising new funds, our team has access to and knowledge of capital providers (e.g., limited partners) to assist sponsor clients with a tailored private capital fundraising solution aligned with their investment strategies. Since the beginning of 2024, we have tripled the number of managing directors in this group including the addition of senior professionals with significant experience in GP-led secondaries and continuation vehicles. We continue to sharpen our focus and deepen our expertise in this area as global secondaries volumes reached nearly $200 billion in 2025 (up from approximately $40 billion in 2015). Our Private Funds Advisory practice has grown rapidly by both closed assignments and headcount in the short period of time since its creation.

Our services include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Structured / Continuation Vehicles**: Enable financial sponsors to maintain ownership of their highest quality portfolio companies; opportunities often exist for both single-asset and diversified multi-asset portfolios allowing financial sponsors to hold assets beyond the typical fund lifecycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Single Asset Vehicles:** Provide timely execution for new independent financial sponsors seeking to make multiple investments ahead of raising a blind fund pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Primary Funds:** Develop a thoughtful approach to deliver not only capital but also "speed to market" and brand enhancement strategies to clients. We facilitate a tactical and relationship-based approach to raising capital rather than following the traditional, high volume, low completion rate, "numbers game."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Co-investment Vehicles**: Arrange co-investment capital for financial sponsors seeking to complete out-sized investments beyond fund-level capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Valuations and Opinions:*** Our Valuations and Opinions practice has established us as a thought leader that routinely provides independent, timely valuations and advisory services for many of the world's leading alternative asset managers. These alternative asset managers include private equity firms, private credit firms, mutual funds, insurance companies, banks, infrastructure firms, hedge funds, and institutional

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investors. In addition to servicing these institutions, we also provide leading financial advice to general partners, boards of directors, special committees, investors, trustees, and other corporate decision-makers at both public and private companies.

Our Valuations and Opinions practice is organized into two sub-groups—(1) Portfolio Valuation and (2) Transaction Opinions and Board Advisory. Our global Portfolio Valuation practice operates on a recurring-revenue model, performing valuations of illiquid securities on behalf of our clients for financial and tax reporting purposes, with frequency of valuations varying from daily to annual. Our global Transaction Opinions and Board Advisory team provides transaction and fairness opinions for mergers, acquisitions, continuation vehicles, and various other transactions as well as solvency opinions for corporate spin-offs, dividend recapitalizations, alongside a range of financial opinions tailored to other types of transactions. In addition to these two sub-groups, in 2025, the Valuations and Opinions group launched a dedicated dispute advisory services business. Leveraging our core competencies in M&A and valuations, our disputes team specializes in advising either sellers or buyers on the resolution of post-closing purchase price adjustments (e.g., working capital and earnouts). The Valuations and Opinions practice has significant market share—valuing approximately 32% of all U.S. private equity-backed companies in 2025.

Our services include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Portfolio Valuations**: Delivering independent valuations to alternative asset managers for illiquid investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Transaction Opinions and Board Advisory**: Providing independent fairness opinions, solvency opinions, and other transaction opinions to boards of directors, special committees, fiduciaries, and general partners of investment funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disputes Advisory:** Advising clients on the resolution of post-close purchase price adjustments and serving as experts in accounting, valuation or other mergers and acquisitions-related matters

As we scale and perform additional valuations, we gather data and glean insights increasing the richness of our proprietary databases. Notable outputs from these databases are the Lincoln Private Market Index and the Lincoln Senior Debt Index. We believe the U.S. Lincoln Private Market Index is the largest and one of the most relied upon indices that tracks changes in the enterprise value of U.S. privately held companies, which makes us uniquely positioned to provide superior client advice. These indices have recently been published in *The Wall Street Journal, Bloomberg, S&P Global, StreetInsider.com, and Private Equity International.* The outputs from our proprietary databases are also highly marketable across our M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services by providing our clients with truly differentiated perspectives based on aggregated data across industries, geographies, and company size.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• *Other Services:*** In addition to its core Investment Banking Advisory services, MarshBerry offers services that we believe provide an early entry point into our ecosystem of offerings, enabling our team to learn a client's business and add value throughout its lifecycle. These services include strategic consulting, an executive peer exchange called Connect, which fosters connection and mentorship among leaders within the insurance and wealth sectors, and an agency member network, FirstChoice, which provides members direct insurance carrier access, strategic business planning, advanced technology services, and a comprehensive education platform. We believe these offerings enable us to build relationships with smaller, privately held insurance agencies and wealth management practices, and evolve with them to the point of eventual exit.

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**Our Market Opportunity**

We believe an attractive market opportunity exists for an independent investment banking advisory firm focused on the private capital markets, and that we are uniquely positioned to benefit from compelling trends underlying the broader industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growth in the Global Private Capital Markets:*** Since 2000, the number of private companies in the United States backed by private equity firms has grown from approximately 2,000 to approximately 13,600, with private market assets under management expected to grow from $19 trillion in 2024 to $32 trillion in 2030, while the number of U.S. public companies has declined from approximately 7,000 to approximately 4,200 over the same period. Global funds raised but not yet deployed by private equity firms remain abundant at more than $2.6 trillion globally as of December 31, 2025, providing sponsors with capital to support new platforms. We believe these dynamics—abundant investable capital, evolving exit pathways, and heightened liquidity needs—position us to capitalize on strong demand for advisory services in the private capital markets.

**Global Private Equity Undeployed Funds ($T)**

![business5ca.jpg](business5ca.jpg)

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Source: *S&P Global Market Intelligence*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growing and Resilient Private Market M&A Transaction Activity:*** M&A activity in the private capital markets benefits from higher and more stable transaction activity than public, large-cap M&A. Private transactions up to $2 billion in deal value averaged approximately 25.2x the annual number of large-cap market transactions over the past ten years according to Dealogic. Additionally, transactions below $2 billion in deal value experienced significantly more stability in annual transaction count relative to the market from 2015 to 2025, with volatility of 19% over the period relative to 37% for transactions over $2 billion. We believe this long-term stability supports our business model.

![business6ba.jpg](business6ba.jpg)<br>

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Source: Dealogic

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Increasing M&A Fee Pool for Private Equity:*** We believe the expansion of private capital has contributed to a structurally larger and more durable M&A fee pool, particularly for sponsor-led transactions. Global M&A advisory revenues have grown from approximately $12 billion in 2000 to $27.6 billion for the twelve

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months ended December 31, 2025, while independent advisors have meaningfully increased market share from approximately 17% to approximately 37% over the same period. The proliferation of private equity-backed companies, coupled with abundant investable capital, extended hold periods, and evolving exit and liquidity pathways, is driving sustained demand for platform formation, add-on acquisitions, recapitalizations, and exits. Additionally, an increase in the multiple on invested capital ("MOIC") serves as an indicator of more deals coming to market. We believe these dynamics will continue to support strong M&A activity and advisory demand, positioning Lincoln to capture an increasing share of sponsor-driven fee opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Expansion of Retail Investor Participation in the Private Capital Markets:*** Asset managers are increasingly capitalizing on growing retail investor demand for access to private market investments, driven by the search for higher returns, diversification, and income amid public market volatility. This has led to the expansion of retail-accessible private market products, including interval funds, tender offer funds, BDCs, and other semi-liquid vehicles across private equity, private credit, and real assets. Reflecting this shift, a 2025 global private markets survey found that 56% of institutional investors expect at least half of private market capital flows to come through semi-liquid, retail-oriented vehicles within the next one to two years. We believe these trends will continue to support demand for our capital advisory and valuation services as sponsors evaluate retail and wealth-channel fundraising strategies and navigate increasing product, liquidity, and governance complexity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increasing Demand for Independent Advice:*** The demand for unbiased, specialized expertise has supported the ability of independent advisors to capture increasing share of growing M&A fees. Clients are increasingly scrutinizing any potential conflicts of interest at large financial institutions that operate investment banking businesses alongside sales and trading, underwriting, and lending businesses. We believe these large investment banks often face greater regulatory constraints and the relative size and complexity of their organizations can render them less able than independent firms to move nimbly and deliver customized service without any actual or perceived conflicts of interest. We believe that commercial banks view investment banking as a secondary offering to supplement lending activities in specific sub-sectors. In contrast, independent firms have been able to specialize in providing advisory and broader financial services and offer a differentiated level of industry knowledge, quality of service, and the flexibility to rapidly adapt to client needs. In addition to gaining market share from full-service investment banking firms, we believe that the leading independent firms will grow market position relative to smaller, specialized "boutique" advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increase in Private Debt Issuance:*** Companies have capitalized on robust investor demand for higher yielding assets by issuing large volumes of debt, including leveraged loans, structured debt capital, and other similar products. Loan volumes have been particularly high across a broad range of non-bank private capital providers ranging from private credit funds, BDCs, insurance companies, mezzanine funds, and other institutional investors. The demand for credit assets has supported significant growth in global private credit assets under management. After growing at approximately 13-16% per year over the last decade, global private credit assets under management reached approximately $2.3 trillion in 2025 and is forecasted to grow to $4.5 trillion by 2030 according to a report by Preqin. North America direct lending, the most popular strategy, comprises nearly 30% of the global private credit market. We believe that these market trends will continue to support demand for our capital advisory services, particularly as companies seek to evaluate the full range of financing alternatives in the private capital markets. The expansion of the private debt markets is expected to increase demand for valuations and opinions services in all market environments, and particularly during periods of uncertainty, which we believe demonstrates the ability of our business to capitalize on different phases of the business cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increasingly Competitive Fundraising Markets:*** We believe that the extension of private investment holding periods, coupled with elevated levels of undeployed funds, has limited institutional investors' ability to deploy new capital, contributing to a "tightening" of fundraising markets. As a result, we believe fund limited partners have become increasingly selective in allocating funds to investment opportunities, which has catalyzed an increasing demand for advisory services by asset managers to support private capital fundraising efforts. This trend has supported the growth of our Private Funds Advisory practice, as

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fund general partners have increasingly sought advisory services to support the achievement of fundraising goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growing Need for Third-Party Valuation Services:*** Alternative asset managers are typically required to complete valuations that align with their financial reporting requirements to investors, as well as when subscriptions or redemptions occur within a fund vehicle, to satisfy compliance standards and regulatory reporting obligations. Coupled with the need to maintain high governance standards, alternative asset managers often engage third-party valuation firms to consult on internally prepared valuations or to provide independent ranges of values. We believe that as both alternative asset managers and the capital held within private capital markets continue to grow—including growth of such investments within the retail channel—the importance, use and frequency of third-party portfolio valuations will only increase. During the quarter ending December 31, 2025, we performed approximately 7,100 portfolio company valuations, excluding a growing number of asset-backed finance investment valuations from our newly launched asset-backed finance practice. In all of 2025, we performed more than 25,000 portfolio company valuations. While the most common valuation cadence is quarterly, more than 20% of the portfolio company valuations we performed in 2025 were conducted more frequently (i.e., daily, weekly, or monthly).

**Our Key Competitive Strengths**

We believe that our business is differentiated from our competitors based on several factors, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Proactively Managed Culture Drives Exceptional Human Capital:*** Since our inception, we have cultivated a collaborative and entrepreneurial culture that enables us to attract, retain, and engage exceptional people. We anchored our strategy in a clearly defined purpose, vision, and mission, supported by the five core values that define our culture and enable its execution.

![business7b.jpg](business7b.jpg)

We define our culture at a granular level and actively measure it using data-driven tools, including an annual, third-party administered culture and engagement survey and regular focus groups. We take deliberate action based on this feedback to ensure we are upholding our values and addressing issues directly. We believe our high levels of employee engagement validate the widespread adoption of our values, and our compensation structure is designed to reinforce and incentivize dedication to promoting our culture.

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Our unique culture supports strong retention and effective recruiting, both on university campuses and laterally within the industry. We invest significant resources in developing our talent, creating clear pathways for professional advancement, and fostering long-term retention by enabling employees at all levels to have a meaningful impact on the firm's growth and success. This is reflected in approximately 80% employee retention since 2020, an approximately 80% junior banker direct promotion acceptance rate since 2015, and an average managing director tenure of more than eight years. At the same time, we have established ourselves as a destination for top talent. At the end of 2023, we made a deliberate strategic decision to accelerate the hiring of high-quality senior professionals based on our experience that the strongest talent is most willing to change platforms during periods of market uncertainty. This strategy has proven to be highly effective, as evidenced by the successful onboarding of 31 managing directors laterally from January 1, 2024 to January 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Advisor of Choice for Large, Loyal and Repeat Client Base:*** We have long-standing relationships with many of the world's most active and respected private equity firms, and are ranked as the #2 sell-side advisor globally for private equity transactions over the three years ending December 31, 2025 according to *Mergermarket*. Private equity clients are among the most sophisticated and frequent users of investment banking services and deep relationships with this community are critical to driving repeat business and market visibility in a private market M&A advisory business. Beyond sell-side advisory, we have purpose-built our service offerings to support the full continuum of private equity and private debt needs, from attracting capital, to investing with purpose, to creating value and ultimately realizing returns.

Led by our Financial Sponsors group, we actively cover more than 1,000 private equity firms worldwide with more than 18,500 portfolio companies, of which we have identified approximately 3,300 as targets for potential advisory engagements in the next five years. We strategically identify potential targets through an evaluation of size, industry, and investor relationships, and prioritize opportunities where we believe we can achieve optimal outcomes for our clients. For each of the approximately 3,300 targets, we maintain an institutionalized strategic business planning approach captured within our CRM system enabling us to develop an authentic relationship with the decision makers while delivering value to the portfolio company during the private equity group's hold period. Our track record of driving successful outcomes for private equity firms across numerous transactions and services has resulted in deeply embedded relationships. We believe these relationships are further supported by how we are often a top source of new investment opportunities for these firms. Excluding MarshBerry, approximately 57% of our advisory transactions closed in 2025 were with repeat clients, which we believe demonstrates the quality of our advisory services and client coverage efforts. Many of our repeat clients utilize multiple products across business lines, as demonstrated in the examples below:

**Examples of Breadth of Private Equity Client Relationships**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Transactions (2019-2025)** | **Transactions (2019-2025)** | **Transactions (2019-2025)** | **Transactions (2019-2025)** |
|<br>**Client** |<br>**# of Total Portfolio Companies** |<br>**# of Portfolio Companies on LI Target List** | **Sold a Business To?** | **Sold a Business For?** | **Completed a Capital Raise For?** | **Valuations and Opinions Client?** |
| Client A | 97 | 11 | Y | Y | N | Y |
| Client B | 84 | 12 | Y | Y | N | Y |
| Client C | 43 | 8 | Y | Y | Y | Y |
| Client D | 33 | 8 | Y | Y | Y | N |

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We believe the above examples are representative of our breadth of private equity client relationships as a whole and demonstrate the typical engagement of these clients across our continuum of services. Our robust and consistent deal flow as a result of our meticulous target tracking efforts and continuous engagement with these clients, enables us to generate more transaction opportunities that deliver excellent outcomes. Further, our hiring efforts are focused on expanding our industry expertise, which we believe will support our ability to expand our target universe, further deepen client relationships and enhance our ability to capture a greater share of advisory opportunities among our client base.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Complementary Services, with Growing and Recurring Revenue Streams:*** Since our founding, we have strategically expanded into a diversified platform offering complementary services to clients across key sectors of the economy. Our advisory capabilities span two core segments: Investment Banking Advisory (comprised of M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services) and Valuations and Opinions.

**Complementary Service Offerings**

![business8ba.jpg](business8ba.jpg)

This expansion has broadened our client relationships and deepened our engagement across the private capital markets, creating multiple entry points for new business and recurring revenue streams. In particular, our Valuations and Opinions practice provides ongoing, comprehensive valuation services that generate predictable, repeatable revenue, enhance connectivity with clients and often facilitate the identification of potential advisory opportunities. Market dynamics and evolving investment opportunities drive increased demand for higher frequency valuations. While the most common valuation cadence is quarterly, more than 20% of the portfolio company valuations we performed in 2025 were conducted more frequently (i.e., daily, weekly, or monthly). Collectively, we believe our complementary service offerings create a balanced revenue mix, enhance stability, reduce cyclicality, and position us for continued growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Globally Integrated Organization:*** We have strategically expanded into new geographies with a focus on building a locally deep and globally integrated presence across the world's top economies. This approach has resulted in an integrated global footprint, providing broad market knowledge and strong access to investors. Our teams are embedded within their local business communities around the world, enhancing our ability to win assignments and deliver tailored advisory services. We believe this globally integrated organization enables us to deliver superior outcomes for our clients.

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**<u>Global Client Professionals</u>**

![business9f.jpg](business9f.jpg)

We have well-established teams in the three largest Western European markets by gross domestic product, with a presence in Germany since 1999, France since 2006, and the United Kingdom since 2008. We believe that operating near the headquarters of many pan-European private equity firms positions us well to deploy cross-border European advisory teams in support of our clients' objective. We also maintain an established presence in Asia, having entered Japan in 2008, India in 2011, China in 2013, and Dubai in 2025. In 2023, we established a strategic partnership with Miles Advisory Partners, which expanded our global footprint into Australia and New Zealand, enhancing our geographic reach, industry expertise, and investor connectivity in a region with growing deal activity.

Our collaborative culture and global systems infrastructure enable real-time knowledge sharing and the ability to provide differentiated service to our clients. This level of global connectivity is particularly valuable in facilitating successful outcomes in cross-border transactions. For example, in a sell-side transaction, our footprint allows us to access a global universe of strategic and financial buyers, enabling us to drive competitive tension and generate superior outcomes for our clients.

Our global footprint diversifies our business from the impact of regional economic cycles. Over the two year period ended December 31, 2025, excluding adjustment for the MarshBerry Acquisition, approximately 30% of our closed engagements combined a local market professional with a sector expert from another geography.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Distinctive Technology and Data–Driven Approach:*** We employ a data-driven approach to managing our business and leverage technology to enhance knowledge sharing and client service. Our investments in data and technology enable leadership, client facing professionals, and administrative teams to collaborate effectively, lead, forecast, generate business, and execute transactions.

Our highly customized customer relationship management system is built to maximize collaboration and analytical decision making, featuring a robust target list of potential advisory opportunities, proprietary dashboards that provide actionable insights that help us to manage our business, and deep intelligence that

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enable us to better serve clients. Real-time access to productivity metrics, revenue backlog, closed deal statistics and target scores informs strategic planning and support enterprise resource planning.

We have also developed an internal, bespoke generative artificial intelligence powered knowledge retrieval engine to enhance the efficiency and quality of our client service. Leveraging the expertise of our global professionals, we completed an extensive development process through the targeted collection of Lincoln's proprietary documents and client meeting notes, organization by industry and deal type, cleansing of sensitive data, and implementation of retrieval algorithms. This tool has equipped our team with instant access to critical client and market information, enabling us to better share insights across global offices and deliver deeper value for our clients.

To improve our portfolio valuation service within our Valuations and Opinions group, we have implemented cloud-based platforms that streamline the management of large datasets and complex analyses, as well as tools that enhance the transparency of our processes with clients. Additionally, we have integrated artificial intelligence and other automation technologies to extract data from information received from our clients and to uniformly incorporate market data into our valuations systemically. These advancements enable our valuations professionals to improve accuracy of results, enhance process efficiency, strengthen quality control, and deliver deeper, more insightful results, on a near real-time basis to our clients and, where applicable, their fund administrators.

Through our portfolio valuation and opinions business, Lincoln has captured and aggregated significant amounts of private company performance and transaction data since 2015. This enables us to analyze, in an anonymized and aggregated manner, key indicators regarding the health of the private capital markets and can extract themes across industry verticals, investment vintage, and size categories. The data we regularly report on includes, but is not limited to, enterprise valuation levels, business performance, financial covenants and investment interest rates in private credit transactions.

**Our Growth Opportunities**

Since our founding, we have proactively capitalized on opportunities to drive growth throughout market cycles. Our vision is to continue advancing our position as a leading global independent investment banking advisory firm serving the private capital markets through the consistent execution of our growth strategies. We have a long track-record of evolving our business model by identifying and acting on opportunities to accelerate our growth, including during periods of market uncertainty, resulting in increased scale, productivity, and diversification.

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**Global Revenue Over Time**![business10b.jpg](business10b.jpg)

We plan to further our growth objectives by continuing to focus on:

***Expand Market Share***

We believe there is a significant opportunity to continue to increase our share of the expanding demand for investment banking advisory services in the private capital markets. We intend to accomplish this by both deepening relationships with existing clients and adding new clients across sectors and geographies. As our client relationships mature, we increasingly serve as a holistic advisor, helping clients navigate often complex strategic objectives. Several of our private equity clients with whom we have worked for decades have grown into diversified asset managers, requiring sophisticated and wide-ranging advisory support. Moreover, over the last five years, approximately 2,400 new private equity groups have been formed globally, many of which have investment professionals with whom we have worked while they were at other firms. We have grown and adapted alongside our clients, expanding our industry expertise and service offerings to meet their evolving needs in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Deepen Current Expertise:** We continue to build depth and scale in our existing industries and products by developing high performing talent internally and hiring senior professionals who expand our expertise. The strength of our platform and collaborative culture enables retention and promotion of our internal talent and makes us an attractive destination for high-caliber lateral hires. This approach is supported by a robust internal pipeline, including more than 120 directors and more than 140 vice presidents as of December 31, 2025, who represent potential future managing directors. This deep bench of internal talent, combined with strategic lateral hiring, allows us to strengthen sector, sub-sector and product density. Throughout our history, we've employed this approach to expand our coverage and reach in nearly all of our industry groups and products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Expand into New Industries and Products:** While we continue to drive talent density in our current industry and product groups, we remain focused on leveraging our proven strategy to further expand our advisory capabilities across new industries and offerings. We are an employer of choice for lateral hiring. We added a record 66 managing directors from January 1, 2024 to January 1, 2026, of which 31 were outside hires, 21 joined through acquisitions, and 14 were internally promoted. The MarshBerry Acquisition added 16 managing directors with sub-sector experience across the insurance brokerage and wealth management sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Cross-Sell Services:** Our deep M&A client relationships create significant opportunities to introduce Capital Advisory, Private Funds Advisory, and Valuations and Opinions services, further embedding us in our clients' businesses. Likewise, our Valuations and Opinions practice serves many of the largest asset managers, providing a strong opportunity to expand into more transaction-oriented advisory services. These

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efforts are reinforced by deliberate relationship-building initiatives, including our Financial Sponsors group, Private Company Coverage group, private markets conferences and other forums designed to create lasting client connections.

This expanding market opportunity is reflected in our strong and growing backlog which is at an all-time high as of December 31, 2025. This important benchmark underscores the continued demand for our services, the depth of our client relationships, and our ability to capitalize on our growth opportunities across our complimentary advisory offerings. We regularly review and assess backlog on both a gross and probability weighted basis.

***Increase Productivity & Expand Margins***

We strive to increase productivity and expand margins by driving greater discipline and consistency across target coverage, fee realization and deal execution. As our platform has scaled, we've sharpened our focus on deal selection and target coverage, which supports increases in revenue per managing director as well as average deal and fee size.

Maintaining a high-performance culture remains central to this effort. We actively manage productivity expectations and hold employees accountable to meeting those standards, which has been validated by growth in employee productivity. This discipline also ensures we reserve capacity within the organization for opportunities that increase our franchise value. In addition, we expect the full productivity impact of the significant number of lateral managing directors onboarded in the past two years to be fully realized in 2026, 2027 and beyond.

Another key driver of this margin expansion is the continued growth of insourcing to our operations in India, which provides high-quality, cost-efficient support across the platform. While this has been most impactful to date in our Valuations and Opinions business, we expect similar productivity gains in our Investment Banking Advisory business going forward. In parallel, we are increasingly 'working smarter' by automating workflows and leveraging technology to improve efficiency and accelerate execution. These efficiencies allow us to support growth in managing directors while growing incoming junior banker classes at a slower rate, reflecting productivity improvements enabled by technology and outsourced support.

We believe these investments to date lay the groundwork for further expanded margins through operating leverage and continued efficiency gains. We have made significant, forward-looking investments in our real estate footprint across nearly all major office locations, providing substantial capacity to support future headcount growth. Investments made in real estate, as well as technology, infrastructure, talent optimization, and our global operating model, are beginning to deliver scale benefits, allowing incremental revenue to convert at higher margins while preserving the high-quality service clients expect from us.

***Strategically Invest in the Platform***

We take an approach of investing in our business to establish competitive advantages in the way we serve clients. Our strategic investments drive growth, efficiency, and client impact. We continue to invest in technology and tools that further professionalize our organization and optimize employee efficiency, ensuring our teams can operate at the highest level. We are already beginning to realize tangible benefits from recent investments in artificial intelligence, including improved data aggregation, faster insight generation, and more efficient execution. As these capabilities scale, they enhance our ability to deliver differentiated perspectives, support banker productivity, and provide a consistently high-quality client experience.

In parallel, we are expanding our coverage of private companies in an organized, methodical, and data-driven way through the recent addition of our Private Company Coverage Group, aimed at identifying growth-oriented, entrepreneur-owned businesses that require advisory services. Connections with private company leadership teams unlock new insights into industry and private market trends that we can leverage across the platform. These investments position us for long-term success, strengthening our ability to deliver differentiated insights and exceptional client outcomes.

We are also investing in the aggregation of our proprietary data to create opportunities for data commercialization. By systematically capturing and organizing transactional and operational private capital

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information generated through our client engagements, we have built a differentiated dataset that can be leveraged beyond individual client engagements. These investments reinforce our position as a leading source of proprietary perspectives in the private capital markets.

***Selectively Pursue Acquisitions***

We have pursued, and will continue to pursue, strategic acquisitions that expand our capabilities, strengthen our industry and geographic reach, and enhance our ability to serve both existing and new clients. Alongside organic growth, acquisitions represent a critical lever to accelerate expansion, particularly in targeted sectors and key markets, with cultural alignment remaining a top priority to ensure seamless integration and long-term success. Over the past four years, we have demonstrated our ability to execute this strategy through the acquisitions of Spurrier Capital Partners in 2022 and TCG Corporate Finance in 2024, which significantly enhanced our technology sector expertise in the United States and Europe while deepening relationships with leading private equity firms. The MarshBerry Acquisition provided immediate entry at scale into the Financial Services sector—one of the most active M&A sectors over the past five years—while also diversifying our end markets, client base, and business model. In addition, we view group hires as a valuable complement to acquisitions, strengthening sector and product expertise across the firm. We expect to build on this momentum by leveraging both acquisitions and group hires as key drivers of continued growth.

**Our People**

We believe our people are our most valuable asset, and strive to maintain our position as a destination for world class talent. Our proactively managed, collaborative, and entrepreneurial culture fosters a high sense of empowerment and creativity and promotes exceptional employee retention. Since 2020, our average annual employee retention rate has been approximately 80%. Our culture is reinforced through our dedication to recruiting top talent, engaging that talent, and making investments that allow us to retain them for the long term.

We recruit professionals from the world's leading undergraduate and graduate programs, and have hired approximately 335 analysts and associates since 2019 through our dedicated campus recruiting efforts. We also recruit laterally from other investment banking advisory firms, professional services firms and accounting firms. In particular, we have attracted senior market-leading bankers who have enabled us to enter new business lines and sectors. In our hiring efforts, we place a high degree of emphasis on cultural fit, sector and product expertise, and technical ability, and we seek high performing individuals with a variety of experiences to drive our leading client satisfaction and market position.

Our human capital initiatives are a key strategic focus. We are an equal opportunity employer and believe individuals should be able to succeed, regardless of background, based on their qualifications, demonstrated skills, and achievements. We have undertaken various initiatives to increase employee engagement on key aspects of our culture, as well as to formalize our oversight and governance of such matters. We believe these efforts help to create differentiation in the industry and incremental value-add for clients.

We are committed to developing professionals into successful, high-performing managing directors, as evidenced by over 43% of our managing directors reaching their position through internal promotions. Across the firm, we devote significant time and resources to ongoing training and mentorship. Globally, our professionals receive continuous development plans throughout their careers and in the form of proprietary training content through "Lincoln University," as well as third-party training programs. Our emphasis on development extends to our staffing model, in which we employ an apprenticeship approach under the leadership of our managing directors. We are also diligent in rewarding our high-performing professionals through competitive compensation and benefits, and initiatives such as a global office transfer program which allows our professionals to take advantage of our global reach.

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**Competition**

The market for financial advisory services is highly competitive. We compete with other investment banks and independent financial advisory firms on the basis of a number of factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depth and quality of client relationships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Industry knowledge

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction execution skills

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breadth of products and services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reputation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Track record of successful prior transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fees

We believe that we compete favorably with respect to these factors. Broadly, we compete with Harris Williams & Co., Houlihan Lokey, Inc., Jefferies LLC, Lazard Ltd, Moelis & Company, Piper Sandler Companies, Raymond James Financial, Inc., Robert W. Baird & Co. Incorporated, Rothschild & Co., Stifel Financial Corp., and William Blair & Company, L.L.C. While our competition may provide advisory services, only a subset is primarily focused on the private capital markets and even a smaller subset is focused solely on advisory services in the space, and where they are, they are generally not as global. We believe that we are one of two independent firms that truly focus on global investment banking advisory services for the private capital markets.

![business11b.jpg](business11b.jpg)

More broadly, the competitive landscape is highly fragmented, which we believe presents opportunities for consolidation of market share by leading firms that can achieve faster organic growth, as well as those that can complete selective acquisitions. We believe our focus on the private capital markets and global reach are highly differentiating, and that our strength and success among private equity firms is unique and reinforces our market position. As a result, we believe we are able to deliver superior advice to clients, and at the same time attract and retain industry-leading talent which is instrumental to effectively competing in this space.

**Conflicts of Interest**

Prior to taking on any client engagement, we review actual, potential or perceived conflicts of interest. Our internal protocols include a commitment committee that reviews all new engagements, and decisions of this committee are based on the facts and circumstances and guidance provided in our conflicts of interest policy. We have not had any material issues related to conflicts.

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**Legal Proceedings**

From time to time, we may be subject to legal proceedings and claims in the ordinary course of business. We are not currently a party to any material litigation.

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**MANAGEMENT**

The following table provides information regarding our executive officers and members of our board of directors (ages as of February 6, 2026):

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Lawrence James Lawson III<sup>(1)</sup> | 70 | Co-Founder and Chairman of the Board of Directors |
| Robert T. Brown<sup>(1)</sup> | 57 | Chief Executive Officer and Director |
| Eric D. Malchow<sup>(1)</sup> | 58 | President and Global Head of M&A, Director |
| Robert B. Barr<sup>(1)</sup> | 72 | Co-Founder and Director |
| M. Christie Smith, Ph.D<sup>(1)</sup> | 61 | Director |
| Theodore J. Heidloff | 49 | Chief Financial Officer |
| Kristin M. Marvin | 45 | General Counsel |
| Mary R. Weber | 39 | Chief Operating Officer |

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__________________

(1)The noted individual has agreed to become a director and such individual will be appointed to the board effective upon the closing of this offering.

**Executive Officers and Directors**

***Lawrence James Lawson III*** is expected to serve as Chairman of the board of directors of Lincoln International, Inc. upon adoption of its amended and restated bylaws. He is also a co-founder of Lincoln and has served as Chairman of the advisory board to Lincoln since November of 2022 and served as Global Co-Chief Executive Officer and Managing Director from the firm's inception in April 1996 through September 2021. Prior to co-founding Lincoln, Mr. Lawson served as a senior officer at Peers & Co., a M&A boutique, where he helped establish the Chicago office and worked on cross-border transactions. Previously, he was a senior vice president in corporate finance for PaineWebber Incorporated (which was acquired by UBS) ("PaineWebber"), where he worked on equity capital market and debt capital market deals as well as in the M&A group. He began his career in public accounting with KPMG LLP. In addition to co-founding and co-leading Lincoln, Mr. Lawson also co-founded a private equity firm and a manufacturing and servicing company of printing consumables. Mr. Lawson earned a Master of Business Administration from the University of Chicago Booth School of Business and a Bachelor of Science from Washington and Lee University, where he graduated magna cum laude and a member of Beta Gamma Sigma.

We believe Mr. Lawson is qualified to serve on our board of directors due to his extensive experience in the industry, broad financial expertise, years of leadership experience and his knowledge of our business in particular gained through years of service as co-founder and leader of Lincoln.

***Robert T. Brown*** is expected to serve as Chief Executive Officer and Director of Lincoln International, Inc. upon adoption of its amended and restated bylaws and has served as Chief Executive Officer of Lincoln since October 2021. Prior to that, Mr. Brown led Lincoln's North American business and its business services practice. Having been with Lincoln for 27 years, he has been instrumental in many of the firm's growth initiatives, including building out several of the firm's industry practices, recruiting talent to the platform and expanding internationally. Mr. Brown sits on the board of UNICEF USA and the Dean's Business Council for the Gies School of Business at the University of Illinois. Previously, Mr. Brown worked in management positions at Price Waterhouse LLP in its investment banking subsidiary and the transaction services group. Mr. Brown earned a Master of Business Administration from Columbia University Graduate School of Business and a Bachelor of Science from the University of Illinois. He is a Certified Public Accountant (inactive).

We believe Mr. Brown is qualified to serve on our board of directors due to his extensive experience in the industry, years of leadership experience and his knowledge of our business in particular, gained through his long tenure at Lincoln.

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***Eric D. Malchow*** is expected to serve as President and Global Head of M&A and Director of Lincoln International, Inc. upon adoption of its amended and restated bylaws and has served as the President of Lincoln since October 2021. Prior to that, Mr. Malchow served as the Co-President of Lincoln's North American business and Managing Director. He established and built the firm's industrials M&A practice since the firm's founding in 1996 and led the firm's Industrials M&A practice for more than a decade. Throughout his 38-year investment banking career, Mr. Malchow has provided mid-market M&A advisory services for leading private equity groups and publicly traded corporations. Prior to co-founding Lincoln, Mr. Malchow was a senior associate at Peers & Co. and an officer with Heller Financial, concentrating on leveraged buyout financings of mid-market companies on behalf of private equity groups. Mr. Malchow sits on the the Advisory Board for the Tippie College of Business at the University of Iowa. Mr. Malchow earned a Master of Business Administration from the University of Chicago Booth School of Business and a Bachelor of Business Administration from the University of Iowa.

We believe Mr. Malchow is qualified to serve on our board of directors due to his extensive experience in the industry, years of leadership experience and his knowledge of our business in particular, gained through 29 years of service to Lincoln.

***Robert B. Barr*** is expected to serve as Managing Director and Director of Lincoln International, Inc. upon adoption of its amended and restated bylaws. He is also a co-founder of Lincoln and served as Global Co-Chief Executive Officer and Managing Director from the firm's inception in April 1996 through September 2021. Prior to co-founding Lincoln, Mr. Barr advised on cross-border M&A as a Managing Director at Peers & Co. and as a Senior Vice President at PaineWebber. He began his career as a consultant with Data Resources, Inc., an econometric consulting firm. Mr. Barr earned a Master of Business Administration from Harvard Business School and a Bachelor of Arts (with honors) from Case Western Reserve University.

We believe Mr. Barr is qualified to serve on our board of directors due to his extensive experience in the industry, broad financial expertise, years of leadership experience and his knowledge of our business in particular, gained through over 29 years of service as co-founder and Managing Director of Lincoln.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***M. Christie Smith, Ph.D*** is expected to serve as the Chairwoman of the Compensation Committee and Director of Lincoln International, Inc. upon adoption of its amended and restated bylaws. She has served on the advisory board to LILP since March 2024 and served on the Board of Directors of Endo, Inc. (NASDAQ: ENDP) from July 2020 to July 2025. Dr. Smith has been a Partner of Heidrick & Struggles, a premier provider of executive search and leadership consulting services, since March 2025. Prior to that, Dr. Smith served as a Senior Managing Director at Accenture from 2020 to 2023 and as a Global Vice President for Inclusion and Diversity at Apple from 2017 to 2020. Dr. Smith was also a member of Deloitte's executive leadership team from 2011 to 2017, responsible for defining and implementing the firm's strategy and business, operations and international expansion plans. Dr. Smith holds Doctorate from New York University, a Masters in Social Work from Rutgers University and a Bachelor of Arts from Loyola College in Baltimore.

We believe Dr. Smith is qualified to serve on our board of directors due to her extensive management expertise and significant strategy development, board, data and analytics, and mergers and acquisitions experience.

***Theodore J. Heidloff*** is expected to serve as Chief Financial Officer of Lincoln International, Inc. upon adoption of its amended and restated bylaws. He has served as Chief Financial Officer at Lincoln since August 2018, where he is responsible for all aspects of the firm's accounting, forecasting, tax and treasury operations. Mr. Heidloff has more than 25 years of diverse global finance leadership experience at several SEC registrants. Prior to joining Lincoln, Mr. Heidloff was the Global Controller for Cushman & Wakefield, a global real estate services firm, and Controller and Chief Accounting Officer for Walgreens. Mr. Heidloff sits on the board of EverPulse Foundation, a nonprofit enterprise committed to accelerating innovation in pediatric cardiology. Mr. Heidloff holds a Bachelor of Business Administration from the University of Notre Dame and is a Certified Public Accountant.

***Kristin M. Marvin*** is expected to serve as General Counsel of Lincoln International, Inc. upon adoption of its amended and restated bylaws and has served as Global General Counsel at Lincoln since September 2024, where she is responsible for all aspects of the firm's legal and compliance operations. She previously served in roles of increasing responsibility at Lincoln from March 2015 until July 2018. Prior to rejoining Lincoln in 2024, Ms.

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Marvin was in roles of increasing responsibility at Xeris Biopharma Holdings, Inc. (NASDAQ: XERS), most recently as General Counsel, from July 2018 to September 2024, Senior Counsel at Durata Therapeutics, Inc. from February 2014 to February 2015 and was an attorney in the New York offices of Simpson, Thacher & Bartlett LLP from September 2008 until February 2014. Ms. Marvin earned her Juris Doctorate magna cum laude from Fordham University School of Law and a Bachelor of Arts in Economics from Tufts University.

***Mary R. Weber*** is expected to serve as the Chief Operating Officer of Lincoln International, Inc. upon adoption of its amended and restated bylaws and has served as Chief Operating Officer at Lincoln since January 2024. As Chief Operating Officer, Ms. Weber drives Lincoln's change management initiatives, collaborating closely with group leaders to ensure coordination, communication and consistency globally. She provides leadership on many of the firm's key initiatives, applying her experience as an investment banker to inform decisions on the firm's operations. In her role, Ms. Weber also oversees the Talent function, including the strategic planning and initiatives that help Lincoln attract, retain and engage high performers. She previously served as the Chief Talent Officer at Lincoln from July 2022 through January 2024 and as the Chief Talent Officer for North America at Lincoln from January 2019 through July 2022. Before leading the talent and operations functions for Lincoln, Ms. Weber worked in client advisory at the firm, primarily focused on sell-side assignments in the Business Services, Consumer and Industrials sectors. Ms. Weber holds a Master of Business Administration from Northwestern's Kellogg School of Management and a Bachelor of Finance and a Bachelor of Accounting from the University of Illinois.

**Family Relationships**

There are no family relationships among any of our executive officers or directors.

**Composition of our Board of Directors**

Our business and affairs are managed under the direction of our board of directors, which will consist of members upon consummation of the Organizational Transactions. Our certificate of incorporation will provide that the number of directors on our board of directors shall be fixed exclusively by resolution adopted by our board of directors. Our certificate of incorporation will provide that our board of directors will be divided into three classes, as nearly equal in number as possible, with the directors in each class servicing for a three-year term, and one class being elected each year by our stockholders.

When considering whether directors have the experience, qualifications, attributes or skills, taken as a whole, to enable our board of directors to satisfy its oversight responsibilities effectively in light of our business and structure, the board of directors focuses primarily on each person's background and experience as reflected in the information discussed in each of the directors' individual biographies set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of our business.

In accordance with our certificate of incorporation, our board of directors will be divided into three classes with staggered three-year terms. At each annual meeting of stockholders after the initial classification, the successors to the directors whose terms will then expire will be elected to serve from the time of election and qualification until the third annual meeting following their election. Our directors will be divided among the three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class I directors will be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , and their terms will expire at the annual meeting of stockholders to be held in 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class II directors will be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , and their terms will expire at the annual meeting of stockholders to be held in 2028; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class III directors will be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , and their terms will expire at the annual meeting of stockholders to be held in 2029.

Any increase or decrease in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. This classification of our board of directors may have the effect of delaying or preventing changes in control of our Company.

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**Director Independence**

Prior to the consummation of the Organizational Transactions, our board of directors undertook a review of the independence of our directors and considered whether any director has a relationship with us that could compromise that director's ability to exercise independent judgment in carrying out that director's responsibilities. Our board of directors has affirmatively 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;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will each be an "independent director," as defined under the rules of the NYSE.

**Controlled Company Exception**

After the consummation of the Organizational Transactions, the LILP Controlling Partners will have more than 50% of the combined voting power of our common stock. As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the rules of the NYSE. As a controlled company, we may elect not to comply with certain corporate governance standards, including that: (1) a majority of our board of directors consists of "independent directors," as defined under the rules of the NYSE; (2) we have a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; (3) we have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and (4) we perform annual performance evaluations of the nominating and corporate governance and compensation committees. Immediately following the consummation of the Organizational Transactions and this offering, we intend to rely on certain of the exemptions listed above, and we will not have an entirely independent compensation committee or perform annual performance evaluations of the nominating and corporate governance and compensation committees unless and until such time as we are required to do so. We may also elect to rely on additional exemptions for so long as we remain a "controlled company." Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of these corporate governance requirements. In the event that we cease to be a "controlled company" and our shares continue to be listed on the NYSE, we will be required to comply with these provisions within the applicable transition periods. See "Risk Factors—Risks related to Our Class A Common Stock and this Offering."

**Committees of Our Board of Directors**

Our board of directors directs the management of our business and affairs, as provided by Delaware law, and conducts its business through meetings of the board of directors and its standing committees. We will have a standing audit committee, nominating and corporate governance committee and compensation committee. In addition, from time to time, special committees may be established under the direction of the board of directors when necessary to address specific issues.

***Audit Committee***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing, approving the fees of, retaining and overseeing our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing with our independent registered public accounting firm their independence from management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing with our independent registered public accounting firm any audit problems or difficulties and management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving all audit and permissible non-audit services to be performed by our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the financial reporting process and discussing with management and our independent registered public accounting firm the interim and annual financial statements that we file with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing our policies on risk assessment and risk management;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing related person transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for the confidential anonymous submission of complaints regarding questionable accounting, internal controls or auditing matters, and for the confidential anonymous submission of concerns regarding questionable accounting or auditing matters.

Upon the consummation of the Organizational Transactions, our audit committee will consist of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , with&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; serving as chair. Rule 10A-3 of the Exchange Act and the rules of the NYSE require that our audit committee have at least one independent member upon the listing of our Class A common stock, have a majority of independent members within 90 days of the date of this prospectus and be composed entirely of independent members within one year of the date of this prospectus. Our board of directors has affirmatively 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; and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will each meet the definition of "independent director" under the rules of the NYSE and the independence standards under Rule 10A-3 of the Exchange Act. Each member of our audit committee meets the financial literacy requirements of the rules of the NYSE. In addition, our board of directors has determined that&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will qualify as an "audit committee financial expert," as such term is defined in Item 407(d)(5) of Regulation S-K. Our board of directors has adopted a written charter for the audit committee, which will be available on our principal corporate website at www.lincolninternational.com substantially concurrently with the consummation of the Organizational Transactions. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

***Nominating and Corporate Governance Committee***

Our nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying individuals qualified to become members of our board of directors, consistent with criteria set forth in our corporate governance guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually reviewing the committee structure of the board of directors and recommending to the board of the directors the directors to serve as members of each committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to our board of directors a set of corporate governance guidelines.

Upon the consummation of the Organizational Transactions, our nominating and corporate governance committee will consist of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , with&nbsp;&nbsp;&nbsp;&nbsp;serving as chair. We intend to avail ourselves of the "controlled company" exception under the rules of the NYSE, which exempts us from the requirement that we have a nominating and corporate governance committee composed entirely of independent directors.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; do not qualify as "independent directors" under the rules of the NYSE.

Our board of directors has adopted a written charter for the nominating and corporate governance committee, which will be available on our principal corporate website at www.lincolninternational.com substantially concurrently with the consummation of the Organizational Transactions. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

***Compensation Committee***

Our compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or recommending that the board of directors approve, the compensation of our Chief Executive Officer and other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations to the board of directors regarding director compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving incentive compensation and equity-based plans and arrangements and making grants of cash-based and equity-based awards under such plans.

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Upon the consummation of the Organizational Transactions, our compensation committee will consist of ,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , with&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; serving as chair. We intend to avail ourselves of the "controlled company" exception under the rules of the NYSE, which exempts us from the requirement that we have a compensation committee composed entirely of independent directors.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; does not qualify as an "independent director" under the rules of the NYSE. Our board of directors has adopted a written charter for the compensation committee, which will be available on our principal corporate website at www.lincolninternational.com substantially concurrently with the consummation of the Organizational Transactions. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

**Risk Oversight**

Our audit committee will be responsible for overseeing our risk management process. Our audit committee will focus on our general risk management policies and strategy, the most significant risks facing us, and overseeing the implementation of risk mitigation strategies by management. Our board of directors is also apprised of particular risk management matters in connection with its general oversight and approval of corporate matters and significant transactions.

**Risk Considerations in our Compensation Program**

We conducted an assessment of our compensation policies and practices for our employees and concluded that these policies and practices are not reasonably likely to have a material adverse effect on our Company.

**Compensation Committee Interlocks and Insider Participation**

None.

**Code of Ethics and Code of Conduct**

Prior to the completion of the Organizational Transactions, we will adopt a written code of business conduct and ethics that applies to our directors, officers, partners, employees, and other agents designated by us as being subject to the code, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the code will be posted on our website at www.lincolninternational.com. In addition, we intend to post on our website all disclosures that are required by law or the rules of the NYSE concerning any amendments to, or waivers from, any provision of the code. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

**Conflicts of Interest**

We have policies and procedures designed to minimize conflicts of interest arising from any dealings we have with our affiliates and to provide appropriate procedures for the disclosure of any real or potential conflicts of interest. Our board of directors will adopt a written code of business conduct and ethics that will provide that all of our directors, officers, partners, employees and other agents designated by us as being subject to the code are required to promptly report internally any situation that involves, or may reasonably be expected to involve, a conflict of interest with Lincoln. Our directors, officers, partners, employees, and other agents designated by us as being subject to the code are prohibited from (i) engaging in any conduct or activities that are inconsistent with our best interests or disrupts or impairs our relationship with any person or entity with which we have or propose to enter a business or contractual relationship; (ii) accepting compensation, in any form, for services performed for Lincoln from any other source other than Lincoln or our subsidiaries; (iii) take up any management or other employment position with, or have any material interest in, any firm or company that is in direct or indirect competition with Lincoln. Additionally, our board of directors will adopt a related person transaction policy, to be effective upon the closing of this offering and which will require, subject to certain exceptions, the Audit Committee of our board of directors to independently approve transactions, agreements or relationships in which certain related

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persons have a material interest and the amount involved exceeds $120,000. See "Certain Relationships and Related Party Transactions—Related Person Transaction Policy and Procedures."

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**EXECUTIVE AND DIRECTOR COMPENSATION**

**Executive Compensation**

This section discusses the material components of the executive compensation program for our executive officers who are named in the "2025 Summary Compensation Table" below. In 2025, our "named executive officers" and their positions were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Robert T. Brown, our Chief Executive Officer and a Managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eric D. Malchow, our President, Global Head of M&A and a Managing Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mary R. Weber, our Chief Operating Officer.

This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. As we transition from a private company to a publicly traded company, we intend to evaluate our compensation values and philosophy and compensation plans and arrangements as circumstances require. Actual compensation programs that we adopt following the completion of this offering may differ materially from the existing and currently planned programs summarized in this discussion.

**2025 Summary Compensation Table**

The following table sets forth information concerning the compensation of our named executive officers for the fiscal year ended December 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary<br>($)** | **Bonus**<br>**($)**<sup>(1)</sup> | **Option Awards ($)**<sup>(</sup><sup>2)</sup> | **All Other Compensation**<br>**($)**<sup>(3)</sup> | **Total($)** |
| Robert T. Brown | 2025 | 350000 |  | 242786 | 4551 | 597337 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chief Executive Officer* |  |  |  |  |  |  |
| Eric D. Malchow | 2025 | 350000 |  | 40305 | 801 | 391106 |
| &nbsp;&nbsp;&nbsp;&nbsp;*President* |  |  |  |  |  |  |
| Mary R. Weber | 2025 | 425000 |  | 89600 | 943891 | 1458491 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chief Operating Officer* |  |  |  |  |  |  |

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__________________

(1)Amounts reflect the discretionary performance bonuses paid to each named executive officer with respect to fiscal 2025. The discretionary performance bonuses earned by each of our named executive officers for fiscal 2025 are not calculable as of the date of the filing of this registration statement of which this prospectus is a part. The bonus for Ms. Weber is expected to be determined in February 2026 and the bonuses for each of Messrs. Brown and Malchow are expected to be determined in March 2026. For additional information on our discretionary performance bonus program, see "Narrative to Summary Compensation Table—2025 Bonuses."

(2)Amounts reflect the fair value of unit options granted during 2025, computed in accordance with FASB ASC Topic 718, rather than the amounts paid to or realized by the named individual. We use the Black-Scholes option-pricing model to estimate the fair value of our option awards, which requires a number of assumptions, of which the most significant are: the expected stock price volatility, expected option term, risk-free interest rates and the exercise price of the options. The assumptions used to determine the fair value of the option awards represent management's best estimates.

(3)Amounts reflect (i) for Mr. Brown, a company-paid contribution of $4,551 to his 401(k) plan account, (ii) for Mr. Malchow, a company-paid contribution of $801 to his 401(k) plan account and (iii) for Ms. Weber, (a) a company-paid contribution of $801 to her 401(k) plan account and (b) $943,090 relating to forgiveness of an outstanding loan to the company associated with the purchase of the company's equity.

**Narrative to Summary Compensation Table**

The primary elements of compensation for our named executive officers are base salaries, annual discretionary cash bonuses and equity compensation awards. The named executive officers also participate in employee benefit plans and programs that we offer to our other full-time employees on the same basis, including medical, dental, vision and death/disability benefits.

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***Salaries***

The named executive officers receive a base salary to compensate them for services rendered to our company. The base salary payable to each named executive officer is intended to provide a fixed component of compensation reflecting the executive's skill set, experience, role and responsibilities.

The total base salaries earned by our named executive officers in fiscal 2025 are disclosed in the "Salary" column in the Summary Compensation Table set forth above. The following table sets forth fiscal 2025 base salaries for each of our named executive officers, which remain unchanged from fiscal 2024 base salaries for each of our named executive officers. We expect that, following the completion of this offering, base salaries for the named executive officers will be reviewed periodically by the board of directors or the compensation committee thereof, referred to as the compensation committee, with adjustments expected to be made generally in accordance with the considerations described above and to maintain base salaries at competitive levels.

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| | |
|:---|:---|
| **Named Executive Officer** | **Fiscal 2025 Annual Base Salary ($)** |
| Robert T. Brown | $350000 |
| Eric D. Malchow | $350000 |
| Mary R. Weber | $425000 |

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***2025 Bonuses***

During fiscal 2025, we did not maintain a formal bonus program; rather, annual bonuses with respect to fiscal 2025 performance were determined on a discretionary basis by the general partner of LILP based on a subjective assessment of the applicable executive's performance and the performance of the company.

These discretionary performance bonuses are paid (if at all) either (i) in full in the first quarter following the end of the applicable fiscal year or (ii) in three installments, with the first installment paid in the first quarter following the end of the applicable fiscal year, the second installment paid in December of the year following the end of the applicable fiscal year and the third installment paid in the December of the second year following the end of the applicable fiscal year, subject to the executive's continued employment through each payment date. Messrs. Brown and Malchow's 2025 discretionary performance bonuses were paid in full to them in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . The total discretionary performance bonus payable to Ms. Weber in respect of 2025 performance of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is payable in three installments: $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; was paid in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and two installments of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which will be paid to Ms. Weber in each of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , subject to her continued employment through the applicable payment date. The annual bonuses earned by our named executive officers for fiscal 2025 are not calculable as of the date of the filing of this registration statement of which this prospectus is a part and have not been included in the Summary Compensation Table above. We expect such bonus amounts will be determined in February 2026 for Ms. Weber and March 2026 for Messrs. Brown and Malchow.

In addition, in 2025 Ms. Weber received two additional installments of her discretionary performance bonuses earned with respect to fiscal 2023 and 2024 performance in an aggregate amount of $234,000, which had been deferred until 2025 subject to her continued employment through the applicable payment date.

***Equity Compensation***

We have historically granted options to purchase units in LILP to certain of our eligible service providers, including to our named executive officers.

In 2025, Mr. Brown was granted options to purchase 500 units in LILP, Mr. Malchow was granted options to purchase 100 units in LILP, and Ms. Weber was granted options to purchase 100 units in LILP, respectively, each with a per unit exercise price of $4,800. The options granted to Messrs. Brown and Malchow vest on January 1, 2027, subject to the executive's continued service through the applicable vesting date. The options granted to Ms. Weber vested on January 1, 2026. The options granted to each named executive officer become exercisable on the applicable vesting date and remain exercisable through the period beginning on the applicable vesting date and

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ending on the earlier of (a) the day before the executive's termination from employment for any reason and (b) the last day of the calendar year in which the applicable vesting tranche of the option becomes exercisable. In the event of the occurrence of a liquidity event other than an initial public offering, the options will accelerate and vest in full.

In connection with the offering, we intend to adopt a 2026 Incentive Award Plan, referred to below as the 2026 Plan, in order to facilitate the grant of cash and equity incentives to directors, employees (including our named executive officers) and consultants of our company and certain of its affiliates and to enable our company and certain of its affiliates to obtain and retain services of these individuals, which is essential to our long-term success. For additional information about the 2026 Plan, please see the section titled "Equity Incentive Plans" below.

***Other Elements of Compensation***

*Retirement Plan*

We maintain a qualified 401(k) retirement savings plan, or the 401(k) plan, for our employees, including our named executive officers, who satisfy certain eligibility requirements. The Internal Revenue Code of 1986, as amended, or the Code, allows eligible employees to defer a portion of their compensation, within prescribed limits, through contributions to the 401(k) plan, and/or receive employer contributions in respect of their 401(k) plan accounts. Currently, we provide employer safe harbor and profit-sharing contributions, subject to limits provided in the Code. We make annual safe harbor nonelective contributions to Non-Highly Compensated Employees of 3% of the participant's eligible compensation, which are fully vested as of the date on which the contribution is made. We also make profit-sharing contributions to Highly Compensated Employees, which vest over a six-year period. We believe that providing a vehicle for retirement savings through our 401(k) plan adds to the overall desirability of our compensation package and further incentivizes our employees, including our named executive officers, in accordance with our compensation policies.

The amounts of such Company contributions paid by us on behalf of each named executive officer are set forth above in the Summary Compensation Table in the column titled "All Other Compensation."

*Health and Welfare and Perquisites*

All of our full-time employees, including our named executive officers, are eligible to participate in our health and welfare plans, including medical, dental and vision benefits; health and transit flexible spending accounts; charitable donation matching; short-term and long-term disability insurance; travel insurance; accident insurance; and life and accidental death and dismemberment insurance.

In June 2022, we entered into a loan agreement with Ms. Weber pursuant to which we agreed to loan Ms. Weber $845,000 in connection with her purchase of equity in LILP. In December 2025, we determined that it was appropriate to forgive the loan (including the associated interest), with the total amount forgiven equal to $943,090.

We did not provide any perquisites or special personal benefits to our named executive officers in fiscal 2025 other than the loan forgiveness for Ms. Weber, but our compensation committee may from time to time approve them in the future if it determines that such perquisites are necessary or advisable to fairly compensate or incentivize our employees.

We believe the perquisites and benefits described above are necessary and appropriate to provide a competitive compensation package to our named executive officers.

*No tax gross-ups*

We did not make gross-up payments to cover our named executive officers' personal income taxes that may pertain to any of the compensation paid or provided by us during 2025.

***Clawback Policy***

In connection with this offering, our board of directors intends to adopt a compensation recovery policy that is compliant with the listing rules of the NYSE, as required by the Dodd-Frank Act.

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**Outstanding Equity Awards at Fiscal Year-End 2025**

The following table summarizes the number of units of LILP underlying outstanding equity incentive plan awards for each named executive officer as of December 31, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** |
|<br>**Name** |<br>**Grant Date** | **Number of Securities Underlying Unexercised Options (#) Exercisable** | **Number of Securities Underlying Unexercised Options (#) Unexercisable** | **Number of Securities Underlying Unexercised Options (#) Unexercisable** | **Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)** | **Option Exercise Price<br>($)** | **Option Expiration Date** |
| Robert T. Brown | 4/7/2025 |  | 500 | <sup>(1)</sup> |  | 4800 | 12/31/27 |
| Eric D. Malchow | 6/12/2025 |  | 100 | <sup>(2)</sup> |  | 4800 | 12/31/27 |
| Mary R. Weber | 4/7/2025 |  | 100 | <sup>(3)</sup> |  | 4800 | 12/31/26 |
| Mary R. Weber | 9/30/2024 | 25 |  | <sup>(4)</sup> |  | 4440 | 12/31/26 |
| Mary R. Weber | 9/30/2024 |  | 25 | <sup>(5)</sup> |  | 4440 | 12/31/27 |

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(1)The options vest in full on January 1, 2027, subject to Mr. Brown's continued service through such date, and are exercisable from such date through the earlier of (a) the day before Mr. Brown's termination from employment for any reason and (b) December 31, 2027.

(2)The options vest in full on January 1, 2027, subject to Mr. Malchow's continued service through such date, and are exercisable from such date through the earlier of (a) the day before Mr. Malchow's termination from employment for any reason and (b) December 31, 2027.

(3)The options vested in full on January 1, 2026 and are exercisable from such date through the earlier of (a) the day before Ms. Weber's termination from employment for any reason and (b) December 31, 2026.

(4)The options vested in full on January 1, 2026 and are exercisable from such date through the earlier of (a) the day before Ms. Weber's termination from employment for any reason and (b) December 31, 2026.

(5)The options vest in full on April 1, 2027, subject to Ms. Weber's continued service through such date, and are exercisable from such date through the earlier of (a) the day before Ms. Weber's termination from employment for any reason and (b) December 31, 2027.

**Executive Compensation Arrangements**

We have not entered into any employment, severance or change in control arrangements with our named executive officers, though we expect to enter into employment agreements with our named executive officers in connection with this offering.

**Director Compensation**

No compensation was provided to any non-employee directors for the year ended December 31, 2025. Mr. Heidloff, who is also our employee, received no additional compensation for his service as a member of our board of directors.

In connection with this offering, we intend to approve and implement a compensation program for our non-employee directors that consists of annual retainer fees and long-term equity awards. The program is expected to provide directors with a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , subject to continued service on our board of directors. Each is expected to be denominated as a&nbsp;&nbsp;&nbsp;&nbsp;. In addition, each non-employee director is expected to receive an annual cash retainer for his or her services in an amount equal to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and an annual equity award in a denominated dollar value equal to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

**Equity Incentive Plans**

***2026 Incentive Award Plan***

In connection with the offering, we expect to adopt, subject to approval by our stockholders, the 2026 Plan, under which we may grant equity and cash incentive awards to eligible service providers (including our named executive officers) in order to attract, motivate and retain the talent for which we compete. The material terms of the 2026 Plan, as it is currently contemplated, are summarized below. Our board of directors is still in the process of developing, approving and implementing the 2026 Plan and, accordingly, this summary is subject to change.

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*Eligibility and Administration*. Our employees, consultants and directors, and employees, consultants and directors of our subsidiaries, will be eligible to receive awards under the 2026 Plan. Following this offering, the 2026 Plan will be administered by our board of directors with respect to awards to non-employee directors and by our compensation committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of our directors and/or officers (referred to collectively as the plan administrator below), subject to certain limitations that may be imposed under Section 16 of the Exchange Act, and/or stock exchange rules, as applicable. The plan administrator will have the authority to make all determinations and interpretations under, prescribe all forms for use with, and adopt rules for the administration of, the 2026 Plan, subject to its express terms and conditions. The plan administrator will also set the terms and conditions of all awards under the 2026 Plan, including any vesting and vesting acceleration conditions.

*Limitation on Awards and Shares Available*. The initial aggregate number of shares of our Class A common stock available for issuance under the 2026 Plan will be equal to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the number of shares of our Class A, Class B and Class C common stock outstanding as of immediately following the completion of this offering (which is expected to be&nbsp;&nbsp;&nbsp;&nbsp;shares, based on an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share).

The number of shares available for issuance under the 2026 Plan will be increased annually on the first day of each calendar year beginning&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and ending on and including&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , equal to the lesser of (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the aggregate number of shares of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by our board of directors. Shares may be issued under the 2026 Plan as Class A common stock, which shares may be authorized but unissued shares, treasury shares or shares purchased in the open market. Notwithstanding anything to the contrary in the 2026 Plan, no more than&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock may be issued pursuant to the exercise of incentive stock options under the 2026 Plan.

If an award under the 2026 Plan expires, lapses or is terminated, exchanged for or settled for cash, surrendered, repurchased, cancelled without having been fully exercised or forfeited, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the 2026 Plan. Further, shares delivered to us to satisfy the applicable exercise or purchase price of an award under the 2026 Plan and/or to satisfy any applicable tax withholding obligations (including shares retained by us from the award under the 2026 Plan being exercised or purchased and/or creating the tax obligation) will become or again be available for award grants under the 2026 Plan. The payment of dividend equivalents in cash in conjunction with any awards under the 2026 Plan will not reduce the shares available for grant under the 2026 Plan. However, the following shares may not be used again for grant under the 2026 Plan: (i) shares subject to stock appreciation rights, or SARs, that are not issued in connection with the stock settlement of the SAR on exercise and (ii) shares purchased on the open market with the cash proceeds from the exercise of options.

Awards granted under the 2026 Plan upon the assumption of, or in substitution for, awards authorized or outstanding under a qualifying equity plan maintained by an entity with which we enter into a merger or similar corporate transaction will not reduce the shares available for grant under the 2026 Plan.

The 2026 Plan will provide that the sum of any cash compensation and the aggregate grant date fair value (determined as of the date of the grant under FASB ASC Topic 718, or any successor thereto) of all awards granted to a non-employee director as compensation for services as a non-employee director during any fiscal year may not exceed an amount equal to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (increased to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the calendar year of a non-employee director's initial service as a non-employee director or any calendar year during which a non-employee director serves as lead independent director), which limits shall not apply to the compensation for any non-employee director who serves in any capacity in addition to that of a non-employee director for which he or she receives additional compensation.

*Awards*. The 2026 Plan will provide for the grant of stock options, including incentive stock options ("ISOs"), and nonqualified stock options ("NSOs"), restricted stock, dividend equivalents, stock payments, restricted stock units ("RSUs"), performance shares, other incentive awards, stock appreciation rights ("SARs"), and cash awards. Certain awards under the 2026 Plan may constitute or provide for a deferral of compensation, subject to Section 409A of the Code, which may impose additional requirements on the terms and conditions of such awards. All awards under the 2026 Plan will be set forth in award agreements, which will detail all terms and conditions of the

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awards, including any applicable vesting and payment terms and post-termination exercise limitations. Awards other than cash awards generally will be settled in shares of our common stock, but the plan administrator may provide for cash settlement of any award. A brief description of each award type follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Stock Options</u>. Stock options provide for the purchase of shares of our common stock in the future at an exercise price set on the grant date. ISOs, by contrast to NSOs, may provide tax deferral beyond exercise and favorable capital gains tax treatment to their holders if certain holding period and other requirements of the Code are satisfied. The exercise price of a stock option may not be less than 100% of the fair market value of the underlying share on the date of grant (or 110% in the case of ISOs granted to individuals then owning more than 10% of the total combined voting power of all classes of our common stock), except with respect to certain substitute options granted in connection with a corporate transaction. The term of a stock option may not be longer than ten years (or five years in the case of ISOs granted to individuals then owning more than 10% of the total combined voting power of all classes of our common stock). Vesting conditions determined by the plan administrator may apply to stock options and may include continued service, performance and/or other conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>SARs</u>. SARs entitle their holder, upon exercise, to receive from us an amount equal to the appreciation of the shares subject to the award between the grant date and the exercise date. The exercise price of a SAR may not be less than 100% of the fair market value of the underlying share on the date of grant (except with respect to certain substitute SARs granted in connection with a corporate transaction) and the term of a SAR may not be longer than ten years. Vesting conditions determined by the plan administrator may apply to SARs and may include continued service, performance and/or other conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Restricted Stock and RSUs</u>. Restricted stock is an award of nontransferable shares of our common stock that remain forfeitable unless and until specified conditions are met, and which may be subject to a purchase price. RSUs are contractual promises to deliver shares of our common stock in the future, which may also remain forfeitable unless and until specified conditions are met, and may be accompanied by the right to receive the equivalent value of dividends paid on shares of our common stock prior to the delivery of the underlying shares. Settlement of RSUs may be deferred under the terms of the award or at the election of the participant, if the plan administrator permits such a deferral. Conditions applicable to restricted stock and RSUs may be based on continuing service, the attainment of performance goals and/or such other conditions as the plan administrator may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Other Stock- or Cash-Based Awards</u>. Other stock- or cash-based awards include cash, fully vested shares of our common stock and other awards valued wholly or partially by referring to, or otherwise based on, shares of our common stock. Other stock- or cash-based awards may be granted to participants and may also be available as a payment form in the settlement of other awards, as standalone payments and as payment in lieu of base salary, bonus, fees or other cash compensation otherwise payable to any individual who is eligible to receive awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Dividend Equivalents</u>. Dividend equivalents represent the right to receive the equivalent value of dividends paid on shares of our common stock and may be granted alone or in tandem with awards other than stock options or SARs. Dividend equivalents are credited as of dividend record dates during the period between the date an award is granted and the date such award vests, is exercised, is distributed or expires, as determined by the plan administrator.

*Certain Transactions*. The plan administrator will have broad discretion to take action under the 2026 Plan, as well as make adjustments to the terms and conditions of existing and future awards, to prevent the dilution or enlargement of intended benefits and facilitate necessary or desirable changes in the event of certain transactions and events affecting our common stock, such as stock dividends, stock splits, mergers, acquisitions, consolidations and other corporate transactions. In addition, in the event of certain non-reciprocal transactions with our stockholders known as "equity restructurings," the plan administrator will make equitable adjustments to the 2026 Plan and outstanding awards. In the event of a change in control of our company (as defined in the 2026 Plan), to the extent that the surviving entity declines to continue, convert, assume or replace outstanding awards, then all such awards will become fully vested and exercisable in connection with the transaction. Upon or in anticipation of a change of

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control, the plan administrator may cause any outstanding awards to terminate at a specified time in the future and give the participant the right to exercise such awards during a period of time determined by the plan administrator in its sole discretion. Individual award agreements may provide for additional accelerated vesting and payment provisions.

*Repricing*. Our board of directors may, without approval of the stockholders, reduce the exercise price of any stock option or SAR, or cancel any stock option or SAR in exchange for cash, other awards or stock options or SARs with an exercise price per share that is less than the exercise price per share of the original stock options or SARs.

*Foreign Participants, Clawback Provisions, Transferability, and Participant Payments*. The plan administrator may modify award terms, establish subplans and/or adjust other terms and conditions of awards, subject to the share limits described above, in order to facilitate grants of awards subject to the laws and/or stock exchange rules of countries outside of the United States. All awards will be subject to the provisions of any clawback policy implemented by our company from time to time to the extent set forth in such clawback policy and/or in the applicable award agreement. With limited exceptions for estate planning, domestic relations orders, certain beneficiary designations and the laws of descent and distribution, awards under the 2026 Plan are generally non-transferable prior to vesting, and are exercisable only by the participant. With regard to tax withholding, exercise price and purchase price obligations arising in connection with awards under the 2026 Plan, the plan administrator may, in its discretion, accept cash or check, shares of our common stock that meet specified conditions, a "market sell order" or such other consideration as it deems suitable.

*Plan Amendment and Termination*. Our board of directors may amend or terminate the 2026 Plan at any time; however, except in connection with certain changes in our capital structure, stockholder approval will be required for any amendment that increases the number of shares available under the 2026 Plan. No award may be granted pursuant to the 2026 Plan after the tenth anniversary of the earlier of the date on which our stockholders approved the 2026 Plan and the date on which our board of directors adopted the 2026 Plan.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

The following are summaries of certain transactions and relationships with our directors, executive officers and stockholders and certain provisions of our related party agreements and are qualified in their entirety by reference to all of the provisions of such agreements. Because these descriptions are only summaries of the applicable agreements, they do not necessarily contain all of the information that you may find useful. We, therefore, urge you to review the agreements in their entirety. Copies of the forms of the agreements have been filed as exhibits to the registration statement of which this prospectus is a part, and are available electronically on the website of the SEC at www.sec.gov. We have included the SEC's website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, the SEC's website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

**Related Party Agreements in Effect Prior to the Organizational Transactions**

See "Executive and Director Compensation" for a description of certain arrangements with our executive officers and directors. There are otherwise no related party agreements in effect prior to the Organizational Transactions.

**The Organizational Transactions**

In connection with the Organizational Transactions, we will engage in certain transactions with certain of our directors, executive officers and other persons and entities which are or will become holders of 5% or more of our voting securities upon the consummation of the Organizational Transactions. These transactions are described in "Our Organizational Structure."

We intend to use the net proceeds from this offering (including any net proceeds from any exercise of the underwriters' option to purchase additional shares of Class A common stock), after taking into account the underwriting discount and estimated offering expenses payable by us, to purchase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common units (or common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount.

**Tax Receivable Agreement**

As a result of our organizational structure, we expect to obtain tax benefits from Basis Adjustments and Interest Deductions. Basis Adjustments and Interest Deductions may have the effect of reducing the amounts that we would otherwise pay in the future to various tax authorities.

In connection with the Organizational Transactions, we will enter into a Tax Receivable Agreement with LILP and the TRA Parties that will provide for the payment by Lincoln International, Inc. to the TRA Parties of 85% of the amount of certain tax benefits, if any, that Lincoln International, Inc. actually realizes, or in some circumstances is deemed to realize as a result of the Basis Adjustments and Interest Deductions. LILP will have in effect an election under Section 754 of the Code effective for the taxable year that includes the Organizational Transactions and each taxable year thereafter. We intend to treat redemptions or exchanges of common units held by any LILP Partner for Class A common stock or cash, as applicable, in connection with an exercise of such LILP Partner's right to have common units held by such LILP Partner redeemed by LILP or, at our election, exchanged directly with us as our direct purchase of common units from the LILP Partners for U.S. federal income and other applicable tax purposes, regardless of whether such common units are surrendered by the LILP Partners to LILP for redemption or sold to us upon the exercise of our election to acquire such common units directly.

Tax Receivable Agreement payments are not conditioned upon one or more of the LILP Partners maintaining a continued ownership interest in LILP. If an LILP Partner transfers common units but does not assign to the transferee of such units its rights under the Tax Receivable Agreement, such LILP Partner generally will continue to be entitled to receive payments under the Tax Receivable Agreement arising in respect of a subsequent exchange of such common units. In general, the TRA Parties' rights under the Tax Receivable Agreement may not be assigned, sold, pledged or otherwise alienated to any person, other than certain permitted transferees or with our consent.

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The actual Basis Adjustments and Interest Deductions, as well as any amounts paid to the TRA Parties under the Tax Receivable Agreement, will vary depending on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the timing of any future redemptions or exchanges***—for instance, the increase in any tax deductions will vary depending on the fair value, which may fluctuate over time, of the depreciable or amortizable assets of LILP at the time of each redemption, exchange or distribution (or deemed distribution) as well as the amount of remaining existing tax basis at the time of such redemption, exchange or distribution (or deemed distribution);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the price of shares of our Class A common stock at the time of the purchases from the LILP Partners in connection with this offering and any applicable redemptions or exchanges***—the Basis Adjustments, as well as any related increase in any tax deductions, are directly related to the price of shares of our Class A common stock at the time of such purchases or future redemptions or exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the extent to which such redemptions or exchanges are taxable***—if a redemption or exchange is not taxable for any reason, increased tax deductions, other than those deductions that relate to an increase in the allocable share of existing basis, will not be available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the U.S. federal income tax rate applicable to corporations***—an increase in the U.S. federal income tax rate applicable to corporations may increase the value of certain tax benefits that are the subject of the Tax Receivable Agreement, and any increase in the value of those tax benefits may increase the amount we pay under the Tax Receivable Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the extent to which such Basis Adjustments are immediately deductible***—we may be permitted to immediately expense a portion of the Basis Adjustment attributable to a redemption or exchange, which could significantly accelerate the timing of our realization of the associated tax benefits. Under the LILP Partnership Agreement, the determination of whether to immediately expense such Basis Adjustments will be made in our sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the applicable interest rate and timing of payments due under the Tax Receivable Agreement***—payments owed under the Tax Receivable Agreement will accrue interest at a rate equal to SOFR plus basis points, beginning on the due date (without extensions) of the tax return to which such payment relates until such payments are made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the amount and timing of our income***—the Tax Receivable Agreement generally will require us to pay 85% of the tax benefits as and when those benefits are treated as realized under the terms of the Tax Receivable Agreement. If we do not have sufficient taxable income to realize any of the applicable tax benefits, we generally will not be required (absent a material breach of a material obligation under the Tax Receivable Agreement, change of control or other circumstances requiring an early termination payment and treating any outstanding common units held directly or indirectly by LILP Partners as having been exchanged for Class A common stock for purposes of determining such early termination payment) to make payments under the Tax Receivable Agreement for that taxable year because no tax benefits will have been actually realized. However, any tax benefits that do not result in realized tax benefits in a given taxable year may generate tax attributes that may be utilized to generate tax benefits in previous or future taxable years. The utilization of any such tax attributes will result in payments under the Tax Receivable Agreement.

For purposes of the Tax Receivable Agreement, cash savings in income tax will be computed by comparing our actual income tax liability to the amount of such taxes that we would have been required to pay had there been no Basis Adjustments or Interest Deductions; provided that, for purposes of determining cash savings with respect to state and local income taxes we will use an assumed tax rate. The Tax Receivable Agreement will generally apply to each of our taxable years, beginning with the first taxable year ending after the consummation of the Organizational Transactions. There is no maximum term for the Tax Receivable Agreement; however, the Tax Receivable Agreement may be terminated by us pursuant to an early termination procedure that requires us to pay the LILP Partners an agreed-upon amount equal to the estimated present value of the remaining payments to be made under

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the agreement (calculated with assumptions, including regarding tax rates and utilization of the Basis Adjustments and Interest Deductions).

The payment obligations under the Tax Receivable Agreement are obligations of Lincoln International, Inc. and not of LILP. Although the actual timing and amount of any payments that may be made under the Tax Receivable Agreement will vary, we expect that the payments that we may be required to make to the TRA Parties could be substantial. Assuming no material changes in the relevant tax laws and that we earn sufficient taxable income to realize all potential tax benefits that are subject to the Tax Receivable Agreement, we expect that the tax savings associated with the purchase of common units in connection with this offering, together with future redemptions or exchanges of all remaining common units owned by the LILP Partners pursuant to the LILP Partnership Agreement, would aggregate to approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; over approximately 20 years from the date of this offering based on the initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our Class A common stock and assuming all future redemptions or exchanges would occur on the date of this offering. Under such scenario, assuming future payments are made on the date each relevant tax return is due, without extensions, we would be required to pay approximately 85% of such amount, or approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, over the twenty year period from the date of this offering. Any payments made by us to the TRA Parties under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us or to LILP and, to the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts will be deferred and will accrue interest until paid by us; provided, however, that nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement and, therefore, may accelerate payments due under the Tax Receivable Agreement. We anticipate funding ordinary course payments under the Tax Receivable Agreement from cash flow from operations of our subsidiaries, available cash or any future debt agreements. Decisions made by us in the course of running our business, such as with respect to mergers, asset sales, other forms of business combinations or other changes in control, may influence the timing and amount of payments that are received by a redeeming LILP Partner under the Tax Receivable Agreement. For example, the earlier disposition of assets following an exchange or acquisition transaction will generally accelerate payments under the Tax Receivable Agreement and increase the present value of such payments.

The Tax Receivable Agreement provides that if certain mergers, asset sales, other forms of business combination, or other changes of control were to occur, if we materially breach any of our material obligations under the Tax Receivable Agreement or if, at any time, we elect an early termination of the Tax Receivable Agreement, then the Tax Receivable Agreement will terminate and our obligations, or our successor's obligations, under the Tax Receivable Agreement would accelerate and become due and payable, based on assumptions, including (i) that we would have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the Tax Receivable Agreement (ii) the U.S. federal income tax rates that will be in effect for each applicable taxable year will be those specified for each such taxable year by the Code and other applicable law as in effect on the effective date of the acceleration, except to the extent any change to such tax rates for such taxable year has already been enacted into law, and (iii) as of the effective date of the acceleration, any LILP Partner that has common units that have not been exchanged will be deemed to have exchanged such common units for the fair market value of the shares of our Class A common stock or the amount of cash that would be received by such LILP Partner had such common units actually been exchanged on such date. In those circumstances, LILP Partners generally would be entitled to payments under the Tax Receivable Agreement resulting from such deemed exchanges. We may elect to completely terminate the Tax Receivable Agreement early only with the written approval of a majority of Lincoln International, Inc.'s "independent directors" (within the meaning of Rule 10A-3 promulgated under the Exchange Act and the rules of the NYSE).

As a result of the foregoing, we could be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the Tax Receivable Agreement, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits. We also could be required to make cash payments to the TRA Parties that are greater than the specified percentage of the actual benefits we ultimately realize in respect of the tax benefits that are subject to the Tax Receivable Agreement. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combination, or other changes of control. There can be no assurance that we will be able to finance our

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obligations under the Tax Receivable Agreement. If we were to elect to terminate the Tax Receivable Agreement immediately after this offering, based on the initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our Class A common stock and assuming no material changes in the relevant tax laws or tax rates and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, we estimate that we would be required to pay approximately $&nbsp;&nbsp;&nbsp;&nbsp;in the aggregate under the Tax Receivable Agreement.

Payments under the Tax Receivable Agreement will generally be based on the tax reporting positions that we determine. We will not be reimbursed for any cash payments previously made to the TRA Parties pursuant to the Tax Receivable Agreement if any tax benefits initially claimed by us are subsequently challenged by a taxing authority and ultimately disallowed. Instead, any excess cash payments made by us to a TRA Party will be netted against future cash payments, if any, we might otherwise be required to make under the terms of the Tax Receivable Agreement to such TRA Party. However, a challenge to any tax benefits initially claimed by us may not arise for a number of years following the initial time of such payment or, even if challenged early, such excess cash payment may be greater than the amount of future cash payments, if any, we might otherwise be required to make under the terms of the Tax Receivable Agreement and, as a result, there might not be future cash payments from which to net against. The applicable U.S. federal income tax rules are complex and factual in nature, and there can be no assurance that the IRS or a court will not disagree with our tax reporting positions. As a result, it is possible that we could make cash payments under the Tax Receivable Agreement that are substantially greater than our actual cash tax savings.

We will have full responsibility for, and sole discretion over, all Lincoln International, Inc. tax matters, including the filing and amendment of all tax returns and claims for refund and defense of all tax contests, subject to participation and approval rights held by the Tax Receivable Agreement Representative. If the outcome of any challenge to all or part of the Basis Adjustments or other tax benefits we claim would reasonably be expected to materially and adversely affect the payments to LILP Partners from us under the Tax Receivable Agreement, then we will not be permitted to settle or fail to contest such challenge without the consent (not to be unreasonably withheld or delayed) of the Tax Receivable Agreement Representative. The interests of the Tax Receivable Agreement Representative in any such challenge may differ from or conflict with our interests and your interests, and the Tax Receivable Agreement Representative may exercise their consent rights relating to any such challenge in a manner adverse to our interests.

Under the Tax Receivable Agreement, we are required to provide the LILP Partners that hold an interest in the Tax Receivable Agreement with a schedule showing the calculation of payments that are due under the Tax Receivable Agreement with respect to each taxable year with respect to which a payment obligation arises within 90 days after filing our U.S. federal income tax return for such taxable year. This calculation will be based upon the advice of our tax advisors. Payments under the Tax Receivable Agreement will generally be made to the LILP Partners within&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; business days after this schedule becomes final pursuant to the procedures set forth in the Tax Receivable Agreement, although interest on such payments will begin to accrue at a rate of SOFR plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; basis points from the due date (without extensions) of such tax return. Any late payments that may be made under the Tax Receivable Agreement will continue to accrue interest at a rate equal to SOFR plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; basis points, until such payments are made, generally including any late payments that we may subsequently make because we did not have enough available cash to satisfy our payment obligations at the time at which they originally arose.

**LILP Partnership Agreement**

***Agreement in Effect Before Consummation of the Organizational Transactions***

LILP and the LILP Controlling Partners are parties to the Third Amended and Restated Limited Partnership Agreement of LILP, effective as of April 27, 2022, as amended by Amendment No. 1 to the Third Amended and Restated Limited Partnership Agreement, effective as of January 1, 2025 (the "Existing Partnership Agreement"), which governs the business operations of LILP and defines the relative rights and privileges associated with the existing units of LILP. Under the Existing Partnership Agreement, subject to exceptions contained therein, the general partner of LILP has the full, exclusive and complete discretion to manage and control the business and affairs of LILP, to make all decisions affecting the business and affairs of LILP, to take all such actions as it deems

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necessary or appropriate to accomplish the purpose of LILP, and the day-to-day business operations of LILP are overseen and implemented by the general partner or individuals designated by the general partner. Each LILP Controlling Partner's rights under the Existing Partnership Agreement continue until the effective time of the new LILP limited partnership agreement to be adopted in connection with the Organizational Transactions, as described below, at which time the LILP Partners will continue as partners that hold common units with the respective rights thereunder.

***Agreement in Effect Upon Consummation of the Organizational Transactions***

In connection with the consummation of the Organizational Transactions, we and the LILP Partners will enter into LILP's Fourth Amended and Restated Limited Liability Company Agreement, which we refer to as the LILP Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Admission as General Partner***. Under the LILP Partnership Agreement, Lincoln International, Inc. will become the general partner of LILP. As its general partner, we will be able to control all of the day-to-day business affairs and decision-making of LILP without the approval of any other partner. As such, we, through our officers and directors, will be responsible for all operational and administrative decisions of LILP and daily management of LILP's business. Pursuant to the terms of the LILP Partnership Agreement, we cannot be removed or replaced as the general partner of LILP except by our resignation, which may be given at any time by written notice to the partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Compensation, Fees and Expenses***. We will not be entitled to compensation for our services as the general partner of LILP. We will be entitled to reimbursement by LILP for reasonable fees and expenses incurred on behalf of LILP, including all expenses associated with the Organizational Transactions, any subsequent offering of our Class A common stock, being a public company and maintaining our corporate existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Distributions***. The LILP Partnership Agreement will require "tax distributions" (as that term is used in the agreement), to be made by LILP to its partners, except to the extent such distributions would render LILP insolvent or are otherwise prohibited by law or any of our future debt agreements. Tax distributions will be made on a quarterly basis to each partner of LILP, including us, pro rata in accordance with economic interests and based on such partner's allocable share of the taxable income of LILP and an assumed tax rate that will be determined by us, as described below. For this purpose, each partner's allocable share of Lincoln International, Inc.'s taxable income shall be net of its allocable share of taxable losses of LILP. The assumed tax rate for purposes of determining tax distributions from LILP to its partners will be the highest combined U.S. federal, state, and local tax rate that may potentially apply to any one of LILP's partners, regardless of the actual final tax liability of any partner; provided, however, that tax distributions will be made in an amount sufficient to allow Lincoln International, Inc. to pay its actual tax liability and any amounts due with respect to the Tax Receivable Agreement. The LILP Partnership Agreement will also allow for cash distributions to be made by LILP (subject to our sole discretion as the sole general partner of LILP) to its partners on a pro rata basis out of "distributable cash," as that term is defined in the agreement. We expect LILP may make distributions out of distributable cash periodically and as necessary to enable us to cover our operating expenses and other obligations, including our tax liability and obligations under the Tax Receivable Agreement, except to the extent such distributions would render LILP insolvent or are otherwise prohibited by law, or any of our future debt agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Transfer Restrictions***. The LILP Partnership Agreement generally does not permit transfers of common units by partners, without the consent of LILP and Lincoln International, Inc., except for transfers pursuant to the common unit redemption rights and participation rights described below and other limited exceptions. The LILP Partnership Agreement may impose additional restrictions on transfers (including redemptions described below with respect to each common unit) that are necessary or advisable so that LILP is not treated as a "publicly traded partnership" for U.S. federal income tax purposes. In the event of a permitted transfer under the LILP Partnership Agreement, an LILP Partner will be required to simultaneously transfer shares of Class B common stock, as applicable, to such transferee equal to the number of common units that were transferred to such transferee in such permitted transfer.

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The LILP Partnership Agreement provides that, in the event that a tender offer, share exchange offer, issuer bid, take over bid, recapitalization or similar transaction with respect to our Class A common stock, each of which we refer to as a Lincoln International, Inc. Offer, is approved by our board of directors or otherwise effected or to be effected with the consent or approval of our board of directors, each holder of common units shall be permitted to participate in such Lincoln International, Inc. Offer by delivering a redemption notice, which shall be effective immediately prior to, and contingent upon, the consummation of such Lincoln International, Inc. Offer. If a Lincoln International, Inc. Offer is proposed by Lincoln International, Inc., then Lincoln International, Inc. is required to use its reasonable best efforts expeditiously and in good faith to take all such actions and do all such things as are necessary or desirable to enable and permit the holders of such common units to participate in such Lincoln International, Inc. Offer to the same extent as or on an economically equivalent basis with the holders of shares of Class A common stock, provided that in no event shall any holder of common units be entitled to receive aggregate consideration for each common unit that is greater than the consideration payable in respect of each share of Class A common stock pursuant to the Lincoln International, Inc. Offer.

Any transferee of common units must assume, by operation of law or executing a joinder to the LILP Partnership Agreement, all of the obligations of a transferring partner with respect to the transferred units, and such transferee shall be bound by any limitations and obligations under the LILP Partnership Agreement even if the transferee is not admitted as a partner of LILP. A partner shall remain as a partner with all rights and obligations until the transferee is accepted as substitute partner in accordance with the LILP Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Recapitalization***. The LILP Partnership Agreement will recapitalize the units currently held by the existing partners of LILP into a new single class of common units. The LILP Partnership Agreement will also reflect a split of common units such that one common unit can be acquired with the net proceeds received in the initial offering from the sale of one share of our Class A common stock, after the deduction of the underwriting discount and estimated offering expenses payable by us. Each common unit generally will entitle the holder to a pro-rata share of the net profits and net losses and distributions of LILP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Maintenance of One-to-One Ratio Between Shares of Class A Common Stock and Common Units Owned by the Company, One-to-One Ratio Between Shares of Class B Common Stock and Common Units Owned by the LILP Non-controlling Partners and One-to-One Ratio Between Shares of Class C Common Stock and Common Units Owned by the LILP Controlling Partners***. Except as otherwise determined by us, the LILP Partnership Agreement requires LILP to take all actions with respect to its common units, including issuances, reclassifications, distributions, divisions or recapitalizations, such that (1) we at all times maintain a ratio of one common unit owned by us and our subsidiaries, collectively, for each share of Class A common stock issued and outstanding, and (2) LILP at all times maintains (a) a one-to-one ratio between the number of shares of Class A common stock issued and outstanding and the number of common units owned by us and our subsidiaries, collectively, (b) a one-to-one ratio between the number of shares of Class B common stock issued and outstanding and the number of common units owned by the LILP Non-controlling Partners and their permitted transferees, collectively, and (c) a one-to-one ratio between the number of shares of Class C common stock issued and outstanding and the number of common units owned by the LILP Controlling Partners and their permitted transferees, collectively. This ratio requirement disregards (1) shares of our Class A common stock issuable pursuant to unvested awards granted under our equity incentive plans and with respect to which an election under Section 83(b) of the Code has not been made, (2) treasury stock, and (3) preferred stock or other debt or equity securities (including warrants, options or rights) issued by us that are convertible into or exercisable or exchangeable for shares of Class A common stock, except to the extent we have contributed the net proceeds from such other securities, including any exercise or purchase price payable upon exercise or exchange thereof, to the equity capital of LILP. In addition, the Class A common stock ratio requirement disregards all common units at any time held by any other person, including the LILP Partners and the holders of options over common units. If we issue, transfer or deliver from treasury stock or repurchase or redeem shares of Class A common stock, we, as the general partner of LILP, have the authority to take all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the number of

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outstanding common units we and our subsidiaries own, collectively, equals, on a one-for-one basis, the number of outstanding shares of Class A common stock. If we issue, transfer or deliver from treasury stock or repurchase or redeem any of our preferred stock, we, as the general partner of LILP, have the authority to take all actions such that, after giving effect to all such issuances, transfers, deliveries repurchases or redemptions, we and our subsidiaries, collectively, hold (in the case of any issuance, transfer or delivery) or cease to hold (in the case of any repurchase or redemption), in each case, equity interests in LILP which (in our good faith determination) are in the aggregate substantially equivalent to our preferred stock so issued, transferred, delivered, repurchased or redeemed. LILP is prohibited from undertaking any subdivision (by any split of units, distribution of units, reclassification, recapitalization or similar event) or combination (by reverse split of units, reclassification, recapitalization or similar event) of the common units that is not accompanied by an identical subdivision or combination of (1) our Class A common stock to maintain at all times a one-to-one ratio between the number of common units owned by us and our subsidiaries, collectively, and the number of outstanding shares of our Class A common stock, (2) our Class B common stock to maintain at all times a one-to-one ratio between the number of common units owned by the LILP Non-controlling Partners and their permitted transferees, collectively, and the number of outstanding shares of our Class B common stock, as applicable, and (3) our Class C common stock to maintain at all times a one-to-one ratio between the number of common units owned by the LILP Controlling Partners and their permitted transferees, collectively, and the number of outstanding shares of our Class C common stock, as applicable, in each case, subject to exceptions. If we or any of our subsidiaries holds a material amount of cash (or obligations of LILP or its subsidiaries in respect of loans made by us or our subsidiaries thereto) (which we refer to, collectively, as "Excess Assets") in excess of any monetary obligations we reasonably anticipate, we may, in our sole discretion, take, or cause to be taken, any actions with respect to any such Excess Assets and make, or cause to be made, any corresponding adjustments to our or LILP's respective capitalization as we in good faith determine to be fair and reasonable to our stockholders and the LILP Partners and their permitted transferees to preserve the one-to-one ratios and intended economic effect and provisions of the LILP Partnership Agreement (including contributing any such Excess Assets to LILP and causing LILP to recapitalize its common units to reflect such contribution and maintain such one-to-one ratios, resulting in a pro rata reduction in the common units and corresponding shares of our Class B common stock and/or Class C common stock held by the members of LILP other than us).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Issuance of Common Units upon Exercise of Options or Issuance of Other Equity Compensation***. Upon the exercise of options issued by us (as opposed to options issued by LILP), or the issuance of other types of equity compensation by us (such as the issuance of restricted or non-restricted stock, payment of bonuses in stock or settlement of stock appreciation rights in stock), we will have the right to acquire from LILP a number of common units equal to the number of our shares of Class A common stock being issued in connection with the exercise of such options or issuance of other types of equity compensation. When we issue shares of Class A common stock in settlement of stock options granted to persons who are not officers or employees of LILP or its subsidiaries, we will make, or be deemed to make, a capital contribution in LILP equal to the aggregate value of such shares of Class A common stock and LILP will issue to us a number of common units equal to the number of shares issued. When we issue shares of Class A common stock in settlement of stock options granted to persons who are officers or employees of LILP or its subsidiaries, then we will be deemed to have sold directly to the person exercising such award a portion of the value of each share of Class A common stock equal to the exercise price per share, and we will be deemed to have sold directly to LILP (or the applicable subsidiary of LILP) the difference between the exercise price and market price per share for each such share of Class A common stock. In cases where we grant other types of equity compensation to employees of LILP or its subsidiaries, on each applicable vesting date we will be deemed to have sold to LILP (or such subsidiary) the number of vested shares at a price equal to the market price per share, LILP (or such subsidiary) will deliver the shares to the applicable person, and we will be deemed to have made a capital contribution in LILP equal to the purchase price for such shares in exchange for an equal number of common units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Dissolution***. The LILP Partnership Agreement will provide that the consent of Lincoln International, Inc. as the general partner of LILP and partners holding a majority of the common units then outstanding (excluding common units held directly or indirectly by us) will be required to voluntarily dissolve LILP. In

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addition to a voluntary dissolution, LILP will be dissolved upon the entry of a decree of judicial dissolution or other circumstances in accordance with Delaware law. Upon a dissolution event, the proceeds of a liquidation will be distributed in the following order: (1) first, to pay the expenses of winding up LILP; (2) second, to pay debts and liabilities owed to creditors of LILP, other than partners; (3) third, to pay debts and liabilities owed to the partners (other than payments or distributions owed to the partners in their capacity as such pursuant to the LILP Partnership Agreement); and (4) fourth, to the partners pro-rata in accordance with their respective percentage ownership interests in LILP (as determined based on the number of common units held by a partner relative to the aggregate number of all outstanding common units).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Confidentiality***. We, as general partner, and each partner agree to maintain the confidentiality of LILP's confidential information. This obligation excludes information independently obtained or developed by the partners, information that is in the public domain or otherwise disclosed to a partner, in either such case not in violation of a confidentiality obligation of the LILP Partnership Agreement or approved for release by written authorization of the Chief Executive Officer or the General Counsel of either Lincoln International, Inc. or LILP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Indemnification***. The LILP Partnership Agreement will provide for indemnification of the general partner, partners and officers of LILP and their respective subsidiaries or affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Common Unit Redemption Right***. The LILP Partnership Agreement will provide a redemption right to the LILP Partners which will entitle them to have their common units redeemed for, at our election (determined solely by a majority of our directors who are disinterested), newly issued shares of our Class A common stock on a one-for-one basis, or in connection with a redemption exercised in connection with the closing of this offering, a cash payment equal to the price per share for which shares of Class A common stock are sold in this offering less any applicable underwriters' discounts or commissions and brokers' fees or commissions, or to the extent there is cash available from a secondary offering, a cash payment equal to a (i) volume-weighted average market price of one share of Class A common stock for each common unit so redeemed or (ii) in the case that the cash is from a related sale of stock by us, the net proceeds per share from such sale, in each case in accordance with the terms of the LILP Partnership Agreement; provided that, at our election, we may effect a direct exchange by Lincoln International, Inc. of such Class A common stock or such cash, as applicable, for such common units. The LILP Partners may exercise such redemption right, subject to certain exceptions, for as long as their common units remain outstanding. In connection with the exercise of the redemption or exchange of common units (1) the LILP Non-controlling Partners will be required to surrender a number of shares of our Class B common stock registered in the name of such redeeming or exchanging LILP Partner, and such surrendered shares of our Class B common stock will be transferred to the Company and will be canceled for no consideration on a one-for-one basis with the number of common units so redeemed or exchanged, (2) the LILP Controlling Partners will be required to surrender a number of shares of our Class C common stock registered in the name of such redeeming or exchanging LILP Controlling Partner, and such surrendered shares of our Class C common stock will be transferred to the Company and will be canceled for no consideration on a one-for-one basis with the number of common units so redeemed or exchanged and (3) all redeeming LILP Partners will surrender common units to LILP for cancellation.

Each LILP Partner's redemption rights will be subject to customary limitations, including the expiration of any contractual lock-up period relating to the shares of our Class A common stock that may be applicable to such LILP Partner and the absence of any liens or encumbrances on such common units redeemed. Additionally, in the case we elect a cash settlement, such LILP Partner may rescind its redemption request within a specified period of time. Moreover, in the case of a settlement in Class A common stock, such redemption may be conditioned on the closing of an underwritten distribution of the shares of Class A common stock that may be issued in connection with such proposed redemption. In the case of a settlement in Class A common stock, such LILP Partner may also revoke or delay its redemption request if the following conditions exist: (1) any registration statement pursuant to which the resale of the Class A common stock to be registered for such LILP Partner at or immediately following the consummation of the redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale

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registration statement has yet become effective; (2) we failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such redemption; (3) we exercised our right to defer, delay or suspend the filing or effectiveness of a registration statement and such deferral, delay or suspension shall affect the ability of such LILP Partner to have its Class A common stock registered at or immediately following the consummation of the redemption; (4) such LILP Partner is in possession of any material non-public information concerning us, the receipt of which results in such LILP Partner being prohibited or restricted from selling Class A common stock at or immediately following the redemption without disclosure of such information (and we do not permit disclosure); (5) any stop order relating to the registration statement pursuant to which the Class A common stock was to be registered by such LILP Partner at or immediately following the redemption shall have been issued by the SEC; (6) there shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A common stock is then traded; (7) there shall be in effect an injunction, a restraining order or a decree of any nature of any governmental entity that restrains or prohibits the redemption; or (8) the redemption date would occur three business days or less prior to, or during, a black-out period.

The LILP Partnership Agreement will require that in the case of a redemption by an LILP Partner we contribute cash or shares of our Class A common stock, as applicable, to LILP in exchange for an amount of newly issued common units that will be issued to us equal to the number of common units redeemed from such LILP Partner. LILP will then distribute the cash or shares of our Class A common stock, as applicable, to such LILP Partner to complete the redemption. In the event of an election by an LILP Partner, we may, at our option, effect a direct exchange by Lincoln International, Inc. of cash or our Class A common stock, as applicable, for such common units in lieu of such a redemption. Whether by redemption or exchange, we are obligated to ensure that at all times the number of common units that we own equals the number of our outstanding shares of Class A common stock (subject to exceptions for treasury shares and shares underlying certain convertible or exchangeable securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Amendments***. In addition to other requirements, our consent, as general partner, and the consent of partners holding a majority of the common units then outstanding (excluding common units held directly or indirectly by us) will generally be required to amend or modify the LILP Partnership Agreement.

**Reserved Share Program**

At our request, the underwriters have reserved for sale, at the initial public offering price, up to&nbsp;&nbsp;&nbsp;&nbsp;% of the Class A common stock offered by this prospectus for sale to our directors, officers, employees, business associates and related parties through a reserved share program. See "Underwriting—Reserved Share Program" for more information.

**Director and Officer Indemnification and Insurance**

Prior to the consummation of this offering, we intend to enter into separate indemnification agreements with each of our directors and executive officers. We have also purchased directors' and officers' liability insurance. See "Description of Capital Stock—Limitations on Liability and Indemnification of Officers and Directors."

**Related Person Transaction Policy and Procedures**

Our board of directors will adopt a related person transaction policy, to be effective upon the closing of this offering, setting forth the policies and procedures for the review and approval or ratification by our audit committee of related person transactions. This policy will cover, with exceptions set forth in Item 404 of Regulation S-K under the Securities Act, any existing or proposed transaction, arrangement or relationship, or any series of similar existing or proposed transactions, arrangements or relationships, in which we were or are to be a participant, where the amount involved exceeds $120,000 in any fiscal year and a related person had, has or will have a direct or indirect material interest. In reviewing and approving any such transactions, our audit committee is tasked to consider all relevant known facts and circumstances, including, but not limited to, whether the transaction is on terms comparable to those that could be obtained in arm's length dealings with an unrelated third party, whether the transaction arose in the ordinary course of business, and the extent of the related person's interest in the transaction, taking into account the conflicts of interest and corporate opportunity provisions of our organizational documents

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and code of business conduct and ethics. All of the transactions described in this section occurred prior to the adoption of this policy.

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**PRINCIPAL STOCKHOLDERS**

The following table sets forth information with respect to the beneficial ownership of our Class A common stock, Class B common stock and Class C common stock (1) immediately following the consummation of the Organizational Transactions (excluding this offering), as described in "Our Organizational Structure" and (2) as adjusted to give effect to this offering, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known by us to beneficially own more than 5% of our Class A common stock, our Class B common stock or our Class C common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and director nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our named executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our executive officers, directors and director nominees as a group.

As described in "Our Organizational Structure" and "Certain Relationships and Related Party Transactions," each common unit (other than common units held by us) is redeemable from time to time at each holder's option for, at our election (determined solely by a majority of our directors who are disinterested), newly issued shares of our Class A common stock on a one-for-one basis, or in connection with a redemption exercised in connection with the closing of this offering, a cash payment equal to price per share for which shares of Class A common stock are sold in this offering less any applicable underwriters' discounts or commissions and brokers' fees or commissions, or to the extent there is cash available from a secondary offering, a cash payment equal to a volume-weighted average market price of one share of Class A common stock for each common unit so redeemed, in each case, in accordance with the terms of the LILP Partnership Agreement; provided that, at our election, we may effect a direct exchange by Lincoln International, Inc. of such Class A common stock or such cash, as applicable, for such common units.

The LILP Non-controlling Partners may, subject to exceptions, exercise such redemption right for as long as their common units remain outstanding. See "Certain Relationships and Related Party Transactions—LILP Partnership Agreement." In connection with this offering, we will issue to each LILP Non-controlling Partner, for nominal consideration, one share of Class B common stock for each common unit such LILP Non-controlling Partner will own. As a result, the number of shares of Class B common stock listed in the table below correlates to the number of common units the LILP Non-controlling Partners will own immediately after the Organizational Transactions. See "Our Organizational Structure."

The LILP Controlling Partners may, subject to exceptions, exercise such redemption right for as long as their common units remain outstanding. See "Certain Relationships and Related Party Transactions—LILP Partnership Agreement." In connection with this offering, we will issue to each LILP Non-controlling Partner, for nominal consideration, one share of Class C common stock for each common unit such LILP Non-controlling Partner will own. As a result, the number of shares of Class C common stock listed in the table below correlates to the number of common units the LILP Controlling Partners will own immediately after the Organizational Transactions. See "Our Organizational Structure."

The number of shares beneficially owned by each stockholder as described in this prospectus is determined under rules issued by the SEC. Under these rules, beneficial ownership includes any shares as to which the individual or entity has sole or shared voting power or investment power. In computing the number of shares beneficially owned by an individual or entity and the percentage ownership of that person, shares of common stock subject to options, or other rights, including the redemption right described above with respect to each common unit, held by such person that are currently exercisable or will become exercisable within 60 days of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026, are considered outstanding, although these shares are not considered outstanding for purposes of computing the percentage ownership of any other person. The percentage ownership of each individual or entity after giving effect to the Organizational Transactions and before this offering is computed on the basis of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock outstanding,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock outstanding and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class C common stock outstanding. The percentage ownership of each individual or entity after the Organizational Transactions and after this offering is computed on the basis of shares of our Class A common stock outstanding,&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock outstanding and&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class C

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common stock outstanding. The table below does not reflect any shares of our Class A common stock that may be purchased in this offering by directors, executive officers or beneficial holders of more than 5% of our outstanding common stock. Unless otherwise indicated, the address of all listed stockholders is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

Each of the stockholders listed has sole voting and investment power with respect to the shares beneficially owned by the stockholder unless noted otherwise, subject to community property laws where applicable.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A Common Stock Beneficially**<br>**Owned**<sup>(1)</sup> | **Class A Common Stock Beneficially**<br>**Owned**<sup>(1)</sup> | **Class A Common Stock Beneficially**<br>**Owned**<sup>(1)</sup> | **Class B Common Stock Beneficially Owned** | **Class B Common Stock Beneficially Owned** | **Class B Common Stock Beneficially Owned** | **Class C Common Stock Beneficially Owned** | **Class C Common Stock Beneficially Owned** | **Class C Common Stock Beneficially Owned** | **Combined Voting Power**<br><sup>(2)</sup> | **Combined Voting Power**<br><sup>(2)</sup> |
|<br>**Name of Beneficial Owner** | **After Giving Effect to the Organizational Transactions and Before this Offering** | **After Giving Effect to the Organizational Transactions and After this Offering (No Exercise Option)** | **After Giving Effect to the Organizational Transactions and After this Offering (With Full Exercise Option)** | **After Giving Effect to the Organizational Transactions and Before this Offering** | **After Giving Effect to the Organizational Transactions and After this Offering (No Exercise Option)** | **After Giving Effect to the Organizational Transactions and After this Offering (With Full Exercise Option)** | **After Giving Effect to the Organizational Transactions and Before this Offering** | **After Giving Effect to the Organizational Transactions and After this Offering (No Exercise Option)** | **After Giving Effect to the Organizational Transactions and After this Offering (With Full Exercise Option)** | **After Giving Effect to the Organizational Transactions and After this Offering (No Exercise Option)** | **After Giving Effect to the Organizational Transactions and After this Offering (With Full Exercise Option)** |
|  | **Number%** | **Number%** | **Number%** | **Number%** | **Number%** | **Number%** |  |  |  | **$** | **$** |
| ***5% Stockholders***  |  |  |  | % | % | % |  |  |  | % | % |
| ***Named Executive Officers, Directors and Director Nominees*** |  |  |  |  |  |  |  |  |  |  |  |
| Lawrence James Lawson III  |  |  |  |  |  |  |  |  |  |  |  |
| Robert T. Brown |  |  |  |  |  |  |  |  |  |  |  |
| Eric D. Malchow |  |  |  |  |  |  |  |  |  |  |  |
| Robert B. Barr |  |  |  |  |  |  |  |  |  |  |  |
| M. Christie Smith, Ph.D |  |  |  |  |  |  |  |  |  |  |  |
| Theodore J. Heidloff |  |  |  |  |  |  |  |  |  |  |  |
| Kristin M. Marvin |  |  |  |  |  |  |  |  |  |  |  |
| Mary R. Weber |  |  |  |  |  |  |  |  |  |  |  |
| All executive officers, directors and director nominees as a group (eight persons) |  |  |  |  |  |  |  |  |  |  |  |

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\*Less than 1%.

\*Represents the voting power with respect to all shares of our Class A common stock, Class B common stock and Class C common stock, voting as a single class. Each share of Class A common stock and Class B common stock will be entitled to one vote per share and each share of Class C common stock will be entitled to ten votes per share. For more information, see "Description of Capital Stock— Common Stock."

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**DESCRIPTION OF CAPITAL STOCK**

**General**

At or prior to the consummation of this offering, we will file an amended and restated certificate of incorporation and we will adopt our amended and restated bylaws. Our amended and restated certificate of incorporation will authorize capital stock consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class A common stock, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class C common stock, par value $0.0001 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of preferred stock, par value $0.0001 per share.

The following summary describes the material provisions of our capital stock and provisions of our amended and restated certification of incorporation and our amended and restated bylaws, each of which will become effective upon the completion of this offering, and the General Corporation Law of the State of Delaware and are summaries and are qualified by reference to the amended and restated certificate of incorporation and the amended and restated bylaws. We urge you to read our amended and restated certificate of incorporation and our amended and restated bylaws, which are included as exhibits to the registration statement of which this prospectus forms a part.

Provisions of our amended and restated certificate of incorporation and our amended and restated bylaws summarized below may be deemed to have an anti-takeover effect and may delay or prevent a tender offer or takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares of common stock.

**Common Stock**

***Class A Common Stock***

Holders of shares of our Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders.

Holders of shares of our Class A common stock are entitled to receive dividends when and if declared by our board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.

Upon our dissolution or liquidation, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the remaining funds of the Company available for distribution will be divided among the holders of all outstanding shares of our Class A common stock, Class B common stock and Class C common stock such that (i) the holders of shares of our Class B common stock will be entitled to receive only $0.0001 per share, and upon receiving such amount, such holders of shares of our Class B common stock will not be entitled to receive any other assets or funds of the Company, (ii) the holders of shares of our Class C common stock will be entitled to receive only $0.0001 per share, and upon receiving such amount, such holders of shares of our Class C common stock will not be entitled to receive any other assets or funds of the Company, and (iii) the holders of shares of our Class A common stock will share ratably in any such remaining assets and funds in proportion to the number of shares held by each such stockholder.

Holders of shares of our Class A common stock do not have preemptive, subscription, redemption, or conversion rights with respect to such shares of Class A common stock. There will be no redemption or sinking fund provisions applicable to the Class A common stock.

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***Class B Common Stock***

Each share of our Class B common stock entitles its holders to one vote per share on all matters presented to our stockholders generally.

Shares of Class B common stock will be held by the LILP Non-controlling Partners and will be issued in the future only to the extent necessary to maintain a one-to-one ratio between the number of common units held by the LILP Non-controlling Partners and the number of shares of Class B common stock issued to the LILP Non- controlling Partners. Shares of Class B common stock are transferable only together with an equal number of common units. Only permitted transferees of common units held by the LILP Non-controlling Partners will be permitted transferees of Class B common stock. See "Certain Relationships and Related Party Transactions— LILP Partnership Agreement." Shares of Class B common stock automatically transferred to Lincoln International, Inc. upon the redemption or exchange of their corresponding common units pursuant to the terms of the LILP Partnership Agreement will be canceled and may not be reissued.

Holders of shares of our Class B common stock will vote together with holders of our Class A common stock and Class C common stock as a single class on all matters presented to our stockholders for their vote or approval, except for amendments to our certificate described below or as otherwise required by applicable law or the certificate.

Holders of our Class B common stock, as stockholders, do not have any right to receive dividends or to receive a distribution upon dissolution or liquidation other than the right to receive $0.0001 per share of Class B common stock upon our dissolution or liquidation. Additionally, holders of shares of our Class B common stock do not have preemptive, subscription or conversion rights with respect to such shares of Class B common stock. There will be no redemption or sinking fund provisions applicable to the Class B common stock. Upon the redemption or exchange of common units (together with a corresponding number of shares of Class B common stock) for Class A common stock, the shares of Class B common stock will be automatically transferred to Lincoln International, Inc. for no consideration and will be canceled and no longer outstanding. Such shares of Class B common stock may not be reissued. Any amendment of our amended and restated certificate of incorporation that gives holders of our Class B common stock (1) any rights to receive dividends (other than as described in the third paragraph of "—Common Stock—Class A Common Stock" above) or any other kind of distribution other than in connection with a dissolution or liquidation, (2) any right to convert into or be exchanged for Class A common stock or (3) any other economic rights will require, in addition to stockholder approval required by applicable law or the amended and restated certificate of incorporation, the affirmative vote of holders of a majority of our Class A common stock voting separately as a class.

Upon the consummation of the Organizational Transactions, the LILP Non-controlling Partners will own, in the aggregate, all outstanding shares of our Class B common stock.

***Class C Common Stock***

Each share of our Class C common stock entitles its holders to ten votes per share on all matters presented to our stockholders generally.

Shares of Class C common stock will be held by the LILP Controlling Partners and will be issued in the future only to the extent necessary to maintain a one-to-one ratio between the number of common units held by the LILP Controlling Partners and the number of shares of Class C common stock issued to the LILP Controlling Partners. Shares of Class C common stock are transferable only together with an equal number of common units. Only permitted transferees of common units held by the LILP Controlling Partners will be permitted transferees of Class C common stock. See "Certain Relationships and Related Party Transactions—LILP Partnership Agreement." Shares of Class C common stock automatically transferred to Lincoln International, Inc. upon the redemption or exchange of their corresponding common units pursuant to the terms of the LILP Partnership Agreement will be canceled and may not be reissued.

Holders of shares of our Class C common stock will vote together with holders of our Class A common stock and Class B common stock as a single class on all matters presented to our stockholders for their vote or approval,

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except for amendments to our certificate described below or as otherwise required by applicable law or the certificate.

Holders of our Class C common stock, as stockholders, do not have any right to receive dividends or to receive a distribution upon dissolution or liquidation other than the right to receive $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of Class C common stock upon our dissolution or liquidation. Additionally, holders of shares of our Class C common stock do not have preemptive or subscription rights with respect to such shares of Class C common stock. There will be no redemption or sinking fund provisions applicable to the Class C common stock. Upon the redemption or exchange of common units (together with a corresponding number of shares of Class C common stock) for Class A common stock, the shares of Class C common stock will be automatically transferred to Lincoln International, Inc. for no consideration and will be canceled and no longer outstanding. Such shares of Class C common stock may not be reissued. Any amendment of our amended and restated certificate of incorporation that gives holders of our Class C common stock (1) any rights to receive dividends (other than as described in the third paragraph of "—Common Stock—Class A Common Stock" above) or any other kind of distribution other than in connection with a dissolution or liquidation, (2) any right to convert into or be exchanged for Class A common stock or (3) any other economic rights will require, in addition to stockholder approval required by applicable law or the amended and restated certificate of incorporation, the affirmative vote of holders of a majority of our Class A common stock voting separately as a class.

Any holder's shares of Class C common stock will be automatically exchanged for Class B common stock, at a one-to-one ratio, on the earlier of (a) the date on which the number of outstanding shares of Class C common stock held by such holder represents less than &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the Class C common stock held by such holder on the closing of this offering, or (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2033.

Upon the consummation of the Organizational Transactions, the LILP Controlling Partners will own, in the aggregate, all outstanding shares of our Class C common stock. Immediately after this offering, holders of shares of our Class A common stock and Class C common stock will represent approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %, respectively, of the voting interest in Lincoln International, Inc. (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %, respectively, if the underwriters exercise their option to purchase additional shares of Class A common stock in full in this offering). If all shares of Class C common stock are exchanged for Class A common stock or Class B common stock, at a one-to-one ratio immediately after this offering, holders of our Class A common stock would represent approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %, respectively, of the voting interest in Lincoln International, Inc. (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %, respectively, if the underwriters exercise their option to purchase additional shares of Class A common stock in full in this offering).

***Preferred Stock***

Upon the consummation of the Organizational Transactions and the effectiveness of our amended and restated certificate of incorporation that will become effective in connection with the Organizational Transactions, the total of our authorized shares of preferred stock will be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares. Upon the consummation of the Organizational Transactions, we will have no shares of preferred stock outstanding.

Under the terms of our amended and restated certificate of incorporation that will become effective in connection with the Organizational Transactions, our board of directors is authorized to direct us to issue shares of preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the number and designation of such series and the powers, rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

The purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock. Additionally, the issuance of preferred stock may adversely affect the holders of our Class A common stock by restricting dividends on the Class A

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common stock, diluting the voting power of the Class A common stock or subordinating the liquidation rights of the Class A common stock. As a result of these or other factors, the issuance of preferred stock could have an adverse impact on the market price of our Class A common stock.

**Forum Selection**

If any action the subject matter of which is within the scope described above is filed in a court other than a court located within the State of Delaware, or a Foreign Action, in the name of any stockholder, such stockholder shall be deemed to have consented to the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce the applicable provisions of our amended and restated certificate of incorporation and amended and restated bylaws and having service of process made upon such stockholder in any such action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder. Although our amended and restated certificate of incorporation and amended and restated bylaws will contain the choice of forum provision described above, it is possible that a court could find that such a provision is inapplicable for a particular claim or action or that such provision is unenforceable.

This choice of forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims or make such lawsuits more costly for stockholders, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.

**Dividends**

Declaration and payment of any dividend will be subject to the discretion of our board of directors. The time and amount of dividends will be dependent upon our business prospects, results of operations, financial condition, cash requirements and availability, debt repayment obligations, capital expenditure needs, contractual restrictions, covenants in the agreements governing our current and future indebtedness, industry trends, the provisions of Delaware law affecting the payment of distributions to stockholders and any other factors our board of directors may consider relevant. Following the completion of this offering, our board of directors may elect to pay cash dividends on our Class A common stock. See "Dividend Policy."

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**Anti-Takeover Provisions**

Our amended and restated certificate of incorporation and amended and restated bylaws, as they will be in effect immediately prior to the consummation of the Organizational Transactions, will contain provisions that may delay, defer or discourage another party from acquiring control of us. We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give our board of directors the power to discourage acquisitions that some stockholders may favor.

**Authorized but Unissued Shares**

The authorized but unissued shares of our common stock and our preferred stock are available for future issuance without stockholder approval, subject to any limitations imposed by the rules of the NYSE. These additional shares may be used for a variety of corporate finance transactions, acquisitions and employee benefit plans and, as described under "Certain Relationships and Related Party Transactions—LILP Partnership Agreement—Agreement in Effect Upon Consummation of the Organizational Transactions," funding of redemptions of common units. The existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

**Classified Board of Directors**

Our amended and restated certificate of incorporation will provide that our board of directors will be divided into three classes, with the classes as nearly equal in number as possible and each class serving three-year staggered terms. Our amended and restated certificate of incorporation will also provide that subject to the rights of the holders of any series of preferred stock then outstanding, for as long as the amended and restated certificate of incorporation provides for a classified board of directors, any director, or the entire board of directors, may be removed only for cause by an affirmative vote of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all the outstanding shares of stock entitled to vote generally in the election of directors, at a meeting duly called for that purpose. See "Management—Composition of our Board of Directors." These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control of us or our management.

**Stockholder Action by Consent**

Our amended and restated certificate of incorporation will provide that at any time when the LILP Controlling Partners beneficially own, in the aggregate, at least a majority of the voting power of the Company entitled to vote generally in the election of directors, any action required or permitted to be taken by our stockholders at an annual meeting or special meeting of stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents, setting forth the action so taken, are signed by the holders of our outstanding shares of the Company representing not less than the minimum number of votes that would be necessary to authorize such action at a meeting at which all outstanding shares of the Company entitled to vote thereon were present and voted and such consent is delivered to us in accordance with applicable law. However, at any time when the LILP Controlling Partners beneficially own, in the aggregate, less than a majority of the voting power of the Company entitled to vote generally in the election of directors, any action required or permitted to be taken at any annual or special meeting of stockholders must be effected at a duly called annual or special meeting of such holders and may not be effected by consent in lieu of a meeting; provided, however, that any action required or permitted to be taken by the holders of preferred stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable preferred stock designation.

**Special Meetings of Stockholders**

Our amended and restated bylaws will provide that a special meeting of our stockholders may be called only by the chairperson of the board of directors, pursuant to a resolution adopted by a majority of the whole board of

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directors or by our secretary, upon the written request of the stockholders holding a majority of the voting power of the Company.

**Advance Notice Requirements for Stockholder Proposals and Director Nominations**

In addition, our amended and restated bylaws will establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of stockholders, including proposed nominations of candidates for election to our board of directors. In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with advance notice and provide us with information on the timeframe set forth in the amended and restated bylaws. Stockholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a qualified stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered timely written notice in proper form to our secretary of the stockholder's intention to bring such business or nominations before the meeting. These provisions could have the effect of delaying stockholder actions that are favored by the holders of a majority of our outstanding voting securities until the next stockholder meeting.

**Amendment of Certificate of Incorporation or Bylaws**

The DGCL provides generally that the affirmative vote of the holders of a majority of the shares entitled to vote thereon is required to amend a corporation's certificate of incorporation, unless a corporation's certificate of incorporation requires a greater percentage. Upon consummation of the Organizational Transactions, our amended and restated bylaws may be amended or repealed by (i) a majority vote of our whole board of directors or (ii) the stockholders, provided that at any time when the LILP Controlling Partners beneficially own, in the aggregate, less than a majority of the voting power of the Company entitled to vote generally in the election of directors, in addition to any vote of the holders of any class or series of capital stock of the Company required by any provision of the amended and restated certificate of incorporation (including any certificate of designation with respect to preferred stock), the amended and restated bylaws or applicable law, the affirmative vote of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all outstanding voting stock of the Company entitled to vote, voting together as a single class, shall be required in order for the stockholders to amend or repeal any provision of our amended and restated bylaws.

**Limitations on Liability and Indemnification of Officers and Directors**

Our amended and restated bylaws provide indemnification for our directors and officers to the fullest extent permitted by the DGCL. Prior to the consummation of the Organizational Transactions, we intend to enter into indemnification agreements with each of our directors and executive officers that may, in some cases, be broader than the specific indemnification provisions contained under Delaware law. In addition, as permitted by Delaware law, our amended and restated certificate of incorporation includes provisions that eliminate the personal liability of our directors for monetary damages resulting from breaches of fiduciary duties as a director. The effect of this provision is to restrict our rights and the rights of our stockholders in derivative suits to recover monetary damages against a director for breach of fiduciary duties as a director.

These provisions may be held not to be enforceable for violations of the federal securities laws of the United States.

**Transfer Agent and Registrar**

The transfer agent and registrar for our Class A common stock is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

**Trading Symbol and Market**

We have applied to list our Class A common stock on the NYSE under the symbol "LCLN."

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**SHARES ELIGIBLE FOR FUTURE SALE**

Immediately prior to this offering, there was no public market for our Class A common stock. Future sales of substantial amounts of Class A common stock in the public market (including shares of Class A common stock issuable upon redemption or exchange of common units of the LILP Partners), or the perception that such sales may occur, could adversely affect the market price of our Class A common stock. Although we intend to apply to have our Class A common stock listed on the NYSE, we cannot assure you that there will be an active public market for our Class A common stock.

Upon the closing of this offering, we will have outstanding an aggregate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock, assuming the issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock offered by us in this offering. Of these shares, all shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by our "affiliates," as that term is defined in Rule 144 under the Securities Act, whose sales would be subject to the Rule 144 resale restrictions described below, other than the holding period requirement, and any Class A common stock purchased by our directors, officers and employees pursuant to our Reserved Share Program shall be subject to the lock-up agreements as described below under "—Lock-Up Agreements."

None of the shares of Class A common stock issued in this offering will be "restricted securities," as that term is defined in Rule 144 under the Securities Act. Restricted securities are eligible for public sale only if they are registered under the Securities Act or if they qualify for an exemption from registration under the Securities Act, including Rules 144 or 701 under the Securities Act, which are summarized below.

In addition, each common unit held directly or indirectly by the LILP Partners will be redeemable, at the election of each LILP Partner, for, at our election, (i) newly issued shares of our Class A common stock on a one-for-one basis, (ii) in connection with a redemption exercised in connection with the closing of this offering, a cash payment equal to the price per share for which shares of Class A common stock are sold in this offering less the underwriters' discounts, or (iii) to the extent there is cash available from a secondary offering, a cash payment equal to a volume-weighted average market price of one share of Class A common stock for common unit so redeemed, in each case, in accordance with the terms of the LILP Partnership Agreement; provided that, at our election, we may effect a direct exchange by Lincoln International, Inc. of such Class A common stock or such cash, as applicable, for such common units. The LILP Partners may, subject to exceptions, exercise such redemption right for as long as their common units remain outstanding. See "Certain Relationships and Related Party Transactions—LILP Partnership Agreement." Upon consummation of the Organizational Transactions, the LILP Partners will hold&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common units, all of which will be exchangeable for shares of our Class A common stock. The shares of Class A common stock we issue upon such exchanges would be "restricted securities" as defined in Rule 144 unless we register such issuances.

**Lock-Up Agreements**

We, our officers and directors and the LILP Partners have agreed that, without the prior written consent of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , we and they will not, subject to exceptions, during the period ending 180 days after the date of this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer, sell, contract to sell, pledge, grant any option to purchase, lend or otherwise dispose of any shares of our Class A common stock, or any options or warrants to purchase any shares of our Class A common stock, or any securities convertible into, or exchangeable for, or that represent the right to receive, shares of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to, or which reasonably could be expected to lead to, or result in, a sale, loan, pledge or other disposition of shares of our Class A common stock or any securities convertible into or exercisable or exchangeable for shares of our common stock, whether any transaction described above is to be settled by delivery of our Class A common stock or such other securities, in cash or otherwise;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• otherwise publicly announce any intention to engage in or engage in or cause any action or activity described above or transaction or arrangement described above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any demand for, or exercise any right with respect to, the registration of any shares of common stock or any security convertible into or exercisable or exchangeable for shares of common stock.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, in their sole discretion as representatives, may release the common stock and other securities subject to the lock-up agreements described above in whole or in part at any time. These agreements are subject to exceptions described under "Underwriting."

Upon the expiration of the applicable lock-up periods, substantially all of the shares subject to such lock-up restrictions will become eligible for sale, subject to the limitations discussed above.

**Rule 144**

In general, a person who has beneficially owned our Class A common stock that are restricted shares for at least six months would be entitled to sell such securities, provided that (1) such person is not deemed to have been one of our affiliates at the time of, or at any time during the 90 days preceding, a sale and (2) we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Persons who have beneficially owned our Class A common stock that are restricted shares for at least six months but who are our affiliates at the time of, or any time during the 90 days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of our Class A common stock then outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Class A common stock on the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale; provided, in each case, that we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Such sales both by affiliates and by non-affiliates must also comply with the manner of sale, current public information and notice provisions of Rule 144 to the extent applicable.

**Rule 701**

In general, under Rule 701, any of our employees, directors, officers, consultants or advisors who purchases shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of the registration statement of which this prospectus forms a part is entitled to sell such shares 90 days after such effective date in reliance on Rule 144. Our affiliates can resell shares in reliance on Rule 144 without having to comply with the holding period requirement, and non-affiliates of the issuer can resell shares in reliance on Rule 144 without having to comply with the current public information and holding period requirements.

The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after an issuer becomes subject to the reporting requirements of the Exchange Act.

**Equity Plans**

We intend to file one or more registration statements on Form S-8 under the Securities Act to register the offer and sale of all shares of Class A common stock subject to outstanding stock options and Class A common stock issued or issuable under the 2026 Plan.

We expect to file the registration statement covering shares offered pursuant to the 2026 Plan shortly after the date of this prospectus, permitting the resale of such shares by non-affiliates in the public market without restriction under the Securities Act and the sale by affiliates in the public market subject to compliance with the resale provisions of Rule 144.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares will be reserved for issuance under the 2026 Plan. See "Executive and Director Compensation—Equity Incentive Plans" for a description of the 2026 Plan.

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**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF CLASS A COMMON STOCK**

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership and disposition of our Class A common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or non-U.S. tax laws are not discussed. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the purchase, ownership and disposition of our Class A common stock.

This discussion is limited to Non-U.S. Holders that hold our Class A common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income and the alternative minimum tax. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A common stock as part of a hedge, straddle or other risk reduction strategy or as part of a conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies, and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "foreign controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell our Class A common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who hold or receive our Class A common stock pursuant to the exercise of any employee stock option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to special tax accounting rules as a result of any item of gross income with respect to the stock being taken into account in an applicable financial statement.

If an entity treated as a partnership for U.S. federal income tax purposes holds our Class A common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our Class A common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

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**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR CLASS A COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.**

**Definition of a Non-U.S. Holder**

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our Class A common stock that is neither a "U.S. person" nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation created or organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

**Distributions**

As described in the section titled "Dividend Policy," following the completion of this offering, our board of directors may elect to pay cash dividends on our Class A common stock. If we do make distributions of cash or property on our Class A common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its Class A common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below under "—Sale or Other Taxable Disposition."

Subject to the discussion below on effectively connected income, dividends paid to a Non-U.S. Holder will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States.

Any such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular rates applicable to a U.S. person. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively

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connected dividends, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sale or Other Taxable Disposition**

A Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our Class A common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our common stock constitutes a U.S. real property interest ("USRPI"), by reason of our status as a U.S. real property holding corporation ("USRPHC"), for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates applicable to a U.S. person. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on gain realized upon the sale or other taxable disposition of our common stock, which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition of our Class A common stock by a Non-U.S. Holder will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market and such Non-U.S. Holder owned, actually and constructively, 5% or less of our Class A common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

**Information Reporting and Backup Withholding**

Payments of dividends on our Class A common stock will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the holder is a United States person and the holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any distributions on our Class A common stock paid to the Non-U.S. Holder, regardless of whether such distributions constitute dividends or whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our Class A common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such holder is a United States person or the holder otherwise establishes an exemption. Proceeds of a disposition of our Class A common stock conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.

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Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Additional Withholding Tax on Payments Made to Foreign Accounts**

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act, or FATCA) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, our Class A common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our Class A common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.

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**UNDERWRITING**

We and the underwriters named below will enter into an underwriting agreement with respect to the shares of Class A common stock being offered. Subject to certain conditions, each underwriter will severally agree to purchase the number of shares indicated in the following table. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the representatives of the underwriters.

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| | |
|:---|:---|
| **Underwriters** | **Number of Shares** |
| Goldman Sachs & Co. LLC |  |
| Morgan Stanley & Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  |  |

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The underwriters will be committed to take and pay for all of the shares being offered, if any are taken, other than the shares covered by the option described below unless and until this option is exercised.

The underwriters will have an option to purchase up to an additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock from us to cover sales by the underwriters of a greater number of shares of Class A common stock than the total number set forth in the table above. They may exercise that option for 30 days from the date of this prospectus. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares of Class A common stock in approximately the same proportion as set forth in the table above.

The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us in connection with this offering. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional shares of Class A common stock.

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| | | |
|:---|:---|:---|
| | **No Exercise** | **Full Exercise** |
| Per Share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Total**  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

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Shares sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share from the initial public offering price. After the initial offering of the shares, the representatives may change the offering price and the other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part.

We and our officers and directors and the LILP Partners have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any of the LILP Partners' Class A common stock or securities convertible into or exchangeable for shares of Class A common stock during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of the representatives. This agreement does not apply to any existing employee benefit plans, including the 2026 Plan. See "Shares Eligible for Future Sale" for a discussion of certain transfer restrictions.

Prior to the offering, there has been no public market for the shares of Class A common stock. The initial public offering price has been negotiated among us and the representatives. Among the factors to be considered in determining the initial public offering price of the shares of Class A common stock, in addition to prevailing market conditions, will be our historical performance, estimates of our business potential and earnings prospects, an assessment of our management and the consideration of the above factors in relation to market valuation of companies in related businesses.

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We intend to apply to list the shares of our Class A common stock on the NYSE under the symbol "LCLN."

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of the company's stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of the common stock. As a result, the price of the common stock may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, in the over-the-counter market or otherwise.

We estimate that our share of the total expenses of the offering, excluding underwriting discounts and commissions, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million.

We will also agree to reimburse the underwriters for expenses relating to any applicable state securities filings and to clearance of this offering with the Financial Industry Regulatory Authority. We will also agree to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act.

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to the Company and to persons and entities with relationships with the Company, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investments and trading activities may involve or relate to assets, securities and/or instruments of the Company (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with the Company. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

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**Reserved Share Program**

At our request, the underwriters have reserved up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock, or % of the shares offered by this prospectus, for sale at the initial public offering price, to some of our directors, officers, employees, business associates and related parties.

The number of shares of Class A common stock available for sale to the general public will be reduced to the extent these individuals or entities purchase such reserved shares. Any reserved shares not so purchased will be offered by the underwriters to the general public on the same basis as the other shares of Class A common stock offered by this prospectus. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will administer our reserved share program.

**European Economic Area**

In relation to each member state of the EEA (each, a "Relevant Member State"), an offer to the public of any Class A common stock may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of any Class A common stock may be made at any time under the following exemptions under the EU Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to any legal entity which is a "qualified investor" as defined under Article 2 of the EU Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to fewer than 150 natural or legal persons (other than "qualified investors" as defined under Article 2 of the EU Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in any other circumstances falling within Article 1(4) of the EU Prospectus Regulation,

provided that no such offer of shares of Class A common stock shall result in a requirement for the Company or any underwriter to publish a prospectus pursuant to Article 3 of the EU Prospectus Regulation or a supplemental prospectus pursuant to Article 23 of the EU Prospectus Regulation and each person who initially acquires any Class A common stock or to whom any offer is made will be deemed to have represented, warranted and agreed to and with each of the representatives and the Company that it is a qualified investor within the meaning of Article 2 of the EU Prospectus Regulation.

In the case of any Class A common stock being offered to a financial intermediary as that term is used in Article 1(4) of the EU Prospectus Regulation, each financial intermediary will also be deemed to have represented, warranted and agreed that the Class A common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in a Relevant Member State to qualified investors, as so defined or in circumstances in which the prior written consent of the representatives has been obtained to each such proposed offer or resale.

We, the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, warranties and agreements. Notwithstanding the above, a person who is not a "qualified investor" and who has notified the representatives of such fact in writing may, with the prior consent of the representatives, be permitted to acquire Class A common stock in the offer.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares of Class A common stock in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of Class A common stock, and the expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129 (as amended).

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**United Kingdom**

An offer to the public of any Class A common stock may not be made in the United Kingdom, except that an offer to the public in the United Kingdom of any Class A common stock may be made at any time under the following exemptions under the POATRs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to any legal entity which is a qualified investor as defined in paragraph 15 of Schedule 1 to the POATRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to fewer than 150 persons (other than qualified investors as defined in paragraph 15 of Schedule 1 to the POATRs) in the United Kingdom, subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in any other circumstances falling within Part 1 of Schedule 1 to the POATRs.

Each person who initially acquires any Class A common stock or to whom any offer is made will be deemed to have represented, warranted and agreed to and with each of the representatives and the Company that it is a qualified investor within the meaning of paragraph 15 of Schedule 1 to the POATRs.

In the case of any Class A common stock being offered to a financial intermediary, each such financial intermediary will also be deemed to have represented, warranted and agreed that the Class A common stock acquired by it in the offer will not be offered or resold by it in any circumstances which may constitute a public offer of securities in the United Kingdom for the purposes of the POATRs and PRM, other than in reliance on an exemption under Part 1 of Schedule 1 to the POATRs (including offers being made solely to qualified investors, as so defined).

We, the representatives and their affiliates will rely upon the truth and accuracy of the foregoing representations, warranties and agreements. Notwithstanding the above, a person who is not a "qualified investor" and who has notified the representatives of such fact in writing may, with the prior consent of the representatives, be permitted to acquire Class A common stock in the offer.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares of Class A common stock in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of Class A common stock, the expression "POATRs" means the Public Offers and Admissions to Trading Regulations 2024, as amended, and the expression "PRM" means the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook.

This prospectus is only being distributed to and is only directed at: (A) persons who are outside the United Kingdom; or (B) qualified investors who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), or (ii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons falling within (A)-(B) together being referred to as "relevant persons"). The Class A common stock are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the Class A common stock will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this Prospectus or any of its contents.

**Canada**

The shares of Class A common stock may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the shares of Class A common stock must be made in accordance with an exemption form, or in a transaction not subject to, the prospectus requirements of applicable securities laws. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this offering memorandum (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or

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damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

**Hong Kong**

The shares of Class A common stock may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) ("Companies (Winding Up and Miscellaneous Provisions) Ordinance") or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) ("Securities and Futures Ordinance"), or (ii) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the shares of Class A common stock may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of Class A common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

**Singapore**

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of Class A common stock may not be circulated or distributed, nor may the shares of Class A common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the shares of Class A common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired the shares of Class A common stock under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore (Regulation 32).

Where the shares of Class A common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the shares of Class A common stock under Section 275 of the SFA except: (1) to an institutional

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investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

**Japan**

The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended) (the "FIEA"). The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

**Dubai International Financial Centre**

This prospectus relates to an "Exempt Offer" in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (the "DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares of Class A common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares of our Class A common stock should conduct their own due diligence on such shares. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

**Switzerland**

The Class A common stock may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the "SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document does not constitute a prospectus within the meaning of, and has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the Class A common stock or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to the offering, our company or our common stock has been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of Class A common stock will not be supervised by, the Swiss Financial Market Supervisory Authority and the offer of Class A common stock has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (the "CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of Class A common stock.

**Australia**

No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission, or ASIC, in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001, or the Corporations Act, and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

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Any offer in Australia of our Class A common stock may only be made to persons, or Exempt Investors (within the meaning of section 708 of the Corporations Act), who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer our Class A common stock without disclosure to investors under Chapter 6D of the Corporations Act.

The shares of our Class A common stock applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares of our common stock must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

**Brazil**

The offer and sale of the securities have not been and will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários, or "CVM") and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No 160, dated 13 July 2022, as amended ("CVM Resolution 160") or unauthorized distribution under Brazilian laws and regulations. the securities may only be offered to Brazilian professional investors (as defined by applicable CVM Regulation), who may only acquire the securities through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. the trading of these securities on regulated securities markets in Brazil is prohibited.

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**VALIDITY OF CLASS A COMMON STOCK**

The validity of the shares of Class A common stock offered hereby will be passed upon for us by Latham & Watkins LLP, Los Angeles, California, and for the underwriters by Sullivan & Cromwell LLP, New York, New York.

**EXPERTS**

The financial statement of Lincoln International, Inc. as of December 31, 2024 included in this prospectus has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statement is included in reliance upon the report of such firm given their authority as experts in auditing and accounting.

The consolidated financial statements of Lincoln International, LP as of December 31, 2024 and for the year ended December 31, 2024 included in this prospectus have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their reports. Such financial statements are included in reliance upon the report of such firm given their authority as experts in auditing and accounting.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of Class A common stock offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules filed therewith. For further information about us and the Class A common stock offered hereby, we refer you to the registration statement and the exhibits and schedules filed thereto. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement. The exhibits to the registration statement should be reviewed for the complete contents of these contracts and documents. A copy of the registration statement and its exhibits may be accessed through the SEC's website at www.sec.gov, as further discussed below.

Upon the closing of this offering, we will be required to file periodic reports, proxy statements, and other information with the SEC pursuant to the Exchange Act. The SEC maintains an Internet website that contains reports, proxy statements and other information about registrants, like us, that file electronically with the SEC. The address of that site is www.sec.gov. We also maintain a website at www.lincolninternational.com. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

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**INDEX TO FINANCIAL STATEMENTS** 

**Audited Consolidated Financial Statements**

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| | |
|:---|:---|
| **Contents** | **Page** |
| **Lincoln International, Inc.** | |
| <u>[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i7a3c422cdd584cf6a1030e898a63848a_100)</u> | <u>[F-2](#i7a3c422cdd584cf6a1030e898a63848a_100)</u> |
| <u>[BALANCE SHEET](#i7a3c422cdd584cf6a1030e898a63848a_103)[AS OF DECEMBER 31, 2024](#i7a3c422cdd584cf6a1030e898a63848a_103)</u> | <u>[F-3](#i7a3c422cdd584cf6a1030e898a63848a_103)</u> |
| **Lincoln International, LP and Subsidiaries** |  |
| <u>[NOTES TO FINANCIAL STATEMENT](#i7a3c422cdd584cf6a1030e898a63848a_106)</u> | <u>[F-4](#i7a3c422cdd584cf6a1030e898a63848a_106)</u> |
| <u>[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i7a3c422cdd584cf6a1030e898a63848a_121)</u> | <u>[F-5](#i7a3c422cdd584cf6a1030e898a63848a_121)</u> |
| <u>[CONSOLIDATED BALANCE SHEET](#i7a3c422cdd584cf6a1030e898a63848a_124)[AS OF DECEMBER 31, 2024](#i7a3c422cdd584cf6a1030e898a63848a_124)</u> | <u>[F-6](#i7a3c422cdd584cf6a1030e898a63848a_124)</u> |
| <u>[CONSOLIDATED STATEMENT](#i7a3c422cdd584cf6a1030e898a63848a_127)[OF COMPREHENSIVE INCOME FOR THE YEAR](#i7a3c422cdd584cf6a1030e898a63848a_127)[ENDED DECEMBER 31, 2024](#i7a3c422cdd584cf6a1030e898a63848a_127)</u> | <u>[F-7](#i7a3c422cdd584cf6a1030e898a63848a_127)</u> |
| <u>[CONSOLIDATED STATEMENT](#i7a3c422cdd584cf6a1030e898a63848a_130)[OF CHANGES IN EQUITY FOR THE YEAR](#i7a3c422cdd584cf6a1030e898a63848a_130)[ENDED DECEMBER 31, 2024](#i7a3c422cdd584cf6a1030e898a63848a_130)</u> | <u>[F-8](#i7a3c422cdd584cf6a1030e898a63848a_130)</u> |

---

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of Lincoln International, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying balance sheet of Lincoln International, Inc. (the "Company") as of December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

The financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

April 25, 2025 (February 6, 2026 as to Note 4 Subsequent Events)

Chicago, Illinois

We have served as the Company's auditor since 2022.

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**Lincoln International, Inc.**

**BALANCE SHEET AS OF DECEMBER 31, 2024**

---

| | |
|:---|:---|
| | **December 31,** |
| *(USD in thousands)* | **2024** |
| Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $— |
| Total assets | $— |
| Stockholder's equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock, $0.0001 par value per share, 100 shares authorized | $— |
| Total stockholder's equity | $— |

---

The accompanying notes are an integral part of the financial statement.

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**LINCOLN INTERNATIONAL, INC.**

**NOTES TO FINANCIAL STATEMENT**

**Note 1. Organization**

Lincoln International, Inc. (the "Company") was formed as a Delaware corporation on April 6, 2022. The Company was formed for the purpose of completing a public offering and related transactions in order to carry on the business of Lincoln International LP and its subsidiaries. Upon successful completion of a public offering, the Company is expected to operate and control all of the business and affairs of Lincoln International LP, and subsidiaries and through Lincoln International LP, and subsidiaries, continue to conduct the business.

**Note 2. Basis of Presentation and Significant Accounting Policies**

The Company follows generally accepted accounting principles (GAAP), as established by the Financial Accounting Standards Board (the FASB). Separate statement of operations, comprehensive income, changes to stockholders equity, and cash flow have not been presented because there have been no activities in this entity as of December 31, 2024.

**Use of estimates**: The preparation of the Company's financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

**Note 3. Common Stock**

As of December 31, 2024, the Company was authorized to issue 100 shares of common stock, par value $0.0001 per share.

**Note 4. Subsequent Events**

The Company has evaluated subsequent events through February 6, 2026. The Company has concluded that no subsequent events have occurred that require disclosure.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Managing Directors of Lincoln International, LP and Subsidiaries:

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheet of Lincoln International, LP and Subsidiaries (the "Company") as of December 31, 2024, the related consolidated statements of comprehensive income, changes in equity, and cash flows, for the period ended December 31, 2024 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB

We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Chicago, Illinois

April 25, 2025 (February 6, 2026 as to Note 16 Subsequent Events)

We have served as the Company's auditor since 2020.

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**Lincoln International, LP and Subsidiaries**

**CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2024**

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| | |
|:---|:---|
| *(USD in thousands)* | **December 31, 2024** |
| **Assets** |  |
| Cash and cash equivalents | $225638 |
| Restricted cash | 3350 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client accounts receivable, net of allowance | 114174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party receivables | 21682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued and other receivables | 191 |
| Total receivables | 136047 |
| Prepaid expenses | 10943 |
| Income tax receivable | 2136 |
| Other assets | 7086 |
| Furniture, equipment and leasehold improvements, net | 58065 |
| Other intangible asset, net | 16067 |
| Deferred tax asset | 5083 |
| Goodwill | 59887 |
| Right-of-use lease asset | 115859 |
| **Total assets**  | $640161 |
| **Liabilities and Equity** |  |
| Liabilities |  |
| Accounts payable and accrued expenses | $37179 |
| Compensation payable | 85385 |
| Income tax payable | 7270 |
| Deferred revenue | 1085 |
| Deferred tax liability | 4811 |
| Lease liability | 150005 |
| **Total liabilities**  | 285735 |
| **Commitments and contingencies (Note 9)** |  |
| **Equity:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' equity | 350829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | 3597 |
| **Total equity**  | 354426 |
| **Total liabilities and equity**  | $640161 |

---

See Notes to Consolidated Financial Statements.

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**Lincoln International, LP and Subsidiaries**

**CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2024**

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| | |
|:---|:---|
| | **For the Year Ended December 31,** |
| *(USD in thousands)* | **2024** |
| **Revenues:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client revenues | $572061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursed expenses | 6686 |
| **Total revenues**  | 578747 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 285003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel, meals and entertainment | 23730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent and occupancy | 27051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recruiting and training | 9323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology and communication services | 17036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting and professional service fees | 19640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net | 24887 |
| **Total expenses**  | 420560 |
| **Total operating income**  | 158187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income and expenses, net | 9296 |
| **Income before income taxes**  | 167483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 3889 |
| **Net income**  | $163594 |
| Less: Net income attributable to non-controlling interest | 2855 |
| **Net income attributable to Lincoln International LP**  | $160739 |
| **Other comprehensive income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | $(4112) |
| **Comprehensive income**  | $159482 |

---

See Notes to Consolidated Financial Statements.

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**Lincoln International, LP and Subsidiaries**

**CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| *(USD in thousands)* | **Partner Equity** | **Non-Controlling Interest** | **Total Equity** |
| Balance as of January 1, 2024 | $329612 | $886 | $330498 |
| Net income | 160739 | 2855 | 163594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income—cumulative translation adjustment | (3968) | (144) | (4112) |
| Comprehensive income | 156771 | 2711 | 159482 |
| Contributions and other | 17842 |  | 17842 |
| Distributions | (153396) |  | (153396) |
| Balance as of December 31, 2024 | $350829 | $3597 | $354426 |

---

See Notes to Consolidated Financial Statements.

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**Lincoln International, LP and Subsidiaries**

**CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | |
|:---|:---|
| | **For the Year Ended December 31,** |
| *(USD in thousands)* | **2024** |
| **Cash flows from operating activities** |  |
| Net income | $163594 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | (3789) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash compensation expense | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss | 3590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 12681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non - cash activity  | 172 |
| Decrease (Increase) in operating assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (55665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued and other receivables | 3739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party receivables | 3719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | (1231) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable  | (1219) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets  | (832) |
| (Decrease) Increase in operating liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses  | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation payable  | 17716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 3487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue  | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | (14576) |
| Net cash provided by operating activities  | 149339 |
| **Cash flows from investing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of furniture, equipment and leasehold improvements | (8611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for acquisition, net of cash acquired  | (5261) |
| Net cash used in investing activities | (13872) |
| **Cash flows from financing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to partners | (153396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions and other | 3453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment on line of credit | (22000) |
| Net cash used in financing activities  | (171943) |
| **Effect of exchange rate changes on cash and equivalents**  | (3757) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash**  | (40233) |
| **Cash, cash equivalents and restricted cash, beginning of year**  | 269221 |
| **Cash, cash equivalents and restricted cash, end of year**  | $228988 |
| **SUPPLEMENTAL CASH FLOW DISCLOSURE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes | $4378 |

---

See Notes to Consolidated Financial Statements.

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**LINCOLN INTERNATIONAL, LP AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1. Nature of Operations and Significant Accounting Policies:** Lincoln International, LP (the "Parent"), together with its consolidated domestic and foreign subsidiaries and affiliates (collectively, the "Company"), is a multinational entity engaged in providing merger and acquisition advisory, capital advisory, restructuring, valuation advisory, private funds advisory, and other related services to private equity firms, public corporations, and privately-owned companies for middle-market transactions worldwide. The Company offers its services through more than twenty offices located in the United States, Europe, Asia, and South America.

**Partnership Agreement:** The Parent is a Delaware limited partnership and the General Partner of the Parent is LI GP, Inc., a Delaware corporation. Partner contributions, distributions and income allocations are governed by the Parent's Partnership Agreement.

**Accounting policies:** The Company follows generally accepted accounting principles ("GAAP"), as established by the Financial Accounting Standards Board (the "FASB") to ensure consistent reporting of financial condition, results of operations, and cash flows. The following is a summary of the Company's significant accounting policies:

**Principles of consolidation:** The consolidated financial statements include the accounts of the Parent and its wholly-owned and majority-owned subsidiaries. The equity method of accounting is used for investments in affiliates over which the Company has significant influence but does not have control. Significant influence is generally deemed to exist when the Company has an ownership interest in the voting stock of the investee of between 20% and 50%, although other factors, such as representation on the investee's Board of Directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate.

Intercompany accounts and transactions are eliminated in consolidation. Non-controlling interests are reported as a component of equity on the consolidated balance sheet.

**Foreign currency translation:** The financial statements of foreign subsidiaries and affiliates are translated to U.S. dollars using the period-end exchange rate for assets and liabilities and average exchange rates for activity in the statements of comprehensive income and for the statements of cash flows. Equity transactions are translated at the exchange rate in effect on each related transaction date. Cumulative translation adjustments are included as a component of equity in the consolidated balance sheet. The local currency is the functional currency for the foreign subsidiaries and affiliates.

**Use of estimates:** The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

**Cash and cash equivalents:** The Company considers all highly liquid debt instruments acquired with a maturity of three months or less to be cash equivalents. Cash and cash equivalents include amounts deposited in money market accounts or money market instruments. The Company considers any portion of cash that cannot be withdrawn without prior notice or penalty to be restricted cash. See Note 9 for a description of the Company's restricted cash.

As of December 31, 2024, cash and restricted cash were as follows:

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| | |
|:---|:---|
| | **December 31,** |
| *(USD in thousands)* | **2024** |
| Cash and cash equivalents, end of period | $225638 |
| Restricted cash, end of period | 3350 |
| Cash and cash equivalents and restricted cash, end of period | $228988 |

---

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**Fair value of financial instruments:** Investments are recorded on the trade date and are reflected at fair value. Unrealized gains and losses are reflected in other income.

**Revenue recognition:** Client revenues are recognized when the Company satisfies its performance obligation by delivering the promised services to its clients under the terms of each engagement. The Company's client revenues generally consist of a success fee and may include a nonrefundable up-front fee. The Company may also receive milestone fees and opinion fees for select engagements.

The nonrefundable up-front fee is initially recorded as a deferred revenue liability and is recognized over time as the performance obligations are provided by the Company. The Company's standard practice is to recognize this deferred revenue over eight months, which the Company has assessed as the average life of an engagement. Any nonrefundable fees are recognized immediately if a transaction is terminated or closed before the amount of the deferred revenue is fully recognized.

Milestone fees arise when a specific outcome, which is outlined in the client contract, has been reached in an investment banking engagement. The Company fully recognizes milestone fee revenue when it is invoiced to the client since the performance obligation has been achieved.

The Company recognizes success fee revenue upon the satisfaction of the performance obligation, which generally occurs upon the successful closing of an engagement.

Transaction opinion engagement revenues generally consist of an up-front fee and an opinion fee. The Company has assessed the average life of a transaction opinion engagement as three weeks; therefore, its standard practice is to recognize the up-front fee revenue when it is invoiced. The opinion fee revenue is recognized when the opinion is delivered to the client upon completion of the opinion. At this time, the Company's performance obligation is fulfilled, and the client obtains control of the promised service.

For the year ended December 31, 2024, client revenues consists of:

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| | |
|:---|:---|
| | **December 31,** |
| *(USD in thousands)* | **2024** |
| Success, advisory and opinion fees | $554872 |
| Nonrefundable up-front and milestone fees | 17189 |
| Total client revenues | $572061 |

---

Client revenues are presented before the impact of client reimbursed transaction expenses. Revenue related to client reimbursed deal expenses is presented separately under reimbursed expenses on the statement of comprehensive income. The expenses associated with reimbursed expenses are recognized as expenses on the statement of comprehensive income when incurred.

While the majority of the Company's revenue is earned from success fees on the successful closing of an engagement, deferred revenue represents the contract liabilities related to non-refundable fees received for which the performance obligation has not been satisfied

**Segments:** The Company operates its business through its two operating and reportable segments: Investment Banking Advisory and Valuations and Opinions (see Note 2: Segments).

**Accounts receivable:** Accounts receivable primarily represents contract assets due from investment banking and advisory services and includes both billed and unbilled amounts. Uncollectible amounts are written off at the time the individual receivable is determined to be uncollectible. Allowance for credit losses is determined on a case by case basis. As of December 31, 2024, the balance of allowance for credit losses was $4.8 million (see Note 8: Allowance for Credit Losses).

**Furniture, equipment, and leasehold improvements:** Fixed assets are recorded at cost less accumulated depreciation and amortization. Cost comprises purchase price and directly attributable costs of bringing the asset to

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its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price. Depreciation and amortization are computed under straight-line methods.

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| | |
|:---|:---|
| Computer equipment | 3-10 years |
| Other equipment | 3-10 years |
| Furniture | 3-15 years |
| Leasehold improvements | Lease term |
| IT software | 3-4 years |

---

**Accounts payable and accrued expenses:** Accounts payable and accrued expenses for the year ended December 31, 2024 were as follows:

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| | |
|:---|:---|
| | **December 31,** |
| (USD in thousands) | **2024** |
| Accounts payable | $14264 |
| Accrued expenses | 22915 |
| Total accounts payable and accrued expenses | $37179 |

---

**Income taxes:** The Company files tax returns in all appropriate jurisdictions, which include federal, state, local and international filings. The Parent is organized as a limited partnership under the Internal Revenue Code. The Parent is not subject to federal income tax, but is subject to certain local taxes. Certain foreign subsidiaries and affiliates are subject to income taxes in their jurisdictions (see Note 14: Income Taxes).

Each partner is individually liable for taxes on his or her share of the Parent's income or loss. The Company files tax returns in certain state jurisdictions on a composite basis on behalf of the partners. Additionally, the Company elected in 2024 to be taxed at the entity level in various state tax jurisdictions. Taxes paid on behalf of the partners are reported in Accrued and other receivables on the consolidated balance sheet.

Deferred tax assets or liabilities are recognized for the estimated future tax effects attributable to tax carryforwards and temporary differences between the book basis and tax basis of the assets and liabilities of the applicable subsidiaries or affiliates, which are expected to reverse at some future date. The provision for income taxes equals income taxes currently payable for the year, which may include true-up adjustments related to prior tax years, and the net change in the deferred tax asset and deferred tax liability balances, excluding deferred tax assets or liabilities arising from a business combination.

The Company records valuation allowances to reduce its deferred tax assets when it is not more likely than not that such deferred tax asset(s) will be realized. Deferred taxes have been provided for applicable subsidiaries and affiliates and are reported in the consolidated balance sheet.

The Company has adopted the guidance issued by the FASB on accounting for uncertainty in income taxes. Accounting Standards Codification ("ASC") Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, and disclosure. FASB guidance requires the evaluation of tax positions taken or expected to be taken in the course of preparing the tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority.

Tax positions deemed to meet the more-likely-than-not threshold are reported as a tax benefit or expense and liability in the current year. Management has determined that there are no material uncertain income tax positions as of December 31, 2024.

**Goodwill:** Goodwill is recognized for the excess of the purchase price over the fair value of the tangible and identifiable intangible net assets of businesses acquired. The Company reviews goodwill for impairment annually or

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whenever indicators of impairment exist. An impairment would occur if the carrying amount of a reporting unit exceeds the fair value of that reporting unit. If management concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, management conducts a goodwill impairment test to assess if the carrying value of goodwill exceeds its fair value, in which case an impairment loss is recognized. At December 31, management completed a qualitative assessment of the goodwill and determined that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount. The Company performs its annual impairment test on December 31. There were no impairments for the year ended December 31, 2024. (See Note 6: Goodwill).

**Leases:** The Company accounts for leases pursuant to ASU 2016-02, Leases (Topic 842). This standard requires lessees to recognize a right-of-use asset and lease liability for all leases that have a duration of longer than one year. The standard requires additional disclosures to understand the financial impact, timing and cash flows associated with its lease commitments. (See Note 7: Leases).

**Recently Adopted Accounting Pronouncements**

In November 2023, FASB issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU required disclosure of additional segment level information, particularly regarding significant segment expenses. The Company has disclosed significant expense categories and amounts that are regularly provided to the chief operating decision maker ("CODM") and included in the reported segment measure of profit or loss. As appropriate, other segment items have also been reported, which are those items that make up the difference between segment revenues less significant segment expenses and reported segment profit or loss. Additionally, the Company has disclosed the title and position of the CODM and how the CODM uses the reported measures of segment profit or loss for assessing the performance of and allocating resources to the Company's operating segments. The guidance was effective for the Company for the year ending December 31, 2024, and interim periods thereafter and has been applied retrospectively.

**Recently Issued Accounting Pronouncements (Not Yet Adopted)**

In November 2024, Financial Accounting Standards Board ("FASB") issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU aims to build a better understanding of an entity's expenses through more detailed tabular disclosures surrounding certain costs and expenses (including but not limited to employee compensation, amortization of intangibles, and depreciation), defining and disclosing selling expense, and qualitatively describing remaining amounts not disaggregated in relevant expense captions. In addition, certain existing expense disclosures will be required to be presented within the same note and tabular format as prescribed by ASU No. 2024-03. The new guidance will be effective for annual periods beginning after December 31, 2026, and interim periods beginning after December 15, 2027 and can be applied on a prospective or retrospective basis. The Company is evaluating the effects of adopting this new accounting guidance.

In December 2023, FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*. ASU 2023-09 requires consistent categories and greater disaggregation of information in the effective income tax rate reconciliation disclosure in addition to disaggregated reporting of income taxes paid by jurisdiction. ASU 2023-09 also amends certain other current disclosure and information reporting requirements. The new guidance will be effective for annual periods beginning after December 15, 2024. The Company is evaluating the effects of adopting this new accounting guidance.

**Note 2. Segments**

The Company operates its business through its two operating and reportable segments: Investment Banking Advisory and Valuations and Opinions. Each segment is individually managed and provides separate services which require specialized expertise for the provision of those services.

The Investment Banking Advisory segment offers a range of services related to mergers and acquisitions, with key areas of focus including sell-side advisory, buy-side advisory, asset sales and divestitures, restructuring, primary

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and secondary capital raising, and merger-related engagements. The Company's client base includes private equity, public and private company executives, boards of directors, special committees and financial sponsors.

The Valuations and Opinions segment provides valuation services to investment funds and financial institutions. The client list includes businesses, investment companies, credit opportunity, private equity, venture, and hedge funds. Services include portfolio valuations, business valuations, and transaction opinions.

The Company's chief operating decision maker, or CODM, consists of the Company's three Directors of the General Partner. They review financial information about the Company's revenue and profitability, for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM receives discrete financial information for the Company's two reportable segments. The CODM reviews both segment revenue and operating income by segment as the key segment measure of performance and uses segment results to make key resource allocation decisions. The CODM does not receive and review asset information by segment.

The following table presents revenue and expenses by segment, including compensation and related expenses which is a significant segment expense and includes salaries, bonuses, benefits, and other compensation expenses, for the year ended December 31, 2024:

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| | |
|:---|:---|
| | **December 31,** |
| *(USD in thousands)* | **2024** |
| Revenues by segment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory | $442885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions | 135862 |
| Total revenues by segment | $578747 |
| Compensation and related expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory | $239298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions | 45705 |
| Other Segment Items<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory | $99704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions | 35853 |
| Operating income by segment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory | $103883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions | 54304 |
| **Total operating income**  | $158187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income and expenses, net | 9296 |
| **Total income before provision for income taxes**  | $167483 |

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__________________

(1)Other segment items include travel, meals, and entertainment, rent and occupancy, recruiting and training, information technology, consulting and professional services, and other operating expenses.

Depreciation and amortization expense for the Investment Banking Advisory segment for the year ended December 31, 2024 was $11.6 million. Depreciation and amortization for Valuations and Opinions segment was $2.3 million.

**Note 3. Geographic Information**

Due to the highly integrated nature of international financial markets, the Company generally manages its business based on the operating results of the enterprise taken as whole, not by geographic region. The Company's revenue and identifiable assets are generally reported based on the country or domicile of the legal entity providing the service.

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The following table disaggregates the revenues and assets based on the location of the office that generates the revenues or holds the assets, and therefore may not be reflective of the geography in which our clients are located. No client accounted for more than 10% of revenues for the year ended December 31, 2024.

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| | |
|:---|:---|
| | **December 31,** |
| *(USD in thousands)* | **2024** |
| Revenues |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $419144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | 149786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia | 9817 |
| Total revenues | $578747 |
| Income before income taxes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $162506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia | 2169 |
| Total income before income taxes | $167483 |
| Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $405034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | 221128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia | 13999 |
| Total assets | $640161 |

---

**Note 4. Fair Value Measurements**

ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below.

<u>Level 1</u>: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

<u>Level 2</u>: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

<u>Level 3</u>: Significant unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Company held a money market account with a fair value equal to its carrying value of $28.2 million as of December 31, 2024. The money market account is categorized as a Level 1 asset in the fair value hierarchy and is included in cash and cash equivalents in the consolidated balance sheet.

There were no Level 2 assets or liabilities for the year ended December 31, 2024.

In October 2024, the Company recorded an earnout liability upon the acquisition of TCG Corporate Finance GmbH (See Note 13: Business Combinations). At December 31, 2024, the liability held a fair value of $12.4 million and is categorized as a Level 3 liability.

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The Company assesses the levels of assets and liabilities measured at fair value at each measurement date and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer. There were no transfers among Levels 1, 2 and 3 during the year ended December 31, 2024. The Company had no Level 2 or 3 assets for the year ended December 31, 2024.

**Note 5. Furniture, Equipment and Leasehold Improvements**

At December 31, 2024, furniture, equipment, and leasehold improvements, net consists of the following:

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| | |
|:---|:---|
| | **December 31,** |
| *(USD in thousands)* | **2024** |
| Furniture and equipment | $18152 |
| Leasehold improvements | 61658 |
| Software | 4314 |
| Construction in Progress | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $84382 |
| Accumulated depreciation and amortization | (26317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Furniture, equipment and leasehold improvements, net | $58065 |

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Depreciation and amortization expenses for fixed assets totaled $8.5 million for the year ended December 31, 2024.

None of the Company's furniture, equipment and leasehold improvements is pledged or issued as collateral or security as of December 31, 2024.

The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As of December 31, 2024, there were no indicators of impairment with respect to these long-lived assets.

**Note 6. Goodwill**

Goodwill attributable to the Company's business segments for the year ended December 31, 2024, as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(USD in thousands)* | **Balance as of<br>January 1, 2024** | **Acquisition** | **Exchange rate** | **Balance as of<br>December 31, 2024** |
| Investment banking advisory | 38853 | 22137 | (1103) | $59887 |
| Total goodwill | $38853 | $22137 | $(1103) | $59887 |

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The amount of goodwill for the year ended December 31, 2024 is primarily due to the acquisition of TCG Corporate Finance GmbH (see Note 13: Business Combinations).

**Note 7. Leases**

The Company is a lessee in several operating leases for office space and minor office equipment with non-cancellable terms in excess of one year. The Company determines if a contract contains a lease at the contract's inception and when the terms of an existing contract change. These leases can contain renewal options or early termination periods ranging from one to five years. Because the Company is not reasonably certain to exercise the renewal options or termination options, the renewal or termination periods are disregarded when determining the lease term and the costs associated with the renewal or termination options are excluded from lease payments.

At the commencement date of the lease, the Company recognizes a lease liability and a right-of-use asset. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. The Company uses its incremental borrowing rate as the discount rate because the implicit rates of its leases are not readily determinable. The incremental borrowing rate is the rate of interest the Company would pay to borrow an

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amount equal to the lease payments under similar terms and in a similar economic environment. The right-of-use asset is subsequently measured throughout the lease term at the present value of the remaining lease payments, plus any prepaid lease payments, less the unamortized balance of lease incentives received. Lease cost is recognized on a straight-line basis over the lease term.

The weighted average lease remaining lease term and discount rate are as follows:

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| | |
|:---|:---|
| | **2024** |
| Weighted average remaining lease term (years) | 8.7 years |
| Weighted average discount rate (%) | 3.2% |

---

The right-of-use assets arising from entering new operating leases, reductions to assets and liabilities due to termination, cash paid for operating leases, and rental expense (excluding operating expenses and real estate taxes) are as follows:

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| | |
|:---|:---|
| | **December 31,** |
| *(USD in thousands)* | **2024** |
| Right-of-use assets from entering new leases and remeasurements | $9481 |
| Cash paid for operating leases | $18939 |
| Rental expense | $18225 |

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Future minimum annual rentals required under the lease agreements, excluding additional payments for certain operating, tax, and maintenance costs as of December 31, 2024 are approximately as follows:

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| | |
|:---|:---|
| *(USD in thousands)* | **Total** |
| 2025 | $19849 |
| 2026 | 20936 |
| 2027 | 20714 |
| 2028 | 19795 |
| 2029 | 19552 |
| Thereafter | 73121 |
| Total | $173967 |
| Less: Present value adjustment | 23962 |
| Total lease liability | $150005 |

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**Note 8. Allowance for Credit Losses**

The following table represents the change in allowance for credit losses for the year ended December 31, 2024:

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| | |
|:---|:---|
| *(USD in thousands)* | **2024** |
| Beginning balance | $2612 |
| Provision for credit losses | 3589 |
| Write-off of uncollectible accounts | (1366) |
| Ending balance | $4835 |

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**Note 9. Commitments and Contingencies**

The Company maintains an uncommitted line of credit agreement with Morgan Stanley with a borrowing capacity of $50 million and no stated maturity date. Borrowings are subject to collateral requirements and are due on demand at the discretion of the lender. The Company pledged $25 million in cash and cash equivalents. There were no borrowings at December 31, 2024. Any amount outstanding under the agreement bears interest at a variable rate

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of interest equal to the secured overnight Financing Rate (SOFR) in effect from time to time plus the Margin (as defined in the agreement).

The Company has security deposit requirements on office leases in the amount of $3.3 million, for which it maintains letters of credit with various banks. Morgan Stanley has placed restrictions on the Company's cash resources in the amount of $2.4 million.

As of December 31, 2024, the amount drawn on the line of credit was $0.

In the normal course of business, the Company is subject to various claims, litigation, regulatory and arbitration matters. Because these claims and matters are at different stages, management is unable to predict their outcomes. The Company also enters into contracts that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred.

**Note 10. Employee Compensation and Benefit Plan**

Compensation payable at year end includes accrued performance bonus payable. Performance bonus payable to employees at year end may be subject to forfeiture if, among other things, the employee's employment terminates prior to the payment date. This compensation is expensed over the period that future service is provided. The annual performance bonus, subject to certain conditions, is fully paid within two years after the grant date of the award. The Company may also award cash bonuses to new employees as incentives to join the Company. These bonuses may be paid over time, up to a maximum of two years following the end of the applicable performance year. Future payments related to these awards are generally subject to the same forfeiture provisions as the annual performance bonuses. Compensation payable at December 31, 2024 was $82.3 million.

The Company maintains a qualified profit sharing and 401(k) plan for the benefit of all US employees who have attained age 18 and have enrolled in the Company's 401(k) plan. Effective January 1, 2017, the Company makes a 3% safe harbor non-elective contribution with immediate vesting for Non-Highly Compensated Employees (as defined by the IRS). The Company also makes a discretionary profit-sharing contribution to Highly Compensated Employees, subject to vesting over a six-year period. Employer contributions for the year ended December 31, 2024 were $3.1 million.

The following table reconciles compensation payable and accrued profit sharing to compensation payable on the consolidated balance sheets for the year ended December 31, 2024.

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| | |
|:---|:---|
| | **December 31,** |
| *(USD in thousands)* | **2024** |
| Compensation payable | $82322 |
| Accrued profit sharing payable | 3063 |
| Total compensation payable | $85385 |

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**Note 11. Concentration of Credit Risk**

The Company maintains deposits at financial institutions that at times may exceed federally insured limits. The Company has not experienced any losses in these accounts and management believes the Company is not exposed to any significant credit risk.

**Note 12. Related-Party Transactions**

As discussed in Note 1, the Company has amounts due from the partners related to tax payments advanced on their behalf. Such amounts are $15.2 million at December 31, 2024, and are recorded in related party receivables in the consolidated balance sheets.

Included within related party receivables are $6.4 million at December 31, 2024, in amounts due from LI GP, and an affiliated entity that holds equity interests in the Parent for certain of our partners related to distributions for

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estimated tax payments. Related-party receivables do not bear interest, have no established repayment date, but are generally repaid using proceeds from distributions.

**Note 13. Business Combinations**

On October 31 2024, Lincoln International Parent B.V, a wholly-owned subsidiary of the Parent acquired TCG Corporate Finance GmbH ("TCG"), a boutique European technology and digital economy advisory firm headquartered in Germany. The total purchase price of $40 million as defined in the Purchase and Share Purchase Agreement consists of cash of $15.2 million, partnership units in the Parent of $12.4 million, and potential earnout payments of $12.4 million. The partnership units are recorded within contributions and other in the consolidated statement of equity for the year ended December 31, 2024. The estimated fair value of the earnout is recorded in Accounts payable and accrued expenses based on projections of future revenue, and accordingly is a Level 3 fair value measurement. With the acquisition, the Company's team of dedicated technology investment banking advisors serving the private equity community in Europe has doubled to nearly 60 and brings the Global Technology Group to 130 professionals worldwide.

The following table summarizes the identifiable assets acquired and liabilities assumed at the acquisition of date of October 31, 2024 and corresponding purchase accounting:

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| | |
|:---|:---|
| *(USD in thousands)* | **October 31, 2024** |
| Cash | $9955 |
| Compensation payable | (6347) |
| Other assets and liabilities, net | (1327) |
| Acquired backlog | 22353 |
| Goodwill | 22137 |
| Deferred tax liability | (6781) |
| **Total identifiable assets, net**  | $39990 |

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Of the net assets acquired, $22.4 million was recorded as an intangible asset related to TCG's backlog of outstanding transactions. The intangible asset will be fully amortized over 8 months, the useful life of the asset. As of December 31, 2024, $5.4 million of the intangible backlog was amortized.

**Note 14. Income Taxes**

The components of the Company's provision for income taxes for the year ended December 31, 2024:

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| | | |
|:---|:---|:---|
| *(USD in thousands)* | **2024** |  |
| State income taxes | $1951 | 1.2% |
| Foreign income taxes | 1938 | 1.2% |
| Total income tax expense | $3889 | 2.3% |

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Additionally, the current and deferred components of the Company's provision for income taxes for the year ended December 31, 2024 were:

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| | |
|:---|:---|
| *(USD in thousands)* | **2024** |
| Current |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | 5855 |
| Total current | 7797 |
| Deferred |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | (3917) |
| Total deferred | (3908) |
| Total provision for income taxes | $3889 |

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The Company accounts for income taxes pursuant to which deferred assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates. The Parent is organized as a limited partnership under the Internal Revenue Code. Accordingly, no provision or liability for federal or state income taxes is reflected in the accompanying consolidated financial statements, other than for a certain local jurisdiction that assesses taxes on limited partnerships. Deferred taxes have been provided for U.S. entities and foreign subsidiaries.

The major components of the Company's deferred tax assets and deferred tax liability at December 31, 2024 were as follows:

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| | |
|:---|:---|
| *(USD in thousands)* | **2024** |
| Deferred tax asset |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial statement leases | $13558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating losses | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3173 |
| Gross deferred tax asset | $19972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation allowance | (1090) |
| Total tax asset | $18882 |
| Deferred tax liability |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial statement leases | $(13024) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrual to cash adjustment | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition accounting intangible | (4874) |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | (483) |
| Total tax liability | $(18609) |

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Management assesses the available evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. Based on this evaluation, as of December 31, 2024, valuation allowances of $1.1 million were recorded to recognize only the portion of the deferred tax assets more likely than not to be realized. The valuation allowances generally related to certain foreign jurisdictions with historical losses on a cumulative basis. The amounts of the valuation allowances could be adjusted in future periods if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as the Company's earnings projections.

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As of December 31, 2024, the Company had tax loss carryforwards for foreign income tax purposes of approximately $12.2 million. The carryforward periods vary by jurisdiction and may be subject to limitation.

The Company anticipates the earnings to its foreign operations, to the extent they arise, will continue to be invested in those subsidiaries indefinitely. Accordingly, neither deferred taxes nor withholding taxes have been recorded on the unremitted earnings of foreign subsidiaries.

The Company has concluded there are no significant uncertain tax positions requiring recognition in its consolidated financial statements.

**Note 15. Net Capital Requirement**

The Company's wholly-owned subsidiary Lincoln International LLC ("LI LLC") is a registered broker-dealer and is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires, among other things, the maintenance of minimum net capital. As of December 31, 2024, LI LLC was in compliance with this requirement.

**Note 16. Subsequent Events**

The Company has evaluated subsequent events through February 6, 2026.

On October 31, 2025, the Company successfully completed the acquisition of MarshBerry Holdings, LLC ("MarshBerry") for $243.0 million in cash paid on the closing date, units of the Parent valued at approximately $34.0 million and potential future earnout payments of up to an additional $43.8 million. The contingent consideration will be paid to the sellers upon achievement of specified revenue and compensation targets over a four-year earnout period.

As part of the transaction, certain subsidiaries of the Company entered into a Credit Agreement to fund the MarshBerry Acquisition. The Credit Agreement provides for (a) a Term Loan Credit Facility with an original aggregate principal amount of $250 million, (b) a Delayed Draw Term Loan Credit Facility with original aggregate commitments of $75 million, and (c) a Revolving Credit Facility having original aggregate commitments of $5 million. On October 31, 2025, the Company drew the full Term Loan Credit Facility and $25 million of the Delayed Draw Term Loan Credit Facility. The obligations under the Credit Agreement are secured by all or substantially all assets of the Company's domestic subsidiaries, subject to customary and negotiated exclusions. Each Credit Facility has a term of seven years, and all amounts outstanding thereunder will be due and payable on October 31, 2032.

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares**

![prospectuscoverlogo1a.jpg](prospectuscoverlogo1a.jpg)

**Lincoln International, Inc.**

**Class A Common Stock**

**PROSPECTUS**

**Goldman Sachs & Co. LLC**

**Morgan Stanley**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026**

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**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**Item 13. Other expenses of issuance and distribution.**

The following table sets forth all fees and expenses, other than the underwriting discounts and commissions payable solely by Lincoln International, Inc. in connection with the offer and sale of the securities being registered. All amounts shown are estimated except for the SEC registration fee, the Financial Industry Regulatory Authority, Inc., or FINRA, filing fee and the NYSE listing fee.

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| | |
|:---|:---|
| SEC registration fee | \* |
| FINRA filing fee | \* |
| NYSE listing fee | \* |
| Printing and engraving expenses | \* |
| Legal fees and expenses | \* |
| Accounting fees and expenses | \* |
| Blue Sky qualification fees and expenses | \* |
| Transfer agent fees and expenses | \* |
| Miscellaneous fees and expenses | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | **$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*** |

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__________________

\*To be filed by amendment.

**Item 14. Indemnification of directors and officers.**

Section 102 of the General Corporation Law of the State of Delaware permits a corporation to eliminate the personal liability of directors of a corporation to the corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director breached his or her duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase or redemption in violation of Delaware corporate law or obtained an improper personal benefit. Our amended and restated certificate of incorporation provides that no director of Lincoln International, Inc. shall be personally liable to it or its stockholders for monetary damages for any breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the General Corporation Law of the State of Delaware prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.

Section 145 of the General Corporation Law of the State of Delaware provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or a person serving at the request of the corporation for another corporation, partnership, joint venture, trust or other enterprise in related capacities against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party to any threatened, ending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation, no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

Upon consummation of the Organizational Transactions, our amended and restated certificate of incorporation and amended and restated bylaws will provide indemnification for our directors and officers to the fullest extent

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permitted by applicable law. We will indemnify each person who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of us) (each such action, suit or proceeding, a "Proceeding") by reason of the fact that such person, or a person for whom such person is the legal representative, is or was a director or officer of Lincoln International, Inc., or, while a director or officer, is or was serving our request as a director, officer, employee or agent of another corporation or of a partnership, joint venture, limited liability company, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans (all such persons being referred to as an "Indemnitee"), against all liability and loss suffered and expenses (including attorneys' fees) reasonably incurred by such Indemnitee in such Proceeding. Notwithstanding the preceding sentence, our amended and restated certificate of incorporation and amended and restated bylaws with provide that we will indemnify an Indemnitee in connection with a Proceeding (or part thereof) commenced by such Indemnitee only if the commencement of such Proceeding (or part thereof) by the Indemnitee was authorized in advance by the board of directors.

Prior to the consummation of this offering, we intend to enter into separate indemnification agreements with each of our directors and executive officers. Each indemnification agreement will provide, among other things, for indemnification to the fullest extent permitted by law against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification agreements will provide for the advancement or payment of all expenses to the Indemnitee and for the reimbursement to us if it is found that such Indemnitee is not entitled to such indemnification under applicable law and our amended and restated certificate of incorporation and amended and restated bylaws.

We maintain a general liability insurance policy that covers certain liabilities of directors and officers of our corporation arising out of claims based on acts or omissions in their capacities as directors or officers.

In any underwriting agreement we enter into in connection with the sale of Class A common stock being registered hereby, the underwriters will agree to indemnify, under certain conditions, us, our directors, our officers and persons who control us within the meaning of the Securities Act, against certain liabilities.

**Item 15. Recent sales of unregistered securities.**

None.

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**Item 16. Exhibits and financial statements.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***Exhibits.*** The following documents are filed as exhibits to this registration statement.

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 1.1\* | Form of Underwriting Agreement. |
| 2.1+ | Equity Purchase Agreement, dated as of September 9, 2025, by and among Lincoln International, LP, Lincoln International Holdings Limited, Lincoln International Parent B.V., Lincoln International B.V., MarshBerry Holdco, Inc., MarshBerry Holdco II, LLC, AMC MB Mini-Master, LP, DB FLF MBH LLC, the specified holders party thereto, MarshBerry Holding Company, LLC, and Atlas Merchant Capital LLC. |
| 3.1\* | Certificate of Incorporation of Lincoln International, Inc., as in effect prior to the consummation of the Organizational Transactions. |
| 3.2\* | Form of Amended and Restated Certificate of Incorporation of Lincoln International, Inc., to be in effect upon the consummation of the Organizational Transactions. |
| 3.3\* | Bylaws of Lincoln International, Inc., as in effect prior to the consummation of the Organizational Transactions. |
| 3.4\* | Form of Amended and Restated Bylaws of Lincoln International, Inc. to be in effect upon the consummation of the Organizational Transactions. |
| 4.1\* | Stock Certificate evidencing the shares of Class A common stock. |
| 5.1\* | Opinion of Latham & Watkins LLP. |
| 10.1\* | Form of Tax Receivable Agreement, to be effective upon the consummation of the Organizational Transactions. |
| 10.2\* | Form of Limited Partnership Agreement of Lincoln International, LP, to be effective upon the consummation of the Organizational Transactions. |
| 10.3#\* | 2026 Incentive Award Plan, to be in effect upon the consummation of the Organizational Transactions. |
| 10.4#\* | Non-Employee Director Compensation Policy, to be in effect upon the consummation of the Organizational Transactions. |
| 10.5\* | Form of Indemnification Agreement. |
| 10.6#\* | Form of Option Agreement under the 2026 Incentive Award Plan. |
| 10.7#\* | Form of Restricted Stock Unit Agreement under the 2026 Incentive Award Plan. |
| 10.8+ | Credit Agreement, dated as of October 31, 2025, by and among Monarch FinCo, LLC, Lincoln International CentCo, LLC, Antares Capital LP, as administrative agent and collateral agent, and the lenders party thereto. |
| 21.1\* | List of Subsidiaries of Lincoln International, Inc. |
| 23.1\* | Consent of Deloitte & Touche LLP, as to Lincoln International, Inc. |
| 23.2\* | Consent of Deloitte & Touche LLP, as to Lincoln International, LP. |
| 23.3\* | Consent of Latham & Watkins LLP (contained in its opinion filed as Exhibit 5.1 hereto). |
| 24.1\* | Power of Attorney (included on signature page of this registration statement). |
| 99.1\* | Consent of to be named as a director nominee. |

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__________________

\*To be filed by amendment.

#&nbsp;&nbsp;&nbsp;&nbsp; Indicates management contract or compensatory plan.

+&nbsp;&nbsp;&nbsp;&nbsp; Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant undertakes to furnish supplemental copies of any of the omitted schedules upon request by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Financial Statement Schedules***. None.

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**Item 17. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of Lincoln International, Inc. pursuant to the foregoing provisions, or otherwise, Lincoln International, Inc. has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Lincoln International, Inc. of expenses incurred or paid by a director, officer or controlling person of Lincoln International, Inc. in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, Lincoln International, Inc. will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction, the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The undersigned hereby further undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For purposes of determining any liability under the Securities Act the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by Lincoln International, Inc. pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For the purpose of determining any liability under the Securities Act each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, Lincoln International, Inc. has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Chicago, state of Illinois, on this day of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026.

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| | |
|:---|:---|
| **Lincoln International, Inc.** | **Lincoln International, Inc.** |
| By: |  |
|  | Robert T. Brown |
|  | Chief Executive Officer and Director |

---

**POWER OF ATTORNEY**

Each person whose signature appears below hereby constitutes and appoints Robert T. Brown and Theodore J. Heidloff, each of whom may act without joinder of the other, the individual's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any or all amendments, including post- effective amendments to the Registration Statement, including a prospectus or an amended prospectus therein and any Registration Statement for the same offering that is to be effective upon filing pursuant to Rule 462 under the Securities Act, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact as agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement on Form S-1 has been signed by the following persons in the capacities set forth opposite their names and on the date indicated above.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
|  | Chairman of the Board of Directors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |
| Lawrence James Lawson III | Chairman of the Board of Directors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |
|  | Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |
| Robert B. Barr | Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |
|  | Director and Chief Executive Officer<br>(Principal Executive Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |
| Robert T. Brown | Director and Chief Executive Officer<br>(Principal Executive Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |
|  | President and Global Head of M&A, Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |
| Eric D. Malchow | President and Global Head of M&A, Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |
|  | Chief Financial Officer (Principal Financial<br>Officer and Principal Accounting Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |
| Theodore J. Heidloff | Chief Financial Officer (Principal Financial<br>Officer and Principal Accounting Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |
|  | Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |
| M. Christie Smith, Ph.D | Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 |

---

## Exhibit 2.1

**Exhibit 2.1**

**EXECUTION VERSION**

**EQUITY PURCHASE AGREEMENT**

**by and among**

**LINCOLN INTERNATIONAL, LP, LINCOLN INTERNATIONAL HOLDINGS LIMITED, LINCOLN INTERNATIONAL PARENT B.V., LINCOLN INTERNATIONAL B.V., MARSHBERRY HOLDCO, INC., MARSHBERRY HOLDCO II, LLC, AMC MB MINI-MASTER, LP, DB FLF MBH LLC, THE SPECIFIED HOLDERS (UPON EXECUTION OF A JOINDER HERETO), MARSHBERRY HOLDING COMPANY, LLC, and**

**ATLAS MERCHANT CAPITAL LLC**

**Dated as of September 9, 2025**

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I. DEFINITIONS | ARTICLE I. DEFINITIONS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | Defined Terms | 3 |
| ARTICLE II. PURCHASE AND SALE | ARTICLE II. PURCHASE AND SALE | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | Purchase and Sale of Purchased Interests | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | Closing | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | Transaction Consideration | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | Escrow | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 | Earnout | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 | Pre-Closing Statement; Consideration Spreadsheet | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.7 | Transactions to Be Effected at the Closing | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.8 | Post-Closing Adjustment | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.9 | Withholding Taxes | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Allocation of Transaction Consideration, Receipt of Unit Consideration | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | Post-Closing Holdco II Seller Distribution | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 | Reduction of Post-Closing Amounts | 37 |
| ARTICLE III. REPRESENTATIONS AND WARRANTIES OF THE SELLERS | ARTICLE III. REPRESENTATIONS AND WARRANTIES OF THE SELLERS | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | Capacity; Power; Authorization | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | No Conflict; Required Filings and Consents | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | Title to Purchased Interests | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | Legal Proceedings; Orders | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 | Brokers | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 | Purchaser Units | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.7 | No Other Representations or Warranties | 39 |
| ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF THE COMPANY | ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF THE COMPANY | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | Organization and Qualification | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | Subsidiaries of the Company | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | Authorization of Agreement | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.4 | No Conflict, Required Consents and Filings | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.5 | Capitalization | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.6 | Compliance with Law | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.7 | Financial Statements | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.8 | Regulatory Compliance | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.9 | Absence of Certain Changes | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.10 | Absence of Undisclosed Liabilities | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.11 | Actions and Orders | 47 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.12 | Benefit Plans | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.13 | Labor Matters | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.14 | Taxes | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.15 | Properties | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.16 | Intellectual Property | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.17 | Contracts | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.18 | Clients and Suppliers | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.19 | Environmental | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.20 | Permits | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.21 | Affiliate Transactions | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.22 | Insurance | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.23 | Assets | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.24 | Anti-Corruption | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.25 | Brokers | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.26 | Privacy and Data Security | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.27 | No Other Representations or Warranties | 63 |
| ARTICLE V. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER PARTIES | ARTICLE V. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER PARTIES | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | Organization and Qualification | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | Authorization of Agreement | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | No Conflict; Required Filings and Consents | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 | Capitalization | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.5 | Purchaser Units | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.6 | No Equityholder Approval | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.7 | Brokers | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.8 | Compliance with Law; Actions and Litigation | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.9 | Financing | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.10 | Investment Representations | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.11 | R&W Insurance Policy | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.12 | No Other Representations and Warranties | 67 |
| ARTICLE VI. CONDUCT PRIOR TO THE CLOSING | ARTICLE VI. CONDUCT PRIOR TO THE CLOSING | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 | Company Group Interim Covenants | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 | Pre-Closing Access and Information | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 | Affiliate Agreements | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 | Third-Party Consents | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 | Payoff Letters | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.6 | Exclusive Dealing | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.7 | Efforts to Consummate | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.8 | Government Notification | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.9 | FINRA Filing | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.10 | FCA Filing | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.11 | Cooperation with Debt Financing | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.12 | Purchaser's Debt Financing Efforts | 78 |

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| | | |
|:---|:---|:---|
| ARTICLE VII. ADDITIONAL AGREEMENTS | ARTICLE VII. ADDITIONAL AGREEMENTS | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 | Notification of Certain Matters | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | Public Announcements | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | Confidentiality | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 | Further Assurances | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 | R&W Insurance Policy | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.6 | Indemnification and Insurance | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.7 | Releases | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.8 | Employee Matters | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.9 | Section 280G | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 | Retention Agreements; Employee Restrictive Covenant Agreements. | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.11 | Contingent Payment Difference. | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.12 | FCAA Indemnity & RWI Payments. | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.13 | Holdco Sellers Reorganization. | 87 |
| ARTICLE VIII. CONDITIONS | ARTICLE VIII. CONDITIONS | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 | Conditions to Obligations of Each Party | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 | Additional Conditions to Obligations of the Purchaser Parties | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8.3 | Additional Conditions to Obligations of the Sellers | 88 |
| ARTICLE IX. PROCEDURES RELATING TO TAXES | ARTICLE IX. PROCEDURES RELATING TO TAXES | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 | Tax Returns | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.2 | Assistance and Cooperation | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.3 | Transfer Taxes | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.4 | Tax Sharing Agreement | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.5 | Prohibited Acts | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.6 | Transaction Tax Deductions | 92 |
| ARTICLE X. TERMINATION | ARTICLE X. TERMINATION | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 | Termination | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 | Effect of Termination | 94 |
| ARTICLE XI. GENERAL PROVISIONS | ARTICLE XI. GENERAL PROVISIONS | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 | No Survival | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.2 | Notices | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.3 | Headings; **Table of Contents** | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.4 | Severability | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.5 | Entire Agreement | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.6 | Assignment; Binding Effect | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.7 | Parties in Interest | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.8 | Fees and Expenses | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.9 | Amendment | 97 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.10 | Extension; Waiver | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.11 | Specific Performance | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.12 | Remedies Cumulative | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.13 | Governing Law; Waiver of Jury Trial | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.14 | Consent to Jurisdiction | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.15 | Counterparts | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.16 | Interpretation | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.17 | Non-Recourse | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.18 | Representative | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.19 | Debt Financing Source Provisions | 101 |

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**<u>Exhibits</u>**

Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;Form of Employment Agreement

Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;Form of Restrictive Covenant Agreement

Exhibit C&nbsp;&nbsp;&nbsp;&nbsp;Form of Employee Restrictive Covenant Agreement

Exhibit D&nbsp;&nbsp;&nbsp;&nbsp;Form of Retention Agreement

Exhibit E&nbsp;&nbsp;&nbsp;&nbsp;Amended and Restated Limited Liability Agreement of Holdco II Seller

Exhibit F&nbsp;&nbsp;&nbsp;&nbsp;Illustrative Consideration Spreadsheet

Exhibit G&nbsp;&nbsp;&nbsp;&nbsp;Form of Escrow Agreement

Exhibit H&nbsp;&nbsp;&nbsp;&nbsp;Form of Put/Call Agreement

Exhibit I&nbsp;&nbsp;&nbsp;&nbsp;Form of Earnout Agreement

------

**EQUITY PURCHASE AGREEMENT**

THIS EQUITY PURCHASE AGREEMENT, dated as of September 9, 2025 (this "<u>Agreement</u>"), by and among (i) Lincoln International, LP, a Delaware limited partnership (the "<u>Purchaser</u>"), (ii) Lincoln International Holdings Limited, a private limited company incorporated under the laws of England and Wales with registered number 06406893 ("<u>UK Purchaser</u>"), (iii) Lincoln International Parent B.V., a private limited company under the laws of the Netherlands with registered number 89516478 ("<u>Dutch Purchaser</u>"), (iv) Lincoln International B.V., a private limited company under the laws of the Netherlands with registered number 89951107 ("<u>Dutch</u> <u>Minority Purchaser</u>" together with Purchaser, UK Purchaser and Dutch Purchaser, the "<u>Purchaser Parties</u>"), (v) MarshBerry Holdco, Inc., an Ohio corporation ("<u>Holdco Seller</u>"), (vi) MarshBerry Holdco II, LLC, an Ohio limited liability company ("<u>Holdco II Seller</u>" and, in its capacity as representative to the Sellers as and to the extent described in <u>Section 11.18</u>, the "<u>Representative</u>" and, together with Holdco Seller, the "<u>Holdco Sellers</u>"), (vii) AMC MB Mini-Master, LP, a Delaware limited partnership ("<u>Mini-Master Seller</u>"), (viii) DB FLF MBH LLC, a Delaware limited liability company ("<u>DB FLF Seller</u>," and collectively with the Holdco Sellers, and Mini-Master Seller, the "<u>Sellers</u>"), (ix) following execution and delivery of a Limited Joinder as provided in <u>Section 7.13</u>, each Specified Holder, (x) MarshBerry Holding Company, LLC, a Delaware limited liability company (the "<u>Company</u>"), and (xi) Atlas Merchant Capital LLC, a Delaware limited liability company in its capacity as representative to the Sellers (as and to the extent described in <u>Section 11.18</u>, the "<u>Representative</u>"). Each of the parties named above may be referred to herein as a "<u>Party</u>" and collectively as the "<u>Parties</u>."

**<u>RECITALS</u>**

WHEREAS, as of the date hereof, the Sellers own all of the issued and outstanding limited liability company interests of the Company (the "<u>Company Units</u>");

WHEREAS, (i) Marsh, Berry & Company, LLC, an Ohio limited liability company ("<u>MB LLC</u>"), is a wholly owned Subsidiary of the Company and is treated as an entity disregarded

as separate from its sole owner, the Company, for U.S. federal income Tax purposes;

&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) MarshBerry International, Inc., an Ohio corporation ("<u>MB International</u>"), is a wholly owned Subsidiary of MB LLC; (iii) MarshBerry UK Holding Limited, a private limited company incorporated under the laws of England and Wales with registered number 15136781 ("<u>MB UK</u>"), is a wholly owned Subsidiary of MB International with MB International owning all of the issued and outstanding Equity Interests of MB UK (the "<u>UK Company Interests</u>"); (iv) MarshBerry International Cooperatief U.A., a cooperative under the laws of the Netherlands ("<u>MB Netherlands</u>"), is a Subsidiary of MB International with MB International holding ninety-nine point ninety-nine percent (99.99%) of the Equity Interests of MB Netherlands (the "<u>Dutch Majority Company Interests</u>"); and (v) MaLime B.V., a private limited company under the laws of the Netherlands (the "<u>Dutch Minority Member</u>"), holds point zero one percent (0.01%) of the Equity Interests of MB Netherlands (the "<u>Dutch Minority Company Interests</u>");

WHEREAS, prior to the Closing, the Holdco Sellers will effectuate the Holdco Sellers Reorganization and immediately following the Holdco Sellers Reorganization, Holdco II Seller and certain Specified Holders will, in the aggregate, own all Company Units held by Holdco Seller immediately prior to the Holdco Sellers Reorganization;

------

WHEREAS, on the terms and subject to the conditions set forth in this Agreement, (i) UK Purchaser desires to acquire from MB International, and the Company desires to cause MB International to sell to UK Purchaser, the legal and beneficial title to the UK Company Interests; (ii) Dutch Purchaser desires to acquire from MB International, and the Company desires to cause MB International to transfer to Dutch Purchaser, the Dutch Majority Company Interests; (iii) the Dutch Minority Purchaser desires to acquire from Dutch Minority Member, and the Company desires to cause the Dutch Minority Member to transfer to the Dutch Minority Purchaser, the Dutch Minority Company Interests; and (iv) the Purchaser desires to acquire from the Sellers and the Specified Holders, and the Sellers and such Specified Holders desire to sell to the Purchaser, all of the Company Units held by the Sellers and such Specified Holders (the "<u>Purchased Interests</u>");

WHEREAS, concurrently with the execution and delivery of this Agreement, the Sellers and the Purchaser are entering into an Earnout Agreement (as defined herein) pursuant to which the Holdco Sellers and, following the Holdco Sellers Reorganization and the execution of the Distribution Agreements, each Closing Holdco II Member shall be eligible to receive certain additional consideration in respect of the sale of the Purchased Interests to the Purchaser upon the terms and subject to the conditions set forth therein; and

WHEREAS, (i) concurrently with the execution and delivery of this Agreement as a condition and inducement to the Purchaser's willingness to enter into this Agreement, each of John Wepler and Phil Trem is entering into (y) an executive offer letter with Purchaser in the form attached hereto as <u>Exhibit</u> A (the "<u>Employment Agreements</u>"), which such Employment Agreements shall be effective upon the Closing (as defined herein) and (z) an Employee Restrictive Covenant Agreement (defined below); (ii) at the Closing each of John Wepler and Phil Trem will enter into a deal-based restrictive covenant agreement in the form attached hereto as <u>Exhibit B</u> (the "<u>Restrictive Covenant Agreements</u>") and a Retention Agreement (as defined below); and (iii) the Company will use commercially reasonable efforts to cause (y) each of the individuals set forth on <u>Section 1.1(a)</u> to the Disclosure Letter under the heading "Restricted Parties" (each such individual, a "<u>Restricted Party</u>" and collectively, the

"<u>Restricted Parties</u>") to enter into an proprietary interests protection agreement in the form attached hereto as <u>Exhibit C</u> (the "<u>Employee</u>

<u>Restrictive Covenant Agreements</u>") and (z) each of the individuals set forth on <u>Section 1.1(a)</u> to the Disclosure Letter under the heading "Retention Parties" to enter into a retention agreement in the form attached hereto as <u>Exhibit D</u> (the "<u>Retention Agreements</u>").

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants, and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

------

**ARTICLE I.**

**DEFINITIONS**

Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of this Agreement, the following terms shall have the following respective meanings:

"<u>A&R Holdco II LLCA</u>" means that certain amended and restated limited liability agreement of Holdco II Seller in the form attached hereto as <u>Exhibit E</u>.

"<u>Accrued Income Taxes</u>" shall mean any and all unpaid income Tax liabilities of the Company Group for or relating to any Pre-Closing Tax Period (for the avoidance of doubt, including any pass-through entity income (or similar) Taxes and any nonresident withholding Taxes imposed on any member of the Company Group) whether or not due and payable as of the Closing Date, including any income Taxes attributable to payments, events, or transactions occurring prior to the Closing Date that have been deferred until after the Closing Date; <u>provided</u>, that, for purposes of determining Accrued Income Taxes, (i) such amounts shall take into account any deposits, prepayments or refunds with respect to income Taxes for a Pre-Closing Tax Period to the extent that, under applicable Law, such deposits, prepayments or refunds actually reduce income Tax liabilities otherwise included in the calculation of Accrued Income Taxes, but shall not be an amount less than zero (0) in the aggregate or with respect to any jurisdiction or with

respect to any particular income Tax, (ii) income Taxes with respect to any Straddle Period shall be determined and allocated in accordance with <u>Section 9.1(c)</u> and Transaction Tax Deductions shall be allocated to the Pre-Closing Tax Period (limited, in the case of a Tax period ending on or prior to the Closing Date, to the extent at least "more likely than not" permitted by applicable Law), (iii) all deferred Tax liabilities and deferred Tax assets shall be excluded that reflect timing differences between book and Tax income, (iv) such amounts shall include any unpaid income Tax liabilities of the Company Group for any Tax period as a result of any inclusion under Section 951 or Section 951A of the Code to the extent attributable to the Pre-Closing Tax Period, including by reason of Section 965 of the Code (or any analogous or similar provision under any state or local income Tax Law) notwithstanding any election under Section 965 of the Code and whether or not such income Taxes are due and payable as of the Closing Date, (v) such amounts shall exclude any and all income Taxes directly resulting from the sale and transfer of the UK Company Interests, the Dutch Majority Company Interests or the Dutch Minority Company Interests, and (vi) such amounts shall be determined in accordance with the past custom and practice of the Company Group in filing Tax Returns and calculating income Taxes, except as required by applicable Law or as a result of a change in applicable facts.

"<u>Action</u>" shall mean any action, arbitration, charge, claim, complaint, demand, dispute, audit, grievance, hearing, inquiry, investigation, litigation, proceeding, qui tam action, or suit (whether civil, criminal, administrative, judicial, or investigative) commenced, brought, conducted, or heard by or before, or otherwise involving, any Governmental Authority, whether at law or in equity.

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"<u>Actual FirstChoice Contingent Payment Amount</u>" shall mean the aggregate amount of all deferred contingent payment amounts determined to be finally payable under the FirstChoice Purchase Agreement.

"<u>Additional Atlas Amount</u>" means $18,000,000.00.

"<u>Additional Cash Amount</u>" means, for purposes of the calculation of the Estimated Closing Cash, the amounts under the line items "Receivables Tied to 2025 Earnouts (Target / Possible)" and "Receivables Tied to 2025 FirstChoice Contingents (Guarantees / Per Carrier Grids)", in each case, valued at the amount accrued on the books and records of the Company Group as of the Adjustment Time and calculated in accordance with the Transaction Accounting Principles; <u>provided</u> that, for purposes of the calculation of the final Closing Cash in accordance with <u>Section 2.8</u>, the Additional Cash Amount shall be decreased to the extent (if any) by which the Company Group has not, prior to the Closing Statement Delivery Date, collected any amounts that were included in the line item "Receivables Tied to 2025 Earnouts (Target / Possible)" and "Receivables Tied to 2025 FirstChoice Contingents (Guarantees / Per Carrier Grids)" as of the Adjustment Time.

"<u>Additional Fortress Amount</u>" means $926,941.00.

"<u>Adjustment Time</u>" shall mean 11:59 p.m., US Eastern Time, on the date immediately preceding the Closing Date.

"<u>Affiliate</u>" shall mean, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common

control with, such specified Person. As used in this definition, the term "control" (including the terms "controlling," "controlled by," and "under common control with") means possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by Contract, or otherwise.

"<u>Affiliate Agreement</u>" shall mean any Contract (other than with respect to (A) the Organizational Documents of each member of the Company Group and the customary equity subscription, incentive and phantom equity grant agreements with the Company and (B) Benefit Plans, compensation arrangements and arrangements with respect to employment entered into in the ordinary course of business) by which (i) any member of the Company Group, on the one hand, and any Seller or any Seller Related Person, on the other hand, are parties or (ii) any member of the Company Group has guaranteed, assumed, or is otherwise liable for any obligations or liabilities of any Seller or any Seller Related Person.

"<u>Aggregate Closing Consideration</u>" means the sum of the Cash Consideration <u>plus</u> the Unit Consideration.

"<u>Agreed Form</u>" means, in relation to a document, a form reasonably acceptable to the Purchaser and the Representative.

"<u>Alternative Transaction</u>" shall mean any direct or indirect acquisition or purchase of, or investments in, a material portion of the Company Units or a material portion of the assets of the Company Group, taken as a whole, or similar transaction involving the Company Group, whether

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by way of merger, consolidation, or other business combination with any other Person, purchase or exchange of equity interests, purchase of assets, or otherwise.

"<u>Anti-Corruption Laws</u>" means: (i) the U.S. Foreign Corrupt Practices Act of 1977, as amended (15 U.S.C. § 78dd1, <u>et</u> <u>seq</u>.) ("<u>FCPA</u>"); (ii) the U.K. Bribery Act 2010; and (iii) all other anti-bribery, anti-corruption, anti-money laundering, and similar applicable Laws of each jurisdiction in which the Company Group operates or has operated and in which any Person associated with or acting on behalf of the Company Group, including any officer, director, employee, agent, and Affiliate thereof is conducting or has conducted business involving the Company Group.

"<u>Benefit Plan</u>" shall mean each (i) "employee benefit plan" (as such term is defined in Section 3(3) of ERISA or any similar plan subject to applicable Laws of a jurisdiction outside of the United States); (ii) each employment, consulting, advisor, or other service agreement or arrangement; (iii) each severance, termination, pension, retirement, supplemental retirement, excess benefit, profit sharing, bonus, incentive, deferred compensation, retention, transaction, change in control, and similar plan, program, arrangement, agreement, policy, or commitment; (iv) each compensatory option, restricted stock, restricted unit, performance equity, equity appreciation, deferred stock, profits interest, phantom, or other equity or equity-based plan, program, arrangement, agreement, policy, or commitment; and (v) each savings, life, health, disability, accident, medical, dental, vision, cafeteria, insurance, flex spending, adoption/dependent/employee assistance, tuition, vacation, paid-time-off, other welfare fringe benefit, and each other employee benefit plan, program, or arrangement, whether or not insured, whether written or oral, in each case, excluding any statutory plan to which contributions are mandated by a Governmental Authority, under which (a) any current or former employee, consultant, or individual independent contractor or consultant of any member of the Company Group (or the dependent or beneficiary thereof) is a party or has any right to benefits, (b) which is maintained or sponsored by, or contributed to by, any member of the Company Group or any of their Affiliates, or (c) under which any member of the Company Group could have any liability (contingent or otherwise).

"<u>Bonus Amount</u>" shall mean an amount equal to (i) (a) net revenue of the Company Group for the period from January 1, 2025 through the Adjustment Time <u>multiplied by</u> (b) fifty five percent (55.0%) <u>minus</u> (ii) the aggregate amount of salaries, benefits and other compensation paid or payable to any current or former director, officer, employee or individual independent contractor or consultant of any member of the Company Group for the period from January 1, 2025 through the Adjustment Time, in each case, calculated in accordance with the Transaction Accounting Principles.

"<u>Business Day</u>" shall mean each day that is not a Saturday, Sunday, or other day on which banking institutions located in New York, New York or London, United Kingdom are authorized or obligated by law or executive order to close.

"<u>Cash</u>" shall mean, as of any applicable measurement time, the aggregate amount of (i) all cash and cash equivalents (including marketable securities, bank deposits, short term investments) of the Company Group <u>minus</u> (ii) all issued but uncleared checks and drafts of the Company Group <u>plus</u> (iii) all checks and drafts deposited for the account of the Company Group but not yet cleared

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<u>plus</u> (iv) cash held as collateral for any interest rate or currency swap arrangements of the Company Group <u>plus</u> (v) the Additional Cash Amount. For clarity, except as set forth in the foregoing clause (iv), Cash shall not include any security deposits.

"<u>Cash Consideration</u>" shall mean an amount equal to the sum of (i) the Headline Consideration <u>plus</u> (ii) the Estimated Closing Cash <u>minus</u> (iii) the Estimated Closing Indebtedness <u>plus</u> (iv) the Estimated Working Capital Adjustment Amount <u>minus</u> (v) the Estimated Closing Transaction Expenses <u>minus</u> (vi) the Escrow Amount <u>minus</u> (vii) Representative Holdback Amount <u>minus</u> (viii) the Unit Consideration Amount.

"<u>Cashed Out Holder</u>" shall mean each holder of Equity Interests in Holdco Seller and/or Holdco II Seller that is denoted as a "Cashed Out Holder" on the Consideration Spreadsheet.

"<u>Closing Cash</u>" shall mean the aggregate amount of Cash as of the Adjustment Time.

"<u>Closing Holdco II Members</u>" shall mean the members of Holdco II Seller as of the Closing.

"<u>Closing Indebtedness</u>" shall mean the aggregate amount of Indebtedness of the Company as of immediately prior to the Closing.

"<u>Closing Statement Delivery Date</u>" shall mean the date on which the Closing Statement is delivered by the Purchaser pursuant to <u>Section 2.8(a)(i)</u>.

"<u>Closing Transaction Expenses</u>" shall mean the aggregate amount of Transaction Expenses remaining unpaid as of immediately prior to the Closing (calculated after giving effect to the consummation of the Closing).

"<u>Closing Working Capital</u>" shall mean (i) the current assets of the Company Group <u>minus</u> (ii) the current liabilities of the Company Group, in each case determined as of the Adjustment Time and in accordance with the Transaction Accounting Principles; <u>provided</u>, <u>however</u>, that Closing Working Capital shall not include any amount to the extent included the calculation of Closing Indebtedness, Closing Transaction Expenses, or Closing Cash; <u>provided</u>, <u>further</u>, that Closing Working Capital shall not include any Accrued Income Taxes; <u>provided</u>, <u>further</u>, that in no event shall the Closing Working Capital exceed $1,000,000.00 except to the extent there are advisory transactions that have closed and been accrued as revenue where Cash has not been received prior to the Adjustment Time, in which case such unpaid advisory fees shall be included in Closing Working Capital (notwithstanding the $1,000,000 cap) but only to the extent such advisory fees are paid in Cash within thirty (30) days of the Adjustment Time.

"<u>COBRA</u>" shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended.

"<u>Company Group</u>" shall mean the Company and each of its Subsidiaries.

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"<u>Company Group Employees</u>" shall mean the individuals employed by the Company Group as of the Closing Date who continue to be employed by Purchaser after the Closing Date.

<u>"Company IP Agreements</u>" shall mean any Contract pursuant to which: (i) any member of the Company Group grants a license or right to use any material Owned Intellectual Property to any third party; or (ii) any member of the Company Group receives a license or right to use any Intellectual Property material to the business of any member of the Company Group from any third Person, <u>excluding, in each case</u>, any (a) rights to use confidential information under nondisclosure or confidentiality agreements; (b) nonexclusive licenses granted by any member of the Company Group in the ordinary course of business involving annual payments not in excess of $150,000, individually, (c) non-exclusive licenses to use trademarks, logos, or other source identifiers or data granted to any member of the Company Group by customers in connection with products or services provided to such customers by any member of the Company Group involving annual payments not in excess of $150,000, individually, (d) non-exclusive licenses that are incidental to the sale or purchase of products or services; and (e) non-exclusive licenses for "off the shelf" or other commercially available Software with annual or one-time license, maintenance, support, and other fees of less than $50,000 in the aggregate.

"<u>Company Material Adverse Effect</u>" shall mean any change, effect, event, or development that, individually or in the aggregate, (i) has had or would reasonably be expected to have a material adverse effect on the business, assets, properties, operations, condition (financial or otherwise), or results of operations of the Company Group, taken as a whole, or (ii) would prevent the Company Group or the Sellers from consummating the Transactions; <u>provided</u>, <u>however</u>, that, for purposes of the foregoing clause (i), none of the following shall be deemed in and of themselves, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or will be, a Company Material Adverse Effect: any adverse change, effect, event, occurrence, state of facts, or development to the extent attributable to: (A) operating, business, regulatory, or other conditions in the industry in which any member of the Company Group operates; (B) general economic conditions, conditions in the securities markets, capital markets, credit markets, currency markets, or other financial markets in the United States or any other country or region in the world, including (1) changes in interest rates in the United States or any other country or region in the world and changes in exchange rates for the currencies of any countries or changes in monetary or fiscal policy or (2) any suspension of trading in securities (whether equity, debt, derivative, or hybrid securities) generally on any securities exchange or over-the-counter market operating in the United States or any other country or region in the world; (C) the execution, announcement, or pendency of the Transactions (including the identification of the Purchaser) (<u>provided</u>, that this clause (C) shall not apply in connection with any representation or warranty explicitly addressing the execution, announcement, pendency, or performance of this Agreement or the consummation of the Transactions, or any condition to Closing related thereto); (D) changes in GAAP or any changes in applicable Laws or the interpretation thereof, in each case, after the date hereof; (E) the failure of the Company Group to meet or achieve the results set forth in any projection or forecast (<u>provided</u>, that the underlying cause of such failure shall be taken into account in determining whether there has been or would reasonably be expected to be a Company Material Adverse Effect unless such cause is otherwise specifically excluded by one of the other clauses of this definition); (F) global, national, or regional political, financial, economic, or business conditions, including hostilities, acts of war, sabotage, terrorism, or military or police actions or any escalation,

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worsening, or diminution of any such hostilities, acts of war, sabotage, terrorism, or military or police actions existing or underway; (G) natural disasters or acts of nature or any national or international political or social conditions; (H) hurricanes, earthquakes, floods, or other natural disasters; (I) any epidemic, pandemic, or disease outbreak or any escalation or worsening of any of the foregoing and actions of Governmental Authority taken, or actions required to be taken, under applicable Laws, in connection with or in response to any such epidemic, pandemic, or disease outbreak; and (J) any action taken by or at the written direction of any of the Purchaser Parties after the date hereof; <u>provided</u>, <u>however</u>, that any change, effect, event, occurrence, state of facts, or development referred to in the foregoing clauses (A), (B), (D), (F), (G), (H), and (I) shall be taken into account in determining whether there has been or would reasonably be expected to be a Company Material Adverse Effect to the extent (and only to the extent) that such change, effect, event, occurrence, state of facts, or development materially and adversely affects the Company Group, taken as a whole, in a disproportionate manner in comparison to other participants in the industry (and conducting operations in the same geographic area) in which the Company Group participates.

"<u>Company Payoff Indebtedness</u>" shall mean all Indebtedness of the Company and its Subsidiaries that is outstanding under (x) either Credit Agreement, (y) the International Swaps and Derivatives Association Master Agreement, dated November 4, 2016, with Huntington National Bank and (z) each of all of the subordinated promissory notes issued in connection with share repurchase listed on <u>Section 1.1(c)</u> of the Disclosure Letter.

"<u>Confidential Information</u>" shall mean all information (whether or not specifically identified as confidential), in any form or medium, that is disclosed to or learned by the Sellers as

a result of or in connection with their ownership of Company Units that relates to the business, products, services, or research of any member of the Company Group or any of their investors, partners, Affiliates, strategic alliance participants, officers, directors, employees, or stockholders, including, without limitation: (i) internal business information of any member of the Company Group (including, without limitation, information relating to strategic plans and practices, business, accounting, financial or marketing plans, practices or programs, training practices and programs, salaries, bonuses, incentive plans, and other compensation and benefits information and accounting and business methods); (ii) identities of, individual requirements of, specific contractual arrangements with, and information about any member of the Company Group, its Affiliates, their respective clients, and their respective confidential information; (iii) any confidential or proprietary information of any third party that the Company or any of its Subsidiary has a duty to maintain confidentiality of, or use only for certain limited purposes; (iv) industry research compiled by, or on behalf of any member of the Company Group, including, without limitation, identities of potential target companies, management teams, and transaction sources identified by, or on behalf of, any member of the Company Group; (v) compilations of data and analyses, processes, methods, track and performance records, data, and data bases relating thereto; and (vi) information related to the Company's Intellectual Property and updates of any of the foregoing; <u>provided</u>, that "Confidential Information" shall not include any information that has become generally available to the public other than as a result of the acts or omissions of the Sellers in breach of confidentiality obligations.

"<u>Confidentiality Agreement</u>" shall mean the Letter Agreement, dated January 31, 2025, by and between MB LLC and Lincoln International LLC, an Illinois limited liability company and a

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Subsidiary of Purchaser ("<u>Lincoln LLC</u>"), as amended and restated by that certain Mutual Confidentiality and Nondisclosure Agreement, dated June 30, 2025, by and between MB LLC and Lincoln LLC.

"<u>Consideration Spreadsheet</u>" means a schedule setting forth (i) the name and address of each Seller, (ii) the number and class of Company Units held by such Seller, (iii) the portion of the Aggregate Closing Consideration to be issued and/or paid to such Seller, (iv) the portion (if any) of the Unit Consideration to be issued to such Seller (expressed as the number of Purchaser Units to be issued to such Seller), (v) the portion of the Cash Consideration to be paid to such Seller, (vi) with respect to the Mini-Master Seller, the Additional Atlas Amount, (vii) with respect to the DB FLF Seller, the Additional Fortress Amount, (viii) the wire instructions for such Seller, (ix) with respect to each Holdco Seller, the allocation of the Unit Consideration and the Cash Consideration payable to each equityholder of such Holdco Seller and (x) with respect to each such equityholder of such Holdco Seller, whether such equityholder is a Cashed Out Holder, Other Holder or Specified Holder. An illustrative example of the Consideration Spreadsheet is attached as <u>Exhibit F</u>. Except for any changes that are required as a result of actions permitted by <u>Section 6.1(b)(ii)</u>, the (x) allocation of the Unit Consideration to each equityholder of the Holdco Sellers and (y) designation of each such equityholder as a Cashed Out Holder, Other Holder or Specified Holder, in each case, may not change from the amounts and designations set forth in the illustrative Consideration Spreadsheet attached as <u>Exhibit F</u> without the prior written consent of the Purchaser.

"<u>Contract</u>" shall mean any legally binding contract, agreement, lease, license, instrument, note, evidence of indebtedness, or other similar legally binding commitment or undertaking.

"<u>Contingent Payment Difference</u>" is an amount equal to the Maximum FirstChoice Contingent Payment Amount <u>minus</u> the Actual FirstChoice Contingent Payment Amount.

"<u>Credit Agreements</u>" shall mean, collectively, (i) that certain Credit and Security Agreement, dated as of January 10, 2022, by and among Marsh, Berry & Company, LLC, MarshBerry Holding Company, LLC, the other guarantors from time to time party thereto, Fortress Credit Corp, as the administrative agent and collateral agent, and the lenders from time to time party thereto (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time) and (ii) that certain Loan Agreement, dated as of February 16, 2023, between MarshBerry Global LLC and The Huntington National Bank, as lender (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time).

"<u>Debt Commitment Letter</u>" means that certain debt commitment letter addressed to Monarch FinCo, LLC, an indirect wholly owned Subsidiary of the Purchaser, as amended, supplemented, or replaced in compliance with this Agreement or as required pursuant to the terms of this Agreement following a Debt Financing Failure Event, pursuant to which the financial institutions party thereto have agreed, subject only to the conditions set forth therein, to provide or cause to be provided the debt financing described therein.

"<u>Debt Fee Letter</u>" means, collectively, each fee letter relating to the Debt Financing.

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"<u>Debt Financing</u>" means the debt financing incurred or intended to be incurred pursuant to the Debt Commitment Letter.

"<u>Debt Financing Deliverables</u>" means such information as may be reasonably requested by the Purchaser with respect to the Company Group in connection with the Debt Financing and preparation of the Debt Financing Documents, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;such information with respect to the Company Group as may be necessary to complete, prepare, or deliver applicable disclosure schedules, certificates (including perfection certificates), and opinions in connection with the Debt Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;documentation and other information with respect to the Company Group reasonably requested by the Purchaser in writing at least eight (8) Business Days prior to the Closing Date (i) as may be required by bank regulatory authorities under applicable "know-your-customer" and anti-money laundering rules and regulations or (ii) to evidence compliance with OFAC, FCPA, and the Investment Company Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;organizational documents with respect to the Company and its Subsidiaries contemplated by the Debt Commitment Letter or reasonably requested by the Purchaser. 

"<u>Debt Financing Documents</u>" means the definitive agreements, documents, and certificates with respect to the Debt Financing. 

"<u>Debt Financing Failure Event</u>" shall mean any of the following (a) the commitments with respect to all or any portion of the Debt Financing expiring, or being terminated or cancelled, (b) for any reason, all or any portion of the Debt Financing becoming unavailable, (c) a breach, default, or repudiation of funding obligations by any Debt Financing Source party to the Debt Commitment

Letter of which any Purchaser Party becomes aware, (d) it becoming reasonably foreseeable that any of the events set forth in clauses (a) through (c) shall occur, or (e) any party to the Debt Commitment Letter or any Affiliate or agent of such Person shall allege in writing that any of the events set forth in the foregoing clauses has occurred.

"<u>Debt Financing Source</u>" means each party that has committed to provide or arrange the Debt Financing pursuant to the Debt Commitment Letter, any joinder agreements or any definitive documentation entered into pursuant thereto or relating thereto, together with their respective Affiliates and their respective Affiliates' officers, directors, employees, agents, and representatives and their respective successors and assigns; <u>provided</u> that, none of the Purchaser Parties or their respective Affiliates shall be a Debt Financing Source.

"<u>Debt KYC Deliverables</u>" means documentation and other information about the Company and its Subsidiaries as is reasonably requested by the Purchaser in connection with the Debt Financing under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act, or to satisfy a Financing Condition relating to the delivery of such documentation and information.

"<u>Earnout Amount</u>" shall have the meaning set forth in the Earnout Agreement.

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"<u>Enforceability Exceptions</u>" shall mean: (i) any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, or other similar Laws relating to or affecting the enforcement of creditors' rights generally; and (ii) any legal principles of general applicability governing the availability of equitable remedies (whether considered in a proceeding in equity or at law or under applicable legal codes).

"<u>Environmental Laws</u>" shall mean any applicable Laws relating to pollution or protection of the environment, natural resources, public, worker, or human health or safety (to the extent related to exposure to Hazardous Substances), or the use, generation, processing, labeling, handling, treatment, storage, disposal, recycling, transportation, or Release of Hazardous Substances, including the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 <u>et</u> <u>seq</u>., the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 <u>et</u> <u>seq</u>., the Toxic Substances Control Act, 15 U.S.C. § 2601 <u>et</u> <u>seq</u>., the Federal Water Pollution Control Act, 33 U.S.C. § 1251 <u>et</u> <u>seq</u>., the Clean Air Act, 42 U.S.C. § 7401 <u>et seq</u>., the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. § 135 <u>et</u> <u>seq</u>., the Safe Drinking Water Act, 42 U.S.C. § 300f <u>et</u> <u>seq</u>., the Occupational Safety and Health Act, 29 U.S.C. § 651 <u>et seq</u>., the Oil Pollution Act of 1990, 33 U.S.C. § 2701 <u>et</u> <u>seq</u>., and analogous applicable foreign, provincial, state, and local Laws.

"<u>Equity Interests</u>" means, with respect to any Person, all of the shares of capital stock, membership or membership interest, or other equity interests of (or other equity ownership or profit interests in) such Person, all of the warrants, options, or other rights for the purchase or acquisition of shares of capital stock or equity interests of (or other equity ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock or equity interests of (or other equity ownership or profit interests in) such Person or warrants, rights, or options for the purchase or acquisition of such shares or equity, and all of the other equity ownership or profit interests of such Person (including partnership interest, membership interest, or trust interests therein), whether voting or nonvoting.

"<u>Equity Plans</u>" shall mean the MarshBerry Holding Company, LLC Officer and Director Equity Plan, the MarshBerry Holding Company, LLC Phantom Award Plan, the MarshBerry Holding Company, LLC Management Incentive Plan, the MarshBerry Connect Platform LLC Phantom Award Plan and the MarshBerry Holding Company, LLC Post Change-In-Control Special Phantom Award Plan.

"<u>ERISA</u>" shall mean the U.S. Employee Retirement Income Security Act of 1974, as amended.

"<u>ERISA Affiliate</u>" of any Person (whether or not incorporated) that is, at the applicable time, considered treated as a single employer with any member of the Company Group under Section 4001 of ERISA or Section 414 of the Code, or that is a member of the same "controlled group" as such member of the Company Group pursuant to Section 4001 of ERISA.

"<u>Escrow Agent</u>" shall mean Wilmington Trust, N.A.

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"<u>Escrow Agreement</u>" shall mean the Escrow Agreement, substantially in the form attached hereto as <u>Exhibit G</u>, by and among the Purchaser, the Representative, and the Escrow Agent.

"<u>Escrow Amount</u>" shall mean $8,366,295; <u>provided</u> that, to the extent the amount of the estimated "Receivables Tied to 2025 FirstChoice Contingents (Guarantees / Per Carrier Grids)" accrued on the books and records of the Company Group as of the Adjustment Time (and calculated in accordance with the Transaction Accounting Principles) exceeds $8,591,766, then the Escrow Amount shall be increased by an amount equal to forty percent (40.0%) of such excess. By way of example, if the amount of the estimated "Receivables Tied to 2025 FirstChoice Contingents (Guarantees / Per Carrier Grids)" is $9,591,766, then the Escrow Amount shall be $8,766,295.

"<u>Escrowed Cash</u>" shall mean (i) the Escrow Amount, <u>plus</u> (ii) any interest, gains, and other distributions on the Escrow Amount, <u>minus</u> (iii) any amounts released or paid to the Purchaser or the Representative pursuant to the Escrow Agreement.

"<u>Estimated Working Capital Adjustment Amount</u>" means (i) $0 if the Estimated Closing Working Capital is equal to or between the Target Working Capital Minimum Amount and the Target Working Capital Maximum Amount, (ii) if the Estimated Closing Working Capital is less than the Target Working Capital Minimum Amount, then the amount of such deficit (expressed as a negative number) or (iii) if the Estimated Closing Working Capital is greater than the Target Working Capital Maximum Amount, the amount of such excess (expressed as a positive number).

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended.

"<u>FCA</u>" shall mean the UK's Financial Conduct Authority.

"<u>FCA Approval</u>" shall mean the Purchaser and any other Person who is to acquire control over IMAS for the purposes of Part XII and section 422 of FSMA at Closing having given a notice to the FCA under section 178 of FSMA, and the FCA (i) having given notice in writing of its unconditional approval of the acquisition of control by each such person in accordance with section 189(4)(a) of FSMA; (ii) having given notice in writing that it proposes to approve the acquisition of control by each such person subject to conditions in accordance with section 189(4)(b)(i) and 189(7) of FSMA where those conditions are reasonably satisfactory to the Purchaser; or (iii) being treated as having approved the acquisition of control by each such Person in accordance with section 189(6) of FSMA.

"<u>Final Working Capital Adjustment Amount</u>" means (i) $0 if the Closing Working Capital as finally determined pursuant to <u>Section 2.8</u> is equal to or between the Target Working Capital Minimum Amount and the Target Working Capital Maximum Amount, (ii) if the Closing Working Capital as finally determined pursuant to <u>Section 2.8</u> is less than the Target Working Capital Minimum Amount, then the amount of such deficit (expressed as a negative number) or (iii) if the Closing Working Capital as finally determined pursuant to this <u>Section 2.8</u> is greater than the Target Working Capital Maximum Amount, the amount of such excess (expressed as a positive number).

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"<u>Financing Conditions</u>" means, with respect to the Debt Financing, the conditions precedent set forth in the Debt Commitment Letter.

"<u>FINRA</u>" shall mean the Financial Industry Regulatory Authority, Inc. and any successor thereto.

"<u>FINRA Approval</u>" shall mean either (i) the decision of FINRA as specified in FINRA Rule 1017 granting approval of the FINRA Filing with respect to the transaction and the change in ownership of Lincoln LLC and MarshBerry Capital, which approval shall be in full force and effect, or (ii) (A) at least thirty (30) days have elapsed following submission of the FINRA Filing, (B) the Purchaser has notified FINRA that the parties intend to consummate the transaction pursuant to FINRA Rule 1017 without FINRA granting approval, and (C) during the period from the submission of the FINRA Filing to the Closing, FINRA shall not have imposed an interim restriction or otherwise advised the parties are prohibited from consummating the transaction.

"<u>FirstChoice Purchase Agreement</u>" shall mean the Equity Purchase Agreement, dated August 1, 2022, by and among MarshBerry Connect Platform LLC, the Persons listed as "Sellers" on the signature pages thereto, the Persons listed as "Beneficiaries" on the signatures pages thereto and Seller's Representatives (as defined therein).

"<u>Fraud</u>" shall mean, with respect to any Person, a statement of fact in the making of the express representations and warranties set forth in this Agreement with the intent to deceive another Person and requires: (i) a false representation of material fact; (ii) with actual knowledge that such representation is false; (iii) with an intention to induce the Person to whom such representation is made to act or refrain from acting in reliance upon it; (iv) causing such Person, in justifiable reliance upon such false representation, to take or refrain from taking action; and (v) causing such Person to suffer damage by reason of such reliance. For the avoidance of doubt, "Fraud" shall <u>not</u> include any claim based on constructive knowledge or any claim for equitable fraud, promissory fraud, unfair dealings fraud, or any torts (including a claim for fraud) based on negligence or recklessness.

"<u>FSMA</u>" shall mean the UK's Financial Services and Markets Act 2000.

"<u>GAAP</u>" shall mean generally accepted accounting principles in the United States, consistently applied.

"<u>Government Official</u>" means any official, officer, employee, or Representative of, or any Person acting in an official capacity for or on behalf of, any Governmental Authority, and includes any official or employee of any entity directly or indirectly owned or controlled by any Governmental Authority, and any officer or employee of a public international organization, as well as any Person acting in an official capacity for or on behalf of any such Governmental Authority, or for or on behalf of any such public international organization.

"<u>Governmental Authority</u>" shall mean: (i) any federal, supranational, state, provincial, local, foreign, or international government, governmental authority, regulatory authority, or administrative agency; (ii) any governmental commission, department, board, bureau, agency, or instrumentality, or any quasi-governmental or private body exercising any regulatory, taxing, importing, or other governmental or quasi-governmental authority or power; (iii) any court,

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tribunal, arbitrator, arbitral body (public or private), or self-regulatory organization; or (iv) any political subdivision of any of the foregoing.

"<u>Hazardous Substance</u>" shall mean any substance, waste, or liquid, gaseous, or solid material, which is or is deemed to be hazardous, hazardous waste, solid or liquid waste, toxic, a pollutant, a deleterious substance, a contaminant, or a source of pollution or contamination, in each case under any Environmental Laws, including oil and petroleum products, asbestos, polychlorinated biphenyls, radioactive material, per- and polyfluoroalkyl substances, and urea formaldehyde.

"<u>Headline Consideration</u>" means $325,000,000.00.

"<u>Holdco Sellers Reorganization</u>" means (i) the dissolution and liquidation of Holdco Seller, (ii) the distribution of all Company Units held by Holdco Seller to its shareholders, (iii) the distribution of a *pro rata* portion (based on the number of Company Units indirectly owned by each Specified Holder through Holdco II Seller) of the Company Units held by Holdco II Seller to each Specified Holder in full redemption of each Specified Holder's membership interest in Holdco II Seller, and (iv) each Other Holder's immediate contribution of any Company Units received pursuant to the foregoing clause (iii) to Holdco II Seller in exchange for units of Holdco II Seller (but, for purposes of clarity, such contribution shall not include a contribution by any Other Holder to Holdco II Seller of any Post-Closing Amount due to such Other Holder pursuant to this Agreement).

"<u>HSR Act</u>" means the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended.

"<u>IMAS</u>" means IMAS Corporate Finance LLP, an English registered limited liability partnership with registration number OC364774.

"<u>IMAS Purchase Agreement</u>" shall mean the Agreement, dated September 20, 2023, by and among the Persons whose names and addresses are set out in Schedule 1 thereto, MarshBerry UK Holding Limited and MarshBerry International, Inc.

"<u>Indebtedness</u>" shall mean, at the specified time, without duplication, all liabilities of the Company Group (whether or not contingent and including any and all principal, accrued, and unpaid interest, prepayment premiums or penalties, related expenses, commitment and other fees, or amounts that would be payable in connection therewith) with respect to: (i) borrowed money, loans, or advances (whether or not evidenced by bonds, debentures, notes, or other similar instruments or debt securities); (ii) any lease or similar arrangement required to be recorded as a capital lease or finance lease in accordance with GAAP (excluding leases characterized in the Company Group's books and records as operating leases, whether or not such leases are required to be classified as capitalized lease obligations under GAAP); <u>provided</u> that, no real property lease of any member of the Company Group shall be included in the foregoing as a capitalized or financed lease obligation; (iii) letters of credit or bankers' acceptances, performance bonds, sureties, or similar obligations that have been drawn down, in each case, to the extent of such draw; (iv) deferred purchase price of property, goods, or services (including any "earnout" or other contingent payments outstanding pursuant to the FirstChoice Purchase Agreement or the IMAS Purchase Agreement); (v) Accrued Income Taxes; (vi) interest rate and currency swap

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arrangements and any other arrangements designed to provide protection against fluctuations in interest or currency rates, which, for clarity, may be a positive or negative number; (vii) any liability or obligation of others guaranteed by, or secured by, any Lien on the assets of any member of the Company Group; (viii) any unfunded benefit liability attributable to any retirement plan or scheme, the aggregate amount of any unfunded retiree or post-termination health and welfare benefits, any unfunded benefit liability attributable to any deferred compensation plan, program, agreement, or arrangement, and any liability related to any claim under a self-insured medical or dental insurance plan incurred prior to the Closing, any liability for employer contribution obligations to any Benefit Plan that is a defined contribution plan (together with the employer portion of any payroll, social security, Medicare, unemployment, or other similar Taxes with respect to any of the payments in this clause (viii)); (ix) any accrued but unpaid commissions, referral fees, termination, severance, pay in lieu of notice or similar payments, payments, or other obligations in respect of deferred compensation plans (including all unpaid 401(k) plan accruals), in each case relating in whole or in part to any pre-Closing period, to any current or former director, officer, employee, or individual independent contractor or consultant (together with the employer portion of any payroll, social security, Medicare, unemployment, or other similar Taxes with respect to any of the payments in this clause); (x) the Bonus Amount (together with the employer portion of any payroll, social security, Medicare, unemployment, or other similar Taxes with respect thereto); (xi) $239,000 of potential sales Tax exposures of the Company Group (such amount being the Company's estimate of such exposure as of the date hereof); <u>provided</u>, that, such amount (x) may be modified solely to the extent new events occur or new facts arise that are not currently known by the Company or the Sellers that could reasonably be expected to increase such potential sales Tax exposures of the Company Group (this proviso not being intended to permit the introduction of different judgements, calculations or estimation methodologies than those used to estimate such exposure as of the date hereof) and (y) shall not be decreased without the prior written consent of the Purchaser; and (xii) any accrued or declared but unpaid dividend or distribution; <u>provided</u>, that, with respect to the Company Group, Indebtedness shall <u>not</u> include any payables or loans solely between or among any members of the Company Group. With respect to clause (iv) above, (a) the contingent payment under the FirstChoice Purchase Agreement shall be valued at the Maximum FirstChoice Contingent Payment Amount for purposes of calculating both the Estimated Closing Indebtedness and the final Closing Indebtedness in accordance with

<u>Section 2.8</u> and (b) the contingent payment under the IMAS Purchase Agreement (x) shall be valued at $0 for purposes of calculating the Estimated Closing Indebtedness and (y) shall be valued at the amount determined to be finally payable under the IMAS Purchase Agreement for purposes of calculating the final Closing Indebtedness in accordance with <u>Section 2.8</u>.

"<u>Intellectual Property</u>" shall mean any and all intellectual property rights, in any jurisdiction in the world, whether registered or unregistered, including all such rights to: (i) patents and patent applications; (ii) trademarks, service marks, trade dress, trade names, taglines, brand names, logos, and business or corporate names; (iii) copyrights and works of authorship; (iv) trade secrets, know-how, inventions, methods, processes, procedures, data, databases, reports, confidential business information, and other proprietary or confidential information; (v) computer programs, applications, algorithms, architecture, and code, including all source code and object code, and all specifications, designs, and documentation related thereto (collectively, "<u>Software</u>"); (vi) domain names, social media account identifiers, and Internet addresses; and (vii) all applications, registrations, and issuances for any of the foregoing with any Governmental Authority or internet domain name registrar.

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"<u>Knowledge</u>" shall mean: (i) when used in reference to the Sellers or the Company, the actual knowledge (after reasonable inquiry) of the individuals set forth in Section 1.1<u>(d)(i)</u> of Disclosure Letter; and (ii) when used in reference to any Purchaser Party, the actual knowledge (after reasonable inquiry) of the individuals set forth in <u>Section 1.1(d)(ii)</u> of the Disclosure Letter.

"<u>Law</u>" shall mean any law, statute, ordinance, code, decree, regulation, rule, or other legal requirement enacted, issued, promulgated, enforced, or entered by any Governmental Authority.

"<u>Leased Real Property</u>" shall mean any Real Property which is leased, subleased, or licensed to any member of the Company Group.

"<u>Lien</u>" shall mean any lien, mortgage, deed of trust, title restriction, easement, right-of-way, hypothecation, pledge, security interest, encumbrance, or other similar restriction.

"<u>Losses</u>" shall mean any damages, losses, liabilities, fines, fees, judgments, Taxes, costs, and expenses, including reasonable legal fees, costs and expenses.

"<u>Malicious Code</u>" means any (i) back door, time bomb, drop-dead device, or other technology routine designed or intended to disable a computer program automatically with the passage of time or under the positive control of a Person other than the user of the program, (ii) virus, trojan horse, worm, or other technology routine or hardware component designed to permit unauthorized access, to disable, erase, or otherwise harm technology, hardware, or data, or (iii) similar programs.

"<u>MarshBerry Capital</u>" shall mean MarshBerry Capital, LLC, an Ohio limited liability company and registered broker-dealer.

"<u>MarshBerry Holding Company, LLC Post Change-In-Control Special Phantom Award Plan</u>" shall mean the MarshBerry Holding Company, LLC Post Change-In-Control Special Phantom Award Plan.

"<u>Maximum FirstChoice Contingent Payment Amount</u>" shall mean $10,000,000.00.

"<u>Non-Recourse Party</u>" means, with respect to a Party, any of such Party's former, current, and future, direct or indirect, equityholders, stockholders, controlling Persons, directors, officers, employees, agents, incorporator, attorneys, advisors, representatives, Affiliates, members, managers, general or limited partners, successors, or assignees (or any former, current, or future equityholder, controlling Person, director, officer, employee, agent, incorporator, attorneys, advisors, representative, Affiliate, member, manager, general or limited partner, successor, or assignee of any of the foregoing).

"<u>Open Source Software</u>" shall mean any Software licensed, provided, or distributed under any open-source or similar license, including any license meeting the Open Source Definition (as promulgated by the Open Source Initiative) or the Free Software Definition (as promulgated by the Free Software Foundation), including the GNU General Public License (GPL), the GNU Library or Lesser General Public License (LGPL), the BSD License, the Mozilla Public License, and the Apache License.

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"<u>Order</u>" shall mean any order, decision, judgment, writ, injunction, decree, award, ruling, directive, consent, settlement, or other determination of any Governmental Authority.

"<u>Organizational Documents</u>" shall mean, with respect to any Person that is not a natural Person, such Person's charter, certificate or articles of incorporation or formation, bylaws, memorandum and articles of association, operating agreement, limited liability company agreement, partnership agreement, limited partnership agreement, limited liability partnership agreement, or other constituent or organizational documents of such Person.

"<u>Other Holder</u>" shall mean each holder of Equity Interests in Holdco Seller and/or Holdco II Seller that is denoted as an "Other Holder" on the Consideration Spreadsheet.

"<u>Outside Date</u>" shall mean the date that is 90 days after the date hereof; <u>provided</u> that, if as of such date, the conditions set forth in <u>Section 8.1</u> (to the extent relating to the Required Regulatory Approvals) shall not have been satisfied or waived, but all of the other conditions set forth in <u>Article VIII</u> have been satisfied or waived (or are then capable of being satisfied if the Closing were to take place on such date in the case of those conditions to be satisfied at the Closing), then such date shall automatically be extended to the date that is 180 days after the date hereof.

"<u>Owned Intellectual Property</u>" shall mean any Intellectual Property owned by any member of the Company Group.

"<u>Partnership Tax Audit Rules</u>" means sections 6221 through 6241 of the Code, together with any guidance issued under sections 6221 through 6241 of the Code or successor provisions and any corresponding or similar provision of state and local Tax Laws.

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money, (x) title to any portion of premises lying within the right of way or boundary of any public road or private road that, individually or in the aggregate, does not materially adversely affect the value or the continued use of any Leased Real Property, (xi) rights of parties in possession without options to purchase or rights of first refusal; (xii) restrictions on transfer imposed by applicable securities Laws; (xiii) non-exclusive licenses of Intellectual Property in the ordinary course of business; and (xiv) any other Liens set forth on <u>Section 1.1(e)</u> of the Disclosure Letter.

"<u>Person</u>" shall mean any individual or entity, including a partnership, a limited partnership, a limited liability partnership, a company, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, or a Governmental Authority.

"<u>Personal Information</u>" shall mean information in any form that is capable, directly or indirectly, of being associated with, related to, or linked to, or used to identify, describe, contact, or locate, a natural Person, device, or household (including name, address, telephone number, email address, billing information, driver's license number, other government-issued identifier, vehicle identification number, online identifier, device identifier, IP address, browsing history, search history, or other website, application, or online activity or usage data, location data, or biometric data), and/or is considered "personally identifiable information," "personal information," "personal data," or any similar term by any applicable Laws and/or Privacy Requirements.

"<u>Post-Closing Amount</u>" shall mean each of (i) that portion of the Escrow Amount (if any) that is ultimately required to be released to the Sellers, the Specified Holders, the Other Holders and the Cashed Out Holders, as applicable, pursuant to and in accordance with the terms of this Agreement and the Escrow Agreement, as applicable, (ii) that portion of the Earnout Amount (if any) that is ultimately required to be paid to the Sellers, the Specified Holders, the Other Holders and the Cashed Out Holders, as applicable, pursuant to and in accordance with the terms of this Agreement, the Earnout Agreement and the Distribution Agreements, (iii) that portion of the Representative Holdback Amount (if any) that is ultimately required to be released to the Sellers, the Specified Holders, the Other Holders and the Cashed Out Holders, as applicable, pursuant to and in accordance with the terms of this Agreement and the Distribution Agreements, (iv) the amount, if any, of any payment required to be made by the Purchaser to the Sellers, the Specified Holders, the Other Holders and the Cashed Out Holders, as applicable, pursuant to and in accordance with <u>Section 2.8(c)(ii)(B</u>) and the Distribution Agreements, (v) the amount, if any, of any direct payment required to be made by the Sellers, the Specified Holders, the Other Holders and the Cashed Out Holders, as applicable, to the Purchaser pursuant to and in accordance with the proviso in <u>Section 2.8(c)(i)</u> and the Distribution Agreements, (vi) the amount, if any, of any Contingent Payment Difference required to be paid by the Purchaser to the Sellers, the Specified Holders, the Other Holders and the Cashed Out Holders, as applicable, pursuant to and in accordance with <u>Section 7.11</u> and the Distribution Agreements, and (vii) the amount, if any, of any Paid Indemnity / RWI Payment Amount required to be paid by the Purchaser to the Sellers, the Specified Holders, the Other Holders and the Cashed Out Holders, as applicable, pursuant to and in accordance with <u>Section 7.12</u> and the Distribution Agreements.

"<u>Pre-Closing Tax Period</u>" shall mean any taxable period ending on or before the Closing Date and that portion of any Straddle Period ending on (and including) the Closing Date.

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"<u>Pre-Closing Taxable Period Return</u>" shall mean any Tax Return that is required to be filed by any member of the Company Group for any taxable period ending on or before the Closing Date.

"<u>Privacy Laws</u>" shall mean all applicable Laws, guidance, guidelines, and standards relating to privacy, data security, the Processing of Personal Information, data breach notification, website and mobile application privacy policies and practices, consumer protection, content moderation, online safety, online platform regulation, the Processing and security of payment card information (including the Payment Card Industry Data Security Standard and other applicable card association rules), wiretapping, the interception of electronic communications, the tracking or monitoring of online activity, data- or web-scraping, advertising or marketing, and email, text message, or telephone communications.

"<u>Process</u>," "<u>Processed</u>," or "<u>Processing</u>" shall mean any operation or set of operations that is performed on information, including Personal Information, such as the use, collection, processing, storage, recording, organization, adaption, alteration, transfer, retrieval, consultation, disclosure, dissemination, combination, or disposal of such information, and/or is considered "processing" by any applicable Privacy Requirements.

"<u>PTET</u>" means an entity-level Tax imposed by any state or local jurisdiction on an entity treated as a passthrough entity for U.S. federal or applicable state and local income Tax purposes in lieu of a Tax on one or more of such entity's partners, members, shareholders, or owners.

"<u>PTET Election</u>" means any election by an entity to be subject to a PTET.

"<u>Purchaser Material Adverse Effect</u>" shall mean any change, event, fact, circumstance, development, condition, matter, occurrence or effect that, individually or in the aggregate, prevents or materially delays the ability of the Purchaser Parties to consummate the Transactions.

"<u>Purchaser Units</u>" shall mean Units (as such term is defined in the Third Amended Restated Limited Partnership Agreement of the Purchaser, effective as of April 27, 2022 (as amended or modified from time to time)).

"<u>Put/Call Agreement</u>" shall mean the Put/Call Agreement in the form attached hereto as <u>Exhibit I</u>.

"<u>R&W Insurance</u>" means the insurance coverage provided pursuant to the R&W Insurance Policy.

"<u>R&W Insurance Policy</u>" means a buyer-side representations and warranties insurance policy to be obtained by the Purchaser in connection with this Agreement and the Transactions.

"<u>Real Property</u>" shall mean any lands, buildings, structures and other improvements, together with all fixtures attached or appurtenant to the foregoing, and all easements, covenants, hereditaments, and appurtenances that benefit the foregoing.

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"<u>Real Property Leases</u>" shall mean any leases, subleases, and licenses (including any amendments, renewals, and guarantees relating thereto) relating to Real Property under which any member of the Company Group is a tenant, licensee, or subtenant.

"<u>Release</u>" shall mean any release, spill, emission, leaking, pumping, depositing, pouring, placing, discarding, abandoning, emptying, migrating, seeping, escaping, leaching, dumping, injection, disposal, or discharge of any Hazardous Substance into or through the environment.

"<u>Representative Holdback Account</u>" means the account maintained by the Representative to hold the Representative Holdback Amount on behalf of Sellers and the Specified Holders as a fund for any fees and expenses (including legal, accounting and other advisors' fees and expenses, if applicable) incurred by the Representative in its capacity as the representative of Sellers and the Specified Holders, all in accordance with <u>Section 11.18</u>.

"<u>Representative Holdback Amount</u>" means $500,000, such amount to be withheld from the Cash Consideration otherwise payable at Closing.

"<u>Representatives</u>" shall mean, with respect to any Person, such Person's Affiliates and its and their respective directors, officers, employees, financial advisors, attorneys, accountants, consultants, agents, and other advisors and representatives.

"<u>Required Regulatory Approvals</u>" means, collectively, the expiration of the waiting period under the HSR Act, the FCA Approval and the FINRA Approval.

"<u>Sanctioned Country</u>" shall mean, at any time, a country or territory that is itself the target of comprehensive Sanctions (as of the date of this Agreement, Cuba, Iran, North Korea, the Crimea region of Ukraine, the so-called Donetsk People's Republic, and the so-called Luhansk People's Republic).

"<u>Sanctioned Person</u>" shall mean any Person that is the target of Sanctions, including (i) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of

Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, the United Nations Security Council, the European Union, any Member State of the European Union, or the United Kingdom; (ii) any Person operating, organized, or resident in a Sanctioned Country; (iii) the government of a Sanctioned Country or the Government of Venezuela; or (iv) any Person fifty percent (50%) or more owned or controlled by any such Person or Persons or acting for or on behalf of such Person or Persons.

"<u>Sanctions</u>" shall mean economic or financial sanctions or trade embargoes imposed, administered, or enforced from time to time by (i) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (ii) the United Nations Security Council, the European Union, any European Union member state, or the United Kingdom.

"<u>SEC</u>" shall mean the United States Securities and Exchange Commission.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

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"<u>Security Incident</u>" means any (i) accidental, unlawful, or unauthorized access, use, loss, exfiltration, disclosure, alteration, destruction, encryption, compromise, or other Processing of Personal Information and/or confidential information; or (ii) occurrence that constitutes a "data breach," "security breach," "personal data breach," "security incident," "cybersecurity incident," or any similar term under any applicable Law.

"<u>Seller Related Person</u>" shall mean (i) any holder of Equity Interests of or Affiliate of any Seller (other than members of the Company Group) or (ii) any officer, management level employee, or director of any member of the Company Group.

"<u>Specified Holder</u>" shall mean each holder of Equity Interests in Holdco Seller and/or Holdco II Seller that is denoted as a "Specified Holder" on the Consideration Spreadsheet.

"<u>Straddle Period Return</u>" shall mean any Tax Return required to be filed by any member of the Company Group for any Straddle Period.

"<u>Subsidiary</u>" shall mean, with respect to any Person, any corporation, company, partnership, limited liability company, association, or other business entity of which (i) if a corporation or company, a majority of the total voting power of Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a partnership, limited liability company, association, or other business entity, a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a partnership, limited liability company, association, or other business entity if such Person or Persons shall be allocated a majority of partnership, limited liability company, association, or other business entity gains or losses or shall be or control the managing member, general partner or comparable managerial Person of such partnership, limited liability company, association, or other business entity.

"<u>Target Working Capital Maximum Amount</u>" shall mean $1,000,000.00

"<u>Target Working Capital Minimum Amount</u>" shall mean $500,000.00. 

"<u>Tax Proceeding</u>" shall mean any audit, investigation, examination, claim, dispute, claim for refund, or administrative, judicial, or other proceeding with or against a Governmental Authority involving any asserted Tax liability.

"<u>Tax Returns</u>" shall mean any and all returns, reports, declarations, claims for refund, elections, disclosures, estimates, vouchers, information reports or returns, or statements filed or required to be filed with a Governmental Authority in connection with Taxes, including any schedule or attachment thereto or amendment thereof.

"<u>Taxes</u>" shall mean any U.S. federal, state, provincial, local, foreign (non-U.S.), or other taxes, levies, fees, imposts, duties, and similar governmental charges whether disputed or not (including any interest, fines, assessments, penalties, or additions to tax with respect thereto),

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including (i) taxes imposed on, or measured by, income, franchise, occupation, profits, or gross receipts and (ii) ad valorem, value added, capital gains, sales, goods and services, use, real or personal property, capital stock, documentary, license, branch, payroll, estimated, withholding, employment, social security (or similar), unemployment compensation, utility, severance, production, excise, escheat, levies, imposts, fees, stamp, occupation, premium, windfall profits, transfer, and gains taxes, and customs duties.

"<u>Trade Controls</u>" shall mean (i) all applicable trade, export control, import, and antiboycott laws and regulations imposed, administered, or enforced by the U.S. government, including the Arms Export Control Act (22 U.S.C. §1778), the International Emergency Economic Powers Act (50 U.S.C. §§1701–1706), Section 999 of the Internal Revenue Code, the U.S. customs laws at Title 19 of the U.S. Code, the Export Control Reform Act of 2018 (50 U.S.C. §§4801-4861), the International Traffic in Arms Regulations (22 C.F.R. Parts 120–130), the Export Administration Regulations (15 C.F.R. Parts 730-774), the U.S. customs regulations at 19 C.F.R. Chapter I, and the Foreign Trade Regulations (15 C.F.R. Part 30); and (ii) all applicable trade, export control, import, and antiboycott laws and regulations imposed, administered, or enforced by any other country, except to the extent inconsistent with U.S. law.

"<u>Transaction Accounting Principles</u>" shall mean the principles, conventions, methodologies, and, where applicable, the sample calculations, in each case, set forth in <u>Section 1.1(f)</u> of the Disclosure Letter.

"<u>Transaction Documents</u>" shall mean this Agreement, the Escrow Agreement, the Earnout Agreement, the Put/Call Agreement and the other ancillary agreements, including any schedules and exhibits thereto, and documents and certificates pursuant to such agreements, including any waivers and amendments to such agreements, documents, and certificates.

"<u>Transaction Expenses</u>" shall mean (i) all fees, costs, and expenses (including, without limitation, fees, costs, and expenses of legal counsel, investment bankers, brokers, or other representatives and consultants and appraisal fees, costs, and expenses) incurred by the Company Group or the Sellers (to the extent that the Company Group is responsible for the payment thereof) in connection with the negotiation and execution of this Agreement and the Transaction

Documents, the performance of its obligations hereunder and thereunder, and the consummation of the Transactions (including, without limitation, any such amounts required to be paid to any third party in connection with obtaining any consent, waiver or approval required to be obtained in connection with the consummation of the Transactions); (ii) the cost of the D&O Tail Policy and any other tail policies obtained by the Company (in its discretion) prior to Closing; (iii) all amounts (<u>plus</u> the employer portion of any payroll, social security, Medicare, unemployment, or other similar Taxes with respect thereto) payable by the Sellers or the Company Group, whether immediately or in the future, under any change of control, "liquidity event," retention, severance, success, sale, transaction, or similar bonuses or other similar arrangements in connection with or as a result of the consummation of the Transactions, including, without limitation, pursuant to the MarshBerry Holding Company, LLC Phantom Award Plan, MarshBerry Holding Company, LLC Management Incentive Plan and MarshBerry Connect Platform LLC Phantom Award Plan (whether alone or in connection with any other events) (including, without limitation, any such amounts payable to any current or former director, officer, employee, or individual independent contractor (as applicable) of any member of the Company Group), but excluding the MarshBerry

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Holding Company, LLC Post Change-In-Control Special Phantom Award Plan; and (iv) the employer portion of any payroll, social security, Medicare, unemployment, or other similar Taxes with respect thereto payable by the Sellers or the Company Group in respect of awards under the MarshBerry Holding Company, LLC Officer and Director Equity Plan (including, for the avoidance of doubt, corresponding awards in Holdco II Seller granted as "mirror units") in connection with or as a result of the consummation of the Transactions (assuming all service and other vesting requirements have been satisfied in full).

"<u>Transaction Tax Deductions</u>" means, without duplication, (i) the fees, expenses and interest (including amounts treated as interest for U.S. federal income Tax purposes (and original issue discount or similar items) and any breakage fees or accelerated deferred financing fees or debt prepayment fees or capitalized debt costs) incurred by any member of the Company Group with respect to any payment under the Indebtedness in connection with the Transactions, (ii) the amount of the Transaction Expenses and other Transactions costs, including, to the extent deductible (determined, where relevant, in accordance with the last sentence hereof), any investment banking, legal and accounting fees and expenses paid or payable by any member of the Company Group, incurred in connection with or incident to this Agreement or the Transactions, and (iii) the amount of any and all compensation resulting from the exercise or payment for cancellation of, or in respect of, employee or other compensatory options or similar instruments or compensatory plans, in each case, in connection with the Transactions, in each case, to the extent such amount is permitted by applicable Law to be deducted for U.S. federal income Tax purposes using a "more likely than not" standard. The Parties shall apply the safe harbor election set forth in IRS Revenue Procedure 2011-29 to determine the amount of any success-based fees for purposes of <u>clause (ii)</u> above.

"<u>Transactions</u>" shall mean the transactions contemplated by this Agreement and the other Transaction Documents.

"<u>Treasury Regulations</u>" shall mean the Treasury regulations promulgated under the Code.

"<u>Union</u>" shall mean any labor union, works council, employee representative body, or other organization or body, whether certified, recognized, or otherwise authorized, that has the authority

to represent employees of the Company Group or any of its Subsidiaries with respect to wages, hours, working conditions, or other terms and conditions of employment.

"<u>Unit Consideration</u>" shall mean a number of Purchaser Units equal to (i) the Unit Consideration Amount <u>divided by</u> (ii) $10,800.00. With respect to each recipient of Unit Consideration hereunder, the number of Purchaser Units to be issued to such recipient shall be rounded to the nearest whole number, and such recipient's portion of the Cash Consideration shall be increased or decreased by an amount equal to the fractional Purchaser Unit issued or not issued (due to rounding) multiplied by $10,800.00.

"<u>Unit Consideration Amount</u>" shall mean $34,020,000.00.

Each capitalized term listed below is defined in the corresponding reference in this Agreement:

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| | |
|:---|:---|
| **Term** | **Section** |
| Adjustment Period | &nbsp;&nbsp;&nbsp;&nbsp;11.18(a) |
| Agreement | Preamble |
| AI Technologies | 4.16(g) |
| Allocation | 2.1 |
| BD Consent States | 6.9 |
| Closing | 2.2 |
| Closing Date | 2.2 |
| Closing Statement | 2.8(a)(i) |
| Collective Bargaining Agreement | 4.13(c) |
| Company | Preamble |
| Company 401(k) Plan | 7.8(c) |
| Company Group Balance Sheet | 4.7(a) |
| Company Group Financial Statements | 4.7(a) |
| Company Group Insurance Policies | 4.22 |
| Company Policies | 4.8(j) |
| Company Systems | 4.16(h) |
| Company Units | Recitals |
| Continuing Employees | 7.8(a) |
| D&O Indemnified Person | 7.6(a) |
| D&O Tail Policy | 7.6(b) |
| Data Partners | 4.26(a) |
| DB FLF Seller | Preamble |
| Debt Replacement Financing | 6.12(d) |
| Determination Date | 2.8(b)(iii) |
| Disclosure Letter | III |
| Disputed Amounts | 2.8(b)(iii) |
| Dutch Majority Company Interests | Recitals |
| Dutch Minority Company Interests | Recitals |
| Dutch Minority Member | Recitals |
| Dutch Purchaser | Preamble |
| Earnout Agreement | 2.5 |
| Employee Restrictive Covenant Agreements | Recitals |
| Employment Agreements | Recitals |
| Estimated Closing Cash | 2.6(a) |
| Estimated Closing Indebtedness | 2.6(a) |
| Estimated Closing Transaction Expenses | 2.6(a) |
| Estimated Closing Working Capital | 2.6(a) |
| FINRA Filing | 6.9 |
| Form BD | 4.8(h) |
| Holdco II Seller | Preamble |
| Holdco Seller | Preamble |
| Independent Accountant | 2.8(b)(iii) |
| Interim Company Group Balance Sheet | 4.7(a) |
| Material Clients | 4.18(a) |
| Material Contract | 4.17(a) |

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| | |
|:---|:---|
| **Term** | **Section** |
| Material Suppliers | 4.18(a) |
| MB International | Recitals |
| MB LLC | Recitals |
| MB Netherlands | Recitals |
| MB UK | Recitals |
| Mini-Master Seller | Preamble |
| Minority Dutch Purchaser | Preamble |
| Non-Party Affiliates | 11.17 |
| Paid Indemnity / RWI Payment Amount | 7.12 |
| Party | Preamble |
| Payoff Letter | 6.5 |
| Permissions | 4.8(a) |
| Permits | 4.2 |
| Positive Adjustment Cap | 2.8(c)(ii) |
| Post-Closing Adjustment | 2.8(a)(ii) |
| Pre-Closing Period | 6.1(a) |
| Pre-Closing Statement | 2.6(a) |
| Privacy Policy | 4.26(a) |
| Privacy Requirements | 4.26(a) |
| Prohibited Modification | 6.12(b)(v) |
| Purchased Interests | Recitals |
| Purchaser | Preamble |
| Purchaser Parties | Preamble |
| Purchaser Plans | 7.8(b) |
| R&W Insurer | 7.5 |
| Regulatory Report | 4.8(c) |
| Representative Losses | 11.18(c) |
| Required Amounts | 5.9(c) |
| Resolution Period | 2.8(b)(ii) |
| Restricted Party | Recitals |
| Restrictive Covenant Agreements | Recitals |
| Retention Agreements | Recitals |
| Retention Parties | Recitals |
| Review Period | 2.8(b)(i) |
| Sellers | Preamble |
| Statement of Objections | 2.8(b)(ii) |
| Straddle Period | 9.1(c) |
| \t | 1 |
| Tax Contest | 9.1(d) |
| Terminated Affiliated Arrangements | 6.3 |
| Transaction Consideration | 2.3 |
| Transfer Taxes | 9.3 |
| Travelers | 7.12 |
| UK Company Interests | Recitals |
| UK Purchaser | Preamble |

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**ARTICLE II.**

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**PURCHASE AND SALE**

Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase and Sale of Purchased Interests</u>. Upon the terms and subject to the conditions set forth in this Agreement, at the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall cause MB International to sell, transfer, and deliver to UK Purchaser, with full title guarantee (as defined in the Law of Property (Miscellaneous Provisions) Act 1994) and free and clear of any Liens (other than restrictions on transfer imposed by applicable securities Laws and Liens which shall be paid in full and released prior to or substantially concurrently with Closing), and UK Purchaser shall purchase and acquire from MB International, all of its right, title, and interest in and to the UK Company Interests (including all dividends and distributions declared, paid, or made in respect of the UK Company Interests after the Closing Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; the Company shall cause MB International to transfer, and deliver to Dutch Purchaser, free and clear of any Liens (other than restrictions on transfer imposed by applicable securities Laws and Liens which shall be paid in full and released prior to or substantially concurrently with Closing), and Dutch Purchaser shall acquire from MB International, all of its right, title, and interest in and to the Dutch Majority Company Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall cause Dutch Minority Member to transfer, and deliver to Dutch Minority Purchaser, free and clear of any Liens (other than restrictions on transfer imposed by applicable securities Laws and Liens which shall be paid in full and released prior to or substantially concurrently with Closing), and Dutch Minority Purchaser shall acquire from Dutch Minority Member, all of its right, title, and interest in and to the Dutch Minority Company Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Sellers and the Specified Holders shall sell, transfer, and deliver to the Purchaser, free and clear of any Liens (other than restrictions on transfer imposed by applicable securities Laws), and the Purchaser shall purchase and acquire from the Sellers and the Specified Holders, all of their right, title, and interest in and to the Purchased Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;each of the Company (on its own behalf and on behalf of MB International and Dutch Minority Member, if applicable) and the Sellers irrevocably waive any right of pre-emption or other restriction on transfer in respect of the UK Company Interests, the Dutch Majority Company Interests, the Dutch Minority Company Interests, and the Purchased Interests (as applicable) conferred on it under any agreement or otherwise, in connection with the sale and transfer of the UK Company Interests, Dutch Majority Company Interests, the Dutch Minority Company Interests, and the Purchased Interests (as applicable) pursuant to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;for purposes hereof, the consummation of the transactions contemplated by the foregoing clauses (a), (b) and (c) shall happen immediately prior to the consummation of the transactions contemplated by the foregoing clause (d).

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Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Closing</u>. The closing of the transactions contemplated by this Agreement (the "<u>Closing</u>") shall take place virtually via electronic exchange of documents (a) on the third (3rd) Business Day following the satisfaction or, to the extent permitted by applicable Law, waiver of the conditions in <u>Article VIII</u> (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the fulfilment or, to the extent permitted by applicable Law, waiver of those conditions at the Closing) or (b) at such other time and place as the Company and the Purchaser mutually agree in writing; <u>provided</u>, that, without the prior written consent of the Purchaser, the Closing shall not take place prior to the forty-fifth (45<sup>th</sup>) day following the date hereof (such date, the "<u>Inside Date</u>"); <u>provided</u>, that, the Company may in its sole discretion, extend the Inside Date for one additional period of fifteen (15) Business Days following such initial period. The date the Closing occurs is the "<u>Closing Date</u>."

Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Transaction Consideration</u>. In exchange for the sale and delivery of the Purchased Interests in accordance with <u>Section 2.1</u>, the Purchaser shall pay, or cause to be paid, in the aggregate, to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable, the following in accordance with the provisions of this Agreement (collectively, as adjusted and finally determined in accordance with <u>Section 2.6(c)</u>, the "<u>Transaction Consideration</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Cash Consideration; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Unit Consideration; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;that portion of the Escrow Amount (if any) that is ultimately required to be released to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable, pursuant to and in accordance with the terms of this Agreement and the Escrow Agreement, as applicable; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;that portion of the Earnout Amounts (if any) that is ultimately required to be paid to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable, pursuant to and in accordance with the terms of this Agreement and the Earnout Agreement; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;that portion of the Representative Holdback Amount (if any) that is ultimately required to be released to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable, pursuant to and in accordance with the terms of this Agreement; <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the amount, if any, of any payment required to be made by the Purchaser to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable, pursuant to and in accordance with <u>Section 2.8(c)(ii)(B)</u>; <u>minus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the amount, if any, of any direct payment required to be made by the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable, to the Purchaser pursuant to and in accordance with the proviso in <u>Section 2.8(c)(i)</u>; <u>plus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the amount, if any, of any Contingent Payment Different required to be paid by the Purchaser to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable, pursuant to and in accordance with <u>Section 7.11</u>; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the amount, if any, of any Paid Indemnity / RWI Payment Amount required to be paid by the Purchaser to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable, pursuant to and in accordance with <u>Section 7.12</u>; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;the Additional Atlas Amount; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;the Additional Fortress Amount.

Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Escrow</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;At the Closing, the Purchaser shall deposit an amount in cash equal to the Escrow Amount with the Escrow Agent in accordance with <u>Section 2.6(c)</u> to be held in an escrow account by the Escrow Agent for the purpose of securing payment obligations of the Sellers with respect to post-closing adjustments as set forth in <u>Section 2.8</u>). The Escrowed Cash shall be held by the Escrow Agent pursuant to the terms of the Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Agreement and the Escrow Agreement, all of the Escrowed Cash held in the Escrow Account (other than any amounts in respect of the Escrow Account to be distributed to the Purchaser pursuant to <u>Section 2.8(c)</u>) shall be released to the and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable, in accordance with <u>Section 2.8(c)</u> pursuant to joint written instructions delivered by the Purchaser and Representative to the Escrow Agent.

Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Earnout</u>. Concurrently with the execution and delivery of this Agreement, the Holdco Sellers and the Purchaser are entering into an Earnout Agreement attached hereto as <u>Exhibit</u> J (the "<u>Earnout Agreement</u>") pursuant to which the Holdco Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder shall be eligible to receive, as partial consideration in exchange for the sale and delivery of the Purchased Interests, certain Earnout Amounts from the Purchaser, in accordance with, and subject to the terms and conditions of, the Earnout Agreement.

Section 2.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Pre-Closing Statement; Consideration Spreadsheet</u>. No later than three (3) Business Days prior to the Closing, the Company shall prepare and deliver to the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a statement (the "<u>Pre-Closing Statement</u>") setting forth a calculation of the Company's good faith estimate of (i) Closing Working Capital (the "<u>Estimated Closing Working Capital</u>"), (ii) Closing Cash (the "<u>Estimated Closing Cash</u>"), (iii) Closing Indebtedness (the "<u>Estimated Closing Indebtedness</u>"), (iv) Closing Transaction Expenses (the "<u>Estimated Closing Transaction Expenses</u>"), and (v) the resulting calculation of the Cash Consideration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; the Consideration Spreadsheet.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Pre-Closing Statement shall be prepared in accordance with the Transaction Accounting Principles (except as otherwise contemplated by the definitions of Indebtedness, Transaction Expenses, or Cash). The Company shall consider in good faith any comments by the Purchaser on the Pre-Closing Statement. The Pre-Closing Statement, updated to reflect any Purchaser comments as the Company shall determine in good faith are appropriate, shall be conclusive for determining the payments to be made at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, the Consideration Spreadsheet may be updated prior to the Closing by the Representative upon prior written notice to Purchaser to reflect any changes to the Pre-Closing Statement pursuant to the last sentence of the foregoing clause (c).

Section 2.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Transactions to Be Effected at the Closing</u>. At the Closing, the following transactions shall be effected by the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Purchaser 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;deliver, or cause to be delivered, (A) to each Seller, by wire transfer of immediately available funds, such Seller's portion of the Cash Consideration as set forth in the Consideration Spreadsheet (for further payment to each Specified Holder, Other Holder and Cashed Out Holder, as applicable), (B) to Mini-Master Seller, by wire transfer of immediately available funds, the Additional Atlas Amount as set forth in the Consideration Spreadsheet and (C) to DB FLF Seller, by wire transfer of immediately available funds, the Additional Fortress Amount as set forth in the Consideration Spreadsheet;

&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)&nbsp;&nbsp;&nbsp;&nbsp;deliver, or cause to be delivered, to each Seller and Specified Holder receiving any Unit Consideration, such Seller's or Specified Holder's, as applicable, portion of the Unit Consideration (which, for the avoidance of doubt, shall be issued in book-entry form) as set forth in the Consideration Spreadsheet;

&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)&nbsp;&nbsp;&nbsp;&nbsp;deliver, or cause to be delivered, to the Escrow Agent for deposit in the Escrow Account, the Escrow Amount;

&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)&nbsp;&nbsp;&nbsp;&nbsp;deliver, or cause to be delivered, to the Representative, a duly executed copy of the Escrow Agreement duly executed by the Purchaser;

&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)&nbsp;&nbsp;&nbsp;&nbsp;deliver, or cause to be delivered, to the Representative for deposit in the Representative Holdback Account, the Representative Holdback Amount;

&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)&nbsp;&nbsp;&nbsp;&nbsp;deliver, or cause to be delivered, to the Company, a certificate duly executed by an officer of Purchaser, dated as of the Closing, certifying that each of the conditions specified in <u>Section 8.3(a)</u> and <u>Section 8.3(b)</u> have been fully satisfied;

&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)&nbsp;&nbsp;&nbsp;&nbsp;pay, or cause to be paid, the Transaction Expenses to the applicable recipients thereof, by wire transfer of immediately available funds to the bank accounts designated in writing by the Company (such designation to be made at least three (3) Business Days prior to the Closing Date), except that any Transaction Expenses payable to

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employees, officers, directors or individual independent contractors of a member of the Company Group shall be paid via the Company's normal payroll practices following the Closing, subject to applicable withholding Tax, and that any such Transaction Expenses payable contingent upon the execution of a Release will be paid via the Company's normal payroll practices following the Company's receipt of the applicable Release and the expiration of any associated revocation 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;repay, or cause to be repaid, on behalf of the Company, all amounts necessary to discharge fully the then-outstanding balance of all Company Payoff Indebtedness, in each case in the amount set forth in the Payoff Letters, by wire transfer of immediately available funds to the account(s) designated by the holders of such Company Payoff Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;deliver, or cause to be delivered, to Holdco II Seller and each Specified Holder (all of whom are receiving any Unit Consideration), a duly executed copy of the Put/Call Agreement duly executed by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;deliver, or cause to be delivered, to each of John Wepler and Phil Trem duly executed copies of the Restrictive Covenant Agreements duly executed by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;deliver, or cause to be delivered, a duly executed copy of the A&R Holdco II LLCA, executed by LI GP, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;deliver, or cause to be delivered, to each Restricted Party that delivers an Employee Restrictive Covenant Agreement prior to or in connection with the Closing, a duly executed copy of the Employee Restrictive Covenant Agreement with such Restricted Party duly executed by the Purchaser; 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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;deliver, or cause to be delivered, to each Specified Holder, a duly executed copy of the Purchaser's standard form of subscription agreement and joinder agreement or similar agreement (in each case, in customary form and substance reasonably acceptable to the Representative, the "<u>Lincoln Subscription Agreements</u>") in respect of such Specified Holder's Unit Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Sellers, or the Company (as applicable) shall deliver, or cause to be delivered, to the Purchaser:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Purchased Interests, together with a duly executed assignment agreement transferring each Seller's and each Specified Holder's ownership of its Purchased Interests to the Purchaser;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the UK Company Interests to the UK Purchaser, together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;stock transfer form(s) transferring all of the UK Company Interests into the name of the UK Purchaser duly executed by MB International;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;share certificates in respect of all of the UK Company Interests, or an indemnity for any lost share certificates in the Agreed Form duly executed by

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MB International or, if applicable, any relevant security holder or its nominee(s) in respect of the relevant shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;a copy of a duly executed board resolution or duly executed board minutes of MB International approving the execution by MB International of any documents that MB International is required to execute or deliver at Closing; 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)&nbsp;&nbsp;&nbsp;&nbsp;a copy of a duly executed board resolution or duly executed board minutes of MB UK approving the execution by MB UK of any documents that MB UK is required to execute or deliver at Closing and approving the registration of the transfers of the UK Company Interests (subject only to them being duly stamped);

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Dutch Majority Company Interests and the Dutch Minority Company Interests, together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;a duly executed private deed transferring the Dutch Majority Company Interests from MB International to Dutch Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;a duly executed private deed transferring the Dutch Minority Company Interests from Dutch Minority Member to Dutch Minority Purchaser; 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)&nbsp;&nbsp;&nbsp;&nbsp;a unanimous resolution by the general meeting of members of MB Netherlands authorizing the transfer and admission of new members under the foregoing clauses (B) and (C);

&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)&nbsp;&nbsp;&nbsp;&nbsp;a certificate duly executed by an officer of the Company dated as of the Closing, certifying that each of the conditions specified in <u>Section 8.2(a)</u>, Section <u>8.2(b)</u> and <u>Section 8.2(c)</u> have been satisfied;

&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)&nbsp;&nbsp;&nbsp;&nbsp;a duly executed copy of the Escrow Agreement duly executed by the Representative;

&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)&nbsp;&nbsp;&nbsp;&nbsp;an executed Internal Revenue Service Form W-9 for each Seller and each Specified Holder;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the executed Payoff Letters;

&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)&nbsp;&nbsp;&nbsp;&nbsp;a duly executed copy of the A&R Holdco II LLCA, executed by each Other Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;a duly executed copy of the Put/Call Agreement executed by Holdco II Seller and each Specified Holder (all of whom are receiving any Unit Consideration);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;in respect of each member of the Company Group, the written resignation of each director, company secretary, and auditors of such member of the Company Group as may be notified by the Purchaser to the Sellers (or the Representative on their behalf) not less than three (3) Business Days prior to Closing, duly executed by the relevant

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resigning person(s) in the Agreed Form and accompanied by any further documents as are necessary to effect a valid resignation in the relevant jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;the Restrictive Covenant Agreements and the Retention Agreements, duly executed by each of John Wepler and Phil Trem and, with respect to the Retention Agreements, MB LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;the Employee Restrictive Covenant Agreements, duly executed by each Restricted Party that delivers an Employee Restrictive Covenant Agreement prior to or in connection with the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;evidence reasonably satisfactory to Purchaser that the Terminated Affiliated Arrangements have been terminated, effective as of no later than the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;a duly executed copy of the Lincoln Subscription Agreement in respect of such Specified Holder's Unit Consideration, duly executed by each Specified Holder; 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;(xv)&nbsp;&nbsp;&nbsp;&nbsp;a duly executed copy of each Distribution Agreement, duly executed by Holdco II Seller and each Closing Holdco II Member.

Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Post-Closing Adjustment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Closing Statement</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;On the later of (x) ninety (90) days after the Closing Date and (y) May 30, 2026, the Purchaser shall prepare and deliver to the Representative a statement (the

"<u>Closing Statement</u>") setting forth its good faith calculation of (A) Closing Working Capital, (B) Closing Cash, (C) Closing Indebtedness, (D) Closing Transaction Expenses, (E) the resulting calculation of the Cash Consideration, and (F) the Post-Closing Adjustment resulting therefrom, together with reasonable support therefor. The Closing Statement shall be prepared in accordance with the Transaction Accounting Principles (except as otherwise contemplated by the definitions of Indebtedness, Transaction Expenses, or Cash).

&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)&nbsp;&nbsp;&nbsp;&nbsp;The "<u>Post-Closing Adjustment</u>" is an amount (which may be a positive or negative number) equal to (A) the Final Working Capital Adjustment Amount minus the Estimated Working Capital Adjustment Amount, which may be a positive or negative number, <u>plus</u> (B) the Closing Cash, as finally determined pursuant to this <u>Section 2.8</u>, <u>minus</u> the Estimated Closing Cash, which may be a positive or negative number, <u>minus</u> (C) the Closing Indebtedness, as finally determined pursuant to this <u>Section 2.8</u>, <u>minus</u> the Estimated Closing Indebtedness, which may be a positive or negative number, <u>minus</u> (D) the Closing Transaction Expenses, as finally determined pursuant to this <u>Section 2.8</u>, <u>minus</u> the Estimated Closing Transaction Expenses, which may be a positive or negative number.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree that the purpose of preparing the Closing Statement and calculating the Post-Closing Adjustment and the components thereof is solely to assess the accuracy of the amounts set forth in the Pre-Closing Statement in accordance with the

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Transaction Accounting Principles and this Agreement, and are not intended to permit the introduction of different judgements, accounting methods, policies, principles, practices, procedures, reserves classifications or estimation methodologies than those provided for in the Transaction Accounting Principles and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Examination and Review</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Examination</u>. After receipt of the Closing Statement, the Representative shall have forty-five (45) days (the "<u>Review Period</u>") to review the Closing Statement. During the Review Period, the Representative and its accountants and other representatives shall have reasonable access during normal business hours upon reasonable advance notice to the books and records of the Company to the extent that they relate to the Closing Statement and shall be permitted to make reasonable inquiries of, and request documents, information and other supporting details from the Purchaser and the Company Group personnel and representatives responsible for preparation of the Closing Statement; <u>provided</u>, <u>however</u>, that such access must be in a manner that does not unreasonably interfere with or disrupt the normal business operations of the Purchaser or the Company Group. Purchaser shall, and shall cause the Company Group and its and their respective officers, employees, consultants, accountants and agents to reasonably cooperate with the Representative and its accountants and other representatives in connection with their review of the Closing Statement.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Objection</u>. On or prior to the last day of the Review Period, the Representative may object to the Closing Statement, including the calculations of (A) Closing Working Capital, (B) Closing Cash, (C) Closing Indebtedness, and (D) Closing Transaction Expenses as set forth therein, as applicable, by delivering to the Purchaser a written statement setting forth its objections, to the extent sufficient information has been made available to Representative, in reasonable detail, indicating each disputed item or amount and the basis for its disagreement therewith, including documentation supporting such objections (the "<u>Statement of Objections</u>"). If the Representative delivers a Statement of Objections on or prior to the last day of the Review Period, the Purchaser and the Representative shall negotiate in good faith to resolve the objections made therein within thirty (30) days (or such other time as the Representative and the Purchaser agree in writing) after the delivery of the Statement of Objections (the "<u>Resolution Period</u>") and such negotiations shall be governed by Rule 408 of the Federal Rules of Evidence and any applicable similar Law. If the same are so resolved within the Resolution Period, then such resolution shall be evidenced in writing and be final and binding.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Resolution of Disputes</u>. If the Representative and the Purchaser fail to reach an agreement with respect to all the matters set forth in any Statement of Objections before expiration of the Resolution Period, then any amounts remaining in dispute ("<u>Disputed Amounts</u>") shall be submitted for resolution to (x) Deloitte & Touche LLP; <u>provided</u>, <u>however</u>, if independence concerns or conflicts prevent Deloitte & Touche LLP from acting as the Independent Account, Ernst & Young LLP, or (y) such other mutually agreed and reasonably acceptable independent accounting firm of nationally recognized standing (the "<u>Independent Accountant</u>"). The Purchaser and the Representative shall instruct the

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Independent Accountant to, and the Independent Accountant, acting as an expert and not an arbiter, shall make a final determination of the items in the Closing Statement (to the extent such amounts are in dispute) based solely on written submission by the Purchaser and the Representative and in accordance with the guidelines and procedures set forth in this Agreement (i.e., not on the basis of an independent review). Purchaser and the Representative shall cooperate with the Independent Accountant during the term of its engagement. The Purchaser and the Representative shall instruct the Independent Accountant not to, and the Independent Accountant shall not, assign a value to any item in dispute greater than the greatest value for such item assigned by the Purchaser, on the one hand, or the Representative, on the other hand, or less than the smallest value for such item assigned by the Purchaser, on the one hand, or the Representative, on the other hand. The Closing Statement and the resulting calculation of (A) Closing Working Capital, (B) Closing Cash, (C) Closing Indebtedness, and (D) Closing Transaction Expenses shall become final and binding on the Parties, if not already mutually agreed by the Purchaser and the Representative, on the date the Independent Accountant delivers its final determination in writing to the Purchaser and the Representative (which final determination shall be requested by the Purchaser and the Representative to be no later than thirty (30) days following submission of such disputed matters). The final determination by the Independent Accountant shall not be subject to court review, absent manifest error. The "<u>Determination Date</u>" is the earlier of (1) such final determination by the Independent Accountant and (2) final resolution by the Company and the Representative under <u>Section 2.8(b)(ii)</u> above. For the avoidance of doubt, no Party shall engage in *ex parte* communications with the Independent Accountant. Absent Fraud by a Party directly related to the arbitral process involving the Independent accountant described in this <u>Section 2.8(b)(iii)</u>, the process set forth in this <u>Section 2.8(b)(iii)</u> shall be the sole and exclusive remedy of the Parties for any dispute related to items required to be reflected on the Closing Statement or included in the calculation of any of the amounts therein.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees of the Independent Accountant</u>. The fees and expenses of the Independent Accountant shall be paid by each Party in accordance with a percentage amount determined by dividing, with respect to each Party, (A) the portion of Disputed Amounts not awarded to such Party by (B) the aggregate amount of all Disputed Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Post-Closing Adjustment</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;If the Post-Closing Adjustment is a negative number, the Representative and the Purchaser shall, within five (5) Business Days after the Determination Date, jointly instruct the Escrow Agent to disburse from the Escrow Account, by wire transfer of immediately available funds, (A) the absolute value of the Post-Closing Adjustment (up to the then-current amount of the Escrowed Cash) to the Purchaser and (B) the remainder, if any, of the Escrowed Cash after the disbursement of the Post-Closing Adjustment (up to the then-current amount of the Escrowed Cash) pursuant to the foregoing clause (A) to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable, (but subject to <u>Section 2.12</u>) in accordance with the Consideration Spreadsheet. Purchaser hereby acknowledges and agrees that, in the event the absolute value of the Post-Closing Adjustment is greater than the then-current Escrowed Cash, neither the Sellers nor, following execution of the

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Distribution Agreements, any Specified Holder, Other Holder and Cashed Out Holder, as applicable, shall be liable for the difference between the absolute value of the Post-Closing Adjustment and the then-current Escrowed Cash (which will be the sole and exclusive remedy and source of recovery for Purchaser with respect to any such shortfall and Purchaser will not have any claim for any additional amounts in connection therewith).

&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)&nbsp;&nbsp;&nbsp;&nbsp;If the Post-Closing Adjustment is a positive number, then (A) the Representative and the Purchaser shall, within five (5) Business Days after the Determination Date, jointly instruct the Escrow Agent to disburse from the Escrow Account, by wire transfer of immediately available funds, the then-current Escrowed Cash to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable (but subject to <u>Section 2.12</u>) and (B) the Purchaser shall, within five (5) Business Days after the Determination Date, pay, or cause to be paid, by wire transfer of immediately available funds, an amount equal to the *lesser of* the Positive Adjustment Cap and the Post-Closing Adjustment to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable (but subject to <u>Section 2.12</u>), in each case, in accordance with the Consideration Spreadsheet. Notwithstanding anything herein to the contrary, in no event shall Purchaser or any of its Affiliates be required to make payments in respect of any adjustment pursuant to this <u>Section 2.8(c)(ii)</u> in excess of an amount equal to the Escrow Amount (the "<u>Positive Adjustment Cap</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments for Tax Purposes</u>. Any payments made pursuant to this <u>Section 2.8</u> shall be treated as an adjustment to the Transaction Consideration by the Parties for U.S. federal, state, and local income Tax purposes, unless otherwise required by Law.

Section 2.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding Taxes</u>. The Purchaser, the UK Purchaser, the Dutch Purchaser, the Dutch Minority Purchaser, and the Escrow Agent shall be entitled to deduct and withhold, from any payment otherwise payable pursuant to this Agreement, the Escrow Agreement, or the Earnout Agreement, such amounts as are required to be deducted and withheld with respect to such payment under all applicable Tax Law. To the extent that amounts are so deducted and withheld, such deducted and withheld amounts shall be treated for all purposes of this Agreement, the Escrow Agreement, or the Earnout Agreement, as applicable, as having been paid to the Person in respect of which such deduction and withholding was made. Notwithstanding the foregoing, Purchaser agrees to give the Representative at least five (5) days' notice of any contemplated deduction and withholding with respect to any payment or delivery of the Cash Consideration, Additional Atlas Amount, Additional Fortress Amount or the Unit Consideration and, further, to use commercially reasonable efforts to work in good faith, at the Representative's request, with the Representative to reduce or eliminate any such deduction and withholding.

Section 2.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Allocation of Transaction Consideration, Receipt of Unit Consideration</u>.

The Parties agree that the Cash Consideration, the Additional Atlas Amount and the Additional Fortress Amount (together with any other amounts properly treated as purchase price for U.S. federal, state, and local income Tax purposes) for the Purchased Interests shall be allocated among the assets of the Company (and any applicable Subsidiary) in a manner consistent with Sections 755 and 1060 of the Code and the Treasury Regulations thereunder. Within sixty

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(60) Business Days after the final determination of the Cash Consideration, the Additional Atlas Amount, the Additional Fortress Amount and Unit Consideration pursuant to <u>Section 2.8</u>, Purchaser shall prepare and deliver to the Representative a schedule (the "<u>Allocation</u>") allocating the Cash Consideration, the Additional Atlas Amount and the Additional Fortress Amount (together with any other amounts that are properly treated as purchase price for U.S. federal, state, and local income Tax purposes) for the Purchased Interests among the assets of the Company (and any applicable Subsidiary) in accordance with this <u>Section 2.10</u>. If, within fifteen (15) Business Days after the Representative's receipt of the draft Allocation, the Representative has not objected in writing to such draft Allocation, it shall become final and binding on the Parties. In the event that the Representative objects in writing within such fifteen (15)-Business Day period, Purchaser and the Representative shall negotiate in good faith to resolve the dispute. If Purchaser and the Representative are unable to resolve such dispute within ten (10) Business Days, such dispute shall be resolved promptly by the Independent Accountant in accordance with <u>Section 2.8(b)(iii)</u>. The Parties further agree that the receipt of Unit Consideration by any Seller or any Specified Holder shall be considered part of a transaction described in Section 708(b)(2)(A) of the Code. Consistent with the foregoing, the Parties acknowledge the application of Treasury Regulations Section 1.708-1(c)(4) to the receipt of the Cash Consideration, the Additional Atlas Amount, and the Additional Fortress Amount. The Allocation, as agreed to among the Parties or otherwise determined by the Independent Accountant, and the other Tax consequences described in this <u>Section 2.10</u> shall be binding on the Parties, and the Parties agree not to take (or permit any of their Affiliates to take) any Tax position on any Tax Return that is inconsistent with such Allocation or other Tax consequences unless otherwise required pursuant to a final "determination" as defined in Section 1313(a) of the Code; <u>provided</u>, <u>however</u>, that nothing contained herein shall prevent a Party from reasonably settling any proposed deficiency or adjustment by any Governmental Authority based upon or arising out of the Allocation or other Tax consequences, and a Party shall not be required to litigate before any court any proposed deficiency or adjustment by any Governmental Authority challenging such proposed deficiency or adjustment by any Governmental Authority.

Section 2.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Post-Closing Holdco II Seller Distribution</u>. Promptly following the Closing (but in any event on the Closing Date), Holdco II Seller shall distribute to each of the Closing Holdco II Members (a) such Closing Holdco II Member's portion of the Cash Consideration payable to Holdco II Seller (as set forth in the Consideration Spreadsheet) and (b) such Closing Holdco II Member's right to a *pro rata* portion of any Post-Closing Amount payable to Holdco II Seller under this Agreement or the Earnout Agreement. Prior to the Closing, the Purchaser, on the one hand, and Holdco II Seller, on the other hand, shall (and Holdco II Seller shall use commercially reasonable efforts to cause such Closing Holdco II Members to) execute and deliver a distribution agreement (each, a "<u>Distribution Agreement</u>") (in customary form and substance reasonably acceptable to the Purchaser and Holdco II Seller) providing for (i) the distributions contemplated by this <u>Section 2.11</u> (including an acknowledgement and agreement from the Purchaser that each Closing Holdco II Member has a right to its respective *pro rata* portion of any Post-Closing Amount payable under the Earnout Agreement), and (ii) if such Closing Holdco II Member is a Cashed Out Holder, the complete redemption of such Cashed Out Holder's Equity Interest in Holdco II Seller upon completion of such distribution.

Section 2.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Reduction of Post-Closing Amounts</u>. Notwithstanding any other provision of this Agreement to the contrary, to the extent any portion of any Post-Closing Amount is payable

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pursuant to an award granted under any Equity Plan, (a) such Post-Closing Amount payable to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable, shall be reduced by the amount thereof payable pursuant to such awards (together with the employer portion of any payroll, social security, Medicare, unemployment, or other similar Taxes with respect to any such payments) and (b) the amounts payable pursuant to such awards shall be paid by the applicable Subsidiary of Purchaser to the recipients thereof via the applicable Purchaser Subsidiary's normal payroll practices (subject to the employer portion of any payroll, social security, Medicare, unemployment, or other similar Taxes with respect to any of the payments).

**ARTICLE III.**

**REPRESENTATIONS AND WARRANTIES OF THE SELLERS**

Except as set forth in the disclosure letter delivered to the Purchaser of the date hereof (the "<u>Disclosure Letter</u>"), each Seller hereby (severally and not jointly) represents and warrants to the Purchaser as follows (<u>provided</u> that only Holdco II Seller is making the representations and warranties in <u>Section 3.6</u>); <u>provided</u> that, following the execution of a Limited Joinder, each Specified Holder shall be deemed to represent and warrant on behalf of him, her, or itself (severally and not jointly) to the Purchaser as follows as of the date thereof rather than the date of this Agreement (except to the extent such representations and warranties address matters as of particular dates other than "the date hereof", in which case, such representations and warranties shall be true and correct in all material respects on and as of such dates):

Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Capacity; Power; Authorization</u>. Such Seller has the requisite power and authority to execute, deliver, and perform its obligations under this Agreement and the other Transaction Documents to which such Seller is or will be a party and to consummate the Transactions. The execution, delivery, and performance of this Agreement and the other Transaction Documents to which such Seller is or will be a party, and the compliance by such Seller with the provisions of this Agreement and the other Transaction Documents to which it is or will be a party, have been or will be prior to Closing duly authorized by such Seller. This Agreement has been, and each other Transaction Document to which such Seller is or will be a party has been or will be prior to the Closing, duly executed and delivered by such Seller. Assuming due authorization and execution by the other parties hereto and thereto, this Agreement constitutes, and each other Transaction Document to which such Seller is or will be a party constitutes, or will constitute when so duly executed and delivered, a legal, valid, and binding obligation of such Seller, enforceable against such Seller in accordance with its terms, in each case subject to Enforceability Exceptions.

Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>No Conflict; Required Filings and Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The execution and delivery by such Seller of this Agreement and the other Transaction Documents to which such Seller is or will be a party does not, and the performance by such Seller of this Agreement and such other Transaction Documents will not, (i) conflict with or violate any Law applicable to such Seller or by which any property or asset of such Seller are bound; (ii) (A) require any consent or approval under, (B) result in any breach of or violation under, (C) constitute a default (or an event, which with notice or lapse of time or both would become a default) under, or (D) give to others any right of termination, amendment, acceleration,

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or cancellation of, any obligation or right under any material Contract or Order to which such Seller is a party or to which any of its property or assets is subject; or (iii) result in the creation of a Lien on any property or asset of such Seller (including any Company Units).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The execution and delivery by such Seller of this Agreement and the other Transaction Documents to which such Seller is a party does not and will not, and the performance of this Agreement and the Transaction Documents to which such Seller is a party will not, require any consent, approval, Order, authorization, or permit of, or filing with or notification to, any Governmental Authority, except for the Required Regulatory Approvals.

Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Title to Purchased Interests</u>. As of the date hereof, Sellers, collectively, are the record and beneficial owner of the Purchased Interests (which Purchased Interests constitute all of the issued and outstanding limited liability company interests of the Company), and, at the Closing, the Sellers and certain Specified Holders will be the record and beneficial owner of the Purchased Interests (which Purchased Interests constitute all of the issued and outstanding limited liability company interests of the Company). At the Closing, such Seller and such Specified Holder shall deliver to the Purchaser good and marketable title to the Purchased Interests owned by such Seller or such Specified Holder, as applicable, free and clear of all Liens (other than Liens arising under applicable securities Laws and Liens which shall be paid in full and released prior to or substantially concurrently with Closing).

Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Proceedings; Orders</u>. There are no Actions or Orders pending or, to such Seller's Knowledge, threatened against or affecting such Seller, that (a) seeks to prevent such Seller from consummating the Transactions or (b) that could reasonably be expected to prevent or make illegal any of the Transactions contemplated by any other Transaction Documents to which such Seller is or will be a party. No Seller is subject to any Order that relates to the business of the Company Group or any assets owned or used by any member of the Company Group except as would not, individually or in the aggregate, reasonably be expected to be material to the Company Group, taken as a whole.

Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Brokers</u>. Such Seller has not, directly or indirectly, incurred or entered into any Contract, nor is such Seller otherwise bound by any Contract with any Person that would entitle any broker, finder, or investment banker to any brokerage, finder's, financial advisor's, or other fee or commission in connection with the Transactions.

Section 3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchaser Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Holdco II Seller is acquiring Purchaser Units for investment for Holdco II Seller's own account and not for the benefit of any other person or with a view to, or for sale in connection with, any distribution of such Purchaser Units in violation of applicable securities Laws. Holdco II Seller acknowledges that the Purchaser Units have not been registered under the Securities Act or the Exchange Act or registered or qualified by a prospectus, under any applicable securities Laws, and that the Purchaser Units may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of unless such sale, transfer, offer, pledge, hypothecation or other disposition is pursuant to the terms of an effective registration statement under the Securities Act or are registered or qualified by a prospectus under any applicable

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securities Laws or pursuant to an exemption from registration under the Securities Act or the Exchange Act and any applicable securities Laws. Holdco II Seller recognizes that there will not be any public trading market for such shares of the Purchaser, and, as a result, Holdco II Seller may be unable to sell or dispose of its Purchaser Units unless subsequently registered under the Securities Act or an exemption from such registration is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Holdco II Seller is not subject to any of the "bad actor" disqualifications described in the Securities Act Rule 506(d)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Holdco II Seller understands and agrees that the Purchaser Units are being acquired by Holdco II Seller in a transaction not involving any public offering within the meaning of the Securities Act, in reliance on an exemption therefrom. Holdco II Seller understands that the Purchaser Units have not been, and will not be, approved or disapproved by the SEC or by any other Governmental Authority, and that no such Governmental Authority has passed on the accuracy or adequacy of disclosures made to Holdco II Seller by the Purchaser. No Governmental Authority has passed on or made any recommendation or endorsement of the Purchaser Units or an investment in the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Holdco II Seller acknowledges and agrees that Holdco II Seller has relied upon the advice of his own tax advisors in connection with the acquisition of the Purchaser Units and, except for the representations and warranties expressly set forth in Article V, that none of the Purchaser or any of its Affiliates makes any representation or warranty as to the tax treatment of the Purchaser Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Holdco II Seller has no present commitment, plan or intention to assign, transfer or otherwise dispose of any Purchaser Units (or any rights with respect thereto).

Section 3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>No Other Representations or Warranties</u>. Such Seller hereby acknowledges and agrees that the representations and warranties made by the Purchaser in <u>Article V</u> are the sole representations and warranties being made by or on behalf of the Purchaser and its Affiliates and Representatives and exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties expressly set forth in <u>Article V</u>, none of the Purchaser or any of its Affiliates or Representatives has made, nor are any of them making, any express or implied representation or warranty regarding the accuracy, sufficiency, or completeness of any information provided to such Seller or any of their respective Representatives or prepared by or for the Purchaser or any of its Affiliates in connection with the Transactions, and no such Person shall be liable in respect of the accuracy, sufficiency, or completeness of any information provided to such Seller, the Company, or their respective Affiliates or Representatives. Only those representations or warranties made by the Purchaser to the Sellers in this Agreement, subject to the limitations and restrictions specified herein, shall have any legal effect.

**ARTICLE IV.**

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

Except as set forth in the Disclosure Letter, the Sellers and the Company hereby, jointly and severally, represent and warrant to the Purchaser as follows; <u>provided</u> that, for the avoidance of doubt and notwithstanding anything herein to the contrary, for purposes of the

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<u>Article IV</u>, the Specified Holders shall be deemed not to make any representation or warranty hereunder:

Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization and Qualification</u>. The Company (a) is a limited liability company duly organized, validly existing, and in good standing under the Laws of the State of Delaware, (b) has the requisite power and authority to own, lease, and operate its properties and assets and to carry on its business as it is now being conducted, and (c) is duly qualified or licensed and in good standing to do business in each jurisdiction in which the nature of the business conducted by it or the ownership, leasing, or operation of its assets or properties makes such qualification or license necessary; except, in each case as set forth in clauses (b) and (c), where the failure to have such power and authority or to be so qualified, licensed, or in good standing, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect. The Company has previously made available to the Purchaser correct and complete copies of the Company's Organizational Documents as in effect as of the date hereof.

Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Subsidiaries of the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 4.2(a)</u> of the Disclosure Letter sets forth a true and complete list of each Subsidiary of the Company, including name and jurisdiction of organization and capitalization thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Subsidiary of the Company (i) is an entity duly organized, validly existing, and in good standing (where such concept is applicable) under the Laws of its jurisdiction of organization, (ii) has all requisite organizational power and authority to own, lease, and operate its properties and assets and to carry on its business as it is now being conducted, and (iii) is duly qualified or licensed and in good standing (where such concept is applicable) to do business in each jurisdiction in which the nature of the business conducted by it or the ownership, leasing, or operation of its assets or properties makes such qualification or license necessary; except, in each case as set forth in clauses (ii) and (iii), where the failure to have such power and authority or to be so qualified, licensed, or in good standing, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect. The Company has previously made available to the Purchaser correct and complete copies of the Organizational Documents of each of the Subsidiaries as in effect as of the date hereof.

Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization of Agreement</u>. The Company has the requisite limited liability company power and authority to execute and deliver this Agreement and the other Transaction Documents to which it is or will be a party, to perform its obligations hereunder and thereunder, and, subject to the receipt of the Required Regulatory Approvals, to consummate the Transactions. The execution and delivery by the Company of this Agreement and the other Transaction Documents to which it is or will be a party and the consummation by the Company of the Transactions have been duly authorized by all necessary limited liability company action on the part of the Company and no other proceedings on the part of the Company is necessary to authorize this Agreement or to consummate the Transactions. This Agreement has been duly executed and delivered by the Company and, assuming the due authorization, execution, and delivery hereof by the other parties hereto, constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions.

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Section 4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>No Conflict, Required Consents and Filings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as may result from any facts or circumstances relating solely to the Purchaser or any of its Affiliates, and subject to the expiration or termination of the applicable waiting period under the HSR Act, receipt of the other Required Regulatory Approvals and the other consents, approvals, authorizations, and other requirements set forth in <u>Section 4.4(b)</u> or in <u>Section 4.4(a)</u> of the Disclosure Letter, the execution and delivery of this Agreement by the Company, the consummation of the Transactions, and the performance by the Company of its obligations under this Agreement do not and shall not (i) violate the Organizational Documents of the Company, (ii) violate or result in a material breach of any Law applicable to the Company or by with any of its material assets or properties are bound, (iii) violate or result in a material breach of any of the terms and conditions of, cause the termination of, or give any other contracting party the right to terminate, cancel, accelerate, or modify, or give rise to any right of first refusal, right of first offer, or similar right under, or constitute (or with notice or lapse of time, or both, constitute) a material default under any Material Contract, or (iv) result in the creation of any material Lien (other than a Permitted Lien) upon any of the assets or properties of the Company pursuant to the terms of any Material Contract to which the Company is a party, except to the extent that the occurrence of any of the foregoing items set forth in clauses (ii), (iii), or (iv) would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its Subsidiaries taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as may result from any facts or circumstances relating solely to the Purchaser or any of its Affiliates, the execution and delivery of this Agreement by the Company, the consummation of the Transactions, and the performance by the Company of its obligations under this Agreement do not and shall not require the Company to obtain any material consent, license, permit, approval, waiver, or authorization of, or make any material registration, declaration, or filing with, any Governmental Authority, except for the Required Regulatory Approvals.

Section 4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Capitalization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof, each Seller is the record and beneficial owner of, and has good and valid title to the Company Units set forth in <u>Section 4.5(a)</u> of the Disclosure Letter and such Company Units constitute all of the issued and outstanding limited liability company interests of the Company and, as of the Closing, the Purchased Interests will constitute all of the issued and outstanding limited liability company interests of the Company. Other than pursuant to this Agreement or the Company's Organizational Documents, there is no contractual obligation pursuant to which any Seller has, directly or indirectly, granted any option, warrant, or other right to any Person to acquire any of the Company Units. Other than pursuant to the Company's Organizational Documents, no Seller is party to any voting agreement, voting trust, registration rights agreement, or other similar agreement or arrangement with respect to the Company Units. Except pursuant to this Agreement and the Company's Organizational Documents, there is no outstanding purchase or call option, warrant, convertible or exchangeable security, right of first offer or refusal, subscription right, preemptive right, or any similar rights or commitments requiring the issuance, delivery, or sale of Company Units. All of the Company Units (i) were duly authorized and validly issued and are fully paid, and nonassessable in accordance with the Organizational Documents of the Company and (ii) are not subject to restrictions on transfer, other

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than the restrictions on transfer imposed by applicable securities Laws or the Company's Organizational Documents. As of the date hereof, except as set forth in <u>Section 4.5(a)</u> of the Disclosure Letter, there are no other Equity Interests of the Company issued or otherwise outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except for the Dutch Minority Company Interests and as otherwise set forth in <u>Section 4.5(b)</u> of the Disclosure Letter, the Company is, directly or indirectly, to the record and beneficial owner of, and has good and valid title to, all the issued and outstanding Equity Interests of each Subsidiary set forth in <u>Section 4.5(b)</u> of the Disclosure Letter. Except for the Equity Interests of the Persons set forth in <u>Section 4.5(b)</u> of the Disclosure Letter and the Dutch Minority Company Interests, the Company does not own, control, or hold any material Equity Interest in any other Person. Except as set forth in the Organizational Documents of the members of the Company Group, neither the Company nor any other member of the Company Group has any

obligation to acquire any material Equity Interests of or make any capital contribution to any Person who is not a member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 4.5(c)</u> of the Disclosure Letter sets forth a complete and accurate list of all issued and outstanding awards as of the date hereof under the Equity Plans (which shall be deemed to include, for the avoidance of doubt, all corresponding awards in the applicable Holdco Seller granted as "mirror units"), including the (i) holder, and (ii) number of units underlying the award. Each award under the Equity Plans (including, for the avoidance of doubt, corresponding awards the applicable Holdco Seller granted as "mirror units") has been granted and administered in compliance in all material respects with all applicable Laws and all terms and conditions of the applicable Equity Plan. Except as set forth on <u>Section 4.5(c)</u> of the Disclosure Letter, an election pursuant to Section 83(b) of the Code was timely filed in connection with the granting of each such award under the Equity Plans (except for any phantom units granted pursuant to the MarshBerry Holding Company, LLC Phantom Award Plan MarshBerry Connect Platform LLC Phantom Award Plan or MarshBerry Holding Company, LLC Post Change-In-Control Special Phantom Award Plan) and the Company has a copy of each such election.

Section 4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) Each member of the Company Group is, and for the last three (3) years has been, in compliance with all applicable Laws, (ii) no member of the Company Group is or during the past three (3) years has been under administrative, civil, or criminal investigation or indictment by any Governmental Authority and (iii) no member of the Company Group has received, at any time during the prior three (3) years, any written (or, to the Knowledge of the Company, verbal) notice from any Governmental Authority or any other Person regarding any actual or alleged violation of, or failure to comply in all material respects with, any Law applicable to any member of the Company Group, except, in each case of clauses (i) – (iii), where such actual or alleged violation or failure to comply, individually or in the aggregate, would not be material to the Company Group, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company Group has since April 24, 2019 (with respect to Sanctions) and during the last five (5) years (with respect to Trade Controls): (i) complied in all material respects with applicable Trade Controls and in all respects with applicable Sanctions; (ii) maintained in place and implemented internal controls and systems to the extent necessary to comply with

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applicable Trade Controls and Sanctions; (iii) not engaged in a transaction or dealing, direct or indirect, with or involving a Sanctioned Country or Sanctioned Person; and (iv) not been the subject of enforcement actions or, to the Knowledge of the Company, investigations by any Governmental Authority or other legal proceeding with respect to any actual or alleged violations of Trade Controls or Sanctions, and has not been notified in writing of any such pending or, to the Knowledge of the Company, threatened actions. Neither the Company Group nor any director, officer, or to the Knowledge of the Company, any employee or agent of the Company Group is (A) a Sanctioned Person, (B) subject to debarment or any list-based designations under any Trade Controls law, or (C) to the Knowledge of the Company, engaged in transactions, dealings, or activities that might reasonably be expected to cause such person to become a Sanctioned Person.

Section 4.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company has made available to the Purchaser correct and complete copies of (i) the audited consolidated balance sheets of the Company Group as of December 31, 2024, December 31, 2023, and December 31, 2022 (the balance sheet as of December 31, 2024, the "<u>Company Group Balance Sheet</u>"), (ii) the audited consolidated statements of operations, income, members' equity, and cash flows for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, and (iii) the unaudited consolidated balance sheet of the Company Group as of July 31, 2025 ("<u>Interim Company Group Balance Shee</u>t") and the unaudited consolidated statements of income and cash flows as of July 31, 2025 (all of the foregoing financial statements and any notes thereto are collectively referred to as the "<u>Company Group Financial Statements</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company Group Financial Statements (i) have been prepared in all material respects from and are in all material respects in accordance with the books and records of the members of the Company Group and in accordance with GAAP applied consistently through the periods covered thereby and (ii) fairly present in all material respects the financial condition of the Company Group as of the respective dates thereof and the consolidated results of the operations of the Company Group for the respective fiscal periods covered thereby, except (A) as indicated in any notes thereto and (B) that the unaudited Company Group Financial Statements do not contain footnotes or other presentation items and are subject to normal year-end adjustments, none of which would reasonably be expected to be, individually or in the aggregate, material to the Company Group, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company Group, taken as a whole, maintains a system of accounting and internal controls designed to provide reasonable assurances that financial transactions are executed in accordance with the general and specific authorization of the management of the Company Group and that all transactions are recorded as necessary to permit the preparation of financial statements in conformity with GAAP. To the Knowledge of the Company, there have been no material weaknesses or significant deficiencies identified in the accounting and internal controls of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;All accounts receivable of the Company Group constitute bona fide receivables in favor of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses reflected on the Company Group Financial Statements, in all material respects, represent bona fide costs for the operation of the Company Group.

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Section 4.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Regulatory Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Company Group holds, and at all times during the last three (3) years has held, all licenses, permissions, consents, and other approvals required for or in connection with the carrying on of the business of each member of the Company Group as required by all applicable Law in the places and in the manner in which the business of each member of the Company Group is now carried on ("<u>Permissions</u>"), except for such failures to hold Permissions that, individually or in the aggregate, would not reasonably be expected to be material to the Company Group, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All Permissions held by members of the Company Group are in full force and effect, are not limited in duration or subject to any conditions, and have been complied with in all respects, except, in each case, for such failures, conditions or circumstances that, individually or in the aggregate, would not reasonably be expected to be material to the Company Group, taken as a whole. To the Knowledge of the Company, there are no circumstances that indicate that any Permissions will or may be revoked, not renewed, or made subject to any restrictions, requirements, or conditions, or which may confer a right of revocation. No conditions specific or particular to any member of the Company Group has been imposed by any applicable Governmental Authority in connection with the Permissions and no material written request for information from such bodies is outstanding or has not been complied with, except, in each case, for such conditions or circumstances that, individually or in the aggregate, would not reasonably be expected to be material to the Company Group, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;During the preceding three (3) years, each member of the Company Group has timely filed, and is current in all material filings required by the SEC or any other applicable Governmental Authority (each a "<u>Regulatory Report</u>"), and has timely paid in full all fees and assessments due and payable in connection therewith, except, in each case, for such failures to file or timely file (or pay or timely pay) that, individually or in the aggregate, would not reasonably be expected to be material to the Company Group, taken as a whole. Without limiting the foregoing, MarshBerry Capital is duly registered as a broker-dealer with the SEC and in each state and other jurisdiction in which it is required to be so registered. MarshBerry Capital is a member in good standing of FINRA and such other organizations in which its membership is required in order to conduct its business as now conducted and is in compliance with all applicable rules and regulations of FINRA and such other organizations, except, in each case, for such violations or instances of non-compliance that, individually or in the aggregate, would not reasonably be expected to be material to the Company Group, taken as a whole. As of their respective dates, the information contained in each Regulatory Report filed during the preceding three (3) years was true, complete and correct in all material respects, and no material deficiencies have been asserted in writing by any applicable Governmental Authority with respect to such Regulatory Reports. Each member of the Company Group has established, and at all times required by applicable Law during the preceding three (3) years, has had in place, written policies and procedures reasonably designed to achieve compliance with (A) applicable Laws and (B) applicable rules of such organizations in which membership is required in order to conduct the business of such member of the Company Group as now conducted (including, in the case of MarshBerry Capital, applicable FINRA rules).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Copies of all material correspondence between each member of the Company Group and any applicable Governmental Authority during the three (3)-year period ending on the date of this Agreement have been disclosed to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;In the past three (3) years, no fines or penalties have been imposed, or to the Knowledge of the Company, threatened by any applicable Governmental Authority in any jurisdiction in which business is conducted by a member of the Company Group and, to the Knowledge of the Company, there are no circumstances that would reasonably be expected to give

rise to the possible imposition of any such fine or penalty, except, in each case, for such fines or penalties that, individually or in the aggregate, would not reasonably be expected to be material to the Company Group, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;In the past three (3) years, no member of the Company Group has been the subject of any formal inquiry or investigation by an applicable Governmental Authority (other than routine or periodic supervisory visits or equivalent inspections). The Company Group has not received written notice of any, and to the Knowledge of the Company there are no, current ongoing regulatory investigations by any applicable Governmental Authority that would reasonably be expected to result in any disciplinary action being taken against any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Except for any appropriate waiver or relief listed on <u>Section 4.8(g)</u> of the Disclosure Letter, neither MarshBerry Capital nor, to the Knowledge of the Company, any "associated person" (as such term is defined in the FINRA Bylaws) thereof is subject to a "statutory disqualification" (as such term is defined in Section 3(a)(39) of the Exchange Act), or is ineligible pursuant to Section 15(b) of the Exchange Act to act as a broker-dealer or as an associated person of a registered broker-dealer, and neither MarshBerry Capital nor, to the Knowledge of the Company, any "associated person" (as such term is defined in Section 3(a)(18) of the Exchange Act) thereof is subject to a disqualification that would be a basis for censure, limitations on the activities, functions, or operations of, or suspension or revocation of the registration of MarshBerry Capital as a broker-dealer, municipal securities dealer, government securities broker, or government securities dealer under Sections 15, 15B, or 15C of the Exchange Act. There is no Action pending against the Company or, to the Knowledge of the Company, threatened in writing against the Company (or pending or threated in writing against any "associated person" (as such term is defined in the FINRA Bylaws) thereof) that would reasonably be expected to result in either MarshBerry Capital or any such associated person becoming ineligible to act in such capacity or subject to a "statutory disqualification" (as such term is defined in Section 3(a)(39) of the Exchange Act). Each of the directors, officers, employees and associated persons supervised or controlled by MarshBerry Capital who is required to be registered or licensed as a broker-dealer, principal, registered representative, salesperson, investment advisory representative, principal, or insurance agent in connection with his, her or its activities for or with MarshBerry Capital with any applicable Governmental Authority has been duly registered or licensed to perform such Person's duties as and to the extent required by any applicable Governmental Authority; in each such case, except where the failure to be so registered or licensed, individually or in the aggregate, would not reasonably be expected to be material to the Company Group, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;MarshBerry Capital has provided or made available to Purchaser true, complete, and correct copies of the Uniform Application for Broker-Dealer Registration on Form BD of

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MarshBerry Capital on file with the SEC, reflecting all amendments thereof that are in effect as of the date of this Agreement (the "<u>Form BD</u>"). The information contained in such form was true and complete in all material respects at the time of filing and MarshBerry Capital has made all amendments to such form as it is required to make under applicable Law, except for such for failures to make such amendments that, individually or in the aggregate, would not reasonably be expected to be material to the Company Group, taken as a whole. Except as disclosed on MarshBerry Capital's Form BD, neither MarshBerry Capital nor, to the Knowledge of the Company, any "associated person" (as such term is defined in Section 3(a)(18) of the Exchange Act) of MarshBerry Capital has been the subject of any Action, proceeding, or investigation pending before any applicable Governmental Authority that would be required to be disclosed on Form BD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In the past three (3) years, MarshBerry Capital has maintained its minimum "net capital" (as such term is defined in Rule 15c3-1 under the Exchange Act) in compliance with all applicable Law imposed by the SEC or any other applicable Governmental Authority and in an amount sufficient to ensure that it has not been required to file notice under Rule 17a-11 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Company Group has established and had in place formal codes of ethics, written anti-money laundering programs, written customer identification programs, insider trading policies, personal trading policies, written supervisory procedures, and other material policies, in each case, to the extent required by applicable Law (the "<u>Company Policies</u>") and to Knowledge of the Company there have not been any violations of such Company Policies, except, in each case, for such violations that, individually or in the aggregate, would not reasonably be expected to be material to the Company Group, taken as a whole. The Company Policies are reasonably designed to achieve compliance with applicable Law to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;All Persons carrying out a controlled function (as defined in FSMA) in relation to any member of the Company Group subject to the provisions of FSMA are approved as senior managers and have been so approved at all times when such approval was required. No such Person who was or is a director, officer, employee, consultant, or agent of any such member of the Company Group at the relevant time, has (in their capacity as such) been the subject of a formal inquiry or investigation by an applicable Governmental Authority (other than routine supervisory visits or equivalent inspections) and no fine, sanction, or other penalty has been imposed on such Persons by an applicable Governmental Authority.

Section 4.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Absence of Certain Changes</u>. Except as set forth on Section <u>4.9</u> of the Disclosure Letter, from the date of the Interim Company Group Balance Sheet through the date of this Agreement, (a) there has not been any Company Material Adverse Effect, (b) no member of the Company Group has taken any action that would have been prohibited by <u>Section 6.1(b)</u> if such action had been taken during the period from the date hereof through the Closing Date, and (c) the Company Group has operated its business in the ordinary course of business in all material respects (other than in the case of this clause (c) in respect of any action or inaction taken or not taken in connection with this Agreement or the Transactions).

Section 4.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Absence of Undisclosed Liabilities</u>. Except as would not, individually or in the aggregate, reasonably be expected to be material to the Company Group, taken as a whole, no

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member of the Company Group has any liability (whether accrued, contingent, absolute, determined, determinable, or otherwise), other than such liabilities (a) reflected or reserved against in the Company Group Financial Statements, (b) incurred in the ordinary course of business consistent with past practice since the date of the Company Group Balance Sheet, (c) incurred in connection with this Agreement and the Transactions, or (d) listed on <u>Section 4.10</u> of the Disclosure Letter.

Section 4.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Actions and Orders</u>. There are no, and in the last three (3) years there have not been, any material Actions pending or, to the Knowledge of the Company, threatened, and, there are not, and in the last three (3) years there have not been, any material investigations by any Governmental Authority pending or, to the Knowledge of the Company, threatened, in each case, against any member of the Company Group or any present or former officer or director of such member of the Company Group in his or her capacity as such. There are no material unsatisfied judgments of any kind against any member of the Company Group. There are no material Orders outstanding involving any member of the Company Group.

Section 4.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 4.12</u> of the Disclosure Letter sets forth a true, complete, and accurate list of each Benefit Plan. No current or former employee, individual independent contractor, or consultant of the Company Group participates in or receives (or is eligible to receive) any compensation or benefits from any plan, program, arrangement, or agreement maintained, adopted, entered into, or contributed to by the Sellers or any Affiliate of the Sellers that is not the Company or a Subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Benefit Plan, the Company has made available to the Purchaser a true, complete, and accurate copy (or, to the extent no such copy exists, an accurate, written description of the material terms and conditions) thereof and, to the extent applicable, (i) the current plan document (including all amendments thereto) and trust documents, insurance contracts, or other funding arrangements, (ii) the most recent Internal Revenue Service determination, advisory, or opinion letter, (iii) the most recent summary plan description (including all amendments thereto) (and any other material summaries or employee communications), (iv) annual reports and attached schedules for each of the past three (3) plan years, (v) the three (3) most recent financial statements, actuarial valuation reports, and trustee reports, (vi) all material records, notices, and filings concerning Internal Revenue Service or U.S. Department of Labor audits or investigations with respect to any Benefit Plan during the six (6)-year period ending on the date of this Agreement, (vii) any non-routine correspondence with a Governmental Authority during the past three (3) years, and (viii) the written results of any required compliance testing for each of the past three (3) plan years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Benefit Plan has been maintained, funded, and administered in accordance with its terms and applicable Law (including, without limitation, under ERISA, the Code, and other applicable Law) in all material respects. Each Benefit Plan that is intended to be a "qualified plan" within the meaning of Section 401(a) of the Code and the related trust has received a favorable determination letter, or is entitled to rely on a favorable advisory or opinion letter, from the Internal Revenue Service as to its qualification that has not been revoked, and, to the Knowledge of the Company, there are no existing circumstances or events that have occurred that

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could reasonably be expected to adversely affect the qualified status of any such Benefit Plan or the related trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group or any other Person has engaged in any prohibited transaction (as defined in Section 406 of ERISA or Section 4975 of the Code) or breach of fiduciary duty (as determined under ERISA) or other failure to act or comply in connection with the administration or investment of the assets with respect to any Benefit Plan that would be

reasonably likely to subject any member of the Company Group to any liability imposed by ERISA, the Code, or other applicable Law (including liability on account of an indemnification obligation) except as would not, individually or in the aggregate, reasonably be expected to material to the Company Group, taken as a whole. All payments, contributions, or other amounts (including premium and benefit payments with respect to insurance policies) required to be made or paid by the Company or any of its Subsidiaries pursuant to each Benefit Plan have in all material respects been timely paid or accrued in accordance with GAAP or applicable international accounting standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group or any ERISA Affiliate maintains, contributes to, or sponsors (or has ever maintained, contributed to, or sponsored), or has, or would reasonably be expected to have, any liability, actual or contingent, in respect of (i) a multiemployer plan as defined in Section 3(37) of ERISA, (ii) a multiple employer plan subject to Section 413(c) of the Code, (iii) a multiple employer welfare arrangement under ERISA, or (iv) a defined benefit pension plan (as defined in Section 3(35) of ERISA) or plan that is subject to Title IV or Section 302 of ERISA or Section 412, 430, or 4971 of the Code. No member of the Company Group or any ERISA Affiliate has any liability, actual or contingent, on account of a violation of Section 4980B of the Code or Part 6 of Subtitle B of Title I of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group provides post-employment health, medical, life insurance benefits, or welfare benefits to any current or former director, officer, employee, or independent contractor of any member of the Company Group, except as may be required under Section 4980B of the Code or Part 6 of Title I of ERISA and at the sole expense of a current or former director, officer, employee, or independent contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated by this Agreement will or would be expected to (either alone or together with any other event) (i) entitle any employee, officer, director, or individual independent contractor or consultant of the Company Group (whether current, former, or retired) or their beneficiaries to any payment of compensation or other payment, right, or benefit, (ii) accelerate the time of payment or vesting, trigger any payment or funding, or increase the amount or value (in each case, whether through a grantor trust or otherwise) of any compensation or benefits (including any forgiveness of indebtedness), (iii) increase the amount of compensation or benefits payable, or (iv) result in any limitation on the right of any member of the Company Group to amend, merge, terminate, or receive a reversion of assets from any Benefit Plan or related trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;No amount or benefit that has been or could be received (whether in cash or property or the vesting of property) by any "disqualified individual" (as such term is defined in Treasury Regulations Section 1.280G-1) of any member of the Company Group could be

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characterized as an "excess parachute payment" within the meaning of Section 280G of the Code in connection with the Transactions (whether alone or together with any other event).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group has any obligation to gross-up, indemnify, or otherwise reimburse any current or former employee, officer, director, or individual independent contractor or consultant of any member of the Company Group for any Tax incurred by such individual, including under Section 409A or Section 4999 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group maintains any plan or arrangement that is a "nonqualified deferred compensation plan" (as defined in Section 409A(d)(1) of the Code). No compensation has been or would reasonably be expected to be includable in the gross income of any "service provider" (within the meaning of Section 409A of the Code) of any Company Group member as a result of the operation of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Except in each case as would not, individually or in the aggregate, reasonably be expected to material to the Company Group, taken as a whole with respect to each Benefit Plan, no Actions or other claims (other than routine claims for benefits) are pending or, to the Knowledge of the Company, threatened. None of the Benefit Plans are under audit, examination, or investigation by the Internal Revenue Service, the Department of Labor, the Pension Benefit Guaranty Corporation, or any other Governmental Authority nor, to the Knowledge of the Company, is any such audit, examination, or investigation threatened. During the six (6)-year period ending on the date of this Agreement, no filings have been made with respect to any Benefit Plan under the U.S. Employee Plans Compliance Resolution System or the U.S. Department of Labor Delinquent Filer Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;The Company Group has complied with the applicable requirements of the Health Insurance Portability and Accountability Act of 1996 and the regulations (including the proposed regulations) thereunder and the Patient Protection and Affordable Care Act of 2010 and the applicable regulations and guidance issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;The obligations of all Benefit Plans that provide medical, health, or long-term disability insurance are fully insured by bona fide third-party insurers. No Benefit Plan is maintained through a human resources and benefits outsourcing entity, professional employer organization, or other similar vendor or provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Each Benefit Plan maintained outside of the United States (i) that is intended or required to be funded and/or book-reserved, is fully funded and/or book-reserved, as appropriate, based upon reasonable actuarial assumptions, (ii) has been registered to the extent required, and has been maintained in good standing with applicable regulatory authorities to the extent required, and (iii) that is intended to qualify for special Tax treatment, meets all requirements for such treatment.

Section 4.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Labor Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company has delivered to the Purchaser a true, complete, and accurate list of each employee employed by a member of the Company Group, including those employees on vacation, leave of absence or disability, with such list indicating each employee's name, employing entity, job title, hire date, annual base salary or wage rate, target annual bonus, work location,

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accrued and unused vacation or paid time off entitlements, exempt or non-exempt, visa status, full-time/part-time status, and indication whether on leave of absence, and if so, the reason for such leave and expected return to work date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company has delivered to the Purchaser a true, complete, and accurate list of each individual independent contractor engaged by a member of the Company Group, with such

list indicating for each such contractor where services are performed and compensation terms (flat fee, hourly, per deliverable, or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group is, or within the past three (3) years has been, a party to or bound by any collective bargaining, works council, or other similar Contract with a labor union, works council, or labor organization (a "<u>Collective Bargaining Agreement</u>"). No Collective Bargaining Agreement is being negotiated by any member of the Company Group. To the Knowledge of the Company, no Union is currently seeking, or within the past three (3) years has sought, to represent any member of the Company Group's employees or independent contractors. There is no, and within the past three (3) years there has been no, labor disputes, strikes, slowdowns, labor grievances, arbitrations, work stoppages, or other similar labor activity involving employees of any member of the Company Group, including any Action that seeks the certification of a Union as bargaining agent for employees of any member of the Company Group, and, to the Knowledge of the Company, no such activity has been threatened. No notice to, consultation with, or consent of any Union is required in connection with the execution, delivery, or performance of this Agreement or the consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Company Group is, and for the past three (3) years has been, in material compliance with all applicable Laws and Orders relating to labor and employment matters, including those governing wages and hours, child labor, equal employment opportunity, fair employment practices, employment discrimination, employee classification, immigration, occupational health and safety, workers' compensation, unemployment insurance, and the payment of social security and other employment-related Taxes. No member of the Company Group is delinquent in any material respect in the payment of any wages, salaries, bonuses, commissions, severance, vacation pay, benefits, or other compensation or remuneration to any current or former employee or independent contractor of such member. Each member of the Company Group has properly classified all of its employees as either exempt or non-exempt from overtime requirements under applicable Law, and no member of the Company Group has misclassified any employee as an independent contractor or any independent contractor as an employee under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;There is no, and there has not been at any time during the past three (3) years, any Action pending, resolved, settled, or, to the Knowledge of the Company, threatened against any member of the Company Group arising under or relating to any applicable labor or employment Law, including, but not limited to, claims or allegations concerning wages and hours, employee classification, immigration compliance, occupational health and safety, discrimination, harassment, retaliation, wrongful termination, leaves of absence, labor relations, or any other employment-related matter, and no member of the Company Group is subject to any Order with respect to any such Action.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;There is no, and there has not been at any time during the past three (3) years, any Action, allegation, complaint, breach of any policy of any member of the Company Group, or settlement or similar out-of-court or pre-litigation arrangement, in each case relating to sexual harassment, sexual misconduct, sex- or gender-based discrimination, or other inappropriate workplace conduct by or involving any current or former officer, director, executive, or member of senior management of any member of the Company Group. The Company Group has properly and thoroughly investigated all known allegations or complaints of such conduct during such period and, to the Knowledge of the Company, there are no substantiated allegations, unresolved matters, or existing circumstances that would reasonably be expected to give rise to any such Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group has, within the past three (3) years, implemented any plant closing, mass layoff, reduction in force, furlough, or other employment action that would constitute a "mass layoff" or "plant closing" under the U.S. Worker Adjustment and Retraining Notification Act of 1988, as amended, or would otherwise require notice under any similar state, local, or applicable foreign Law requiring advance notice of layoffs, terminations, or employment losses, and no such action is currently underway or contemplated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;All current and former employees of the Company Group have been, during the period of their employment, authorized to work in the jurisdiction in which they were employed in accordance with applicable Law. The Company Group has maintained all documentation required by applicable Law to evidence such work authorization, including, where required, timely completed and properly retained verification forms or equivalent documentation. No member of the Company Group has received any written notice of, and, to the Knowledge of the Company, there is no basis for, any investigation, audit, or other inquiry by any Governmental Authority relating to work authorization or immigration compliance. No officer, director, executive, or member of senior management of any member of the Company Group is employed under a non-immigrant work visa or other work authorization that is limited in duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group is or has at any time been an "employer" or is, or has in the last six (6) years been, an "associate of" or "connected with" an "employer" (as those terms in quotation marks are used in the UK Pensions Act 2004) of a UK defined benefit pension plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;No present or former employee of the Company, or any member of the Company Group, has previously transferred to the Company, or any member of the Company Group, pursuant to the UK Transfer of Undertakings (Protection of Employment) Regulations 2006 (as amended), who at any time prior to such transfer was a member of a UK defined benefit pension plan, in circumstances where the Company, or any member of the Company Group, has (or could reasonably be expected to have) inherited any obligation (whether contingent or otherwise) to fund, or otherwise meet the cost of, any enhanced early retirement or redundancy pension benefits, which are derived from such former employer's pension plan.

Section 4.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All Tax Returns required to be filed by or with respect to any member of the Company Group have been timely filed (taking into account any applicable extensions), and all

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such Tax Returns are true, correct, and complete in all material respects. No member of the Company Group is currently the beneficiary of any extension of time within which to file any Tax Return (other than pursuant to automatic extensions to file Tax Returns obtained in the ordinary course of business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All Taxes (whether or not to be due on any Tax Returns) due and payable by, or imposed on, any member of the Company Group (or for which a member of the Company Group is otherwise liable) have been duly and timely paid. All Taxes that are required to be paid or accrued by or with respect to the Company Group (or otherwise required to be reserved for in accordance with GAAP) for any Pre-Closing Tax Period will have either been paid prior to the Closing or taken into account in computing Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;During the last five (5) years, no deficiencies for Taxes have been claimed, proposed, asserted, or assessed against any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;No Tax Contest is currently pending, being conducted, or threatened in writing with respect to any Taxes of, or Tax matters with respect to, any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;There are no outstanding agreements or consents extending or waiving (or having the effect of extending or waiving) the statutory period of limitations applicable to any claim for, or the period for the collection or assessment or reassessment of, Taxes due from any member of the Company Group for any taxable period, and no request for any such waiver or extension is currently pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Company Group has, or has caused to be, duly and timely withheld, collected, and paid over to the appropriate Governmental Authorities all material Taxes required to be so withheld, collected, and paid over and has complied in all material respects with all Tax information reporting provisions under all applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;There are no Liens for Taxes upon the assets or properties of any member of the Company Group, other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group has (i) participated in a "reportable transaction" within the meaning of Treasury Regulations Section 1.6011-4(b) or (ii) in the past two (2) years, been a "distributing corporation" or a "controlled corporation" (within the meaning of Section 355(a)(1)(A) of the Code), in a distribution intended to qualify under Section 355(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Company Group is resident for Tax purposes only in the jurisdiction in which it is incorporated. No member of the Company Group is or has been subject to Tax in any jurisdiction other than its jurisdiction of incorporation by virtue of having a permanent establishment or other place of business or taxable presence in that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;During the last five (5) years, no jurisdiction in which any member of the Company Group does not file Tax Returns with respect to a particular type or category of Tax has made a written claim to the effect that such member is or may be required to file such Tax Returns or is or may be subject to Tax of such type in such jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group (i) is a party to a Tax Sharing Agreement (other than any such agreement solely between members of the Company Group or pursuant to customary provisions in commercial contracts entered into in the ordinary course of business that are not primarily related to Taxes), (ii) is or was a member of any affiliated, consolidated, combined, unitary, group relief, or aggregate group for Tax purposes (other than any such group consisting solely of members of the Company Group), (iii) has any liability for any Tax of any Person other than a member of the Company Group under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local, or non-U.S. Tax Law), as transferee or successor, by Contract (other than pursuant to customary provisions in commercial contracts entered into in the ordinary course of business that are not primarily related to Taxes) or otherwise, or (iv) is subject to any "closing agreement" within the meaning of Section 7121 of the Code (or any similar provision of state, local, or non-U.S. Tax Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group will be required to include any material item of income in, or exclude any material item of deduction from, taxable income for any period (or any portion thereof) beginning after the Closing Date as a result of (i) any installment sale or open transaction on or prior to the Closing Date, (ii) any accounting method change or agreement with any Governmental Authority filed or made on or prior to the Closing Date, (iii) the use of an incorrect method of accounting prior to the Closing Date, (iv) any prepaid amount received, or deferred revenue accrued, on or prior to the Closing Date, or (v) any intercompany transaction or excess loss account described in Section 1502 of the Code (or any corresponding provision of state, local, or applicable foreign Tax Law). No member of the Company Group has made an election pursuant to Section 965(h) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group (i) is, or has been a shareholder of, a "personal holding company" as defined in Section 542 of the Code (or any similar provision of state, local, or applicable foreign Law), (ii) is or has been a shareholder of a "passive foreign investment company" within the meaning of Section 1297 of the Code, (iii) is or been a United States real property holding corporation within the meaning of Section 897(c)(2) of the Code, or (iv) is or has been a shareholder of a "controlled foreign corporation" as defined in Section 957 of the Code (or any similar provision of state, local, or applicable foreign Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Company Group has properly (i) collected and remitted sales, premium, value added, and similar Taxes with respect to sales made or services provided to its clients and (ii) for all sales made or services provided that are exempt from sales, premium, value added, and similar Taxes, and that were made without charging or remitting sales, premium, value added, or similar Taxes, received and retained any appropriate Tax exemption certificates and other documentation qualifying such sale as exempt from such Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group (i) has ever been a "surrogate foreign corporation" within the meaning of Section 7874(a)(2)(B) of the Code or treated as a U.S. corporation under Section 7874(b) of the Code or (ii) was created or organized in the United States such that any Subsidiary would be taxable in the United States as a domestic entity pursuant to Treasury Regulations Section 301.7701-5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group has any unpaid Tax liability as a result of Section 965 of the Code, including by reason of an election under Section 965(h) of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Company Group has provided or made available to Purchaser all documentation relating to, and is in material compliance with all terms and conditions of, any Tax exemption, Tax holiday, Tax incentive, or other Tax reduction agreement or order of a territorial or non-U.S. government. To the Knowledge of the Company, the consummation of the transactions contemplated by this Agreement will not have any adverse effect on the continued validity and effectiveness of any such Tax exemption, Tax holiday, Tax incentive, or other Tax reduction agreement or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;The Company is, and has been at all times since its formation, properly classified as a partnership for U.S. federal (and applicable state and local) income Tax purposes. No PTET Election has been made by or with respect to the Company or any member of the Company Group in any jurisdiction with respect to U.S. state or local income Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Company Group that is treated as a partnership for United States federal income Tax purposes has made (or is eligible to make) a valid election pursuant to Section 754 of the Code that is or will be in effect for the period that includes the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;The prices and terms for the provision of any property or services by or to any member of the Company Group are arm's length for purposes of the relevant transfer pricing Laws, and all related documentation required by such Laws has been timely prepared or obtained and, if necessary, retained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group has any item of income that could constitute subpart F income within the meaning of Section 952 of the Code or "global intangible low-taxed income" as defined in Section 951A of the Code with respect to any taxable period that includes the Closing Date (for this purpose, treating the Closing Date as the last day in such taxable period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 4.14(v)</u> of the Disclosure Letter sets forth, for each member of the Company Group, (i) the U.S. federal income Tax classification of such member and (ii) whether an entity classification election has been made with respect to such member pursuant to Treasury Regulations Section 301.7701-3(c) and with respect to each such member and each such election, the effective date of such election and the classification elected pursuant thereto.

Section 4.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Properties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 4.15(a)</u> of the Disclosure Letter sets forth a correct and complete list, as of the date hereof, of all Leased Real Property. The Company has made available to the Purchaser correct and complete copies of the Real Property Leases. Except as would not, individually or in the aggregate, reasonably be expected to be materially adverse to the Company Group, taken as a whole, (i) a member of the Company Group has good and valid title to the leasehold, subleasehold, or license estate, as applicable, under each Real Property Lease free and clear of all Liens, other than Permitted Liens, and (ii) the Real Property Lease is a valid and binding obligation of the member of the Company Group party thereto, is in full force and effect, and is enforceable against such member of the Company Group and, to the Knowledge of the Company, against the other party or parties thereto, subject to the Enforceability Exceptions. No member of the Company Group, nor, to the knowledge of the Company, any other party or parties thereto, is in material breach, violation of, or default under any Real Property Lease and no written notice alleging a

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material uncured default has been sent or received by any member of the Company Group in connection with any Real Property Leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of its Subsidiary owns any real property or any interests in any real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All of the land, buildings, structures, and other improvements used in the operation of the Company Group are included in the Leased Real Property.

Section 4.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Intellectual Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 4.16(a)</u> of the Disclosure Letter sets forth a correct and complete list of all Owned Intellectual Property that is registered or issued, or for which an application for registration or issuance is pending, with any Governmental Authority, including, as applicable, (i) record (and, if different, beneficial) owner(s) of such Owned Intellectual Property; (ii) the jurisdiction where the application, patent, or registration is located; (iii) the application, patent, or registration number; (iv) the application, issuance, or registration date; and (v) the Internet domain name registrar. All Owned Intellectual Property required to be listed in <u>Section 4.16(a)</u> of the Disclosure Letter is subsisting, in full force and effect, valid, and enforceable. A member of the Company Group is the sole and exclusive owner of all Owned Intellectual Property, free and clear of all Liens, other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All material Intellectual Property developed by or for or otherwise purported to be owned by any member of the Company Group was conceived, invented, reduced to practice, authored, or otherwise created solely by either current or former employees of a member of the Company Group acting within the scope of their employment, or independent contractors of the Company Group, in each case, pursuant to agreements containing a valid, present assignment of such Intellectual Property to a member of the Company Group to the extent not otherwise owned by the Company Group by operation of applicable Law. Except as set forth in <u>Section 4.16(c)</u> of the Disclosure Letter, a member of the Company Group has an enforceable license or other right to use all material Intellectual Property used in or necessary for the operation of the businesses of the Company Group as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The use of the Owned Intellectual Property by the Company Group and the operation of its businesses as presently conducted does not infringe, misappropriate, dilute, or otherwise violate and, as conducted in the past three (3) years, has not infringed, misappropriated, diluted, or otherwise violated the Intellectual Property rights of any Person. There is no, and during the past three (3) years there has not been any, Action by any Person pending or threatened in writing against any member of the Company Group alleging any such infringement, misappropriation, dilution, or other violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;No Person is engaging or in the past three (3) years has engaged in any activity that infringes, misappropriates, dilutes, or otherwise violates any material Owned Intellectual Property. No member of the Company Group has initiated or threatened to initiate any Action during the past three (3) years against any other Person alleging any such infringement, misappropriation, dilution, or violation of any Owned Intellectual Property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company Group has implemented and maintains commercially reasonable practices to protect the confidentiality of the Company Group's proprietary Software and other material confidential information owned or held by the Company Group, and has required all current and former employees and other Persons with access to such material confidential information to execute enforceable written Contracts requiring them to maintain the confidentiality of all such information and use all such information only for the benefit of the Company. To the Knowledge of the Company, there has been no unauthorized use or disclosure of or access to any such Software or other confidential information that is material to the business of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company Group is in actual possession of and has exclusive control over a complete and correct copy of the source code for all material proprietary Software owned by the Company Group. The Company Group has not disclosed, delivered, licensed, or otherwise made available, and does not have a duty or obligation (whether present, contingent, or otherwise) to disclose, deliver, license, or otherwise make available, any source code for any of its proprietary Software to any escrow agent or any other Person, other than an employee, independent contractor, or consultant of Sellers pursuant to a valid and enforceable written agreement prohibiting use or disclosure except in the performance of services for the Company Group. No Open Source Software has been incorporated in, linked to, distributed with, or otherwise used in connection with any proprietary Software of the Company Group in a manner that requires that any proprietary Software owned by the Company Group be (i) disclosed or distributed in source code form, (ii) be licensed for the purpose of making derivative works, or (iii) be redistributable at no charge. The Company Group is and has been in material compliance with all applicable Open Source Software licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;When accessing, using, acquiring, or otherwise obtaining third-party data or content from any source, including via public or private application interfaces, crawling, or scraping, each member of the Company Group complies, and in the past three (3) years has complied with, in all material respects, all applicable Contracts, including terms of use, terms of service, other terms and conditions, and all binding policies and guidelines incorporated into any of the foregoing and applicable Law. The Company's use or employment of any deep learning, machine learning, or other artificial intelligence technologies (collectively, "<u>AI Technologies</u>") complies in all material respects with any third-party Contracts and permissions and applicable Law relating to AI Technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The computer systems, Software, hardware, networks, servers, workstations, routers, hubs, switches, data communication lines, firmware, networks platforms, and all other information technology systems, equipment, and assets owned by the Company Group and used in the current conduct of the businesses of the Company Group (collectively, the "<u>Company Systems</u>") are adequate in all material respects for the current needs of the businesses of the Company Group. During the past three (3) years, there have been no (i) material failures or breakdowns of the Company Systems or (ii) security breaches or other unauthorized use or access to the Company Systems that resulted in any unauthorized access, use, modification, deletion, or corruption of any material information or data stored or contained therein or transmitted nearby. The Company Group maintains and complies with commercially reasonable disaster recovery and business continuity plans, procedures, and facilities. The Company has taken commercially reasonable measures to protect the confidentiality, integrity, and security of the Company Systems

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(and all material data, information, and transactions stored or contained therein or transmitted thereby) against any unauthorized use, access, interruption, modification, or corruption. The Company Systems do not contain any material Malicious Code.

Section 4.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 4.17(a)</u> of the Disclosure Letter sets forth a correct and complete list, as of the date hereof, of each of the following Contracts, together with all amendments and supplements thereto, to which any member of the Company Group is a party and which is currently in effect (each, whether or not set forth on <u>Section 4.17(a)</u> of the Disclosure Letter, a "<u>Material Contract</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;any contract with a Material Client, other than agreements pursuant to the Company's standard engagement letter, or a Material Supplier;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Real Property Lease;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Collective Bargaining 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any Contract for capital expenditures to be incurred after the date of this Agreement and involving payments of more than $450,000 by or on behalf of any member of the Company Group;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Contract involving a joint venture or strategic alliance or partnership agreement or other similar Contract involving the sharing of profits or losses;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Contract under which any member of the Company Group (A) created, issued, incurred, assumed or guaranteed any Indebtedness or (B) granted a Lien on its assets securing Indebtedness for borrowed money;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Contract containing covenants by any member of the Company Group not to (A) compete with any Person, (B) engage in any line of business or activity in any geographic region, or (C) sell any products or services to, or obtain any products or services from, any Person in any geographic region;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Contract containing (A) any "most favored nations" terms and conditions granted by any member of the Company Group to any Person or (B) any exclusivity, right of first refusal, or right of first offer or similar preferential right granted by any member of the Company Group to any 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;any Contract evidencing an outstanding loan or advance made by any member of the Company Group to any Person (other than any other member of the Company Group), other than trade receivables and advances to employees for normally incurred business expenses arising in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;any Affiliate 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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;any Order, settlement, or conciliation agreement with any Governmental Authority under which the Company Group has any ongoing material obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;any Contract involving the sale, transfer, or acquisition of any business for consideration in excess of $1,000,000 entered into by any member of the Company Group in the five (5) years preceding 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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;any Contract with any employee, director, officer, or independent contractor or consultant of the Company Group, in each case who is an individual, which (A) provides for base annual salary or compensation in excess of $350,000 or (B) provides for employment that is not "at-will";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;any Company IP Agreement; 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;(xv)&nbsp;&nbsp;&nbsp;&nbsp;any Contract including a covenant not to sue or assert or immunity from suit with respect to material Intellectual Property, including any coexistence agreements and settlement agreements with respect to material Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the date hereof, the Company has made available to the Purchaser a correct and complete copy of each Material Contract. Each Material Contract is in full force and effect in all material respects in accordance with its respective terms with respect to the applicable member of the Company Group and is a legal, valid, and binding agreement of the applicable member of the Company Group and, to the Knowledge of the Company, each other party or parties thereto, assuming the due authorization, execution, and delivery by such other party or parties, subject to the Enforceability Exceptions. Except as would not, individually or in the aggregate, reasonably be expected to be material to the Company Group, taken as a whole, no member of the Company Group is in default under or in breach of, or in receipt as of the date hereof of any written notice of any default or breach under, any Material Contract in any material respects, nor, to the Knowledge of the Company, does any condition exist that with notice or lapse of time or both would reasonably be expected to result in a material default or breach thereunder (other than, with respect to the Company Payoff Indebtedness, any default or breach as a result of the consummation of the Closing). To the Knowledge of the Company, the other party or parties to each Material Contract are not in material default of the terms of such Material Contract. As of the date hereof, no member of the Company Group has received written notice from any party to a Material Contract indicating that such party intends to cancel, not renew, or terminate such Material Contract.

Section 4.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Clients and Suppliers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 4.18(a)</u> of the Disclosure Letter sets forth a correct and complete list, for the twelve (12)-month period ended December 31, 2024, of (i) the ten (10) largest clients of the Company Group (taken as a whole), in each case measured by the revenue earned by the Company Group (taken as a whole) during such twelve (12)-month period in respect of services provided to each such customer (the "<u>Material Clients</u>") and (ii) the ten (10) largest suppliers of goods and services to the Company Group (taken as a whole), in each case measured by the expenditure by the Company Group (taken as a whole) during such twelve (12)-month period in respect of goods and services provided by each such supplier (the "<u>Material Suppliers</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No Material Client or Material Supplier has notified the Company Group in writing that it intends to terminate or modify, or, to the Knowledge of the Company, threatened to terminate or modify, in any manner materially adverse to the Company Group, any Contract of such Material Client or Material Supplier, as applicable, with the Company Group.

Section 4.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Environmental</u>. Each member of the Company Group is, and has for the past three (3) years been, in compliance in all material respects with all applicable Environmental Laws. There has been no material Release or disposal of any Hazardous Substance by, at the direction of, for or on behalf of any member of the Company Group or, to the Knowledge of the Company, any other Person from, at, on, or under any real property currently or, to the Knowledge of the Company, formerly owned, leased, or operated by a member of the Company Group in a manner or concentration that has resulted in a material liability to any member of the Company Group under any Environmental Law. No member of the Company Group has received any notice of a pending or, to the Knowledge of the Company, threatened Action by a Governmental Authority or other Person with respect to any alleged material non-compliance with any Environmental Law. No member of the Company Group has any agreement with or is subject to any Order by a Governmental Authority with respect to any Hazardous Substance cleanup or violation of Environmental Laws. No member of the Company Group has received any notice alleging that it has a material liability pursuant to Environmental Laws in connection with any location where its wastes have come to be disposed.

Section 4.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Permits</u>. The Company Group possesses all material permits, licenses, franchises, applications, rights, privileges, approvals, certifications, consents, waivers, concessions, exemptions, Orders, registrations, notices, and authorizations from, or filings with, any Governmental Authority (collectively, "<u>Permits</u>") necessary for each member of the Company Group to own, lease, and operate its properties and to carry on its business as currently conducted, and such Permits are valid, are in full force and effect, and are sufficient in all material respects for the business presently conducted by the Company Group, taken as a whole. In the past three (3) years, no member of the Company Group has received any written claim or notice that (a) any member of the Company Group is not in material compliance with, or regarding any actual or possible violation of, the terms of any Permits (nor, to the Knowledge of the Company, does there exist any condition that with the passage of time or the giving of notice or both would result in such material non-compliance) or (b) any Permit will be suspended, terminated, revoked, adversely modified, or canceled other than non-renewals or modifications in the ordinary course of business.

Section 4.21&nbsp;&nbsp;&nbsp;&nbsp;<u>Affiliate Transactions</u>. <u>Section 4.21</u> of the Disclosure Letter sets forth all Affiliate Agreements in effect as of the date hereof. A correct and complete copy of each Affiliate Agreement, as in effect as of the date hereof, has been made available to the Purchaser prior to the date hereof. No director, officer, or management level employee of any member of the Company Group or Affiliate of any member of the Company Group (which Affiliate is not itself a member of the Company Group) nor, to the Knowledge of the Company, any spouse or child of any of such Persons, nor, to the Knowledge of the Company, any legal entity in which any of such Persons has a material economic interest (a) owns any material property or asset, tangible or intangible, that is used in the conduct of the business of such member of the Company Group, (b) to the Knowledge of the Company, has any material cause of action pending against such member of the Company Group, or (c) is a party to or the beneficiary of any Contract with such member of the Company Group; except the Affiliate Agreements.

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Section 4.22&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>. <u>Section 4.22</u> of the Disclosure Letter sets forth a correct and complete copies of all material insurance policies held by any member of the Company Group for the benefit of any member of the Company Group as of the date hereof, correct and complete

copies of which have been made available to the Purchaser (collectively, the "<u>Company Group Insurance Policies</u>"). Except as set forth in <u>Section 4.22</u> of the Disclosure Letter, (a) as of the date hereof, (i) all Company Group Insurance Policies are in full force and effect, (ii) all premiums due and payable in respect of such insurance policies have been timely paid, and (iii) no member of the Company Group has reached or exceeded its policy limits for any such insurance policies, (b) the Company Group has complied in all material respects with the provisions of each Company Group Insurance Policy under which it is the insured party, and (c) as of the date of this Agreement, no member of the Company Group has received any notice of cancellation of any Company Group Insurance Policy, and there is no material claim by any member of the Company Group pending under any Company Group Insurance Policy as to which coverage has been denied or disputed, except as would not, individually or in the aggregate, reasonably be expected to be material to the Company Group, taken as a whole.

Section 4.23&nbsp;&nbsp;&nbsp;&nbsp;<u>Assets</u>. Each member of the Company Group has valid title to (or a valid leasehold interest in or right to use) all of the material tangible person property owned by it and reflected on the Company Group Balance Sheet, free and clear of all Liens (other than Permitted Liens), except with respect to dispositions of assets permitted under <u>Section 6.1(b)</u>. The material equipment included in the assets reflected on the Company Group Balance Sheet is in reasonably good operating condition and repair in all material respects, subject to normal wear and tear and except as would not materially affect the current operations of the Company Group.

Section 4.24&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Corruption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;During the past five (5) years, no member of the Company Group, or any director, officer, or employee, or, to the Knowledge of the Company, any representative, consultant, or other Person acting for or on behalf of any member of the Company Group, has offered, made, authorized, promised, or agreed to make, directly or indirectly, any contribution, gift, or payment of money or anything of value to, or accepted or received any contribution, gift, or payment of money of anything of value from, any Government Official for the purpose of: (i) influencing any act or decision of such Government Official in his or her official capacity; (ii) inducing such Government Official to do, or omit to do, any act in relation to his or her lawful duty; (iii) securing any improper advantage; or (iv) inducing such Government Official to influence or affect any act or decision of any Governmental Authority, in each case, in order to assist the Company Group or any member of the Company Group or any director, officer, employee, representative, consultant, or other Person acting for or on behalf of the Company Group or any member thereof, in obtaining or retaining business for or with, or directing business to, any Person or to secure any other improper benefit or advantage, in each case, except as would not, individually or in the aggregate, reasonably be expected to be material to the Company Group, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No member of the Company Group, any director, officer, or employee, or, to the Knowledge of the Company, any representative, consultant, or other Person acting for or on behalf of the Company Group or any member thereof, has directly or indirectly violated any Anti-Corruption Laws except as would not, individually or in the aggregate, reasonably be expected to be material to the Company Group, taken as a whole.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company Group has (i) complied in all material respects with all Anti-Corruption Laws and (ii) maintains policies and procedures reasonably designed to ensure compliance in all material respects with all Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;During the past five (5) years, no member of the Company Group has been the subject of any material allegation, investigation, inquiry, disclosure, or enforcement proceeding by any Governmental Authority regarding any actual or suspected violation of any Anti-Corruption Laws, and no such material allegation, investigation, inquiry, disclosure, or proceeding is pending or, to the Knowledge of the Company, threatened.

Section 4.25&nbsp;&nbsp;&nbsp;&nbsp;<u>Brokers</u>. Except as set forth on Section <u>4.25</u> of the Disclosure Letter, none of the Company Group has, directly or indirectly, incurred or entered into any Contract, nor is the Company Group otherwise bound by any Contract with any Person that would entitle any broker, finder, or investment banker is or shall be entitled to any brokerage, finder's, or other fee or commission in connection with the Transactions.

Section 4.26&nbsp;&nbsp;&nbsp;&nbsp;<u>Privacy and Data Security</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Company Group, and, to the Knowledge of the Company, all affiliates and/or third parties with respect to the Processing of Personal Information on behalf of, and/or sharing Personal Information with, the Company Group (collectively, "<u>Data Partners</u>"), comply and have for the last three (3) years complied with all applicable (i) Privacy Laws, (ii) policies, notices, and/or statements related to privacy, security, or the Processing of Personal Information (each, a "<u>Privacy Policy</u>"), and (iii) contractual commitments related to privacy, security, or the Processing of Personal Information (collectively, the "<u>Privacy Requirements</u>"). Each member of the Company Group has for the last three (3) years provided a Privacy Policy to individuals prior to the collection of any Personal Information, and all such Privacy Policies are and have for the last three (3) years been materially accurate and, to the Knowledge of the Company, not misleading or deceptive, including by omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery, and performance of this Agreement and the Transactions do not and will not: (i) conflict with or result in a material violation or breach of any Privacy Requirements; (ii) require the consent of or provision of notice to any Person concerning such Person's Personal Information; (iii) give rise to any right of termination or other right to impair or limit the Purchaser's rights to own and Process any Personal Information used in or necessary for the operation of the Company Group's business; or (iv) otherwise prohibit the transfer of Personal Information to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company Group has for the last three (3) years had contracts in place with all Data Partners, which impose on such Data Partners obligations related to privacy, security, and the Processing of Personal Information that, at a minimum, comply with Privacy Requirements. The Company Group takes commercially reasonable steps to monitor all Data Partners to verify their compliance with Privacy Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company Group has for the last three (3) years implemented, maintained, and complied with, and required all Data Partners to at all times implement, maintain, and comply with, technical, physical, and organizational measures, plans, procedures, controls, and programs,

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including a written information security program, that comply with Privacy Requirements and are designed to protect Personal Information and confidential information against a Security Incident. The Company Group regularly evaluates its written information security program through commercially reasonable security audits, penetration testing, and/or vulnerability scanning. Such activities may identify potential vulnerabilities; however, certain identified items may, upon review, be determined to be inapplicable, not reasonably capable of remediation, or otherwise not presenting a material risk in the context of the Company Group's operations. The Company Group has addressed, all high, or critical vulnerabilities determined to be applicable and reasonably remediable. Neither the Company Group, nor, to the Knowledge of the Company, any Data Partner with respect to its Processing of Personal Information on behalf of the Company Group, has experienced any Security Incidents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;In relation to any Security Incident and/or actual or alleged violation of a Privacy Requirement, neither the Company Group nor, to the Knowledge of the Company, any Data Partner has (i) notified or been required to notify any Person or (ii) received any notice, inquiry, request, claim, complaint, correspondence, or other communication from, or, to the Knowledge of the Company, been the subject of any investigation or enforcement action by, any Person. To the Knowledge of the Company, there are no facts or circumstances that could give rise to the occurrence of (i) or (ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company Group maintains insurance coverage containing commercially reasonable policy terms and limits that are reasonable to the risk of liability relating to any Security Incident, unauthorized Processing of Personal Information, or violation of the Privacy Requirements, and no claims have been made under such insurance policy(ies).

Section 4.27&nbsp;&nbsp;&nbsp;&nbsp;<u>No Other Representations or Warranties</u>. The Company hereby acknowledges and agrees that the representations and warranties made by the Purchaser in <u>Article V</u> are the sole representations and warranties being made by or on behalf of the Purchaser and its Affiliates and Representatives and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties expressly set forth in <u>Article V</u>, none of the Purchaser or any of its Affiliates or Representatives have made, nor are any of them making, any express or implied representation or warranty regarding the accuracy, sufficiency, or completeness of any information provided to the Sellers, Company or any of their respective Affiliates or Representatives or prepared by or for the Purchaser or any of its Affiliates in connection with the Transactions, and no such Person shall be liable in respect of the accuracy, sufficiency, or completeness of any information provided to the Sellers, Company, or their respective Affiliates or Representatives. Only those representations or warranties made by the Purchaser to the Company and the Sellers in <u>Article V</u>, subject to the limitations and restrictions specified herein, shall have any legal effect.

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**ARTICLE V.**

**REPRESENTATIONS AND WARRANTIES OF THE PURCHASER PARTIES**

The Purchaser Parties, jointly and severally, hereby represent and warrant to the Sellers and the Company as follows:

Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization and Qualification</u>. Such Purchaser Party (a) is a legal entity duly organized, validly existing, and in good standing under the Laws of the jurisdiction of its formation, (b) has the requisite power and authority to own, lease, and operate its properties and assets and to carry on its business as it is now being conducted, and (c) is duly qualified or licensed and in good standing to do business in each jurisdiction in which the nature of the business conducted by it or the ownership, leasing, or operation of its assets or properties makes such qualification or license necessary; except, in the case of clauses (b) and (c), where the failure to have such power and authority or to be so qualified, licensed, or in good standing, individually or in the aggregate, has not had and would not reasonably be expected to have a Purchaser Material Adverse Effect. The Purchaser has previously made available to the Sellers correct and complete copies of its Organizational Documents as in effect as of the date hereof.

Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization of Agreement</u>. Such Purchaser Party has the requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder under this Agreement and the other Transaction Documents to which such Purchaser Party is or will be a party and, subject to the receipt of the Required Regulatory Approvals, to consummate the Transactions. The execution and delivery of this Agreement and the other Transaction Documents by such Purchaser Party and the consummation by such Purchaser Party of the Transactions have been or will be prior to Closing duly authorized by all necessary action on the part of such Purchaser Party and no action, approval or other proceedings on the part of such Purchaser Party are necessary to authorize this Agreement or the other Transaction Documents or to consummate the Transactions. This Agreement has been duly executed and delivered by such Purchaser Party and, assuming the due authorization, execution, and delivery hereof by the Sellers and the Company, constitutes the legal, valid, and binding obligation of such Purchaser Party, enforceable against such Purchaser Party in accordance with its terms, subject to the Enforceability Exceptions.

Section 5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>No Conflict; Required Filings and Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as may result from any facts or circumstances relating solely to the Sellers or any of its Affiliates, the execution and delivery by such Purchaser Party of this Agreement and the other Transaction Documents, the consummation of the Transactions, and the performance by such Purchaser Party of its obligations under this Agreement and the other Transaction Documents do not and shall not (i) violate the Organizational Documents of such Purchaser Party, (ii) violate or result in a material breach of any Law applicable to such Purchaser Party or any of its assets or properties, (iii) violate or result in a material breach of any of the terms and conditions of, cause the termination of, or give any other contracting party the right to terminate, cancel, accelerate, or modify, or give rise to any right of first refusal, right of first offer, or similar right under, or constitute (or with notice or lapse of time, or both, constitute) a material default under any material Contract to which such Purchaser Party is a party, or (iv) result in the creation of any material Lien

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(other than a Permitted Lien) upon any of the assets or properties of such Purchaser Party pursuant to the terms of any Contract to which such Purchaser Party is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as may result from any facts or circumstances relating solely to the Sellers and the Company or any of their respective Affiliates, and other requirements set forth in Section 4.4(b) of the Disclosure Letter, the execution and delivery of this Agreement and the other Transaction Documents by such Purchaser Party, the consummation of the Transactions, and the performance by such Purchaser Party of its obligations under this Agreement and the other Transaction Documents do not and shall not require such Purchaser Party to obtain any material consent, permit, approval, Order, or authorization of, or make any material registration, declaration or filing with, any Governmental Authority, except for the Required Regulatory Approvals.

Section 5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Capitalization</u>. As of the date hereof, 138,472.28 Purchaser Units are issued and outstanding. All of the issued and outstanding Equity Interests of the Purchaser were duly authorized, validly issued, fully paid, and non-assessable.&nbsp;&nbsp;&nbsp;&nbsp;

Section 5.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchaser Units</u>. Upon issuance, the Purchaser Units constituting the Unit Consideration will be duly authorized, validly issued, fully paid, and non-assessable and will not be subject to any Liens or restrictions on transfer other than restrictions under this Agreement, in the Organizational Documents of Purchaser or the applicable Holdco Seller, and applicable securities Laws.

Section 5.6&nbsp;&nbsp;&nbsp;&nbsp;<u>No Equityholder Approval</u>. The issuance and delivery by the Purchaser of the Unit Consideration to the Holdco Sellers does not require any vote or other approval or authorization of any holder of any Person, other than any approval that has been obtained prior to or concurrently with the execution of this Agreement.

Section 5.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Brokers</u>. No broker, finder, or investment banker is or shall be entitled to any brokerage, finder's, financial advisor's, or other fee or commission in connection with the Transactions as a result of any action, agreement, commitment, or arrangement made by or on behalf of such Purchaser Party or any of its Affiliates, in each case, except for any such fee or commission payable solely by Purchaser or its Affiliates.

Section 5.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Law; Actions and Litigation</u>. Except as would not reasonably be expected, individually or in the aggregate, to result in a Purchaser Material Adverse Effect, such Purchaser Party is, and for the last three (3) years has been, in compliance with all applicable Laws. There are no Actions or Orders pending or, to the Knowledge of such Purchaser Party, threatened against or affecting, or, to the Knowledge of such Purchaser Party, any material investigations pending or threatened, against or relating to such Purchaser Party, any of such Person's respective assets or properties or any present or former officer or director of such Person in his or her capacity as such, in each case, except as not had and would not reasonably be expected, individually or in the aggregate, to have a Purchaser Material Adverse Effect. None of such Purchaser Party, its Subsidiaries or its Affiliates is disqualified by operation of law, rule or regulation, including the federal securities Laws or FINRA rules, from owning or controlling a broker-dealer. Neither such Purchaser Party nor any of its director, officers, employees or associated persons (with the meaning of Section 3(a)(18) of the Exchange Act) is subject to any "statutory disqualification" enumerated in Section 3(a)(39)(A)-(D) of the Exchange Act.

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Section 5.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Financing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Financing Commitments</u>. Concurrently with the execution of this Agreement, the Purchaser has delivered to Company a true, correct, and complete copy of the executed Debt Commitment Letter and the Debt Fee Letter, which Debt Fee Letter has been redacted to remove only those items related to specific fees payable on the Closing Date to a Debt Financing Source and other customary economic terms (none of which redacted terms impose additional conditions on the availability of, or otherwise adversely affect the conditionality or the aggregate amount of, the Debt Financing at the Closing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Status of Financing Commitments</u>. As of 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Debt Commitment Letter is in full force and effect and represents a valid, binding, and enforceable obligation of the Purchaser and, to the knowledge of the Purchaser Parties, each other party thereto, with respect to the subject matter therein, subject to the Enforceability Exceptions;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Debt Commitment Letter has not been amended, supplemented, waived, or modified in any manner and, to the Purchaser's knowledge, no such amendment, supplement, waiver, or modification is contemplated;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the commitments under the Debt Commitment Letter have not been withdrawn, rescinded, reduced, replaced, or terminated and, to the Purchaser's knowledge, no such withdrawal, rescission, reduction, replacement, or termination is contemplated;

&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)&nbsp;&nbsp;&nbsp;&nbsp;no event has occurred, which, with or without notice, lapse of time, or both, would constitute a breach or default on the part of such Purchaser Party or any other party thereto under the Debt Commitment Letter or that would result in the failure of the funding obligations 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Purchaser has fully paid (or caused to be paid) any and all commitment fees and other amounts that are due and payable on or prior to the date of this Agreement in connection with the Debt Financing; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;none of the Purchaser Parties nor any of their Affiliates has entered into any agreement, side letter, or other arrangement relating to the Debt Financing, other than as set forth in the Debt Commitment Letter and the Debt Fee Letter, that could affect the availability, conditionality or amount of the Debt Financing on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adequate Proceeds</u>. The aggregate proceeds of the Debt Financing together with available cash at the Purchaser will be sufficient to consummate the transactions contemplated hereby, including the making of all payments to be made by or on behalf of Purchaser on the Closing Date (the "<u>Required Amounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions to Commitments</u>. There are no conditions precedent related to the funding of the full amount of the Debt Financing, other than the Financing Conditions. Such Purchaser Party has no reason to believe that it or any other party thereto will be unable to satisfy on a timely basis any term of the Debt Commitment Letter, nor does such Purchaser Party have

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knowledge that any of the Debt Financing Sources will not perform their respective funding obligations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect on Condition to Sellers' Obligations</u>. Notwithstanding anything to the contrary contained herein, each Seller agrees that a breach of the representations and warranties in this <u>Section 5.9</u> will not, in and of itself, result in the failure of a condition precedent in <u>Section 8.3(a)</u> to such Seller's obligations under this Agreement, if (notwithstanding such breach) the Purchaser is willing and able to consummate the transactions contemplated hereby on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Financing Not a Condition</u>. Such Purchaser Party understands and acknowledges that its obligations under this Agreement are not in any way contingent upon or otherwise subject to or conditional upon any Purchaser Party's consummation of any financing arrangements, any of the Purchaser Party's obtaining of any financing, or the availability, grant, provision, or extension of any financing to the Purchaser.

Section 5.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Representations</u>. The Purchaser acknowledges that the Purchased Interests are to be acquired by the Purchaser for investment for its own account, not as a nominee or agent, and not with a view to the sale or distribution of any part thereof, and the Purchaser has no present intention of selling, granting participation in, or otherwise distributing the Purchased Interests. The Purchaser does not have a Contract with any Person to sell, transfer or grant participation to such Person, or to any third party, with respect to the Purchased Interests. The Purchaser understands that the Purchased Interests have not been registered under the Securities Act, on the grounds that the sale and transfer of securities hereunder is exempt from registration under the Securities Act, and that Sellers' reliance on such exemption is predicated in part on the representations set forth herein. The Purchaser represents that it is an "accredited investor" as such term is defined in Regulation D promulgated under the Securities Act, has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its acquisition of the Purchased Interests, and has the ability to bear the economic risks of such acquisition. The Purchaser understands that no public market now exists for the Purchased Interests and that there is no assurance that a public market will ever exist for the Purchased Interests. The Purchaser has had the opportunity to review and analyze the business, operations, assets, liabilities, results of operations, financial condition and prospects of the Company Group and has been provided access to the personnel, properties, premises and records of the Company Group in order to determine the suitability of its acquisition of the Purchased Interests.

Section 5.11&nbsp;&nbsp;&nbsp;&nbsp;<u>R&W Insurance Policy</u>. The Purchaser Parties acknowledges that their respective obligations set forth in this Agreement and the other Transaction Documents are not contingent or conditioned upon the effectiveness of the R&W Insurance.

Section 5.12&nbsp;&nbsp;&nbsp;&nbsp;<u>No Other Representations and Warranties</u>. Such Purchaser Party hereby acknowledges and agrees that the representations and warranties made by the Sellers and the Company in <u>Article III</u> and <u>Article IV</u> (as modified by the Disclosure Letter) are the sole representations and warranties being made by the Sellers and the Company, respectively, and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties expressly set forth in <u>Article III</u> and <u>Article IV</u>, , none of the Sellers, the Company, nor any of their respective Affiliates or Representatives has made,

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nor are they making, nor is such Purchaser Party relying on, any express or implied representation or warranty regarding the accuracy, sufficiency, or completeness of any information provided to such Purchaser Party or its Affiliates or Representatives or prepared by or for the Sellers or the Company in connection with the Transactions, and no such Person shall be liable in respect of the accuracy, sufficiency, or completeness of any information provided to the Sellers, the Company, or their respective Affiliates or Representatives. Only those representations or warranties made to such Purchaser Party in <u>Article III</u> and <u>Article IV</u> (as modified by the Disclosure Letter) of this Agreement, subject to the limitations and restrictions specified herein, shall have any legal effect. Any and all statements or information communicated by the Sellers, the Company, any of their respective Representatives, or any other Person outside of this Agreement, including by way of the documents provided in response to such Purchaser Party's due diligence requests and any management presentations provided, whether verbally or in writing, are deemed to have been superseded by this Agreement, it being agreed that no such prior or contemporaneous statements or communications outside of this Agreement shall survive the execution and delivery of this Agreement.

**ARTICLE VI.**

**CONDUCT PRIOR TO THE CLOSING**

Section 6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Company Group Interim Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;During the period commencing on the date of this Agreement and ending at the Closing or such earlier date as this Agreement may be terminated in accordance with its terms (the "<u>Pre-Closing Period</u>") except (i) as expressly required by this Agreement (including with respect to the Holdco Sellers Reorganization), (ii) as set forth in <u>Section 6.1</u> of the Disclosure Letter, (iii) as consented to in writing by the Purchaser (which such consent shall not be unreasonably withheld, conditioned, or delayed), or (iv) as required by Law, the Company shall, and shall cause each other member of the Company Group to, (A) operate its business in the ordinary course of business consistent with past practice in all material respects, and (B) use commercially reasonable efforts to maintain and preserve its business organization and material business relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;During the Pre-Closing Period, except as expressly required by this Agreement (including with respect to the Holdco Sellers Reorganization), as set forth in <u>Section 6.1</u> of the Disclosure Letter or as consented to in writing by the Purchaser (which such consent shall not be unreasonably withheld, conditioned, or delayed) or as required by Law, the Company shall not, and shall cause each other member of the Company Group not to:

&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)&nbsp;&nbsp;&nbsp;&nbsp;amend or restate the Organizational Documents of any member of the Company Group;

&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)&nbsp;&nbsp;&nbsp;&nbsp;other than redemptions, repurchases or forfeitures of Equity Interests, equity incentives or equity-based incentives by or from any director, officer, employee, or individual contract or consultant of any member of the Company Group in the ordinary course of business, issue, redeem, sell, pledge, split, or encumber the Equity Interests of any member of the Company Group (including any warrants, options, convertible or exchangeable Equity Interests, subscriptions, rights (including any pre-emptive or similar

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rights), calls, or other rights to purchase or acquire any Equity Interests of any member of the Company Group) or any phantom equity or other equity-linked incentives of any member of the Company Group or the Holdco Sellers or enter into any agreement with respect thereto or make any changes (by recapitalization, reclassification, stock dividend, stock split, combination, reorganization or otherwise) in the capital structure of, or amend the terms of any Equity Interests of, any member of the Company Group;

&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)&nbsp;&nbsp;&nbsp;&nbsp;sell, lease, convey, transfer, exchange, swap, or otherwise dispose of or incur any Lien (other than a Permitted Lien) on any material portion of its assets or properties, except in the ordinary course of business, consistent with past practice and dispositions of obsolete assets;

&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)&nbsp;&nbsp;&nbsp;&nbsp;except for Tax distributions in accordance with the Organizational Documents of the Company, declare or pay any dividend or other distribution with respect to the Equity Interests of any member of the Company Group, or otherwise make any payments in cash or in kind, or advance or loan any funds to, the Sellers or any of its Affiliates, except for (A) dividends or distributions paid in cash in the ordinary course of business consistent with past practice prior to the Adjustment Time or (B) dividends or distributions paid by any of the Company's wholly owned Subsidiaries to the Company or another wholly owned Subsidiary of the Company; provided that, with respect to the foregoing clause (A), any such dividend or distribution of cash that is in respect of revenue that is estimated to be received prior to the Adjustment Time may only be made to the extent such revenue is included in the calculation of the Bonus Amount;

&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)&nbsp;&nbsp;&nbsp;&nbsp;acquire or make any investment in a material portion of the assets or equity of any business or Person, involving the payment by the Company Group;

&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)&nbsp;&nbsp;&nbsp;&nbsp;enter into or adopt a plan or agreement of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization, or other material reorganization;

&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)&nbsp;&nbsp;&nbsp;&nbsp;enter into, cancel, terminate, modify, or amend any Material Contract or contract that would be a Material Contract if in effect on the date hereof, or knowingly release or waive any material rights 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;(A) incur, create, refinance, replace, prepay, guarantee, assume, increase the balance of, or repay or decrease the balance of any indebtedness for borrow money, other than borrowings and repayments of Indebtedness under the Credit Agreements prior to the Adjustment Time, (B) incur, create, refinance, replace, prepay, guarantee, assume, increase the balance of, or repay or decrease the balance of any loan advance or indebtedness for borrowed money in excess of $100,000 between or among members of the Company Group, other than in the ordinary course of business consistent with past practice, (C) guarantee the obligations of any other Person that is not a member of the Company Group, or (D) mortgage or pledge any material assets of any member of the Company Group, tangible or intangible or create any Lien thereupon (other than any Permitted Lien);

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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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;make any loans, advances, or capital contributions, or commitments to or investments in any Person in excess of $100,000, except for advances of expenses made in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;cause MarshBerry Capital to maintain net capital that is an amount less than its minimum required "net capital" (as set forth in Rule 15c3-1 under the Exchange Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;make any capital expenditures other than (A) capital expenditures in the ordinary course of business or (B) as set forth in the capital expenditure forecast set forth in <u>Section 6.1(b)(xi)(B)</u> of the Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;make any changes in financial accounting methods, principles, or practices, except as required by changes in GAAP or 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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;except as required by applicable Law or the terms of a Benefit Plan in effect on the date of this Agreement, (A) increase the base wage or salary payable to, or any other components of compensation and benefits of, any current or former director, officer, employee, or individual independent contractor or consultant of any member of the Company Group, (B) accelerate the time of payment or vesting of, or the lapsing of restrictions with respect to, or fund or otherwise secure the payment of, any compensation or benefits to any current or former director, officer, employee, or individual independent contractor or consultant of any member of the Company Group, (C) grant or increase any retention, bonus, change of control, equity incentive or equity-based incentive, severance or termination payments or benefits to, or enter into or amend any employment, retention, bonus, change of control, equity incentive, equity-based incentive or severance or termination agreement with any current or former director, officer, employee, or individual independent contractor or consultant of any member of the Company Group, except with respect to cash bonuses not in excess of $75,000, individually, or $450,000, in the aggregate, in the ordinary course of business, (D) hire or terminate the employment or service arrangement of any director, officer, employee, or individual independent contractor or consultant, other than hires and terminations in the ordinary course of business consistent with past practice with respect to individuals with an annual base salary of less than $200,000 or terminations for cause, (E) establish, adopt, enter into, terminate, or amend any Benefit Plan (or plan, program, policy, or agreement that would be a Benefit Plan if in effect on the date of this Agreement), or (F) promote any employee of the Company Group, other than the promotion of non-executive employees with an annual base salary (whether before or after the promotion) not in excess of $250,000 in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;enter into any new line of business outside of the existing business segments of the members of the Company Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;to the extent requiring payment by or to the Company Group in excess of $100,000 after Closing or requiring any continuing material obligations of the Company Group after Closing, settle or compromise any Action involving any amount to be paid by the Company Group, any criminal Action, any settlement or compromise involving an

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admission of guilt, or any Action involving the imposition of injunctive or equitable relief against any member of the Company Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;(A) make, change, or revoke any Tax election, (B) adopt or change any method of Tax accounting or change any annual Tax accounting period, (C) file any amended Tax Return or claim a refund of an amount of Taxes, (D) prepare or file any Tax Return other than on a basis consistent with past practice (except as otherwise required by Law), (E) enter into any "closing agreement" within the meaning of Section 7121 of the Code (or any similar provision of state, local, or non-U.S. Law) or other agreement with any Tax authority, (F) settle or compromise any Tax Proceeding, (G) surrender any right to claim a refund of Taxes, (H) seek any Tax ruling from any Governmental Authority, (I) grant any extension or waiver of the statute of limitations period applicable to any Tax Proceeding or for the collection of any Taxes, (J) initiate any voluntary disclosure, amnesty, or similar program with respect to Taxes, or (K) fail to timely file any Tax Return or timely pay any Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;negotiate or enter into any new, or amend or otherwise modify or waive any provision under, or terminate any Collective Bargaining 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;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;lease, license (other than non-exclusive licenses of Owned Intellectual Property granted by the Company in the ordinary course of business consistent with past practices), sublicense, pledge, sell, or otherwise dispose of, abandon, waive, relinquish, or fail to renew, permit to lapse, transfer, assign, encumber, or subject to any Lien (other than Permitted Liens) any material Owned Intellectual Property; 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;(xix)&nbsp;&nbsp;&nbsp;&nbsp;authorize any of, or commit or agree to take any of, the foregoing actions.

Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Pre-Closing Access and Information</u>. During the Pre-Closing Period, the Sellers and the Company shall, and shall cause the members of the Company Group to, solely in connection with the Transactions or to the extent relating to the preparations for the transition of ownership of the Company Group at the Closing, (a) afford to the Purchaser and the Purchaser's Representatives reasonable access during normal business hours upon reasonable prior notice, to the officers, directors and other senior management-level personnel, books, and records of the Company Group as may be reasonably requested by the Purchaser, (b) furnish to the Purchaser and the Purchaser's Representatives such information concerning the business, properties, contracts, personnel, books, and records, as may be reasonably requested from time to time by the Purchaser, and (c) provide such cooperation as may be reasonably requested by the Purchaser in order to facilitate the integration and transition of ownership of the Company Group's business and operations at the Closing; <u>provided</u> that, in each case, any actions pursuant to this Section <u>6.2</u> shall not unreasonably interfere with the conduct of business or operations of the Company Group. Notwithstanding the foregoing, no Seller or member of the Company Group shall be required to provide access to or to disclose information the disclosure of or access to which that the Company reasonably believes (after conferring with counsel) is prohibited under applicable Law, Order or Contract or which would cause a Seller or any member of the Company Group to waive its attorney-client privilege or the application of attorney-work-product doctrine with respect to such information; <u>provided</u>, that such Seller or Company Group member shall use reasonable best efforts to seek to provide access to such information in a manner that does not violate such Law,

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Order or Contract or result in such waiver, as applicable. Notwithstanding anything to the contrary herein, during the Pre-Closing Period, no Purchaser Party shall, and each Purchaser Party shall cause its Affiliates and Representatives not to, contact any officer director, manager, employee, independent contractor, client, customer, supplier, vendor or other business relation of any member of the Company Group with respect to the Transactions, in each case, without the prior written consent of the Company.

Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Affiliate Agreements</u>. At or prior to the Closing, the Sellers and the Company shall cause all Affiliate Agreements set forth in <u>Section 6.3</u> of the Disclosure Letter to be terminated (such Affiliate Agreements, the "<u>Terminated Affiliated Arrangements</u>") without any ongoing material obligation or liability of any party thereto; <u>provided</u> that contingent indemnification obligations under the Credit Agreements that expressly survive termination thereof shall survive in accordance with their terms.

Section 6.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Third-Party Consents</u>. The Sellers and the Company shall, and shall cause their respective Subsidiaries to, use commercially reasonable efforts to obtain as promptly as reasonably practicable after the date of this Agreement the consents of third parties and give notices to third parties as necessary in order to keep in effect and avoid the breach, violation of, termination of, or adverse change to, any Material Contract set forth in <u>Section 4.4(a)</u> of the Disclosure Letter to which any member of the Company Group is a party, and the Purchaser Parties shall use commercially reasonable efforts to cooperate with the Sellers and the Company in connection therewith. Notwithstanding the foregoing, following the date of this Agreement, in no event shall the Sellers, the Company, the Purchaser Parties, or any of their respective Affiliates be obligated to bear any expense or pay any fee or grant any concession in connection with obtaining any third-party consents as contemplated by this <u>Section 6.4</u>, except the payment of nominal administrative or similar fees or charges.

Section 6.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Payoff Letters</u>. The Company shall deliver to the Purchaser at least three (3) Business Days prior to the Closing a draft payoff letter in customary form and substance reasonably acceptable to the Purchaser and including a release of all obligations (including guarantees, but excluding any contingent indemnification obligations that are not then due and payable and that by their terms are to survive the termination of the instruments evidencing the underlying credit facilities) and all Liens related to each Company Payoff Indebtedness upon payment in full of the payoff amount stated therein, from the holders of the Company Payoff Indebtedness (or their agent or representative) (each, a "<u>Payoff Letter</u>"), which Payoff Letter shall provide for the holders of such Company Payoff Indebtedness to deliver, subject to the receipt of the applicable payoff amounts, all related Lien release documentation to the Company or its designees prior to or upon the Closing and payment of such Company Payoff Indebtedness; <u>provided</u>, that (i) in no event shall this <u>Section 6.5</u> require the Company to cause any such termination or release other than substantially concurrently with the Closing and payment of such Company Payoff Indebtedness and (ii) all funds required to effect such repayment shall be provided by the Purchaser in accordance with <u>Section 2.7(a)(viii)</u>.

Section 6.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusive Dealing</u>. During the period from the date of this Agreement through the Closing or the earlier termination of this Agreement, the Sellers and the Company shall, and shall cause the Company Group and their respective Representatives not to, take any action to knowingly initiate, solicit, or engage in discussions or negotiations with, or knowingly provide

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any information to, or enter into any agreement with, any Person (other than the Purchaser Parties and their Representatives) concerning any Alternative Transaction. The Sellers and the Company shall, and shall cause the Company Group and their respective Representatives to, cease and cause to be terminated any existing discussions, communications, or negotiations with any Person (other than the Purchaser Parties and their Representatives) conducted heretofore with respect to any Alternative Transaction.

Section 6.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Efforts to Consummate</u>. Subject to the terms and conditions herein provided (including the limitations in <u>Section 6.3</u>, <u>Section 6.4</u>, <u>Section 6.8</u> and this <u>Section 6.7</u>), from the date hereof until the earlier of the termination of this Agreement and the Closing Date, the Purchaser Parties, the Sellers, and the Company shall each use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things reasonably necessary, proper, or advisable to consummate and make effective as promptly as practicable the Transactions (including the satisfaction, but not waiver, of the Closing conditions set forth in <u>Article VII</u>); <u>provided</u> that, notwithstanding the forgoing, none of the Sellers or any Member of the Company Group shall be required to (a) expend money to remedy any breach of any representation or warranty hereunder, (b) commence any litigation, or (c) subject to compliance with <u>Section 6.3</u>, <u>Section 6.4</u> or <u>Section 6.8</u>, obtain any consent required for the Transaction.

Section 6.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Government Notification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser, the Company, and the Sellers shall (i) file with the United States Federal Trade Commission and the United States Department of Justice, as promptly as practicable, but in no event later than fifteen (15) Business Days following the execution and delivery of this Agreement, the notification and report form required for the Transactions and any supplemental information requested in connection therewith pursuant to the HSR Act and (ii) use its reasonable best efforts to obtain all necessary waivers, consents, orders, authorizations, and approvals and to effect all necessary registrations, declarations, filings, notices, petitions, statements, applications, and submissions (including under any applicable state securities or "blue sky" laws) and to remove any injunctions or other impediments or delays, legal or otherwise, in order to consummate and make effective the Transactions for the purpose of securing to the parties hereto the benefits contemplated by this Agreement. The Purchaser, the Company, and the Sellers shall furnish to each other's counsel such necessary information and reasonable assistance as the other may request in connection with its preparation of any filing or submission that is necessary under the HSR Act or any other applicable Law. None of the Sellers, the Company, or the Purchaser or any of their respective Affiliates shall enter into any agreement with any Governmental Authority to extend any waiting period under the HSR Act without the prior written consent of the other parties (such consents shall not be unreasonably conditioned, delayed, or withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Sellers, the Company, and the Purchaser shall: (i) use their reasonable best efforts to promptly cause the expiration or termination of the applicable waiting period (and any extensions thereof) under the HSR Act for the consummation of this Agreement and the Transactions; (ii) keep each other apprised of the status of any substantive communications with, and any inquiries or requests for additional information that may be formally or informally requested by any Governmental Authority; and (iii) as promptly as practicable, supply any additional information and documentary materials that may be requested during the initial waiting

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period and, unless mutually agreed otherwise, certify substantial compliance with any requests for additional information and documentary materials that may be issued pursuant to the HSR Act or any other applicable Law. The Sellers, the Company, and the Purchaser agree to use their reasonable best efforts to avoid or eliminate each and every impediment under any Law that may be asserted by any Governmental Authority or any other Person so as to enable the parties to expeditiously close the Transactions; <u>provided</u>, <u>however</u>, nothing herein shall be deemed to require the Sellers, the Company, or any Purchaser Party to consent to any divestiture or other structural or conduct relief in order to obtain clearance from any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The parties shall, and shall instruct their respective counsel to, cooperate with each other and use reasonable best efforts to facilitate and expedite the identification and resolution of any issues arising under the HSR Act or any other applicable Law at the earliest practicable dates. Neither the Sellers, the Company, or Purchaser or their respective Representatives shall participate in any substantive meeting or discussion with any Governmental Authority with respect to any such filings, applications, investigation, or other inquiry without giving the other parties prior notice of the meeting or discussion and, to the extent permitted by the relevant Governmental Authority, the opportunity to attend and participate in such meeting or discussion (which, at the request of any party, shall be limited to outside antitrust counsel only). The Purchaser and the Company shall each approve the content of any material communications, presentations, white papers, or other written materials to be submitted to any Governmental Authority in advance of any such submission; <u>provided</u> that such materials may be redacted to (i) remove references to commercially or competitively sensitive information and (ii) address reasonable attorney-client privilege or confidentiality concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Purchaser shall pay all filing or similar fees in connection with the filing required in connection with the Transactions under the HSR Act and any other Required Regulatory Approvals.

Section 6.9&nbsp;&nbsp;&nbsp;&nbsp;<u>FINRA Filing</u>. The Purchaser shall (a) promptly following the execution and delivery of this Agreement, but in no event later than fifteen (15) Business Days following the date hereof, make, or cause to be made, a joint application to FINRA pursuant to FINRA Rule 1017 for approval of a change in ownership, control, or business operations of Lincoln LLC and MarshBerry Capital relating to the Purchaser's acquisition of the Company (the "<u>FINRA Filing</u>") and (b) use reasonable best efforts to prepare and submit applications for approval or notice filings required, if applicable, under applicable state securities laws with respect to a change in ownership or control of Lincoln LLC and MarshBerry Capital with respect to Governmental Authorities in the U.S. states that require such approvals or filings at or prior to the Closing (such states, the "<u>BD Consent States</u>"). The Purchaser shall provide the Company with a reasonable opportunity to review and provide comments on any draft materials and applications relating to the FINRA Filing, and any application for approval or notice filing with respect to the BD Consent States, if applicable, and the Purchaser shall consider in good faith the Company comments regarding such materials; provided that, the Company shall have the right to approve, not to be unreasonably withheld, in relation to those portions of the FINRA Filing that apply to MarshBerry Capital. The Company Group shall furnish to the Purchaser such necessary information and reasonable assistance as the Purchaser may reasonably request in connection with the preparation of the FINRA Filing. The Purchaser shall promptly apprise the Company of the occurrence and substance of each material communication (i) from or to FINRA or the SEC with respect to the FINRA

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Approval and (ii) from or to any other relevant Governmental authority in relation to any application for approval or notice filing with respect to BD Consent States. Without the prior written consent of the Company, the Purchaser shall not, and shall not permit any of its Subsidiaries to, agree to any material restriction or condition imposed by FINRA in connection with the FINRA Approval. Each Party shall use its reasonable best efforts to obtain FINRA Approval with respect to the FINRA Filing. If the FINRA Approval is granted affirmatively pursuant to a FINRA determination made prior to Closing, the Purchaser shall promptly notify the Company in writing that the FINRA Approval has been so obtained and shall provide to the Company evidence that the FINRA Approval has been so obtained. The Purchaser shall pay all filing or similar fees in connection with the FINRA Filing. 

Section 6.10&nbsp;&nbsp;&nbsp;&nbsp;<u>FCA Filing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The UK Purchaser shall, and the Company shall cause MB International to, use all reasonable endeavors (so far as lies within their respective powers) and shall co-operate fully in all actions necessary to procure that the FCA Approval is satisfied as soon as practicable, and shall not take any action that could reasonably be expected to adversely affect the satisfaction of the FCA Approval. The UK Purchaser shall use all reasonable endeavors (so far as lies within its powers) to submit the change in control notification in respect of the FCA Approval to the FCA as soon as possible after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall cause MB International to:

&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)&nbsp;&nbsp;&nbsp;&nbsp;use all reasonable endeavors to ensure that the UK Purchaser is provided with any information or documents within IMAS's possession or control as is reasonably required to enable the UK Purchaser to make the change in control notification to the FCA and to respond to any communications from the FCA in relation to such change in control notification; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;ensure that IMAS, as soon as possible following the date of this Agreement, notifies the FCA in writing of the proposed acquisition and cessation of control in accordance with the requirements set out in Chapter 11 of the FCA's Supervision Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If at any time the Company, MB International or the UK Purchaser becomes aware of any event, circumstance or condition that would be reasonably likely to prevent the FCA Approval being satisfied it shall forthwith inform the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each party shall notify the other promptly upon it becoming aware that the FCA Approval has been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this <u>Section 6.10</u> shall require the UK Purchaser to disclose confidential, commercially sensitive or legally privileged information regarding itself or its Representatives to another party, except to the extent necessary in order to ensure that the FCA Approval and any notifications required are satisfied, in which case such disclosure shall be on a confidential external counsel-to-counsel basis only or by way of disclosure directly to any competent governmental, administrative or supervisory authority.

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Section 6.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Cooperation with Debt Financing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cooperation</u>. Prior to the earlier of Closing or the valid termination of this Agreement, the Company shall, and shall cause the members of the Company Group and its and their respective personnel and advisors to, use its and their commercially reasonable efforts to provide such assistance with the Debt Financing in respect of the Company Group as is reasonably requested by the Purchaser, including, but not limited to:

&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)&nbsp;&nbsp;&nbsp;&nbsp;delivery to the Purchaser of (A) the Debt Financing Deliverables and (B) the Company Group Financial Statements;

&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)&nbsp;&nbsp;&nbsp;&nbsp;participation, including by officers of appropriate seniority and experience, in and assistance with the preparation, negotiation, execution, and delivery of the Debt Financing Documents;

&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)&nbsp;&nbsp;&nbsp;&nbsp;participation, including by officers of appropriate seniority and experience, in and assistance with the preparation of customary and appropriate marketing materials reasonably required in connection with the Debt Financing;

&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)&nbsp;&nbsp;&nbsp;&nbsp;taking such actions as may be required or reasonably requested by the Purchaser in connection with the repayment of the Company Payoff Indebtedness, including the delivery of any applicable notices of repayment; 

&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)&nbsp;&nbsp;&nbsp;&nbsp;delivery at least three (3) Business Days prior to the Closing Date of all Debt KYC Deliverables, to the extent requested by the Purchaser in writing at least eight (8) Business Days prior to the Closing Date; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;taking such actions as are reasonably requested by the Purchaser to facilitate the satisfaction on a timely basis of all conditions precedent to obtaining the Debt Financing that are within its reasonable control, including to facilitate the perfection or pledging of collateral (in each case effective as of and not prior to the Closing), including with respect to delivery of original copies of certificated securities.

Notwithstanding the foregoing, neither the Company nor any other member of the Company Group nor their respective personnel and advisors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;other than any customary authorization letters regarding the Company Group, shall be required to approve, execute, or deliver any Debt Financing Document or take any other corporate or similar action in respect of the Debt Financing that, in each case, is not effective or conditioned, as applicable, upon the Closing (and solely to the extent approved, executed, and delivered by those officers and directors of the Company Group who shall continue to act in such capacities following the Closing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;shall be required to incur any expense, liability or obligation (including any indemnification obligation) in connection with the Debt Financing that is not contingent on the Closing, or pay or reimburse any commitment or other fee or expense in connection with the Debt Financing prior to the Closing;

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;shall be required to take any action other than at the Purchaser's request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;shall be required to take any action that would conflict with, violate, or result in a breach of or default under its organizational documents, this Agreement, or any other material Contract or Law to which it or its property is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;shall be required to take any action that could subject any director, manager, officer, or employee of the Company Group to any actual or potential personal 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;shall be required to provide access to or disclose information that the Company determines in good faith (after consultation with counsel) would jeopardize any attorney client privilege of, or conflict with any confidentiality requirements applicable to, the Company or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;shall be required to take any action that it determines in good faith would unreasonably interfere with the ongoing commercial operations of the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;&nbsp;&nbsp;shall be required to deliver or cause the delivery of any legal opinions or accountants' comfort letters or reliance letters in connection with the Debt Financing; 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;(I)&nbsp;&nbsp;&nbsp;&nbsp;shall be required to (i) provide any post-Closing or pro forma financial information or adjustments desired to be incorporated into any information used in connection with the Debt Financing (including any synergies or cost savings), any projections or other forward-looking statements relating to all or any component of the Debt Financing, or any pro forma capitalization table, or (ii) prepare or deliver any description of all or any component of the Debt Financing, or any financial statements that are not available to it and prepared in the ordinary course of its financial reporting practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Expense Reimbursement</u>. The Company's cooperation with the Debt Financing pursuant to this <u>Section 6.11</u> shall be at the Purchaser's sole cost and expense. Upon request by the Company, whether or not Closing occurs, following the earlier of the Closing Date or the termination of this Agreement pursuant to its terms, the Purchaser shall promptly reimburse the Company and its Subsidiaries, as applicable, for all reasonable and reasonably documented out-of-pocket fees, costs and expenses incurred by them in connection with their cooperation with the Debt Financing pursuant to this <u>Section 6.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>. Whether or not Closing occurs, the Purchaser Parties shall, jointly and severally, indemnify and hold harmless the Sellers, the Company, its Subsidiaries, their Affiliates and their respective Representatives, from and against any and all liabilities or losses suffered or incurred by them in connection with the arrangement of the Debt Financing and any other financing that the Purchaser Parties may raise in connection with the transactions contemplated hereby, any cooperation provided pursuant to this <u>Section 6.11</u>, and any information

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utilized in connection therewith, except to the extent resulting from the gross negligence, fraud, or willful misconduct of the Company or any of its Affiliates or Representatives or arising from incorrect or misleading information provided by the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Logos</u>. The Company hereby consents to the reasonable use of its and its Subsidiaries' logos in connection with the Debt Financing; <u>provided</u>, that, such logos shall be used solely in a manner that is reasonable and customary for such purpose, is not intended to nor reasonably likely to harm, disparage, or otherwise adversely affect the Company or its Subsidiaries or its or their reputation or goodwill or its or their intellectual property, and does not violate any Contract to which such Person is a party or by which it is bound. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sharing of Information</u>. Notwithstanding any other provision set forth herein or in any other agreement between any Purchaser Party (or any of its Affiliates) and Company (or any of its Affiliates), none of the Purchaser Parties may share non-public or confidential information regarding the Company, its Subsidiaries, and their respective businesses with the Debt Financing Sources, and that the Purchaser, its Affiliates, and the Debt Financing Sources may share such information with potential debt investors in connection with any marketing efforts in connection with the Debt Financing; <u>provided,</u> that, the recipients of such information enter into to customary (including "click through") confidentiality arrangements with the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect on Condition to the Purchaser Parties' Obligations</u>. Notwithstanding anything to the contrary in this Agreement, the condition set forth in <u>Section 8.2(b)</u>, as it applies to the Sellers' and the Company's obligations under this <u>Section 6.11</u>, shall be deemed satisfied unless (i) the Company has knowingly and willfully failed to satisfy its obligations in any material respect under this <u>Section 6.11</u>, (ii) the Purchaser has notified the Company of such failure in writing a reasonably sufficient amount of time prior to the Closing to afford the Company with a reasonable opportunity to cure such failure, and (iii) such failure has been the primary cause of the Purchaser Parties' failure to receive the proceeds of the Debt Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Financing Not a Condition</u>. The Purchaser Parties acknowledge and agree that the receipt or availability of any funds or financing (including the obtaining the Debt Financing or any Debt Replacement Financing) is not a condition to their obligations under this Agreement. If any funds or financing (including the Debt Financing or any Debt Replacement Financing) has not been obtained, the Purchaser Parties shall continue to be obligated, until such time as the Agreement is terminated in accordance with its terms and subject to the waiver or fulfillment of the conditions set forth herein, to complete the transactions contemplated by this Agreement.

Section 6.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchaser's Debt Financing Efforts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser agrees to use its commercially reasonable efforts to take, or cause to be taken, all actions and do, or cause to be done, all things necessary or advisable to arrange the Debt Financing as promptly as practicable following the date of this Agreement and to consummate the Debt Financing on the Closing Date. Such actions shall include, but not be limited to, 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;(A) maintaining in effect the Debt Commitment Letter and (B) not (x) cancelling any commitments under the Debt Commitment Letter or (y) reducing the

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commitments under the Debt Commitment Letter unless the aggregate amount of the Debt Financing following such reduction, together with cash on hand at the Purchaser, is sufficient to fund the Required Amounts at the Closing; <u>provided</u> that the Purchaser may replace or amend the Debt Commitment Letter as set forth in clause (b) below;

&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)&nbsp;&nbsp;&nbsp;&nbsp;negotiating, executing, and delivering Debt Financing Documents that reflect (A) the terms contained in the Debt Commitment Letter or (B) such other terms as may be acceptable to both the Purchaser and the applicable Debt Financing Sources; <u>provided</u> that such other terms do not contain any Prohibited Modification (as defined below);

&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)&nbsp;&nbsp;&nbsp;&nbsp;satisfying on a timely basis (or seeking a waiver of) all Financing Conditions set forth in the Debt Commitment Letter that are within the Purchaser's or any of its Subsidiaries' control;

&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)&nbsp;&nbsp;&nbsp;&nbsp;paying all commitment or other fees and amounts that become due and payable under or with respect to the Debt Commitment Letter as they become due and payable;

&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)&nbsp;&nbsp;&nbsp;&nbsp;drawing the full amount of the Debt Financing, in the event that the Financing Conditions set forth in the Debt Commitment Letter been satisfied or, upon funding, would be satisfied;

&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)&nbsp;&nbsp;&nbsp;&nbsp;upon the request of the Company, the Purchaser will confirm (A) with its financing sources their intent and ability to perform, and the availability of the Debt Financing, under the Debt Commitment Letter, subject only to satisfaction or waiver of the Financing Conditions, and (B) that neither it nor its financing sources are aware of any event or condition that could reasonably be expected to result in the failure of a Financing Condition; 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;enforcing its rights under or with respect to the Debt Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser shall not, without the prior written consent of the Company, agree to, or permit, any amendment, restatement, replacement, supplement, or other modification of, or waiver or consent under, the Debt Commitment Letter or other documentation relating to the Debt Financing that (individually or in the aggregate) would:

&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)&nbsp;&nbsp;&nbsp;&nbsp;reasonably be expected to adversely affect the Purchaser's ability to consummate the transactions contemplated to occur under this Agreement on the Closing Date;

&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)&nbsp;&nbsp;&nbsp;&nbsp;reduce the aggregate amount of the Debt Financing unless the Purchaser has sufficient cash on hand in an amount equal to such reduction and otherwise sufficient to pay the Required 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;impose new or additional conditions or expand upon (or amend or modify in any manner) the conditions precedent to the Debt Financing from those conditions set forth in the Debt Commitment Letter as of the date 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;adversely affect the ability of the Purchaser to enforce its rights against the other parties to the Debt Commitment Letter, the Debt Fee Letter or any Debt Financing 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;reasonably be expected to prevent, delay, impede, or impair the Closing (each of the foregoing, a "<u>Prohibited Modification</u>").

The Purchaser shall promptly deliver to the Company copies of any such amendment, restatement, amendment and restatement, replacement, supplement, modification, waiver, or consent. Notwithstanding the foregoing, the Purchaser may amend or replace the Debt Commitment Letter as contemplated therein as of the date hereof to add lenders, lead arrangers, bookrunners, agents, or similar entities that have not executed the Debt Commitment Letter as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser shall consult with and provide to the Company, upon reasonable request, copies of all agreements and other documents relating to the Debt Financing and shall keep the Company reasonably informed on a current basis and in reasonable detail of material developments in respect of the Debt Financing. Without limiting the foregoing, the Purchaser shall give the Company prompt written notice of any Debt Financing Failure Event of which the Purchaser or its Affiliates becomes aware. As soon as reasonably practicable, the Purchaser shall provide any information reasonably requested by the Company relating to any Debt Financing Failure Event; provided, that providing such information will not violate any applicable privilege or confidentiality obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If any of the Debt Financing Failure Events described in clauses (a) through (c) of the definition thereof occurs, the Purchaser shall use its commercially reasonable efforts, promptly and in consultation with the Company, to (i) arrange for alternative debt financing ("<u>Debt Replacement Financing</u>"), including from alternative sources, in an amount that when added with other available funds would be sufficient to pay the Required Amounts, and (ii) obtain a new financing commitment letter that provides for such Debt Replacement Financing and which shall not include any Prohibited Modification. The Purchaser shall not be obligated (i) to procure Debt Replacement Financing on terms and conditions (including structure, covenants, and pricing) that are, taken as a whole, materially less favorable than the terms and conditions of the Debt Financing described in the Debt Commitment Letter (including any flex provisions in the Debt Fee Letter) as determined by the Purchaser in good faith or (ii) to obtain any Debt Replacement Financing from financing sources that are not reasonably acceptable to the Purchaser or its Affiliates. The Purchaser shall deliver to the Company true, correct, and complete copies of all contracts or other arrangements pursuant to which any alternative source shall have committed to provide any portion of the Debt Replacement Financing (<u>provided</u> that any fee letters in connection therewith may be redacted in a manner consistent with the Debt Fee Letter provided as of the date hereof). The provisions of this <u>Section 6.12</u> shall be applicable to the Debt Replacement Financing, and all references to the Debt Financing shall be deemed to include such Debt Replacement Financing and all references to the Debt Commitment Letter and Debt Financing Documents shall include the applicable documents for the Debt Replacement Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary, nothing in this <u>Section 6.12</u> shall require (i) the incurrence of any debt financing other than the Debt Financing or any Debt Replacement Financing or (ii) the payment of fees in connection with the Debt Financing in excess of the

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amounts contemplated by the Debt Commitment Letter. The foregoing notwithstanding, compliance by the Purchaser with this <u>Section 6.12</u> shall not relieve the Purchaser of its obligation to consummate the Closing and the other transactions contemplated by this Agreement whether or not the Debt Financing or any Debt Replacement Financing is available.

**ARTICLE VII.**

**ADDITIONAL AGREEMENTS**

Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Notification of Certain Matters</u>. During the Pre Closing Period, the Sellers and the Company, on the one hand, and the Purchaser Parties, on the other hand, shall give prompt notice to the other upon becoming aware of (a) any written notices, complaints, investigations, or hearings (or communications indicating that the same may be contemplated) of any Governmental Authorities with respect to the Transactions, (b) any written notices or other written communications from any third Persons alleging that the consent of such Person is or may be required with respect to the Transactions, (c) the institution of any material Action involving any member of the Company Group relating to the Transactions or (d) any breach or inaccuracy of any of the representations, warranties, covenants, or agreements made by them in this Agreement to the extent such breach or inaccuracy has or would reasonably be expected to result in a failure of the conditions set forth in <u>Section 8.2</u> or <u>Section 8.3</u>, respectively.

Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Public Announcements</u>. No press release or public announcement related to this Agreement or the Transactions, or, prior to the Closing, any other announcement or communication related to the Transaction to the clients or vendors of the Company Group, shall be issued or made by any Party or any Affiliate thereof without the joint approval of the Purchaser and the Company, except (a) that the Purchaser and its Affiliates, on the one hand, and Sellers and the Company Group, on the other hand, shall be permitted to make announcements from time to time to the respective employees, clients, vendors, and other business relations of as may be reasonably determined to be necessary to comply with applicable Law or the requirements of any Contract, (b) that nothing contained in this <u>Section 7.2</u> shall limit or restrict the right of the Sellers, the Company, the Purchaser, or any of their respective Affiliates in respect of any Action that may arise or be commenced between the Sellers or the Company, on the one hand, and the Purchaser or any Affiliate thereof, on the other hand, with respect to the Transactions, and (c) the Purchaser Parties and their respective Affiliates, on the one hand, and the Sellers, on the other hand, shall be permitted to make announcements from time to time to direct or indirect equityholders, or other potential or actual investors (including any investment fund managed or advised by a direct or indirect equityholder) for marketing, fundraising, informational reporting, or regulatory purposes (in each case, subject to customary confidentiality restrictions); <u>provided</u> that, with respect to any disclosure pursuant to the foregoing clauses (a) or (c), each Party shall provide the other Parties with the proposed form of such disclosure in advance and shall consider in good faith any proposed changes to such disclosure; <u>provided</u>, <u>further</u>, that, if any such disclosure is, upon the advice of counsel, required by applicable Law, the Party making such disclosure shall provide as much advance notice to the other Parties as is reasonably practicable and shall cooperate with the other Parties to limit such disclosure (including by seeking a protective order or other appropriate remedy).

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Section 7.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. In further consideration for the payment of the Transaction Consideration and in order to protect the value of the Purchased Interests purchased by the Purchaser (including the goodwill inherent in the Company and each member of the Company Group as of the Closing), upon the Closing of the Transactions, the Sellers agree as a direct or indirect owner of Company Units, or an employee, officer, or director of the Company (as applicable), the Sellers had access to and contributed to information and materials of a highly sensitive nature (including Confidential Information) of the Company, its current and future, direct and indirect, Subsidiaries, parent (including, without limitation, the Purchaser), and related entities. Each Seller agrees that unless such Seller first secures the written consent of an authorized representative of the Purchaser, during the period from Closing until the date that is the 5 year anniversary of Closing, such Seller shall not disclose to others, any Confidential Information, except (a) to the extent such disclosure is required by Law or any Order (in which event such Seller shall, to the extent practicable, inform the Purchaser in advance of any such required disclosure, shall cooperate with the Purchaser as reasonably requested by purchaser in obtaining a protective order or other protection in respect of such required disclosure, and shall limit such disclosure to the extent reasonably possible while still complying with such requirements), (b) to such Seller, its Affiliates, its direct and indirect equityholders and their respective accountants, legal, and other advisors and representatives who need to know such Confidential Information in connection with Tax reporting, their direct or indirect ownership of the Company Units and Purchaser Units, or the Transactions or for informational reporting or regulatory purposes (in each case, subject to customary confidentiality restrictions), or (c) following the Closing, to the extent required in the performance of such Seller's duties to the Purchaser and its Subsidiaries (including, from and after the Closing, the Company Group). The Sellers shall use the same level of care that they use to protect their own confidential information (but, in no event, less than reasonable care) to safeguard Confidential Information and to protect it against disclosure.

Section 7.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances</u>. Subject to the terms and conditions of this Agreement, each Party agrees to execute such documents and other papers and use commercially reasonable efforts to take or cause to be taken all action and to perform or cause to be performed all things and acts reasonably necessary, proper, or advisable to carry out the provisions of this Agreement and to consummate the Transactions. No document executed pursuant to this <u>Section 7.4</u> shall be deemed to expand or limit the rights and obligations of the parties hereto beyond those provided in this Agreement or provide for any additional rights or obligations of the parties hereto that are not provided for in this Agreement. In the event of any conflict between the terms of any such documents and this Agreement, the terms of this Agreement shall control.

Section 7.5&nbsp;&nbsp;&nbsp;&nbsp;<u>R&W Insurance Policy</u>. The Purchaser Parties will pay, bear the cost and be responsible for all premiums, costs, payments, fees (including underwriter fees), or expenses incurred in connection with binding and issuing the R&W Insurance Policy and, promptly following the execution of this Agreement, the Purchaser Parties will pay the required deposit fee and all other payments or fees and take all necessary actions to bind coverage under the R&W Insurance Policy. Purchaser will comply in all material respects with all of its obligations under the R&W Insurance Policy necessary to the binding and maintaining of the R&W Insurance Policy. The R&W Insurance Policy shall provide that Euclid Transactional, LLC (the "<u>R&W Insurer</u>") shall have no rights of subrogation against the Company Group, nor against any officer, director, member, employee, or agent of the Company Group and the R&W Insurer has waived any and all such rights of subrogation, except in the case of Fraud, and then only with respect to the actual

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individual or entity committing such Fraud. For the avoidance of doubt, the Purchaser Parties acknowledge and agree that the obtaining of the R&W Insurance Policy is not a condition to the Closing and the Purchaser Parties shall remain obligated, subject only to the satisfaction or waiver of the conditions set forth in <u>Article VIII</u> of this Agreement, to consummate the Transactions.

Section 7.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification and Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser Parties agree that the indemnification obligations set forth in the Company's and each of its Subsidiary's Organizational Documents as in effect as of the date hereof shall survive the Closing and shall not be amended, repealed, or otherwise modified for a period of six (6) years after the Closing in any manner that would adversely affect the rights thereunder of any Person who on or prior to the Closing is or was a director, manager or officer ("<u>D&O Indemnified Person</u>") of any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall obtain (at the Company's cost), at or prior to the Closing, a prepaid insurance and indemnification policy (i.e., tail coverage) ("<u>D&O Tail Policy</u>") with a term of six (6) years covering each Person covered by the current policies of the directors' and officers' liability insurance maintained by the Company and each of its Subsidiary that provides coverage for matters occurring prior to the Closing that is no less favorable than the Company's or such Subsidiary's existing policy (true and complete copies, which have been previously provided to the Purchaser Parties) or, if substantially equivalent insurance coverage is unavailable, the best available coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 7.6</u> are intended for the benefit of, and will be enforceable by, each D&O Indemnified Person and such D&O Indemnified person's heirs and representatives, and are in addition to, and not in substitution for, any other rights to indemnification or contribution that any such Person may have had by Law, contract or otherwise.

Section 7.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Releases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Effective as of the Closing, each Seller, on behalf of itself and its former, current, and future equityholders, controlling persons, directors, officers, employees, agents, representatives, Affiliates, members, managers, general or limited partners, successors, or assigns (or any former, current, or future equityholder, controlling person, director, officer, employee, agent, representative, Affiliate, member, manager, general or limited partner, successor, or assign of any of the foregoing), hereby fully and unconditionally releases, acquits, and forever discharges each member of the Company Group, the Purchaser Parties, and each of their respective former, current, and future equityholders, controlling persons, directors, officers, employees, agents, representatives, Affiliates, members, managers, general or limited partners, successors, or assigns (or any former, current, or future equityholder, controlling person, director, officer, employee, agent, representative, Affiliate, member, manager, general or limited partner, successor, or assign of any of the foregoing) from any and all manner of actions, causes of actions, claims, obligations, demands, damages, costs, expenses, compensation, or other relief, whether known or unknown, whether at law or in equity, arising out of or relating to, or accruing from such Seller's ownership of the Company Group prior to the Closing, in each case, <u>except</u> (a) in respect of Fraud, (b) to the extent arising out of or related to this Agreement or the other Transaction Documents, including the Employment Agreements and the MarshBerry Holding Company, LLC Post Change-In-

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Control Special Phantom Award Plan, (c) for any rights under the exculpation or indemnification (including the advancement of expenses) provisions in the Organizational Documents of a member of the Company Group, (d) for any rights under the directors' and officers' liability insurance maintained by any member of the Company Group, (e) for any rights for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law or any rights under COBRA, (f) for any rights for accrued and unpaid compensation or employee benefits from any member of the Company Group, (g) for any rights to reimbursement for business expenses incurred and documented in accordance with the policies of the Company as currently in effect, and (h) for any rights with respect to contingent obligations under the Credit Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Effective as of the Closing, each Purchaser Party, on behalf of itself and its former, current, and future equityholders, controlling persons, directors, officers, employees, agents, representatives, Affiliates, members, managers, general or limited partners, successors, or assigns (or any former, current, or future equityholder, controlling person, director, officer, employee, agent, representative, Affiliate, member, manager, general or limited partner, successor, or assign of any of the foregoing), hereby fully and unconditionally releases, acquits, and forever discharges each Seller and each of their respective former, current, and future equityholders, controlling persons, directors, officers, employees, agents, representatives, Affiliates, members, managers, general or limited partners, successors, or assigns (or any former, current, or future equityholder, controlling person, director, officer, employee, agent, representative, Affiliate, member, manager, general or limited partner, successor, or assign of any of the foregoing) from any and all manner of actions, causes of actions, claims, obligations, demands, damages, costs, expenses, compensation, or other relief, whether known or unknown, whether at law or in equity, arising out of or relating to, or accruing from the operation of and such Seller's ownership of the Company Group and their businesses prior to the Closing, in each case, <u>except</u> (a) in respect of any claim by Purchaser based on Fraud by such Seller in each case subject to the limitations contained herein and (b) pursuant to the terms of this Agreement or the other Transaction Documents in each case subject to the limitations contained herein and therein.

Section 7.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Employee Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;For a period of 12 months following the Closing Date, Purchaser shall, or shall cause the Company Group to, provide to Company Group Employees as of immediately prior to the Closing who continue to be employed by Purchaser or any Affiliate thereof (the "<u>Continuing Employees</u>") on an employee-by-employee basis, (i) base salaries or hourly wage levels and incentive compensation opportunities no less favorable than the base salaries or hourly wage levels and incentive compensation opportunities provided to the applicable Continuing Employee immediately prior to Closing and (ii) employee welfare and retirement benefits (excluding equity and equity-based compensation plans, non-qualified deferred compensation plans, retention, change in control or, transaction bonus payments and defined benefit pension plans), vacation benefits, and severance benefits which are no less favorable in the aggregate than the benefits provided to the Continuing Employees immediately prior to the Closing (disregarding any termination of the Company 401(k) Plan pursuant to <u>Section 7.8(c)</u>, if applicable). Additionally, until all benefits payable under the MarshBerry Holding Company, LLC Post Change-In-Control Special Phantom Award Plan have been satisfied, Purchaser shall,

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following the Closing Date, continue to sponsor, and as applicable administer, such plan according to its plan terms (as in effect as of Closing Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of eligibility and vesting (but not benefit accrual other than severance and vacation) under the Benefit Plans of Purchaser provided to the Continuing Employees following the Closing Date (the "<u>Purchaser Plans</u>"), Purchaser shall, or shall cause the Company Group to, credit each Continuing Employee with his or her years of service with the Company, the Subsidiaries and any predecessor entities, to the same extent as such Continuing Employee was entitled immediately prior to the Closing to credit for such service under any similar Benefit Plan. Purchaser shall also use commercially reasonable efforts to credit such Company Group Employees for any deductibles and out-of-pocket expenses paid under the Sellers' Benefit Plans in the year in which the Closing occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Upon reasonable advanced written request by Purchaser to be provided no later than ten (10) Business Days after the date hereof, no later than five (5) Business Days prior to the Closing, the Company Group shall adopt resolutions effecting the termination of any Benefit Plan that is a 401(k) plan (each, a "<u>Company 401(k) Plan</u>"), with the termination of the Company 401(k) Plans effective not later than the day immediately preceding the Closing Date and contingent on the occurrence of the Closing. The Company Group shall provide the form of resolutions for the foregoing to Purchaser for its review and approval not less than five (5) Business Days prior to such adoption, which approval shall not be unreasonably withheld or delayed. In the event the Company 401(k) Plan is terminated pursuant to the foregoing, Purchaser shall cause Company to timely make any amendments required for changes in Law through the termination date to the Company 401(k) Plan and each Continuing Employee shall be given the opportunity to receive a distribution of his or her account balance under the Company 401(k) Plan and shall be given the opportunity to elect a direct rollover of such account balance, including the rollover of any outstanding plan loans, to the Purchaser's 401(k) Plan, subject to and in accordance with the provisions of such plan and applicable Law. Company and Purchaser shall cooperate in order to facilitate any such distribution or rollover and to affect an eligible rollover distribution for those Continuing Employees who elect to rollover their account balances directly to Purchaser's 401(k) Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Reasonably promptly following the date hereof, the Company shall provide Purchaser a complete and accurate list of the grant date for each issued and outstanding award under the MarshBerry Holding Company, LLC Officer and Director Equity Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 7.8</u> are for the sole benefit of the Parties and except as required by Law, nothing herein, expressed or implied, is intended or shall be construed to (i) constitute an employment agreement, (ii) confer upon or give to any Person, other than the Parties and their respective permitted successors and assigns, any legal or equitable or other rights or remedies with respect to the matters provided for in this <u>Section 7.8</u> under or by reason of any provision of this Agreement, or (iii) prohibit Purchaser (or any of its Subsidiaries) from terminating the employment of any Company Group Employee following the Closing Date. Without limiting the foregoing, in no event shall any Company Group Employee be deemed to be a third party beneficiary, or otherwise entitled to enforce, any provision of this Agreement. Further, without limiting the generality of this <u>Section 7.8</u>, nothing in this Agreement is intended to or shall be treated as an amendment to, or be construed as amending, any Benefit Plan, benefit plan of

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Purchaser, or other benefit plan, program or agreement sponsored, maintained or contributed to by any Seller, any member of the Company Group, Purchaser or any of their respective Affiliates.

Section 7.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 280G</u>. Prior to the Closing Date, with respect to any payment or benefit that may become due in connection with the transactions contemplated by this Agreement (including, without limitation, upon the occurrence of an event after the Closing Date), the Company shall, or shall cause the appropriate entity to, deliver to its equityholders entitled to vote a written disclosure statement that satisfies the stockholder approval requirements of Section 280G(b)(5)(B) of the Code, soliciting the consent of its equityholders for the payments and benefits due in connection with the transactions contemplated hereby, such that, if approved by the requisite majority of the shareholders, such payments and benefits shall not be deemed to be "parachute payments" (within the meaning of Section 280G(b)(2)(A) of the Code and the Treasury Regulations). To the extent required, prior to soliciting the consent of its equityholders, the Company shall, or shall cause the appropriate entity to, take commercially reasonable steps to, obtain from each "disqualified individual" (within the meaning of Section 280G(c) of the Code and the regulations thereunder) who has the right (even if contingent) to receive any "parachute payments", a written agreement waiving such disqualified individual's rights to some or all of such payments and/or benefits and accepting in substitution therefor the right to receive such payments only if approved by the equityholders of the Company in a manner that complies with Section 280G(b)(5)(B) of the Code and the Treasury Regulations, so that any remaining payments and/or benefits will not be deemed to be "excess parachute payments" (within the meaning of Section 280G of the Code and the Treasury Regulations) (such payments and/or benefits, solely to the extent waived, the "<u>280G Waived Benefits</u>"). If any of the 280G Waived Benefits fail to be approved as contemplated above, such 280G Waived Benefits will not be retained by or made or provided to the "disqualified individual." To the extent applicable, prior to the Closing Date, the Company shall deliver to the Purchaser evidence reasonably acceptable to the Purchaser that a vote of the applicable entity's equityholders was solicited in accordance with the foregoing provisions of this <u>Section 7.9</u> and in conformance with Section 280G of the Code, and that either (a) the requisite number of votes of the applicable equityholders were obtained with respect to the 280G Waived Benefits (the "<u>280G Approval</u>"), or (b) the 280G Approval was not obtained, and, as a result, no 280G Waived Benefits will be retained, made or provided, as applicable. In addition, the Company shall, no less than ten (10) days prior to the Closing, deliver to the Purchaser, prior to seeking waivers or the 280G Approval, drafts of such all such waivers, 280G Approval materials and the related analysis (including any underlying calculations and analysis and such 280G Approval materials shall include the addition of any compensation arrangements being entered into by, or at the direction of, the Purchaser, provided the Purchaser has given the Company the information with respect to such Purchaser compensation arrangements needed to be included in the 280G Approval materials and all other information regarding such compensation arrangements as may be required to be taken into account under Section 280G of the Code by no later than fifteen (15) days prior to the Closing Date) for the Purchaser's review and approval, which approval shall not be unreasonably withheld or delayed.

Section 7.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Retention Agreements; Employee Restrictive Covenant Agreements.</u> As promptly as practicable following the date hereof, each of the Purchaser and the Company shall cooperate and deliver, or cause to be delivered, (a) to each of the individuals set forth on <u>Section 1.1(a)</u> to the Disclosure Letter under the heading "Retention Parties" a Retention Agreement and (b) to each Restricted Party an Employee Restricted Covenant Agreement. The Company shall cooperate and

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use commercially reasonable efforts to cause a duly executed copy of each Retention Agreement and each Employee Restrictive Covenant Agreement to be delivered by the applicable individual prior to the Closing Date.

Section 7.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Contingent Payment Difference.</u> Within fifteen (15) Business Days following the final and binding determination of all deferred contingent payment amounts under the FirstChoice Purchase Agreement, the Purchaser shall pay to the Sellers and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable (but subject to <u>Section 2.12</u>), by wire transfer of immediately available funds, an amount in cash (if any) equal to the Contingent Payment Difference.

Section 7.12&nbsp;&nbsp;&nbsp;&nbsp;<u>FCAA Indemnity & RWI Payments.</u> There is a pending claim (the "<u>2022 RWI Policy Claim</u>") under the Buyer-Side Representations and Warranties Insurance Policy dated August 1, 2022 (the "<u>2022 RWI Policy</u>") that was issued by Travelers Excess and Surplus Lines Company ("<u>Travelers</u>") in connection with the FirstChoice Purchase Agreement. From and after the Closing, the Purchaser shall, and shall cause the Company to, continue to pursue such 2022 RWI Policy Claim in the ordinary course of business and consistent with the diligence with which it was pursued by the Company prior to the Closing Date; <u>provided</u> <u>that</u>, Purchaser shall not be required to commence any litigation, arbitration or other formal legal proceeding with respect to the 2022 RWI Policy Claim. Within fifteen (15) Business Days following receipt of any indemnity payment amounts under the FirstChoice Purchase Agreement or any amounts recovered under the 2022 RWI Policy (collectively, net of any out-of-pocket costs incurred by Purchaser or its Affiliates in connection with the collection of any such amounts, the "<u>Paid Indemnity / RWI Payment Amount</u>"), the Purchaser shall pay to the Sellers (but subject to <u>Section 2.12</u>), by wire transfer of immediately available funds, in cash amount equal to the Paid Indemnity / RWI Payment Amount.

Section 7.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Holdco Sellers Reorganization.</u> Prior to the Closing, each Holdco Seller shall, and shall use commercially reasonable efforts to cause its respective equityholders to, effect or cause and take all such actions as are required of such Holdco Seller (and, in the case of the equityholders, such equityholder) so that, prior to the Closing, the Holdco Sellers Reorganization shall have been completed. In connection with the completion of the Holdco Sellers Reorganization, prior to the Closing, each Specified Holder shall (a) execute a limited joinder to this Agreement (each a "<u>Limited Joinder</u>") pursuant to which each Specified Holder shall become a party to this Agreement solely in regard to the rights of the Specified Holder's identified herein and for the purposes expressly identified in <u>Article III</u> and <u>Section 11.18</u> and (b) execute a joinder to the Earnout Agreement pursuant to which each Specified Holder shall become a party to the Earnout Agreement as a "Seller" thereunder.

**ARTICLE VIII.**

**CONDITIONS**

Section 8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions to Obligations of Each Party</u>. The respective obligations of each Party to complete the Closing shall be subject to the satisfaction at, or prior to and as of, the Closing of the following conditions, any or all of which may be waived in writing by the Parties to the extent permitted by applicable Law:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Orders</u>. No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced, or entered any Order, which is in effect and which has the effect of making the Transactions illegal or otherwise prohibiting consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Required Regulatory Approvals</u>. (i) The applicable waiting period, together with any extensions thereof, under the HSR Act shall have expired or been terminated; (ii) the FCA Approval shall be been obtained; and (iii) the FINRA Approval shall have been obtained.

Section 8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Conditions to Obligations of the Purchaser Parties</u>. The obligations of the Purchaser Parties to complete the Closing are also subject to the satisfaction as of the Closing of each of the following conditions, any or all of which may be waived in writing by the Purchaser to the extent permitted by applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Each of the representations and warranties of the Company, and each Seller:

&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)&nbsp;&nbsp;&nbsp;&nbsp;set forth in <u>Section 3.1</u>, <u>Section 3.3</u>, <u>Section 3.5</u>, the first sentence of <u>Section 4.1</u>, <u>Section 4.2</u>, <u>Section 4.3</u>, <u>Section 4.5</u> and <u>Section 4.25</u> shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date (except to the extent such representations and warranties address matters as of particular dates, in which case, such representations and warranties shall be true and correct in all material respects on and as of such dates); 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;otherwise set forth in <u>Article III</u> or <u>Article IV</u> without regard to any qualifications relating to materiality, Company Material Adverse Effect, or similar phrases, shall be true and correct in all respects on and as of the date of this Agreement and on and as of the Closing Date (except to the extent such representations and warranties address matters as of particular dates, in which case, such representations and warranties shall be true and correct in all respects on and as of such dates), in each case, except where the failure of such representations and warranties to be true and correct, individually or in the aggregate, does not constitute a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants and Agreements of the Company and the Sellers</u>. The Company and the Sellers shall have performed or complied in all material respects with all of their covenants and agreements required by this Agreement to be performed or complied with by them prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Company Material Adverse Effect</u>. Since the date of this Agreement, there shall not have been any Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Employment Agreements</u>. No Employment Agreement or Employee Restrictive Covenant Agreement of John Wepler or Phil Trem shall have been terminated, rescinded, repudiated, or otherwise cancelled by John Wepler or Phil Trem and each of John Wepler and Phil Trem shall be employed by the Company Group on a full-time basis as of the Closing Date; <u>provided</u> <u>that</u>, for the avoidance of doubt, each of John Wepler and Phil Trem shall be considered to be employed on a full-time basis to the extent John Wepler or Phil Trem, as applicable, is on

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short-term disability or other bona fide medical leave on the Closing Date in accordance with the Company's group health and welfare policies in effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Holdco Sellers Reorganization</u>. The Holdco Sellers Reorganization shall have been consummated or will be consummated immediately prior to the Closing.

Section 8.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Conditions to Obligations of the Sellers</u>. The obligations of the Sellers to complete the Closing are also subject to the satisfaction at, or prior to and as of, the Closing of each of the following conditions, any or all of which may be waived in writing by each Seller to the extent permitted by applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Each of the representations and warranties of each of the Purchaser 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Set forth in <u>Section 5.1</u>, <u>Section 5.2</u>, <u>Section 5.5</u>, and <u>Section 5.7</u> shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date (except to the extent such representations and warranties address matters as of particular dates, in which case, such representations and warranties shall be true and correct in all material respects on and as of such dates);

&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)&nbsp;&nbsp;&nbsp;&nbsp;otherwise set forth in <u>Article V</u>, without regard to any qualifications relating to materiality, Purchaser Material Adverse Effect, or similar phrases, shall be true and correct in all respects on and as of the date of this Agreement and on and as of the Closing Date (except to the extent such representations and warranties address matters as of particular dates, in which case, such representations and warranties shall be true and correct in all material respects on and as of such dates), in each case, except where the failure of such representations and warranties to be true and correct, individually or in the aggregate, does not constitute a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants and Agreements</u>. The Purchaser Parties shall have performed or complied in all material respects with all of their respective covenants and agreements required by this Agreement to be performed or complied with by them prior to the Closing.

**ARTICLE IX.**

**PROCEDURES RELATING TO TAXES**

Section 9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Returns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Sellers shall timely prepare and file, or cause to be timely prepared and filed, all Pre-Closing Taxable Period Returns that are due (taking into account any applicable extensions) on or before the Closing Date. The Sellers shall pay, or cause to be paid, all Taxes due in respect of any Tax Return they are responsible for filing pursuant to this <u>Section 9.1(a)</u> to the applicable Governmental Authority prior to the Closing Date. The Purchaser shall timely prepare and file, or cause to be timely prepared and filed, all Pre-Closing Taxable Period Returns that are required to be filed (taking into account any applicable extensions) after the Closing Date and any Straddle Period Return. All reasonable third-party costs and expenses incurred in connection with the preparation and filing of (i) any Pre-Closing Taxable Period Return shall be borne and Paid by

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Sellers and (ii) any Straddle Period Return shall be allocated between the Purchaser, on the one hand, and Sellers, on the other hand, based on the principles of <u>Section 9.1(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any Pre-Closing Taxable Period Returns and Straddle Period Returns prepared and filed by the Purchaser pursuant to <u>Section 9.1(a)</u> for which the Sellers have liability pursuant to this Agreement or under applicable Law shall be prepared in a manner consistent with past practice, except as otherwise required by applicable Law. The Purchaser shall deliver any such (i) income Tax Returns and (ii) non-income Tax Returns prepared inconsistent with past custom and practice, in each case, described in the immediately preceding sentence to the Representative for its review and comment at least twenty (20) days prior to the date on which such Tax Return is required to be filed (taking into account any applicable extensions of time to file), or (in the case of any non-income Tax Return) such shorter time as is commercially reasonable. In any case where the Representative and Purchaser cannot resolve any dispute regarding any such Tax Return, the parties may submit such dispute to the Independent Accountants for resolution consistent with the terms of <u>Section 2.8(b)(iii)</u>, applied *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, in the case of any Taxes of any member of the Company Group that are payable with respect to any taxable period that begins on or before, and ends after, the Closing Date (a "<u>Straddle Period</u>") (i) real, personal, and intangible property Taxes and any other similar Taxes levied on a per diem basis of any Person for a Pre-Closing Tax Period shall be equal to the amount of such Taxes for the entire Straddle Period multiplied by a fraction, the numerator of which is the number of days during the Straddle Period that are in the Pre-Closing Tax Period and the denominator of which is the total number of days in the Straddle Period, and (ii) any other Taxes of any Person for any Pre-Closing Tax Period shall be computed as if such Tax period ended at the end of the day on the Closing Date, including for purposes of Section 706 of the Code and Treasury Regulations Section 1.706-4(a)(3)(iii); <u>provided</u> that any Taxes of the Company Group arising as a result of any income inclusion under Sections 951 or 951A of the Code shall be deemed to arise in a Pre-Closing Tax Period to the extent such inclusion is attributable to the income of a non-U.S. entity arising in any Pre-Closing Tax Period with such inclusion calculated as if the taxable year (as determined for U.S. federal income Tax purposes) of such non-U.S. entity ended on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Following the Closing Date, the Purchaser and the Representative shall notify each other in writing within ten (10) Business Days after receipt by any such Party or any of its Affiliates of written notice of the commencement of any Tax Proceeding of any member of the Company Group with respect to any Pre-Closing Tax Period or Straddle Period for which any other Party may have liability under this Agreement or pursuant to applicable Law (a "<u>Tax Contest</u>"). The Purchaser shall have the exclusive right to control the conduct of any Tax Contest; <u>provided</u>, that, if either (i) the Sellers agree in writing that any such Tax Contest relates solely to Taxes in a Pre-Closing Tax Period for which the Sellers have and assume total liability or (ii) the Tax Contest relates solely to Taxes in a Pre-Closing Tax Period and the outcome of the Tax Contest could reasonably be expected to result in the application of the last sentence of this <u>Section 9.1(d)</u> and, in each case, the Sellers otherwise comply with this <u>Section 9.1(d)</u>, the Representative may elect to control such Tax Contest; <u>provided further</u>, that the controlling Party shall keep the applicable non-controlling Party informed of the progress, correspondence, and submissions related to such Tax Contest and shall not settle, compromise, and/or concede any portion of such Tax Contest for which the other non-controlling Party could have liability without the prior written consent of the

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applicable non-controlling Party, which consent shall not be unreasonably withheld, delayed, or conditioned. Notwithstanding anything to the contrary, the Parties agree that with respect to any Tax matter related to any Tax Return of any Company Group member governed under the Partnership Tax Audit Rules for which an "imputed underpayment" under Section 6225 of the Code is assessed after the Closing Date, the Parties shall make (or cause to be made) a timely and proper election under Section 6226(a) of the Code (and any corresponding elections under applicable state and local Law) with respect thereto or otherwise take any action reasonably requested by the Purchaser or any of its Affiliates that ensures that the Sellers are economically responsible for any such imputed underpayment.

Section 9.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Assistance and Cooperation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Sellers and the Purchaser agree to furnish or cause to be furnished to each other, upon request, as promptly as practicable, such information (including access to books and records) and assistance as is reasonably requested for the filing of any Tax Returns, and the preparation, prosecution, defense, or conduct of any Tax Contest or any Tax Proceeding involving any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Sellers shall reasonably cooperate with Purchaser in the conduct of any Tax Proceeding involving or otherwise relating to the Company Group (or their respective income or assets). Any information obtained under this <u>Section 9.2(b)</u> shall be kept confidential, except as may be otherwise necessary in connection with the filing of Tax Returns or in the conduct of any Tax Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, (i) in no event shall any Person be entitled to review, inspect, or receive originals or copies of any Tax Returns of the Purchaser or any of its Affiliates (other than members of the Company Group) and (ii) the Purchaser shall have the sole and exclusive right to control any Tax Proceeding in respect of Taxes of the Purchaser or any of its Affiliates (other than any Tax Contest solely involving the members of the Company Group).

Section 9.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer Taxes</u>. Except as otherwise provided in this <u>Section 9.3</u>, each of the Purchaser, on the one hand, and the Sellers (and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable), on the other hand, shall be responsible for fifty percent (50%) of any sales, use, value added, transfer, stamp, registration, documentary, excise, real property transfer, or similar Taxes incurred as a result of the Transactions (collectively, "<u>Transfer Taxes</u>"**)**; provided that, for the avoidance of doubt and notwithstanding anything to the contrary, Transfer Taxes shall not include, and Sellers (and, following execution of the Distribution Agreements, each Specified Holder, Other Holder and Cashed Out Holder, as applicable) shall be responsible for any and all Taxes arising from the Holdco Sellers Reorganization**.** The Party responsible by Law for filing any Tax Return or other document related to any Transfer Taxes described in the preceding sentence hereby agrees to file in a timely manner any such Tax Return or other document and shall provide the other Party with evidence reasonably satisfactory to the other Party that such Tax Return or other document has been filed and that such Transfer Taxes have been paid. Notwithstanding the foregoing, the Purchaser shall be responsible for and shall pay any Transfer Taxes incurred as a result of the purchase (or transfer) and sale (or acquisition) of the UK Company Interests, the Dutch Majority

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Company Interests, and the Dutch Minority Company Interests and shall file (or cause to be filed) in a timely manner any Tax Return or other document related to any such Transfer Taxes and shall provide the Sellers with evidence reasonably satisfactory to the Sellers that such Tax Return or other document has been filed and that such Transfer Taxes have been paid. The Purchaser and the Sellers shall reasonably cooperate in the preparation and execution of any Tax Returns required to be filed in respect of any Transfer Taxes.

Section 9.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Sharing Agreement</u>. Any and all Tax Sharing Agreements to which any member of the Company Group is a party shall be terminated as of the Closing Date and, from and after the Closing Date, no member of the Company Group shall have any liability to make any payment pursuant to any such agreement for any past or future period.

Section 9.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Prohibited Acts</u>. Except as otherwise required by applicable Law, without the prior written consent of the Representative, which consent shall not be unreasonably withheld, delayed, or conditioned, the Purchaser will not, and will not permit any member of the Company Group, or any of its or their Affiliates, to (a) file, amend, re-file or otherwise modify any Tax Return of any member of the Company Group for any Pre-Closing Tax Period (except with respect to any such Tax Return filed pursuant to Section 9.01(b)), (b) extend or waive the applicable statute of limitations with respect to a Tax of any member of the Company Group for any Pre-Closing Tax Period, (c) make, change or rescind any Tax election with respect to any member of the Company Group for any Pre-Closing Tax Period (except with respect to an election made pursuant to Section 754 of the Code), (d) file any ruling or request with any Tax authority that relates to Taxes or Tax Returns of any member of the Company Group for any Pre-Closing Tax Period, (f) file an administrative adjustment request under Section 6227(a) of the Code, or any similar or successor provision of the Partnership Tax Audit Rules or other Tax Law in any jurisdiction, for any Pre-Closing Tax Period, (g) enter into any voluntary disclosure agreement or program with any Tax authority regarding any Tax or Tax Returns of any member of the Company Group for any Pre-Closing Tax Period, or (h) cause any member of the Company Group to engage in a transaction after the Closing on the Closing Date that is outside the ordinary course of business and not otherwise contemplated by this Agreement, in each case, if any such action would reasonably be expected to increase the Tax liabilities of any Seller (and, following execution of the Distribution Agreements, any Specified Holder, Other Holder and Cashed Out Holder, as applicable), whether pursuant to this Agreement or otherwise.

Section 9.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Transaction Tax Deductions</u>. Any and all Transaction Tax Deductions shall be treated for income Tax purposes as having been incurred by the members of the Company Group in, and reflected as a deduction on the income Tax Returns of the members of the Company Group for, the Pre-Closing Tax Period (limited, in the case of a Tax period ending on or prior to the Closing Date, to the extent at least "more likely than not" permitted under applicable Law).

**ARTICLE X.**

**TERMINATION**

Section 10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. This Agreement may be terminated at any time prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;by mutual written consent of the Purchaser and the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;by the Purchaser, if there has been any breach of or failure to perform any representation, warranty, covenant, or agreement on the part of the Sellers or the Company set forth in this Agreement, which breach or failure to perform (i) would cause the conditions set forth in <u>Section 8.2(a)</u> or <u>(b)</u> to not to be satisfied and (ii) if curable, has not been cured on or prior to the earlier of the Outside Date or thirty (30) days following receipt by the Company of written notice of such breach or failure to perform from the Purchaser; <u>provided</u>, that, at the time of such termination, no Purchaser Party shall be in breach of this Agreement, which causes a condition to Closing set forth in <u>Section 8.3(a)</u> or <u>Section 8.3(b)</u> to fail to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;by the Company, if there has been any a breach of or failure to perform any representation, warranty, covenant, or agreement on the part of any Purchaser Party set forth in this Agreement, which breach or failure to perform (i) would cause the conditions set forth in <u>Section 8.3(a)</u> or <u>(b)</u> to not to be satisfied and (ii) if curable, has not been cured on or prior to the earlier of the Outside Date or thirty (30) days following receipt by the Purchaser of written notice of such breach or failure to perform from the Sellers; <u>provided</u>, that, at the time of such termination, the Sellers and the Company shall not be in breach of this Agreement, which causes a condition to Closing set forth in <u>Section 8.2(a)</u> or <u>Section 8.2(b)</u> to fail to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;by the Purchaser, if there shall be any Law or Order that is final and nonappealable preventing the consummation of the Transactions on the terms set forth herein or that makes consummation of the Transactions on the terms set forth herein illegal; <u>provided</u>, <u>however</u>, that Purchaser shall not be entitled to terminate this Agreement pursuant to this <u>Section 10.1(d)</u> if the Purchaser is then in material default or breach of this Agreement and such default or breach has been the primary cause of or has primarily resulted in, such Law or Order having been issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;by the Company, if there shall be any Law or Order that is final and nonappealable preventing the consummation of the Transactions on the terms set forth herein or that makes consummation of the Transactions on the terms set forth herein illegal; <u>provided</u> <u>however</u>, that Company shall not be entitled to terminate this Agreement pursuant to this <u>Section 10.1(e)</u> if the Company or the Sellers are then in material default or breach of this Agreement and such default or breach has been the primary cause of or has primarily resulted in, such Law or Order having been issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;by the Purchaser, if on or after the Outside Date the Closing shall not have occurred; <u>provided</u>, <u>however</u>, that the Purchaser shall not be entitled to terminate this Agreement pursuant to this <u>Section 10.1(f)</u> if any Purchaser Party's breach of this Agreement is a proximate cause of the failure of the Transactions to occur by the Outside Date or has prevented the consummation of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;by the Company, if on or after the Outside Date the Closing shall not have occurred; <u>provided</u>, <u>however</u>, that the Company shall not be entitled to terminate this Agreement pursuant to this <u>Section 10.1(g)</u> if the Company's or any Seller's breach of this Agreement a proximate cause of the failure of the Transactions to occur by the Outside Date, or has prevented the consummation of the Transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;by the Company, if (i) the Company have given written notice to Purchaser that (A) all of the conditions set forth in <u>Section 8.1</u> and <u>Section 8.2</u> have been satisfied (other than those

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that, by their nature, are to be satisfied at the Closing, but subject to such conditions being capable of being satisfied if the Closing were to occur), in each case, at the time the Closing is required to have occurred in accordance with <u>Section 2.2</u>; and (B) the Sellers are ready, willing, and able to take the actions within their control to consummate the Closing; and (ii) the Purchaser Parties fail to consummate the Closing within two (2) Business Days following receipt of such notice or, if sooner, by the Outside Date.

Section 10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Termination</u>. In the event of the termination of this Agreement pursuant to <u>Section 10.1</u>, this Agreement shall immediately become void, there shall be no liability or obligation on the part of the Purchaser Parties, the Sellers, the Company, any of their respective Affiliates, or their or their Affiliates' respective Representatives, equityholders, managers, or partners, and all rights and obligations of any Party shall cease, except that any such termination shall not relieve any Person from any liability or Losses from Fraud or willful or intentional breach of this Agreement. Notwithstanding the foregoing, the provisions of this <u>Section 10.2</u>, <u>Section 6.11(b)</u>, <u>Section 6.11(c)</u>, and <u>Article XI</u> shall remain in full force and effect and survive any termination of this Agreement. For purposes of this Agreement, the failure of any Party, for any reason, to consummate the Closing (including delivery of the Transaction Consideration or the Purchased Interests, as applicable) pursuant to, and when required by, the terms of this Agreement shall constitute a willful and intentional breach of this Agreement and, in the event of the Sellers terminate this Agreement after a failure by any Purchaser Party to consummate the Closing pursuant to, and when required by, the terms of this Agreement, the Sellers will automatically be deemed to have terminated this Agreement pursuant to <u>Section 10.1(h)</u>. Each Party may (and, in the case of the Company, may on behalf of itself and the Sellers) petition a court to award damages in connection with any such breach of the terms and conditions set forth in this Agreement, and the Parties agree that such damages shall not be limited to reimbursement of expenses or out-of-pocket costs, and shall include the benefit of the bargain lost by the Sellers and the Company, on the one hand, or the Purchaser Parties, on the other hand (taking into consideration relevant matters, including other transaction opportunities and the time value of money). The Company may, additionally, on behalf of the Sellers, enforce such award and accept damages for such breach. Nothing in this <u>Article X</u> shall be deemed to impair the right of any Person to seek or compel specific performance by a Party of its obligations under this Agreement.

**ARTICLE XI.**

**GENERAL PROVISIONS**

Section 11.1&nbsp;&nbsp;&nbsp;&nbsp;<u>No Survival</u>*.* Each of the representations, warranties, covenants, and agreements set forth herein (other than the representations and warranties set forth in <u>Sections 4.8</u>, <u>Section 4.27</u> and <u>Section 5.12</u>, which shall survive the Closing indefinitely) or in any certificate delivered pursuant hereto (in each case subject to the express limitations and qualifications therein) shall terminate at and as of and not survive the Closing, other than each covenant and agreement set forth in this Agreement that by its terms is required to be performed following the Closing, which shall survive the Closing in accordance with its terms. Without limiting the foregoing, the sole and exclusive recourse of the Purchaser Parties for any breach or inaccuracy in the representations and warranties herein or in any certificate delivered pursuant hereto shall be against the R&W Insurance Policy. No Party or any of its respective Affiliates shall have any Liability with respect to any representation, warranty, covenant, or agreement from and after the time that such

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representation, warranty, covenant, or agreement terminates or ceases to survive hereunder; <u>provided</u>, that nothing in this <u>Section 11.1</u> shall limit (a) any claim or recovery that may be available to Purchaser under the R&W Insurance Policy (regardless whether Purchaser successfully binds the R&W Insurance Policy or fails to bind such an insurance policy) or (b) any claim of Fraud.

Section 11.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given (a) upon receipt, if delivered personally, (b) three (3) days after being mailed by registered or certified mail (postage prepaid, return receipt requested) to the parties at the following addresses (or at such other address for a party as shall be specified by like changes of address), or (c) immediately when sent by email (upon confirmation of receipt, machine generate being sufficient) to the email address specified below (or at such other email address for a party as shall be specified by like changes of email addresses):

If to the Purchaser Parties, to:

Lincoln International

110 N. Wacker Drive Floor 51

Chicago, IL 60606

Email: [\*\*\*]

Attention: Legal Department

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

Latham & Watkins

330 North Wabash, Suite 2800

Chicago, IL 60611

Email: daniel.breslin@lw.com; Steven.Stokdyk@lw.com

Attention: Daniel Breslin; Steven Stokdyk

If to the Sellers or, prior to the Closing, the Company, to:

Marsh, Berry & Company, LLC

28601 Chagrin Blvd., Suite 400

Woodmere, OH 44122

Email: [\*\*\*]

Attention: Michael Metz

and

AMC MB Mini-Master, LP

c/o Atlas Merchant Capital LLC

477 Madison Avenue, 22nd Floor

New York, NY 10022

Email: [\*\*\*]

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Attention: David Schamis

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

Calfee, Halter & Griswold LLP

1405 East Sixth Street

Cleveland, Ohio 44114

Attention: Michael B. Hurley & Daniella C. Vespoli

Email: mhurley@calfee.com; dvespoli@calfee.com

and

Debevoise & Plimpton LLP

66 Hudson Boulevard East

New York, NY 10001

Attention: Gregory V. Gooding; Andrew G. Jamieson

Email: gvgooding@debevoise.com; agjamieson@debevoise.com

Section 11.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings; **Table of Contents**</u>. The headings and table of contents contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

Section 11.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Transactions is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the Transactions are fulfilled to the extent possible.

Section 11.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement (together with the Exhibits and Schedules hereto and the Disclosure Letter) and the other Transaction Documents constitute the entire agreement of the parties with respect to their subject matter, and supersede all prior agreements and undertakings, both written and oral, among the parties or between any of them, with respect to the subject matter hereof, other than the Confidentiality Agreement.

Section 11.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment; Binding Effect</u>. Neither this Agreement nor any of the rights, interests, or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of Law or otherwise by any of the parties hereto without the prior written consent of the other parties, and any such assignment without such prior written consent shall be null and void; <u>provided</u>, that, without written consent of any party hereto, each Purchaser Party may assign its rights hereunder, in whole or in part, to any of its Subsidiaries, but no such assignment shall relieve any Purchaser Party of any liability or obligation hereunder; <u>provided</u>, <u>further</u>, that the Purchaser Parties may collaterally assign their rights under this Agreement to any of the Debt Financing Sources or any agent or collateral trustee for such Debt Financing Sources. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and permitted assigns.

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Section 11.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Parties in Interest</u>. Except as expressly stated herein, this Agreement shall be binding upon and inure solely to the benefit of each Party, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement, except that the Debt Financing Sources shall be express third-party beneficiaries of, and may enforce, <u>Section 11.19</u> and any of the provisions of this Agreement reflecting the agreements set forth in <u>Section 11.19</u>.

Section 11.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees and Expenses</u>. Except as otherwise specifically provided in this Agreement, all fees and expenses incurred in connection with this Agreement and the Transactions shall be paid by the Party incurring such expenses whether or not the Transactions are consummated.

Section 11.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment</u>. Except as otherwise provided in <u>Section 11.19</u> below, this Agreement may be amended by the Parties at any time. This Agreement may not be amended except by an instrument in writing signed by the Purchaser, the Company, and the Representative.

Section 11.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Extension; Waiver</u>. At any time prior to the Closing Date, any Party entitled to the benefits thereof, may, to the extent permitted by Law (a) extend the time for the performance of any of the obligations or other acts of the other Parties, (b) waive any inaccuracies in the representations and warranties contained herein or in any other Transaction Document, and (c) waive compliance with any of the agreements or conditions contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the Party or Parties to be bound thereby. Such extension or waiver shall not be deemed to apply to any time for performance, inaccuracy in any representation or warranty, or noncompliance with any agreement or condition, as the case may be, other than that which is specified in the extension or waiver. The failure of any party to this Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights.

Section 11.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Specific Performance</u>. The Parties hereby acknowledge and agree that the failure of any Party to perform its agreements and covenants hereunder will cause irreparable injury to the other parties for which damages, even if available, will not be an adequate remedy. Accordingly, each Party hereby consents to the issuance of injunctive relief by any court of competent jurisdiction to compel performance of such Party's obligations and to the granting by any court of the remedy of specific performance of its obligations hereunder, without proof of actual damages or any requirement to post a bond, this being in addition to any other remedy to which a Party is entitled at law or in equity. Each Party agrees that it shall not oppose (and hereby waives any defense in any action for) the granting of an injunction, specific performance, or other equitable relief on the basis that any other Party has an adequate remedy at law or that any award of specific performance or other equitable remedy is not an appropriate remedy for any reason at law, in equity or otherwise.

Section 11.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies Cumulative</u>. Except as otherwise explicitly provided for elsewhere herein, all rights and remedies existing under this Agreement are cumulative to, and not exclusive to, and not exclusive of, any rights or remedies otherwise available.

Section 11.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Waiver of Jury Trial</u>. EXCEPT AS OTHERWISE PROVIDED IN <u>SECTION 11.19</u> BELOW, THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF

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DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF DELAWARE WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION'S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT SUCH PARTY MAY LEGALLY AND EFFECTIVELY DO SO, TRIAL BY JURY IN ANY SUIT, ACTION, OR PROCEEDING ARISING HEREUNDER.

Section 11.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent to Jurisdiction</u>. EXCEPT AS OTHERWISE PROVIDED IN <u>SECTION 11.19</u> BELOW, EACH PARTY HERETO AGREES AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY DELAWARE STATE OR FEDERAL COURT SITTING IN WILMINGTON, DELAWARE, AND ANY APPROPRIATE APPELLATE COURTS THEREFROM, WITH RESPECT TO ALL MATTERS RELATING TO THIS AGREEMENT AND TO THE TRANSACTIONS (EXCEPT AS SET FORTH IN ANOTHER TRANSACTION AGREEMENT), WAIVES ALL OBJECTIONS BASED ON LACK OF VENUE AND FORUM NON CONVENIENS, AND IRREVOCABLY CONSENTS TO THE PERSONAL JURISDICTION OF ALL SUCH COURTS. THE PARTIES FURTHER AGREE THAT ANY FINAL AND NON-APPEALABLE JUDGMENT AGAINST ANY OF THEM IN ANY PROCEEDING DESCRIBED IN THE FIRST SENTENCE OF THIS <u>SECTION 12.14</u> SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION WITHIN OR OUTSIDE THE UNITED STATES BY SUIT ON THE JUDGEMENT, A CERTIFIED COPY OF WHICH SHALL BE CONCLUSIVE EVIDENCE OF THE FACT AND AMOUNT OF SUCH JUDGEMENT.

Section 11.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same instrument. This Agreement shall become effective when each Party shall have executed this Agreement. This Agreement may be delivered by facsimile or .pdf transmission.

Section 11.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. The interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include all other genders as the context requires; (b) references to the terms Article, Section, clause, subclause, paragraph, Exhibit, and Schedule are references to the Articles, Sections, clauses, subclause, paragraphs, Exhibits, and Schedules to this Agreement unless otherwise specified; (c) the terms "hereof," "herein," "hereby," "hereto," and derivative or similar words refer to this entire Agreement, including the Schedules and Exhibits hereto; (d) references to "$" shall mean U.S. dollars; (e) any reference to any Law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise; (f) the word "including" and words of similar import when used in the Transaction Documents shall mean "including without limitation," unless otherwise specified; (g) the word "or" shall not be exclusive; (h) references to "written" or "in writing" include in electronic form; (i) the parties have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this

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Agreement shall be construed as if drafted jointly by the parties thereto and no presumption or burden of proof shall arise favoring or burdening either party by virtue of the authorship of any of the provisions in this Agreement; (j) a reference to any Person includes such Person's successors and permitted assigns; (k) any reference to "days" means calendar days unless Business Days are expressly specified; (l) when calculating the period of time before which, within which, or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded and if the last day of such period is not a Business Day, the period shall end on the next succeeding Business Day; (m) reference to a Person in a particular capacity shall exclude such Person in any other capacity; and (n) from and after such time as the Holdco Sellers Reorganization is completed, any reference in this Agreement to "Sellers" shall no longer be deemed to apply to Holdco Seller and any reference to "Holdco Sellers" shall only be deemed to apply to Holdco II Seller.

Section 11.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Recourse</u>. This Agreement may only be enforced against, and any claim or cause of action based upon, arising out of, or related to this Agreement or the Transactions may only be brought against, the entities that are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with respect to such party. Except to the extent a named party to this Agreement (and then only to the extent of the specific obligations undertaken by such named party in this Agreement and not otherwise), no past, present, or future director, officer, employee, incorporator, member, partner, stockholder, Affiliate, agent, attorney, advisor, or representative or Affiliate (collectively, the "<u>Non-Party Affiliates</u>") of any of the foregoing shall have any liability (whether in contract, tort, equity, or otherwise) for any one or more of the representations, warranties, covenants, agreements, or other obligations or liabilities of any one or more of the Sellers, the Company, the Purchaser Parties, or any other party under this Agreement (whether for indemnification or otherwise) or of or for any claim based on, arising out of, or related to this Agreement or the Transactions and each party thereto waives and releases all such liabilities, claims and obligations

against any such Non-Party Affiliates. Non-Party Affiliates are expressly intended as third party beneficiaries of this <u>Section 11.17</u>.

Section 11.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof until such time as the Post-Closing Adjustment is finally determined pursuant to <u>Section 2.8</u> (such period, the "<u>Adjustment Period</u>"), all references to the "Representative" herein shall be deemed to refer to Atlas Merchant Capital LLC in its capacity as representative of the Sellers (and, following execution of the Distribution Agreements and (as applicable) Limited Joinders, the Specified Holders, Other Holders and Cashed Out Holders, as applicable) and, from and after the end of the Adjustment Period, all references to the "Representative" herein shall be deemed (immediately and automatically without any action by any Person) to refer to Holdco II Seller in its capacity as representative of the Sellers (and, following execution of the Distribution Agreements, the Specified Holders, Other Holders and Cashed Out Holders, as applicable), in each case, for all purposes under this Agreement, the other Transaction Documents and the other agreements, instruments, and documents contemplated thereby as further described in this <u>Section 11.18</u>; <u>provided</u>, <u>however</u>, and not withstanding anything herein to the contrary, during the Adjustment Period, Atlas Merchant Capital LLC agrees to reasonably cooperate with Holdco II Seller and its accountants and other representatives in

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connection with any and all matters arising out of or related to the Earnout Agreement and the Earnout Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Sellers (and, following execution of the Distribution Agreements and (as applicable) Limited Joinders, the Specified Holders, Other Holders and Cashed Out Holders, as applicable, collectively, the "<u>Other Specified Sellers</u>") hereby agree that the Representative is hereby irrevocably appointed as the representative, agent, proxy, and attorney in fact (coupled with an interest) for all of the Sellers and the Other Specified Sellers for all purposes under this Agreement, the other Transaction Documents and the other agreements, instruments, and documents contemplated thereby, including the full power and authority on such Seller's or such Other Specified Seller's behalf (without the prior approval of any Seller): (i) to consummate the Transactions and the other agreements, instruments, and documents contemplated hereby or executed in connection herewith; (ii) to negotiate claims and disputes arising under, or relating to, this Agreement, the other Transaction Documents and the other agreements, instruments, and documents contemplated hereby or executed in connection herewith (including, for the avoidance of doubt, the Post-Closing Adjustment contemplated by <u>Section 2.8</u> and the Post-Closing Amounts); (iii) to satisfy any and all obligations or liabilities of any Seller, any Other Specified Sellers or the Representative in the performance of any of their commitments hereunder (including, for the avoidance of doubt, the Post-Closing Adjustment contemplated by <u>Section 2.8</u> and the Post-Closing Amounts); (iv) to execute and deliver any amendment or waiver to this Agreement, the other Transaction Documents and the other agreements, instruments, and documents contemplated hereby or executed in connection herewith; and (v) to take all other actions to be taken by or on behalf of any Seller or any Other Specified Sellers in connection with this Agreement, the other Transaction Documents and the other agreements, instruments, and documents contemplated hereby or executed in connection herewith. Such agency and proxy are coupled with an interest, are therefore irrevocable without the consent of the Representative, and shall survive the death, incapacity, bankruptcy, dissolution, or liquidation of each Seller and each Other Specified Seller. All decisions, actions, exercises of rights, power, authority, or determination by the Representative shall be binding upon each Seller and each Other Specified Seller, as if such Person had taken such decision, action, exercise of rights, power, authority, or determination in its individual capacity, and the Escrow Agent and the Purchaser Parties may rely upon such decision, action, exercise of right, power, authority, or such determination of the Representative as the decision, action, exercise, right, power, authority, or determination of such Person, and none of the Sellers nor any Other Specified Person shall have the right to object, dissent, protest, or otherwise contest the same. The Representative shall have no duties or obligations hereunder, including any fiduciary duties, except those set forth herein, and such duties and obligations shall be determined solely by the express provisions of this Agreement. The Representative is serving in that capacity solely for purposes of administrative convenience, and is not individually liable in such capacity for any of the obligations of the other Sellers or the Other Specified Sellers hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, the Representative shall not be liable to the Sellers or the Other Specified Sellers for actions taken pursuant to this Agreement, the other Transaction Documents (including the Escrow Agreement or the Earnout Agreement) or the other Transaction Documents and the other agreements, instruments, and documents contemplated thereby, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted fraud or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants, and other professionals and experts

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retained by the Representative shall be conclusive evidence of good faith). Effective as of the date hereof, and without any further act of any of the Sellers, the Other Specified Sellers, the Representative and its Non-Recourse Parties shall be indemnified, held harmless, and reimbursed by each Seller and each Other Specified Seller severally, and not jointly, against all costs, expenses (including reasonable attorneys' fees), judgments, fines, and amounts paid or incurred by the Representative and its Non-Recourse Parties arising out of the fact that it is or was acting as the Representative pursuant to the terms of this Agreement (including, for the avoidance of doubt, the Post-Closing Adjustment contemplated by <u>Section 2.8</u> or the Post-Closing Amounts) (the "<u>Representative Losses</u>"). Any and all amounts paid or incurred by the Representative and its Non-Recourse Parties in connection with any claim, action, suit, or proceeding to which the Representative or such other Person is made a party by reason of the fact that it is or was acting as the Representative pursuant to the terms of this Agreement are on behalf of the Sellers and the Other Specified Sellers (and, not for the avoidance of doubt, on behalf of the Representative in any other capacity, as a Seller or otherwise) and shall be Representative Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Representative nor any of its Non-Recourse Parties shall incur any liability to any Seller or any the Other Specified Sellers by virtue of the failure or refusal of the Representative or any of its Non-Recourse Parties for any reason to consummate the Transactions or relating to the performance of their duties hereunder. The Representative and its Non-Recourse Parties shall have no liability in respect of any action, claim, or proceeding brought against any such Person by any Seller or any Other Specified Sellers, regardless of the legal theory under which such liability or obligation may be sought to be imposed, whether sounding in contract or tort, or whether at law or in equity, or otherwise, if any such Person took or omitted taking any action in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If the Representative pays or causes to be paid any amounts in connection with any obligation or liability of a Seller or any Other Specified Seller in connection with the Transactions (including, for the avoidance of doubt, the Post-Closing Adjustment contemplated by Section 2.8 or the Post-Closing Amounts), any such payments and the reasonable expenses of the Representative incurred in administering or defending the underlying dispute or claim shall be first deducted from the Representative Holdback Account and thereafter be reimbursed by and be obligations of each Seller and each Other Specified Sellers severally, and not jointly, for such amount(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;All references to the "Representative" herein mean such Person in its capacity as representative of the Sellers (and, following execution of the Distribution Agreements and (as applicable) Limited Joinders, the Specified Holders, Other Holders and Cashed Out Holders, as applicable) and not, for the avoidance of doubt, in any other capacity, as a Seller or otherwise.

Section 11.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Debt Financing Source Provisions</u>. Notwithstanding anything in this Agreement to the contrary (but in all cases subject to and without in any way limiting the rights, remedies, and claims of the Purchaser or any of its Affiliates under or pursuant to the Debt Commitment Letter or any other agreement entered into with respect to the Debt Financing), each Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;agrees not to bring, or support any Person in bringing, or permit any of its Affiliates to bring, or support any person in bringing, any legal proceeding against, or seek to recover monetary damages from, any Debt Financing Sources in any way arising out of or relating to this

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Agreement, the Debt Commitment Letter, or any contract entered into with respect the Debt Financing, or the performance of any services thereunder, whether in contract or in tort or otherwise, in any forum, other than the Federal court of the United States of America sitting in the Borough of Manhattan or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;agrees that any proceeding against any of the Debt Financing Sources in any way arising out of or relating to this Agreement, the Debt Commitment Letter, or any contract entered into with respect to the Debt Financing, or the performance of any services thereunder, whether in contract or in tort or otherwise, shall be subject to the exclusive jurisdiction of, and shall be brought and heard and determined exclusively in, the Federal court of the United States of America sitting in the Borough of Manhattan or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New York, and any appellate court thereof and irrevocably submits itself and its property with respect to any such legal proceeding to the exclusive jurisdiction of such court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;irrevocably waives, to the fullest extent that it may effectively do so, the defense of an inconvenient forum to the maintenance of any such legal proceeding in the Federal court of the United States of America sitting in the Borough of Manhattan or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New York, and any appellate court thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;agrees that, except as expressly set forth in the Debt Commitment Letter or the Debt Financing Documents and except to the extent relating to the interpretation of any provisions in this Agreement (including any provision in the Debt Commitment Letter or the Debt Financing Documents that expressly specifies that the interpretation of such provision shall be governed by the laws of the State of Delaware), any such legal proceeding shall be governed by the laws of the State of New York (without giving effect to any conflicts of law principles that would result in the application of the laws of another state);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;agrees that service of process upon such party in any such legal proceeding shall be effective if notice is given in accordance with the notice provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;knowingly, intentionally, and voluntarily waives (to the fullest extent permitted by Law) trial by jury in any proceeding brought against the Debt Financing Sources in any way arising out of or relating to this Agreement, the Debt Commitment Letter, or any other contract entered into with respect to the Debt Financing or the performance of any services thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;agrees that the Debt Financing Sources are express third-party beneficiaries of, and may enforce, this <u>Section 11.19</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;agrees that the provisions in this <u>Section 11.19</u>, including the definitions used in this <u>Section 11.19</u> (as used in this <u>Section 11.19</u>), shall not be amended, waived, or otherwise modified, in each case, in any way materially adverse to the Debt Financing Sources without the prior written consent (not to be unreasonably withheld, conditioned, or delayed) of the Debt Financing Sources party to the Debt Commitment Letter.

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Notwithstanding anything to the contrary contained herein, none of Sellers or, prior to the Closing, the Company Group, shall have any rights or claims against any Debt Financing Source in connection with this Agreement, the Debt Financing or the transactions contemplated hereby or thereby, and no Debt Financing Source shall have any liability or obligation to, or be subject to any action, suit, proceeding or claim from, Sellers or, prior to the Closing, the Company Group, in connection with this Agreement, the Debt Financing or the transactions contemplated hereby or thereby, whether at law or equity, in contract, in tort or otherwise; <u>provided</u> that nothing in this <u>Section 11.19</u> shall in any way limit the rights, remedies, and claims of the Purchaser Parties or any of their Affiliates under or pursuant to the Debt Commitment Letter or any other agreement entered into with respect to the Debt Financing.

[*Signature page follows*]

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IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be signed, all as of the date first written above.

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| | |
|:---|:---|
| **LINCOLN INTERNATIONAL, LP** | **LINCOLN INTERNATIONAL, LP** |
| By: | /s/ Robert Bruce Barr |
|  | Name: Robert Bruce Barr |
|  | Title: Director |
| By: | /s/ Lawrence James Lawson |
|  | Name: Lawrence James Lawson, III |
|  | Title: Director |
| By: | /s/ Robert Todd Brown |
|  | Name: Robert Todd Brown |
|  | Title: Director |

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| | |
|:---|:---|
| **LINCOLN INTERNATIONAL HOLDINGS LIMITED** | **LINCOLN INTERNATIONAL HOLDINGS LIMITED** |
| By: | /s/ Theodore Heidloff |
|  | Name: Theodore Heidloff |
|  | Title: Director |

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| | |
|:---|:---|
| **LINCOLN INTERNATIONAL PARENT B.V.** | **LINCOLN INTERNATIONAL PARENT B.V.** |
| By: | /s/ Robert Bruce Barr |
|  | Name: Robert Bruce Barr |
|  | Title: Director |

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| | |
|:---|:---|
| **LINCOLN INTERNATIONAL B.V.** | **LINCOLN INTERNATIONAL B.V.** |
| By: | /s/ Eric Hendricus Wijs |
|  | Name: Eric Hendricus Wijs |
|  | Title: Managing Director |

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*[Signature Page to the Equity Purchase Agreement]* 

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| | |
|:---|:---|
| **MARSHBERRY HOLDCO, INC.** | **MARSHBERRY HOLDCO, INC.** |
| By: | /s/ Michael Metz |
|  | Name: Michael Metz |
|  | Title: Executive VP and Chief Operating Officer |

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| | |
|:---|:---|
| **MARSHBERRY HOLDCO II, LLC** | **MARSHBERRY HOLDCO II, LLC** |
| By: | /s/ Michael Metz |
|  | Name: Michael Metz |
|  | Title: Chief Operating Officer |

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| | |
|:---|:---|
| **AMC MB MINI-MASTER, LP** | **AMC MB MINI-MASTER, LP** |
| By: | /s/ David I. Schamis |
|  | Name: David I. Schamis |
|  | Title: Director |

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| | |
|:---|:---|
| **DB FLF MBH LLC** | **DB FLF MBH LLC** |
| By: | /s/ Dustin Schiavi |
|  | Name: Dustin Schiavi |
|  | Title: Authorized Signatory |

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| | |
|:---|:---|
| **MARSHBERRY HOLDING COMPANY, LLC** | **MARSHBERRY HOLDING COMPANY, LLC** |
| By: | /s/ Michael Metz |
|  | Name: Michael Metz |
|  | Title: Executive VP and Chief Operating Officer |

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| | |
|:---|:---|
| **ATLAS MERCHANT CAPITAL LLC** | **ATLAS MERCHANT CAPITAL LLC** |
| By: | /s/ David I. Schamis |
|  | Name: David I. Schamis |
|  | Title: Director |

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*[Signature Page to the Equity Purchase Agreement]*

## Exhibit 10.8

**Exhibit 10.8**

***Execution Version***

**CREDIT AGREEMENT**

dated as of October 31, 2025

by and among

MONARCH FINCO, LLC,

as Borrower

LINCOLN INTERNATIONAL CENTCO, LLC,

as Holdings

ANTARES CAPITAL LP,

as Administrative Agent and Collateral Agent, and

THE LENDERS PARTY HERETO

and

ANTARES CAPITAL LP AND BAIN CAPITAL CREDIT, LP,

as Joint Lead Arrangers and Joint Bookrunners

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | **Page** |
| ARTICLE I. | ARTICLE I. | ARTICLE I. |
| DEFINITIONS AND ACCOUNTING TERMS | DEFINITIONS AND ACCOUNTING TERMS | DEFINITIONS AND ACCOUNTING TERMS |
| SECTION 1.01 | Defined Terms | 1 |
| SECTION 1.02 | Other Interpretive Provisions | 87 |
| SECTION 1.03 | Accounting Terms; Accounting Periods; Unrestricted Subsidiaries; Determination of Fair Market Value | 88 |
| SECTION 1.04 | Rounding | 89 |
| SECTION 1.05 | References to Agreements, Laws, Etc | 89 |
| SECTION 1.06 | Times of Day | 89 |
| SECTION 1.07 | [Reserved] | 89 |
| SECTION 1.08 | Pro Forma Calculations; GAAP; Limited Condition Transactions; Basket and Ratio Compliance | 89 |
| SECTION 1.09 | [Reserved] | 94 |
| SECTION 1.10 | Currency Equivalents Generally | 94 |
| SECTION 1.11 | Co-Borrowers | 95 |
| SECTION 1.12 | Cashless Rollovers | 96 |
| SECTION 1.13 | Material Intellectual Property | 96 |
| ARTICLE II. | ARTICLE II. | ARTICLE II. |
| THE COMMITMENTS AND BORROWINGS | THE COMMITMENTS AND BORROWINGS | THE COMMITMENTS AND BORROWINGS |
| SECTION 2.01 | Term Loans | 96 |
| SECTION 2.02 | Revolving Loans | 98 |
| SECTION 2.03 | Swing Line Loans | 100 |
| SECTION 2.04 | Issuance of Letters of Credit and Purchase of Participations Therein | 101 |
| SECTION 2.05 | Conversion/Continuation | 107 |
| SECTION 2.06 | Availability | 108 |
| SECTION 2.07 | Prepayments | 108 |
| SECTION 2.08 | Termination or Reduction of Commitments | 115 |
| SECTION 2.09 | Repayment of Loans | 115 |
| SECTION 2.10 | Interest | 117 |
| SECTION 2.11 | Fees | 118 |
| SECTION 2.12 | Computation of Interest and Fees | 120 |
| SECTION 2.13 | Evidence of Indebtedness | 120 |
| SECTION 2.14 | Payments Generally | 120 |
| SECTION 2.15 | Sharing of Payments, Etc. | 122 |
| SECTION 2.16 | Incremental Borrowings | 122 |
| SECTION 2.17 | Refinancing Amendments | 127 |
| SECTION 2.18 | Extensions of Loans | 129 |
| SECTION 2.19 | Defaulting Lenders | 131 |
| SECTION 2.20 | Judgment Currency | 134 |
| SECTION 2.21 | Returned Payments | 134 |
| SECTION 2.22 | Cash Management Services and Hedge Agreements | 134 |

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| | | |
|:---|:---|:---|
| ARTICLE III. | ARTICLE III. | ARTICLE III. |
| TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY | TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY | TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY |
| SECTION 3.01 | Taxes | 135 |
| SECTION 3.02 | [Reserved] | 139 |
| SECTION 3.03 | Alternate Rate of Interest | 139 |
| SECTION 3.04 | Increased Cost and Reduced Return; Capital Adequacy; Reserves on Benchmark Loans | 141 |
| SECTION 3.05 | Funding Losses | 143 |
| SECTION 3.06 | Matters Applicable to All Requests for Compensation | 143 |
| SECTION 3.07 | Replacement of Lenders Under Certain Circumstances | 143 |
| SECTION 3.08 | Survival | 145 |
| ARTICLE IV. | ARTICLE IV. | ARTICLE IV. |
| CONDITIONS PRECEDENT TO BORROWINGS | CONDITIONS PRECEDENT TO BORROWINGS | CONDITIONS PRECEDENT TO BORROWINGS |
| SECTION 4.01 | Conditions to Initial Borrowing | 145 |
| SECTION 4.02 | Conditions to Certain Borrowings After the Closing Date | 147 |
| SECTION 4.03 | Conditions to Borrowing of Delayed Draw Term Loans | 148 |
| ARTICLE V. | ARTICLE V. | ARTICLE V. |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
| SECTION 5.01 | Existence, Qualification and Power; Compliance with Laws | 149 |
| SECTION 5.02 | Authorization; No Contravention | 149 |
| SECTION 5.03 | Governmental Authorization | 150 |
| SECTION 5.04 | Binding Effect | 150 |
| SECTION 5.05 | Financial Statements; No Material Adverse Effect | 150 |
| SECTION 5.06 | Litigation | 151 |
| SECTION 5.07 | Labor Matters | 151 |
| SECTION 5.08 | Ownership of Property; Liens | 151 |
| SECTION 5.09 | Environmental Matters | 151 |
| SECTION 5.10 | Taxes | 152 |
| SECTION 5.11 | ERISA Compliance | 152 |
| SECTION 5.12 | Subsidiaries | 152 |
| SECTION 5.13 | Margin Regulations; Investment Company Act | 152 |
| SECTION 5.14 | Disclosure | 153 |
| SECTION 5.15 | Intellectual Property; Licenses, Etc. | 153 |
| SECTION 5.16 | Solvency | 153 |
| SECTION 5.17 | USA PATRIOT Act, FCPA and OFAC | 153 |
| SECTION 5.18 | Collateral Documents | 154 |
| SECTION 5.19 | Use of Proceeds | 154 |
| SECTION 5.20 | Insurance | 154 |
| SECTION 5.21 | Anti-Corruption Laws and Sanctions | 154 |
| SECTION 5.22 | Affected Financial Institution | 154 |
| ARTICLE VI. | ARTICLE VI. | ARTICLE VI. |
| AFFIRMATIVE COVENANTS | AFFIRMATIVE COVENANTS | AFFIRMATIVE COVENANTS |
| SECTION 6.01 | Financial Statements | 155 |
| SECTION 6.02 | Certificates; Other Information | 156 |

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| | | |
|:---|:---|:---|
| SECTION 6.03 | Notices | 157 |
| SECTION 6.04 | Payment of Certain Taxes | 157 |
| SECTION 6.05 | Preservation of Existence, Etc | 158 |
| SECTION 6.06 | Maintenance of Properties | 158 |
| SECTION 6.07 | Maintenance of Insurance | 158 |
| SECTION 6.08 | Compliance with Laws | 158 |
| SECTION 6.09 | Books and Records | 158 |
| SECTION 6.10 | Inspection Rights | 159 |
| SECTION 6.11 | Covenant to Guarantee Obligations and Give Security | 159 |
| SECTION 6.12 | Further Assurances | 161 |
| SECTION 6.13 | Designation of Subsidiaries | 162 |
| SECTION 6.14 | Post-Closing Matters | 163 |
| SECTION 6.15 | Maintenance of Ratings | 163 |
| SECTION 6.16 | Use of Proceeds | 163 |
| SECTION 6.17 | Change in Nature of Business | 164 |
| SECTION 6.18 | Company Specified Representations | 164 |
| SECTION 6.19 | Changes in Fiscal Year | 164 |
| SECTION 6.20 | Anti-Cash Hoarding | 164 |
| ARTICLE VII. | ARTICLE VII. | ARTICLE VII. |
| NEGATIVE COVENANTS | NEGATIVE COVENANTS | NEGATIVE COVENANTS |
| SECTION 7.01 | Liens | 164 |
| SECTION 7.02 | Investments | 169 |
| SECTION 7.03 | Indebtedness | 173 |
| SECTION 7.04 | Fundamental Changes | 177 |
| SECTION 7.05 | Dispositions | 179 |
| SECTION 7.06 | Restricted Payments | 182 |
| SECTION 7.07 | Negative Pledge | 186 |
| SECTION 7.08 | Hedge Agreements | 187 |
| SECTION 7.09 | Transactions with Affiliates | 188 |
| SECTION 7.10 | Amendment of Organization Documents | 190 |
| SECTION 7.11 | Reserved | 190 |
| SECTION 7.12 | Prepayments, Etc. of Junior Financing; Amendments to Junior Financing Documents | 190 |
| SECTION 7.13 | Passive Holding Company | 192 |
| SECTION 7.14 | Indebtedness of Broker Dealer Subsidiaries | 193 |
| ARTICLE VIII.<br>[RESERVED] | ARTICLE VIII.<br>[RESERVED] | ARTICLE VIII.<br>[RESERVED] |
| ARTICLE IX. | ARTICLE IX. | ARTICLE IX. |
| EVENTS OF DEFAULT AND REMEDIES | EVENTS OF DEFAULT AND REMEDIES | EVENTS OF DEFAULT AND REMEDIES |
| SECTION 9.01 | Events of Default | 194 |
| SECTION 9.02 | Remedies upon Event of Default | 196 |
| SECTION 9.03 | Application of Funds | 197 |

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| | | |
|:---|:---|:---|
| ARTICLE X. | ARTICLE X. | ARTICLE X. |
| ADMINISTRATIVE AGENT AND OTHER AGENTS | ADMINISTRATIVE AGENT AND OTHER AGENTS | ADMINISTRATIVE AGENT AND OTHER AGENTS |
| SECTION 10.01 | Appointment and Authority of the Administrative Agent | 198 |
| SECTION 10.02 | Rights as a Lender | 199 |
| SECTION 10.03 | Exculpatory Provisions | 199 |
| SECTION 10.04 | Reliance by the Agents | 201 |
| SECTION 10.05 | Delegation of Duties | 202 |
| SECTION 10.06 | Non-Reliance on Agents and Other Lenders; Disclosure of Information by Agents | 203 |
| SECTION 10.07 | Indemnification of Agents | 203 |
| SECTION 10.08 | No Other Duties; Other Agents, Lead Arrangers, Managers, Etc | 204 |
| SECTION 10.09 | Resignation of Administrative Agent or Collateral Agent | 205 |
| SECTION 10.10 | Administrative Agent May File Proofs of Claim; Credit Bidding | 206 |
| SECTION 10.11 | Collateral and Guaranty Matters; Exercise of Remedies | 208 |
| SECTION 10.12 | Appointment of Supplemental Administrative Agents | 214 |
| SECTION 10.13 | Intercreditor Agreements | 214 |
| SECTION 10.14 | Cash Management Agreements and Secured Hedge Agreements | 215 |
| SECTION 10.15 | Certain ERISA Matters | 215 |
| SECTION 10.16 | Return of Certain Payments | 216 |
| SECTION 10.17 | Borrower Communications | 217 |
| SECTION 10.18 | Flood Laws | 218 |
| ARTICLE XI. | ARTICLE XI. | ARTICLE XI. |
| MISCELLANEOUS | MISCELLANEOUS | MISCELLANEOUS |
| SECTION 11.01 | Amendments, Waivers, Etc | 218 |
| SECTION 11.02 | Notices and Other Communications; Facsimile Copies | 223 |
| SECTION 11.03 | No Waiver; Cumulative Remedies | 226 |
| SECTION 11.04 | Attorney Costs and Expenses | 226 |
| SECTION 11.05 | Indemnification by the Borrower | 227 |
| SECTION 11.06 | Marshaling; Payments Set Aside | 228 |
| SECTION 11.07 | Successors and Assigns | 229 |
| SECTION 11.08 | Confidentiality | 236 |
| SECTION 11.09 | Set-off | 237 |
| SECTION 11.10 | Interest Rate Limitation | 238 |
| SECTION 11.11 | Counterparts; Integration; Effectiveness; Entire Agreement | 238 |
| SECTION 11.12 | Electronic Execution of Assignments and Certain Other Documents | 239 |
| SECTION 11.13 | Survival | 239 |
| SECTION 11.14 | Severability | 239 |
| SECTION 11.15 | GOVERNING LAW | 240 |
| SECTION 11.16 | WAIVER OF RIGHT TO TRIAL BY JURY | 241 |
| SECTION 11.17 | Limitation of Liability | 242 |
| SECTION 11.18 | Use of Name, Logo, Etc | 242 |
| SECTION 11.19 | USA PATRIOT Act Notice | 242 |
| SECTION 11.20 | Service of Process | 243 |
| SECTION 11.21 | No Advisory or Fiduciary Responsibility | 243 |
| SECTION 11.22 | Binding Effect | 243 |
| SECTION 11.23 | Obligations Several; Independent Nature of Lender's Rights | 243 |
| SECTION 11.24 | Headings | 244 |
| SECTION 11.25 | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 244 |

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SECTION 11.26 Acknowledgment Regarding Any Supported QFCs 244 <br> SECTION 11.27 Disqualified Lenders 245

 v

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| | |
|:---|:---|
| SCHEDULES |  |
| Schedule 2.01 | Commitments |
| Schedule 5.06 | Litigation |
| Schedule 5.07 | Labor Matters |
| Schedule 5.08 | Material Real Property |
| Schedule 5.11(a) | ERISA Compliance |
| Schedule 5.12 | Subsidiaries |
| Schedule 5.20 | Insurance |
| Schedule 6.14 | Post-Closing Matters |
| Schedule 7.01(c) | Existing Liens |
| Schedule 7.02(b) | Existing Investments |
| Schedule 7.03(c) | Existing Indebtedness |
| Schedule 7.09 | Affiliate Transactions |
| Schedule 11.02 | Administrative Agent's Office, Certain Addresses for Notices |

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| | |
|:---|:---|
| EXHIBITS | EXHIBITS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Form of* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Form of* |
| A-1 | Committed Loan Notice |
| A-2 | Conversion/Continuation Notice |
| B-1 | Term Loan Note |
| B-2 | Revolving Loan Note |
| B-3 | Swing Line Note |
| B-4 | Delayed Draw Term Loan Note |
| C | Compliance Certificate |
| D-1 | Assignment and Assumption |
| D-2 | Affiliate Assignment Notice |
| E | Guaranty |
| F | Security Agreement |
| G-1 | Non-Bank Certificate (For Foreign Lenders That Are Not Partnerships or Pass-Thru Entities For U.S. Federal Income Tax Purposes) |
| G-2 | Non-Bank Certificate (For Foreign Lenders That Are Partnerships or Pass-Thru Entities For U.S. Federal Income Tax Purposes) |
| G-3 | Non-Bank Certificate (For Foreign Participants That Are Not Partnerships or Pass-Thru Entities For U.S. Federal Income Tax Purposes) |
| G-4 | Non-Bank Certificate (For Foreign Participants That Are Partnerships or Pass-Thru Entities For U.S. Federal Income Tax Purposes) |
| H | Global Intercompany Note |
| I | Solvency Certificate |
| J | Prepayment Notice |
| K-1 | Junior Lien Intercreditor Agreement |
| K-2 | Equal Priority Intercreditor Agreement |
| L | Auction Procedures |

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**<u>CREDIT</u> <u>AGREEMENT</u>**

This CREDIT AGREEMENT is entered into as of October 31, 2025, by and among MONARCH FINCO, LLC, a Delaware limited liability company (the "**Borrower**"), LINCOLN INTERNATIONAL CENTCO, LLC, a Delaware limited liability company ("**Holdings**"), ANTARES CAPITAL LP, as administrative agent (in such capacity, including any successor thereto, the "**Administrative Agent**") and as collateral agent (in such capacity, including any successor thereto, the "**Collateral Agent**") under the Loan Documents, each Issuing Bank from time to time party hereto, and each lender from time to time party hereto (collectively, the "**Lenders**" and, individually, a "**Lender**"). Capitalized terms used herein are defined as set forth in <u>Section 1.01</u>.

<u>PRELIMINARY</u> <u>STATEMENTS</u>

The Borrower has requested that (a) upon satisfaction (or waiver) of the conditions precedent set forth in <u>Article</u> <u>IV</u>, the Lenders extend credit to the Borrower in the form of $250,000,000 of Initial Term Loans, $75,000,000 of Delayed Draw Commitments and $5,000,000 of Revolving Commitments on the Closing Date as a first lien secured credit facility, (b) from time to time, the Revolving Lenders make Revolving Loans, the Swing Line Lender make Swing Line Loans and the Issuing Banks issue Letters of Credit, pursuant to the terms of this Agreement, and (c) from time to time, the Lenders holding Delayed Draw Commitments make Delayed Draw Term Loans pursuant to the terms of this Agreement.

Pursuant to the Acquisition Agreement, the Company will, through one or more wholly owned subsidiaries, acquire (the "**Acquisition**") all of the issued and outstanding equity interests of MarshBerry Holding Company, LLC, a Delaware limited liability company, and its subsidiaries (collectively, the "**Acquired Businesses**").

On the Closing Date, the Borrower will repay (or cause to be repaid) all outstanding Indebtedness (the "**Existing Indebtedness**") under, terminate any commitments under, and cause to be released any contractual Liens securing obligations under the Existing Indebtedness Documents (such repayment, termination and release, collectively, the "**Closing Date Refinancing**").

The proceeds of the Loans will be used to finance the Transactions, for working capital purposes and to finance transactions not prohibited by this Agreement. The applicable Lenders have indicated their willingness to make Loans, and each Issuing Bank has indicated its willingness to issue Letters of Credit, in each case, on the terms and subject only to the conditions set forth herein. In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

ARTICLE I.

DEFINITIONS AND ACCOUNTING TERMS

SECTION 1.01 <u>Defined</u> <u>Terms</u>. As used in this Agreement, the following terms have the meanings set forth below:

"**Acquired Businesses**" has the meaning specified in the preliminary statements to this Agreement.

"**Acquisition**" has the meaning specified in the preliminary statements to this Agreement.

"**Acquisition Agreement**" means the Equity Purchase Agreement, dated as of September 9, 2025, by and among, *inter alios*, the Company, MarshBerry Holding Company, LLC, and MarshBerry Holdco II, LLC and Atlas Merchant Capital LLC, in their capacity as representative to the seller parties thereto.

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"**Acquisition Agreement Representations**" means the representations and warranties with respect to the Acquired Business and its subsidiaries made in the Acquisition Agreement to the extent the breach of such representations and warranties is materially adverse to the interests of the Lenders (in their capacities as such).

"**Acquisition Date**" means the date or time that the Acquisition is required to be consummated pursuant to the terms of the Acquisition Agreement.

"**Acquisition Transaction**" means the purchase or other acquisition (in one transaction or a series of transactions, including by merger or otherwise) by the Borrower or any Restricted Subsidiary of all or substantially all the property, assets or business of another Person, or assets constituting a business unit, line of business or division of, any Person, or of a majority of the outstanding Equity Interests of any Person (including any Investment which serves to increase the Borrower's or any Restricted Subsidiary's respective equity ownership in any Joint Venture or other Person to an amount in excess (or further in excess) of the majority of the outstanding Equity Interests of such Joint Venture or other Person).

"**Additional Debt Guarantee and Collateral Requirements**" has the meaning assigned to such term in <u>Section 2.16(g)(iv)</u>.

"**Additional Lender**" means, at any time, any bank, other financial institution or institutional investor that, in any case, is not an existing Lender and that agrees to provide any portion of any (a) Incremental Loan in accordance with <u>Section</u> <u>2.16</u> or (b) Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with <u>Section</u> <u>2.17</u>; *provided* that each Additional Lender shall be subject to the approval of the Administrative Agent, the Swing Line Lender and/or the Issuing Banks, in each case to the extent any such consent would be required from the Administrative Agent, the Swing Line Lender and/or the Issuing Banks under <u>Section</u> <u>11.07(b)(iii)(B)</u>, <u>(C)</u>, and/or <u>(D)</u>, respectively, for an assignment of Loans to such Additional Lender.

"**Adjusted Daily Simple SOFR**" means, with respect to any RFR Borrowing, an interest rate per annum equal to Daily Simple SOFR; *provided* that, notwithstanding the foregoing, "**Adjusted Daily Simple SOFR**" shall in no event be less than (1) 0.50% *per annum* with respect to (a) Initial Term Loans made to the Borrower pursuant to <u>Section</u> <u>2.01(a)</u> and (b) all other Term Loans unless an alternate SOFR floor is specifically noted in the documentation with respect to such other Term Loans or such documentation with respect to such other Term Loans specifically provides that there shall be no SOFR floor and (2) 0.50% *per annum* with respect to all Revolving Loans.

"**Adjusted Term SOFR**" means, for the purposes of any calculation, the rate *per annum* equal to Term SOFR for such calculation; *provided* that, notwithstanding the foregoing, "**Adjusted Term SOFR**" shall in no event be less than (1) 0.50% *per annum* with respect to (a) Initial Term Loans (including Delayed Draw Term Loans to the extent funded) made to the Borrower pursuant to <u>Section</u> <u>2.01(a)</u> and (b) all other Term Loans unless an alternate SOFR floor is specifically noted in the documentation with respect to such other Term Loans or such documentation with respect to such other Term Loans specifically provides that there shall be no SOFR floor and (2) 0.50% *per annum* with respect to all Revolving Loans.

"**Administrative Agent**" has the meaning specified in the introductory paragraph to this Agreement.

"**Administrative Agent's Office**" means the Administrative Agent's address and, as appropriate, account as the Administrative Agent may from time to time notify the Borrower and the Lenders.

"**Administrative Questionnaire**" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

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"**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"**Affiliate**" 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. "**Affiliated**" has a corresponding definition.

"**Agent Parties**" has the meaning specified in <u>Section</u> <u>11.02(e)</u>.

"**Agent-Related Persons**" means the Agents, together with their respective Affiliates, and the officers, directors, shareholders, employees, agents, attorney-in-fact, partners, trustees, advisors and other representatives of such Persons and of such Persons' Affiliates.

"**Agents**" means, collectively, the Administrative Agent, the Collateral Agent, the Supplemental Administrative Agents (if any), the Joint Bookrunners and the Lead Arrangers.

"**Aggregate Commitments**" means the Commitments of all the Lenders.

"**Agreement**" means this Credit Agreement, as amended, restated, amended and restated, modified or supplemented from time to time in accordance with the terms hereof.

"**Agreement Currency**" has the meaning specified in <u>Section</u> <u>2.20(b)</u>.

"**AHYDO Catch Up Payment**" has the meaning specified in <u>Section</u> <u>7.12(a)(viii)</u>.

"**All-In Yield**" means, as to any Indebtedness (or Loans of any Class), as of any date of determination, the yield thereof, whether in the form of interest rate, margin, OID incurred by the Borrower, upfront fees incurred by the Borrower or an interest rate floor (such as a Term SOFR floor or Base Rate floor) as of such date as determined by the Borrower in good faith; *provided* that when determining the All-In Yield,

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Indebtedness (or Loans of any Class) is, by its terms, capable of being priced with reference to three month SOFR for Dollar denominated loans, then All-In Yield shall be measured with reference to such SOFR rate, and (ii) if such Indebtedness (or Loans of any Class) is not, by its terms, capable of being priced with reference to such SOFR rate, including if such Indebtedness (or Loans of any Class) is priced with reference to a fixed rate of interest, then for purpose of determining the All-In Yield, such Indebtedness (or Loans of any Class) shall be deemed to be swapped so that would effectively be priced with reference to such SOFR rate on a customary matched maturity basis in a customary manner;

&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Indebtedness (or Loans of any Class) is priced with reference to a margin that is subject to a leverage-based or other pricing grid, then for purpose of determining the All-In Yield the margin applicable to such Indebtedness (or Loans of any Class) shall be determined with reference to such grid as of such date of measurement;

&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)&nbsp;&nbsp;&nbsp;&nbsp;OID and similar upfront fees shall be equated to interest rate assuming a 4-year life to maturity (or, if less, the stated life to maturity of the applicable Indebtedness as of such time, measured in days);

&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)&nbsp;&nbsp;&nbsp;&nbsp;"All-In Yield" shall not include any arrangement fees, structuring fees, underwriting fees, commitment fees, amendment fees, consent fees, ticking fees or any other fees similar to the foregoing (regardless of how such fees are computed or to whom paid), prepayment

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(or repayment) premiums applicable to such Indebtedness, or the pricing (or other terms) applicable to any assignments or participations of such Indebtedness (or Loans of any Class) following the initial incurrence thereof.

When comparing the All-In Yield of any Indebtedness (or Loans of any Class) to the All-In Yield of the Initial Term Loans (or any other applicable Indebtedness), as of any date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Indebtedness (or Loans of any Class) includes an interest rate floor that is greater than the corresponding interest rate floor applicable to the Initial Term Loans (or such other applicable Indebtedness), the amount of such differential will increase the applicable margin with respect to such Indebtedness (or Loans of such Class) for purposes of determining All-In Yield, but only to the extent an increase in the interest rate floor applicable to the Initial Term Loans (or such other applicable Indebtedness) as of such date would cause an increase in the interest rate applicable to such Initial Term Loans (or such other applicable Indebtedness) at such time, and in such case, for purposes of applying the provisions of <u>Section</u> <u>2.16(h)</u>, the interest rate floor (but not the interest rate margin) applicable to such Initial Term Loans (or such other applicable Indebtedness) shall be increased to the extent of such differential between interest rate floors; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if such Indebtedness (or Loans of any Class) includes an interest rate floor that is lower than the corresponding interest rate floor applicable to the Initial Term Loans (or such other applicable Indebtedness), or does not include an interest rate floor, and, as of the date such date of determination, the applicable interest rate floor with respect to such Initial Term Loans (or such other applicable Indebtedness) is the basis for determining its margin, then the amount of such differential (which shall be deemed to be 0.00% in the case of Indebtedness without an interest rate floor) shall reduce the applicable margin with respect to such Indebtedness (or Loans of such Class) for purposes of determining All-In Yield.

"**Alternative Currencies**" means, in the case of any Incremental Term Facility, Incremental Term Loans, Refinancing Term Commitments or Refinancing Term Loans, any currency agreed to by the Administrative Agent, the Borrower and each Lender providing such Incremental Term Facility, Incremental Term Loans, Refinancing Term Commitments or Refinancing Term Loans; *provided* that, in each case, each such other currency is a lawful currency that is readily available, freely transferable and not restricted, able to be converted into Dollars.

"**Annual Financial Statements**" means the audited consolidated balance sheet of the Acquired Business as of December 31, 2024, December 31, 2023 and December 31, 2022, and the related audited consolidated statements of operations, income, members' equity, and cash flows of the Acquired Business.

"**Antares**" means, collectively, Antares Capital LP, Antares Holdings LP and their respective affiliates.

"**Anti-Corruption Laws**" means all laws, rules, and regulations of any jurisdiction applicable to Holdings, the Borrower or any of its Affiliates from time to time concerning or relating to bribery or corruption.

"**Anti-Cash Hoarding Threshold**" has the meaning specified in <u>Section</u> <u>6.20</u>.

"**Applicable Benchmark**" means,

&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the Initial Term Loans, Adjusted Term SOFR;

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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;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the Revolving Facility with respect to which commitments are provided on the Closing Date, Adjusted Term SOFR; *provided* that the Applicable Benchmark for Revolving Loans denominated in any other Alternative Currency shall be such other Benchmark as agreed to by the Administrative Agent, the Borrower and each Revolving 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Term Loans (other than Initial Term Loans) or any Incremental Facility, as agreed by the Administrative Agent and specified in the applicable Incremental Amendment, Extension Amendment or Refinancing Amendment;

*provided* that if a Benchmark Transition Event has occurred with respect to an Applicable Benchmark for a Facility, then the "Applicable Benchmark" for such Facility means the applicable Benchmark Replacement if such Benchmark Replacement has replaced the Applicable Benchmark for such Facility pursuant to <u>Section 3.03</u>.

"**Applicable Commitment Fee**" means a percentage *per annum* that shall be equal to,

&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)&nbsp;&nbsp;&nbsp;&nbsp;from the Closing Date until the third Business Day after the date on which the Administrative Agent shall have received the applicable financial statements and a Compliance Certificate pursuant to <u>Section</u> <u>6.02(a)</u> calculating the First Lien Net Leverage Ratio in respect of the first full fiscal quarter ending after the Closing Date, 0.50% *per annum*, 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;thereafter, the applicable rate *per annum* set forth below under the caption "Applicable Commitment Fee" based upon the First Lien Net Leverage Ratio as of the last day of the most recent Test Period as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to <u>Section 6.02(a)</u>:

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| | |
|:---|:---|
| **First Lien Net Leverage Ratio** | **Applicable Commitment Fee** |
| **Equal to or Above 1.75 to 1.00** | 0.50% |
| **Below 1.75 to 1.00** | 0.25% |

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No change in the Applicable Commitment Fee shall be effective until three (3) Business Days after the date on which the Administrative Agent shall have received the applicable financial statements and a Compliance Certificate pursuant to <u>Section</u> <u>6.02(a)</u> calculating the First Lien Net Leverage Ratio. At any time the Borrower has not submitted to the Administrative Agent the applicable information as and when required under <u>Section</u> <u>6.02(a)</u>, the Applicable Commitment Fee shall be determined as if the First Lien Net Leverage Ratio were in excess of 1.75 to 1.00. In the event that any financial statement or certificate delivered pursuant to <u>Section</u> <u>6.02(a)</u> is determined to be inaccurate (at a time prior to the satisfaction of the Termination Conditions), and such inaccuracy (whether based on a restatement, fraud or otherwise) or any ratio or compliance information in a Compliance Certificate or other certification, if corrected, would have led to the application of a higher Applicable Commitment Fee for any period (an "**Applicable Commitment Fee Period**") than the Applicable Commitment Fee applied for such Applicable Commitment Fee Period, then (a) the Borrower shall promptly (and in any event within five (5) Business Days) following such determination deliver to the Administrative Agent correct financial statements and certificate required by <u>Section</u> <u>6.02(a)</u> for such Applicable Commitment Fee Period, (b) the Applicable Commitment Fee for such Applicable Commitment Fee Period shall be determined as if the First Lien Net Leverage Ratio were determined based on the amounts set forth in such correct financial statements and certificates and (c) the Borrower shall promptly (and in any event within five (5) Business Days) following

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delivery of such corrected financial statements and certificate pay to the Administrative Agent the accrued additional amounts owing as a result of such increased Applicable Commitment Fee for such Applicable Commitment Fee Period. Notwithstanding anything to the contrary set forth herein, the provisions of this final paragraph (but not any of the other provisions of this definition preceding this final paragraph) may be amended or waived as provided in <u>Section 11.01(b)(ii)</u>.

"**Applicable Commitment Fee Period**" has the meaning specified in the definition of "Applicable Commitment Fee".

"**Applicable Creditor**" has the meaning specified in <u>Section</u> <u>2.20(b)</u>.

"**Applicable Decimal Place**" has the meaning specified in <u>Section</u> <u>1.04</u>.

"**Applicable Indebtedness**" has the meaning specified in the definition of "Weighted Average Life to Maturity".

"**Applicable Law**" means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject.

**"Applicable Rate**" means:

&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to Initial Term Loans, the Delayed Draw Term Loans and the Revolving Loans, a percentage *per annum* equal to (i) for Benchmark Loans or RFR Loans, 4.25% and (ii) for Base Rate Loans, 3.25%; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Term Loans (other than Initial Term Loans or Delayed Draw Term Loans) or any Incremental Facility, as specified in the applicable Incremental Amendment, Extension Amendment or Refinancing Amendment.

"**Appropriate Lender**" means, at any time, with respect to Loans of any Class, the Lenders of such Class.

"**Approved Bank**" has the meaning given to such term in the definition of "Cash Equivalents". "**Approved Borrower Portal**" has the meaning given to such term in <u>Section 10.17</u>.

"**Approved Fund**" means, with respect to any Lender, any Fund that is administered, advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages such Lender.

"**Assignment and Assumption**" means an Assignment and Assumption substantially in the form of <u>Exhibit</u> <u>D-1</u> or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent.

"**Attorney Costs**" means all reasonable and documented fees, expenses, charges and disbursements of any law firm or other external legal counsel.

"**Attributable Indebtedness**" means, on any date, 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.

"**Auction Agent**" means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent) to act as an arranger

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in connection with any auction in accordance with the auction procedures set forth on <u>Exhibit</u> <u>L</u>; *provided* that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction Agent); <u>provided</u>*,* further, neither the Borrower nor any of its Affiliates may act as the Auction Agent.

"**Available Amount**" means, as of any date of determination (such date, the "**Reference Date**"), with respect to the applicable Available Amount Reference Period, a cumulative amount equal to the sum of, without duplication:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the greater of (i) $65,000,000 and (ii) 50% of TTM Consolidated Adjusted EBITDA; *<u>plus</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the greater of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the cumulative amount of Excess Cash Flow for such Available Amount Reference Period; *provided* that when measuring such amount (A) Excess Cash Flow will be deemed not to be less than zero in any fiscal year and (B) Excess Cash Flow for any fiscal year will be deemed to be zero until the financial statements required to be delivered pursuant to <u>Section</u> <u>6.01(a)</u> for such fiscal year, and the related Compliance Certificate required to be delivered pursuant to <u>Section</u> <u>6.02(a)</u> for such fiscal year, have been received by the Administrative Agent, *<u>minus</u>* (y) the portion of such Excess Cash Flow that has been (or is required to be) applied to the prepayment of Term Loans (or Other Applicable ECF Indebtedness) in accordance with <u>Section 2.07(b)(i)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;100% of cumulative Consolidated Net Income for such Available Amount Reference Period; *provided* that when measuring such amount (A) Consolidated Net Income shall be deemed to be not less than zero in any fiscal year and (B) Consolidated Net Income for any fiscal year will be deemed to be zero until the financial statements required to be delivered pursuant to <u>Section</u> <u>6.01(a)</u> for such fiscal year, and the related Compliance Certificate required to be delivered pursuant to <u>Section</u> <u>6.02(a)</u> for such fiscal year, have been received by the Administrative Agent; *<u>plus</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;(c)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of all Permitted Equity Issuances during such Available Amount Reference Period, in each case, Not Otherwise Applied; *<u>plus</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;(d)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not (A) included in clause (b) above or (B) already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such Investment pursuant to <u>Section</u> <u>7.02</u>, the aggregate amount of all cash dividends and other cash distributions received by the Borrower or any Restricted Subsidiary from the earned income or distribution or dividend from any Minority Investments or Unrestricted Subsidiaries during such Available Amount Reference Period, in each case, to the extent any such Investment was made using the Available Amount pursuant to Section 7.02(gg)(i) (up to the amount of the original Investment); *<u>plus</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;(e)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not (A) included in clause (b) above or (B) already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such Investment pursuant to <u>Section</u> <u>7.02</u>, the aggregate amount of all Investments of the Borrower and its Restricted Subsidiaries in any Unrestricted Subsidiary that has been re-designated as a Restricted Subsidiary or that has been merged or consolidated with or into the Borrower or any of its Restricted Subsidiaries (up to the lesser of (i) the fair market value of such Investments of the Borrower and

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its Restricted Subsidiaries in such Unrestricted Subsidiary at the time of such re-designation or merger or consolidation and (ii) the fair market value of such Investments by the Borrower and its Restricted Subsidiaries in such Unrestricted Subsidiary at the time they were made), in each case, to the extent that the designation of (and Investment in) such Subsidiary as an Unrestricted Subsidiary was made in reliance of <u>Section</u> <u>7.02(gg)(i)</u> (up to the amount of the original Investment); *<u>plus</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;(f)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not (A) included in clause (b) above, (B) already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such Investment pursuant to <u>Section</u> <u>7.02</u> or (C) required to be applied to prepay Term Loans (or Other Applicable ECF Indebtedness) in accordance with <u>Section</u> <u>2.07(b)(ii)</u>, the aggregate amount of all Net Cash Proceeds received by the Borrower or any Restricted Subsidiary in connection with the Disposition of its ownership interest in any Minority Investment or Unrestricted Subsidiary during such Available Amount Reference Period, in each case, to the extent any such Investment was made using the Available Amount pursuant to Section 7.02(gg)(i) (up to the amount of the original Investment); *<u>plus</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;(g)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not (A) included in clause (b) above, (B) reflected as a return of capital with respect to such Investment for purposes of determining the amount of such Investment made pursuant to <u>Section</u> <u>7.02</u> and (C) in excess of the fair market value of such Investment at the time it was made, the aggregate amount of all returns (including repayments of principal and payments of interest), profits, distributions and similar amounts received in cash or Cash Equivalents by the Borrower and its Restricted Subsidiaries on Investments made by the Borrower or any Restricted Subsidiary made pursuant to <u>Section</u> <u>7.02(gg)(i)</u> (up to the amount of the original Investment); *<u>plus</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;(h)&nbsp;&nbsp;&nbsp;&nbsp;(i) any amount of mandatory prepayments of Term Loans required to be prepaid pursuant to <u>Section</u> <u>2.07(b)</u> that have been declined by Lenders or that is otherwise permitted to be retained by the Borrower in accordance with <u>Section</u> <u>2.07(b)(vii)</u> (but only to the extent also declined by holders of any other senior secured Indebtedness of the Borrower to the extent required to be applied to offer to repurchase or otherwise prepay such Indebtedness) and (ii) any amount of mandatory prepayments of Pari Passu Lien Debt of the Borrower (and any Permitted Refinancing of the foregoing), to the extent such amount was required to be applied to offer to repurchase or otherwise prepay such Indebtedness and the holders of such Pari Passu Lien Debt declined such repurchase or prepayment; *<u>minus</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of any Investments made pursuant to <u>Section</u> <u>7.02(gg)(i)</u>, any Restricted Payments made pursuant to <u>Section</u> <u>7.06(s)(i)</u> and any payment made pursuant to <u>Section</u> <u>7.12(a)(x)(A)</u>, in each case without duplication, during the period commencing on the Closing Date and ending on the Reference Date (and, for purposes of this <u>clause</u> <u>(i)</u>, without taking account of the intended usage of the Available Amount on such Reference Date in the contemplated transaction).

Notwithstanding anything to the contrary, to the extent any Excess Cash Flow is not applied to make a prepayment pursuant to <u>Section</u> <u>2.07(b)(i)</u> by virtue of the application of <u>Section</u> <u>2.07(b)(vi)</u>, such Excess Cash Flow shall not under any circumstances increase the Available Amount.

"**Availability Period**" means the day that is five (5) Business Days prior to the scheduled Maturity Date then in effect for the Revolving Facility (or, if such day is not a Business Day, the next preceding Business Day).

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"**Available Amount Reference Period**" means, with respect to any Reference Date, the period commencing on (i) with respect to the calculation of <u>clause</u> <u>(b)</u> of the definition of "Available Amount", the first Business Day of the first full fiscal year of the Borrower after the Closing Date, and ending on the last day of the most recent fiscal year for which financial statements required to be delivered pursuant to <u>Section</u> <u>6.01(a)</u>, and the related Compliance Certificate required to be delivered pursuant to <u>Section</u> <u>6.02(a)</u>, have been received by the Administrative Agent and (ii) with respect to the calculation of "Available Amount" (other than <u>clause</u> <u>(b)</u> of the definition thereof) the day after the Closing Date through and including the Reference Date.

"**Available Tenor**" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>Section 3.03(e)</u>.

"**Bail-In Action**" 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.

"**Bail-In Legislation**" 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, regulation, rule or requirement for such EEA Member Country from time to time that 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).

"**Bain**" means Bain Capital Credit, LP.

"**Base Rate**" means for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus ½ of 1%, and (c) Term SOFR for a one-month Interest Period as published two (2) U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) plus 1%; <u>provided</u> that, for the purpose of this definition, the Adjusted Term SOFR for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR, respectively. If the Base Rate is being used as an alternate rate of interest pursuant to <u>Section</u> <u>3.03</u> (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to <u>Section 3.03</u>), then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Base Rate as determined pursuant to the foregoing would be less than 1.50% per annum, such rate shall be deemed to be 1.50% per annum for purposes of this Agreement.

"**Base Rate Loan**" means a Loan that bears interest based on the Base Rate.

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"**Benchmark**" means, initially, with respect to any (i) RFR Loan, Daily Simple SOFR or (ii) Benchmark Loan, the Term SOFR Rate; <u>provided</u> that, if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to the Term SOFR Rate or Daily Simple SOFR, as applicable, or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section</u> <u>3.03(b)</u>.

"**Benchmark Replacement**" means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Adjusted Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities in the United States at such time; and (b) the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the 0.50% per annum, the Benchmark Replacement will be deemed to be 0.50% per annum for the purposes of this Agreement and the other Loan Documents.

"**Benchmark Replacement Adjustment**" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in Dollars at such time.

"**Benchmark Replacement Conforming Changes**" means, with respect to any Benchmark Replacement and/or any Benchmark Loan, any technical, administrative or operational changes (including changes to the definition of "Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent

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decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"**Benchmark Replacement Date**" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been, or if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) have been, determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; <u>provided</u>, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if such Benchmark (or such component thereof), or if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof), continues to be provided on such date.

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Event**" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof);

(b)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide such

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Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); or

(c)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Unavailability Period**" means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 3.03</u> and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 3.03</u>.

"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Benefit Plan**" 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 and subject to 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".

"**BHC Act Affiliate**" 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.

"**Board of Directors**" means, as to any Person, the board of directors, board of managers or other governing body of such Person, or if such Person is owned or managed by a single entity, the board of directors, board of managers or other governing body of such entity, and the term "directors" means members of the Board of Directors.

"**Borrower**" has the meaning specified in the introductory paragraph to this Agreement, together with its successors and assigns permitted hereunder.

"**Borrower Communications**" means, collectively, any Committed Loan Notice, Conversion/Continuation Notice, request for a Swing Line Loan Request, notice of prepayment, notice requesting the issuance, amendment or extension of a Letter of Credit or other notice, demand, communication, information, document or other material provided by or on behalf of the Borrower pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Borrower to the Administrative Agent through an Approved Borrower Portal.

"**Borrower Materials**" has the meaning specified in <u>Section</u> <u>6.02</u>.

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"**Borrowing**" means a borrowing consisting of Loans of the same Class and Type made, converted or continued on the same date and, in the case of Benchmark Loans, having the same Interest Period.

"**Broker-Dealer Subsidiary**" means each Subsidiary registered as a broker-dealer pursuant to Section 15 of the Exchange Act or any other applicable law requiring similar registration.

"**Business Day**" means any day,

&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)&nbsp;&nbsp;&nbsp;&nbsp;other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;solely if such day relates to any interest rate settings as to a Benchmark Loan priced with reference to SOFR or any RFR Loan, any day described in <u>clause</u> <u>[(a)](#ia29c52bd0fc041879005251ca7826466_78)</u> above other than a day that 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 (a "**U.S. Government Securities Business Day**").

"**Capital Expenditures**" means, for any period, without duplication, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by Holdings, the Borrower and the Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as capital expenditures on the consolidated statement of cash flows of Holdings, the Borrower and the Restricted Subsidiaries.

"**Capitalized Lease Obligation**" means, at the time any determination thereof is to be made, the amount of the liability in respect of a Capitalized Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP (without giving effect to the treatment of "right to use" leases as capital leases under GAAP).

"**Capitalized Leases**" means all capital leases that have been or are required to be, in accordance with GAAP as in effect on the Closing Date (but without giving effect to the treatment of "right to use" leases as capital leases under GAAP), recorded as capitalized leases; *provided* that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP (but without giving effect to the treatment of "right to use" leases as capital leases under GAAP) as adopted by Holdings or the Borrower and as in effect on the Closing Date.

"**Captive Insurance Subsidiary**" means any Subsidiary of the Borrower that is subject to regulation as an insurance company.

"**Cash Collateralize**" means, in respect of an Obligation, to provide and pledge (as a first priority perfected security interest) cash collateral in Dollars, at a location and pursuant to documentation in form and substance satisfactory to the Administrative Agent, the Swing Line Lender or the applicable Issuing Bank, as applicable (and "**Cash Collateralization**" has a corresponding meaning). "**Cash Collateral**" shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

"**Cash Equivalents**" means any of the following types of Investments (including for the avoidance of doubt, cash), to the extent owned by the Borrower or any Restricted Subsidiary:

&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)&nbsp;&nbsp;&nbsp;&nbsp;Dollars, Euros, any currency that is the generally accepted in the jurisdiction of any Foreign Subsidiary and each Alternative Currency;

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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;(b)&nbsp;&nbsp;&nbsp;&nbsp;such other currencies held by the Borrower or any Restricted Subsidiary from time to time in the ordinary course of business;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) readily marketable obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality of (A) the United States, (B) the United Kingdom or (C) any member nation of the European Union, in each case, rated A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or better by Moody's, having average maturities of not more than 24 months from the date of acquisition thereof and (ii) securities with average maturities of 24 months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, or by any political subdivision or taxing authority of any such state, commonwealth or territory having an Investment Grade Rating from either S&P or Moody's (or the equivalent 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;(i) time deposits or demand deposits with, or certificates of deposit or bankers' acceptances of, any bank, credit union or other financial institution (A) that is a Lender (or Affiliate thereof) or (B) that has combined capital and surplus of at least (1) $250,000,000 in the case of U.S. banks, credit unions or other financial institutions and (2) $100,000,000 (or the Dollar equivalent as of the date of determination) in the case of non-U.S. banks, credit unions or other financial institutions, or (C) that is otherwise in compliance with any and all applicable statutorily mandated capital requirements applicable to it (any such bank, credit union or other financial institution meeting the requirements of clause (A), (B) or (C) above being an "**Approved Bank**"), or (D) to the extent entitled to the benefit of deposit insurance, including deposit insurance provided by the Federal Deposit Insurance Corporation and (ii) any securities entitlements in respect of any of the foregoing;

&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)&nbsp;&nbsp;&nbsp;&nbsp;repurchase agreements and repurchase obligations for underlying securities of the types described in <u>clauses</u> <u>(c)</u> and <u>(d)</u> above entered into with any financial institution meeting the qualifications specified in <u>clause (d)</u> above for an Approved Bank;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) commercial paper and variable or fixed rate notes issued by a Lender (or Affiliate thereof) or an Approved Bank, or in each case, by a parent company thereof, or (ii) any variable or fixed rate note issued by, or guaranteed by, a corporation rated A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or better by Moody's, in each case (i) and (ii), with average maturities of not more than 24 months from the date of acquisition 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;marketable short-term money market and similar highly liquid funds either (i) having assets in excess of (A) $250,000,000 in the case of U.S. banks, U.S. credit unions or other U.S. financial institutions or (B) $100,000,000 (or the Dollar equivalent as of the date of determination) in the case of non-U.S. banks, non-U.S. credit unions or other non-U.S. financial institutions or (ii) having a rating of at least P-2 or A-2 from Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency) or (iii) with a Lender (or Affiliate thereof) or Approved Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;investments with average maturities of 24 months or less from the date of acquisition in mutual funds rated A (or the equivalent thereof) or better by S&P or A2 (or the equivalent thereof) or better by Moody's;

&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)&nbsp;&nbsp;&nbsp;&nbsp;in the case of investments by any Foreign Subsidiary, instruments equivalent to those referred to in <u>clauses</u> <u>(a)</u> through <u>(h)</u> above denominated in Euro or any other foreign currency comparable in credit quality and tenor to those referred to above and customarily used by

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corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Subsidiary organized in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;investment funds (including money market funds) investing substantially all of their assets in securities of the types described in <u>clauses</u> <u>(a)</u> through <u>(h)</u> above or that are entitled to the benefit of (and to the extent covered by) deposit insurance provided by the Federal Deposit Insurance Corporation or otherwise; 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;solely with respect to any Captive Insurance Subsidiary, any investment that a Captive Insurance Subsidiary is not prohibited to make in accordance with applicable law.

In the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments made in a jurisdiction outside the United States of America, Cash Equivalents shall also include (i) investments of the type and maturity described in <u>clauses</u> <u>(a)</u> through <u>(k)</u> above in foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii) other short-term investments in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in <u>clauses</u> <u>(a)</u> through <u>(k)</u> above and in this paragraph. Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clause</u> <u>(a)</u> or <u>(b)</u> above; *provided* that such amounts, except amounts used to pay obligations of the Borrower or any Restricted Subsidiary denominated in any currency other than Dollars or an Alternative Currency in the ordinary course of business, are converted into Dollars or an Alternative Currency as promptly as practicable and in any event within ten (10) Business Days following the receipt of such amounts.

"**Cash Management Bank**" means any Person that is a Lender, Agent, Lead Arranger or an Affiliate of any of the foregoing (even if such Person ceases to be a Lender or such Person's Affiliate ceased to be an Agent, a Lender or a Lead Arranger).

"**Cash Management Obligations**" means obligations owed by Holdings, the Borrower or any Restricted Subsidiary to any Cash Management Bank in respect of or in connection with any Cash Management Services and designated by the Cash Management Bank and the Borrower in writing to the Administrative Agent as "Cash Management Obligations".

"**Cash Management Services**" means any agreement or arrangement to provide cash management services, including treasury, depository, overdraft, credit card processing, credit or debit card, purchase card, electronic funds transfer and other cash management arrangements.

"**Casualty Event**" means any event that gives rise to the receipt by a Loan Party or any Restricted Subsidiary of any property or casualty insurance proceeds or any condemnation awards, in each case, in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property.

"**Causes of Action**" means any and all claims, actions, causes of action, choses in action, suits, debts, damages, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, judgments, remedies, rights of set-off, third party claims, subrogation claims, contribution claims, reimbursement claims, indemnity claims, counterclaims, cross-claims, whether known or unknown, liquidated or unliquidated, fixed or contingent, matured or unmatured, disputed or undisputed, whether direct, indirect, derivative, or otherwise, whether arising before, on, or after the Closing Date, in contract or in tort, in law (whether local, state, or federal U.S. or non-U.S. law) or in equity, or pursuant to any other theory of local, state, or federal U.S. or non-

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U.S. law. For the avoidance of doubt, "Cause of Action" includes: (a) any right of setoff, counterclaim, or recoupment and any claim for breach of contract or for breach of duties imposed by law or in equity; (b) any claim based on or relating to, or in any manner arising from, in whole or in part, tort, breach of contract, breach of fiduciary duty, fraudulent transfer or fraudulent conveyance or voidable transaction law, violation of local. state, or federal or non-U.S. law or breach of any duty imposed by law or in equity, including securities laws, negligence, and gross negligence; (c) any claim pursuant to section 362 or chapter 5 of the title 11 of the United States Code or similar local, state, or federal U.S. or non-U.S. law; (d) any claim or defense including fraud, mistake, duress, and usury, and any other defenses set forth in section 558 of title 11 of the United States Code; (e) any state or foreign law pertaining to actual or constructive fraudulent transfer, fraudulent conveyance, or similar claim; and (f) any "lender liability" or equitable subordination claims or defenses.

"**Certain Funds Provisions**" means, with respect to the satisfaction of any condition set forth in <u>Section 4.01</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;all representations and warranties relating to Holdings, the Borrower, the Acquired Business and its respective subsidiaries and their respective businesses shall be made on the Closing Date; provided that (i) only the making and accuracy of the Acquisition Agreement Representations and the Specified Representations will be a condition to the initial availability of the Facilities on the Closing Date, (ii) a failure of an Acquisition Agreement Representation to be accurate will not result in a failure of a condition set forth in <u>Section</u> <u>4.01</u>, unless such failure resulted in a failure of a condition precedent to the Borrower's (or any of its Affiliates') obligation or the obligation of the Acquired Business or any seller party to the Acquisition Agreement to consummate the Acquisition pursuant to the terms of the Acquisition Agreement or such failure gave the Borrower (or any of its Affiliates) the right (taking into account any notice and cure provisions) to terminate its obligation to consummate the Acquisition pursuant to the terms of the Acquisition Agreement, and (iii) the only representations and warranties made in connection with the Transactions on the Closing Date the inaccuracy of which could result in a Default or Event of Default are the Specified Representations.

&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)&nbsp;&nbsp;&nbsp;&nbsp;the terms of the Loan Documents contain no conditions to the initial funding of (or provision of commitments under) the Facilities other than the conditions set forth in <u>Section</u> <u>4.01</u>, and in any event are in a form such that they do not impair the availability of the debt facilities to be incurred on the Closing Date if such conditions are satisfied (or waived by the Lead Arrangers); it being understood 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;subject to clause (ii) below, the perfection of any Lien on Collateral (other than by (x) the filing of UCC-1 financing statements or the taking of delivery and possession of Equity Interest certificates (solely with respect to the Borrower) and related stock powers, in each case, in respect of Collateral consisting of personal property in which a valid Lien may be created pursuant to Article 9 of the New York UCC, "**Personal Property Collateral**" and (y) short-form filings with the United States Patent and Trademark Office or United States Copyright Office ("**Registered IP Collateral**")) securing a Facility is not a condition precedent to the availability of any Facility, will not affect the size of any Facility and the failure of any such Lien on the Collateral to be perfected on the Closing Date will not result in a Default or Event of Default on the Closing Date, 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if any Lien on Collateral (other than Personal Property Collateral and Registered IP Collateral) does not become perfected on the Closing Date after the Borrower's use of commercially reasonable efforts to do so, such perfection will not

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constitute a condition precedent to the availability of any Facility and will not affect the size of any Facility and will not result in a Default or Event of Default on the Closing Date, but such perfection will be required within ninety (90) days (or ten (10) business days with respect to certificated Equity Interests required to be pledged pursuant to the Facilities Documentation) after the Closing Date (subject to extensions agreed to by the Administrative Agent with respect to the Initial Term Loans, the Delayed Draw Facility and the Revolving Facility); *provided* that the foregoing will not limit the conditions precedent set forth in <u>Section</u> <u>4.01(a)(iv)</u> and <u>4.01(a)(v)</u> requiring the authorization of "all asset" UCC filings and delivery of certain certificated Equity Interests of the Borrower constituting Collateral;

&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)&nbsp;&nbsp;&nbsp;&nbsp;there are no conditions (implied or otherwise) to the initial funding of (or provision of commitments under) the Facilities, other than the conditions set forth in <u>Section</u> <u>4.01</u> and upon satisfaction (or waiver by the Lead Arrangers) of the conditions set forth in Section 4.01, each Administrative Agent, each Collateral Agent and each Lender and each other party thereto will execute and deliver the Loan Documents to which it is a party and the initial funding under the Facilities will occur; 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;(i) the execution and delivery by the Acquired Business and its Subsidiaries that are required to become Subsidiary Guarantors (the "**Target Loan Parties**") of the Loan Documents to which it is required to be a party on the Closing Date shall be accomplished under escrow arrangements pursuant to which the Target Loan Parties' signature pages are provided to the Administrative Agent for each Facility before (or coincident with) the time the Acquisition is consummated in accordance with the Acquisition Agreement (the "**Acquisition Effective Time**"), and such signature pages (and the Loan Documents and related deliverables to which the Target Loan Parties are parties) are automatically released from escrow to such Administrative Agent concurrently with the Acquisition Effective Time, and the adoption of related authorizing resolutions and (ii) the Target Loan Parties' signature pages may be executed by individuals that will be officers and/or directors of a Target Loan Party upon consummation of the Acquisition and adoption of appropriate resolutions or written consents, whether or not such individuals are officers and/or directors of such entities prior to the consummation of the Acquisition so long as such individuals are authorized in such capacity at the time such signature pages are released from the applicable escrow arrangements.

"**certificated securities**" has the meaning specified in the UCC.

"**CFC**" means a "controlled foreign corporation" (as defined in Section 957(a) of the Code) with respect to which the Borrower (or another Domestic Subsidiary directly or indirectly owned by Holdings) owns (as defined in Section 958(a) of the Code) more than 50% of the equity by vote or value (or, if Holdings directly or indirectly 50% or less of the equity of such controlled foreign corporation, with respect to which the Borrower (or another Domestic Subsidiary directly or indirectly owned by Holdings), owns (as defined in Section 958(a) of the Code) 10% or more of the equity by vote or value).

"**Change in Law**" means the occurrence, after the date of this Agreement, of any of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the adoption or taking effect of any law, rule, regulation or treaty (excluding the taking effect after the date of this Agreement of a law, rule, regulation or treaty adopted prior to 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority; or

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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;(c)&nbsp;&nbsp;&nbsp;&nbsp;the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority.

It is understood and agreed that (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, H.R. 4173), all Laws relating thereto, all interpretations and applications thereof and any compliance by a Lender with any and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof or relating thereto and (ii) all requests, rules, guidelines, requirements or directives issued by any United States or foreign regulatory authority in connection with the implementation of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) in each case pursuant to Basel III, shall, for the purposes of this Agreement, be deemed to be adopted subsequent to the date hereof and a Change in Law regardless of the date enacted, adopted, issued, promulgated or implemented.

"**Change of Control**" means the earliest to occur of:

&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)&nbsp;&nbsp;&nbsp;&nbsp;LI GP, Inc. or Lincoln International, Inc. ceases to be the general partner of 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;at any time prior to the consummation of a Qualifying IPO, the Permitted Holders do not constitute at least two-thirds (2/3) of the voting power of the entire board of directors of the GP;

&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)&nbsp;&nbsp;&nbsp;&nbsp;either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;at any time prior to the consummation of a Qualifying IPO, the Permitted Holders ceasing to beneficially own (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), in the aggregate, directly or indirectly, a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company on a fully diluted basis; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;at any time upon or after the consummation of a Qualifying IPO, any Person (other than a Permitted Holder) or Persons (other than one or more Permitted Holders) constituting a "group" (as such term is used in Section 13(d) and Section 14(d) of the Exchange Act, but excluding any employee benefit plan of such Person and its Subsidiaries, and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), becoming the "beneficial owner" (as defined in Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly, of Equity Interests representing more than thirty-five percent (35%) of the aggregate ordinary voting power represented by the then issued and outstanding Equity Interests of the IPO Co. on a fully diluted 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;Holdings (or Successor Holdings, if applicable) shall cease to be the direct holder of 100% of the equity interests of the Borrower; and/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;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall cease to be the direct or indirect holder of 100% of the equity interests of Holdings.

"**Class**" when used in reference to:

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are an issuance of Term Loans (including any Initial Term Loans), Revolving Loans,

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Swing Line Loans, an issuance of Incremental Term Loans, Incremental Revolving Loans, an issuance of Refinancing Term Loans, Refinancing Revolving Loans, Extended Revolving Loans or an issuance of Extended Term Loans;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Commitment, refers to whether such Commitment is (i) a Commitment in respect of Term Loans (including Initial Term Loans) or the Revolving Facility, (ii) a Refinancing Term Commitment (and, in the case of a Refinancing Term Commitment, the Class of Loans to which such commitment relates), (iii) a Refinancing Revolving Commitment (and, in the case of a Refinancing Revolving Commitment, the Class of Loans to which such commitment relates); or (iv) a Commitment in respect of a Class of Loans to be made pursuant to an Incremental Amendment or an Extension Amendment,

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments.

Initial Term Loans and Delayed Draw Term Loans (to the extent funded) shall be construed to be in the same Class. Refinancing Term Commitments, Refinancing Revolving Commitments, Refinancing Term Loans, Refinancing Revolving Loans, Incremental Term Loans, Extended Term Loans and any other Term Loans that have different terms and conditions shall be construed to be in different Classes.

"**Closing Date**" means the first date on which all of the conditions precedent in <u>Section</u> <u>4.01</u> are satisfied or waived and the Initial Term Loans are made to the Borrower pursuant to the first sentence of <u>Section 2.01(a)</u>.

"**Closing Date EBITDA Model**" means that certain model titled "Project Meadow_Closing EBITDA_09.05.25" delivered to Lenders as of September 5, 2025.

"**Closing Date Refinancing**" has the meaning specified in the preliminary statements to this Agreement.

"**CME Term SOFR Administrator**" means CME Group Benchmark Administration Limited as administrator of the forward-looking term SOFR (or a successor administrator).

"**Co-Borrower**" has the meaning specified in <u>Section</u> <u>1.12</u>.

"**Code**" means the U.S. Internal Revenue Code of 1986, as amended from time to time.

"**Collateral**" means all the "**Collateral**" (or equivalent term) as defined in any Collateral Document, the Mortgaged Properties and all other property that is subject or purported to be subject to any Lien in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to any Collateral Document, but in any event excluding all Excluded Assets.

"**Collateral Agent**" has the meaning specified in the introductory paragraph to this Agreement.

"**Collateral Documents**" means, collectively, the Security Agreement, the Intellectual Property Security Agreements, the Mortgages, Security Agreement Supplements, security agreements, pledge agreements or other similar agreements delivered to the Agents and the Lenders pursuant to <u>Section</u> <u>4.01(a)</u>, <u>6.11</u>, <u>6.12</u> or <u>6.14</u>, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties.

"**Commercial Tort Claim**" has the meaning specified in the UCC.

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"**Commercial Tort Claim Threshold Amount**" means, with respect to any Commercial Tort Claim, an amount of damages reasonably expected to be realized by the applicable Loan Party equal to the greater of (a) $7,000,000 and (b) 5% of TTM Consolidated Adjusted EBITDA.

"**Commitment Letter**" means the Commitment Letter, dated as of September 9, 2025, by and among the Borrower and the Commitment Parties.

"**Commitment Parties**" means, collectively, Antares, Bain and each of their respective permitted successor and assigns.

"**Commitments**" means the Revolving Commitments and the Term Loan Commitments.

"**Committed Loan Notice**" means a notice of a Borrowing pursuant to <u>Article</u> <u>II</u> which shall be in such form provided by the Administrative Agent or otherwise as may be approved by the Administrative Agent (including any form on an Approved Borrower Portal as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower; provided that, if such Committed Loan Notice is submitted through an Approved Borrower Portal, the foregoing signature requirement may be waived at the sole discretion of the Administrative Agent.

"**Commodity Exchange Act**" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"**Company**" means Lincoln International, LP, a Delaware limited partnership.

"**Company Model**" means that certain model delivered to the Administrative Agent (or its designee) on or about July 30, 2025 (as supplemented by that certain deemed EBITDA calculation schedule delivered to the Administrative Agent on September 5, 2025, and as further supplemented, updated or otherwise modified from time to time on or prior to the Closing Date with the written consent of the Administrative Agent).

"**Company Person**" means any natural person that is a future, current or former officer, director, manager, member, member of management, employee, consultant or independent contractor of the Borrower, any Restricted Subsidiary or Holdings.

"**Company Specified Representations**" means those representations and warranties made by the Loan Parties, including with respect to each of its Subsidiaries that is required to become a Guarantor upon the consummation of the Acquisition, in <u>Section</u> <u>5.01(a)</u> (with respect to organizational existence only), <u>Section</u> <u>5.01(b)</u><u>(ii)</u>, <u>Section</u> <u>5.02(a)</u>, <u>Section</u> <u>5.02(b)(i)</u>, <u>Section</u> <u>5.02(b)(iii)</u>, <u>Section</u> <u>5.04</u>, <u>Section</u> <u>5.13</u>, <u>Section 5.16</u>, <u>Section 5.17, Section 5.18, Section 5.19 and Section 5.21</u>.

"**Compliance Certificate**" means a certificate substantially in the form of <u>Exhibit</u> <u>C</u>.

"**Connection Income Taxes**" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"**Consolidated Adjusted EBITDA**" means, with respect to any Person for any Test Period, the Consolidated Net Income of such Person for such Test Period:

(a)&nbsp;&nbsp;&nbsp;&nbsp;increased, without duplication, by the following items of such Person and its Restricted Subsidiaries for such Test Period determined on a consolidated basis in accordance with GAAP, in each case

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(other than <u>clauses</u> <u>(a)(xi)</u>, <u>(a)(xix)</u> and <u>(a)(xxxi)</u> below) to the extent deducted (and not added back or excluded) in computing Consolidated Net Income for such Test Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;interest expense, including (A) commissions, discounts and other fees, charges and expenses owed with respect to letters of credit, bankers' acceptance financing, surety and performance bonds and receivables financings, (B) amortization and write-offs of deferred financing fees, debt issuance costs, debt discounts, commissions, fees, premium and other expenses, as well as expensing of bridge, commitment or financing fees, (C) payments made in respect of hedging obligations or other derivative instruments permitted hereunder and entered into for the purpose of hedging interest rate risk, (D) the interest portion of any deferred payment obligations and (E) fees and expenses paid to the Administrative Agent (in its capacity as such and for its own account) pursuant to the Loan Documents; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any and all present and 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 paid (including pursuant to any Tax sharing arrangement or any Tax distribution) and provisions for Taxes of such person and its subsidiaries, including domestic, foreign, state, franchise, excise and similar taxes and foreign withholding taxes paid or accrued during such period, and including, in each case, arising out of tax examinations relating to any of the foregoing deducted (and not added back) in computing Consolidated Net Income; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;depreciation expense and amortization expense (including amortization and similar charges related to goodwill, software and other intangible assets); *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;non-cash items (*provided* that if any such non-cash item represents an accrual or reserve for potential cash items in any future period, (A) the Borrower may determine not to add back such non-cash item in the current Test Period and (B) to the extent the Borrower decides to add back such non-cash expense or charge, the cash payment in respect thereof in such future period will be subtracted from Consolidated Adjusted EBITDA in such future period), including the following: (1) non-cash expenses in connection with, or resulting from, stock option plans, employee benefit plans or agreements or post- employment benefit plans or agreements, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other similar rights, (2) non-cash currency translation losses related to changes in currency exchange rates (including re-measurements of Indebtedness (including intercompany Indebtedness) and any net non-cash loss resulting from hedge agreements for currency exchange risk), (3) non-cash losses, expenses, charges or negative adjustments attributable to the movement in the mark-to-market valuation of hedge agreements or other derivative instruments, including the effect of FASB Accounting Standards Codification 815 and International Accounting Standard No. 9 and their respective related pronouncements and interpretations, (4) non-cash charges for deferred tax asset valuation allowances, (5) non- cash impairment charge or asset write-off or write-down related to intangible assets (including goodwill), long-lived assets, and Investments in debt and equity securities, (6) non-cash charges or losses resulting from any purchase accounting adjustment or any step- ups with respect to re-valuing assets and liabilities in connection with the Transactions or any Investments either existing or arising after the Closing Date, (7) non-cash losses from Investments either existing or arising after the Closing Date recorded using the equity method, (8) the excess of GAAP rent expense over actual cash rent paid during such period due to the use of straight line rent for GAAP purposes and (9) any non-cash interest

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expense; <u>provided</u> that, notwithstanding the foregoing, no amounts may be added back pursuant to this clause (iv) for any non-cash amortization of a cash expense that is paid in a prior Test Period; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;unusual, one-time, or non-recurring losses, charges or expenses; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;charges, costs, losses, expenses, reserves or other similar items related to or incurred in connection with the following: (A) restructuring (including restructuring charges or reserves, whether or not classified as such under GAAP), severance, relocation, consolidation, integration or other similar items, (B) strategic and/or business initiatives; business optimization initiatives (including costs and expenses relating to reporting systems and technology initiatives); strategic initiatives; retention, severance, and similar items; systems establishment costs; systems conversion and integration costs; contract termination costs; costs, expenses and charges incurred in connection with curtailments or modifications to pension and post-retirement employee benefits plans; costs associated with start-up, pre-opening, opening, closure, transition and/or consolidation of operations, offices and facilities including in connection with the Transactions and any Permitted Investment, any acquisition or other Investment permitted hereunder; new systems design and implementation; and consulting fees and expenses relating to enhancing accounting functions, (C) business or facilities (including greenfield facilities) start-up, opening, transition, consolidation, shut-down and closing, (D) [reserved], (E) [reserved], (F) [reserved], (G) litigation (including threatened litigation), settlements, investigations (including internal investigations) and proceedings (or any threatened investigations or proceedings), including by any regulatory, governmental, law enforcement body, or attorney general, and (H) casualty events or asset sales outside the ordinary course of business; <u>provided</u> that, notwithstanding the foregoing, no amounts may be added back pursuant to this clause (vi) for any such charges, costs, losses, expenses, reserves or other similar items related to or incurred in connection with the Acquisition; <u>provided</u> <u>further</u>, that the aggregate of all amounts added back to Consolidated Adjusted EBITDA pursuant to <u>clause (A)</u> and <u>(B)</u> of this <u>clause (vi)</u> for any Test Period, when taken together with the aggregate of all amounts added back to Consolidated Adjusted EBITDA pursuant to clause <u>(xxxi)</u> during such Test Period, shall not exceed 30% of Consolidated Adjusted EBITDA for such Test Period (after giving effect to such addbacks); *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;all (A) costs, fees and expenses relating to the Transactions to occur on the Closing Date (including, without limitation, any retention payments), (B) consulting and advisory fees incurred in connection with realizing cost synergies in connection with Investments, acquisitions, mergers and other transactions, and (C) costs, fees and expenses (including diligence costs) incurred in connection with (i) Investments in any Person, acquisitions of the Equity Interests of any Person, including acquisitions of all or a material portion of the assets of any Person or constituting a line of business of any Person, and financings related to any of the foregoing or to the capitalization of any Loan Party or any restricted subsidiary or (ii) other transactions that are out of the ordinary course of business of such Person and its restricted subsidiaries (in each case of <u>clause (i)</u> and <u>(ii)</u>, including transactions considered or proposed but not consummated), including Permitted Equity Issuances, Investments, acquisitions, dispositions, recapitalizations, mergers, option buyouts and the incurrence, modification or repayment of Indebtedness (including all consent fees, premium and other amounts payable in connection therewith); *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;items reducing Consolidated Net Income to the extent (A) covered by a binding indemnification or refunding obligation or insurance to the extent actually paid in cash or

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reasonably expected to be paid in cash within 365 days, (B) directly paid or payable in cash (directly or indirectly) by an unaffiliated third party that is not a Loan Party or a restricted subsidiary (except to the extent such payment gives rise to reimbursement obligations) or (C) such Person is, directly or indirectly, reimbursed in cash for such item by an unaffiliated third party; <u>provided</u> that, in respect of any item that is added back in reliance on clause (A) above, such Person in good faith expects to receive payment for such item within the next 365-day period (it being understood that to the extent any such amount is not actually received within such period, such amount shall be deducted in calculating Consolidated Adjusted EBITDA for in the immediately following period); *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;the amount of management, monitoring, consulting, transaction and advisory fees (including termination fees) and related indemnities and expenses paid, payable or accrued in such Test Period (including any termination fees payable in connection with the early termination of management and monitoring agreements) permitted to be paid hereunder; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;costs, fees and expenses relating to the realization of cost synergies in connection with the Transactions to occur on or about the Closing Date; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not included in Consolidated Net Income for such Test Period, cash proceeds of business interruption insurance actually received representing the earnings for the applicable period that such proceeds are intended to replace; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;minority interest expense, including consisting of subsidiary income attributable to Equity Interests held by third parties in any non-wholly owned restricted subsidiary deducted in calculating Consolidated Net Income; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;all charges, costs, expenses, accruals or reserves in connection with the rollover, acceleration or payout of Equity Interests held by officers or employees and all losses, charges and expenses related to payments made to holders of options or other derivative Equity Interests of such Person or any direct or indirect parent thereof in connection with, or as a result of, any distribution being made to equity holders of such Person or any direct or indirect parent thereof, including (A) payments made to compensate such holders as though they were equity holders at the time of, and entitled to share in, such distribution, and (B) all dividend equivalent rights owed pursuant to any compensation or equity arrangement; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;expenses, charges and losses resulting from the payment or accrual of indemnification or refunding provisions, earn-outs and contingent consideration obligations; bonuses and other compensation paid to employees, directors or consultants; and payments in respect of dissenting shares and purchase price adjustments; in each case for this <u>clause (a)(xiv)</u>, made in connection with a Permitted Investment; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;(A) any costs or expenses incurred by the Borrower or any Restricted Subsidiary in such Test Period as a result of, in connection with or pursuant to any management equity plan, profits interest or stock option plan, any long-term incentive plan (including any related cash payments) or any other management or employee benefit plan or agreement, any pension plan (including (1) any post-employment benefit scheme to which the relevant pension trustee has agreed, (2) as a result of curtailments or modifications to pension and

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post-retirement employee benefit plans and (3) without limitation, compensation arrangements with holders of unvested options entered into in connection with a permitted Restricted Payment), any stock subscription, stockholders or partnership agreement, any payments in the nature of compensation or expense reimbursement made to independent board members (other than any employee of a Loan Party or Restricted Subsidiary), any employee benefit trust, any employee benefit scheme or any similar equity plan or agreement (including any deferred compensation arrangement), including any payment made to option holders in connection with, or as a result of, any distribution being made to, or share repurchase from, a shareholder, which payments are being made to compensate option holders as though they were shareholders at the time of, and entitled to share in, such distribution or share repurchase and (B) any costs or expenses incurred in connection with the rollover, acceleration or payout of Equity Interests held by management of Holdings (or any Parent Entity, the Borrower and/or any Restricted Subsidiary); *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not included in Consolidated Net Income for such period, cash actually received (or any netting arrangement resulting in reduced cash expenditures) during such period so long as the non-cash gain relating to the relevant cash receipt or netting arrangement was deducted in the calculation of Consolidated Adjusted EBITDA for any previous period and not added back; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp;charges and expenses associated with, or in anticipation of, or in preparation for, a Qualifying IPO; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)&nbsp;&nbsp;&nbsp;&nbsp;non-recurring Public Company Costs; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)&nbsp;&nbsp;&nbsp;&nbsp;the amount of fees, expense reimbursements and indemnities paid to directors and/or members of advisory boards, including directors of Holdings or any other Parent Entity (but in each case excluding any employee of any Loan Party or Restricted Subsidiary); *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;any net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization or such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of initial application of FASB Accounting Standards Codification 715, and any other items of a similar nature; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)&nbsp;&nbsp;&nbsp;&nbsp;(A) payments made pursuant to Earnouts to the extent paid with the proceeds of escrow arrangements funded concurrently with the consummation of the applicable acquisition or investment and (B) other payments made pursuant to earnouts; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;expenses, charges, costs, accruals, reserves and losses incurred or allocated in connection with the onboarding and integrating of each new partner and any signing, retention and completion bonuses paid to such new partner; *provided* that, the aggregate of all amounts added back to Consolidated Adjusted EBITDA pursuant to this clause (xxvi) for any Test Period, when taken together with the aggregate of all amounts added back to Consolidated Adjusted EBITDA pursuant to clauses (xxvii) and (xxviii) during such Test Period, shall

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not exceed 15% of Consolidated Adjusted EBITDA for such Test Period (after giving effect to such addbacks); *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)&nbsp;&nbsp;&nbsp;&nbsp;expenses, charges, costs, accruals, reserves and losses incurred or allocated in connection with partner retirement or departures, including severance payments; *provided* that, the aggregate of all amounts added back to Consolidated Adjusted EBITDA pursuant to this clause (xxvii) for any Test Period, when taken together with the aggregate of all amounts added back to Consolidated Adjusted EBITDA pursuant to clauses (xxvi) and (xxviii) during such Test Period, shall not exceed 15% of Consolidated Adjusted EBITDA for such Test Period (after giving effect to such addbacks); *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii)&nbsp;&nbsp;&nbsp;&nbsp;recruiting costs and expenses, including headhunter fees; *provided* that, the aggregate of all amounts added back to Consolidated Adjusted EBITDA pursuant to this clause (xxviii) for any Test Period, when taken together with the aggregate of all amounts added back to Consolidated Adjusted EBITDA pursuant to clauses (xxvi) and (xxvii) during such Test Period, shall not exceed 15% of Consolidated Adjusted EBITDA for such Test Period (after giving effect to such addbacks); *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)&nbsp;&nbsp;&nbsp;&nbsp;addbacks reflected in (A) the Company Model or a quality of earnings report delivered to the Administrative Agent in connection with the Transactions (including, without limitation, any retention and earnout payments) or (B) any quality of earnings report prepared by a nationally recognized accounting firm and furnished to the Administrative Agent, in connection with a Permitted Investment or other Investment consummated after the Closing Date; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)&nbsp;&nbsp;&nbsp;&nbsp;any rebranding costs; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi)&nbsp;&nbsp;&nbsp;&nbsp;the amount of "run rate" cost savings, operating expense reductions and other cost (and not revenue) synergies ("**Run Rate Savings**") related to any Permitted Acquisition or other permitted Investment consummated after the Closing Date that are projected by the Borrower in good faith to result from actions taken no later than 18 months from the date of consummation of such Permitted Acquisition or other Investment (which amounts will be determined by the Borrower in good faith and calculated on a *pro forma* basis as though such amounts had been realized on the first day of the Test Period for which Consolidated Adjusted EBITDA is being determined), net of the amount of actual benefits realized during such Test Period from such actions; *provided* that, in the good faith judgment of the Borrower such Run Rate Savings are reasonably identifiable, reasonably anticipated to be realized and factually supportable (it being agreed such determinations need not be made in compliance with Regulation S-X or other applicable securities law); *provided* further, that the aggregate of all amounts added back to Consolidated Adjusted EBITDA pursuant to this clause (xxxi) for any Test Period, when taken together with the aggregate of all amounts added back to Consolidated Adjusted EBITDA pursuant to clauses (vi)(A) and (B) during such Test Period, shall not exceed 30% of Consolidated Adjusted EBITDA for such Test Period (after giving effect to such addbacks); and

(b)&nbsp;&nbsp;&nbsp;&nbsp;decreased, without duplication, by the following items of such Person and its Restricted Subsidiaries for such Test Period determined on a consolidated basis in accordance with GAAP (solely to the extent increasing Consolidated Net Income):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;interest income; *<u>plus</u>*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any amount which, in the determination of Consolidated Net Income for such period, has been included for any non-cash income or non-cash gain, all as determined in accordance with GAAP (*provided* that if any non-cash income or non-cash gain represents an accrual or deferred income in respect of potential cash items in any future period, such Person may determine not to deduct the relevant non-cash gain or income in the then-current period); *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;unusual, one-time, or non-recurring gains or income; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the amount of any cash payment made during such period in respect of any non-cash accrual, reserve or other non-cash charge that is accounted for in a prior period and that was added to Consolidated Net Income to determine Consolidated Adjusted EBITDA for such prior period and that does not otherwise reduce Consolidated Net Income for the current period; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; *<u>plus</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;(A) refunds of Taxes based on income or profits or capital, plus franchise taxes, plus foreign withholding taxes and foreign unreimbursed value added taxes and tariffs, of Holdings, the Borrower and its Restricted Subsidiaries for such period (including, in each case, of any penalties and interest related to such taxes or arising from tax examinations) and (B) refunds of amounts paid to Holdings, the Borrower or any direct or indirect parent of Holdings or the Borrower in respect of Taxes pursuant to <u>Section</u> <u>7.06</u>, in each case, to the extent not netted in calculating Consolidated Net Income or from the amount included in <u>clause (a)(ii)</u> above.

Unless otherwise expressly provided, any reference to Consolidated Adjusted EBITDA shall mean the Consolidated Adjusted EBITDA for Holdings, the Borrower and its Restricted Subsidiaries on a consolidated basis in accordance with GAAP. Notwithstanding the foregoing, the Consolidated Adjusted EBITDA (a) for the fiscal quarter ended September 30, 2024, will be deemed to be $31,176,470.69, (b) for the fiscal quarter ended December 31, 2024, will be deemed to be $27,477,095.82, (c) for the fiscal quarter ended March 31, 2025, will be deemed to be $29,438,044.09 and (d) for the fiscal quarter ended June 30, 2025, will be deemed to be $39,808,069.86, in each case, as such amounts may be adjusted pursuant to the foregoing provisions and other pro forma adjustments permitted by this Agreement (including as necessary to give Pro Forma Effect to any Specified Transaction).

"**Consolidated Net Debt**" means, as of any date of determination, (a) Consolidated Total Debt *<u>minus</u>* (b) 100% of the aggregate amount of unrestricted cash and Cash Equivalents of Holdings, the Borrower and the Restricted Subsidiaries as of such date.

"**Consolidated Net Income**" means, with respect to any Person for any Test Period, the sum of (i) the Net Income of such Person and its Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP less (ii) any cash compensation paid to direct or indirect equity holders of the Company for such Test Period calculated in a manner consistent with the Closing Date EBITDA Model; *provided* that there shall be excluded from clause (i) above (to the extent otherwise included therein), without duplication:

(a)&nbsp;&nbsp;&nbsp;&nbsp;the Net Income for such Test Period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting; *provided* that the Borrower's or any Restricted Subsidiary's equity in the Net Income of such Person shall be included in the Consolidated Net Income of the Borrower for such Test Period up to the aggregate amount of dividends or distributions or other payments in respect of such equity that are actually

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paid in cash (or to the extent converted into cash) by such Person to the Borrower or a Restricted Subsidiary or in the case of Unrestricted Subsidiaries, paid from the proceeds of earned income of such Unrestricted Subsidiary, in each case, in such Test Period, to the extent not already included therein (subject in the case of dividends, distributions or other payments in respect of such equity made to a Restricted Subsidiary to the limitations contained in <u>clause (b)</u> below);

(b)&nbsp;&nbsp;&nbsp;&nbsp;the Net Income of any Restricted Subsidiary of such Person during such Test Period to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of that income is not permitted by operation of any agreement, instrument or requirement of Law applicable to such Restricted Subsidiary during such Test Period; *provided* that Consolidated Net Income of such Person shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash to such Person or its Restricted Subsidiaries in respect of such Test Period;

(c)&nbsp;&nbsp;&nbsp;&nbsp;any gain (or loss), together with any related provisions for taxes on any such gain (or the tax effect of any such loss), realized by such Person or any of its Restricted Subsidiaries during such Test Period upon any asset sale or other disposition of any Equity Interests of any Person (other than any dispositions in the ordinary course of business) by such Person or any of its Restricted Subsidiaries;

(d)&nbsp;&nbsp;&nbsp;&nbsp;gains and losses due solely to fluctuations in currency values and the related tax effects determined in accordance with GAAP for such Test Period;

(e)&nbsp;&nbsp;&nbsp;&nbsp;the income (or deficit) of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated with Holdings, the Borrower or any of its Restricted Subsidiaries;

(f)&nbsp;&nbsp;&nbsp;&nbsp;(i) unrealized gains and losses with respect to Hedge Agreements for such Test Period and the application of Accounting Standards Codification 815 (Derivatives and Hedging) and (ii) any after- tax effect of income (or losses) for such Test Period that result from the early extinguishment of (A) Indebtedness, (B) obligations under any Hedge Agreements or (C) other derivative instruments;

(g)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

(h)&nbsp;&nbsp;&nbsp;&nbsp;the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such Test Period to the extent required or permitted under GAAP;

(i)&nbsp;&nbsp;&nbsp;&nbsp;after-tax gains (or losses) on disposal of disposed, abandoned or discontinued operations for such Test Period;

(j)&nbsp;&nbsp;&nbsp;&nbsp;effects of non-cash adjustments (including the effects of such adjustments pushed down to such Person and its Restricted Subsidiaries) in the inventory, property and equipment, software, goodwill, other intangible assets, in-process research and development, deferred revenue, debt and unfavorable or favorable lease line items in such Person's consolidated financial statements pursuant to GAAP for such Test Period resulting from the application of purchase accounting in relation to the Transactions or any acquisition consummated prior to the Closing Date and any Permitted Acquisition or other Investment or the amortization or write-off of any amounts thereof, net of taxes, for such Test Period; and

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(k)&nbsp;&nbsp;&nbsp;&nbsp;any non-cash compensation charge or expense for such Test Period, including any such charge or expense arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights and any cash charges or expenses associated with the rollover, acceleration or payout of Equity Interests by, or to, management of such Person or any of its Restricted Subsidiaries in connection with the Transactions;

"**Consolidated Secured Net Debt**" means, as of any date of determination, Consolidated Net Debt outstanding under the Facilities and any other Consolidated Net Debt that is secured by a Lien on all or any portion of any of the assets of Holdings, the Borrower and the Restricted Subsidiaries.

"**Consolidated Total Debt**" means, as of any date of determination, the aggregate principal amount of third party Indebtedness of Holdings, the Borrower and the Restricted Subsidiaries outstanding on such date, determined on a consolidated basis and as reflected on the face of a balance sheet prepared in accordance with GAAP (but excluding the effects of the application of purchase accounting in connection with the Transactions, any Permitted Acquisition or any other Investment permitted hereunder), consisting of Indebtedness for borrowed money, unreimbursed obligations in respect of drawn letters of credit (to the extent not cash collateralized), and obligations in respect of Capitalized Leases and purchase money obligations and debt obligations evidenced by promissory notes or debentures, earnout or similar obligations (to the extent due and owing for more than five (5) Business Days), obligations in respect of Disqualified Stock, and guarantees in respect of any of the foregoing; *provided* that Consolidated Total Debt will not include Indebtedness in respect of (a) [reserved], (b) any Defeased Debt, (c) any letter of credit, except to the extent of unreimbursed obligations in respect of drawn letters of credit (*provided* that any unreimbursed amount under commercial letters of credit will not be counted as Consolidated Total Debt until after such amount is drawn (it being understood that any borrowing, whether automatic or otherwise, to fund such reimbursement will be counted)), (d) obligations under Hedge Agreements, (e) obligations in respect of cash management obligations, (f) earn-outs and other contingent acquisition considerations (other than seller notes) unless unpaid for thirty (30) days after becoming due and payable, and (g) any lease obligations other than in respect of Capitalized Leases.

"**Contractual Obligation**" 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.

"**Contribution Indebtedness**" means Indebtedness in an aggregate outstanding principal amount not to exceed an amount equal to 100% of the amount of all Permitted Equity Issuances during the period from and including the Business Day immediately following the Closing Date through and including the Reference Date that are Not Otherwise Applied.

"**Control**" 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.

"**Controlled**" has the meaning correlative thereto. For the avoidance of doubt, none of the Lead Arrangers, the Agents, or their respective lending affiliates shall be deemed to be an Affiliate of the Loan Parties or any of the Restricted Subsidiaries.

"**Conversion/Continuation Notice**" means a notice of (a) a conversion of Loans from one Type to another or (b) a continuation of Benchmark Loans, pursuant to <u>Article</u> <u>II</u>, which shall be in such form provided by the Administrative Agent or otherwise as may be approved by the Administrative Agent (including any form on an Approved Borrower Portal as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower; provided that, if such

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Conversion/Continuation Notice is submitted through an Approved Borrower Portal, the foregoing signature requirement may be waived at the sole discretion of the Administrative Agent.

"**Corresponding Tenor**" with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

"**Covered Entity**" means any of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&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)&nbsp;&nbsp;&nbsp;&nbsp;a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R § 47.3(b); 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"**Covered Party**" has the meaning specified in <u>Section</u> <u>11.26</u>.

"**Credit Agreement Refinancing Indebtedness**" means Indebtedness of the Borrower or any Restricted Subsidiary in the form of term loans or notes or revolving commitments; *provided* 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;such Indebtedness is incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, or refinance, in whole or, solely in the case of Term Loans, in part, Indebtedness that is either (i) Term Loans, (ii) Revolving Commitments or (iii) other Credit Agreement Refinancing Indebtedness (together, "**Refinanced Debt**");

&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)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate principal amount of such Indebtedness on any date such Indebtedness is incurred (or commitments with respect thereto are made) shall not exceed the aggregate principal amount of the Refinanced Debt being exchanged, extended, renewed, replaced or refinanced (*<u>plus</u>* (i) the amount of all unpaid, accrued, or capitalized interest, penalties, premiums (including tender premiums) and other similar amounts payable with respect to the Refinanced Debt and (ii) underwriting discounts, fees, commissions, costs, expenses and other similar amounts payable with respect to such Credit Agreement Refinancing Indebtedness);

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) the scheduled final maturity date of such Indebtedness (A) that is Pari Passu Lien Debt will be no earlier than the scheduled final maturity date of the Refinanced Debt and (B) that is Junior Lien Debt or Indebtedness that is not secured by a Lien shall be no earlier than the date that is ninety one (91) days following the scheduled final maturity date of the Refinanced Debt and (ii) the Weighted Average Life to Maturity of any such Indebtedness (other than a revolving facility) will be no shorter than the remaining Weighted Average Life to Maturity of the Refinanced Debt; *provided* that this clause shall not apply to the incurrence of any such Indebtedness pursuant to the Inside Maturity Exception;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any mandatory prepayment or voluntary prepayment of such Indebtedness (i) that comprises Pari Passu Lien Debt may participate on a *pro rata* basis or a less than *pro rata* basis (but not on a greater than *pro rata* basis) in any mandatory repayments required to be made on, or any voluntary prepayments on, the Refinanced Debt, in each case, pursuant to its terms, it being agreed (A) any repayment of such Indebtedness at maturity shall be permitted and (B) any greater

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than *pro rata* repayment of such Indebtedness shall be permitted with the proceeds of a permitted refinancing thereof; *provided* that this <u>clause (d)(i)</u> shall not apply to the incurrence of any such Indebtedness pursuant to the Inside Maturity Exception; and (ii) that comprises Junior Lien Debt or Indebtedness that is not secured by a Lien may not participate in mandatory repayments required to be made on the Refinanced Debt pursuant to its terms, unless such mandatory prepayments are first made or offered to any remaining Refinanced Debt and are otherwise permitted under the applicable Intercreditor Agreement; *provided* that this <u>clause (i)</u> shall not apply to the incurrence of any such Indebtedness pursuant to the Inside Maturity Exception;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent secured by a Lien on property or assets of Holdings or any of its Restricted Subsidiaries, any such Indebtedness shall not be secured by any Lien on any property or asset of such Person that does not also secure the Initial Term Loans and Revolving Loans, as applicable, (except (1) customary cash collateral in favor of an agent, letter of credit issuer or similar "fronting" lender and (2) any Liens on assets to the extent that a Lien on such asset is also added for the benefit of the Initial Term Loans and the Revolving Loans, as applicable for so long as such Liens secure such Credit Agreement Refinancing Indebtedness); and (ii) to the extent guaranteed by Holdings or any of its Restricted Subsidiaries, any such Indebtedness shall not be guaranteed by any such Person that is not a Loan Party (except any such Person guaranteeing such Indebtedness or Incremental Revolving Facilities, as applicable, that also guarantees the Initial Term Loans and Revolving Loans, as applicable for so long as such Person guarantees such Indebtedness); 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise set forth herein, the covenants and events of default and other terms and conditions applicable to such Credit Agreement Refinancing Indebtedness, taken as a whole, shall not be materially more restrictive to Holdings, the Borrower and its Restricted Subsidiaries than those applicable to the Initial Term Loans and the Revolving Loans (except to the extent such terms apply only after the then Latest Maturity Date (as determined by the Borrower and the Administrative Agent in good faith) or such covenants or other terms apply equally for the benefit of the Lenders (and such terms shall be, subject to the consent of the Administrative Agent, incorporated into the Loan Documents for the benefit of all existing Lenders pursuant to an amendment executed by the Borrower and the Administrative Agent without further consent from any other party hereto)).

Credit Agreement Refinancing Indebtedness (i) shall rank either *pari passu* or junior in right of payment with the Initial Facilities and (ii) for the avoidance of doubt, may be Pari Passu Lien Debt, Junior Lien Debt or unsecured Indebtedness, but in any event shall not have a lien priority that it senior to such Refinanced Debt. Any Credit Agreement Refinancing Indebtedness in the form of (x) Pari Passu Lien Debt shall require the lenders or representative of such lenders thereunder to execute a customary *pari passu* intercreditor agreement reasonably satisfactory to the Administrative Agent and Required Lenders and (y) Junior Lien Debt shall require the lenders or representative of such lenders thereunder to execute a customary intercreditor agreement reasonably satisfactory to Administrative Agent and Required Lenders.

"**Customary Bridge Facilities**" means customary "bridge" financings, escrow or other similar arrangements which by their terms will be converted into loans or other Indebtedness that have, or extended such that they have, a maturity date later than the Latest Maturity Date then in effect.

"**Daily Simple SOFR**" means, for any day (a "<u>SOFR</u> <u>Rate Day</u>"), a rate per annum equal to SOFR for the day (such day, the "<u>SOFR</u> <u>Determination</u> <u>Date</u>") that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is

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published by the SOFR Administrator on the SOFR Administrator's Website. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower. If by 5:00 p.m. (New York City time) on the second (2nd) U.S. Government Securities Business Day immediately following any SOFR Determination Date, SOFR in respect of such SOFR Determination Date has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Date will be SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator's Website.

"**Debt Representative**" means, with respect to any series of Indebtedness secured by a Lien that is subject to an Intercreditor Agreement, or is subordinated in right of payment to all or any part of the Obligations, the trustee, administrative agent, collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities.

"**Debtor Relief Laws**" 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 and affecting the rights of creditors generally.

"**Default**" 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.

"**Default Rate**" means an interest rate per annum equal to (a) the Base Rate *<u>plus</u>* (b) the Applicable Rate applicable to Base Rate Loans that are Revolving Loans *<u>plus</u>* (c) 2.00% *per annum*; *provided* that, notwithstanding the foregoing, with respect to the outstanding principal amount of any Loan not paid when due, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan (giving effect to <u>Section</u> <u>2.05(c)</u> if applicable) *<u>plus</u>* 2.00% per annum, in each case, to the fullest extent permitted by applicable Laws.

"**Default Right**" 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.

"**Defaulting Lender**" means, subject to <u>Section</u> <u>2.19(b)</u>, any Lender that,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;has failed to (i) fund all or any portion of its Loans or participations in respect of Letters of Credit within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (which conditions precedent, together with the applicable default, if any, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Swing Line Lender, the Issuing Banks or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two (2) Business Days of the date when due,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;has notified the Borrower, the Administrative Agent, the Swing Line Lender, or the Issuing Banks 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 Lenders' 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 the applicable default, if any, shall be specifically identified in such writing or public statement) cannot be satisfied),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (*provided* that such Lender shall cease to be a Defaulting Lender pursuant to this <u>clause</u> <u>(c)</u> upon receipt of such written confirmation by the Administrative Agent and the Borrower), 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent or the Borrower has received notification that such Lender is, or has a direct or indirect parent company that is, (i) insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, (ii) other than via an Undisclosed Administration, the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator, 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 Federal, or foreign or state regulatory authority acting in such a capacity or the like has been appointed for such Lender or its direct or indirect parent company, or such Lender or its direct or indirect parent company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment or (iii) has become the subject of a Bail-in Action, or is a Covered Party that is or has become subject to a proceeding under a US Special Resolutions Regime, or is or has become subject to an action taken pursuant to the Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2018 or other applicable similar Applicable Law; *provided* 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 or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

Any determination by the Administrative Agent or the Borrower that a Lender is a Defaulting Lender under clauses <u>(a)</u> through <u>(d)</u> above shall be conclusive absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <u>Section</u> <u>2.19</u>) upon delivery of written notice of such determination to the Borrower, the Administrative Agent, the Swing Line Lender, the Issuing Banks and each Lender. For the avoidance of doubt, a Lender meeting the description set forth in <u>clause (a)</u> through <u>(d)</u> shall be a Defaulting Lender, notwithstanding that such determination and such notice shall not have been made.

"**Delayed Draw Closing Date**" means the date of any Borrowing of Delayed Draw Term Loans in accordance with <u>Sections 2.01(a)</u> and <u>4.03</u>.

"**Delayed Draw Commitment**" means, as to each Lender, its obligation to make a Delayed Draw Term Loan to the Borrower hereunder during the Delayed Draw Commitment Period, expressed as an amount representing the maximum principal amount of the Delayed Draw Term Loans to be made by such Lender under this Agreement, as such commitment may be (a) automatically reduced to $0 on the Delayed Draw Commitment Termination Date, (b) reduced from time to time pursuant to <u>Section</u> <u>2.08</u> and (c) reduced or increased from time to time pursuant to (i) assignments by or to such Lender pursuant to an Assignment and Assumption, (ii) a Refinancing Amendment or (iii) an Extension. The initial amount of each Lender's Delayed Draw Commitment is set forth on <u>Schedule</u> <u>2.01</u> under the caption "Delayed Draw Commitment" or, otherwise, in the Assignment and Assumption or Refinancing Amendment pursuant to which such Lender shall have assumed its Delayed Draw Commitment, as the case may be. The initial aggregate amount of the Delayed Draw Commitments is $75,000,000.

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"**Delayed Draw Commitment Period**" means the period on and from the Closing Date to and including the Delayed Draw Commitment Termination Date.

"**Delayed Draw Commitment Termination Date**" means the earliest to occur of (i) 5:00 p.m. New York City time on the date that is thirty (30) months after the Closing Date (at which date and time all unfunded Delayed Draw Commitments shall automatically be reduced to $0), (ii) the date on which all Delayed Draw Commitments then outstanding have been funded in one or more Borrowings pursuant to <u>Section 2.01(a)</u> and (iii) the date on which all unfunded Delayed Draw Commitments have been terminated by the Borrower pursuant to <u>Section 2.08(a)</u> or reduced to $0 pursuant to <u>Section 9.02</u>.

"**Delayed Draw Facility**" means the Facility comprised of the Delayed Draw Commitments. "**Delayed Draw Term Loan**" has the meaning assigned to such term in <u>Section 2.01(a)</u>.

"**Delayed Draw Term Loan Note**" means the promissory note in the form of <u>Exhibit B-4</u>, as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.

"**Defeased Debt**" means Indebtedness that has been defeased, satisfied and discharged, with respect to which an irrevocable notice of redemption or repurchase has been delivered, or with respect to which any required deposit has been made in connection with any of the foregoing, in each case, in accordance with the applicable indenture or other applicable Contractual Obligation.

"**Deliverable Obligation**" means each obligation of the Loan Parties that would constitute a "Deliverable Obligation" under a market standard credit default swap transaction documented under the ISDA CDS Definitions and specifying any of the Loan Parties as a Reference Entity. Each capitalized term used but defined in the preceding sentence has the meaning specified in the ISDA CDS Definitions, as applicable.

"**Designated Non-Cash Consideration**" means the fair market value of any non-cash consideration received by the Borrower or a Restricted Subsidiary in connection with a Disposition that is designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer, setting forth the basis of such valuation (which amount will be reduced by the fair market value of the portion of the non- cash consideration converted to cash within one hundred eighty (180) days following the consummation of the applicable Disposition).

"**Disposition**" or "**Dispose**" means the sale, transfer, license, lease or other disposition by any Person of any of its property (in one transaction or in a series of transactions and whether effected pursuant to a division or otherwise) of any property by any Person (including any sale and leaseback transaction and any issuance of Equity Interests by a Subsidiary of such Person), 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.

"**Disqualified Equity Interests**" means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition,

&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)&nbsp;&nbsp;&nbsp;&nbsp;matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale, as long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event is subject to the prior satisfaction of the Termination Conditions);

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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;(b)&nbsp;&nbsp;&nbsp;&nbsp;is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part;

&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)&nbsp;&nbsp;&nbsp;&nbsp;provides for the scheduled payments of dividends that are required to be made only in cash; 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests; in each case, prior to the date that is ninety one (91) days after the Latest Maturity Date of the Loans at the time of issuance; *provided* that if such Equity Interests are issued pursuant to a plan for the benefit of one or more Company Persons or by any such plan to one or more Company Persons, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by Holdings, the Borrower or the Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of a Company Person's termination, death or disability.

"**Disqualified Lender**" means,

&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)&nbsp;&nbsp;&nbsp;&nbsp;those entities identified by the Borrower or on behalf of the Borrower to the Lead Arrangers (if prior to the Closing Date) or the Administrative Agent (if on or after the Closing Date), as competitors (or affiliates of competitors) of the Acquired Business;

&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)&nbsp;&nbsp;&nbsp;&nbsp;those banks, financial institutions, other institutional lenders and other persons identified by the Borrower or on behalf of the Borrower to the Lead Arrangers on or prior to the date the Borrower execute the Commitment Letter or after the date of the Borrower's execution of the Commitment Letter with the reasonable consent of the Lead Arrangers; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;any person that is (or becomes) an affiliate of the entities described in the preceding clauses (a) and (b) (other than any bona fide debt fund affiliates thereof (except to the extent separately identified under clause (a) or (b) above)); provided that such person is either clearly identifiable as an affiliate solely on the basis of its name or, solely in the case of the entities described in the preceding clauses (a), is identified in writing to the Lead Arrangers (if prior to the Closing Date) or the Administrative Agent (if on or after the Closing Date) by or on behalf of the Borrower.

The Administrative Agent may disclose any list of Disqualified Lenders to the Lenders upon request. The Borrower shall, upon request of any Lender, identify whether any Person identified by such Lender as a proposed assignee or Participant is a Disqualified Lender. The Borrower, by written notice to the Administrative Agent, may from time to time remove any entity from the list of Disqualified Lenders, and such entity removed from the list of Disqualified Lenders shall no longer be a Disqualified Lender for any purpose under any Loan Document, unless subsequently identified in writing in accordance with this definition. Any Person that is a Lender and subsequently becomes a Disqualified Lender (but such Person was not a Disqualified Lender on the Trade Date or at the time it became a Lender) shall be deemed to not be a Disqualified Lender hereunder with respect to any Loans held by it immediately prior to becoming a Disqualified Lender. It is understood and agreed that (i) any supplement to the list of Persons that are Disqualified Lenders contemplated by the foregoing clause (b) shall not apply retroactively to disqualify any Persons that have previously acquired an assignment or participation interest in the Loans (but solely with respect to such Loans), (ii) the Administrative Agent, solely in its capacity as such, shall have no responsibility or liability to determine or monitor whether any Lender or potential Lender is a Disqualified Lender, (iii) other than the list of Disqualified Lenders provided on or prior to the Closing Date, Borrower's failure to deliver such list (or supplement thereto) to the Administrative Agent in accordance with

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<u>Section</u> <u>11.02</u> shall render such list (or supplement) not received and not effective, (iv) any supplement to the list of Disqualified Lenders permitted under this definition shall only be valid to the extent specifically identified in a written supplement to the list of "Disqualified Lenders", which supplement shall become effective, subject to the Administrative Agent's consent right (if applicable), three (3) Business Days after delivery thereof to the Administrative Agent and otherwise in accordance with <u>Section</u> <u>11.02</u> and (iv) "Disqualified Lender" shall exclude any Person that the Borrower has designated as no longer being a "Disqualified Lender" by written notice delivered to the Administrative Agent from time to time in accordance with <u>Section 11.02</u>.

"**Division**" has the meaning specified in <u>Section</u> <u>1.02(e)</u>.

"**Dollar**", "dollar", "**$**" and "**USD**" mean lawful money of the United States.

"**Dollar Amount**" means, for any amount, at the time of determination thereof, (a) if such amount is expressed in dollars, such amount, (b) if such amount is expressed in an Alternative Currency, the equivalent of such amount in dollars determined by using the rate of exchange for the purchase of dollars with the Alternative Currency last provided (either by publication or otherwise provided to the Administrative Agent) by Reuters on the Business Day (New York City time) immediately preceding the date of determination or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of dollars with the Alternative Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its sole discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion) and (c) if such amount is denominated in any other currency, the equivalent of such amount in dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion.

"**Domestic Subsidiary**" means any Subsidiary that is organized under the Laws of the United States, any state thereof or the District of Columbia.

"**Earnouts**" means (a) all earnout payments or other contingent payments in connection with any Permitted Investment and (b) Existing Earnouts and Unfunded Holdbacks.

"**ECF Prepayment Percentage**" means,

&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)&nbsp;&nbsp;&nbsp;&nbsp;50%, if the First Lien Net Leverage Ratio at the end of the immediately preceding fiscal year equals or exceeds 3.00 to 1.00;

&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)&nbsp;&nbsp;&nbsp;&nbsp;25%, if such First Lien Net Leverage Ratio is less than 3.00 to 1.00, but equals or exceeds 2.50 to 1.00; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;0%, if such First Lien Net Leverage Ratio is less than 2.50 to 1.00.

In each case, the First Lien Net Leverage Ratio shall be calculated after giving effect to any repayments of Indebtedness prior to the date a payment is required to be made pursuant to <u>Section 2.07(b)(i)</u>.

"**EEA Financial Institution**" 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 <u>clause (a)</u> of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of

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an institution described in <u>clauses</u> <u>(a)</u> or <u>(b)</u> of this definition and is subject to consolidated supervision with its parent.

"**EEA Member Country**" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"**EEA Resolution Authority**" 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.

"**Electronic Signature**" means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

"**Eligible Assignee**" means any Person that meets the requirements to be an assignee under <u>Section 11.07(b)(v)</u>.

"**EMU**" means the Economic and Monetary Union as contemplated in the EU Treaty.

"**EMU Legislation**" means the legislative measures of the EMU for the introduction of, changeover to, or operation of the Euro in one or more member states.

"**Environmental Claim**" means any and all claims, actions, suits, demands, demand letters, liens, notices of noncompliance or violation, investigations by any Governmental Authority, or proceedings (whether administrative or judicial) with respect to any Environmental Law, including those by any Person for enforcement, cleanup, removal, remedial or other response actions, corrective measures, damages, exposure to Hazardous Materials, contribution, indemnification, cost recovery, compensation or injunctive relief pursuant to any Environmental Law.

"**Environmental Laws**" means any and all Laws relating to pollution or protection of the environment (including natural resources) or, to the extent relating to exposure to Hazardous Materials, human health.

"**Environmental Liability**" means any loss or liability (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), whether accrued, absolute, contingent, mature, unmatured or otherwise and whether known or unknown, fixed or unfixed, choate or inchoate, liquidated or unliquidated, secured or unsecured and whether in contract or tort, in law, common law or in equity or granted by statute, regulation or other Law, and all costs and expenses related thereto, of any Loan Party or any of the Restricted Subsidiaries arising from or based upon (a) violation of or liability under Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal or release of, or exposure to, any Hazardous Material, or (c) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

"**Environmental Permit**" means any permit, approval, identification number, license or other authorization required under or issued pursuant to any Environmental Law.

"**Equal Priority Intercreditor Agreement**" means an intercreditor agreement substantially in the form attached hereto as <u>Exhibit K-2</u> or, if requested by the Borrower or any provider of Pari Passu Lien Debt, another intercreditor agreement containing customary terms or terms that are reasonably satisfactory to the Required Lenders, the Collateral Agent and the Borrower. Upon the request of the Borrower, the Administrative Agent and the Collateral Agent will execute and deliver such other intercreditor agreement with one or more Debt Representatives for Pari Passu Lien Debt permitted hereunder.

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"**Equipment**" means (a) any "equipment" as such term is defined in Article 9 of the UCC and in any event, shall include, but shall not be limited to, all machinery, equipment, furnishings, appliances, furniture, fixtures, tools, and vehicles now or hereafter owned by the Borrower or any other Loan Party in each case, regardless of whether characterized as equipment under the UCC and (b) any and all additions, substitutions and replacements of any of the foregoing and all accessions thereto, wherever located, whether or not at any time of determination incorporated or installed therein or attached thereto, and all replacements therefor, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto.

"**Equity Interests**" means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in, including any limited or general partnership interest and any limited liability company membership interest) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities).

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) that together with any Loan Party is treated as a single employer within the meaning of Section 414 of the Code or Section 4001 of ERISA. For the avoidance of doubt, when any provision of this Agreement relates to a past event or period of time, the term "**ERISA Affiliate**" includes any Person who was, as to the time of such past event or period of time, an ERISA Affiliate within the meaning of the preceding sentence.

"**ERISA Event**" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Loan Party or any of their respective ERISA Affiliates from a Pension Plan subject to Section 4063 of

ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as a termination under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Loan Party or any of their respective ERISA Affiliates from a Multiemployer Plan, written notification of any Loan Party or any of their respective ERISA Affiliates concerning the imposition of Withdrawal Liability or written notification that a Multiemployer Plan is insolvent within the meaning of Title IV of ERISA; (d) the filing under Section 4041(c) of ERISA of a notice of intent to terminate a Pension Plan, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) the imposition of any liability under Title IV of ERISA, other than for the payment of plan contributions or PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Loan Party or any of their respective ERISA Affiliates; (f) the failure to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) with respect to any Pension Plan; (g) the application for a minimum funding waiver under Section 302(c) of ERISA with respect to a Pension Plan; (h) the imposition of a lien under Section 303(k) of ERISA with respect to any Pension Plan; or (i) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 303 of ERISA).

"**EU Bail-In Legislation Schedule**" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**EU Treaty**" means the Treaty on European Union.

"**Event of Default**" has the meaning specified in <u>Section</u> <u>9.01</u>.

"**Excess Cash Flow**" means, for any period, an amount equal to the excess of:

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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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Net Income of the Borrower and the Restricted Subsidiaries for such period, *<u>plus</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the amount of all non-cash charges (including depreciation and amortization) for such period to the extent deducted in arriving at such Consolidated Net Income, but excluding any such non-cash charges representing an accrual or reserve for potential cash items in any future period and excluding amortization of a prepaid cash item that was paid in a prior period, *<u>plus</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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;[reserved], *<u>plus</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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the aggregate net non-cash loss on Dispositions by the Borrower and the Restricted Subsidiaries during such period (other than Dispositions in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income, *<u>plus</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;(v)&nbsp;&nbsp;&nbsp;&nbsp;the amount deducted as tax expense in determining Consolidated Net Income to the extent in excess of cash taxes paid in such period (including, without duplication, tax distributions pursuant to <u>Section</u> <u>7.06(h)(i)</u>) and tax distribution reserves set aside or payable, *<u>plus</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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;cash receipts in respect of Hedge Agreements during such period to the extent not otherwise included in such Consolidated Net Income; *<u>over</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income (but excluding any non-cash credit to the extent representing the reversal of an accrual or reserve described in <u>clause</u> <u>(a)(ii)</u> above) and cash charges excluded by virtue of <u>clauses</u> <u>(i)</u> through <u>(k)</u> (other than <u>clause</u> <u>(g)</u>) of the definition of "Consolidated Net Income", *<u>plus</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of amounts deducted pursuant to <u>clause</u> <u>(xi)</u> below or this <u>clause</u> <u>(ii)</u> in prior periods, and any amount deducted pursuant to <u>Section</u> <u>2.07(b)(i)(B)</u>, the amount of Permitted Investments and Capital Expenditures (in each case, including costs and expenses related thereto), made during such period with Internally Generated Cash, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of all principal payments of Indebtedness (including the principal component of payments in respect of Capitalized Leases) of the Borrower and the Restricted Subsidiaries to the extent such prepayments or repayments are funded with Internally Generated Cash, excluding (A) all payments of Indebtedness described in <u>Section</u> <u>2.07(b)(i)(B)(I)</u> to the extent such payments reduce the repayment of Term Loans that would otherwise be required by <u>Section</u> <u>2.07(b)(i)</u>, (B) all payments of Indebtedness pursuant to and in accordance with <u>Section</u> <u>7.12(a)(x)(A)</u>, (C) any prepayment of revolving loans to the extent there is not an equivalent permanent reduction in commitments thereunder and (D) all payments of Indebtedness described in <u>Section 2.07(b)(i)(B)(II)</u> to the extent such payments reduce the repayment that would otherwise be required by <u>Section 2.07(b)(i)</u>, *<u>plus</u>*

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the aggregate net non-cash gain on Dispositions by the Borrower and the Restricted Subsidiaries during such period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income and the net cash loss on Dispositions to the extent otherwise added to arrive at Consolidated Net Income, *<u>plus</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;(v)&nbsp;&nbsp;&nbsp;&nbsp;[reserved], *<u>plus</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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;cash payments by the Borrower and the Restricted Subsidiaries actually made during such period to the extent financed with Internally Generated Cash in respect of any purchase price holdbacks, earn-out obligations, long-term liabilities of the Borrower and the Restricted Subsidiaries (other than Indebtedness) to the extent such payments are not expensed during such period or are not deducted in calculating Consolidated Net Income for such period (and so long as there has not been any reduction in respect of such payments in arriving at Consolidated Net Income for such fiscal year), *<u>plus</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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of amounts deducted pursuant to <u>clauses</u> <u>(viii)</u> and <u>(xi)</u> below in prior periods and any amounts deducted pursuant to <u>Section</u> <u>2.07(b)(i)(B)</u>, the amount of Permitted Investments, including Acquisition Transactions (in each case, including costs and expenses related thereto), actually paid in cash during such period pursuant to <u>Section</u> <u>7.02</u>) to the extent that such Permitted Investments were financed with Internally Generated Cash, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of amounts deducted pursuant to <u>Section</u> <u>2.07(b)(i)(B)</u>, the amount of Restricted Payments actually paid in cash during such period pursuant to <u>Section</u> <u>7.06</u><u>(h)(i) – (iii)</u> to the extent such Restricted Payments were financed with Internally Generated Cash, *<u>plus</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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of expenditures actually made by the Borrower and its Restricted Subsidiaries to the extent financed with the proceeds of Internally Generated Cash during such period (including expenditures for the payment of financing fees) to the extent that such expenditures are not expensed during such fiscal year or are not deducted in calculating Consolidated Net Income (and so long as there has not been any reduction in respect of such expenditures in arriving at Consolidated Net Income for such period), *<u>plus</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;(x)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not deducted in calculating Consolidated Net Income for such period, the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by Holdings, the Borrower and the Restricted Subsidiaries during such period that are made in connection with any prepayment of any principal of Indebtedness to the extent such prepayment of principal reduced Excess Cash Flow pursuant to <u>clause</u> <u>(b)(iii)</u> above or reduced the mandatory prepayment required by <u>Section 2.07(b)(i)</u>, *<u>plus</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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of amounts deducted from Excess Cash Flow in prior periods, the aggregate consideration required to be paid in cash by the Borrower or any Restricted Subsidiary during the immediately following fiscal year pursuant to binding contracts, commitments, or binding purchase orders entered into prior to or during such period relating to Permitted Acquisitions (or Investments similar to those made for Permitted Acquisitions), Capital Expenditures or acquisitions of intellectual property to be consummated; *provided* that, to the extent the aggregate amount actually utilized to finance such Permitted Acquisitions (or Investments similar to those made for Permitted

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Acquisitions), Capital Expenditures or acquisitions of intellectual property during any period is less than the consideration that reduced Excess Cash Flow for the prior period, the amount of such shortfall shall be added to the calculation of Excess Cash Flow for such period, *<u>plus</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;(xii)&nbsp;&nbsp;&nbsp;&nbsp;the amount of cash taxes (including penalties and interest) paid or tax reserves set aside or payable (without duplication) in such period, to the extent they exceed the amount of tax expense deducted in calculating Consolidated Net Income for such period, *<u>plus</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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;cash expenditures in respect of Hedge Agreements during such period to the extent not deducted in calculating Consolidated Net Income; *<u>plus</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;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;any amount related to items that were added to or not deducted from Net Income in calculating Consolidated Net Income or were added to or not deducted from Consolidated Net Income, in each case to the extent such items represented a cash payment which had not reduced Excess Cash Flow upon the accrual thereof in a prior Test Period, or an accrual for a cash payment, by the Borrower and its Restricted Subsidiaries or did not represent cash received by the Borrower and its Restricted Subsidiaries, in each case on a consolidated basis during such Test Period;

*provided* that, at the option of the Borrower, any item that meets the criteria of any sub-clause of this <u>clause</u> <u>(b)</u> after the end of the applicable period and prior to the applicable date of calculation of Excess Cash Flow for such period may, at the Borrower's option, be included in the applicable period, but not in any calculation pursuant to this <u>clause (b)</u> for the subsequent calculation period if such election is made.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Exchange Rate**" means, on any date with respect to any currency, the rate at which such currency may be exchanged into any other currency, as set forth at approximately 11:00 a.m., London time, on such date on the applicable Reuters page for such currency. In the event that such rate does not appear on any Reuters page, the Exchange Rate shall be determined by reference to such other publicly available service for displaying the exchange rates as may be selected by the Administrative Agent, or, in the event no such service is selected, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where its foreign currency exchange operations in respect of such currency are then being conducted, at or about 10:00 a.m., local time, on such date for the purchase of the relevant currency for delivery two (2) Business Days later; *provided* that, if at the time of any such determination, for any reason no such spot rate is being quoted, the Administrative Agent, after consultation with the Borrower, may use any reasonable method that it deems appropriate to determine such rate, and such determination shall be presumed correct absent manifest error.

"**Excluded Asset**" means,

&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)&nbsp;&nbsp;&nbsp;&nbsp;any asset (including, to the extent applicable, any Equipment or Inventory owned by a Loan Party that is subject to a Permitted Lien) together with any rights or interests therein, or any lease, license, franchise, charter, authorization, contract or agreement to which any Loan Party is a party, together with any rights or interest thereunder, in each case, if and to the extent security interests therein (A) are prohibited by or in violation of any applicable Law, (B) require any governmental (including regulatory) consent, approval, license or authorization that has not been obtained or consent of a third party that is not a Loan Party or Subsidiary thereof that has not been obtained pursuant to any contract or agreement binding on such asset at the time of its acquisition

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and not entered into in contemplation of such acquisition or the requirements under the Loan Documents, or (C) are prohibited by or in violation of a term, provision or condition of any lease, license, franchise, charter, authorization, contract or agreement to which such Loan Party is a party, except, in the case of each of the foregoing clauses (A), (B), and (C), to the extent that such prohibition or restriction would be rendered ineffective under the applicable anti-assignment provisions of the UCC; <u>provided</u>, however, that, notwithstanding the foregoing, the Article 9 Collateral (as defined in the Security Agreement) shall include (and the applicable Lien shall attach), at such time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, shall attach to any portion of such asset, lease, license, franchise, charter, authorization, contract or agreement not subject to the prohibitions specified in clauses (A), (B), or (C) above; <u>provided</u>, further, that the Excluded Assets referred to in this clause (a) shall not include any Proceeds of any such asset, lease, license, franchise, charter, authorization, contract or agreement (except to the extent such Proceeds constitute Excluded Assets);

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Excluded Equity Interests and any assets of any Excluded Subsidiary;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any "intent-to-use" application for a Trademark (as defined in the Security Agreement) prior to the filing and acceptance of a "Statement of Use" pursuant to Section 1(d) of the Lanham Act or an "Amendment to Allege Use" pursuant to Section 1(c) of the Lanham Act with respect thereto, to the extent that, and during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law (it being understood that upon such filing and acceptance, such intent-to-use application shall be automatically subject to the security interest granted herein and deemed to be included in the Collateral);

&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)&nbsp;&nbsp;&nbsp;&nbsp;(A) any leasehold or subleasehold interest (including any ground lease interest) in real property, (B) any fee interest in owned real property other than Material Real Property, (C) [reserved], (D) [reserved] and (E) any fixtures affixed to any real property to the extent such real property does not constitute Material Real Property;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) as extracted collateral, (ii) timber to be cut, (iii) farm products, (iv) manufactured homes and (v) healthcare insurance receivables;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any particular asset, if the pledge thereof or the security interest therein could reasonably be expected to result in adverse tax consequences to Holdings (or Holdings' regarded direct or indirect owner or owners, if Holdings is a disregarded entity or partnership for U.S. federal income tax purposes), the Borrower or any of its Restricted Subsidiaries (taken as a whole) as reasonably determined in good faith by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;any asset with respect to which the Borrower and the Administrative Agent have mutually determined that the costs of obtaining, perfecting or maintaining a Security Interest or pledge shall be excessive in view of the fair market value of such asset and/or the benefits to be obtained by the Secured Parties therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Margin Stock;

&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)&nbsp;&nbsp;&nbsp;&nbsp;except to the extent perfected by the filing of a UCC-1 financing statement in the jurisdiction of organization (or other location of a Loan Party under Section 9-307 of the UCC) of the applicable Loan Party, motor vehicles, aircraft and other assets subject to certificates of title or ownership (including, without limitation, aircraft, airframes, aircraft engines or helicopters, or any equipment or other assets constituting a part thereof and rolling stock);

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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;(j)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;property and assets owned by an Excluded Subsidiary or any Person that is not a Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Securitization Operating Assets securing a securitization financing (including a Qualified Securitization Financing) permitted hereunder, including assets that may be temporarily held by a Loan Party (whether or not on a commingled basis) for the benefit of, or in trust for, a special purpose entity, a Securitization Subsidiary or a finance party in respect of a securitization (including a Qualified Securitization Financing) permitted hereunder whether pursuant to a servicing arrangement or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Permitted Priority Assets, unless the Borrower (in its sole discretion) notifies the Collateral Agent in writing that such assets or property are not Excluded Assets; 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;(n)&nbsp;&nbsp;&nbsp;&nbsp;all Commercial Tort Claims where the amount of damages reasonably expected to be realized by the applicable Loan Party in such Commercial Tort Claim (as determined by the Borrower in good faith) is not in excess of the Commercial Tort Claim Threshold Amount;

*provided* that if and when any property shall cease to be an Excluded Asset, a Lien on and security interest in such property shall be deemed granted therein and the provisions of this Agreement shall apply to such property, including the Proceeds of any General Intangible, Instrument, license, property right, permit or any other contract or agreement (except to the extent such Proceeds are Excluded Assets). Notwithstanding anything to the contrary, the Proceeds of, or in respect of, any Excluded Assets shall constitute Article 9 Collateral (except to the extent such Proceeds are an Excluded Asset).

"**Excluded Equity Interests**" has the meaning specified in the Security Agreement.

"**Excluded Subsidiary**" means:

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Subsidiary that is not a wholly owned Subsidiary of a Loan Party;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Foreign Subsidiary;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Subsidiary that is prohibited or restricted by applicable Law from providing a Guaranty or by a binding contractual obligation existing on the Closing Date or at the time of the acquisition of such Subsidiary (and not incurred in contemplation of such acquisition) from providing a Guaranty (*provided* that such contractual obligation is not entered into by the Borrower or its Subsidiaries for the purpose of qualifying as an "**Excluded Subsidiary**" under this definition) or if such Guaranty would require governmental (including regulatory) or third party (other than Holdings, the Borrower or a Subsidiary) consent, approval, license or authorization, unless such consent, approval, license or authorization has been obtained;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any special purpose securitization vehicle (or similar entity) including any Securitization Subsidiary created pursuant to a transaction permitted 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;any Subsidiary that is a not-for-profit organization;

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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;(g)&nbsp;&nbsp;&nbsp;&nbsp;any Captive Insurance Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;any other Subsidiary with respect to which, as reasonably determined by the Borrower and the Administrative Agent, each acting in good faith, the cost or other consequences (including adverse tax consequences) of providing the Guaranty shall be excessive in view of the benefits to be obtained by the Lenders therefrom;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any other Subsidiary to the extent the provision of a guaranty by such Subsidiary could reasonably be expected to result in a material adverse tax consequence to Holdings (or Holdings' direct or indirect regarded owner or owners, if Holdings is a disregarded entity or partnership for U.S. federal income tax purposes), the Borrower or any of its Restricted Subsidiaries (taken as a whole) as reasonably determined by the Borrower in good faith in consultation with the Administrative Agent, including with respect to any FSHCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;any Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;any Immaterial Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;any Broker-Dealer Subsidiary; 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;(m)&nbsp;&nbsp;&nbsp;&nbsp;any Subsidiary that is an "investment company" (or would be an "investment company" if it were a Guarantor) under the Investment Company Act of 1940, as amended;

*provided* that the Borrower, in its sole discretion (or in the case of any Foreign Subsidiary, with the consent of the Administrative Agent not to be unreasonably withheld), may cause any Restricted Subsidiary that qualifies as an Excluded Subsidiary under <u>clauses (a)</u> through <u>(m)</u> above to become a Guarantor in accordance with the definition thereof (subject to completion of any requested "know your customer" and similar requirements of the Administrative Agent) and thereafter such Subsidiary shall not constitute an "**Excluded Subsidiary**" (unless and until the Borrower elects, in its sole discretion, to designate such Persons as an Excluded Subsidiary).

"**Excluded Swap Obligation**" 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 any 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.

"**Excluded Taxes**" means any of the following Taxes imposed on or with respect to a 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 applicable 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

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imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment 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 Borrower under <u>Section</u> <u>3.07</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(f)</u> or Section 3.01(h) and (d) any Taxes imposed under FATCA.

"**Existing Earnouts and Unfunded Holdbacks**" shall mean those earnouts and unfunded holdbacks of the Company or the Acquired Business existing on the Closing Date.

"**Existing Indebtedness**" has the meaning specified in the preliminary statements to this Agreement.

"**Existing Indebtedness Documents**" means (i) that certain Credit and Security Agreement, dated as of January 10, 2022, by and among Marsh, Berry & Company, LLC, MarshBerry Holding Company, LLC, the other guarantors from time to time party thereto, Fortress Credit Corp, as the administrative agent and collateral agent, and the lenders from time to time party thereto (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time) and (ii) that certain Loan Agreement, dated as of February 16, 2023, between MarshBerry Global LLC and The Huntington National Bank, as lender (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time).

"**Extended Commitments**" means, collectively, Extended Revolving Commitments and Extended Term Commitments.

"**Extended Loans**" means, collectively, Extended Revolving Loans and Extended Term Loans.

"**Extended Revolving Commitments**" means the Revolving Commitments held by an Extending Lender.

"**Extended Revolving Loans**" means the Revolving Loans made pursuant to Extended Revolving Commitments.

"**Extended Term Commitments**" means the Term Loan Commitments held by an Extending Lender.

"**Extended Term Loans**" means the Term Loans made pursuant to Extended Term Commitments.

"**Extending Lender**" means each Lender accepting an Extension Offer.

"**Extension**" has the meaning specified in <u>Section</u> <u>2.18(a)</u>.

"**Extension Amendment**" has the meaning specified in <u>Section</u> <u>2.18(b)</u>.

"**Extension Offer**" has the meaning specified in <u>Section</u> <u>2.18(a)</u>.

"**Facility**" means the Term Loans made by the Lenders to the Borrower pursuant to <u>Section</u> <u>2.01(a)</u> (including the Initial Term Loans and the Delayed Draw Term Loans, it being understood that funded Delayed Draw Term Loans and Initial Term Loans shall comprise the same Facility), the Revolving Loans, the Swing Line Loans, any Extended Term Loans, any Extended Revolving Commitments and Extended Revolving Loans, any Incremental Term Loans, any Incremental Revolving Loans, any Refinancing Term Loans or any Refinancing Revolving Loans, as the context may require.

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"**fair market value**" means, with respect to any asset or property, the price that could be negotiated in an arm's-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction as determined in good faith by the management or the Board of Directors of the Borrower or as otherwise set forth in <u>Section 1.02(g)</u>.

"**FATCA**" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively 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 intergovernmental agreements, treaties or conventions (together with any law implementing such agreements, treaties or conventions) entered into in connection with the implementation of the foregoing.

"**FCPA**" means the United States Foreign Corrupt Practices Act of 1977, as amended or modified from time to time.

"**Federal Funds Rate**" means, for any day, the rate 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 for any day is less than zero, the Federal Funds Rate for such day will be deemed to be zero.

"**Fee Letter**" means that certain Fee Letter, dated as of September 9, 2025, by and among the Borrower and the Commitment Parties.

"**First Lien Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated Secured Net Debt under this Agreement and any Pari Passu Lien Debt outstanding as of the last day of such Test Period to (b) Consolidated Adjusted EBITDA of Holdings for such Test Period, all calculated for Holdings, the Borrower and its Restricted Subsidiaries on a consolidated basis in accordance with GAAP.

"**Fitch**" means Fitch Ratings, Inc., and any successor thereto.

"**Fixed Incremental Amount**" means, as of the date of measurement, the sum of:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the greater of (i) $128,000,000 and (ii) 100% of TTM Consolidated Adjusted EBITDA; *plus*

&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)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate principal amount of any prepayments, redemptions and repurchases of other Indebtedness that is secured on a *pari passu* basis to the Initial Term Loans and/or Initial Revolving Facility, in each case, except to the extent such prepayments were funded with the proceeds of Funded Debt (and in the case of any revolving commitments, as long as and to the extent there is a permanent reduction in such commitments); *plus*

&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)&nbsp;&nbsp;&nbsp;&nbsp;the then-available General Debt Basket; *minus*

&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)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of any amounts incurred in reliance on this definition, the aggregate amount of Incremental Facilities and Incremental Equivalent Debt and any commitments in respect thereof incurred and then outstanding in reliance on the Fixed Incremental Amount (after giving effect to any reallocation).

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"**Flood Insurance Certificate**" means with respect to each Mortgaged Property, a completed "**Life-of- Loan**" Federal Emergency Management Agency Standard Flood Hazard Determination.

"**Flood Insurance Requirements**" means the Administrative Agent has received evidence indicating whether the improvements or any part thereof on any real property required to be subject to a Lien in favor of the Administrative Agent are or will be located within a "Special Flood Hazard Area" as designated on maps prepared by the Federal Emergency Management Agency, and, if so, a flood notification form signed by the Borrower and evidence that a flood insurance policy or policies are in place for such improvements on the property and contents or other Collateral, as applicable, all in form, substance and amount satisfactory to the Administrative Agent in consultation with the Lenders and at a minimum in compliance with applicable Flood Laws.

"**Flood Laws**" means the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994, the Biggert-Waters Flood Insurance Act of 2012, as such statutes may be amended or re-codified from time to time, any substitutions, any regulations promulgated under such Flood Laws, and all other legal requirements relating to flood insurance.

"**Foreign Casualty Event**" has the meaning specified in <u>Section</u> <u>2.07(b)(vi)(A)</u>.

"**Foreign Disposition**" has the meaning specified in <u>Section</u> <u>2.07(b)(vi)(A)</u>.

"**Foreign Lender**" has the meaning specified in <u>Section</u> <u>3.01(b)</u>.

"**Foreign Plan**" means any material employee benefit plan, program or agreement maintained or contributed to by, or entered into with, Holdings or any Restricted Subsidiary of Holdings with respect to employees employed outside the United States (other than benefit plans, programs or agreements that are mandated by applicable Laws).

"**Foreign Subsidiary**" means any direct or indirect Subsidiary of the Borrower that is not a Domestic Subsidiary.

"**FRB**" means the Board of Governors of the Federal Reserve System of the United States.

"**Fronting Exposure**" means, at any time there is a Defaulting Lender, with respect to the Issuing Banks, such Defaulting Lender's Pro Rata Share of the outstanding Letters of Credit Obligations other than such 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 with respect to the Swing Line Lender, such Defaulting Lender's Pro Rata Share of the outstanding Obligations with respect to Swing Line Loans extended by the Swing Line Lender other than such 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.

"**FSHCO**" means an entity substantially all the assets of which consist of equity interests (or equity and debt) of one or more CFCs.

"**Fund**" means any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course (including any Person that temporarily warehouses loans).

"**Funded Debt**" means all Indebtedness of Holdings, the Borrower and the Restricted Subsidiaries for borrowed money that matures more than one year from the date of its creation or matures within one year

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from such date that is renewable or extendable, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including Indebtedness in respect of the Loans.

"**GAAP**" means generally accepted accounting principles in the United States, as in effect from time to time.

"**General Asset Sale Basket**" has the meaning specified in <u>Section</u> <u>7.05(j)</u>.

"**General Debt Basket**" has the meaning specified in <u>Section</u> <u>7.03(y)</u>.

"**General Intangible**" means "general intangibles" as such term is defined in Article 9 of the UCC and shall in any event include all choses in action and causes of action and all other intangible personal property of every kind and nature (other than Accounts (as defined in the Security Agreement)) now owned or hereafter acquired by the Borrower or any other Loan Party, as the case may be, including corporate or other business records, indemnification claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Hedge Agreements and other agreements), rights to the payment of Money, rights to the payment of insurance claims, rights to the payment of proceeds, goodwill, registrations, franchises, tax refund claims and any letter of credit, guarantee, claim, security interest or other security held by or granted to the Borrower or any other Loan Party.

"**Global Intercompany Note**" means a promissory note substantially in the form of <u>Exhibit</u> <u>H</u> executed by Holdings, the Borrower and each Restricted Subsidiary.

"**Governmental Authority**" 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).

"**Grant Event**" means the occurrence of any of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the formation or acquisition by a Loan Party of a new wholly owned Restricted Subsidiary (other than an Excluded Subsidiary);

&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)&nbsp;&nbsp;&nbsp;&nbsp;the designation in accordance with <u>Section</u> <u>6.13</u> of a wholly owned Subsidiary (other than an Excluded Subsidiary) of any Loan Party as a Restricted Subsidiary;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Person (other than an Excluded Subsidiary) becoming a wholly owned Restricted Subsidiary of a Loan Party; 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;any wholly owned Restricted Subsidiary of a Loan Party ceasing to be an Excluded Subsidiary.

"**Granting Lender**" has the meaning specified in <u>Section</u> <u>11.07(g)</u>.

"**Guarantee**" means, as to any Person, without duplication, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary 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

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or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance of such Indebtedness or other monetary 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 monetary obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other monetary 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 (other than a Permitted Lien) on any assets of such Person securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or other monetary obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); *provided* that the term "Guarantee" shall not include Permitted Liens, endorsements for collection or deposit, in either case in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). 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.

"**Guarantors**" means Holdings, the Borrower (other than its own primary Obligations) and each Restricted Subsidiary that executed a counterpart to the Guaranty (or a joinder thereto) on the Closing Date or thereafter pursuant to <u>Section</u> <u>6.11</u>, in each case, other than any Excluded Subsidiaries. In no event will any Excluded Subsidiary be a Guarantor hereunder.

"**Guaranty**" means (a) the guaranty made by Holdings and the other Guarantors in favor of the Administrative Agent on behalf of the Secured Parties substantially in the form of <u>Exhibit</u> <u>E</u> and (b) each other guaranty and guaranty supplement delivered pursuant to <u>Section 6.11</u>.

"**Guaranty Release Event**" has the meaning specified in <u>Section</u> <u>10.11(a)(iii)</u>.

"**Guaranty Supplement**" means the "First Lien Guarantee Supplement" as defined in the Guaranty.

"**Hazardous Materials**" means any material, substance, chemical, pollutant, contaminant or waste that is regulated or subject to standards of conduct, or that may give rise to liability, under any Environmental Law, including (i) petroleum or any fraction thereof, (ii) radioactive materials, (iii) asbestos or asbestos- containing materials, (iv) polychlorinated biphenyls and (v) perfluoroalkyl and polyfluoroalkyl substances.

"**Hedge Agreement**" means any agreement with respect to (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

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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.

"**Hedge Bank**" means any Person that is (or becomes) an Agent, a Lender or a Lead Arranger or an Affiliate of any of the foregoing (even if such Person ceases to be a Lender or such Person's Affiliate ceased to be an Agent, a Lender or a Lead Arranger).

"**HMT**" means His Majesty's Treasury of the United Kingdom.

"**Holdings**" has the meaning specified in the introductory paragraph to this Agreement, together with its successors and assigns permitted hereunder.

"**IPO Co.**" means (a) Lincoln International, Inc. or (b) a C-corporation created in contemplation of a Qualifying IPO, and which IPO Co. shall become the direct or indirect parent or managing member of Holdings and/or the Borrower.

"**Immaterial Subsidiary**" means any Restricted Subsidiary of the Borrower other than a Material Subsidiary.

"**Increased Amount**" of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount or deferred financing fees, the payment of interest or dividends in the form of additional Indebtedness or in the form of Equity Interests, as applicable, the accretion of original issue discount, deferred financing fees or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies.

"**Incremental Amendment**" has the meaning specified in <u>Section</u> <u>2.16(e)</u>.

"**Incremental Amount**" has the meaning specified in <u>Section</u> <u>2.16(c)</u>.

"**Incremental Equivalent Debt**" means Indebtedness; *provided* that at the time of incurrence 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate principal amount of all Incremental Equivalent Debt on any date such Indebtedness is incurred (or commitments with respect thereto are made) (in each case assuming such Incremental Equivalent Debt and commitments in respect thereof are fully drawn) shall not, together with any Incremental Revolving Facilities and/or Incremental Term Facilities (including commitments in respect thereof) then outstanding, exceed the Incremental Amount;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) the scheduled final maturity date of any Incremental Equivalent Debt (A) that is Pari Passu Lien Debt will be no earlier than the scheduled final maturity date for the Initial Term Loans and (B) that is Junior Lien Debt or Indebtedness that is not secured by a Lien shall be no earlier than the date that is ninety one (91) days following the scheduled final maturity date for the Initial Term Loans and will be subject to an intercreditor agreement reasonably satisfactory to the Borrower, Administrative Agent and Required Lenders; *provided* that this <u>clause (b)(i)</u> shall not apply to the incurrence of any Incremental Equivalent Debt pursuant to the Inside Maturity Exception; and (ii) the Weighted Average Life to Maturity of any Incremental Equivalent Debt (other than a revolving facility) will be no shorter than the remaining Weighted Average Life to Maturity of the Initial Term Loans; *provided* that this <u>clause</u> <u>(b)(ii)</u> shall not apply to the incurrence of any Incremental Equivalent Debt pursuant to the Inside Maturity Exception;

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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;(c)&nbsp;&nbsp;&nbsp;&nbsp;any mandatory prepayment of Incremental Equivalent Debt (other than Incremental Equivalent Debt that is a revolving facility) (i) that comprise Pari Passu Lien Debt may participate on a *pro rata* basis or a less than *pro rata* basis (but not on a greater than *pro rata* basis) in any mandatory repayments of the Initial Term Loans pursuant to <u>Section</u> <u>2.07(b)</u>, it being agreed

&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 repayment of such Incremental Equivalent Debt at maturity shall be permitted and (B) any greater than *pro rata* repayment of such Incremental Equivalent Debt shall be permitted with the proceeds of a refinancing thereof permitted hereunder; *provided* that this <u>clause (c)(i)</u> shall not apply to the incurrence of any Incremental Equivalent Debt pursuant to the Inside Maturity Exception; and (ii) that comprises Junior Lien Debt or Indebtedness that is not secured by a Lien may not participate in any mandatory repayments of the Initial Term Loans pursuant to <u>Section</u> <u>2.07(b)</u>, unless such mandatory prepayments are first made or offered to the Initial Term Loans and are otherwise permitted under the applicable Intercreditor Agreement; *provided* that this <u>clause (c)(ii)</u> shall not apply to the incurrence of any Incremental Equivalent Debt pursuant to the Inside Maturity Exception;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent secured by a Lien on property or assets of Holdings or any Restricted Subsidiary, any Incremental Equivalent Debt shall not be secured by any Lien on any property or asset of such Person that does not also secure the Initial Term Loans and Revolving Loans, as applicable (except (1) customary cash collateral in favor of an agent, letter of credit issuer or similar "fronting" lender, (2) Liens on assets applicable only to periods after the Latest Maturity Date of the Initial Term Loans or the Initial Revolving Facility, as applicable, at the time of incurrence and (3) any Liens on property or assets to the extent that a Lien on such property or asset is also added for the benefit of the Lenders under the Initial Term Loans and Revolving Loans, as applicable for so long as such Liens secure such Incremental Equivalent Debt); and (ii) to the extent guaranteed by Holdings or any Restricted Subsidiary, any such Incremental Equivalent Debt shall not be guaranteed by any such Person that is not a Loan Party (except (1) for guarantees by such Persons that are applicable only to periods after the Latest Maturity Date of the Initial Term Loans or the Initial Revolving Facility, as applicable, at the time of incurrence and (2) any such Person guaranteeing such Incremental Equivalent Debt or Incremental Revolving Facilities, as applicable, that also guarantees the Initial Term Loans and Revolving Loans, as applicable for so long as such Person guarantees such Incremental Equivalent Debt);

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Incremental Equivalent Debt in the form of term loans that is Pari Passu Lien Debt shall be subject to the provisions of <u>Section</u> <u>2.16(g)(vi)</u> and <u>(h)</u> as if such Incremental Equivalent Debt was an Incremental Term Loan (and for the avoidance of doubt, subject to the same exclusions); 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;the covenants and events of default and other terms and conditions applicable to Incremental Equivalent Debt, taken as a whole, shall not be materially more restrictive to Holdings, the Borrower and its Restricted Subsidiaries than those applicable to the Initial Term Loans (as determined in good faith by the Borrower and the Administrative Agent) (except to the extent such terms apply only after the then Latest Maturity Date or such covenants or other terms apply equally for the benefit of the Initial Term Lenders (and such terms shall be, subject to the consent of the Administrative Agent, incorporated into the Loan Documents for the benefit of all existing Lenders pursuant to an amendment executed by the Borrower and the Administrative Agent without further consent from any other party hereto)).

Incremental Equivalent Debt (i) may rank either *pari passu* or junior in right of payment with the Initial Facilities and (ii) for the avoidance of doubt, may either be unsecured or secured by Liens on the Collateral that are *pari passu* with Liens that secure any of the Facilities or by Liens on the Collateral that are junior in priority to Liens that secure any of the Facilities. Incremental Equivalent Debt will be deemed to include

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any Registered Equivalent Notes issued in exchange therefor. Any Incremental Equivalent Debt in the form of (x) Pari Passu Lien Debt shall require the lenders or representative of such lenders thereunder to execute an Equal Priority Intercreditor Agreement and (y) Junior Lien Debt shall require the lenders or representative of such lenders thereunder to execute a Junior Lien Intercreditor Agreement.

"**Incremental Facility**" has the meaning specified in <u>Section</u> <u>2.16(a)</u>.

"**Incremental Loans**" has the meaning specified in <u>Section</u> <u>2.16(a)</u>.

"**Incremental Revolving Facilities**" has the meaning specified in <u>Section</u> <u>2.16(a)</u>.

"**Incremental Revolving Facility Lender**" has the meaning specified in <u>Section</u> <u>2.16(i)</u>.

"**Incremental Revolving Loans**" has the meaning specified in <u>Section</u> <u>2.16(a)</u>.

"**Incremental Term Facilities**" has the meaning specified in <u>Section</u> <u>2.16(a)</u>.

"**Incremental Term Loan Commitment**" means the commitment of a Lender to make or otherwise fund an Incremental Term Loan and "**Incremental Term Loan Commitments**" means such commitments of all Lenders in the aggregate.

"**Incremental Term Loan Exposure**" means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Incremental Term Loans of such Lenders; <u>provided</u>, at any time prior to the making of the Incremental Term Loans, the Incremental Term Loan Exposure of any Lender shall be equal to such Lender's Incremental Term Loan Commitment.

"**Incremental Term Loans**" has the meaning specified in <u>Section</u> <u>2.16(a)</u>.

"**Indebtedness**" means, with respect to any Person, without duplication,

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) any indebtedness (including principal or premium) of such Person in respect of borrowed money; (ii) any indebtedness evidenced by bonds, notes, debentures, loan agreements or similar instruments; (iii) letters of credit and banker's acceptances (or, without double counting, reimbursement agreements in respect thereof); (iv) Capitalized Lease Obligations; and (v) the balance deferred and unpaid of the purchase price of any property and earn outs, purchase price holdbacks or similar obligations, in each case, for this clause (v), to the extent the same would be required to be shown as a liability on the balance sheet of such Person prepared in accordance with GAAP;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent not otherwise included, any Guarantee by such Person of the obligations of the type referred to in <u>clause</u> <u>(a)</u> of another Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business and (ii) to the extent not otherwise included, the obligations of the type referred to in <u>clause (a)</u> of another Person secured by a Lien (other than a Permitted Lien) on any property owned by such Person, whether or not such obligations are assumed by such Person and whether or not such obligations would appear upon the balance sheet of such Person; *provided* that the amount of such Indebtedness for purposes of this <u>clause (ii)</u> will be the lesser of the fair market value of such property at such date of determination and the amount of Indebtedness so secured;

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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;(c)&nbsp;&nbsp;&nbsp;&nbsp;net obligations of such Person under any Hedge Agreement to the extent such obligations would appear as a net liability on a balance sheet of such Person (other than in the footnotes) prepared in accordance with GAAP; 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person in respect of its Disqualified Equity Interests;

*provided* that, notwithstanding the foregoing, Indebtedness will be deemed not to include indebtedness, guarantees or obligations that are (1) contingent obligations incurred in the ordinary course of business unless and until such obligations are non-contingent, (2) trade payables and commercial guarantees or arrangements related or incidental to the business of the Loan Parties and the Restricted Subsidiaries incurred in the ordinary course of business, (3) [reserved], (4) solely for purposes of calculating "Consolidated Total Debt", earn outs, purchase price holdbacks or similar obligations to the extent not overdue by more than thirty (30) days, (5) intercompany liabilities among Loan Parties arising in the ordinary course of business, (6) [reserved], (7) Indebtedness of any direct or indirect Parent Entity appearing on the balance sheet of such Person solely by reason of push down accounting under GAAP and (8) deferred payments in the ordinary course of business. The amount of any net obligation under any Hedge Agreement on any date shall be deemed to be the Swap Termination Value thereof as of such date.

"**Indemnified Liabilities**" has the meaning specified in <u>Section</u> <u>11.05</u>.

"**Indemnified Taxes**" 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 the foregoing clause (a), Other Taxes.

"**Indemnitees**" has the meaning specified in <u>Section</u> <u>11.05</u>.

"**Independent Financial Advisor**" means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task for which it has been engaged and that is independent of the Borrower and its Affiliates.

"**Information**" has the meaning specified in <u>Section</u> <u>11.08</u>.

"**Initial Facilities**" means the Initial Term Loans and the aggregate amount of the Revolving Commitments as of the Closing Date.

"**Initial Revolving Borrowing**" means one or more borrowings of Revolving Loans on the Closing Date used to finance working capital, refinance and/or backstop or cash collateralize any existing letters of credit, surety bonds, bank guarantees and similar instruments of the Loan Parties.

"**Initial Term Borrowing**" means a borrowing consisting of simultaneous Initial Term Loans of the same Type and, in the case of Benchmark Loans, having the same Interest Period made by each of the Initial Term Lenders pursuant to <u>Section 2.01(a)</u> in each case, on the Closing Date.

"**Initial Term Commitment**" means, as to each Initial Term Lender, its obligation to make Initial Term Loans to the Borrower pursuant to <u>Section</u> <u>2.01</u><u>(a)</u> in an aggregate principal amount not to exceed the amount set forth opposite such Initial Term Lender's name on <u>Schedule</u> <u>2.01</u> under the caption "Initial Term Commitment" as such amount may be adjusted from time to time in accordance with this Agreement. The initial aggregate amount of the Initial Term Commitments is $250,000,000.

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"**Initial Term Lender**" means (a) at any time on or prior to the Closing Date, any Lender that has an Initial Term Commitment at such time and (b) at any time after the Closing Date, any Lender that holds Initial Term Loans at such time.

"**Initial Term Loans**" has the meaning specified in <u>Section</u> <u>2.01(a)</u>.

"**Inside Maturity Exception**" means Indebtedness consisting of the following: (a) Indebtedness in an aggregate original principal amount not to exceed the greater of (i) $45,000,000 and (ii) 35% of TTM Consolidated Adjusted EBITDA as of the applicable date of determination and (b) Customary Bridge Facilities that are intended to be converted into, or refinanced with, Indebtedness that otherwise meets the requirements applicable to Incremental Term Facilities, provided that any loans, notes, securities or other indebtedness which is exchanged for or otherwise replaces such bridge loans shall be subject to the requirements of the applicable clause in which this term is used.

"**Instrument**" has the meaning specified in the UCC.

"**Intellectual Property**" has the meaning specified in the Security Agreement.

"**Intellectual Property Security Agreements**" has the meaning specified in the Security Agreement.

"**Intercreditor Agreements**" means any Junior Lien Intercreditor Agreement, any Equal Priority Intercreditor Agreement and any other intercreditor agreement governing lien priority, in each case that may be approved by the Required Lenders or executed by the Collateral Agent from time to time.

"**Interest Payment Date**" means,

&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)&nbsp;&nbsp;&nbsp;&nbsp;as to any Benchmark Loan, the last day of each Interest Period applicable to such Benchmark Loan and the applicable Maturity Date; *provided* that if any Interest Period for a Benchmark 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,

&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)&nbsp;&nbsp;&nbsp;&nbsp;as to any Base Rate Loan, the last Business Day of each fiscal quarter and the applicable Maturity Date,

&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Swing Line Loan, the day that such Loan is required to be repaid and the applicable Maturity Date,

&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and the applicable Maturity Date, 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;to the extent necessary to create a fungible tranche of Term Loans, at the election of the Borrower, the date of the incurrence of any Incremental Term Loans.

"**Interest Period**" means, as to each Benchmark Loan, the period commencing on the date such Benchmark Loan is disbursed or converted to or continued as a Benchmark Loan and ending on the date one, three or six months thereafter, as selected by the Borrower in its Committed Loan Notice; *provided* 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;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

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calendar month, in which case such Interest Period shall end on the immediately preceding Business Day;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Interest Period (other than an Interest Period having a duration of less than one month) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;no Interest Period shall extend beyond the applicable Maturity Date.

"**Internally Generated Cash**" means cash of Holdings, the Borrower and the Restricted Subsidiaries not constituting (a) proceeds of the issuance of (or contributions or distributions in respect of) Equity Interests or any Person, (b) proceeds of the incurrence of Indebtedness, or (c) proceeds of Dispositions outside the ordinary course of business.

"**Inventory**" has the meaning specified in the UCC.

"**Investment**" means, as to any Person, (a) the purchase or other acquisition by such Person (including by merger or otherwise) of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person or (c) the purchase or other acquisition (in one transaction or a series of transactions, including by merger or otherwise) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of another Person; *provided* that intercompany advances between and among the Borrower and its Restricted Subsidiaries relating to their cash management, tax and accounting operations in the ordinary course of business shall not constitute an Investment.

"**Investment Grade Rating**" means a rating equal to or higher than Baa3 (or the equivalent) by Moody's and BBB- (or the equivalent) by S&P, or an equivalent rating by any other nationally recognized statistical rating agency selected by the Borrower.

"**IRS**" means Internal Revenue Service of the United States.

"**Issuing Bank**" means Antares Capital LP, as an Issuing Bank hereunder, together with its permitted successors and assigns in such capacity, and any other Revolving Lender that agrees to become an Issuing Bank from time to time. Any Issuing Bank may cause Letters of Credit to be issued by an Affiliate of such Issuing Bank or by another financial institution designated by such Issuing Bank, and all Letters of Credit issued by any such Affiliate or any such designated financial institution shall be treated as being issued by such Issuing Bank for all purposes under the Loan Documents. At any time there is more than one Issuing Bank, all singular references to the Issuing Bank shall mean any Issuing Bank, either Issuing Bank, each Issuing Bank, the Issuing Bank that has issued the applicable Letter of Credit, or both (or all) Issuing Banks, as the context may require.

"**Issuing Bank Sublimit**" means, initially, with respect to Antares Capital LP, $2,500,000. Any Issuing Bank may agree, in its sole discretion, to increase its Issuing Bank Sublimit under this definition (with prompt written notice to the Administrative Agent), subject to the aggregate Letter of Credit Usage not exceeding the Letter of Credit Sublimit.

"**Joint Bookrunners**" means Antares Capital LP and Bain.

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"**Joint Venture**" means any joint venture or similar arrangement (in each case, regardless of legal formation), including, but not limited to, collaboration agreements, profit sharing arrangements or other contractual arrangements.

"**Joint Venture Investments**" means Investments in any Joint Venture in an aggregate outstanding amount not to exceed at any time the greater of (a) $45,000,000 and (b) 35% of TTM Consolidated Adjusted EBITDA.

"**Judgment Currency**" has the meaning specified in <u>Section</u> <u>2.20(b)</u>.

"**Junior Debt Repayment**" has the meaning specified in <u>Section</u> <u>7.12(a)</u>.

"**Junior Financing**" means any Material Indebtedness that is (a) contractually subordinated in right of payment to the Obligations expressly by its terms, (b) Junior Lien Debt, or (c) Indebtedness that is not secured by a Lien, other than Indebtedness between or among the Loan Parties.

"**Junior Financing Documentation**" means any documentation governing any Junior Financing, Material Indebtedness that is Junior Lien Debt or Material Indebtedness that is unsecured.

"**Junior Lien Debt**" means any Indebtedness that is secured by Liens on all or any portion of the Collateral that are contractually (or otherwise) junior in priority to the Lien on such Collateral that secure the Obligations. For the avoidance of doubt, "Junior Lien Debt" excludes the Initial Term Loans, the Revolving Loans (if any) and the Revolving Commitments, in each case, as of the Closing Date and includes Obligations that are secured by a Lien that is junior in priority to Liens securing Pari Passu Lien Debt. A Debt Representative acting on behalf of the holders of Junior Lien Debt shall become party to, or otherwise subject to the provisions of a Junior Lien Intercreditor Agreement.

"**Junior Lien Intercreditor Agreement**" means an intercreditor agreement, substantially in the form attached hereto as <u>Exhibit</u> <u>K-1</u> or, if requested by the Borrower or any provider of Junior Lien Debt, another intercreditor agreement that effects lien subordination on customary terms or terms that are reasonably satisfactory to the Required Lenders, the Collateral Agent and the Borrower. Upon the request of the Borrower, the Administrative Agent and the Collateral Agent will execute and deliver such other intercreditor agreement with one or more Debt Representatives for Junior Lien Debt.

"**L/C Fee**" has the meaning specified in <u>Section</u> <u>2.11(b)(ii)</u>.

"**Latest Maturity Date**" means, at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder at such time, including the latest maturity or expiration date of any Incremental Loan, any Refinancing Term Loan, any Refinancing Revolving Loan, any Extended Term Loan or any Extended Revolving Commitment, in each case as extended in accordance with this Agreement from time to time.

"**Laws**" means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, laws (including the common law), ordinances, codes and administrative or judicial precedents or authorities and executive orders, including the binding 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.

"**LCT Election**" has the meaning specified in <u>Section</u> <u>1.08(f)</u>.

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"**LCT Test Date**" has the meaning specified in <u>Section</u> <u>1.08(f)</u>.

"**Lead Arrangers**" means Antares Capital LP and Bain.

"**Lender**" has the meaning specified in the introductory paragraph to this Agreement (and, for the avoidance of doubt, includes each Revolving Lender and each Term Loan Lender), and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a "Lender". Each Additional Lender shall be a Lender to the extent any such Person has executed and delivered a Refinancing Amendment or an Incremental Amendment, as the case may be, and to the extent such Refinancing Amendment or Incremental Amendment shall have become effective in accordance with the terms hereof and thereof, and each Extending Lender shall continue to be a Lender. As of the Closing Date, <u>Schedule</u> <u>2.01</u> sets forth the name of each Lender. Unless the context otherwise requires, the term "**Lenders**" includes the Issuing Banks and the Swing Line Lender.

"**Lending Office**" means, as to any Lender, the office or offices of such Lender described as such in such Lender's Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.

"**Letter of Credit**" means a letter of credit issued or to be issued by any Issuing Bank pursuant to this Agreement, which letter of credit shall be (a) a standby letter of credit or (b) solely to the extent agreed by the applicable Issuing Bank in its sole discretion, a commercial, documentary or "trade" letter of credit, letter of guarantee, bank guarantee, bankers' acceptance, performance bond, surety bond or other similar instrument.

"**Letter of Credit Application**" 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 applicable Issuing Bank.

"**Letter of Credit Disbursement**" means any payment made by an Issuing Bank pursuant to a Letter of Credit.

"**Letter of Credit Documents**" means, as to any Letter of Credit, each Letter of Credit Application and any other document, agreement and instrument entered into by the applicable Issuing Bank and the Borrower or in favor of such Issuing Bank and relating to such Letter of Credit.

"**Letter of Credit Obligations**" means, at any time, the aggregate of all liabilities at such time of any Loan Party to each Issuing Bank with respect to Letters of Credit, whether or not any such liability is contingent, including, without duplication, the sum of (a) the Reimbursement Obligations at such time and (b) the maximum aggregate amount which is, or at any time thereafter may become, available for drawing under all Letters of Credit then outstanding.

"**Letter-of-credit rights**" has the meaning specified in the UCC.

"**Letter of Credit Sublimit**" means the lesser of (a) the greater of (1) $2,500,000 and (2) such higher amount as the Borrower, the Revolving Lenders and the applicable Issuing Bank(s) may from time to time agree (with prompt written notice to the Administrative Agent) and (b) the aggregate Revolving Commitments.

"**Letter of Credit Usage**" means, as of any date of determination, the sum of (a) the maximum aggregate amount which is, or at any time thereafter may become, available for drawing under all Letters of Credit then outstanding and (b) the aggregate amount of all Reimbursement Obligations outstanding at such time.

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The Letter of Credit Usage of any Revolving Lender at any time shall be its Pro Rata Share of the aggregate Letter of Credit Usage at such time.

"**Lien**" means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing); *provided* that in no event shall an operating lease or an agreement to sell in and of itself be deemed or give rise to a Lien.

"**Lien Release Event**" has the meaning specified in <u>Section</u> <u>10.11(a)(i)</u>.

"**Limited Condition Transaction**" means any Acquisition Transaction or Investment (a) that is not conditioned on the availability of, or on obtaining, third party financing, (b) that requires the payment of any fee, liquidated damages or other amount, or an indemnity, claim or other liability, as a result of third party financing not being available or having been obtained or (c) that the Borrower or a Restricted Subsidiary is obligated to consummate pursuant to a Contractual Obligation; <u>provided</u> that, in the event the consummation of any such Acquisition Transaction or Investment shall not have occurred within one hundred and twenty (120) days following the signing of the applicable contractual commitment (or such longer period as the Administrative Agent may agree in its sole discretion), such Acquisition Transaction or Investment shall no longer constitute a Limited Condition Transaction for any purpose.

"**LILP LPA**" means the Third Amended and Restated Limited Partnership Agreement, dated as of April 27, 2022 (as amended by the Amendment No. 1 to Third Amended and Restated Limited Partnership Agreement, dated as of January 1, 2025, and as may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time), by and among Lincoln International, LP, a Delaware limited partnership, LI GP, Inc. a Delaware corporation, as the general partner, and the limited partners from time to time party thereto.

"**Loan**" means a Term Loan, a Revolving Loan and a Swing Line Loan made by a Lender to the Borrower under a Loan Document.

"**Loan Documents**" means, collectively, (a) this Agreement, (b) the Notes, (c) any Refinancing Amendment, Incremental Amendment or Extension Amendment, (d) the Guaranty, (e) the Collateral Documents, (f) the Global Intercompany Note, (g) any Letter of Credit Agreement (as defined in Section 2.04(b)) and (h) the Fee Letter.

"**Loan Parties**" means, collectively, the Borrower and the Guarantors; *provided* that prior to consummation of the Acquisition, neither of the Acquired Businesses nor any of their Subsidiaries shall be Loan Parties.

"**Management Stockholders**" means (a) any Company Person who is an investor in Holdings or a Parent Entity as of the Closing Date, (b) family members of any of the individuals identified in the foregoing <u>clause</u> <u>(a)</u>, (c) trusts, partnerships or limited liability companies for the benefit of any of the individuals identified in the foregoing <u>clause</u> <u>(a)</u> or <u>(b)</u>, and (d) heirs, executors, estates, successors and legal representatives of the individuals identified in the foregoing <u>clause (a)</u> or <u>(b)</u>.

"**Margin Stock**" has the meaning set forth in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor thereto.

"**Market Capitalization**" means an amount equal to (a) the sum of (i) the total number of issued and outstanding shares of common stock of IPO Co. on the date of the initial public offering of the shares of

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common stock of IPO Co., *<u>plus</u>* (ii) the total number of shares of common stock of IPO Co. that are actually issued, if any, upon exercise of the "overallotment option" granted to the underwriters of such initial public offering, *<u>multiplied by</u>* (b) the initial public offering price of such shares of common stock.

"**Master Agreement**" has the meaning specified in the definition of "Hedge Agreement".

"**Material Adverse Effect**" means a materially adverse effect on (a) the business, operations, assets, liabilities (actual or contingent) or financial condition of the Borrower and its Restricted Subsidiaries, taken as a whole, (b) the ability of the Loan Parties (taken as a whole) to perform their respective payment obligations under the Loan Documents and (c) the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party or the rights and remedies of the Administrative Agent and the Lenders thereunder.

"**Material Domestic Subsidiary**" means, as of the Closing Date and thereafter at any date of determination, each of the Borrower's Domestic Subsidiaries that are Restricted Subsidiaries (together with such Domestic Subsidiary's Restricted Subsidiaries),

&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)&nbsp;&nbsp;&nbsp;&nbsp;whose total assets at the last day of the most recent Test Period (when taken together with the total assets of the Restricted Subsidiaries of such Domestic Subsidiary at the last day of the most recent Test Period) were greater than, 5.0% of the consolidated total assets of the Borrower and the Restricted Subsidiaries as of the last day of such Test Period, determined on a Pro Forma Basis, 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;whose revenues for such Test Period (when taken together with the revenues of the Restricted Subsidiaries of such Domestic Subsidiary for such Test Period) were greater than, 5.0% of the consolidated revenues of the Borrower and the Restricted Subsidiaries for such Test Period, determined on a Pro Forma Basis;

*provided* that if, at any time and from time to time, Domestic Subsidiaries that are not Guarantors solely because they do not meet the thresholds set forth in <u>clause</u> <u>(a)</u> or <u>(b)</u> above comprise in the aggregate and on a Pro Forma Basis, taken together with Foreign Subsidiaries that are not Material Foreign Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;more than (when taken together with the total assets of the Restricted Subsidiaries of such Domestic Subsidiaries at the last day of the most recent Test Period) 10.0% of the total consolidated assets of the Borrower and the Restricted Subsidiaries as of the end of the most recently ended Test Period, 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;more than (when taken together with the revenues of the Restricted Subsidiaries of such Domestic Subsidiaries for such Test Period) 10.0% of the consolidated revenues of the Borrower and the Restricted Subsidiaries for such Test Period (or, in each case, on any date when re-designated as an Excluded Subsidiary pursuant to the definition of "Excluded Subsidiary"),

then the Borrower shall, not later than thirty (30) days after the date by which financial statements for such Test Period were required to be delivered pursuant to this Agreement or on the date of such redesignation, as applicable (or, in each case, such longer period as the Administrative Agent may agree in its sole discretion), (1) designate in writing to the Administrative Agent one or more of such Domestic Subsidiaries as "**Material Domestic Subsidiaries**" to the extent required such that the foregoing conditions (i) and (ii) cease to be true and (2) comply with the provisions of <u>Section</u> <u>6.11</u> with respect to any such Subsidiaries so designated as Material Domestic Subsidiaries.

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"**Material Foreign Subsidiary**" means, as of the Closing Date and thereafter at any date of determination, each of the Borrower's Foreign Subsidiaries that are Restricted Subsidiaries (together with such Foreign Subsidiary's Restricted Subsidiaries),

&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)&nbsp;&nbsp;&nbsp;&nbsp;whose total assets at the last day of the most recent Test Period (when taken together with the total assets of the Restricted Subsidiaries of such Foreign Subsidiary at the last day of the most recent Test Period) were greater than, 5.0% of the consolidated total assets of the Borrower and the Restricted Subsidiaries as of the last day of such Test Period, determined on a Pro Forma Basis, 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;whose revenues for such Test Period (when taken together with the revenues of the Restricted Subsidiaries of such Foreign Subsidiary for such Test Period) were greater than, 5.0% of the consolidated revenues of the Borrower and the Restricted Subsidiaries for such Test Period, determined on a Pro Forma Basis;

*provided* that if, at any time and from time to time, Foreign Subsidiaries that are not Material Foreign Subsidiaries comprise in the aggregate and on a Pro Forma Basis, taken together with Domestic Subsidiaries that are not Material Domestic Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;more than (when taken together with the total assets of the Restricted Subsidiaries of such Foreign Subsidiaries at the last day of the most recent Test Period) 10.0% of the total consolidated assets of the Borrower and the Restricted Subsidiaries as of the end of the most recently ended Test Period, 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;more than (when taken together with the revenues of the Restricted Subsidiaries of such Foreign Subsidiaries for such Test Period) 10.0% of the consolidated revenues of the Borrower and the Restricted Subsidiaries for such Test Period,

then the Borrower shall, not later than thirty (30) days after the date by which financial statements for such Test Period were required to be delivered pursuant to this Agreement or on the date of such re-designation (or, in each case, such longer period as the Administrative Agent may agree in its sole discretion), designate in writing to the Administrative Agent one or more of such Foreign Subsidiaries as "Material Foreign Subsidiaries" to the extent required such that the foregoing conditions (i) and (ii) cease to be true.

"**Material Indebtedness**" means, as of any date, Indebtedness for borrowed money (other than the Initial Term Loans, Revolving Loans, and Letters of Credit) on such date in an aggregate principal amount exceeding the Threshold Amount.

"**Material Intellectual Property**" means Intellectual Property owned by Holdings, the Borrower or any of the other Restricted Subsidiaries that is material to the business of Holdings, the Borrower and the Loan Parties and the Restricted Subsidiaries, taken as a whole.

"**Material Real Property**" means any real property located in the United States owned in fee by a Loan Party (or owned by any Person required to become a Loan Party hereunder) with a fair market value in excess of $5,000,000; provided, that (for the avoidance of doubt) in no event shall any Excluded Asset constitute Material Real Property.

"**Material Subsidiary**" means any Material Domestic Subsidiary or any Material Foreign Subsidiary.

"**Maturity Date**" means:

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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;(a)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the Initial Term Loans and Delayed Draw Term Loans that have not been extended pursuant to <u>Section</u> <u>2.18</u>, the date that is the earlier of (i) seven years after the Closing Date and (ii) the date such Term Loans are declared due and payable pursuant to <u>Section 9.02</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the Revolving Facility, the date that is the earlier of (i) seven years after the Closing Date and (ii) the date Revolving Loans are declared due and payable pursuant to <u>Section 9.02;</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;(c)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any tranche of Extended Term Loans and/or Extended Revolving Commitments, the earlier of (i) the final maturity date as specified in the applicable Extension Amendment and (ii) the date such tranche of Extended Term Loans and/or Extended Revolving Commitments are terminated and/or declared due and payable pursuant to <u>Section 9.02</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;(d)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Refinancing Term Loans or Refinancing Revolving Loans, the earlier of (i) the final maturity date as specified in the applicable Refinancing Amendment and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date such Refinancing Term Loans or Refinancing Revolving Loans are declared due and payable pursuant to <u>Section 9.02</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;(e)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Incremental Term Loans, the earlier of (i) the final maturity date as specified in the applicable Incremental Amendment and (ii) the date such Incremental Term Loans are declared due and payable pursuant to <u>Section 9.02</u>;

provided, in each case, that if such day is not a Business Day, the applicable Maturity Date shall be the Business Day immediately preceding such day.

"**Maximum Rate**" has the meaning specified in <u>Section</u> <u>11.10</u>.

"**Minimum ECF Sweep**" has the meaning specified in <u>Section</u> <u>2.07(b)(i)</u>.

"**Minority Investment**" means any Person other than a Subsidiary in which the Borrower or any Restricted Subsidiary owns any Equity Interests.

"**Money**" has the meaning specified in the UCC.

"**Moody's**" means Moody's Investors Service, Inc. and any successor thereto.

"**Mortgage Policy**" and/or "**Mortgage Policies**" means an American Land Title Association Lender's Extended Coverage title insurance policy or the equivalent or other equivalent form available in the applicable jurisdiction covering such interest in the Mortgaged Property in an amount equal to the fair market value of such Mortgaged Property (or such lesser amount as shall be specified by the Collateral Agent) insuring the first priority Lien of each such Mortgage as a valid Lien on the property described therein, free of exceptions to title (other than Permitted Liens) issued by a nationally recognized title insurance company, together with such reasonable and customary endorsements to the extent applicable to the Mortgaged Property, as the Collateral Agent may reasonably request to the extent available at commercially reasonable rates in the applicable jurisdiction.

"**Mortgaged Properties**" means the parcels of real property identified on <u>Schedule 5.08</u> and any other Material Real Property on which Mortgages are required pursuant to <u>Section 6.11(b)</u>.

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"**Mortgages**" means, collectively, the deeds of trust, trust deeds, hypothecs and mortgages in respect of Mortgaged Properties made by the Loan Parties in favor or for the benefit of the Collateral Agent for the benefit of the Secured Parties in form and substance reasonably satisfactory to the Borrower and the Administrative Agent.

"**Multiemployer Plan**" means any multiemployer plan as defined in Section 4001(a)(3) of ERISA and subject to Title IV of ERISA, to which any Loan Party or any of their respective ERISA Affiliates makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

"**Net Capital**" means "net capital" as that term is defined in the Net Capital Rule.

"**Net Capital Rule**" mean Rule 15c3-1 promulgated under the Exchange Act, including any successor rule under the Exchange Act relating to net capital requirements of broker-dealers.

"**Net Cash Proceeds**" means, with respect to:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Disposition of any asset by Holdings, the Borrower or any Restricted Subsidiary or any Casualty Event, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the sum of cash and Cash Equivalents received in connection with such Disposition or Casualty Event (including any cash and Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received and, with respect to any Casualty Event, any insurance proceeds or condemnation awards in respect of such Casualty Event actually received by or paid to or for the account of Holdings, the Borrower or any of the Restricted Subsidiaries), *<u>over</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the sum of,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the out-of-pocket fees and expenses (including out-of-pocket attorneys' fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and re-cording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees) actually incurred by the Borrower or such Restricted Subsidiary in connection with such Disposition or Casualty Event and restoration costs following a Casualty Event and out-of-pocket costs incurred in connection with such Disposition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;taxes or distributions made pursuant to <u>Section</u> <u>7.06(h)(i)</u> or <u>Section</u> <u>7.06(h)(iii)</u> paid or reasonably estimated to be payable in connection therewith (including taxes imposed on the distribution or repatriation of any such

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Net Cash Proceeds to the extent such distribution or repatriation is anticipated by the Borrower in good faith to be actually made),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Disposition or Casualty Event by a non-wholly owned Restricted Subsidiary, the *pro rata* portion of the Net Cash Proceeds thereof (calculated without regard to this <u>clause</u> <u>(iv)</u>) attributable to minority interests and not available for distribution to or for the account of Holdings, the Borrower or a wholly owned Restricted Subsidiary as a result 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;(i) any cash escrow arrangements (until released from escrow to Holdings, the Borrower or any of its Restricted Subsidiaries) and (ii) any reserve for adjustment in respect of (1) the sale price of such asset or assets established in accordance with GAAP and (2) any liabilities associated with such asset or assets and retained by Holdings, the Borrower or any Restricted Subsidiary after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction, it being understood that "Net Cash Proceeds" shall include the amount of any reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve described in this <u>clause (v)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;any cash costs associated with unwinding any related Hedge Agreements in connection with such transaction; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;the sale, incurrence or issuance of any Indebtedness by Holdings, the Borrower or any Restricted Subsidiary, the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the sum of the cash and Cash Equivalents received in connection with such incurrence or issuance *<u>over</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;taxes paid or reasonably estimated to be payable as a result thereof, fees (including investment banking fees, attorneys' fees, accountants' fees, underwriting fees and discounts), commissions, costs (including fees, discounts and issuance costs) and other out-of-pocket expenses and other customary expenses, incurred by Holdings, the Borrower or such Restricted Subsidiary in connection with such sale, incurrence or issuance.

"**Net Income**" means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP (determined, for the avoidance of doubt, on an unconsolidated basis) and before any reduction in respect of preferred stock dividends.

"**Non-Consenting Lender**" has the meaning specified in <u>Section</u> <u>3.07</u> .

"**Non-Defaulting Lender**" means, at any time, each Lender that is not a Defaulting Lender at such time.

"**Non-Loan Party**" means any Restricted Subsidiary of the Borrower that is not a Loan Party.

"**Non-Restricted Subsidiary**" means any Subsidiary of the Company that is not a Subsidiary of Holdings.

"**Non-Restricted Subsidiary Investment Cap**" has the meaning specified in <u>Section 7.02</u>.

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"**Not Otherwise Applied**" means, with reference to the amount of any Permitted Equity Issuances that is proposed to be used in determining the permissibility of a transaction under a covenant contained in the Loan Documents (including pursuant to one or more exceptions or "baskets" applicable to such covenant), that such amount was not previously applied in determining the permissibility of a transaction under another covenant, basket or exception contained in the Loan Documents (including, for the avoidance of doubt, any use of such amount to increase the Available Amount) where the permissibility of such transaction under such other covenant, basket or exception was contingent on the receipt or availability of such amount, it being agreed that the incurrence of secured debt shall be deemed one use transaction for purposes of this definition.

"**Note**" means each of the Term Loan Notes, the Delayed Draw Term Loan Notes and the Revolving Loan Notes and the Swing Line Notes.

"**NYFRB**" means the Federal Reserve Bank of New York.

"**NYFRB Rate**" means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Rate in effect on such day(or for any day that is not a Business Day, for the immediately preceding Business Day); <u>provided</u>, that if none of such rates are published for any day that is a Business Day, the term "NYFRB Rate" means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; <u>provided</u>, further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"**NYFRB's Website**" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"**Obligations**" means all (a) 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, 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, fees and expenses that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest, fees and expenses are allowed claims in such proceeding, (b) obligations of any Loan Party or Restricted Subsidiary arising under any Secured Hedge Agreement and (c) Cash Management Obligations; *provided* that "Obligations" shall exclude any Excluded Swap Obligations. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents (and any of their Subsidiaries to the extent they have obligations under the Loan Documents) include the obligation (including guarantee obligations) to pay principal, interest, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party and to provide Cash Collateral under any Loan Document.

"**OFAC**" means the Office of Foreign Assets Control of the U.S. Treasury Department.

"**OID**" means original issue discount.

"**Organization Documents**" means,

&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)&nbsp;&nbsp;&nbsp;&nbsp;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);

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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;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;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.

"**Other Applicable ECF Indebtedness**" has the meaning specified in <u>Section</u> <u>2.07(b)(i)</u>.

"**Other Applicable Indebtedness**" has the meaning specified in <u>Section</u> <u>2.07(b)(ii)(B)</u>.

"**Other Connection Taxes**" 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 solely 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).

"**Other Taxes**" 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 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 3.07</u>).

"**Parent Entity**" means any Person of which the Borrower is a Subsidiary.

"**Pari Passu Lien Debt**" means any Indebtedness that is secured by Liens on all or any portion of the Collateral that are *pari passu* in priority with the Liens on all or any portion of the Collateral that secure the Obligations. For the avoidance of doubt, "Pari Passu Lien Debt" includes the Initial Term Loans, the Delayed Draw Term Loans (if any), the Revolving Loans (if any) and the Revolving Commitments, and excludes Obligations that are unsecured or secured by a Lien that is junior in priority to Liens on the Collateral securing Pari Passu Lien Debt. A Debt Representative acting on behalf of the holders of Pari Passu Lien Debt shall become party to, or otherwise subject to the provisions of an Equal Priority Intercreditor Agreement or the Collateral Documents securing the Initial Term Loans.

"**Participant**" has the meaning specified in <u>Section</u> <u>11.07(d)</u>.

"**Participant Register**" has the meaning specified in <u>Section</u> <u>11.07(e)</u>.

"**Participation**" has the meaning specified in <u>Section</u> <u>11.07(d)</u>.

"**Partner**" means any natural person that is a future, current or former partner of the Company. "

**Payment**" has the meaning specified in <u>Section 10.16</u>.

"**Payment Notice**" has the meaning specified in <u>Section</u> <u>10.16</u>.

"**PBGC**" means the Pension Benefit Guaranty Corporation or any successor thereto.

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"**Pension Plan**" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any of their respective ERISA Affiliates or to which any Loan Party or any of their respective ERISA Affiliates contributes or has an obligation to contribute or with respect to which any Loan Party or any of their respective ERISA Affiliates has any liability, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made, or has had an obligation to make, contributions at any time in the preceding five plan years.

"**Permitted Acquisition**" means (i) the Acquisition and (ii) unlimited acquisitions of all or substantially all the property, assets or business of another Person, or assets constituting a business unit, line of business or division of, any Person, or of a majority of the outstanding Equity Interests of any Person, in each case, to the extent such Persons become (or such assets become assets of) Restricted Subsidiaries after the Closing Date; *provided* that with respect to any Permitted Acquisition made in reliance on this clause (ii), (a) no Specified Event of Default shall have occurred and be continuing and (b) with respect to each such purchase or other acquisition, all actions required to be taken with respect to any such newly created or acquired Subsidiary (including each Subsidiary thereof that constitutes a Restricted Subsidiary) or assets in order to satisfy the requirements set forth in <u>Section</u> <u>6.11</u> to the extent applicable shall have been taken (or shall be taken), to the extent required by such section (or arrangements for the taking of such actions after the consummation of the Permitted Acquisition shall have been made) (unless such newly created or acquired Subsidiary constitutes an Excluded Subsidiary or is designated as an Unrestricted Subsidiary); *provided further,* that Permitted Acquisitions of any Person after the Closing Date that on the date of such Permitted Acquisition is not a Loan Party and is not required to become a Loan Party pursuant to <u>Section 6.11</u> and assets that do not constitute Collateral shall not exceed at any time outstanding the greater of (i) $65,000,000 and (ii) 50% of TTM Consolidated Adjusted EBITDA.

"**Permitted Equity Issuance**" means any,

&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)&nbsp;&nbsp;&nbsp;&nbsp;public or private sale or issuance of any Qualified Equity Interests of the Borrower or any Parent Entity, including pursuant to a Qualifying IPO but excluding any Specified Equity Contribution;

&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)&nbsp;&nbsp;&nbsp;&nbsp;contribution to the equity capital of the Borrower or any other Loan Party (other than (i) a Specified Equity Contribution or (ii) in exchange for Disqualified Equity Interests);

&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)&nbsp;&nbsp;&nbsp;&nbsp;sale or issuance of Indebtedness of Holdings, the Borrower or a Restricted Subsidiary (other than intercompany Indebtedness) to the extent converted into or exchanged for Qualified Equity Interests of Holdings, the Borrower or a Restricted Subsidiary;

*provided* that the amount of any Permitted Equity Issuance will be the amount of cash and Cash Equivalents received by the Borrower from any Person other than a Restricted Subsidiary in connection with such sale, issuance or contribution.

"**Permitted Holders**" means any of:

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) Robert Bruce Barr, (ii) Lawrence James Lawson III, (iii) Robert Todd Brown and (iv) Eric Malchow;

&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)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&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)&nbsp;&nbsp;&nbsp;&nbsp;any group (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) of which the Persons described in <u>clause</u> <u>(a)</u> above are controlling members; *provided* that without

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giving effect to the existence of such group or any other group, the Persons described in <u>clause</u> <u>(a)</u> above, collectively, beneficially own (as defined in Rules 13(d) and 14(d) of the Exchange Act) Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interest of the Company (or any Successor Holdings, if applicable) then held by such group; 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;any Parent Entity, as long as no Person beneficially owns (as defined in Rules 13d- 3 and 13d-5 under the Exchange Act), directly or indirectly, a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of such entity other than (i) one or more Permitted Holders described in <u>clauses (a)</u>and/or <u>(c)</u> of this definition and/or (ii) one or more other direct or indirect parent entities that meet the criteria specified in this <u>clause</u> <u>(d)</u>.

"**Permitted Investment**" means (a) any Permitted Acquisition and/or (b) any other Investment or acquisition permitted under <u>Section 7.02</u>.

"**Permitted Junior Secured Refinancing Debt**" means any Credit Agreement Refinancing Indebtedness that is Junior Lien Debt.

"**Permitted Lien**" means any Lien not prohibited by <u>Section</u> <u>7.01</u>.

"**Permitted Pari Passu Secured Refinancing Debt**" means any Credit Agreement Refinancing Indebtedness that is Pari Passu Lien Debt.

"**Permitted Priority Assets**" means property or assets described in, or that secured by a Lien permitted by <u>Section</u> <u>7.01(d)</u>, <u>Section</u> <u>7.01(l)</u>, <u>Section</u> <u>7.01(m)</u><u>(i)</u>, <u>Section</u> <u>7.01(o)</u>, <u>Section</u> <u>7.01(p)</u>, <u>Section 7.01(q)</u>, <u>Section</u> <u>7.01(r)</u>, <u>Section</u> <u>7.01(s)</u>, or <u>Section</u> <u>7.01(z)</u> and other Liens, property or assets otherwise approved by the Required Lenders.

"**Permitted Ratio Debt**" means Indebtedness of the Borrower or any Restricted Subsidiary; *provided* that, at the time of incurrence thereto, immediately after giving effect to the issuance, incurrence, or assumption of such Indebtedness (or, to the extent permitted under Section 1.08(f), the time commitments with respect thereto are first made assuming such commitments are fully drawn):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Pari Passu Lien Debt, the First Lien Net Leverage Ratio for the applicable Test Period is equal to or less than 3.50 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Junior Lien Debt, the Secured Net Leverage Ratio for the applicable Test Period is equal to or less than 3.50 to 1.00, 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Indebtedness that is not secured by a Lien or secured by assets not constituting Collateral, the Total Net Leverage Ratio for the applicable Test Period is equal to or less than 3.50 to 1.00,

in each case, after giving Pro Forma Effect to the incurrence of such Indebtedness and the use of proceeds thereof and measured as of and for the Test Period immediately preceding the issuance, incurrence or assumption of such Indebtedness.

Permitted Ratio Debt shall be subject to the provisions of <u>Section</u> <u>2.16(g)</u> and Permitted Ratio Debt in the form of term loans that is Pari Passu Lien Debt shall be subject to the provisions of <u>Section</u> <u>2.16(h)</u>, in each case, as if such Permitted Ratio Debt was an Incremental Term Loan (and for the avoidance of doubt, subject to the same exclusions); <u>provided</u>, that the aggregate outstanding principal amount of all Permitted

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Ratio Debt incurred by Non-Loan Parties, together with all Indebtedness outstanding under <u>Section</u> <u>7.03(g)</u>, shall not at any time exceed the greater of (A) $65,000,000 and (B) 50% of TTM Consolidated Adjusted EBITDA.

Permitted Ratio Debt (i) may rank either *pari passu* or junior in right of payment with the Initial Facilities and (ii) for the avoidance of doubt, may be Pari Passu Lien Debt, Junior Lien Debt or unsecured Indebtedness. Permitted Ratio Debt will be deemed to include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Refinancing**" means, with respect to any Person, any modification, refinancing, refunding, replacement, renewal or extension of any Indebtedness of such Person; *provided* 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, replaced, renewed or extended except by an amount equal to unpaid accrued interest and premium (including tender premiums) thereon, *<u>plus</u>* OID and upfront fees *<u>plus</u>* other fees and expenses reasonably incurred, in connection with such modification, refinancing, refunding, replacement, renewal or extension and by an amount equal to any existing commitments unutilized 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to (i) Section 7.03(c) as it relates to intercompany Indebtedness solely among Loan Parties, Attributable Indebtedness relating to any transaction, Capitalized Leases and similar Indebtedness and Indebtedness arising from the conversion of obligations of the Borrower or any Restricted Subsidiary under or pursuant to any "synthetic lease" transactions to Indebtedness of the Borrower or such Restricted Subsidiary or (ii) <u>Section</u> <u>7.03(d)</u>, such modification, refinancing, refunding, replacement, renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, replaced, renewed or extended;

&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)&nbsp;&nbsp;&nbsp;&nbsp;other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to <u>Section</u> <u>7.03(d)</u>, at the time thereof, no Event of Default shall have occurred and be continuing and with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to <u>Section 7.03(d)</u>, no Specified 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;such Indebtedness shall not be incurred or guaranteed by any Loan Party or Restricted Subsidiary other than a Loan Party or Restricted Subsidiary that was an obligor of the Indebtedness being exchanged, extended, renewed, replaced or refinanced and no additional Loan Parties or Restricted Subsidiaries shall become liable for such Indebtedness;

&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Indebtedness being modified, refinanced, refunded, replaced, renewed, or extended is Junior Financing or Junior Lien Debt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;to the extent such Indebtedness being modified, refinanced, refunded, replaced, renewed, or extended is subordinated in right of payment to the Obligations, such modification, refinancing, refunding, replacement, renewal, or extension is subordinated in right of payment to the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, replaced, renewed or extended;

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;to the extent such Indebtedness being modified, refinanced, refunded, replaced, renewed, or extended is unsecured, such modification, refinancing, refunding, replacement, renewal or extension is either (A) unsecured or (B) secured only by Permitted Liens permitted to be incurred at such time (*provided* that such incurrence will thereafter count in the calculation of any remaining basket capacity thereunder, while such Indebtedness remains outstanding);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;to the extent such Indebtedness being modified, refinanced, refunded, replaced, renewed, or extended is secured by Liens, (A) such modification, refinancing, refunding, replacement, renewal or extension is either (1) unsecured or (2) secured only by Permitted Liens on the same assets securing such Indebtedness being modified, refinanced, refunded, replaced, renewed, or extended, *provided* that if such Indebtedness is Pari Passu Lien Debt or Junior Lien Debt, a Debt Representative acting on behalf of the holders of such Indebtedness has become party to, or is otherwise subject to the provisions of (1) if such Indebtedness is Pari Passu Lien Debt, an Equal Priority Intercreditor Agreement or (2) if such Indebtedness is Junior Lien Debt, a Junior Lien Intercreditor Agreement and (B) to the extent that such Liens are subordinated to the Liens securing the Obligations, such modification, refinancing, refunding, replacement, renewal or extension is secured by Liens that are subordinated to the Liens securing the Obligations on terms at least as favorable to the Lenders as those contained in the documentation (including any intercreditor or similar agreements) governing the Indebtedness being modified, refinanced, replaced, refunded, replaced, renewed or extended; 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;such modification, refinancing, refunding, replacement, renewal or extension is incurred by the Person who is the obligor of the Indebtedness being modified, refinanced, refunded, replaced, renewed or extended and no additional obligors become liable for such Indebtedness;

&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Indebtedness is secured by assets of Holdings, the Borrower or any Restricted Subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;such Indebtedness shall not be secured by Liens on any assets of Holdings, the Borrower or any Restricted Subsidiary that are not also subject to, or would be required to be subject to pursuant to the Loan Documents, a Lien securing the Obligations (except (1) Liens on property or assets applicable only to periods after the Latest Maturity Date at the time of incurrence, and (2) any Liens on property or assets to the extent that a Lien on such property or asset is also added for the benefit of the Lenders); 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if such Indebtedness is Pari Passu Lien Debt or Junior Lien Debt, a Debt Representative acting on behalf of the holders of such Indebtedness has become party to, or is otherwise subject to the provisions of (A) if such Indebtedness is Pari Passu Lien Debt, an Equal Priority Intercreditor Agreement or (B) if such Indebtedness is Junior Lien Debt, a Junior Lien Intercreditor Agreement; 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Permitted Refinancing in respect of any Permitted Pari Passu Secured Refinancing Debt or any Permitted Junior Secured Refinancing Debt, in each case, such Permitted Refinancing is secured by Liens on Collateral of Loan Parties that are subject to an Equal Priority Intercreditor Agreement or Junior Lien Intercreditor Agreement, as applicable.

Permitted Refinancing will be deemed to include any Registered Equivalent Notes issued in exchange therefor.

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"**Permitted Reorganization**" means any 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;undertaken to effect a corporate reorganization (or similar transaction or event) for operational or efficiency purposes,

&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)&nbsp;&nbsp;&nbsp;&nbsp;undertaken in connection with and reasonably required for consummating a Qualifying IPO, 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;related to tax planning or tax reorganization,

in each case, as determined in good faith by the Borrower and entered into after the Closing Date; *provided* that, (i) no Event of Default is continuing immediately prior to such transaction and immediately after giving effect thereto and (ii) the Borrower has determined in good faith that, after giving effect to such transaction, the security interests of the Lenders in the Collateral (taken as a whole) and the Guarantees of the Obligations (taken as a whole), in each case, would not be materially impaired as a result thereof, and such transaction would not otherwise be materially adverse to the Lenders.

"**Permitted Tax Distributions**" means,

&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)&nbsp;&nbsp;&nbsp;&nbsp;for any taxable period ending prior to any Qualifying IPO and after the Closing Date for which Borrower is treated as a partnership (or disregarded as an entity separate from a partnership) that is not wholly-owned by a corporation for U.S. federal income tax purposes, distributions to the direct and indirect equity owners of the Borrower in an aggregate amount not to exceed the aggregate amounts required to be distributed as tax distributions pursuant to Section 5.3 of the LILP LPA ;

&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)&nbsp;&nbsp;&nbsp;&nbsp;for any taxable period (or portion thereof) ending after any Qualifying IPO for which the Borrower is treated as a partnership (or disregarded as an entity separate from a partnership) that is not wholly-owned by a corporation for U.S. federal income tax purposes, distributions in an aggregate amount for such taxable period not to exceed the product of (1) the taxable income of the Borrower and its Subsidiaries for such taxable period (determined without regard to any adjustments pursuant to Section 734 or 743 of the Code) that is allocated to the direct and indirect equity holders of the Borrower and (2) the highest combined marginal U.S. federal, state and/or local income tax rate (taking into account the character of the taxable income in question (e.g., long term capital gain, qualified dividend income, etc.)) applicable to any direct or indirect equity holder of the Borrower (as estimated by the Borrower in good faith); provided that, to the extent a direct or indirect equity holder of the Borrower would be entitled to receive less than its pro rata share (in accordance with relative economic ownership of the Borrower) of the amounts of tax distributions otherwise distributable by the Borrower pursuant to this clause (B) on any given date, the amounts of Permitted Tax Distributions otherwise permitted pursuant to this clause (B) shall be increased to ensure that the direct and indirect equity holders of the Borrower shall receive an amount pursuant to this clause (B) so that all tax distributions by the Borrower are made to its direct and indirect equity holders pro rata in accordance with relative economic ownership; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;for any taxable year ending after the Closing Date for which (i) the Borrower is treated as a corporation that is a member of a consolidated, combined, unitary or similar income tax group for U.S. federal or applicable foreign, state and/or local income tax purposes (a "Tax Group") of which a direct or indirect parent company of the Borrower is the common parent or (ii) the Borrower is a pass-through or disregarded entity for U.S. federal or applicable foreign, state or local income tax purposes that is wholly-owned (directly or indirectly) by one or more corporations for U.S. federal income tax purposes, distributions to fund the portion of the U.S. federal, foreign,

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state and/or local income taxes of such Tax Group or such corporation(s) (as applicable) for such taxable period that is attributable to the taxable income of the Borrower and/or the applicable Subsidiaries.

"**Person**" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"**Platform**" has the meaning specified in <u>Section</u> <u>6.02</u>.

"**Pledged Debt**" has the meaning specified in the Security Agreement. "**Pledged Equity**" has the meaning specified in the Security Agreement.

"**Post-Closing Loan Parties**" means the Acquired Business and its subsidiaries (other than Excluded Subsidiaries).

"**Prepayment Date**" has the meaning specified in <u>Section</u> <u>2.07(b)(vii)</u>.

"**Prepayment Notice**" means a written notice made pursuant to <u>Section</u> <u>2.07(a)(i)</u> substantially in the form of <u>Exhibit J</u> (or otherwise reasonably satisfactory to the Borrower and the Administrative Agent).

"**Prime Rate**" means the rate of interest last quoted by The Wall Street Journal as the "**Prime Rate**" in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"**Private-Side Information**" means any information with respect to Holdings and its Subsidiaries that is not Public-Side Information.

"**Pro Forma Basis**" and "**Pro Forma Effect**" mean, with respect to compliance with any test or covenant or calculation hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions), (x) after giving *pro forma* effect to the occurrence of each Specified Transaction identified by the Borrower or otherwise occurring in the same transaction or series of related transactions, with such *pro forma* calculations and adjustments calculated in good faith by a Responsible Officer in accordance with <u>Section</u> <u>1.08</u>; it being agreed that such pro forma adjustments may include, subject to any applicable caps in the definition of Consolidated Adjusted EBITDA, the amount of cost savings, operating expense reductions, and cost synergies, projected by the Borrower in good faith to be realized as a result of such Specified Transaction and other actions taken no later than 12 months from the date of consummation of such Specified Transaction (calculated as though amounts had been realized on the first day of the applicable Test Period and as if any such cost savings, operating expense reductions and cost synergies were realized during the entirety of such period) in connection with or relating to such Specified Transaction (net of the amount of actual benefits realized during such period from such actions); *provided* that (a) such cost savings, operating expense reductions, and cost synergies are reasonably identifiable and quantifiable in the good faith judgment of the Borrower and (b) no amounts shall be included pursuant to such adjustments to the extent (i) less than zero or (ii) duplicative of any amounts that are otherwise included in calculating Consolidated Adjusted EBITDA, whether through a *pro forma* adjustment or otherwise and (y) unless otherwise expressly required hereunder, determined by reference to the financial statements for the Test Period ended on or most recently prior to such calculation.

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In addition to the foregoing, and notwithstanding anything in this Agreement to the contrary, to the extent any Indebtedness is incurred or assumed in connection with any transaction permitted hereunder, any pro forma determination of the First Lien Net Leverage Ratio, Secured Net Leverage Ratio or Total Net Leverage Ratio or compliance with the financial covenants required to be made under this Agreement in connection with such transaction shall be made without including the proceeds of such incurred or assumed Indebtedness for cash netting purposes.

"**Pro Rata Share**" means,

&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to all payments, computations and other matters relating to the Term Loans of a given Class of any Lender at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Term Loan Exposure of such Class of such Lender at such time and the denominator of which is the aggregate Term Loan Exposure of such Class of all Lenders at such time;

&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to all payments, computations and other matters relating to the Incremental Term Loans of any Lender at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Incremental Term Loan Exposure of such Lender at such time and the denominator of which is the aggregate Incremental Term Loan Exposure of all Lenders at such time; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to all payments, computations and other matters relating to the Revolving Commitment of any Lender at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the unused Revolving Commitment of that Lender and the denominator of which is the aggregate unused Revolving Commitments of all Lenders at such time and (ii) with respect to all payments, computations and other matters relating to the Revolving Loans of any Lender and any Letters of Credit issued or participations purchased therein by any Lender or any participation in any Swing Line Loans purchased by any Lender at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Revolving Exposure of that Lender and the denominator of which is the aggregate Revolving Exposure of all Lenders at such time.

"**Proceeds**" has the meaning specified in the UCC.

"**PTE**" 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.

"**Public Company Costs**" means costs relating to compliance with the Sarbanes-Oxley Act of 2002, as amended, and other expenses arising out of or incidental to Holdings' status (or any relevant Parent Entity's status) as a reporting company, including costs, fees and expenses (including legal, accounting and other professional fees) relating to compliance with provisions of the Securities Act and the Exchange Act, the rules of securities exchange companies with listed equity securities, directors' compensation, fees and expense reimbursement, shareholder meetings and reports to shareholders, directors' and officers' insurance and other executive costs, legal and other professional fees, and listing fees.

"**Public Lenders**" means Lenders that do not wish to receive Private-Side Information.

"**Public-Side Information**" means (a) at any time prior to a Parent Entity or Holdings or any of their respective Subsidiaries becoming the issuer of any Traded Securities, information that Holdings determines (i) would be required by applicable Law to be publicly disclosed in connection with an issuance by such Parent Entity or Holdings or any of their respective Subsidiaries of its debt or equity securities pursuant to

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a registered public offering made at such time or (ii) not material to make an investment decision with respect to securities of such Parent Entity or Holdings or any of their respective Subsidiaries (for purposes of United States federal, state or other applicable securities laws), and (b) at any time on or after such Parent Entity or Holdings or any of their respective Subsidiaries becoming the issuer of any Traded Securities, information that does not constitute material non-public information (within the meaning of United States federal, state or other applicable securities laws) with respect to such Parent Entity or Holdings or any of their respective Subsidiaries or any of their respective securities.

"**Put/Call Agreement**" means the Put/Call Agreement, dated as of September 9, 2025, by and among Lincoln International, LP, a Delaware limited partnership, MarshBerry Holdco, Inc., an Ohio corporation, and MarshBerry Holdco II, LLC, an Ohio limited liability company.

"**Put/Call Arrangements**" has the meaning specified in <u>Section</u> <u>7.06(l)</u>.

"**Put/Call Notes**" means the unsecured notes issued pursuant to the Put/Call Arrangements.

"**Put/Call Shared Cap**" has the meaning specified in <u>Section 7.06(l)</u>.

"**QFC**" 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).

"**QFC Credit Support**" has the meaning specified in <u>Section</u> <u>11.26(a)</u>.

"**Qualified Equity Interests**" means any Equity Interests that are not Disqualified Equity Interests. "

**Qualified Professional Asset Manager**" has the meaning specified in <u>Section 10.15(c)</u>.

"**Qualified Securitization Financing**" means any Securitization Financing that meets 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and any applicable Securitization Subsidiary, as determined by the Borrower in good faith;

&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)&nbsp;&nbsp;&nbsp;&nbsp;all sales, transfers and/or contributions of Securitization Operating Assets are made at fair market value; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;the financing terms, covenants, termination events and other provisions thereof, including any Standard Securitization Undertakings, shall be customary market terms for financings of that type, as determined by the Borrower in good faith.

"**Qualifying IPO**" means

&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)&nbsp;&nbsp;&nbsp;&nbsp;the issuance by Holdings or any Parent Entity of its common Equity Interests in an underwritten primary public offering or direct listing, other than a public offering pursuant to a registration statement on Form S-8, pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering);

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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;(b)&nbsp;&nbsp;&nbsp;&nbsp;any transaction or series of related transactions, following consummation of which Holdings or any Parent Entity is either subject to the periodic reporting obligations of the Exchange Act, or has a class or series of Equity Interests publicly traded on a recognized securities exchange, in each case, if following such transaction or series of transactions, any class or series of Equity Interests of such Person is listed on a national securities exchange; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;the (i) issuance and sale by IPO Co., Holdings or any Parent Entity of its common Equity Interests (and the contribution of all or any portion of the proceeds of such issuance to the Borrower in the form of cash common equity) in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement (whether alone or in connection with a secondary public offering) filed with the U.S. Securities and Exchange Commission (or any Governmental Authority succeeding to any of its principal functions) in accordance with the Securities Act and such Equity Interests of IPO Co., Holdings or such Parent Entity are listed on a nationally-recognized stock exchange in the United States of America and (ii) any transactions or actions taken in connection with and reasonably related to consummating such a public offering (including the execution, delivery and performance of customary documentation (and amendments to existing documentation) governing the relations between the IPO Co., Holdings, Borrower or any Parent Entity, their respective Subsidiaries, and the direct or indirect members of Holdings, including any redemption and exchange agreements, tax sharing arrangements or tax receivable agreements entered into in connection therewith on customary terms for similar transactions).

"**Ratio Amount**" means an aggregate principal amount that, after giving Pro Forma Effect to the incurrence thereof, would not result in:

&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to an Incremental Facility or Incremental Equivalent Debt to be incurred as Pari Passu Lien Debt, the First Lien Net Leverage Ratio for the applicable Test Period being greater than 3.50 to 1.00;

&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Incremental Facility or Incremental Equivalent Debt to be incurred as Junior Lien Debt, the Secured Net Leverage Ratio for the applicable Test Period being greater than 3.50 to 1.00; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Incremental Facility or Incremental Equivalent Debt that is not secured by a Lien or secured by assets not constituting Collateral, the Total Net Leverage Ratio for the applicable Test Period being greater than 3.50 to 1.00.

"**Recipient**" means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.

"**Reference Date**" has the meaning specified in the definition of "Available Amount".

"**Reference Time**" with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two (2) U.S. Government Securities Business Days preceding the date of such setting, (2) following a Benchmark Transition Event and a Benchmark Replacement Date with respect to the Term SOFR Rate, if such Benchmark is Daily Simple SOFR, then four (4) U.S. Government Securities Business Days prior to such setting or (3) if such Benchmark is none of the Term SOFR Rate or Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion.

"**Refinanced Debt**" has the meaning assigned to such term in the definition of "Credit Agreement Refinancing Indebtedness".

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"**Refinanced Loans**" has the meaning specified in <u>Section</u> <u>11.01</u>.

"**Refinancing Amendment**" means an amendment to this Agreement executed by each of (a) the Borrower and Holdings, (b) the Administrative Agent and (c) each Additional Lender and Lender that agrees to provide any portion of the Credit Agreement Refinancing Indebtedness being incurred pursuant thereto, in accordance with <u>Section 2.17</u>.

"**Refinancing Commitments**" means any Refinancing Term Commitments or Refinancing Revolving Commitments.

"**Refinancing Facility Closing Date**" has the meaning specified in <u>Section</u> <u>2.17(e)</u>.

"**Refinancing Loans**" means any Refinancing Term Loans or Refinancing Revolving Loans.

"**Refinancing Revolving Commitments**" means one or more Classes of Revolving Loan commitments hereunder that result from a Refinancing Amendment.

"**Refinancing Revolving Loans**" means one or more Classes of Revolving Loans that result from a Refinancing Amendment.

"**Refinancing Term Commitments**" means one or more Classes of Term Loan commitments hereunder that result from a Refinancing Amendment.

"**Refinancing Term Loans**" means one or more Classes of Term Loans that result from a Refinancing Amendment.

"**Register**" has the meaning specified in <u>Section</u> <u>11.07(c)</u>.

"**Registered Equivalent Notes**" means, with respect to any notes originally issued in a Rule 144A or other private placement transaction under the Securities Act, substantially identical notes (having the same Guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC.

"**Regulated Entity**" means (a) any swap dealer registered with the U.S. Commodity Futures Trading Commission or security-based swap dealer registered with the U.S. Securities and Exchange Commission, as applicable; or (b) any commercial bank with a consolidated combined capital and surplus of at least $5,000,000,000 that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board under 12 C.F.R. part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in <u>clause (iii)</u>; or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

"**Reimbursement Obligations**" means, at any time, the aggregate amount of Letter of Credit Disbursements that have not been reimbursed by the Borrower (or refinanced with the proceeds of a Loan) in accordance with Section 2.04.

"**Related Parties**" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents and representatives of such Person and of such Person's Affiliates.

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"**Release Actions**" has the meaning specified in <u>Section</u> <u>10.11(b)</u>.

"**Release Certificate**" has the meaning specified in <u>Section</u> <u>10.11(b)</u>.

"**Release/Subordination Event**" has the meaning specified in <u>Section</u> <u>10.11(a)(ii)</u>.

"**Relevant Four Fiscal Quarter Period**" means, with respect to any requested Specified Equity Contribution, any four-fiscal quarter period ending on (and including) the fiscal quarter in which Consolidated Adjusted EBITDA will be increased as a result of such Specified Equity Contribution.

"**Relevant Rate**" means (i) with respect to any Benchmark Borrowing, the Adjusted Term SOFR, and (ii) with respect to any RFR Borrowing, Adjusted Daily Simple SOFR, as applicable.

"**Replacement Loans**" has the meaning specified in <u>Section</u> <u>11.01</u>.

"**Reportable Event**" means, with respect to any Pension Plan, any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, other than events for which the thirty-day notice period has been waived.

"**Required Delayed Draw Lenders**" means, as of any date of determination, Lenders having or holding more than 50% of the aggregate unfunded Delayed Draw Commitments then outstanding; *provided* that the aggregate unfunded Delayed Draw Commitments of or held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Delayed Draw Lenders.

"**Required Facility Lenders**" means, with respect to any Facility (other than the Revolving Loans) on any date of determination, Lenders having or holding more than 50% of the sum of (a) the aggregate principal amount of outstanding Loans under such Facility and (b) the aggregate unused Commitments under such Facility; *provided* that (i) the portion of outstanding Loans and the unused Commitments of such Facility, as applicable, held or deemed held by any Defaulting Lender or Disqualified Lender subject to Section 11.27 shall be excluded for purposes of making a determination of Required Facility Lenders and (ii) if at any time there are two (2) or more Lenders under such Facility that are not Affiliates or Approved Funds of one another, "Required Facility Lenders" shall include at least two (2) Lenders under such Facility that are not Affiliates or Approved Funds of one another.

"**Required Lenders**" means, as of any date of determination, Lenders having or holding more than 50% of the sum of the (a) the aggregate Term Loan Exposure of all Lenders and (b) the aggregate Revolving Exposure and Revolving Commitments of all Lenders; *provided* that (i) the aggregate Term Loan Exposure and Revolving Exposure and Revolving Commitment of or held by any Defaulting Lender or Disqualified Lender subject to Section 11.27 shall be excluded for purposes of making a determination of Required Lenders, (ii) any determination of Required Lenders shall be subject to the limitations set forth in Section 2.16(c) with respect to unfunded commitments under Incremental Facilities and (iii) if at any time there are two (2) or more Lenders that are not Affiliates or Approved Funds of one another, "Required Lenders" shall include at least two (2) Lenders that are not Affiliates or Approved Funds of one another; <u>provided</u> further that, in the case of clause (i) above, the Revolving Exposure of any Lender that is a Swing Line Lender shall be deemed to exclude any amount of its Swing Line Exposure in excess of its Pro Rata Share of all outstanding Swing Line Loans, adjusted to give effect to any reallocation under Section 2.19 of the Swing Line Exposures of Defaulting Lenders in effect at such time, and the unfunded Revolving Commitment of such Lender shall be determined on the basis of its Revolving Exposure excluding such excess amount.

"**Required Revolving Lenders**" means, as of any date of determination, Lenders having or holding more than 50% of the aggregate Revolving Exposure and Revolving Commitments of all Lenders; *provided* that

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(i) Revolving Exposure of or held by any Defaulting Lender or Disqualified Lender subject to Section 11.27 shall be excluded for purposes of making a determination of Required Revolving Lenders and (ii) if at any time there are two (2) or more Lenders under the Revolving Facility that are not Affiliates or Approved Funds of one another, "Required Revolving Lenders" shall include at least two (2) Lenders under the Revolving Facility that are not Affiliates or Approved Funds of one another; <u>provided</u> further that the Revolving Exposure of any Lender that is a Swing Line Lender shall be deemed to exclude any amount of its Swing Line Exposure in excess of its Pro Rata Share of all outstanding Swing Line Loans, adjusted to give effect to any reallocation under Section 2.19 of the Swing Line Exposures of Defaulting Lenders in effect at such time, and the unfunded Revolving Commitment of such Lender shall be determined on the basis of its Revolving Exposure excluding such excess amount.

"**Repricing Event**" means (a) the incurrence by the Borrower or any other Loan Party of any term loan facility that is Pari Passu Lien Debt (including any new or additional Initial Term Loans, whether incurred directly or by way of the conversion of the Initial Term Loans into a new tranche of replacement Initial Term Loans) (i) having an All-In Yield that is less than the all-in yield for the Initial Term Loans, and (ii) the proceeds of which are used to prepay (or, in the case of a conversion, deemed to prepay or replace), in whole or in part, the outstanding principal of the Initial Term Loans; or (b) any effective reduction in the all-in yield applicable to the Initial Term Loans pursuant to an amendment; *provided* that a Repricing Event shall not include any event described in clause (a) or (b) above that (i) is not consummated for the primary purpose of lowering the all-in yield applicable to the Initial Term Loans (as determined in good faith by the Borrower), or (ii) that is consummated in connection with any of the following transactions: a Change of Control, a Qualifying IPO, an Acquisition, a Restricted Payment and a Disposition. For the avoidance of doubt, (A) any reduction in margin or fees pursuant to a bona fide leveraged-based or other applicable "step-down" that may, from time to time, be applicable to a Facility shall not constitute a Repricing Event and (B) any voluntary assignment of Loans to a Loan Party or restricted subsidiary in accordance with the terms hereof shall not constitute a Repricing Event.

"**Resolution Authority**" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"**Responsible Officer**" means the executive chairman, chief executive officer, president, senior vice president, senior vice president (finance), vice president, chief financial officer, treasurer, manager of treasury activities or assistant treasurer or other similar officer or Person performing similar functions of a Loan Party and, as to any document delivered on the Closing Date, any secretary or assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to <u>Article</u> <u>II</u>, any other officer or employee of the applicable Loan Party so designated by 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. Unless otherwise specified, all references herein to a "Responsible Officer" shall refer to a Responsible Officer of the Borrower. To the extent requested by the Administrative Agent for "know your customer" and similar requirements applicable to such Agent, the applicable Loan Party shall promptly deliver a properly executed and countersigned incumbency certificate for any Responsible Officer.

"**Restricted**" means, when referring to cash or Cash Equivalents of Holdings, the Borrower or any of the Restricted Subsidiaries, that such cash or Cash Equivalents appear (or would be required to appear) as "restricted" on a consolidated balance sheet of Holdings, the Borrower or such Restricted Subsidiary, unless such appearance is related to a restriction in favor of, the Administrative Agent, the Collateral Agent or any Lender.

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"**Restricted Payment**" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of Holdings, the Borrower or any of the Restricted 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, acquisition, cancellation or termination of any such Equity Interests in Holdings, the Borrower or any Restricted Subsidiary or any option, warrant or other right to acquire any such Equity Interests in Holdings, the Borrower or any Restricted Subsidiary.

"**Restricted Subsidiary**" means any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

"**Reuters**" means, as applicable, Thomson Reuters Corp, Refinitiv, or any successor thereto.

"**RFR**" means, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Daily Simple SOFR (excluding, for the avoidance of doubt, any Base Rate Loan or Borrowing).

"**Revaluation Date**" means (a) with respect to any Loan denominated in any Alternative Currency, each of the following: (i) the date of the Borrowing of such Loan and (ii) (A) with respect to any Benchmark Loan, each date of a conversion into or continuation of such Loan pursuant to the terms of this Agreement and (B) with respect to any Benchmark Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month); (b) with respect to any Letter of Credit denominated in an Alternative Currency, each of the following: (i) the date on which such Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date of any amendment of such Letter of Credit that has the effect of increasing the face amount thereof; and (c) any additional date as the Administrative Agent may determine at any time when an Event of Default exists.

"**Revolving Commitment**" means the commitment of a Lender to make or otherwise fund any Revolving Loan and to acquire participations in Letters of Credit and Swing Line Loans hereunder and "**Revolving Commitments**" means such commitments of all Lenders in the aggregate. The amount of each Lender's Revolving Commitment, if any, is set forth on <u>Section</u> <u>2.01</u> under the caption "Revolving Commitment" or in the applicable Assignment and Assumption, subject to any increase, adjustment or reduction pursuant to the terms and conditions hereof including <u>Section</u> <u>2.16</u>. The aggregate amount of the Revolving Commitments as of the Closing Date is $5,000,000.

"**Revolving Commitment Period**" means the period from and including the Closing Date to but excluding the Revolving Commitment Termination Date.

"**Revolving Commitment Termination Date**" means with respect to Revolving Commitments that have not been extended pursuant to <u>Section</u> <u>2.18</u>, the date that is the earliest to occur of (a) the Maturity Date for the Revolving Loans, and (b) the date the Revolving Commitments, are permanently reduced to zero in accordance with this Agreement.

"**Revolving Exposure**" means, with respect to any Lender as of any date of determination, the sum of the aggregate outstanding principal amount of such Lender's Revolving Loans and its Letter of Credit Usage and its Swing Line Exposure at such time.

"**Revolving Facility**" means the Facility comprised of the Revolving Commitments, Revolving Loans, Swing Line Loans and Letters of Credit.

"**Revolving Lender**" means a Lender having a Revolving Commitment or other Revolving Exposure.

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"**Revolving Loan Note**" means a promissory note in the form of <u>Exhibit</u> <u>B-</u><u>2</u>.

"**Revolving Loans**" has the meaning specified in <u>Section</u> <u>2.02(a)</u>.

"**S&P**" means Standard & Poor's, a division of S&P Global Inc., and any successor thereto.

"**Sale Leaseback Transaction**" means a sale leaseback transaction with respect to all or any portion of any real property, equipment or capital assets owned by a Loan Party or other property customarily included in such transactions.

"**Same Day Funds**" means disbursements and payments in immediately available funds.

"**Sanctioned Country**" means, at any time, a country, region or territory which is itself the subject or target of any comprehensive or territory-wide Sanctions (at the time of this Agreement, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, the Crimea Region of Ukraine, Cuba, Iran, and North Korea, and prior to July 1, 2025, Syria).

"**Sanctioned Person**" means, at any time, any Person that is the subject or target of any Sanctions, including any Person that is (a) listed in any Sanctions-related list of designated Persons maintained by the U.S. government, (including by OFAC, or the U.S. Department of State), or by the United Nations Security Council, the European Union, any European Union member state, or the United Kingdom (including HM's Treasury), (b) operating, organized or resident in a Sanctioned Country, or (c) where relevant under applicable Sanctions, 50% or more owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b) (as ownership and control may be defined and/or established in and/or by any applicable laws, rules, regulations, or orders).

"**Sanctions**" means all economic or financial sanctions, trade embargoes or similar restrictions imposed, administered or enforced from time to time by (a) the U.S. government (including those administered by OFAC or the U.S. Department of State), or (b) the United Nations Security Council, the European Union, any European Union member state or the United Kingdom (including HM's Treasury).

"**SEC**" means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

"**Secured Hedge Agreement**" means any Hedge Agreement that is entered into by and between any Loan Party or a Restricted Subsidiary, on the one hand, and any Hedge Bank.

"**Secured Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated Secured Net Debt outstanding as of the last day of such Test Period to (b) Consolidated Adjusted EBITDA of Holdings for such Test Period, all calculated for Holdings, the Borrower and its Restricted Subsidiaries on a consolidated basis in accordance with GAAP.

"**Secured Parties**" means, collectively, the Administrative Agent, the Collateral Agent, the Lenders, each Issuing Bank, each Swing Line Lender, each Hedge Bank under each Secured Hedge Agreement, each Cash Management Bank, the Supplemental Administrative Agent and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to <u>Section 10.05</u> and <u>Section 10.12</u>.

"**Securities Act**" means the U.S. Securities Act of 1933, as amended.

"**Securitization Assets**" means any Securitization Receivable Assets and any Securitization Operating Assets.

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"**Securitization Fees**" means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with any Qualified Securitization Financing.

"**Securitization Financing**" means any transaction or series of transactions that may be entered into by the Borrower or any of its Restricted Subsidiaries pursuant to which the Borrower or any of its Restricted Subsidiaries may sell, convey or otherwise transfer to a Securitization Subsidiary (in the case of a transfer by the Borrower or any of its Restricted Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary in the context of a receivables financing), or may grant a security interest or Lien in, any Securitization Operating Assets of the Borrower or any of its Restricted Subsidiaries, and any assets related thereto, including all collateral securing such Securitization Operating Assets, all contracts and all guarantees or other obligations in respect of such Securitization Operating Assets and proceeds of such Securitization Operating Assets.

"**Securitization Operating Assets**" means contract rights, physical assets (including vehicles or real estate and other assets identified by the Borrower) and the proceeds thereof and any Securitization Receivable Assets that may be related thereto which the Borrower has determined in good faith are required to be transferred, or in respect of which security interests are required to be granted, in connection with securitizations of operating assets or revenue streams relating thereto. Notwithstanding the foregoing, in no event shall any Material Intellectual Property of Holdings, the Borrower or any Restricted Subsidiary constitute Securitization Operating Assets.

"**Securitization Receivable Assets**" means, any accounts receivable, royalty or other revenue streams, other rights to payment (including with respect to rights of payment pursuant to the terms of Joint Ventures), all collateral securing such accounts receivable, royalty or other revenue streams or rights to payment, all contracts and contract rights and all guarantees or other obligations in respect of such accounts receivable, royalty or other revenue streams or rights to payment, all proceeds of such accounts receivable, royalty or other revenue streams or rights to payment and other assets (including contract rights) which the Borrower has determined are required to be transferred or in respect of which security interests are required to be granted in connection with securitizations of accounts receivable, royalty or other revenue streams or rights to payment and which are sold, transferred or otherwise conveyed by the Borrower or a Restricted Subsidiary to a Securitization Subsidiary or to a financing institution, in each case, in connection with a Qualified Securitization Financing.

"**Securitization Repurchase Obligation**" means any customary obligation of a seller or transferor of Securitization Operating Assets in a Qualified Securitization Financing to repurchase (or provide an indemnity in lieu thereof) Securitization Operating Assets arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.

"**Securitization Subsidiary**" means a wholly-owned Restricted Subsidiary of the Borrower that is a special purpose, bankruptcy remote vehicle that engages in no activities other than in connection with the financing of Securitization Operating Assets of the Borrower or its Restricted Subsidiaries; 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;no portion of the Indebtedness or any other obligation (contingent or otherwise) of which (i) is guaranteed by Holdings, the Borrower or any other Restricted Subsidiary, other than another Securitization Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates Holdings, the Borrower or any Restricted Subsidiary or any of their respective assets, other than another Securitization Subsidiary or its assets, in any way other than pursuant to Standard

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Securitization Undertakings or (iii) subjects any property or asset of Holdings, the Borrower or any Restricted Subsidiary, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings;

&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)&nbsp;&nbsp;&nbsp;&nbsp;with which none of Holdings, the Borrower or any Restricted Subsidiary, other than another Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to be no less favorable to Holdings, the Borrower or such Restricted Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;to which none of Holdings, the Borrower or any Restricted Subsidiary, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results.

it being agreed that a Securitization Asset consisting of an obligation of or to any Affiliate of a Loan Party shall not result in non-compliance with any of the foregoing provisions.

"**Security Agreement**" means, collectively, the Security Agreement executed by the Loan Parties, substantially in the form of <u>Exhibit</u> <u>F</u>, together with each Security Agreement Supplement executed and delivered pursuant to <u>Section 6.11</u>.

"**Security Agreement Supplement**" has the meaning specified in the Security Agreement.

"**Similar Business**" means any business whose revenues are derived from (a) business or activities conducted by the Borrower and the Restricted Subsidiaries on the Closing Date or (b) any business that is a natural outgrowth or reasonable extension, development or expansion of any such business or any business similar, reasonably related, incidental, complementary or ancillary to any of the foregoing.

"**SOFR**" means a rate per annum equal to the secured overnight financing rate as administered by the SOFR Administrator.

"**SOFR Administrator**" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"**SOFR Administrator's Website**" means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"**Solvent**" and "**Solvency**" mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the assets of such Person, on a consolidated basis with its Restricted Subsidiaries, exceeds its debts and liabilities, subordinated, contingent or otherwise, on a consolidated basis, (b) the present fair saleable value of the property of such Person, on a consolidated basis with its Restricted Subsidiaries, is greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, on a consolidated basis, as such debts and other liabilities become absolute and matured, (c) such Person, on a consolidated basis with its Restricted Subsidiaries, is able to pay its debts and liabilities, subordinated, contingent or otherwise, on a consolidated basis, as such liabilities become absolute and matured and (d) such Person, on a consolidated basis with its Restricted Subsidiaries, is not engaged in, and is not about to engage in, business for which it has unreasonably small capital. The amount of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability.

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"**SPC**" has the meaning specified in <u>Section</u> <u>11.07(g)</u>.

"**Specified Event of Default**" means an Event of Default pursuant to <u>Section</u> <u>9.01(a)</u> or an Event of Default pursuant to <u>Section 9.01(f)</u> of the Borrower.

"**Specified Representations**" means those representations and warranties made by Holdings and the other Loan Parties in <u>Section</u> <u>5.01(a)</u> (with respect to organizational existence only), <u>Section</u> <u>5.01(b)</u><u>(ii)</u>, <u>Section</u> <u>5.02(a)</u>, <u>Section</u> <u>5.02(b)(i)</u>, <u>Section</u> <u>5.02(b)(iii)</u>, <u>Section</u> <u>5.04</u>, <u>Section</u> <u>5.13</u>, <u>Section</u> <u>5.16</u>, <u>Section 5.17(a)(ii)(x)</u>, <u>Section 5.17(d)</u> and <u>Section 5.18</u>.

"**Specified Transaction**" means any of the following identified by the Borrower to the extent permitted hereunder: (a) transaction or series of related transactions, including Investments and Acquisition Transactions, that results in a Person becoming a Restricted Subsidiary, (b) any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary, (c) any restructuring, transaction or series of related transactions, including Dispositions, that results in a Restricted Subsidiary ceasing to be a Subsidiary of the Borrower, (d) any restructuring, acquisition or disposition of assets constituting a business unit, line of business or division of another Person or a facility, in each case, whether by merger, consolidation, amalgamation or otherwise, (e) any incurrence or repayment of Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of business for working capital purposes), (f) any Permitted Equity Issuance and (g) any Permitted Reorganization.

"**Standard Securitization Undertakings**" means representations, warranties, covenants, indemnities and guarantees of performance of Affiliates entered into by the Borrower or any Restricted Subsidiary of the Borrower that the Borrower has determined are customary or required in a Securitization Financing.

"**Subsidiary**" means, with respect to any Person, at any date, any corporation, partnership, limited liability company or other entity of which (a) securities or other ownership interests representing more than 50% of the Equity Interests or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held, or (b) that is, as of such date, otherwise Controlled, by such Person and/or one or more subsidiaries of such Person. Unless otherwise indicated in this Agreement, all references to Subsidiaries will mean Subsidiaries of the Borrower.

"**Subsidiary Guarantor**" means, at any time, any Restricted Subsidiary (other than any Excluded Subsidiary) that, at such time, is a party to the Guaranty and the Security Agreement.

"**Successor Borrower**" has the meaning specified in <u>Section</u> <u>7.04(e)</u>.

"**Successor Holdings**" means any successor to Holdings pursuant to <u>Section 7.04(g)(ii)</u> or <u>7.13(b)(ii)</u>, as applicable, together with such Person's subsequent successors and assigns permitted hereunder.

"**Supplemental Administrative Agent**" and "**Supplemental Administrative Agents**" have the meanings specified in <u>Section 10.12(a)</u>.

"**Supported QFC**" has the meaning specified in <u>Section</u> <u>11.26(a)</u>.

"**Swap Obligations**" 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.

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"**Swap Termination Value**" means, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements 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 <u>clause (a)</u>, the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which may include a Lender or any Affiliate of a Lender).

"**Swing Line Exposure**" means, at any time, the aggregate principal amount of all Swing Line Loans outstanding at such time. The Swing Line Exposure of any Lender at any time shall be the sum of (a) its Pro Rata Share of the aggregate principal amount of all Swing Line Loans outstanding at such time (excluding, in the case of any Lender that is a Swing Line Lender, Swing Line Loans made by such Lender in its capacity as a Swing Line Lender that are outstanding at such time to the extent that the other Lenders shall not have funded their participations in such Swing Line Loans), adjusted to give effect to any reallocation under Section 2.19 of the Swing Line Exposure of Defaulting Lenders in effect at such time, and (b) in the case of any Lender that is a Swing Line Lender, the aggregate principal amount of all Swing Line Loans made by such Lender as a Swing Line Lender outstanding at such time, less the amount of participations funded by the other Lenders in such Swing Line Loans.

"**Swing Line Lender**" means a Revolving Lender after the Closing Date that agrees to issue a Swing Line Loan in writing in its sole discretion; provided that there is no Swing Line Lender as of the Closing Date.

"**Swing Line Loan**" means the swing line loan made by the Swing Line Lender to the Borrower pursuant to <u>Section 2.03</u>.

"**Swing Line Loan Request**" means a Swing Line Loan Request substantially in the form of <u>Exhibit</u> <u>A-4</u>, or such other form as approved by the Administrative Agent.

"**Swing Line Note**" means a promissory note in the form of <u>Exhibit</u> <u>B-3</u>, as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.

"**Swing Line Sublimit**" means the lesser of (a) the greater of (1) $2,500,000 and (2) such higher amount as the Borrower and the Swing Line Lender may from time to time agree (with written notice to the Administrative Agent) and (b) the aggregate Revolving Commitments.

"**Taxes**" 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.

"**Term Loan**" means the Initial Term Loans, Delayed Draw Term Loans, Incremental Term Loans, Extended Term Loans, Refinancing Term Loans, Replacement Loans and Additional Credit Facilities, to the extent not otherwise indicated and as the context may require.

"**Term Loan Commitment**" means, as to each Lender, its obligation to make a Term Loan to the Borrower hereunder (including any Initial Term Loan Commitment and Delayed Draw Commitment), expressed as an amount representing the maximum principal amount of the Term Loans to be made by such Lender under this Agreement, as such commitment may be (a) reduced from time to time pursuant to <u>Section</u> <u>2.08</u>, (b) reduced or increased from time to time pursuant to (i) assignments by or to such Lender pursuant to an Assignment and Assumption, (ii) a Refinancing Amendment or (iii) an Extension and (c) increased from time to time pursuant to an Incremental Amendment.

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"**Term Loan Exposure**" means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Term Loans of such Lender; <u>provided</u>, at any time prior to the making of a Term Loan, the Term Loan Exposure of any Lender with respect to such Term Loan shall be equal to such Lender's Term Loan Commitment with respect to such Term Loan, and, with regard to any Incremental Amendment at any time prior to the making of the applicable Incremental Term Loans thereunder, the Term Loan Exposure of any Lender with respect to such Incremental Term Facility shall be equal to such Lender's Incremental Term Loan Commitment thereunder.

"**Term Loan Lender**" means a Lender having a Term Loan Commitment or other Term Loan Exposure.

"**Term Loan Note**" means a promissory note of the Borrower payable to any Lender or its registered assigns, in substantially the form of <u>Exhibit</u> <u>B-1</u> hereto, evidencing the aggregate Indebtedness of the Borrower to such Lender resulting from the Term Loans made by such Lender.

"**Term SOFR**" means,

&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)&nbsp;&nbsp;&nbsp;&nbsp;for any calculation with respect to any Borrowing of Benchmark Loans with respect to which interest is determined with reference to the Term SOFR, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "**Periodic Term SOFR Determination Day**") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>*,* however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day, the Term SOFR Reference Rate for the applicable Interest Period has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such Interest Period as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such Interest Period was published by the Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than three U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the "**Base Rate Term SOFR Determination Day**") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate SOFR Determination Day.

"**Term SOFR Administrator**" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"**Term SOFR Reference Rate**" means, for any day and time (such day, the "<u>Term SOFR Determination</u> <u>Day</u>"), with respect to any Term SOFR Borrowing and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator and identified by the

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Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the "Term SOFR Reference Rate" for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then, so long as such day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day.

"**Termination Conditions**" means, collectively, (a) the payment in full in cash of the Obligations (other than contingent indemnification obligations as to which no claim has been asserted), (b) the termination of the Commitments and the termination or expiration with no pending drawings of all Letters of Credit under this Agreement (unless such Letters of Credit have been backstopped or Cash Collateralized in an amount equal to 103% (or 105% in the case of any Revolving Exposure denominated in a currency other than Dollars) of the maximum drawable amount of any such Letter of Credit or otherwise in an amount and/or in a manner reasonably acceptable to the Administrative Agent and the Issuing Banks) and (c) the termination of the Obligations under the Secured Hedge Agreement and the Cash Management Obligations or entering into other arrangements satisfactory to the Secured Parties counterparties thereto.

"**Test Period**" in effect at any time means either (a) the most recent period of four consecutive fiscal quarters of Holdings ended on or prior to such time (taken as one accounting period) in respect of which financial statements have been (or are required to have been) delivered pursuant to <u>Section</u> <u>6.01(a)</u> or <u>Section</u> <u>6.01(b)</u>, or (b) until the first date after the Closing Date on which such financial statements have been delivered (or if the Borrower otherwise elects) the most recent period of four consecutive fiscal quarters of Holdings ended on or prior to such time (taken as one accounting period) in respect of which financial statements are available (which may be internal financial statements). A Test Period may be designated by reference to the last day thereof (i.e. the 'December 31<sup>st</sup> Test Period' of a particular year refers to the period of four consecutive fiscal quarters of the Borrower ended on December 31<sup>st</sup> of such year), and a Test Period shall be deemed to end on the last day thereof.

"**Threshold Amount**" means the greater of (a) $40,000,000 and (b) 30% of TTM Consolidated Adjusted EBITDA.

"**Total Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated Net Debt as of the last day of such Test Period to (b) Consolidated Adjusted EBITDA of Holdings for such Test Period, all calculated for Holdings, the Borrower and its Restricted Subsidiaries on a consolidated basis in accordance with GAAP.

"**Total Utilization of Revolving Commitments**" means, as of any date of determination, the aggregate Revolving Exposure of all the Lenders at such time.

"**Trade Date**" means the date on which the applicable Lender entered into a binding agreement to sell and assign or participate all or a portion of its rights and/or obligations under this Agreement.

"**Traded Securities**" means any debt or equity securities issued pursuant to a public offering or Rule 144A offering.

"**Transaction Expenses**" means any fees or expenses incurred or paid by Holdings or any of its Restricted Subsidiaries in connection with the Transactions, this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby, including any amortization thereof in any period.

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"**Transactions**" means, collectively, the funding of the Initial Term Loans, the initial availability of the Delayed Draw Commitments and the Revolving Commitments and the funding of any Revolving Loan and Delayed Draw Term Loan on the Closing Date, the consummation of the Acquisition, including payment of the cash portion of the purchase price pursuant to the terms of the Acquisition Agreement, the Closing Date Refinancing, and the payment of the Transaction Expenses.

"**TTM Consolidated Adjusted EBITDA**" means, as of any date of determination, the Consolidated Adjusted EBITDA of Holdings, the Borrower and the Restricted Subsidiaries for the most recent Test Period ended on or immediately prior to such date of determination.

"**Type**" means, with respect to a Loan, its character as a Base Rate Loan or a Benchmark Loan or RFR Loan or, in the case of Loans denominated in an Alternative Currency, its characters as a Loan bearing interest by reference to the other benchmark rates to be agreed with the Lenders of the applicable Class upon such currency becoming any Alternative Currency.

"**UCC**" means the Uniform Commercial Code as in effect from time to time in the State of New York; *provided* that, if by reason of mandatory provisions of law, perfection, or the effect of perfection or non- perfection or the priority of a security interest in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, "**UCC**" means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or priority or availability of such remedy, as the case may be.

"**UK Financial Institution**" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within 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.

"**UK Resolution Authority**" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"**Unadjusted Benchmark Replacement**" means the applicable Benchmark Replacement excluding the Benchmark Replacement Adjustment with respect thereto.

"**Undisclosed Administration**" means, in relation to a Lender or its direct or indirect parent company, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian, or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender or such parent company is subject to home jurisdiction supervision, if applicable law requires that such appointment not be disclosed.

"**Unfunded Holdbacks**" means, with respect to any Permitted Investment, all purchase price holdbacks (not deposited in an escrow account) and similar consideration, whether or not contingent, that is not due and payable to the sellers (or similar counterparty or beneficiary) in such Permitted Investment transaction as of the date of consummation thereof, but instead is (or may become) due and payable only after such date of consummation.

"**United States**" and "**U.S.**" mean the United States of America.

"**Unrestricted Lender**" means any Regulated Entity, any Revolving Lender, any Lead Arranger or any of their respective Affiliates.

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"**Unrestricted Subsidiary**" means any Subsidiary of the Borrower designated by the Board of Directors of the Borrower as an Unrestricted Subsidiary pursuant to <u>Section</u> <u>6.13</u> subsequent to the date hereof and each Subsidiary of such Subsidiary, in each case, until such Person ceases to be an Unrestricted Subsidiary of the Borrower in accordance with <u>Section</u> <u>6.13</u> or ceases to be a Subsidiary of the Borrower; provided that in no event may any Loan Party directly or indirectly be a Subsidiary of an Unrestricted Subsidiary.

"**U.S. Government Securities Business Day**" has the meaning specified in the definition of "Business Day".

"**U.S. Special Resolution Regimes**" has the meaning specified in <u>Section</u> <u>11.26(a)</u>.

"**USA PATRIOT Act**" means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Public Law No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time.

"**Weighted Average Life to Maturity**" means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

&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)&nbsp;&nbsp;&nbsp;&nbsp;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

&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)&nbsp;&nbsp;&nbsp;&nbsp;the then outstanding principal amount of such Indebtedness;

*provided* that (i) for purposes of determining the Weighted Average Life to Maturity of (A) any Refinanced Debt, (B) any Indebtedness that is being modified, refinanced, refunded, renewed, replaced or extended, or (C) any Term Loans for purposes of incurring any other Indebtedness (in any such case, the "**Applicable Indebtedness**"), the effects of any amortization payments or other prepayments made on such Applicable Indebtedness (including the effect of any prepayment on remaining scheduled amortization) prior to the date of the applicable modification, refinancing, refunding, renewal, replacement, extension or incurrence shall be disregarded, (ii) for the purpose of calculating Weighted Average Life to Maturity of any revolving loans, such loans shall be deemed to have been borrowed on the first date such revolving loans are available to be drawn and remain outstanding without being prepaid or repaid until the maturity date applicable to such revolving loans, and (iii) any adjustment to the rate of amortization of any Class of Term Loans that is made in accordance with the proviso to <u>Section</u> <u>2.09(a)(i)</u> (including any such adjustment that is implemented in any Incremental Amendment, Extension Amendment or Refinancing Amendment) and any comparable adjustment made with respect to any other term Indebtedness outstanding from time to time shall, in each case, be disregarded for purposes of determining the Weighted Average Life to Maturity of such Class of Term Loans or such other term Indebtedness as compared to any other Class of Term Loans or any other term Indebtedness then outstanding.

"**wholly owned**" means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (a) director's qualifying shares and (b) nominal shares issued to foreign nationals to the extent required by applicable Law) are owned by such Person and/or by one or more wholly owned Subsidiaries of such Person.

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"**Withdrawal Liability**" means the liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such term is defined in Part I of Subtitle E of Title IV of ERISA.

"**Withholding Agent**" means the Borrower, any Guarantor or the Administrative Agent.

"**Write-Down and Conversion Powers**" 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.

SECTION 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Singular and Plural</u>. The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Words, Phrases and References</u>. (i) The words "herein", "hereto", "hereof" and "hereunder" and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof; (ii) references in this Agreement to an Exhibit, Schedule, Article, Section, clause or sub-clause refer (A) to the appropriate Exhibit or Schedule to, or Article, Section, clause or sub-clause in this Agreement or (B) to the extent such references are not present in this Agreement, to the Loan Document in which such reference appears; (iii) the term "including" is by way of example and not limitation; (iv) the term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form; (v) [reserved]; (vi) [reserved]; (vii) the term "continuing" means, with respect to a Default or Event of Default, that it has not been cured or waived in accordance with Section 11.01; (viii) the phrase "in good faith" when used with respect to a determination made by a Loan Party shall mean that such determination was made in the prudent exercise of its commercial judgment; (ix) the term "cash" and "currency" shall, in each case, include all fiat and other currencies; (x) the phrases "ordinary course of business" and "consistent with past practice" shall each mean an action that is taken by the Borrower or a Restricted Subsidiary (or an officer, director or employee of such Person) that is consistent with the manner in which the businesses of the Borrower or a Restricted Subsidiary has previously been operated or the manner in which the directors or officers of the Borrower or a Restricted Subsidiary have previously exercised their business judgement or would expect to exercise their business judgment, including in connection with events that are unusual or infrequent in nature, in each case, as determined by the Borrower in good faith; (xi) the phrase "all or substantially all" or any similar phrase when used with reference to any asset, Person, property or obligation (or group of assets, Persons, property or obligations) means all of such asset, Person, property or obligation (or all assets, Persons, properties or obligations in such group, as applicable), excluding not more than a *de minimis* amount of such asset(s), Person(s), property(ies) or obligation(s), as applicable and in each case, as determined in good faith by the Borrower; (xii) "indebtedness in respect of borrowed money", "indebtedness for borrowed money" and similar phrases shall mean debt in respect of which the primary obligor thereof was entitled to a payment (or entitled to direct a payment) of cash or Cash Equivalents on the date of borrowing thereof by the applicable obligee thereof, and it shall exclude all obligations in respect

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of leases, purchase price of any property, Guarantees, Hedge Agreements, Equity Interests and other items that are not Indebtedness; and (xiii) 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Section Headings</u>. 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;[<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Divisions</u>. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws) (a "**Division**"), if (a) any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person pursuant to a permitted Disposition, and (b) any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investments in Unrestricted Subsidiaries</u>. Notwithstanding anything in the Loan Documents to the contrary, (x) the Borrower and the other Loan Parties shall be permitted to make Investments in Unrestricted Subsidiaries (including Investments that are deemed to be made in connection with the designation of an Unrestricted Subsidiary) only pursuant to <u>Section</u> <u>7.02(f)</u>, and no other provision of the Loan Documents shall permit such Investments or designations to be made, (y) any direct or indirect transfer of any assets from any Loan Party or any Restricted Subsidiary to any Unrestricted Subsidiary (whether through one or more Investments, designations of Restricted Subsidiaries, Dispositions, exclusive licenses, Restricted Payments, mergers, amalgamations, consolidations or otherwise) shall be treated as, and deemed to be, an Investment in an Unrestricted Subsidiary that must be made in reliance on, and that is subject to the cap set forth in, <u>Section</u> <u>7.02(f)</u> and <u>(z)</u> other than with respect to any re-designation of an Unrestricted Subsidiary as a Restricted Subsidiary (which shall rebuild the basket set forth above by an amount not to exceed the original amount of the Investment (if any) in the applicable Unrestricted Subsidiary made on or after the Closing Date), there shall be no rebuilding of such baskets for Investments in Unrestricted Subsidiaries to the extent utilized for such purposes other than with cash returns on such Investments or other transfers (excluding any proceeds of debt or any sales of equity interests) and any such Investment may not be divided and/or reclassified to any other category of Investment or other transaction structure permitted under <u>Article</u> <u>VII</u>. For the purpose of determining the amount of any Investment in Unrestricted Subsidiaries that are outstanding at any time, there shall be no reduction in the amount of any such Investment except to the extent such reduction is a result of the returns and distributions with respect to such investment to the Borrower or any Restricted Subsidiaries from Internally Generated Cash of Unrestricted Subsidiaries.

SECTION 1.03 <u>Accounting</u> <u>Terms;</u> <u>Accounting</u> <u>Periods;</u> <u>Unrestricted</u> <u>Subsidiaries;</u> <u>Determination</u> <u>of Fair Market Value</u>. All accounting terms, financial terms, components of such terms or financial calculations (including any pro forma calculations) not specifically or completely defined herein shall be construed in conformity with GAAP to the extent GAAP defines such term or a component of such term or governs such calculation. To the extent GAAP does not define any such term or a component of any such term or such calculation, such term or calculation shall be interpreted or calculated by the Borrower in good faith. The inclusion of an explanatory or emphasis of matter paragraph shall not result in an audit opinion being qualified. For purposes of calculating any consolidated amounts necessary to determine compliance

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by any Person and, if applicable, its Restricted Subsidiaries with any ratio or other financial covenant in this Agreement, Unrestricted Subsidiaries shall be excluded. Unless the context indicates otherwise, any reference to a "fiscal year" shall refer to a fiscal year of the Borrower ending December 31, and any reference to a "fiscal quarter" shall refer to a fiscal quarter of the Borrower ending March 31, June 30, September 30 or December 31. All determinations of fair market value under a Loan Document shall be made by the Borrower in good faith and, if such determination is either (a) consistent with a valuation or opinion of an Independent Financial Advisor, (b) pursuant to an officer's certificate or resolutions of the Board of Directors setting out such fair market value as determined by such Officer or such Board of Directors in good faith or (c) fully disclosed in writing (in reasonable detail) to the Administrative Agent and the Lenders, and neither the Administrative Agent nor the Required Lenders have objected to such determination in writing within ten (10) Business Days of such disclosure, then such determination shall be conclusive for all purposes under the Loan Documents or related to the Obligations.

SECTION 1.04 <u>Rounding</u>. Any financial ratios required to be satisfied in order for a specific action to be permitted under this Agreement or any other Loan Document shall be calculated by dividing the appropriate component by the other component, carrying the result to one decimal place more than the number of decimal places by which such ratio is expressed herein (the "**Applicable Decimal Place**") and rounding the result up or down to the Applicable Decimal Place.

SECTION 1.05 <u>References</u> <u>to</u> <u>Agreements,</u> <u>Laws,</u> <u>Etc.</u> Unless otherwise expressly provided herein,(a) references to Organization Documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law.

SECTION 1.06 <u>Times of Day</u>. Unless otherwise specified, all references herein to times of day shall be references to New York City time (daylight or standard, as applicable).

SECTION 1.07 <u>[Reserved]</u>.

SECTION 1.08 <u>Pro</u> <u>Forma</u> <u>Calculations;</u> <u>GAAP;</u> <u>Limited</u> <u>Condition</u> <u>Transactions;</u> <u>Basket</u> <u>and</u> <u>Ratio Compliance</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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Ratios</u> <u>to</u> <u>be</u> <u>Calculated</u> <u>on</u> <u>a</u> <u>Pro</u> <u>Forma</u> <u>Basis</u>. 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;for all purposes under the Loan Documents, the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio, 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;for purposes of identifying "Material Domestic Subsidiaries" and "Material Foreign Subsidiaries", total assets, consolidated total assets and revenue,

shall be calculated and measured in the manner prescribed by this <u>Section</u> <u>1.08</u>; *provided* that notwithstanding anything to the contrary in <u>clauses (b)</u>, <u>(b)</u>, or <u>(d)</u> of this <u>Section</u> <u>1.08</u>, when calculating the First Lien Net Leverage Ratio for purposes of <u>Section</u> <u>2.07(b)(i)</u>, the events described in this <u>Section</u> <u>1.08</u> that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Pro</u> <u>Forma Calculations</u>. When calculating the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio, the Total Net Leverage Ratio, and any other applicable financial ratio identified from time to time by the Borrower for any purpose, and when calculating total assets, consolidated total assets,

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and revenue for purposes of identifying "Material Domestic Subsidiaries" and "Material Foreign Subsidiaries", Specified Transactions identified by the Borrower or other events as required by the terms hereof, as applicable that have been made or consummated or that have occurred (i) during the applicable Test Period or (ii) subsequent to such Test Period and prior to or simultaneously with any event for which the calculation of any such ratio is made or the date of such measurement shall be calculated on a Pro Forma Basis assuming that all such Specified Transactions and other events (and any increase or decrease in Consolidated Adjusted EBITDA (including component financial definitions used therein), total assets, consolidated total assets and revenue attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period. If, since the beginning of any applicable Test Period, any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have consummated any Specified Transaction or any Specified Transaction shall have occurred with respect to it, in each case identified by the Borrower, or other events as required by the terms hereof, as applicable, that would have required adjustment pursuant to this <u>Section</u> <u>1.08</u>, then for the purposes set forth above, the determination of the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio, the Total Net Leverage Ratio, total assets, consolidated total assets and revenue shall be calculated to give pro forma effect thereto in accordance with this <u>Section 1.08</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Incurrences and Repayments of Indebtedness</u>. Subject to the provisions set forth in <u>Section</u> <u>1.08(e)</u>, in the event that the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including by redemption, repayment, retirement or extinguishment) any Indebtedness included in the calculations of the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio, as the case may be (in each case, other than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of business for working capital purposes),(i) during the applicable Test Period or (ii) subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio shall be calculated giving pro forma effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable Test Period with respect to leverage ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Ratio Basket Compliance</u>. Notwithstanding anything in this Agreement or any Loan Document to the contrary,

&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any single covenant, the Borrower may rely on more than one basket or exception under such covenant (including both ratio-based and non-ratio based baskets and exceptions, and including partial reliance on different baskets that, collectively, permit the entire proposed transaction under such covenant) at the time of any proposed transaction, and the Borrower may, in its sole discretion, otherwise upon written notice to the Administrative Agent at such time Borrower delivers a Compliance Certificate divide, classify or reclassify such transaction (or any portion thereof) in any manner that complies with the available baskets and exceptions under such covenant at such later time;

&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)&nbsp;&nbsp;&nbsp;&nbsp;unless the Borrower elects otherwise, if a Loan Party or any Restricted Subsidiary, in connection with any transaction or series of such related transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;incurs Indebtedness, creates Liens, makes Dispositions, makes Investments, designates any Subsidiary as restricted or unrestricted, repays Indebtedness, makes a Restricted Payment, consummates any transaction or takes (or refrains from taking) any action, under, as permitted by, or in reliance on a provision of a Loan Document

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that requires compliance with a financial ratio or any other measurement of financial or operational performance (a "**ratio-based basket**"), 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)&nbsp;&nbsp;&nbsp;&nbsp;incurs Indebtedness, creates Liens, makes Dispositions, makes Investments, designates any Subsidiary as restricted or unrestricted, repays Indebtedness, makes a Restricted Payment, consummates any transaction or takes (or refrains from taking) any action, under, as permitted by, or in reliance on a provision of a Loan Document that is not a ratio-based basket (a "**non ratio-based basket**"), in each case, on the same date as the events in <u>clause (A)</u> above for the same transaction or series of related transactions,

then, notwithstanding anything to the contrary in the Loan Documents, with respect to any calculation of a financial ratio or other measurement of financial or operational performance determined on a Pro Forma Basis, such financial ratio or other measurement of financial or operational performance will be calculated without regard to any other action for the applicable transaction or series of related transactions taken in reliance upon a non-ratio-based basket;

&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)&nbsp;&nbsp;&nbsp;&nbsp;if in connection with an LCT Election the Borrower or its Restricted Subsidiaries enters into any revolving, delayed draw or other committed debt facility (other than (x) an Incremental Revolving Facility or (y) an Incremental Term Loan Facility that constitutes an incremental delayed draw term loan facility, the calculation regarding whether such incurrence is permitted shall be tested at the time of funding), notwithstanding anything to the contrary in the Loan Documents, the Borrower may elect to determine compliance of such debt facility (including the incurrence of Indebtedness and Liens from time to time in connection therewith) with this Agreement and each other Loan Document on the date Indebtedness under such facility is incurred or on the date commitments with respect thereto are first received, assuming the full amount of such facility is incurred (and any applicable Liens are granted) on such date, in which case such committed amount may thereafter be borrowed or reborrowed, in whole or in part, from time to time, without further compliance with the Loan Documents, in lieu of determining such compliance on any subsequent date (including any date on which Indebtedness is incurred pursuant to such facility or the date an LCT Election is made in connection with such facility); *provided* that, in each case, any future calculation of any such ratio based basket shall only include amounts borrowed and outstanding as of such date of determination; 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;if Holdings, the Borrower or any Restricted Subsidiary incurs Indebtedness under a ratio-based basket, such ratio-based basket (together with any other ratio-based basket utilized in connection therewith, including in respect of other Indebtedness, Liens, Dispositions, Investments, Restricted Payments or payments in respect of Junior Financing) will be calculated excluding the cash proceeds of such Indebtedness for netting purposes (i.e., such cash proceeds shall not reduce the Borrower's Consolidated Net Debt or Consolidated Secured Net Debt pursuant to <u>clause</u> <u>[(b)](#ia29c52bd0fc041879005251ca7826466_78)</u> of the definition of such terms), *provided* that the actual application of such proceeds may reduce Indebtedness for purposes of determining compliance with any applicable ratio to the extent such Indebtedness is actually repaid.

For example, if the Borrower incurs Indebtedness under the Fixed Incremental Amount on the same date that it incurs Indebtedness under the Ratio Amount in the same or a series of related transactions, then the First Lien Net Leverage Ratio and any other applicable ratio will be calculated with respect to such incurrence under the Ratio Amount without regard to any incurrence of Indebtedness under the Fixed Incremental Amount. Unless the Borrower elects otherwise, each Incremental Facility (or Incremental Equivalent Debt) shall be deemed incurred first under the Ratio Amount to the extent permitted (and calculated prior to giving effect to any substantially simultaneous incurrence of any Indebtedness based on

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a basket or exception that is not based on a financial ratio, including under the Fixed Incremental Amount), with any balance incurred under the Fixed Incremental Amount. For purposes of determining compliance with <u>Section</u> <u>2.16</u>, in the event that any Incremental Facility or Incremental Equivalent Debt (or any portion thereof) meets the criteria of Ratio Amount or Fixed Incremental Amount, the Borrower may, in its sole discretion, at the time of incurrence, divide, classify or reclassify, or at any later time upon the written election of the Borrower at any time it delivers a Compliance Certificate required to be delivered pursuant to <u>Section</u> <u>6.02(a)</u>, divide, classify or reclassify (as if incurred at such time), such Indebtedness (or any portion thereof) in any manner that complies with <u>Section 2.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limited</u> <u>Condition</u> <u>Transactions</u>. Notwithstanding anything in this Agreement or any Loan Document to the contrary, when,

&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)&nbsp;&nbsp;&nbsp;&nbsp;calculating any applicable ratio in connection with the incurrence of Indebtedness, the creation of Liens, the making of any Disposition, the making of an Investment, the making of a Restricted Payment, the designation of a Subsidiary as a Restricted Subsidiary, the repayment of Indebtedness or for any other purpose;

&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)&nbsp;&nbsp;&nbsp;&nbsp;determining the accuracy of any representation or warranty (other than with respect to Specified Representations, which must be true and correct in all material respects (without duplication of materiality qualifiers) on the closing date of such Limited Condition Transaction (but taking into account any earlier date specified therein)); 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;determining whether any Default or Event of Default has occurred, is continuing or would result from any action (including the consummation of a Limited Condition Transaction);

in each case of <u>clauses (i)</u> through <u>(iii)</u>, in connection with a Limited Condition Transaction, the date of determination of such ratio, the accuracy of such representation or warranty (but taking into account any earlier date specified therein), whether any Default or Event of Default has occurred, is continuing or would result therefrom, or such compliance, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), shall be deemed to be either (A) the date a definitive agreement for such Limited Condition Transaction is entered into or, if applicable, the date with respect which the Borrower or a Restricted Subsidiary otherwise becomes obligated to consummate such Limited Condition Transaction (it being agreed that such date shall also be the relevant date to test the permissibility of any transactions to be incurred in connection with or pursuant to such Limited Condition Transaction) or (B) the date with respect to which notice is or is required to be delivered in connection with such Limited Condition Transaction or any other such transaction (such applicable date, the "**LCT Test Date**"); <u>provided</u>, however, that notwithstanding the foregoing and/or any LCT Election, (x) no Specified Event of Default shall be continuing immediately prior to or after giving effect to the consummation of any Limited Condition Transaction on the date of such consummation and (y) if all or substantially all of the proceeds of an Incremental Facility, Incremental Equivalent Debt or Permitted Ratio Debt will be used to finance a Permitted Acquisition or other Investment permitted hereunder, the applicable financial conditions therefor (include the testing of any Ratio Amount or other financial ratio) shall be tested on a Pro Forma Basis as of the date on which the applicable agreements governing such Limited Condition Transaction is executed and effective. If, on a Pro Forma Basis after giving effect to such Limited Condition Transaction and such other transactions contemplated at such time to be entered into or consummated in connection therewith (including any incurrence of any Indebtedness and the use of proceeds thereof and calculated as if such Limited Condition Transaction or such other transactions had occurred at the beginning of the most recent Test Period ending prior to the LCT Test Date for which financial statements are available), the Borrower could have consummated the Limited Condition Transaction and the other transactions to be entered into in connection therewith on the relevant LCT Test Date in compliance with the Loan Documents and without such transactions resulting in a Default or Event

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of Default, such transactions shall be permitted to be consummated on any subsequent date. For the avoidance of doubt, if any of such ratios, representations and warranties, absence of defaults, satisfaction of conditions precedent or other provisions are exceeded or breached as a result of fluctuations in such ratio (including due to fluctuations in Consolidated Adjusted EBITDA), a change in facts and circumstances or other provisions at or prior to the consummation of the relevant Limited Condition Transaction, such ratios, representations and warranties, absence of defaults, satisfaction of conditions precedent and other provisions will not be deemed to have been exceeded, breached, or otherwise failed as a result of such fluctuations or changed circumstances solely for purposes of determining whether the Limited Condition Transaction is permitted hereunder. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to any other transaction or otherwise on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or (if applicable) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires (without consummation of such Limited Condition Transaction), any such ratio or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated. Notwithstanding the foregoing, no LCT Election may be made in respect of the conditions set forth in Section 4.02 (other than in the case of Incremental Term Loans substantially all of the proceeds of which will be used to finance a Limited Condition Transaction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maturities of Bridge Facilities</u>. For purposes of determining the maturity date of any Indebtedness, bridge loans that are subject to customary conditions (as determined by the Borrower in good faith, including conditions requiring no payment or bankruptcy event of default) that would either automatically be extended as, converted into or required to be exchanged for, permanent refinancing shall be deemed to have the maturity date as so extended, converted or exchanged (unless such condition has not been satisfied).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Escrow Closings.</u> Any Indebtedness permitted to be incurred hereunder (including any Incremental Facilities) may be incurred, at the option of the Borrower, by a newly created and newly designated Unrestricted Subsidiary (an "**Unrestricted Escrow Subsidiary**") with no assets other than the cash proceeds of such incurred Indebtedness *plus*, subject to compliance to Section 7.02, any cash and Cash Equivalents contributed to such Unrestricted Escrow Subsidiary (including to be used as a deposit of interest expenses and fees, additional cash collateral or for other purposes), which Unrestricted Escrow Subsidiary will then promptly with the incurrence of such Indebtedness merge with and into the Borrower or any of the Restricted Subsidiaries with the Borrower or such Restricted Subsidiary surviving the merger and assuming all obligations of the Unrestricted Escrow Subsidiary to the extent otherwise permitted hereunder. So long as such Indebtedness would have been permitted to be incurred directly by the Borrower or any Restricted Subsidiary upon the incurrence of such Indebtedness by the Unrestricted Escrow Subsidiary, or, with respect to any Indebtedness incurred in connection with a Limited Condition Transaction, at the option of the Borrower, at the time the LCT Election is made, the creation, designation and re-designation of the Unrestricted Escrow Subsidiary and the merger of the Unrestricted Escrow Subsidiary into the Borrower or any Restricted Subsidiary shall not be subject to any additional condition, including any condition that no Default or Event of Default shall have occurred and be continuing at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rates; Benchmark</u> <u>Notification</u>. The interest rate on a Loan may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 3.03(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission,

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performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, 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 calculation of any such rate (or component thereof) provided by any such information source or service.

SECTION 1.09 <u>[Reserved]</u>

SECTION 1.10 <u>Currency</u> <u>Equivalents</u> <u>Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in Section 2.07 with respect to any mandatory prepayment of Revolving Loans, no Default or Event of Default shall be deemed to have occurred under a Loan Document solely as a result of changes in rates of currency exchange occurring after the time any applicable action (including any incurrence of a Lien or Indebtedness or the making of an Investment) so long as such action (including any incurrence of a Lien or Indebtedness or the making of an Investment) was permitted hereunder when made. The Administrative Agent or the Issuing Bank, as applicable, shall determine the Dollar Amount of Borrowings or Letter of Credit extensions denominated in Alternative Currencies. Such Dollar Amount shall become effective as of such Revaluation Date and shall be the Dollar Amount of such amounts until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Borrower hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any Alternative Currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Amount as so determined by the Administrative Agent or the Issuing Bank, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in Section 2.07 with respect to any mandatory prepayment of Revolving Loans, for purposes of determining compliance with <u>Sections</u> <u>7.01</u>, <u>7.02</u> and <u>7.03</u> with respect to any amount of Lien, Indebtedness or Investment in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of currency exchange occurring after the time such Lien, Indebtedness or Investment is incurred (so long as such Indebtedness or Investment, at the time incurred, made or acquired, was permitted hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement and the other Loan Documents, where the permissibility of a transaction or determinations of required actions or circumstances depend upon compliance with, or are determined by reference to, amounts stated in Dollars, any requisite currency translation (i) with respect to Loans or Commitments, shall be based on the Exchange Rate and (ii) with respect to any other amounts, shall be based on the rate of exchange between the applicable currency and Dollars as reasonably determined by the Borrower, in each case in effect on the Business Day immediately preceding the date of such transaction or determination (subject to <u>clauses (d)</u> and <u>(e)</u> below) and shall not be affected by subsequent fluctuations in exchange rates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar Amount of Indebtedness denominated in a foreign currency shall be calculated based on the Exchange Rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt (or, in the case of an LCT Election, on the date of the applicable LCT Test Date); *provided* that, if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable Dollar- denominated restriction to be exceeded if calculated at the Exchange Rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Indebtedness so refinanced does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding the foregoing, the principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the Exchange Rate that is in effect on the date of such refinancing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio, including Consolidated Adjusted EBITDA when calculating such ratios, all amounts denominated in a currency other than Dollars will be converted to Dollars for any purpose (including testing the any financial maintenance covenant) at the effective rate of exchange in respect thereof reflected in the consolidated financial statements of Holdings for the applicable Test Period for which such measurement is being made, and will reflect the currency translation effects, determined in accordance with GAAP, of Hedge Agreements permitted hereunder for currency exchange risks with respect to the applicable currency in effect on the date of determination of the Dollar equivalent of such Indebtedness.

SECTION 1.11 <u>Co-Borrowers</u>. Notwithstanding anything herein or in any other Loan Document to the contrary, the Borrower may, with the prior written consent of each Lender under the applicable Facility, cause any Loan Party on or after the Closing Date to become a borrower under a Facility (each such Loan Party, a "**Co-Borrower**", and, together with the Borrower, the "**Co-Borrowers**") on a joint and several basis (such date, the "**Co-Borrower Effective Date**"); *provided* that such Loan Party shall (i) execute a joinder to this Agreement in form and substance reasonably satisfactory to the Administrative Agent assuming all obligations of a Co-Borrower hereunder, (ii) provide to the Lenders all documentation and other information required by United States regulatory authorities under applicable "know your customer" and Anti-Money Laundering Laws, including without limitation Title III of the USA Patriot Act, that shall be reasonably requested by the Administrative Agent in writing, (iii) provide to the Lenders, if such Loan Party qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification and (iv) be a domestic Subsidiary Guarantor wholly owned by the Borrower. The Lenders hereby irrevocably authorize the Administrative Agent to enter into any amendment to this Agreement or to any other Loan Document as may be necessary or appropriate in order to establish any additional Borrower pursuant to this <u>Section</u> <u>1.11</u> and such technical amendments, and other customary amendments with respect to provisions of this Agreement relating to taxes for borrowers, in each case as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection therewith.

Upon the later of execution and delivery of a joinder to this Agreement by a Co-Borrower and the countersignature of the Administrative Agent thereto (which countersignature shall constitute an agreement that the requirements of <u>clauses</u> <u>(ii)</u> and <u>(iii)</u> above have been satisfied), each Co-Borrower agrees that it is jointly and severally liable for the obligations of each other Co-Borrower hereunder with respect to any Class of Loans on an individual tranche basis, including with respect to the payment of principal of and interest on all Loans on an individual tranche basis, the payment of amounts owing in respect of Letters of Credit and the payment of fees and indemnities and reimbursement of costs and expenses. Each Co- Borrower is accepting joint and several liability hereunder in consideration of the financial accommodations to be provided by the Administrative Agent, the Collateral Agent and the Lenders under this Agreement,

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for the mutual benefit, directly and indirectly, of each of the Co-Borrowers and in consideration of the undertakings of each of the Co-Borrowers to accept joint and several liability for the obligations of each of them. Each Co-Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, as a co- debtor, joint and several liability with each other Co-Borrower, with respect to the payment and performance of all of the Obligations, it being the intention of the parties hereto that all Obligations shall be the joint and several obligations of all of the Co-Borrowers without preferences or distinction among them. If and to the extent that any of the Co-Borrowers shall fail to make any payment with respect to any of the Obligations as and when due or to perform any of such Obligations in accordance with the terms thereof, then in each such event each other Borrower will make such payment with respect to, or perform, such Obligations. Each Co-Borrower further agrees that the Borrower will be such Co-Borrower's agent for administrative, mechanical, and notice provisions in this Agreement and any other Loan Document and the Lenders and the Administrative Agent hereby agree that each Co-Borrower will have the same rights under the Loan Documents as if it is the Borrower and for any other purposes under the provisions of this Agreement, including the affirmative and negative covenants, each such Co-Borrower will be treated as a Restricted Subsidiary that is a Subsidiary Guarantor.

SECTION 1.12 <u>Cashless Rollovers</u>. Notwithstanding anything herein or in any other Loan Document to the contrary, to the extent that any Lender extends the maturity date of, or refinances, refunds, replaces, renews or extends, any of its then existing Loans with any other Indebtedness (including loans incurred under any other Facility) in a manner permitted hereunder, to the extent such refinancing, Indebtedness, replacement, renewal or extension is effected by means of a "cashless roll" by such Lender (a "**Cashless Rollover**"), such refinancing, refunding, replacement, renewal or extension shall be deemed to comply with any requirement hereunder or any other Loan Document that there be a payment be made "in Dollars", "in immediately available funds", "in Cash" or any other similar requirement and shall be permitted by the Loan Documents provided only that such other Indebtedness (including any loans incurred under any other Facility) is permitted to be incurred by the Loan Documents.

SECTION 1.13 <u>Material Intellectual Property</u>. Notwithstanding anything herein or in any Loan Documents to the contrary, (a) neither the Borrower nor any other Loan Party may transfer (including by way of exclusive license or Restricted Payment), contribute, make an Investment of or Dispose of any Material Intellectual Property or exclusive licenses in or to any Material Intellectual Property or any other assets that are material to the business of Holdings, the Borrower and the Loan Parties and the Restricted Subsidiaries, taken as a whole, in any such case, to any Affiliate of the Borrower that is not a Loan Party, and (b) neither Holdings, nor the Borrower nor any Restricted Subsidiary may transfer (including by way of exclusive license or Restricted Payment), contribute, make an Investment of or Dispose of any Material Intellectual Property or exclusive licenses in or to any Material Intellectual Property or any other assets that are material to the business of Holdings, the Borrower and the Loan Parties and the Restricted Subsidiaries, taken as a whole, in any such case, to any Unrestricted Subsidiary.

ARTICLE II.

THE COMMITMENTS AND BORROWINGS

SECTION 2.01 <u>Term</u> <u>Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Term</u> <u>Loan</u> <u>Commitments</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Subject only to the conditions set forth in <u>Section</u> <u>4.01</u>, each Initial Term Lender severally agrees to make a single loan denominated in Dollars (the "**Initial Term Loans**"; *provided* that any Delayed Draw Term Loans that are funded hereunder shall also be deemed to constitute Initial Term Loans following such funding) to the Borrower on the Closing Date in an amount equal to such Initial Term Lender's Initial Term Commitment. The Initial Term Borrowing shall consist

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of Initial Term Loans made simultaneously by the Initial Term Lenders in accordance with their respective Initial Term Commitments.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Subject only to conditions set forth in <u>Section 4.01</u> in the case of any Borrowing of Delayed Draw Term Loans on the Closing Date, and thereafter subject to the terms and conditions set forth in <u>Section 4.03</u> in the case of any Borrowing of Delayed Draw Term Loans from time to time after the Closing Date during the Delayed Draw Commitment Period, each Lender with a Delayed Draw Commitment severally agrees to make to the Borrower on the applicable Delayed Draw Closing Date a Term Loan denominated in Dollars in an aggregate amount requested by the Borrower but not exceeding such Lender's unfunded Delayed Draw Commitment as of such date immediately prior to giving effect to such Borrowing (the "**Delayed Draw Term Loans**"); *provided* that the aggregate principal amount of all such Borrowings of Delayed Draw Term Loans shall not exceed the aggregate amount of the Delayed Draw Commitments as of the Closing Date. Amounts borrowed under this <u>Section</u> <u>2.01(a)</u> and repaid or prepaid may not be reborrowed.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Initial Term Loans and Delayed Draw Term Loans may be Base Rate Loans or SOFR Loans, as further provided herein; *provided* that Delayed Draw Term Loans will initially be of the same Type and will have the same Interest Period as the Term Loans outstanding immediately prior to the Borrowing of such Delayed Draw Term Loans. The Initial Term Loans and Delayed Draw Term Loans will, to the extent practicable, be treated as the same "fungible" class for U.S. federal income tax purposes and will have the same CUSIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing</u> <u>Mechanics</u> <u>for</u> <u>Term</u> <u>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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section</u> <u>4.01(a)(i)</u>, <u>Section</u> <u>4.02(c)</u>, <u>Section</u> <u>4.03(e)</u> and <u>Section</u> <u>2.16(a)</u>, each Borrowing of Term Loans shall be made upon the Borrower's notice to the Administrative Agent, which may only be given in writing by delivery of a Committed Loan Notice. Each such Committed Loan Notice shall be irrevocable and must be received by the Administrative Agent not later than (A) 1:00 p.m. three (3) U.S. Government Securities Business Days prior to the requested date of any Borrowing of Benchmark Loans and (B) 12:00 noon one (1) Business Day prior to the requested date of any Borrowing of Base Rate Loans; *provided however* that any such notice delivered in connection with the initial Borrowing of Term Loans on the Closing Date may be received by such later time and date as agreed 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each notice by the Borrower pursuant to this <u>Section</u> <u>2.01(b)</u> must be delivered to the Administrative Agent in the form of a Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower or through an Approved Borrower Portal if arrangements for doing so have been approved by the Administrative Agent; provided that, if such Committed Loan Notice is submitted through an Approved Borrower Portal, the foregoing signature requirement may be waived at the sole discretion of the Administrative Agent. The Delayed Draw Term Loans shall be available in Borrowings of not less than $1,000,000 (or such lower amounts as the Administrative Agent may agree) or, if less, the unfunded Delayed Draw Commitments then outstanding (and in any event, without any limitation on the number of draws). Each Committed Loan Notice shall specify (A) that the Borrower is requesting a Borrowing of a Term Loan, (B) the requested date of the Borrowing (which shall be a Business Day), (C) the Type of Term Loans to be borrowed, (D) the principal amount of Term Loans to be borrowed, and (E) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Term Loan in a Committed Loan Notice, then the applicable Term Loans shall be made as Base Rate Loans. If the Borrower requests a Borrowing of Benchmark Loans in any such

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Committed Loan Notice, but fails to specify an Interest Period, for such Benchmark Loans, the Borrower 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Borrowings of more than one Type may be outstanding at the same time; *provided* that the total number of Interest Periods for Benchmark Loans outstanding under this Agreement at any time shall comply with <u>Section 2.10(g)</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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each applicable Lender of the amount of its Pro Rata Share of the applicable tranche of Term Loans. In the case of each Borrowing, each Appropriate Lender shall make the amount of its Term Loan available to the Administrative Agent in Same Day 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 to such Borrowing, the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (A) crediting the account of the Borrower on the books of the Administrative Agent with the amount of such funds or (B) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided that, to the extent the Borrower directs the Administrative Agent or the Lenders to remit the proceeds of any Loans hereunder to a Person other than the Borrower, in each such case, the Borrower hereby acknowledges and agrees that (x) all Loans constitute direct obligations of the Borrower, (y) all Loans are made for the account of the Borrower and (z) the deposit of the proceeds of the Loans as so provided directly benefits the Borrower. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Article III shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;The failure of any Lender to make the Term Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Term Loan on the date of such Borrowing, but the Commitments of the Lenders are several and no Lender shall be responsible for the failure of any other Lender to make the Term Loan to be made by such other Lender on the date of any Borrowing.

SECTION 2.02 <u>Revolving</u> <u>Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Revolving Loan Commitment</u>. During the Revolving Commitment Period, subject to the terms and conditions hereof, each Lender severally agrees to make revolving loans to the Borrower from time to time on any Business Day in Dollars ("**Revolving Loans**") in an aggregate amount up to but not exceeding such Lender's Revolving Commitment; *provided* that after giving effect to the making of any Revolving Loans (after giving effect to any application of proceeds of such Borrowing pursuant to Section 2.02(b)) in no event shall (i) the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect or (ii) any Lender's Revolving Exposure exceed such Lender's Revolving Commitment. Amounts borrowed pursuant to this <u>Section</u> <u>2.02(a)</u> may be repaid and reborrowed during the Revolving Commitment Period. Each Lender's Revolving Commitment shall expire on the Revolving Commitment Termination Date, and all Revolving Loans and all other amounts owed hereunder with respect to the Revolving Facility shall be paid in full no later than such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing</u> <u>Mechanics</u> <u>for</u> <u>Revolving</u> <u>Loans</u>.

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Subject only to <u>Section</u> <u>4.01</u> in the case of Borrowings of Revolving Loans on the Closing Date and <u>Section</u> <u>4.02</u> and the other terms and conditions set forth herein in the case of each other Borrowing of Revolving Loans, each Borrowing of Revolving Loans shall be made upon the Borrower's irrevocable notice to the Administrative Agent, which may only be given in writing by delivery of a Committed Loan Notice (each request for a Swing Line Loan Borrowing shall be made in accordance with <u>Section</u> <u>2.03</u>). Each such Committed Loan Notice must be received by the Administrative Agent not later than (A) 1:00 p.m. three (3) U.S. Government Securities Business Days prior to the requested date of any Borrowing of Benchmark Loans, and (B) 1:00 p.m. on the requested date of any Borrowing of Base Rate Loans. Each notice by the Borrower pursuant to this <u>Section</u> <u>2.02(b)</u> must be delivered to the Administrative Agent in the form of a Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower or through an Approved Borrower Portal if arrangements for doing so have been approved by the Administrative Agent; provided that, if such Committed Loan Notice is submitted through an Approved Borrower Portal, the foregoing signature requirement may be waived at the sole discretion of the Administrative Agent. Each Borrowing of Benchmark Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof in the case of Benchmark Loans. Each Borrowing of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice shall specify (1) the requested date of the Borrowing (which shall be a Business Day), (2) the principal amount of Revolving Loans to be borrowed, (3) the Type of Revolving Loans to be borrowed and (4) if applicable, the duration of the Interest Period with respect thereto. Each Swing Line Loan shall be denominated in Dollars and constitute a Base Rate Loan. If the Borrower fails to specify a Type of Revolving Loan in a Committed Loan Notice, then in the case of Revolving Loans, the applicable Revolving Loans shall be made as Base Rate Loans. If the Borrower requests a Borrowing of Benchmark Loans in any such Committed Loan Notice, but fails to specify an Interest Period for such Benchmark Loans, the Borrower 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each applicable Lender of the amount of its Pro Rata Share of the applicable Revolving Loans. In the case of each Borrowing, each Appropriate Lender shall make the amount of its Revolving Loan available to the Administrative Agent in Same Day 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> (or if such Borrowing is on the Closing Date, <u>Section</u> <u>4.01</u>), the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (A) crediting the account of the Borrower on the books of the Administrative Agent with the amount of such funds or (B) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; *provided however*, that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are Swing Line Loans outstanding or Reimbursement Obligations outstanding, then the proceeds of such Borrowing shall be applied, <u>first</u>, to the payment in full of any such Reimbursement Obligations, <u>second</u>, to the payment in full of any such Swing Line Loans and <u>third</u>, to the Borrower as provided above; provided further that, to the extent the Borrower directs the Administrative Agent or the Lenders to remit the proceeds of any Loans hereunder to a Person other than the Borrower, in each such case, the Borrower hereby acknowledges and agrees that (x) all Loans constitute direct obligations of the Borrower, (y) all Loans are made for the account of the Borrower and (z) the deposit of the proceeds of the Loans as so provided directly benefits the Borrower. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Article III shall apply to such Affiliate to the same extent as

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to such Lender); <u>provided</u>, that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The failure of any Lender to make the Revolving Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Revolving Loan on the date of such Borrowing, but the Commitments of the Lenders are several and no Lender shall be responsible for the failure of any other Lender to make the Revolving Loan to be made by such other Lender on the date of any Borrowing.

SECTION 2.03 <u>Swing</u> <u>Line</u> <u>Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions set forth herein, from time to time during the Revolving Commitment Period, the Swing Line Lender may agree, but shall have no obligation, to make Swing Line Loans in Dollars to the Borrower, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swing Line Loans exceeding the Swing Line Sublimit, (ii) the Swing Line Lender's Revolving Exposure exceeding its Revolving Commitment, or (iii) the Total Utilization of Revolving Commitments exceeding the aggregate Revolving Commitments; provided that the Swing Line Lender shall not be required to make a Swing Line Loan to refinance an outstanding Swing Line Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swing Line Loans. To request a Swing Line Loan, the Borrower shall submit a written notice to the Administrative Agent of such request by fax or through any electronic system or an Approved Borrower Portal, in each case, if arrangements for doing so have been approved by the Administrative Agent, not later than 12:00 noon on the day of a proposed Swing Line Loan. Each such notice shall be in a form approved by the Administrative Agent, shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swing Line Loan. The Administrative Agent will promptly advise the Swing Line Lender of any such notice received from the Borrower. The Swing Line Lender shall make each Swing Line Loan available to the Borrower, to the extent the Swing Line Lender elects to make such Swing Line Loan, by means of a credit to the account specified by the Borrower in the applicable request (or, in the case of a Swing Line Loan made to finance the reimbursement of a Letter of Credit Disbursement as provided in <u>Section</u> <u>2.04(e)</u>, by remittance to the applicable Issuing Bank, and in the case of repayment of another Loan or fees or expenses as provided by Section 2.14, by remittance to the Administrative Agent to be distributed to the applicable Lenders) by 2:00 p.m. on the requested date of such Swing Line Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Swing Line Lender may by written notice given to the Administrative Agent require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swing Line Loans outstanding. Such notice shall specify the aggregate amount of Swing Line Loans in which the Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Lender's Pro Rata Share of such Swing Line Loan or Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by 11:00 a.m. on a Business Day, no later than 4:00 p.m. on such Business Day, and if received after 11:00 a.m., "on a Business Day" shall mean no later than 9:00 a.m., New York City time on the immediately succeeding Business Day), to pay to the Administrative Agent in dollars, for the account of the Swing Line Lender, such Lender's Pro Rata Share of such Swing Line Loan or Loans. Each Revolving Lender acknowledges and agrees that its obligations to acquire participations in Swing Line Loans pursuant to this paragraph and to make payments in respect of such acquired participations are absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender shall comply with its obligation under this paragraph by wire transfer in dollars of

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immediately available funds, in the same manner as provided in Section 2.02 with respect to Revolving Loans made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Swing Line Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swing Line Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swing Line Loan shall be made to the Administrative Agent and not to the Swing Line Lender. Any amounts received by the Swing Line Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swing Line Loan after receipt by the Swing Line Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments pursuant to this paragraph and to the Swing Line Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swing Line Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swing Line Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Swing Line Lender may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Swing Line Lender and the successor Swing Line Lender. The Administrative Agent shall notify the Revolving Lenders of any such replacement of the Swing Line Lender. At the time any such replacement shall become effective, the Borrower shall pay all unpaid interest accrued for the account of the replaced Swing Line Lender pursuant to <u>Section 2.10</u>. From and after the effective date of any such replacement, (x) the successor Swing Line Lender shall have all the rights and obligations of the replaced Swing Line Lender under this Agreement with respect to Swing Line Loans made thereafter and (y) references herein to the term "Swing Line Lender" shall be deemed to refer to such successor or to any previous Swing Line Lender, or to such successor and all previous Swing Line Lenders, as the context shall require. After the replacement of the Swing Line Lender hereunder, the replaced Swing Line Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Swing Line Lender under this Agreement with respect to Swing Line Loans made by it prior to its replacement, but shall not be required to make additional Swing Line Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the appointment and acceptance of a successor Swing Line Lender, the Swing Line Lender may resign as Swing Line Lender at any time upon thirty (30) days' prior written notice to the Administrative Agent, the Borrower and the Revolving Lenders, in which case, the Swing Line Lender shall be replaced in accordance with <u>Section 2.03(c)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments Directly</u> <u>to Swing Line Lender</u>. Except as otherwise expressly provided herein, the Borrower shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender.

SECTION 2.04 <u>Issuance</u> <u>of</u> <u>Letters</u> <u>of</u> <u>Credit</u> <u>and</u> <u>Purchase</u> <u>of</u> <u>Participations</u> <u>Therein</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. Subject to the terms and conditions set forth herein, the Borrower may request any Issuing Bank to issue, and any Issuing Bank may agree to issue, Letters of Credit denominated in dollars, or such other currency subject to the terms set forth in <u>Section 1.09</u>, with the Borrower as the applicant thereof for the support of its or its Subsidiaries' obligations, in a form reasonably acceptable to the applicable Issuing Bank, at any time and from time to time during the Availability Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Issuance, Amendment, Extension; Certain Conditions</u>. To request the issuance of a Letter of Credit (or the amendment or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or fax (or transmit through any electronic system or an Approved Borrower Portal, in each case, if arrangements for doing so have been approved by the applicable Issuing Bank) to the applicable

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Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment or extension, but in any event no less than three (3) Business Days) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended or extended, and specifying the date of issuance, amendment or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the currency of such Letter of Credit, the name and address of the beneficiary thereof, and such other information as shall be necessary to prepare, amend or extend such Letter of Credit. In addition, as a condition to any such Letter of Credit issuance, the Borrower shall have entered into a continuing agreement (or other letter of credit agreement) for the issuance of letters of credit and/or shall submit a letter of credit application, in each case, as required by the applicable Issuing Bank and using such Issuing Bank's standard form (each, a <u>"Letter</u> <u>of</u> <u>Credit</u> <u>Agreement</u>"). In the event of any conflict between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Agreement, the terms and conditions of this Agreement shall control. If the applicable Issuing Bank agrees to issue, amend or extend any Letter of Credit, such Letter of Credit shall be issued, amended or extended only if (and upon issuance, amendment or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension (i) the aggregate Letter of Credit Usage shall not exceed the Letter of Credit Sublimit, (ii) no Lender's Revolving Exposure shall exceed its Revolving Commitment and (iii) the Total Usage of Revolving Commitments shall not exceed the aggregate Revolving Commitments. Notwithstanding the foregoing or anything to the contrary contained herein, no Issuing Bank shall be obligated to issue or modify any Letter of Credit if, immediately after giving effect thereto, the outstanding Letter of Credit Usage in respect of all Letters of Credit issued by such Person and its Affiliates would exceed such Issuing Bank's Issuing Bank Sublimit. Without limiting the foregoing and without affecting the limitations contained herein, it is understood and agreed that the Borrower may from time to time request that an Issuing Bank issue Letters of Credit in excess of its individual Issuing Bank Sublimit in effect at the time of such request, and each Issuing Bank agrees to consider any such request in good faith. Any Letter of Credit so issued by an Issuing Bank in excess of its individual Issuing Bank Sublimit then in effect shall nonetheless constitute a Letter of Credit for all purposes of this Agreement, and shall not affect the Issuing Bank Sublimit of any other Issuing Bank, subject to the limitations set forth in clauses (i) through (iii) of this Section 2.04(b). No Issuing Bank shall be under any obligation to issue, amend or extend 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing, amending or extending such Letter of Credit, or request that the Issuing Bank refrain from issuing, amending or extending such Letter of Credit, or any applicable Law relating to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, the issuance, amendment or extension of letters of credit generally or such Letter of Credit in particular, or any such order, judgment, decree, Law, request or directive shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital or liquidity requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense that was not applicable on the Closing Date and that the Issuing Bank in good faith deems material to it; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the issuance, amendment or extension of such Letter of Credit would violate one or more policies of the Issuing Bank applicable to letters of credit generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Expiration Date</u>. Each Letter of Credit shall expire (or be subject to termination or non- extension by notice from the applicable Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any extension of the expiration thereof, including, without limitation, any automatic extension

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provision, one year after such extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date for the Revolving Facility; provided that any Letter of Credit may provide for the extension thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (ii) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Participations</u>. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount or extending the term thereof) and without any further action on the part of the applicable Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender's Pro Rata Share of the aggregate amount available to be drawn under such Letter of Credit in the same currency of such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the applicable Issuing Bank, such Lender's Pro Rata Share of each Letter of Credit Disbursement made by each Issuing Bank in the currency of such Letter of Credit Disbursement and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason, including after the Maturity Date for the Revolving Facility. Each Revolving Lender acknowledges and agrees that its obligations to acquire participations pursuant to this paragraph in respect of Letters of Credit and to make payments in respect of such acquired participations are absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reimbursement</u>. If any Issuing Bank shall make any Letter of Credit Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such Letter of Credit Disbursement by paying to the Administrative Agent an amount equal to such Letter of Credit Disbursement not later than 12:00 noon on (i) the Business Day that the Borrower receives notice of such Letter of Credit Disbursement, if such notice is received prior to 9:00 a.m. on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is received after 10:00 a.m. on the day of receipt; provided that, if such Letter of Credit Disbursement is greater than or equal to $1,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 or 2.04 that such payment be financed with a Base Rate Revolving Borrowing or a Swing Line Loan in an equivalent amount of such Letter of Credit Disbursement and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Borrowing or Swing Line Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable Letter of Credit Disbursement, the payment then due from the Borrower in respect thereof, and such Lender's Pro Rata Share thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Pro Rata Share of the payment then due from the Borrower, in the applicable currency and in the same manner as provided in Section 2.02 with respect to Loans made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank, as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any Letter of Credit Disbursement (other than the funding of Revolving Loans or a Swing Line Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such Letter of Credit Disbursement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligations Absolute</u>. The Borrower's obligation to reimburse Letter of Credit Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein or herein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) any payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower's obligations hereunder. None of the Administrative Agent, the Revolving Lenders or any Issuing Bank, or any of their respective Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit, or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, document, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising from causes beyond the control of any Issuing Bank; provided that the foregoing shall not be construed to excuse an Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of an Issuing Bank (as finally determined by a non appealable judgment of a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disbursement</u> <u>Procedures</u>. The Issuing Bank for any Letter of Credit shall, within the time allowed by applicable law or the specific terms of such Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly after such examination notify the Administrative Agent and the Borrower by telephone (confirmed by fax or through electronic systems) of such demand for payment and whether the Issuing Bank has made or will make a Letter of Credit Disbursement thereunder; provided that such notice need not be given prior to payment by any Issuing Bank and any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the applicable Issuing Bank and the Revolving Lenders with respect to any such Letter of Credit Disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interim Interest</u>. If the Issuing Bank shall make any Letter of Credit Disbursement, then, unless the Borrower shall reimburse such Letter of Credit Disbursement in full on the date such Letter of Credit Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Letter of Credit Disbursement is made to but excluding the date that the Borrower reimburses such Letter of Credit Disbursement, at the rate per annum then applicable to Base Rate Revolving Loans and such interest shall be due and payable on the date when such reimbursement is due; provided that, if the Borrower fails to reimburse such Letter of Credit Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.09(c) shall apply. Interest accrued pursuant to this paragraph shall be for the

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account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Replacement and Resignation of the Issuing Bank</u>. Any Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.10. From and after the effective date of any such replacement, (x) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (y) references herein to the term "Issuing Bank" shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit or extend or otherwise amend any existing 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Issuing Bank at any time upon thirty (30) days' prior written notice to the Administrative Agent, the Borrower and the Revolving Lenders, in which case, such resigning Issuing Bank shall be replaced in accordance with Section 2.04(i)(i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Collateralization</u>. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with Letter of Credit Usage representing greater than 50% of the aggregate Letter of Credit Usage) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the "**LC Collateral Account**"), an amount in cash in dollars equal to 103% of the amount of the Letter of Credit Usage as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to Holdings or the Borrower described in Section 9.01(f). The Borrower also shall deposit cash collateral in accordance with this paragraph as and to the extent otherwise required under this Agreement. Each such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Obligations. In addition, and without limiting the foregoing or paragraph (c) of this Section, if any Letter of Credit Usage remains outstanding after the expiration date specified in said paragraph (c), the Borrower shall immediately deposit into the LC Collateral Account an amount in cash equal to 103% of such Letter of Credit Usage as of such date plus any accrued and unpaid interest thereon. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the LC Collateral Account and the Borrower hereby grants the Administrative Agent a security interest in the LC Collateral Account and all moneys or other assets on deposit therein or credited thereto. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower's risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for Letter of Credit Disbursements for which it has not been reimbursed, together with related fees, costs, and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction of the Reimbursement Obligations of the Borrower for the Letter of Credit Usage at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with Letter of

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Credit Usage representing greater than 50% of the aggregate Letter of Credit Usage), be applied to satisfy other Obligations. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all such Events of Default have been cured or waived as confirmed in writing by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuing</u> <u>Bank Reports</u> <u>to</u> <u>the</u> <u>Administrative</u> <u>Agent</u>. In the event Antares Capital LP is not the only Issuing Bank, and unless otherwise agreed by the Administrative Agent, each Issuing Bank other than Antares Capital LP shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent (i) periodic activity (for such period or recurrent periods as shall be requested by the Administrative Agent) in respect of Letters of Credit issued by such Issuing Bank, including all issuances, extensions and amendments, all expirations and cancelations and all disbursements and reimbursements, (ii) reasonably prior to the time that such Issuing Bank issues, amends or extends any Letter of Credit, the date of such issuance, amendment or extension, and the stated amount of the Letters of Credit issued, amended or extended by it and outstanding after giving effect to such issuance, amendment or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on which such Issuing Bank makes any Letter of Credit Disbursement, the date and amount of such Letter of Credit Disbursement, (iv) on any Business Day on which the Borrower fails to reimburse an Letter of Credit Disbursement required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount of such Letter of Credit Disbursement, and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Letters of Credit Issued for Account of Subsidiaries</u>. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the "account party," "applicant," "customer," "instructing party," or the like of or for such Letter of Credit, and without derogating from any rights of the applicable Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the applicable Issuing Bank hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued solely for the account of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such Letter of Credit. The Borrower hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and that the Borrower's business derives substantial benefits from the businesses of such Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<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 available to be drawn at such time; provided that with respect to any Letter of Credit that, by its terms, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time. 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 Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of 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) or similar terms in the governing rules or laws or of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be "outstanding" and "undrawn" in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain in full force and effect until the Issuing Banks

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and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit.

SECTION 2.05 <u>Conversion/Continuation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each conversion of Loans from one Type to another, and each continuation of Benchmark Loans shall be made upon the Borrower's irrevocable notice to the Administrative Agent, which may only be given in writing by delivery of a Conversion/Continuation Notice. Each such Conversion/Continuation Notice must be received by the Administrative Agent not later than 12:00 p.m. on the requested date of any conversion of Benchmark Loans to Base Rate Loans and not later than 1:00 p.m. three (3) U.S. Government Securities Business Days prior to the requested date of continuation of any Benchmark Loans or any conversion of Base Rate Loans to Benchmark Loans. Each notice by the Borrower pursuant to this <u>Section</u> <u>2.05(a)</u> must be delivered to the Administrative Agent in the form of a Conversion/Continuation Notice, appropriately completed and signed by a Responsible Officer of the Borrower or through an Approved Borrower Portal if arrangements for doing so have been approved by the Administrative Agent; provided that, if such Conversion/Continuation Notice is submitted through an Approved Borrower Portal, the foregoing signature requirement may be waived at the sole discretion of the Administrative Agent. Each conversion to or continuation of Benchmark Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Conversion/Continuation Notice shall specify (i) whether the Borrower is requesting a conversion of Loans from one Type to the other, or a continuation of Benchmark Loans, (ii) the requested date of the conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be converted or continued, (iv) the Class of Loans to be converted or continued, (v) the Type of Loans to which such existing Loans are to be converted, if applicable, and (vi) if applicable, the duration of the Interest Period with respect thereto. If with respect to any Benchmark Loans, the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be converted to Base Rate Loans. Any such automatic conversion or continuation pursuant to the immediately preceding sentence shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Benchmark Loans. If the Borrower requests a conversion to, or continuation of Benchmark Loans in any such Conversion/Continuation 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, prior to a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Reference Rate, in no event shall the Borrower be permitted to request an RFR Loan pursuant to this Agreement (it being understood and agreed that Adjusted Daily Simple SOFR shall only apply to the extent provided in Sections 3.03(a) and 3.03(f)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein, a Benchmark Loan may be continued or converted only on the last day of an Interest Period for such Benchmark Loan. Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent or the Required Lenders may require by notice to the Borrower that no (i) Loans denominated in Dollars may be converted to or continued as Benchmark Loans and (ii) unless repaid, (A) each Benchmark Loan shall be converted to a Base Rate Loan at the end of the Interest Period applicable thereto and (B) each RFR Borrowing shall be converted to a Base Rate Borrowing immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to (i) elect an Interest Period for Benchmark Loans if the Interest Period requested with respect thereto would end after the Maturity Date applicable to such Class of Borrowings, (ii) convert any Borrowing to a Borrowing of a Type not available under the Class of Commitments pursuant to which such Borrowing was made or (iii) prior to a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR, elect Adjusted Daily Simple SOFR pursuant to this Section 2.05 (it

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being understood and agreed that Adjusted Daily Simple SOFR shall only apply to the extent provided in Sections 3.03(a) and 3.03(f)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;This Section shall not apply to Swing Line Borrowings, which may not be converted or continued.

SECTION 2.06 <u>Availability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender's Pro Rata Share of such Borrowing, the Administrative Agent may assume that such Lender has made such Pro Rata Share available to the Administrative Agent on the date of such Borrowing, and the Administrative Agent may, in reliance upon (among other things) such assumption, make available to the Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available, then, to the extent that such Lender shall not have made such portion available to the Administrative Agent, each of such Lender and the Borrower severally agrees to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent at (a) in the case of the Borrower, the interest rate applicable at the time to the applicable Loans comprising such Borrowing and (b) in the case of such Lender, the greater of the NYFRB 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 accordance with the foregoing. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this <u>Section</u> <u>2.06</u> shall be conclusive in the absence of manifest error. If the 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 the Borrower the amount of such interest paid by the 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 applicable Loan included in such Borrowing; <u>provided</u>, that any interest received from the Borrower by the Administrative Agent during the period beginning when Administrative Agent funded the Borrowing until such Lender pays such amount shall be solely for the account of the Administrative Agent. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this <u>Section 2.06</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

SECTION 2.07 <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may, upon notice to the Administrative Agent in the form of a Prepayment Notice (and, in the case of prepayment of a Swing Line Loan, the Swing Line Lender) by fax or through any electronic system or an Approved Borrower Portal, in each case, if arrangements for doing so have been approved by the Administrative Agent (and, in the case of a prepayment of a Swing Line Loan, the Swing Line Lender), at any time or from time to time, voluntarily prepay the Loans in whole or in part without premium or penalty, subject to <u>clause</u> <u>(D)</u> below; *provided* 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;such Prepayment Notice must be received by the Administrative Agent (1) not later than 1:00 p.m. three (3) U.S. Government Securities Business Days prior to any

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date of prepayment of Benchmark Loans, (2) not later than 1:00 p.m. one (1) Business Day prior to any date of prepayment of Base Rate Loans, (3) not later than 1:00 p.m. one (1) Business Day prior to any date of prepayment of Swing Line Loans and (4) not later than 1:00 p.m. five (5) U.S. Government Securities Business Days prior to any date of prepayment of RFR Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any prepayment of Benchmark Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount thereof then outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any prepayment of Base Rate Loans or RFR Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount thereof then outstanding; 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)&nbsp;&nbsp;&nbsp;&nbsp;any such prepayment of Initial Term Loans or Delayed Draw Term Loans made on or prior to the date that is twelve (12) months after the Closing Date shall be accompanied by the payment of the fee described in <u>Section 2.11(f)</u>, if applicable.

Each Prepayment Notice shall specify the date (which shall be a Business Day) and amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid, and the payment amount specified in each Prepayment Notice shall be due and payable on the date specified therein. The Administrative Agent will promptly notify each Appropriate Lender of its receipt of a Prepayment Notice and of the amount of such Lender's Pro Rata Share of such prepayment; <u>provided</u>, that "non-consenting" Lenders may be repaid on a non-pro rata basis in connection with an Extension Offer or a Refinancing Amendment. Any prepayment of Loans shall be subject to <u>Section</u> <u>2.07(c)</u>. Revolving Loans, Incremental Revolving Loans and Swing Line Loans prepaid pursuant to this <u>subsection</u> <u>(a)</u> may be reborrowed, subject to the terms and conditions 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Agreement, the Borrower may rescind, in whole or in part, any notice of prepayment under <u>Section</u> <u>2.07(a)(i)</u>, if such prepayment would have resulted from a refinancing of all or a portion of the applicable Facility which refinancing shall not be consummated or shall otherwise be delayed.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The amount of any voluntary prepayment of Term Loans of any Class shall be applied to scheduled principal payments due with respect to such Term Loans following such prepayment (including any amortization payments) in a manner determined by the Borrower and notified to the Administrative Agent, and absent notice of such determination being given to the Administrative Agent, in direct order of maturity of such principal payments. The amount of any voluntary prepayment Revolving Loans or Swing Line Loans shall be applied ratably to the Loans included in such prepaid Borrowing.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in any Loan Document to the contrary (including <u>Section</u> <u>2.15</u>) as an alternative to any ability to make an assignment that may be permitted by the Loan Documents, the Borrower may voluntarily prepay Term Loans of one or more Classes below par on a non*-pro rata* basis in accordance with the auction procedures set forth on <u>Exhibit</u> <u>L</u> to the extent such auction is offered on market terms to all of the Lenders of the affected Classes in accordance with their Pro Rata Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Mandatory</u>.

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Excess Cash Flow</u>. Commencing with the first full fiscal year ending after the Closing Date, within five (5) Business Days after financial statements have been delivered or are required to be delivered pursuant to <u>Section</u> <u>6.01(a)</u> and the related Compliance Certificate has been delivered or is required to be delivered pursuant to <u>Section</u> <u>6.02(a),</u> in each case, commencing with the first full fiscal year of Holdings ending after the Closing Date, the Borrower shall, subject to <u>Section</u> <u>2.07(b)(v)</u> and <u>Section</u> <u>2.07(b)(vi)</u>, prepay an aggregate principal amount of Initial Term Loans and any other Term Loans (unless such prepayment is not required pursuant to the terms of such other Term Loans) equal to,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the ECF Prepayment Percentage of Excess Cash Flow, if any, for the fiscal year covered by such financial statements, *<u>minus</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;(B)&nbsp;&nbsp;&nbsp;&nbsp;the sum of,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;all voluntary prepayments of Term Loans and other Pari Passu Lien Debt (including (a) cash payments "yank-a-bank" and similar provisions (to the extent the applicable debt is retired) and (b) prepayments of Loans held by Disqualified Lenders) to the extent not funded with the proceeds of any Funded Debt (other than revolver draws) of a Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;all voluntary payments and prepayments of Revolving Loans and any other revolving facility that is secured on a *pari passu* lien basis to the Revolving Facility, in each case to the extent accompanied by a corresponding permanent reduction in commitments and made with Internally Generated Cash and not funded with the proceeds of any Funded Debt (other than revolver draws) of a Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of any amounts used to reduce Excess Cash Flow, the amount of Permitted Investments and Capital Expenditures (in each case, including costs and expenses related thereto), made by the Borrower or any Restricted Subsidiary during such period with Internally Generated Cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate consideration required to be paid in cash by the Borrower or any Restricted Subsidiary during the immediately following fiscal year pursuant to binding contracts, commitments, or binding purchase orders entered into prior to or during such period relating to Permitted Acquisitions (or Permitted Investments similar to those made for Permitted Acquisitions), Capital Expenditures or acquisitions of intellectual property to be consummated, in each case, to the extent not funded with the proceeds of any Funded Debt (other than revolver draws) of a Loan Party; *provided* that, to the extent the aggregate amount actually utilized to finance such Permitted Acquisitions (or Permitted Investments similar to those made for Permitted Acquisitions), Capital Expenditures or acquisitions of intellectual property during any period is less than the consideration that reduced Excess Cash Flow for the prior period, the amount of such shortfall shall be added to the calculation of Excess Cash Flow for such period; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(V)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of any amounts used to reduce Excess Cash Flow, the amount of (a) retention payments, (b) payments of any earn-outs and (c) Restricted Payments pursuant to <u>Section</u> <u>7.06(h)(i)</u> <u>–</u> <u>(iii)</u> actually paid during such period;

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in each case, (I) during such fiscal year or, at the election of the Borrower, following the end of such fiscal year and prior to the date of such payment (*provided* that, with respect to any such amount following the end of such fiscal year, such amount is not included in any calculation of Excess Cash Flow or otherwise pursuant to this <u>Section</u> <u>2.07(b)(i)</u> for the subsequent fiscal year) and (II) to the extent not included in any determination of Excess Cash Flow for any fiscal year; *provided* 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;no such payment shall be required if such amount is equal to or less than the greater of $20,000,000 and 15% of TTM Consolidated Adjusted EBITDA (the "**Minimum ECF Sweep**") and only amounts in excess of such minimum will be subject to the repayment provisions of this <u>Section 2.07(b)(i)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;if such payment is less than the Minimum ECF Sweep, the amount by which such payment is less than the Minimum ECF Sweep shall be carried forward to the succeeding fiscal year to be deducted from the amount required to be prepaid pursuant to this <u>Section 2.07(b)(i)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;if at the time that any such prepayment would be required, the Borrower is required to repay or repurchase or to offer to repurchase or repay Pari Passu Lien Debt pursuant to the terms of the documentation governing such Indebtedness with all or a portion of such Excess Cash Flow (such Pari Passu Lien Debt required to be repaid or repurchased or to be offered to be so repaid or repurchased, "**Other Applicable ECF Indebtedness**"), then the Borrower may apply such Excess Cash Flow on a *pro rata* basis to the prepayment of the Term Loans and to the repayment or re-purchase of Other Applicable ECF Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section</u> <u>2.07(b)(i)</u> shall be reduced accordingly (for purposes of this proviso *pro rata* basis shall be determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable ECF Indebtedness at such time, with it being agreed that the portion of Excess Cash Flow allocated to the Other Applicable ECF Indebtedness shall not exceed the amount of such Excess Cash Flow required to be allocated to the Other Applicable ECF Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such net proceeds shall be allocated to the Term Loans in accordance with the terms hereof); provided that, to the extent any holder of Other Applicable ECF Indebtedness declines any such prepayment of such Other Applicable ECF Indebtedness, such declined amount shall be use to pay the Term Loans in accordance with this Section 2.07(b)(i).

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Asset</u> <u>Sales;</u> <u>Casualty</u> <u>Events</u>. If Holdings, the Borrower or any other Loan Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Disposes of any property or assets pursuant to the General Asset Sale Basket, 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)&nbsp;&nbsp;&nbsp;&nbsp;any Casualty Event occurs with respect to property or assets,

which, in either case, results in the receipt by Holdings, the Borrower or such other Loan Party of Net Cash Proceeds, the Borrower shall prepay on or prior to the date which is five (5) Business Days after the date of the receipt of such Net Cash Proceeds, subject to <u>Section</u> <u>2.07(b)(v)</u> and <u>Section</u> <u>2.07(b)(vi)</u>, an aggregate principal amount of Initial Term Loans and any other Term Loans (unless such prepayment is not required pursuant to the terms of such other Term Loans) equal to 100% of such Net Cash Proceeds realized or received; *provided* that no such payment shall be required if such amount is equal to or less than the greater

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of $20,000,000 and 15% of TTM Consolidated Adjusted EBITDA per fiscal year and only amounts in excess of such minimum will be subject to the repayment provisions of this <u>Section</u> <u>2.07(b)(ii)</u> and any amounts of such annual threshold not applied in any fiscal year shall be carried forward to the next succeeding fiscal year (provided that the annual threshold amount for a given year shall be used prior to any rollover amount from a prior year); <u>provided</u>*,* further that if at the time that any such prepayment would be required, the Borrower is required to repay or repurchase or to offer to repurchase or repay Pari Passu Lien Debt pursuant to the terms of the documentation governing such Indebtedness with the proceeds of such Disposition or Casualty Event (such Pari Passu Lien Debt required to be repaid or repurchased or to be offered to be so repaid or repurchased, "**Other Applicable Indebtedness**"), then the Borrower may apply such Net Cash Proceeds on a *pro rata* basis to the prepayment of the Term Loans and to the repayment or repurchase of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section</u> <u>2.07(b)(ii)</u> shall be reduced accordingly (for purposes of this proviso *pro rata* basis shall be determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time, with it being agreed that the portion of such net proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such net proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such net proceeds shall be allocated to the Term Loans in accordance with the terms hereof); provided further that, to the extent any holder of Other Applicable Indebtedness declines any such prepayment of such Other Applicable Indebtedness, such declined amount shall be used to pay the Term Loans in accordance with this <u>Section 2.07(b)(ii)</u>; <u>provided</u>*,* further that no prepayment shall be required pursuant to this <u>Section</u> <u>2.07(b)(ii)</u> with respect to such portion of such Net Cash Proceeds that the Borrower intends to or may reinvest in accordance with this <u>Section 2.07(b)(ii)</u>.

If any Net Cash Proceeds realized or received in any Disposition or any Casualty Event is subject to the application of the foregoing provisions of this <u>Section</u> <u>2.07(b)(ii)</u>, at the option of the Borrower, so long as no Event of Default shall have occurred and be continuing, the Borrower may (in lieu of making a prepayment pursuant to the foregoing provisions) elect to reinvest (directly, or through one or more of its Restricted Subsidiaries) an amount equal to all or any portion of such Net Cash Proceeds in assets (other than Excluded Assets) used or useful for the business of the Borrower and its Restricted Subsidiaries within eighteen months following receipt of such Net Cash Proceeds or if the Borrower or any of the Restricted Subsidiaries enters into a legally binding commitment to reinvest such Net Cash Proceeds as provided above, within eighteen months following receipt of such Net Cash Proceeds, no later than one hundred and eighty (180) days after the end of such eighteen month period; *provided* that if any portion of such amount is not so reinvested by such dates, subject to <u>Section</u> <u>2.07(b)(v)</u> and <u>Section</u> <u>2.07(b)(vi)</u>, an amount equal to 100% of any such Net Cash Proceeds shall be applied within five (5) Business Days after such dates to the prepayment of the Term Loans and Other Applicable Indebtedness as set forth above.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indebtedness</u>. If any of Holdings, the Borrower or any Restricted Subsidiary incurs or issues any Indebtedness that is not expressly permitted to be incurred or issued pursuant to <u>Section</u> <u>7.03</u>, the Borrower shall prepay an aggregate principal amount of Initial Term Loans and any other Term Loans (unless such prepayment is not required pursuant to the terms of such other Term Loans) equal to 100% of all Net Cash Proceeds received therefrom on or prior to the date which is three (3) Business Days after the receipt of such Net Cash Proceeds; provided that the proceeds of any Refinancing Loans shall be applied as required under <u>Section 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<u>Revolving Loan Repayments</u>. In the event that the Total Utilization of Revolving Commitments shall at any time exceed the Revolving Commitments then in effect, the Borrower shall first, prepay the Swing Line Loans, second, prepay Revolving Loans and third, deposit cash collateral in the LC Collateral Account in an aggregate amount equal to such excess, in accordance with <u>Section 2.04(j)</u>, in each case, in such amounts necessary so that the Total Utilization of the Revolving Commitments does not exceed the aggregate Revolving Commitments.

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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;(v)&nbsp;&nbsp;&nbsp;&nbsp;<u>Application of Payments</u>. (A) Except as may otherwise be set forth in any Refinancing Amendment, Extension Amendment or any Incremental Amendment, each prepayment of Term Loans pursuant to <u>Section</u> <u>2.07(b)(i)</u>, <u>(ii)</u> or <u>(iii)</u> shall be applied ratably to each Class of Term Loans then outstanding, (B) with respect to each Class of Loans (other than Revolving Loans or Swing Line Loans), each prepayment pursuant to <u>clauses</u> <u>(i)</u> through <u>(iii)</u> of this <u>Section</u> <u>2.07(b)</u> shall be applied as directed by the Borrower or absent such direction, applied pro rata to all remaining scheduled installments of principal of such Class of Loans, and (C) each such prepayment shall be paid to the Lenders in accordance with their respective Pro Rata Shares of such prepayment.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign and Tax Considerations</u>. Notwithstanding any other provisions of this <u>Section 2.07(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;to the extent that any or all of the Net Cash Proceeds of any Disposition by a Foreign Subsidiary giving rise to a prepayment event pursuant to <u>Section</u> <u>2.07(b)(ii)</u> (a "**Foreign Disposition**"), the Net Cash Proceeds of any Casualty Event from a Foreign Subsidiary (a "**Foreign Casualty Event**") or Excess Cash Flow of a Foreign Subsidiary are prohibited or delayed by applicable local law from being repatriated to the United States, the portion of such Net Cash Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Term Loans at the times provided in this <u>Section</u> <u>2.07(b)</u> but may be retained by the applicable Foreign Subsidiary so long as the applicable local law will not permit repatriation to the United States; provided that the Loan Parties hereby agree to cause the applicable Foreign Subsidiary to promptly take all commercially reasonable actions (as determined in the Borrower's reasonable business judgment) that are reasonably required by the applicable law to permit such repatriation to a Loan Party, and once a repatriation of any of such affected Net Cash Proceeds is permitted in such year under the applicable law, an amount equal to such Net Cash Proceeds will be promptly (and in any event not later than five (5) Business Days after such repatriation is permitted) applied pursuant to <u>Section 2.07(b)</u> above, 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)&nbsp;&nbsp;&nbsp;&nbsp;to the extent that the Borrower has reasonably determined in good faith that repatriation to the United States of any or all of the Net Cash Proceeds of any Foreign Disposition or any Foreign Casualty Event or any or all of the Excess Cash Flow of a Foreign Subsidiary could be reasonably expected to have material adverse tax consequences (relative to the relevant Foreign Disposition, Foreign Casualty Event or Excess Cash Flow and taking into account any foreign tax credit or benefit actually realized in connection with such repatriation) with respect to such Net Cash Proceeds or Excess Cash Flow, the portion of such Net Cash Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Term Loans at the times provided herein and may instead be retained by the applicable Foreign Subsidiary, in each case, until such time as it may repatriate such amount without incurring such material adverse tax consequences (at which time an amount equal to such Net Cash Proceeds shall be promptly applied to repay the Term Loans in accordance with this <u>Section 2.07(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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall give notice to the Administrative Agent of any mandatory prepayment of the Loans pursuant to <u>Section</u> <u>2.07(b)</u> by 11:00 a.m. at least three (3) Business Days (or such shorter period as reasonably agreed by the Administrative Agent) prior to the date on which such payment is due. Such notice shall state that the Borrower is offering to make or will make such mandatory prepayment on or before the date specified in <u>Section</u> <u>2.07(b)</u>, as the case may be (each, a "**Prepayment Date**"). Once given, such notice shall be irrevocable (*provided* that the Borrower may rescind any notice of prepayment if such prepayment would have resulted from

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a refinancing of all or any portion of the applicable Facility or been made in connection with a Disposition, which refinancing or Disposition shall not be consummated or shall otherwise be delayed) and all amounts subject to such notice shall be due and payable on the Prepayment Date (except as otherwise provided in <u>Section</u> <u>2.07(b)(vi)</u> and in the last sentence of this <u>Section</u> <u>2.07(b)(vii)</u>). Upon receipt by the Administrative Agent of such notice, the Administrative Agent shall immediately give notice to each Lender of the prepayment, the Prepayment Date and of such Lender's Pro Rata Share of the prepayment. Each Lender may elect (in its sole discretion) to decline all (but not less than all) of its Pro Rata Share of any mandatory prepayment pursuant to Sections 2.07(b)(i) and 2.07 (b)(ii) by giving notice of such election in writing to the Administrative Agent by 11:00 a.m., on the date that is one (1) Business Day after the date of such Lender's receipt of notice from the Administrative Agent regarding such prepayment. If a Lender fails to deliver a notice of election declining receipt of its Pro Rata Share of such mandatory prepayment to the Administrative Agent within the time frame specified above, any such failure will be deemed to constitute an acceptance of such Lender's Pro Rata Share of the total amount of such mandatory prepayment of Term Loans. Upon receipt by the Administrative Agent of such notice, the Administrative Agent shall immediately notify the Borrower of such election. Any amount so declined by any Lender shall be retained by the Borrower and the Restricted Subsidiaries and/or applied by the Borrower or any of the Restricted Subsidiaries in any manner not inconsistent with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest, Funding Losses, Etc</u>. All prepayments under this <u>Section</u> <u>2.07</u> shall be accompanied by all accrued interest thereon, together with, in the case of any such prepayment of a Benchmark Loan on a date prior to the last day of an Interest Period therefor, any amounts owing in respect of such Benchmark Loan pursuant to <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Application of Prepayment Amounts</u>. In the event that the obligation of the Borrower to prepay the Loans shall arise pursuant to <u>Section 2.07(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;(i)&nbsp;&nbsp;&nbsp;&nbsp;*first*, the Borrower shall prepay the outstanding principal amount of the Term Loans in the amount of such prepayment obligation within the applicable time periods specified in <u>Section 2.07(b)</u>, with such prepayment to be applied in the manner set forth in <u>Section</u> <u>2.07(b)(v)</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;next to the extent of any excess remaining after the prepayment as provided in the clause(s) above, the Borrower shall prepay the outstanding principal amount of the Swing Line Loans, without a corresponding permanent reduction to the Revolving Commitments;

&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)&nbsp;&nbsp;&nbsp;&nbsp;*next*, to the extent of any excess remaining after the prepayment as provided in the clause(s) above, the Borrower shall prepay the outstanding principal amount of the Revolving Loans, without a corresponding permanent reduction to the Revolving Commitments, 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;*next*, to the extent of any excess remaining after application as provided in the clauses above, the Borrower shall pay any outstanding Reimbursement Obligations, and thereafter the Borrower shall Cash Collateralize the Letter of Credit Usage pursuant to <u>Section 2.04(j)</u>.

Each payment or prepayment pursuant to the provisions of <u>Section</u> <u>2.07(b)</u> shall be applied ratably among the Lenders of each Class holding the Loans being prepaid, in proportion to the principal amount held by each, and shall be applied as among the Term Loans or the Revolving Loans, as the case may be, being prepaid, (A) first, to prepay all Base Rate Loans and (B) second, to the extent of any excess remaining after application as provided in <u>clause (A)</u> above, to prepay all Benchmark Loans (and as among Benchmark Loans, (1) first to prepay those Benchmark Loans, if any, having Interest Periods ending on the date of such prepayment, and (2) thereafter, to the extent of any excess remaining after application as provided in <u>clause</u>

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<u>(1)</u> above, to prepay any Benchmark Loans in the order of the expiration dates of the Interest Periods applicable thereto); <u>provided</u> that, each Term Loan Lender will have the right to reject its pro rata share of any mandatory prepayment relating to excess cash flow or asset sales in accordance with <u>clause (b)(vii)</u> above, in which case amounts so rejected will be retained by the Borrower (with no obligation to repay such loans in the future).

SECTION 2.08 <u>Termination</u> <u>or</u> <u>Reduction</u> <u>of</u> <u>Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional</u>. The Borrower may, upon prior written notice to the Administrative Agent, terminate the unused Commitments of any Class, or from time to time permanently reduce the unused Commitments of any Class, in each case without premium or penalty; *provided* that (i) any such notice shall be received by the Administrative Agent three (3) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of $500,000 in excess thereof or, if less, the entire amount thereof and (iii) the Borrower shall not terminate or reduce (A) the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with <u>Section</u> <u>2.07</u>, the Total Utilization of Revolving Commitments would exceed the total Revolving Commitments or the Revolving Exposure of any Lender would exceed its Revolving Commitment or (B) the Letter of Credit Sublimit if, after giving effect thereto, (1) the Letter of Credit Usage would exceed the Letter of Credit Sublimit or (2) the Letter of Credit Usage with respect to Letters of Credit issued by an applicable Issuing Bank would exceed the amount of such Issuing Bank's Issuing Bank Sublimit or (C) the Swing Line Sublimit, if after giving effect to any concurrent payment of Swing Line Loans in accordance with <u>Section</u> <u>2.07</u>, the Total Utilization of Revolving Commitments with respect to Swing Line Loans would exceed the Swing Line Sublimit. Any reduction of unused Commitments of any Class shall be permanent and shall be effected on a *pro rata* basis. Notwithstanding the foregoing, the Borrower may rescind or postpone any notice of termination of the Commitments if such termination would have resulted from a refinancing of all or a portion of the applicable Facility, which refinancing shall not be consummated or otherwise shall be delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Mandatory.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Initial Term Loan Commitment of each Lender shall be automatically and permanently reduced to $0 upon the making of such Lender's Initial Term Loans on the Closing Date pursuant to <u>Section</u> <u>2.01(a)</u>. The Delayed Draw Commitment of each Lender shall be automatically and permanently reduced (x) by the aggregate principal amount of Delayed Draw Term Loans made from time to time by such Lender pursuant to <u>Section</u> <u>2.01(a)</u> and (y) to $0 upon the Delayed Draw Commitment Termination Date. The Revolving Commitments shall terminate on the Revolving Commitment Termination Date.

&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)&nbsp;&nbsp;&nbsp;&nbsp;If after giving effect to any reduction or termination of Revolving Commitments under this <u>Section</u> <u>2.08</u>, the Letter of Credit Sublimit exceeds the amount of the Revolving Commitments at such time, the Letter of Credit Sublimit shall be automatically reduced by the amount of such excess or the Swing Line Sublimit exceeds the amount of the Revolving Commitments at such time, 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect</u> <u>of Termination</u> <u>or</u> <u>Reduction</u>. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Pro Rata Share of Commitments of such Class.

SECTION 2.09 <u>Repayment</u> <u>of</u> <u>Loans</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Term Loans</u>. The Borrower shall repay to the Administrative Agent for the ratable account of the Initial Term 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;on the last Business Day of each fiscal quarter (commencing with the first full fiscal quarter ending after the Closing Date) an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Initial Term Loans funded on the Closing Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section</u> <u>2.07</u>); *provided* that at the election of the Borrower (A) this <u>clause (i)</u> may be amended, as it relates to any Delayed Draw Term Loans or any Incremental Term Loans, to increase the amortization with respect thereto in connection with the Borrowing of any Delayed Draw Term Loans and/or the Borrowing of any Incremental Term Loans that constitute Pari Passu Lien Debt if and to the extent necessary so that such Delayed Draw Term Loans and/or Incremental Term Loans and the applicable existing Term Loans form the same Class of Term Loans and to the extent possible, a "fungible" tranche, in each case, without the consent of any other party hereto, and (B) such amendments shall not decrease any amortization payment to any Lender that would have otherwise been payable to such Lender prior thereto; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;to the extent Delayed Draw Term Loans are funded, (A) on the last Business Day of each fiscal quarter commencing, in the case of any Borrowing of Delayed Draw Term Loans, with the later of the end of the fiscal quarter in which such Delayed Draw Term Loans were borrowed (unless such funding occurs on the same day on which an amortization payment with respect to the Initial Term Loans is due, in which case such funding of Delayed Draw Term Loans shall be deemed to occur after such payment, and amortization of such Delayed Draw Term Loans funded on such day will commence at the end of the next succeeding quarter) an aggregate principal amount equal to 0.25% of the aggregate principal amount thereof funded on the applicable Delayed Draw Closing Date and (B) on the Maturity Date of the Delayed Draw Term Loans, the aggregate principal amount of all such Delayed Draw Term Loans outstanding on such date; *provided* that (1) this <u>Section</u> <u>2.09(a)(ii)</u> may be amended to modify the amortization with respect to any Delayed Draw Term Loans that comprise part of the same Class as the Initial Term Loans to the extent necessary (including for tax purposes) so that such Delayed Draw Term Loans and the existing Initial Term Loans form the same Class of Term Loans and a "fungible" tranche, in each case, without the consent of any party hereto and (2) such amendments pursuant to the preceding <u>subclause</u> <u>(1)</u> shall not decrease any amortization payment to any Lender that would have otherwise been payable to such Lender prior thereto; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;on the Maturity Date of the Initial Term Loans and any Delayed Draw Term Loans, the aggregate principal amount of all such Term Loans outstanding on such date.

Each repayment of a Term Loan shall be applied ratably to the Loans included in the repaid Term Loans. Repayments of Term Loans shall be accompanied by accrued interest on the amounts repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders the outstanding principal amount of the Revolving Loans on the Revolving Commitment Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall repay to the Swing Line Lender each outstanding Swing Line Loan made by the Swing Line Lender to the Borrower on the earlier to occur of (i) the date that is five (5) Business Days after such Swing Line Loan is made and (ii) the Maturity Date of the Revolving Loans; provided, on each date that a Revolving Loan is made, the Borrower shall repay all Swing Line Loans then outstanding. At any time there shall exist a Defaulting Lender that is a Revolving Lender, within three (3) Business Days of the request of the Swing Line Lender, the Borrower shall repay the outstanding Swing Line Loans made

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by the Swing Line Lender to the Borrower in an amount sufficient to eliminate any Fronting Exposure in respect of the Swing Line Loans.

SECTION 2.10 <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of <u>Section</u> <u>2.10(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;(i)&nbsp;&nbsp;&nbsp;&nbsp;each Benchmark Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate *per annum* equal to the Applicable Benchmark (i.e. for the Initial Term Loans and Revolving Loans on the Closing Date Adjusted Term SOFR) for such Interest Period *<u>plus</u>* the Applicable Rate;

&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)&nbsp;&nbsp;&nbsp;&nbsp;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;

&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)&nbsp;&nbsp;&nbsp;&nbsp;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 Base Rate *<u>plus</u>* the Applicable Rate; 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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;(c)&nbsp;&nbsp;&nbsp;&nbsp;If any amount (other than principal of any Loan) payable by the 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 (or, after the occurrence of an Event of Default under <u>Section 9.01(a)</u> or <u>Section 9.01(f)</u>, automatically and without further action by the Administrative Agent or any Lender) 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;Accrued and unpaid interest on the principal amount of all outstanding past due Obligations (including interest on past due interest) shall be due and payable upon demand (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent or any Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Interest on each Loan shall be due and payable (i) with respect to Base Rate Loans, in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein and, in the case of Revolving Loans and Swing Line Loans, upon termination of the Revolving Commitments and (ii) with respect to Benchmark Loans, at the end of each Interest Period, and, in any event, every three months, in the event of any conversion of any Benchmark Loan prior to the end of the current Interest Period therefor on the effective date of such conversion, and at such other times as may be specified herein and, in the case of Revolving Loans, upon termination of the Revolving Commitments. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding, under any Debtor Relief Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for any Benchmark Loans upon determination of such interest rate. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate only at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. Any determination of the applicable Base Rate, Adjusted Term SOFR, Term SOFR, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;After giving effect to all Borrowings of all Classes, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than ten Interest Periods and RFR Borrowings in effect unless otherwise agreed between the Borrower and the Administrative Agent.

SECTION 2.11 <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall pay to the Agents such fees as shall have been separately agreed upon in writing (including pursuant to the Fee Letter and any other fee letter executed with the Agents or any Affiliates thereof in connection with the Facilities) in the amounts and at the times so specified. Such fees shall be fully earned when due and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrower and the applicable Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay to Lenders having Revolving Exposure:

&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)&nbsp;&nbsp;&nbsp;&nbsp;commitment fees for the period from and including the Closing Date to and including the Revolving Commitment Termination Date, which shall accrue at the Applicable Commitment Fee Rate on the daily amount of the undrawn portion of the Revolving Commitment of such Lender during the period from and including the Closing Date to but excluding the date on which the Lenders' Revolving Commitments terminate; it being understood that the Letter of Credit Usage of a Lender shall be included and the Swing Line Exposure of a Lender shall be excluded in the drawn portion of the Revolving Commitment of such Lender for purposes of calculating the commitment fee; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;letter of credit participation fees with respect to all Letters of Credit (the "**L/C Fee**"), which shall accrue on the daily maximum stated amount then available to be drawn under such Letter of Credit at the same Applicable Rate used to determine the interest rate applicable to Revolving Loans that are Benchmark Loans, during the period from and including the Closing Date to but excluding the later of the date on which such Lender's Revolving Commitment terminates and the date on which such Lender ceases to have any Letter of Credit Usage.

All fees referred to in this <u>Section</u> <u>2.11(b)</u> shall be paid to the Administrative Agent at the Administrative Agent's Office and upon receipt, the Administrative Agent shall promptly distribute to each Lender its Pro Rata Share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay directly to each applicable Issuing Bank, for its own account, the following fees:

&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)&nbsp;&nbsp;&nbsp;&nbsp;a fronting fee equal to 0.125% *per annum <u>times</u>* on the daily maximum stated amount then available to be drawn under each outstanding Letter of Credit issuing by such Issuing

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Bank, during the period from and including the Closing Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any Letter of Credit Usage; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;such documentary and processing charges for any issuance, amendment, transfer or payment of a Letter of Credit as are in accordance with such Issuing Bank's standard schedule for such charges and as in effect at the time of such issuance, amendment, transfer or payment, as the case may be, which fees, costs and charges shall be payable to such Issuing Bank within three (3) Business Days after its demand therefor and are nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;All fees referred to in <u>Section</u> <u>2.11(b)</u> and <u>Section</u> <u>2.11(c)(i)</u> shall be payable quarterly in arrears on the date that is fifteen (15) days after the end of each calendar quarter of each year during the Revolving Commitment Period, commencing with the first calendar quarter ending after the Closing Date, and on the Revolving Commitment Termination Date; *provided* that any such fees accruing after the Revolving Commitment Termination Date shall be payable on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay to the Administrative Agent for its own account the fees payable in the amounts and at the times separately agreed upon as set forth in the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;At the time of the effectiveness of any Repricing Event that is consummated during the period commencing on the Closing Date and ending on the day immediately prior to the date that is twelve (12) months after the Closing Date, the Borrower agrees to pay to the Administrative Agent, for the ratable account of each Lender with Initial Term Loans that are either repaid, converted or subjected to a pricing reduction in connection with such Repricing Event (including each Lender that withholds its consent to such Repricing Event and is replaced as a Non-Consenting Lender under <u>Section</u> <u>3.07</u>), a fee in an amount equal to 1.00% multiplied by the aggregate principal amount of Initial Term Loans (including Delayed Draw Term Loans to the extent funded) that are subject to such Repricing Event. Such fees shall be earned, due and payable upon the date of the effectiveness of such Repricing Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders having unfunded and outstanding Delayed Draw Commitments a fee (the "**Unused DDTL Commitment Fee**") during the Delayed Draw Commitment Period, calculated in an amount equal to:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the average daily balance of the unfunded and outstanding Delayed Draw Commitments, <u>multiplied by</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;(A) 0.50% per annum for the period from the Closing Date through and including the first anniversary of the Closing Date, (b) 1.00% per annum for the period from the first anniversary of the Closing Date through and including the last day of the Delayed Draw Commitment Period.

Subject to the following sentence, such fee shall accrue on unfunded and outstanding Delayed Draw Commitments from and including the last day on which the Unused DDTL Commitment Fee was paid (or if no such payment date has occurred, from and including the Closing Date) and shall be due and payable quarterly in arrears on the last Business Day of each fiscal quarter ending prior to the Delayed Draw Commitment Termination Date, commencing with the last Business Day of the first full fiscal quarter ending after the Closing Date, and shall be payable on the Delayed Draw Commitment Termination Date. The Unused DDTL Commitment Fee also shall be due and payable on each Delayed Draw Closing Date solely to the extent of the Delayed Draw Commitments funded as Delayed Draw Term Loans on such Delayed Draw Closing Date (and such payment shall not affect the accrual of the Unused DDTL Commitment Fee or timing of payment thereof on the remaining unfunded and outstanding Delayed Draw

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Commitments pursuant to the foregoing sentence). The Unused DDTL Commitment Fee provided in this <u>Section</u> <u>2.11(g)</u> shall accrue at all times from and after the Closing Date to but excluding the Delayed Draw Commitment Termination Date.

SECTION 2.12 <u>Computation of Interest and Fees</u>. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day and last day of each period but excluding the date on which the Revolving Commitments terminate). All L/C Fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

SECTION 2.13 <u>Evidence</u> <u>of</u> <u>Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrowings made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as non- fiduciary agent for the Borrower, in each case in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be *prima facie* evidence absent manifest error of the amount of the Borrowings made by the Lenders to the Borrower 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 Borrower 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 accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note payable to such Lender or its registered assigns, which shall evidence the relevant Class of such Lender's Loans 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Entries made in good faith by the Administrative Agent in the Register pursuant to <u>Section</u> <u>2.13(a)</u>, and by each Lender in its account or accounts pursuant to <u>Section</u> <u>2.13(a)</u>, shall be *prima facie* evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; *provided* that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement and the other Loan Documents.

SECTION 2.14 <u>Payments</u> <u>Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All payments to be made by the Borrower shall be made on the date when due, in immediately available funds without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent's Office for payment and in Same Day Funds not later than 1:00 p.m. on the date specified herein, except payments to be made directly to an Issuing Bank or Swing Line Lender as expressly provided herein and except that payments pursuant to Article III and Sections 11.04 and 11.05 shall be made directly to the Persons entitled thereto. All such payments shall be deemed to have been made for all purposes upon receipt by the Administrative Agent subject to the final sentence of this paragraph. The Administrative Agent will promptly distribute to each Appropriate Lender its Pro

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Rata Share (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender's Lending Office; *provided* that the proceeds of any borrowing of Revolving Loans to finance the reimbursement of a drawn Letter of Credit as provided in <u>Section</u> <u>2.04</u> shall be remitted by the Administrative Agent to the applicable Issuing Bank. All payments received by the Administrative Agent after 1:00 p.m. shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. All payments hereunder shall be made in dollars unless otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If any payment to be made by the 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Unless the Borrower has notified the Administrative Agent, prior to the date any payment is required to be made by it to the Administrative Agent hereunder for the account of any Lender or any Issuing Bank, as applicable, that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to such Lender or such Issuing Bank. If and to the extent that such payment was not in fact made to the Administrative Agent in Same Day Funds, then such Lender or such Issuing Bank, as applicable, shall forthwith on demand repay to the Administrative Agent the portion of such assumed payment that was made available to such Lender or such Issuing Bank in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent to such Lender or such Issuing Bank, as applicable, to the date such amount is repaid to the Administrative Agent in Same Day Funds at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;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>Section</u> <u>1.13</u>, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the Borrowing set forth in <u>Article</u> <u>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;(e)&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Lenders hereunder to make Loans, to fund participations in Letters of Credit, to fund participations in Swing Line Loans and to make payments pursuant to <u>Section</u> <u>10.07</u> are several and not joint. The failure of any Lender to make any Loan 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 or purchase its participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;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;(g)&nbsp;&nbsp;&nbsp;&nbsp;Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative Agent and the Lenders in the order of priority set forth in <u>Section</u> <u>9.03</u>. If the Administrative Agent receives funds for application to the Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent may, but shall not be obligated to, elect to distribute such funds to each

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of the Lenders in accordance with such Lender's Pro Rata Share of such of the outstanding Loans or other Obligations then owing to such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;If any Lender shall fail to make any payment required to be made by it pursuant to <u>Section</u> <u>2.03</u>, <u>Section</u> <u>2.04</u>, <u>Section</u> <u>2.06</u>, <u>Section</u> <u>2.15</u> or <u>Section</u> <u>10.07</u>, then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent or the Issuing Banks or the Swing Line Lender, as applicable, to satisfy such Lender's obligations to such Persons until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of <u>clauses</u> <u>(i)</u> and <u>(ii)</u> above, in any order as determined by the Administrative Agent in its discretion.

SECTION 2.15 <u>Sharing of Payments, Etc.</u> If, other than as expressly provided elsewhere herein, any Lender shall obtain payment in respect of any principal of or interest on account of the Loans of a particular Class made by it (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them and/or such sub-participations in the participations Letter of Credit Disbursements held by them and/or such sub-participations in the participations in Swing Line Loans held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of such Loans or such participations, as the case may be, pro rata with each of them; *provided* that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in <u>Section</u> <u>11.06</u> (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each relevant Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender's ratable share (according to the proportion of (i) the amount of such paying Lender's required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. The provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement as in effect from time to time (including Permitted Debt Exchanges, or pursuant to <u>Section</u> <u>2.07(a)(iv)</u> and <u>Section</u> <u>11.07</u>), (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant permitted hereunder or (C) [reserved]. The Borrower consents to the foregoing and agrees that any Lender so purchasing a participation from another Lender may, to the fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff, but subject to <u>Section</u> <u>11.09</u>) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this <u>Section</u> <u>2.15</u> and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this <u>Section</u> <u>2.15</u> shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

SECTION 2.16 <u>Incremental</u> <u>Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. At any time and from time to time, on one or more occasions, the Borrower may by notice to the Administrative Agent, (i) increase the aggregate principal amount of any outstanding tranche of Term Loans or add one or more additional tranches of term loans under the Loan Documents

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(the "**Incremental Term Facilities**" and the term loans made thereunder, the "**Incremental Term Loans**", and commitments to make Incremental Term Loans, "**Incremental Term Commitments**") or (ii) increase the aggregate principal amount of Revolving Commitments (the "**Incremental Revolving Facilities**" and the revolving loans and other extensions of credit made thereunder, the "**Incremental Revolving Loans**" and such additional Revolving Commitments, "**Incremental Revolving Commitments**"; each such increase or tranche pursuant to <u>clauses</u> <u>(i)</u> and <u>(ii)</u>, an "**Incremental Facility**" and the loans or other extensions of credit made thereunder, the "**Incremental Loans**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Ranking</u>. Incremental Term Facilities (i) may rank either *pari passu* or junior in right of payment with the Initial Facilities, and (ii) may either be unsecured, secured by a Permitted Lien on the Collateral (including by Liens on the Collateral that are *pari passu* with Liens that secure any of the Facilities, or by Liens on the Collateral that are junior in priority to Liens that secure any of the Facilities) or secured by Liens on assets not constituting Collateral. The terms of Incremental Revolving Facilities and Incremental Revolving Loans shall be identical to the terms of the then existing Revolving Commitments and Revolving Loans (and, for the avoidance of doubt, evidenced by this Agreement) and shall be combined as a single ratable tranche with the then existing Revolving Commitments and Revolving Loans. Any Incremental Term Facility in the form of (x) Pari Passu Lien Debt shall require the lenders or representative of such lenders thereunder to execute an Equal Priority Intercreditor Agreement and (y) Junior Lien Debt shall require the lenders or representative of such lenders thereunder to execute a Junior Lien Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Size and Currency</u>. After giving effect thereto (and assuming that all Incremental Revolving Commitments and Incremental Term Commitments included in the applicable Incremental Facility are fully drawn), the sum of the total of the Incremental Revolving Commitments, Incremental Term Loan Commitments and Incremental Term Loans incurred during the term of this Agreement, together with the aggregate principal amount of Incremental Equivalent Debt (including commitments in respect thereof) outstanding on such date, will not exceed, an amount equal to,

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Fixed Incremental Amount, *<u>plus</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Ratio Amount

(as of any date of measurement, the sum of the Fixed Incremental Amount and the Ratio Amount on such date, the "**Incremental Amount**"); *provided* that, in the case of any Indebtedness under any Incremental Facility in the form of delayed draw term loans, the aggregate principal amount of such facilities actually drawn on any subsequent date on which such Indebtedness is actually funded may not exceed the then- available Incremental Amount as of such date. Calculation of the Incremental Amount shall be made on Pro Forma Basis and evidenced by a certificate from a Responsible Officer of the Borrower demonstrating such calculation in reasonable detail. Calculation of the Incremental Amount shall be made on Pro Forma Basis and evidenced by a certificate from a Responsible Officer of the Borrower demonstrating such calculation in reasonable detail. In the case of any Incremental Term Facility that constitutes a delayed draw term loan facility, (i) the calculation regarding whether such incurrence is permitted shall be tested at the time of funding of such Incremental Term Facility and (ii) unfunded commitments thereunder shall be disregarded under the relevant voting provisions. Each Incremental Facility is being incurred pursuant to <u>clauses (i)</u> or <u>(ii)</u> above or a combination of such clauses. Each Incremental Facility will be in an integral multiple of $1,000,000 and in an aggregate principal amount that is not less than $5,000,000 (or such lesser minimum amount approved by the Administrative Agent in its reasonable discretion); *provided* that such amount may be less than such minimum amount or integral multiple amount if such amount represents all the remaining availability under the Incremental Amount at such time. Any Incremental Facility may be denominated in Dollars or in any Alternative Currency (and in the case of any Alternative Currency, the Dollar Amount thereof as of the date of incurrence (or, in the case of an LCT Election, as of the applicable

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LCT Test Date) shall be controlling for purposes of determining compliance with the Incremental Amount, and the minimum amount and integral multiples shall be a Dollar Amount of $5,000,000 or $1,000,000, respectively (or, in each case, such lesser minimum amount approved by the Administrative Agent in its reasonable discretion)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Incremental Lenders</u>. Incremental Facilities may be provided by any existing Lender (it being understood that no existing Lender shall have an obligation to make, or provide commitments with respect to, an Incremental Loan) (provided that each Lender participating in an Incremental Revolving Facility shall be subject to the approvals of the Administrative Agent, the Swing Line Lender and/or the Issuing Banks to the extent provided in the proviso to the penultimate sentence of this paragraph) or by any Additional Lender. While existing Lenders may (but are not obligated to unless invited to and so elect) participate in any syndication of an Incremental Facility and may (but are not obligated to unless invited to and so elect) become lenders with respect thereto, the existing Lenders will not have any right to participate in any syndication of, and will not have any right of first refusal or other right to provide all or any portion of, any Incremental Facility or Incremental Loan except to the extent the Borrower and the arrangers thereof, if any, in their discretion, chose to invite or include any such existing Lender (which may or may not apply to all existing Lenders and may or may not be pro rata among existing Lenders). Final allocations in respect of Incremental Facilities will be made by the Borrower together with the arrangers thereof, if any, in their discretion, on the terms permitted by this <u>Section</u> <u>2.16</u>; *provided* that, notwithstanding any of the foregoing, the lenders providing the Incremental Facilities (including any Lender or Additional Lender) will be reasonably acceptable to (i) the Borrower, (ii) the Administrative Agent and (iii) solely with respect to any Incremental Revolving Facility, each Issuing Bank and the Swing Line Lender (except that, in the case of clauses (ii) and (iii), only to the extent such Person otherwise would have a consent right to an assignment of such loans or commitments to such lender, such consent not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Incremental Facility Amendments; Use of Proceeds</u>. Each Incremental Facility will become effective pursuant to an amendment (each, an "**Incremental Amendment**") to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower and each Person providing such Incremental Facility and the Administrative Agent. Incremental Amendments may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary, advisable or appropriate, in the reasonable opinion of the Borrower and the Administrative Agent (as mutually agreed), to effect the provisions of this <u>Section</u> <u>2.16</u> and, to the extent practicable, to make an Incremental Loan fungible (including for tax purposes) with other Loans (subject to the limitations under <u>sub-clause</u> <u>(g)</u> of this Section). Without limiting the foregoing, an Incremental Amendment may (i) extend or add "call protection" to any existing tranche of Term Loans and (ii) amend the schedule of amortization payments relating to any existing tranche of Term Loans, including amendments to <u>Section</u> <u>2.09(a)</u> (*provided* that any such amendment shall not decrease any amortization payment to any Lender that would have otherwise been payable to such Lender prior to the effectiveness of the applicable Incremental Amendment), in the case of each <u>clause</u> <u>(i)</u> and <u>(ii)</u>, so that such Incremental Term Loans and the applicable existing Term Loans form the same Class of Term Loans. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Amendment, this Agreement and the other Loan Documents, as applicable, will be amended to the extent necessary to reflect the existence and terms of the Incremental Facility and the Incremental Term Loans evidenced thereby. Incremental Amendments may be amended with the consent of only the Borrower, the Administrative Agent and each Person providing such Incremental Facility to include terms that could have originally been included in such Incremental Amendment. This <u>Section</u> <u>2.16</u> shall supersede any provisions in <u>Section</u> <u>11.01</u> to the contrary. The Borrower may use the proceeds of the Incremental Loans for any purpose not prohibited by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions</u>. The availability of Incremental Facilities under this Agreement will be subject solely to the following conditions, subject, for the avoidance of doubt, to <u>Section</u> <u>1.08</u>, measured on the date of the initial borrowing under such Incremental 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;no Event of Default shall have occurred and be continuing or would result therefrom;

&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)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the representations and warranties in the Loan Documents will be true and correct in all material respects (except for representations and warranties that are already qualified by materiality, which representations and warranties will be true and correct in all respects and with respect to any representation or warranty that explicitly relates to an earlier date, shall be true and correct as of such date) immediately prior to, and immediately after giving effect to, the incurrence of such Incremental Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms</u>. Each Incremental Amendment will set forth the amount and terms of the relevant Incremental Facility. The terms of Incremental Revolving Facilities and Incremental Revolving Loans shall be identical to the terms of the then existing Revolving Commitments and Revolving Loans (and, for the avoidance of doubt, evidenced by this Agreement) and shall be combined as a single ratable tranche with the then existing Revolving Commitments and Revolving Loans. The terms of each Incremental Term Facility will be as agreed between the Borrower and the Persons providing such Incremental Facility; *provided* that, at the time of incurrence thereof (including, for the avoidance of doubt, at the time of entry into any Incremental Amendment providing for a delayed draw Incremental Term 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the scheduled final maturity date of any Incremental Term Facility (A) that is Pari Passu Lien Debt will be no earlier than the scheduled final maturity date for the Initial Term Loans and (B) that is Junior Lien Debt or Indebtedness that is not secured by a Lien shall be no earlier than the date that is ninety one (91) days following the scheduled final maturity date for the Initial Term Loans and will be subject to an Intercreditor Agreement; *provided* that this <u>clause</u> <u>(i)</u> shall not apply to the incurrence of any Incremental Term Loans pursuant to the Inside Maturity Exception;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Weighted Average Life to Maturity of any Incremental Term Facility will be no shorter than the remaining Weighted Average Life to Maturity of the Initial Term Loans; *provided* that this clause shall not apply to the incurrence of any Incremental Term Loans pursuant to the Inside Maturity Exception;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any mandatory prepayment of Incremental Term Loans (i) that comprise Pari Passu Lien Debt may participate on a *pro rata* basis or a less than *pro rata* basis (but not on a greater than *pro rata* basis) in any mandatory repayments of the Initial Term Loans pursuant to <u>Section</u> <u>2.07(b)</u>, other than (A) any repayment of such Incremental Term Loans at maturity and (B) any greater than *pro rata* repayment of such Incremental Term Loans with the proceeds of a permitted refinancing thereof, including with Credit Agreement Refinancing Indebtedness and (ii) that comprise Junior Lien Debt or Indebtedness that is not secured by a Lien may not be made unless, to the extent a corresponding mandatory prepayment is required hereunder with respect to Initial Term Loans, such mandatory prepayments are first made or offered to the Initial Term Loans and are otherwise permitted under the applicable Intercreditor Agreement; *provided* that this <u>clause</u> <u>(iii)</u> shall not apply to the incurrence of any Incremental Term Loans pursuant to the Inside Maturity Exception;

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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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;(A) to the extent secured by a Lien on property or assets of Holdings or any Restricted Subsidiary, any such Incremental Facility shall not be secured by any Lien on any property or asset of such Person that does not also secure the Initial Term Loans and Revolving Loans, as applicable (except (1) customary cash collateral in favor of an agent, letter of credit issuer or similar "fronting" lender and (2) any Liens on assets to the extent that a Lien on such asset is also added for the benefit of the Initial Term Loans and the Revolving Loans, as applicable for so long as such Liens secure such Incremental Facility) and (B) to the extent guaranteed by Holdings or any Restricted Subsidiary, any such Incremental Facility shall not be guaranteed by any such Person that is not a Loan Party (except any such Person guaranteeing such Incremental Term Facilities or Incremental Revolving Facilities, as applicable, that also guarantees the Initial Term Loans and Revolving Loans, as applicable for so long as such Person guarantees such Incremental Facility); (this <u>clause (iv)</u>, the "**Additional Debt Guarantee and Collateral Requirements**");

&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)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise set forth herein, the covenants and events of default and other terms and conditions applicable to Incremental Term Facilities shall not be materially more restrictive to Holdings, the Borrower and its Restricted Subsidiaries than those applicable to the Initial Term Loans (except to the extent such terms apply only after the then Latest Maturity Date or such covenants or other terms apply equally for the benefit of the Initial Term Lenders) (and such terms shall be, subject to the consent of the Administrative Agent, incorporated into the Loan Documents for the benefit of all existing Lenders pursuant to an amendment executed by the Borrower and the Administrative Agent without further consent from any other party hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Pricing</u>. The interest rate, fees, OID and other economic terms applicable to Incremental Term Loans will be as determined by the Borrower and the Persons providing such Incremental Term Loans; *provided* that, in the event that the All-In Yield applicable to any Incremental Term Loans that are secured on a pari passu basis with the Initial Term Loans (and, to the extent funded, the Delayed Draw Term Loans) exceeds the All-In Yield (taking into account the leverage-based pricing grid herein and any comparable leverage-based pricing grid applicable to such Incremental Term Loans) for the Initial Term Loans or the Delayed Draw Term Loans, as applicable, by more than 50 basis points, then the interest rate margin for the Initial Term Loans and the Delayed Draw Term Loans, as applicable, shall be increased to the extent necessary so that the All-In Yield for the Initial Term Loans and the Delayed Draw Term Loans, as applicable, is equal to the All-In Yield for such Incremental Term Loans *<u>minus</u>* 50 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments</u> <u>to</u> <u>Revolving</u> <u>Loans</u>. Upon each increase in the Revolving Commitments pursuant to this <u>Section 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;each Revolving Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each lender providing a portion of such increase (each, an "**Incremental Revolving Facility Lender**"), and each such Incremental Revolving Facility Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving Lender's participations hereunder in outstanding Letters of Credit and outstanding Swing Line Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding participations hereunder in Letters of Credit and participations hereunder in Swing Line Loans held by each Revolving Lender will equal the percentage of the aggregate Revolving Commitments of all Lenders represented by such Revolving Lender's Revolving Commitments; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if, on the date of such increase, there are any Revolving Loans outstanding, such Revolving Loans shall on or prior to the effectiveness of such Incremental Revolving Facility be

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prepaid from the proceeds of Incremental Revolving Loans made hereunder (reflecting such increase in Revolving Commitments), which prepayment shall be accompanied by accrued interest on the Revolving Loans being prepaid and any costs incurred by any Revolving Lender in accordance with <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent and the Lenders hereby agree that the minimum borrowing, *pro rata* borrowing and *pro rata* payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to this <u>Section 2.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any Incremental Facility pursuant to this Section 2.16, any new lending institution becoming a party hereto shall (i) execute such documents and agreements as the Administrative Agent may reasonably request and (ii) provide to the Administrative Agent, its name, address, tax identification number and/or such other information as shall be necessary for the Administrative Agent to comply with "know your customer" and anti-money laundering rules and regulations, including without limitation, the USA PATRIOT Act.

SECTION 2.17 <u>Refinancing</u> <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Refinancing</u> <u>Loans</u>. The Borrower may obtain, from any Lender or any Additional Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans or all (but not a portion of) the Revolving Facility, in the form of Refinancing Loans or Refinancing Commitments made pursuant to a Refinancing Amendment; *provided* that, Liens securing Refinancing Loans may only encumber the Collateral and otherwise must be permitted by <u>Section 7.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Refinancing Amendments</u>. The effectiveness of any Refinancing Amendment will be subject only to the satisfaction on the date thereof of the following conditions, together with any other conditions set forth in the Refinancing Amendment. The Borrower will promptly notify the Administrative Agent (which will promptly notify each Lender) as to the effectiveness of each Refinancing Amendment. Upon effectiveness of any Refinancing Amendment, this Agreement will be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Refinancing Loans incurred pursuant thereto (including any amendments necessary to treat the Term Loans or Revolving Loans subject thereto as Refinancing Term Loans or Refinancing Revolving Loans, respectively).

&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)&nbsp;&nbsp;&nbsp;&nbsp;subject to clause (iii) below, each Refinancing Commitment shall be in an aggregate principal amount that is not less than $5,000,000 (provided that such amount may be less than $5,000,000 if such amount is equal to (x) the entire outstanding principal amount of Refinanced Debt that is in the form of Term Loans or (y) the entire outstanding principal amount of Refinanced Debt (or commitments with respect thereto) that is in the form of Revolving Commitments);

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Refinancing Loans made in respect of any existing Class of TermLoans shall be added to (and form part of) each Borrowing of outstanding Term Loans under the respective Class so incurred on a *pro rata* basis (based on the principal amount of each Borrowing) so that each Lender under such Class will participate proportionately in each then outstanding Borrowing of Term Loans under such Class in accordance with its Pro Rata Share;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Refinancing Commitments in respect of any Revolving Commitments shall be in an amount equal to 100% of the Revolving Commitments in effect immediately prior to the effectiveness of such Refinancing Amendment;

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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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;after giving effect to such Refinancing Commitments on a Pro Forma Basis, (A) the representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all material respects (or in all respects in the case of any representation or warranty qualified by materiality or Material Adverse Effect) with the same effect as though made on and as of the date of incurrence of such Refinancing Commitments (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects (or in all respects in the case of any representation or warranty qualified by materiality or Material Adverse Effect) only as of such specified date), and (B) no Event of Default shall have occurred and be continuing or would result therefrom;

&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)&nbsp;&nbsp;&nbsp;&nbsp;to the extent reasonably requested by the Administrative Agent, the receipt by the Administrative Agent of (A) (I) customary officer's certificates and board resolutions and (II) customary opinions of counsel to the Loan Parties, in each case, consistent with those delivered on the Closing Date (other than changes to legal opinions resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent) and (B) supplemental or reaffirmation agreements and/or such amendments to the Loan Documents as may be reasonably requested by the Administrative Agent (including Mortgage amendments, if applicable) in order to ensure that any Refinancing Commitments are provided with the benefit of the applicable Loan Documents; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the Refinancing Loans and Refinancing Commitments, in each case, shall be evidenced by this Agreement, shall satisfy the conditions set forth in the definition of Credit Agreement Refinanced Indebtedness and shall rank *pari passu* in right of payment with the Revolving Loans, Revolving Commitments and Initial Term Loans (or any extension or refinancing thereof evidenced by this Agreement).

The Borrower will promptly notify the Administrative Agent (which will promptly notify each Lender) as to the effectiveness of each Refinancing Amendment. Upon effectiveness of any Refinancing Amendment, this Agreement will be deemed amended to the extent (but only to the extent) necessary (as determined by the Administrative Agent and the Borrower) to reflect the existence and terms of the Refinancing Loans incurred pursuant thereto (including any amendments necessary to treat the Term Loans or Revolving Loans subject thereto as Refinancing Term Loans or Refinancing Revolving Loans, respectively).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Required</u> <u>Consents</u>. Any Refinancing Amendment may, without the consent of any Person other than the Borrower, the Administrative Agent and the Persons providing the applicable Refinancing Loans, effect such amendments to this Agreement and the other Loan Documents as may be necessary, advisable or appropriate, in the reasonable opinion of the Borrower, the Administrative Agent and such Persons, to effect the provisions of this <u>Section</u> <u>2.17</u>. This <u>Section</u> <u>2.17</u> supersedes any provisions in <u>Section 2.15</u> or <u>Section 11.01</u> to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Providers of Refinancing Loans</u>. Refinancing Loans may be provided by any existing Lender (it being understood that no existing Lender shall have an obligation to make all or any portion of any Refinancing Loan) or by any Additional Lender, in each case, that is reasonably acceptable to (i) the Borrower, (ii) the Administrative Agent and (iii) solely with respect to any Refinancing Revolving Loans, each Issuing Bank (except that, in the case of <u>clauses</u> <u>(ii)</u> and <u>(iii)</u>, only to the extent such Person otherwise would have a consent right to an assignment of such loans or commitments to such lender, such consent not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Upon the effectiveness of any refinancing of Loans or Commitments pursuant to this <u>Section 2.17</u> (with respect to any Refinancing Loans or Refinancing Commitments, the "**Refinancing Facility Closing Date**") on which Refinancing Commitments of the Revolving Commitments are effected

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through the establishment of a new Class of Revolving Commitments pursuant to this <u>Section 2.17</u>, (i) if, on such date, there are any Revolving Loans under any Class of Revolving Commitments then outstanding, such Revolving Loans shall be prepaid from the proceeds of a new Borrowing of the Refinancing Loans under such new Class of Refinancing Commitments in such amounts as shall be necessary in order that, after giving effect to such Borrowing and all such related prepayments, all Revolving Loans under all Revolving Commitments then existing (including such Refinancing Commitments) will be held by all Revolving Lenders (including Lenders providing such Refinancing Commitments) ratably in accordance with their respective Pro Rata Share (after giving effect to the establishment of such Refinancing Commitments), (ii) there shall be an automatic adjustment to the participations hereunder in Letters of Credit held by each Revolving Lender so that each Revolving Lender shares ratably in such participations in accordance with their respective Pro Rata Share (after giving effect to the establishment of such Refinancing Commitments), (iii) each Refinancing Commitment shall be deemed for all purposes a Revolving Commitment and each Loan made thereunder shall be deemed, for all purposes, a Revolving Loan and (iv) each Lender providing such Refinancing Commitment shall become a Revolving Lender. Upon any Refinancing Facility Closing Date on which Refinancing Commitments are effected through the increase to any existing Class of Revolving Commitments pursuant to this <u>Section 2.17</u>, if, on the date of such increase, there are any Revolving Loans outstanding, each of the Revolving Lenders shall be deemed to assign to each of the Lenders providing such Refinancing Commitments, and each of the Lenders providing such Refinancing Commitments shall purchase from each of the Revolving Lenders, at par, such interests in the Revolving Loans outstanding on such Refinancing Facility Closing Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans will be held by all Revolving Lenders (including the Lenders providing such Refinancing Commitments) in accordance with their respective Pro Rata Share after giving effect to the addition of such Refinancing Commitments. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, *pro rata* borrowing and *pro rata* payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to this <u>Section 2.17</u>.

SECTION 2.18 <u>Extensions</u> <u>of</u> <u>Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Extension</u> <u>Offers</u>. Pursuant to one or more offers (each, an "**Extension Offer**") made from time to time by the Borrower to all Lenders holding Loans and/or Commitments of a particular Class with a like Maturity Date, the Borrower may extend such Maturity Date of such Loans and/or Commitments pursuant to the terms set forth in an Extension Offer (each, an "**Extension**"). Each Extension Offer will specify the minimum amount of Loans and/or Commitments with respect to which an Extension Offer may be accepted, which will be an integral multiple of $1,000,000 and an aggregate principal amount that is not less than $5,000,000, or, if less, (i) the aggregate principal amount of such Class of Loans outstanding or (ii) such lesser minimum amount as is approved by the Administrative Agent, such consent not to be unreasonably withheld, conditioned or delayed. Extension Offers will be made on a *pro rata* basis to all Lenders holding Loans and/or Commitments of a particular Class with a like Maturity Date and be identical as offered to each Lender under such applicable Class (including as to the proposed interest rates and fees payable, but excluding any arrangement, structuring, underwriting, ticking, consent, and amendment or other similar fees payable in connection therewith that are not generally shared with the relevant Lenders). If the aggregate outstanding principal amount of such Loans (calculated on the face amount thereof) and/or Commitments in respect of which Lenders have accepted an Extension Offer exceeds the maximum aggregate principal amount of Loans and/or Commitments offered to be extended pursuant to such Extension Offer, then the Loans and/or Commitments of such Lenders will be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Lenders have accepted such Extension Offer. Extension Offers may contain one or more conditions to their effectiveness as determined by the Borrower, including a condition that a minimum amount of Loans and/or Commitments of any or all applicable tranches be tendered.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Extension Amendments</u>. The Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to the terms and conditions of this Agreement and the other Loan Documents (an "**Extension Amendment**") as may be necessary, advisable or appropriate in order to establish new tranches in respect of Extended Loans and Extended Commitments reflect the terms and conditions of such new tranches and such amendments as permitted by <u>clause</u> <u>(c)</u> below as may be necessary, advisable or appropriate in the reasonable opinion of the Borrower and the Administrative Agent mutually in connection with the establishment of such new tranches of Loans. This <u>Section</u> <u>2.18</u> shall supersede any provisions in <u>Section</u> <u>2.15</u> or <u>Section</u> <u>11.01</u> to the contrary. Except as otherwise set forth in an Extension Offer, there will be no conditions to the effectiveness of an Extension Amendment. Extensions will not constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms</u> <u>of</u> <u>Extension</u> <u>Offers</u> <u>and</u> <u>Extension</u> <u>Amendments</u>. The terms of any Extended Loans and Extended Commitments will be set forth in an Extension Offer and as agreed between the Borrower and the Extending Lenders accepting such Extension Offer and shall be identical to the Term Loans under the Class of Loans subject to such Extension Offer; *provided* 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the final maturity date of such Extended Loans and Extended Commitments will be no earlier than the Latest Maturity Date applicable to the Loans and/or Commitments subject to such Extension Offer;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Weighted Average Life to Maturity of any Extended Loans that are Term Loans will be no shorter than the remaining Weighted Average Life to Maturity of the Term Loans subject to such Extension Offer;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(A) pricing, fees, optional prepayment or redemption terms shall be determined in good faith by the Borrower and the interest margins and floors with respect to the Extended Loans may be higher or lower than the interest margins and floors for the existing Class of Term Loans subject to such Extension Offer and/or (<u>B</u>) additional fees or premiums may be payable to the Lenders providing such Extended Loans in addition to or in lieu of any increased margins and floors contemplated by the preceding <u>clause (A)</u>, in each case, to the extent provided in the applicable Extension Amendment; 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any Extended Loans that are Term Loans may participate on a *pro rata* basis or a less than *pro rata* basis (but not greater than a *pro rata* basis) in any corresponding mandatory repayments or prepayments of Term Loans other than any repayment of such Extended Loans at maturity or with the proceeds of Credit Agreement Refinancing Indebtedness.

Any Extended Loans will be evidenced by this Agreement and constitute a separate tranche of Term Loans and/or Revolving Loans from the Term Loans and/or Revolving Loans held by Lenders that did not accept the applicable Extension Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Extension of Revolving Commitments</u>. In the case of any Extension of Revolving Commitments and/or Revolving Loans, the following shall apply:

&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)&nbsp;&nbsp;&nbsp;&nbsp;all borrowings and all prepayments of Revolving Loans shall continue to be made on a ratable basis among all Revolving Lenders, based on the relative amounts of their Revolving Commitments, until the repayment of the Revolving Loans attributable to the non-extended Revolving Commitments on the relevant Maturity Date;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the allocation of the participation exposure with respect to any then-existing or subsequently issued or made Letter of Credit or Swing Line Loan as between the Revolving

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Commitments of such new tranche and the remaining Revolving Commitments shall be made on a ratable basis in accordance with the relative amounts thereof until the Maturity Date relating to such non-extended Revolving Commitments has occurred;

&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)&nbsp;&nbsp;&nbsp;&nbsp;no termination of extended Revolving Commitments and no repayment of extended Revolving Loans accompanied by a corresponding permanent reduction in extended Revolving Commitments shall be permitted unless such termination or repayment (and corresponding reduction) is accompanied by at least a *pro rata* termination or permanent repayment (and corresponding *pro rata* permanent reduction), as applicable, of each other tranche of Revolving Loans and Revolving Commitments (or each other tranche of Revolving Commitments and Revolving Loans shall have otherwise been terminated and repaid in full);

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Maturity Date with respect to the Revolving Commitments may not be extended without the prior written consent of each Issuing Bank and 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;the terms of the Extended Commitments shall be identical to the Revolving Commitments and Revolving Loans under the existing Class subject to such Extension Offer; <u>provided</u>, however, that (A) the Extended Commitments and Extended Loans shall be evidenced by this Agreement, (B) (x) the interest margins and floors with respect to the Extended Commitments and Extended Loans may be higher or lower than the interest margins and floors for the applicable existing Revolving Commitments and/or (<u>y</u>) additional fees and premiums may be payable to the Lenders providing such Extended Commitments and Extended Loans in addition to or in lieu of any increased margins and floors contemplated by the preceding <u>clause (y),</u> (C) the commitment fee rate with respect to the Extended Commitments may be higher or lower than the commitment fee rate for the existing Revolving Commitments and (D) the final maturity date of such Extended Loans and Extended Commitments will be no earlier than the Latest Maturity Date applicable to the Loans and/or Commitments subject to such Extension Offer; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;at no time shall there be more than two different tranches of Revolving Commitments.

If the Total Utilization of Revolving Commitments exceeds the Revolving Commitment as a result of the occurrence of the Maturity Date with respect to any tranche of Revolving Commitments while an extended tranche of Revolving Commitments remains outstanding, the Borrower shall make such payments as are necessary in order to eliminate such excess on such Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Required Consents</u>. No consent of any Lender or any other Person will be required to effectuate any Extension, other than the consent of the Administrative Agent (such consent not to be unreasonably withheld, delayed or conditioned), the Borrower, and the applicable Extending Lender and solely to the extent required by <u>Section 2.18(d)(iv)</u>, each Issuing Bank and the Swing Line Lender. The transactions contemplated by this <u>Section</u> <u>2.18</u> (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Loans on such terms as may be set forth in the relevant Extension Offer) will not require the consent of any other Lender or any other Person, and the requirements of any provision of this Agreement or any other Loan Document that may otherwise prohibit any such Extension or any other transaction contemplated by this <u>Section</u> <u>2.18</u> will not apply to any of the transactions effected pursuant to this <u>Section 2.18</u>.

SECTION 2.19 <u>Defaulting Lenders</u>. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;commitment fees shall cease to accrue on the unfunded Revolving Commitment of such Defaulting Lender pursuant to Section 2.11(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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 Section 9.03 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.09 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>, if such Defaulting Lender is a Revolving Lender, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank or Swing Line Lender hereunder; <u>third</u>, if such Defaulting Lender is a Revolving Lender, to cash collateralize the Fronting Exposure with respect to such Defaulting Lender in accordance with this Section; <u>fourth</u>, as the Borrower 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 Borrower, 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) if such Defaulting Lender is a Revolving Lender, cash collateralize the future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this Section; <u>sixth</u>, to the payment of any amounts owing to the Lenders of the applicable Class and, if such Defaulting Lender is a Revolving Lender, the Issuing Bank or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any such Lender, the Issuing Bank or Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document; <u>seventh</u>, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document; 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 Letter of Credit Disbursements 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 Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Letter of Credit Disbursements owed to, all Non-Defaulting Lenders of the applicable Class or Classes on a pro rata basis prior to being applied to the payment of any Loans of, or Letter of Credit Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrower's obligations corresponding to such Defaulting Lender's Fronting Exposure and Swing Line Loans are held by the Lenders of the applicable Class or Classes pro rata in accordance with the applicable Commitments without giving effect to clause (d) below. 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 Section 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;such Defaulting Lender shall not have the right to vote on any issue on which voting is required (other than to the extent expressly provided in Section 11.01) and the Revolving Commitment and Revolving Exposure and, if applicable, the other Commitments and Loans of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder or under any other Loan Document; provided that, except as otherwise provided in Section 11.01, this clause (c) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;if such Defaulting Lender is a Revolving Lender and any Swing Line Exposure or Fronting Exposure exists at the time such Revolving Lender becomes a Defaulting Lender then:

&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)&nbsp;&nbsp;&nbsp;&nbsp;all or any part of the Swing Line Exposure and Fronting Exposure of such Defaulting Lender (other than, in the case of a Defaulting Lender that is a Swing Line Lender, the portion of such Swing Line Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the Non-Defaulting Lenders that are Revolving Lenders in accordance with their respective Pro Rata Share but only to the extent that such reallocation does not, as to any such Non-Defaulting Lender, cause such Non-Defaulting Lender's Revolving Exposure to exceed its Revolving Commitment;

&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)&nbsp;&nbsp;&nbsp;&nbsp;if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one (1) Business Day following notice by the Administrative Agent (x) <u>first</u>, prepay such Swing Line Exposure and (y) <u>second</u>, cash collateralize, for the benefit of the Issuing Bank, the Borrower's obligations corresponding to such Defaulting Lender's Fronting Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.04(j) for so long as such Fronting Exposure is outstanding;

&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)&nbsp;&nbsp;&nbsp;&nbsp;if the Borrower cash collateralizes any portion of such Defaulting Lender's Fronting Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.11(b) with respect to such Defaulting Lender's Fronting Exposure during the period such Defaulting Lender's Fronting Exposure is cash collateralized;

&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)&nbsp;&nbsp;&nbsp;&nbsp;if the Fronting Exposure of the Non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.11(b) shall be adjusted in accordance with such Non-Defaulting Lenders' Pro Rata Shares; 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;if all or any portion of such Defaulting Lender's Fronting Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter of credit fees payable under Section 2.11(b) with respect to such Defaulting Lender's Fronting Exposure shall be payable to the Issuing Bank until and to the extent that such Fronting Exposure is reallocated and/or cash collateralized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If such Defaulting Lender is a Revolving Lender, then for so long as such Lender is a Defaulting Lender, the Swing Line Lender shall not be required to fund any Swing Line Loan and the Issuing Bank shall not be required to issue, amend, renew, extend or increase any Letter of Credit, unless it is satisfied that the related exposure and such Defaulting Lender's then outstanding Fronting Exposure will be 100% covered by the Revolving Commitments of the Non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.19(d), and Swing Line Exposure related to any such newly made Swing Line Loan or Fronting Exposure related to any newly issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 2.19(d)(i) (and such Defaulting Lender shall not participate therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If (i) a Bankruptcy Event or a Bail-In Action with respect to the parent of any Revolving Lender shall occur following the date hereof and for so long as such event shall continue or (ii) the Swing Line Lender or the Issuing Bank has a good faith belief that any Revolving Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Swing Line Lender shall not be required to fund any Swing Line Loan and the Issuing Bank shall not be

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required to issue, amend or increase any Letter of Credit, unless the Swing Line Lender or the Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Swing Line Lender or the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;In the event that each of the Administrative Agent, the Borrower and, if the applicable Defaulting Lender is a Revolving Lender, the Swing Line Lender and the Issuing Bank agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then, if such Defaulting Lender is a Revolving Lender, the Swing Line Exposure and Fronting Exposure of the Revolving Lenders shall be readjusted to reflect the inclusion of such Lender's Revolving Commitment and on the date of such readjustment such Lender shall purchase at par such of the Loans of the other Lenders (other than Swing Line Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Pro Rata Share.

SECTION 2.20 <u>Judgment</u> <u>Currency</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto (and by its acceptance of its appointment in such capacity, each Lead Arranger) agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which, in accordance with normal banking procedures in the relevant jurisdiction, the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Borrower in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the "**Applicable Creditor**") shall, notwithstanding any judgment in a currency (the "**Judgment Currency**") other than the currency in which such sum is stated to be due hereunder (the "**Agreement Currency**"), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the Borrower as a separate obligation and notwithstanding any such judgment, agrees to indemnify the Applicable Creditor against such loss. The obligations of the Borrower contained in this Section shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.

SECTION 2.21 <u>Returned Payments</u>. If, after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then to the extent of such recovery the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.21 shall survive the termination of this Agreement.

SECTION 2.22 <u>Cash Management Services and Hedge Agreements</u>. Each Lender or Affiliate thereof providing Cash Management Services for, or having Hedge Agreements with, any Loan Party or any Restricted Subsidiary shall deliver to the Administrative Agent, promptly after entering into such Cash

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Management Services or Swap Agreements, written notice setting forth the aggregate amount of all Cash Management Obligations and Hedge Agreement obligations of such Loan Party or Subsidiary to such Lender or Affiliate (whether matured or unmatured, absolute or contingent). In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of such Cash Management Obligations and Hedge Agreement obligations. The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Section 9.03, such Cash Management Obligations and/or Hedge Agreement obligations will be placed. For the avoidance of doubt, so long as Antares or its Affiliate is the Administrative Agent, neither Antares nor any of its Affiliates providing Cash Management Services for, or having Hedge Agreements with, any Loan Party or any Subsidiary of a Loan Party shall be required to provide any notice described in this Section 2.22 in respect of such Cash Management Services or Hedge Agreements.

ARTICLE III.

TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY

SECTION 3.01 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined</u> <u>Terms</u>. For purposes of this <u>Section</u> <u>3.01</u>, the term "Lender" includes any Issuing Bank and the term "Applicable Law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires 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 Law and, if such Tax is an Indemnified Tax, then the sum payable by such 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Other Taxes by the Loan Parties</u>. 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification by the Loan Parties</u>. Without duplication of amounts compensated for under the other provisions of this <u>Section</u> <u>3.01</u>, the Loan Parties shall indemnify each Recipient, within ten (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 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; *provided* that if the Loan Party reasonably believes that such Taxes were not correctly or legally asserted, the Administrative Agent or Lender, as applicable, will use reasonable efforts to cooperate with the Loan Party to obtain a refund of such Taxes (which shall be repaid to the Loan Party in accordance with <u>Section</u> <u>3.01(i)</u>) so long as such efforts would not, in the sole determination of the Administrative Agent or such Lender, result in any additional costs or expenses not reimbursed by the Loan Party or be otherwise materially disadvantageous to it; <u>provided</u> further, that the Loan Parties shall not be required to indemnify any Recipient pursuant to

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this <u>Section</u> <u>3.01(d)</u> in respect of any penalties or interest incurred more than three hundred sixty five (365) days prior to the date that the Administrative Agent or such other Recipient notifies the Loan Parties of such Indemnified Taxes (and any reasonable expenses arising therefrom or with respect thereto) and of the applicable Recipient's intention to claim compensation therefor. A certificate as to the amount of such payment or liability delivered to the Loan Party by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u> <u>by</u> <u>the</u> <u>Lenders</u>. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that no Loan Party has already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of <u>Section</u> <u>11.07(e)</u> relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, 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 hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this <u>paragraph (e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to 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 evidencing such payment, a copy of the return reporting 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Status of Lenders</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 Loan Parties and the Administrative Agent, at the time or times reasonably requested by any Loan Party or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower 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 Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower 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>paragraphs</u> <u>(g)(i)(A)</u>, (<u>i)(B)</u> and <u>(i)(D)</u> of this Section) 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the

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Borrower 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)&nbsp;&nbsp;&nbsp;&nbsp;any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about 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 Borrower 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;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (I) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (II) with respect to any other applicable payments under any Loan Document, IRS Form W- 8BEN or IRS Form W-8BEN-E 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;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (I) a certificate substantially in the form of <u>Exhibit G-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 Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code (a "**U.S. Tax Compliance Certificate**") and (II) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; 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;&nbsp;&nbsp;&nbsp;&nbsp;(IV)&nbsp;&nbsp;&nbsp;&nbsp;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, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit</u> <u>G-2</u> or <u>Exhibit</u> <u>G-3</u>, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; *provided* 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 G-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)&nbsp;&nbsp;&nbsp;&nbsp;any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about 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 Borrower or the Administrative Agent), executed copies 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 Loan Parties or the Administrative Agent to determine the withholding or deduction required to be made; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;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 Borrower and the Administrative Agent at the time or times prescribed by law and at such other time or times reasonably requested by the Borrower 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 Borrower or the Administrative Agent as may be necessary for the Borrower 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, if any, to deduct and withhold from such payment. Solely for purposes of this <u>clause</u> <u>(D)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Loan Parties 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery</u>. On or before the date the Administrative Agent (or any successor or supplemental agent) becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower, the Administrative Agent (or such successor or supplemental agent) shall deliver to the Borrower either (i) a duly executed IRS Form W-9 or (ii) (A) with respect to payments received for its own account, an IRS Form W-8ECI and (B) with respect to payments received on account of any Lender, (I) a U.S. branch withholding certificate on an IRS Form W-8IMY evidencing its agreement with the Borrower to be treated as a U.S. Person for U.S. federal withholding purposes or (II) an IRS Form W-8IMY certifying that it is a qualified intermediary that assumes primary withholding responsibility under Chapters 3 and 4 and primary Form 1099 reporting and backup withholding responsibility for payments to such account, in each case, with the effect that the Loan Parties may make payments to the Administrative Agent (or such successor or supplemental agent, as applicable), without any deduction or withholding of any Taxes imposed by the United States. At any time thereafter, the Administrative Agent shall provide updated documentation (or a successor form thereto) when any documentation previously delivered has expired or become obsolete or invalid. Notwithstanding anything to the contrary in this <u>Section 3.01(h)</u>, the Administrative Agent shall not be required to deliver any documentation that the Administrative Agent is not legally entitled to deliver as a result of a change in applicable law after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Treatment of Certain Refunds</u>. If any party 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 pursuant to this <u>Section</u> <u>3.01</u> (including by the payment of additional amounts pursuant to this <u>Section</u> <u>3.01</u>), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made 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) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this <u>paragraph</u> <u>(h)</u> (*<u>plus</u>* any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <u>paragraph</u> <u>(h)</u>, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this <u>paragraph</u> <u>(i)</u> the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party 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 payments or additional amounts with

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respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reasonable</u> <u>Efforts</u>. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of <u>Section</u> <u>3.01(b)</u> with respect to such Lender, it will, if requested by the Borrower in writing, use reasonable efforts to mitigate the effect of any such event, including by designating another Lending Office for any Loan affected by such event and by completing and delivering or filing any Tax- related forms that such Lender is legally able to deliver and that would reduce or eliminate any amount of Taxes required to be deducted or withheld or paid by the Loan Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<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, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

SECTION 3.02 <u>[Reserved]</u>

SECTION 3.03 <u>Alternate</u> <u>Rate</u> <u>of</u> <u>Interest</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to clauses (b), (c), (d), (e) and (f) of this Section 3.03, 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) (A) prior to the commencement of any Interest Period for a Benchmark Borrowing that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR (including, without limitation, because the Term SOFR Reference Rate is not available or published on a current basis), for such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple SOFR for an RFR Loan; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Benchmark Borrowing, the Adjusted Term SOFR for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or Loan) included in such Borrowing for such Interest Period, or (B) at any time, the applicable Adjusted Daily Simple SOFR for an RFR Loan will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders through any electronic system as provided in Section 11.02 as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Conversion/Continuation Notice in accordance with the terms of Section 2.05 or a new Committed Loan Notice in accordance with the terms of Section 2.01 or 2.02, as applicable, any Conversion/Continuation Notice that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Benchmark Borrowing and any Committed Loan Notice that requests a Benchmark Borrowing shall instead be deemed to be an Conversion/Continuation Notice or a Committed Loan Notice, as applicable, for (1) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not also the subject of Section 3.03(a)(i) or (ii) above or (2) a Base Rate Borrowing if the Adjusted Daily Simple SOFR also is the subject of Section 3.03(a)(i) or (ii) above. Furthermore, if any Benchmark Loan or RFR Loan is outstanding on the date of the Borrower's receipt of the notice from the Administrative Agent referred to in this Section 3.03(a) with

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respect to a Relevant Rate applicable to such Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Conversion/Continuation Notice in accordance with the terms of Section 2.05 or a new Committed Loan Notice in accordance with the terms of Section 2.01 or 2.02, as applicable, (1) any Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not also the subject of Section 3.03(a)(i) or (ii) above or (y) a Base Rate Loan if the Adjusted Daily Simple SOFR also is the subject of Section 3.03(a)(i) or (ii) above, on such day, and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute, a Base Rate Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Loan Document (and any Hedge Agreement shall be deemed not to be a "Loan Document" for purposes of this Section 3.03), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark (including any related adjustments) for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 3.03(e) and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.03, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non- occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 3.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by

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the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to any Relevant Rate, in the case of a Benchmark Borrowing, the Borrower may revoke any request for a Benchmark Borrowing of, conversion to or continuation of Benchmark Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to (A) solely with respect to any such request for a Benchmark Borrowing, an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (B) a Base Rate Borrowing if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. Furthermore, if any Benchmark Loan or RFR Loan is outstanding on the date of the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement is implemented pursuant to this Section 3.03, (1) any Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (y) a Base Rate Loan if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event, on such day and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute, a Base Rate Loan.

SECTION 3.04 <u>Increased</u> <u>Cost</u> <u>and</u> <u>Reduced</u> <u>Return;</u> <u>Capital</u> <u>Adequacy;</u> <u>Reserves</u> <u>on</u> <u>Benchmark Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Increased</u> <u>Costs</u> <u>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;(i)&nbsp;&nbsp;&nbsp;&nbsp;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, any Issuing Bank or 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in <u>clauses</u> <u>(b)</u> through <u>(d)</u> 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;impose on any Lender, any Issuing Bank or the Swing Line Lender or the London interbank market any other condition, cost or expense affecting this Agreement, any Letter of Credit, any participation in a Letter of Credit or Benchmark Loans made by such Lender or any Issuing Bank or the Swing Line Lender (other than with respect to Taxes) that is not otherwise accounted for in the determination of the Benchmark or this <u>clause (a)</u>;

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and the result of any of the foregoing shall be to increase the cost to such Lender, such Issuing Bank or the Swing Line Lender of making or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender, such Issuing Bank or such other Lender 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 such Issuing Bank (whether of principal, interest or any other amount)) then, from time to time within ten (10) days after demand by such Lender or such Issuing Bank setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent) (*provided* that such calculation will not in an way require disclosure of confidential or price-sensitive information or any other information the disclosure of which is prohibited by law), the Borrower will pay to such Lender or such Issuing Bank such additional amount or amounts as will compensate such Lender or such Issuing Bank for such additional costs incurred or reduction suffered. No Lender, Issuing Bank or Swing Line Lender shall request that the Borrower pay any additional amount pursuant to this <u>Section</u> <u>3.04(a)</u> unless it is making similar requests to other borrowers similarly situated and affected by such Change in Law pursuant to provisions substantially similar to this <u>Section</u> <u>3.04</u> and from whom such Lender, Issuing Bank or Swing Line Lender is entitled to seek similar amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Capital Requirements</u>. If any Lender or any Issuing Bank reasonably determines that any Change in Law affecting such Lender or such Issuing Bank or any Lending Office of such Lender or such Issuing Bank or such Lender's or Issuing Bank's holding company, if any, regarding liquidity or capital requirements has or would have the effect of reducing the rate of return on such Lender's or Issuing Bank's capital or on the capital of such Lender's or Issuing Bank's holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or such Issuing Bank or the Loans made by or Letters of Credit issued by it to a level below that which such Lender or such Issuing Bank or such Lender's or Issuing Bank's holding company could have achieved but for such Change in Law (taking into consideration such Lender's or such Issuing Bank's policies and the policies of such Lender's or Issuing Bank's holding company with respect to liquidity or capital adequacy), then from time to time upon demand of such Lender or such Issuing Bank setting forth in reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent) (*provided* that such calculation will not in an way require disclosure of confidential or price-sensitive information or any other information the disclosure of which is prohibited by law), the Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender, such Issuing Bank or such Lender's or Issuing Bank's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certificates</u> <u>for Reimbursement</u>. A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or such Issuing Bank or their respective holding companies, as the case may be, as specified in <u>subsection</u> <u>(a)</u> or <u>(b)</u> of this <u>Section</u> <u>3.04</u> and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Delay in Requests</u>. Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to the foregoing provisions of this <u>Section</u> <u>3.04</u> shall not constitute a waiver of such Lender's or such Issuing Bank's right to demand such compensation, *provided* that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to the foregoing provisions of this <u>Section</u> <u>3.04</u> for any increased costs incurred or reductions suffered more than one hundred and eighty (180) days prior to the date that such Lender or such Issuing Bank notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's or such Issuing Bank'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 180-day period referred to above shall be extended to include the period of retroactive effect thereof).

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SECTION 3.05 <u>Funding Losses</u>. Upon written demand of any Lender (with a copy to the Administrative Agent) from time to time, which demand shall set forth in reasonable detail the basis for requesting such amount (*provided* that such calculation will not in an way require disclosure of confidential or price-sensitive information or any other information the disclosure of which is prohibited by law), the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost, liability or expense (excluding loss of anticipated profits or margin) actually incurred by it as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day prior to 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;any failure by the 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 Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any assignment of a Benchmark Loan on a day prior to the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to <u>Section 3.07</u>; including any loss or expense (excluding loss of anticipated profits or margin) actually incurred by reason of 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.

SECTION 3.06 <u>Matters</u> <u>Applicable</u> <u>to</u> <u>All</u> <u>Requests</u> <u>for</u> <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Designation of a Different Lending Office</u>. If any Lender requests compensation under <u>Section</u> <u>3.04</u>, or the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender 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 such Lender shall use commercially 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, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section</u> <u>3.01</u> or <u>Section</u> <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 to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any economic, legal or regulatory respect.

SECTION 3.07 <u>Replacement of Lenders Under Certain Circumstances</u>. If (i) any Lender requests compensation under <u>Section</u> <u>3.04</u>, (ii) the Borrower is required to pay any 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 such Lender has declined or is unable to designate a different Lending Office in accordance with <u>Section</u> <u>3.06(a)</u>, (iii) any Lender is a Non-Consenting Lender, (iv) [reserved], (v) any Lender shall become a Defaulting Lender; or (vi) [reserved], then the Borrower 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>11.07</u>), all of its interests, rights and obligations under this Agreement and the related Loan Documents (other than its existing rights to payments pursuant to <u>Section</u> <u>3.01</u> or <u>Section</u> <u>3.04</u>) to one or more Eligible Assignees that shall assume such obligations (any of which assignee may be another Lender, if a Lender accepts such assignment), *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall have paid to the Administrative Agent the assignment fee specified in <u>Section 11.07(b)(iv)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in Letters of Credit and Swing Line Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts payable 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 Borrower (in the case of all other amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;such Lender being replaced pursuant to this <u>Section</u> <u>3.07</u> shall (i) execute and deliver an Assignment and Assumption with respect to such Lender's Commitment and outstanding Loans and participations in Letters of Credit or Swing Line Loans, and (ii) deliver any Notes evidencing such Loans to the Borrower or Administrative Agent (or a lost or destroyed note indemnity in lieu thereof); *provided* that the failure of any such Lender to execute an Assignment and Assumption or deliver such Notes shall not render such sale and purchase (and the corresponding assignment) invalid and such assignment shall be recorded in the Register and the Notes shall be deemed to be canceled upon such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Eligible Assignee shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;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 <u>Section</u> <u>3.01</u>, 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any such assignment resulting from a Lender being a Non-Consenting Lender, the Eligible Assignee shall consent, at the time of such assignment, to each matter in respect of which such Lender being replaced was a Non-Consenting Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;such assignment does not conflict with Applicable Laws.

Notwithstanding anything to the contrary contained above, (a) any Lender that acts as an Issuing Bank may not be replaced hereunder at any time that it has any Letter of Credit outstanding hereunder unless arrangements reasonably satisfactory to such Issuing Bank have been made with respect to each such outstanding Letter of Credit (it being agreed that the furnishing of a backstop standby letter of credit in an amount equal to 103% (or 105% in the case of any Revolving Exposure denominated in a currency other than Dollars) of the face amount of such outstanding Letters of Credit issued by such Issuing Bank or the depositing of cash collateral into a cash collateral account in an amount equal to 103% (or 105% in the case of any Revolving Exposure denominated in a currency other than Dollars) of the face amount of such outstanding Letters of Credit issued by such Issuing Bank shall be deemed to be reasonably satisfactory to such Issuing Bank) and (b) the Lender that acts as the Administrative Agent (or any of its Affiliates) may not be replaced hereunder without the express consent of the Borrower in its sole discretion.

In the event that (i) the Borrower or the Administrative Agent has requested that the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to any amendment thereto, (ii) the consent, waiver or amendment in question requires the agreement of each Lender, all affected Lenders and (iii) the Required Lenders, have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a "**Non-Consenting Lender**".

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 Borrower to require such assignment and delegation cease to apply.

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SECTION 3.08 <u>Survival</u>. All of the Borrower's obligations under this <u>Article</u> <u>III</u> shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder and resignation of the Administrative Agent or the Collateral Agent.

ARTICLE IV.

CONDITIONS PRECEDENT TO BORROWINGS

SECTION 4.01 <u>Conditions</u> <u>to</u> <u>Initial</u> <u>Borrowing</u>.

The obligation of each Lender to extend credit to the Borrower and of each Issuing Bank to issue Letters of Credit hereunder on the Closing Date is subject only to the satisfaction, or waiver by the Lenders, of each of the following conditions precedent, except as otherwise agreed between the Borrower and the Lenders and in each case subject to the Certain Funds Provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent's receipt of the following, each of which may be originals, facsimiles or copies in .pdf format, unless otherwise specified:

&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)&nbsp;&nbsp;&nbsp;&nbsp;a Committed Loan Notice, duly executed by the Borrower delivered as set forth in <u>Section</u> <u>2.01(b)</u>, which (if delivered prior to the Closing Date) shall be deemed to be conditioned on the consummation of the Transactions;

&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)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, duly executed by Holdings and the Borrower;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Guaranty, duly executed by the Guarantors;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Security Agreement, duly executed by the Loan 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;original certificated securities, if any, representing Pledged Equity issued by the Borrower, accompanied by undated stock powers or other applicable transfer powers executed in blank;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(A) certificates of good standing from the secretary of state or other applicable office of the state of organization or formation of the Borrower, Holdings and each other Loan Party and (B) an officer's certificate containing (x) certification of Organization Documents, (y) appropriate authorizing resolutions or other applicable action of the Borrower, Holdings and each other Loan Party and (z) an incumbency certificate and/or other certificate of Responsible Officers of the Borrower, Holdings and each other Loan Party, evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officers in connection with this Agreement and the other Loan Documents to which it is a party or is to be a party on the Closing Date;

&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)&nbsp;&nbsp;&nbsp;&nbsp;an opinion from Latham & Watkins LLP as special counsel to the Loan Parties, with respect to certain matters of New York law, Illinois law and Delaware 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;an opinion from Gordon Rees Scully Mansukhani as special counsel to the Loan Parties, with respect to certain matters of Ohio law; 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;a certificate from the chief financial officer or other officer with equivalent duties of Holdings as to the Solvency (after giving effect to the Transactions on the Closing Date) of Holdings, the Borrower and their Restricted Subsidiaries (on a consolidated basis), substantially in the form attached hereto as <u>Exhibit I</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All fees and expenses required to be paid hereunder on the Closing Date (and all fees and expenses required to be paid under the Commitment Letter and Fee Letter on the Closing Date) to the extent invoiced in reasonable detail at least two (2) Business Days prior to the Closing Date (except as otherwise reasonably agreed to by the Borrower) and required to be paid on the Closing Date shall have been paid, it being agreed that such fees and expenses may be paid with the proceeds of the initial funding of one or more Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent's receipt of a certificate of a Responsible Officer of the Borrower confirming 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;either the Acquisition (i) has been consummated or (ii) will be consummated in accordance with the terms of the Acquisition Agreement substantially concurrently with the initial Borrowing (or, in the case of the Revolving Facility and the Delayed Draw Facility, the initial availability of the Revolving Commitments and the Delayed Draw Commitments, respectively) under the Facilities; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;since its execution, the Acquisition Agreement has not been amended, supplemented, waived or modified pursuant to its terms in a manner that is, when taken as a whole, materially adverse to the Lenders, in their respective capacities as such, without the consent of the Lead Arrangers (such consent not to be unreasonably withheld, conditioned or delayed); *provided* that each Lead Arranger shall be deemed to have consented to such amendment, supplement, waiver or modification unless it shall object in writing thereto within three (3) business days of receiving written notice from the Borrower of such amendment, waiver or modification; *provided further*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;an amendment, supplement, waiver or modification of the Acquisition Agreement that has the effect of reducing the purchase price thereunder, will, in each case, be deemed not to be materially adverse to the interests of the Lenders and any such reduction to the cash portion of the purchase price will be allocated to reduce the Initial Term Loans on a dollar-for-dollar 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;an amendment, supplement, waiver or modification of the Acquisition Agreement that has the effect of increasing the purchase price thereunder will be deemed not to be materially adverse to the Lenders if such increase is not funded with indebtedness for borrowed money incurred on the Closing Date (other than permitted Borrowings under the Revolving Facility on the Closing Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;an amendment, supplement, waiver or modification of the Acquisition Agreement to a provision requiring that the Acquisition not be consummated prior to a particular date or prior to consummation of a period of time, notwithstanding the satisfaction of conditions to the consummation of the Acquisition set forth therein will be deemed not to be materially adverse to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;any change to the definition of "Company Material Adverse Effect" (as defined in the Acquisition Agreement) will be deemed to be materially adverse to the Commitment Parties and will require the prior written consent of the Lead Arrangers (such consent not to be unreasonably withheld, conditioned or delayed); *provided* that each Lead Arranger shall be deemed to have consented to such amendment, supplement, waiver or modification unless it shall object in writing thereto within three (3) business days of receiving written notice from the Borrower of such amendment, waiver or modification prior to its effectiveness; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;prior to, or substantially concurrently with, the initial Borrowings under the Facilities on the Closing Date, the Closing Date Refinancing either has been consummated or will be consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Acquisition Agreement Representations and the Specified Representations shall be accurate in all material respects (or, if already qualified by materiality, in all respects) on and as of the Closing Date; *provided* that, a failure of an Acquisition Agreement Representation to be accurate will not result in a failure of a condition precedent under this <u>Section</u> <u>4.01</u>, unless such failure results in a failure of a condition precedent to Borrower's (or any of its Affiliates') obligation to consummate the Acquisition pursuant to the terms of the Acquisition Agreement or such failure gives the Borrower (or any of its Affiliates) the right (taking into account any notice and cure provisions) to terminate its obligation to consummate the Acquisition pursuant to the terms of the Acquisition Agreement pursuant to the terms of the Acquisition Agreement; *provided further* that to the extent that the Specified Representations specifically refer to an earlier date, they shall be accurate in all material respects (or, if already qualified by materiality, in all respects) as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Since the date of the Acquisition Agreement, there shall not have been any Company Material Adverse Effect (as defined in the Acquisition Agreement) that would result in the failure of a condition precedent to the Borrower's obligation to consummate the Acquisition under the Acquisition Agreement or that would give the Borrower the right (taking into account any notice and cure provisions) to terminate its obligations pursuant to the terms of the Acquisition Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Lenders will have received at least three (3) Business Days (as defined in the Acquisition Agreement) prior to the Closing Date, (i) all outstanding documentation and other information about the Loan Parties required under applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act and (ii) to the extent the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification, that in each case has been requested in writing at least ten (10) Business Days (as defined in the Acquisition Agreement) prior to the Acquisition Date.

Without limiting the generality of the provisions of the last paragraph of <u>Section</u> <u>10.06(b)</u>, for purposes of determining compliance with the conditions specified in this <u>Section</u> <u>4.01</u>, each Agent and each Lender that has signed this Agreement or funded Loans hereunder shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required under this <u>Section</u> <u>4.01</u> to be consented to or approved by or acceptable or satisfactory to an Agent or a Lender, unless the Administrative Agent shall have received notice from such Agent or Lender prior to the proposed Closing Date specifying its objection thereto.

SECTION 4.02 <u>Conditions to Certain Borrowings After the Closing Date</u>. Except as set forth herein with respect to Incremental Loans, Credit Agreement Refinancing Indebtedness and Extensions (including Extended Commitments and Extended Loans), and subject to <u>Section</u> <u>1.08</u>, the obligation of each Lender to honor a Committed Loan Notice, of each Issuing Bank to issue, amend, renew or extend any Letter of Credit and of the Swing Line Lender to make Swing Line Loans (other than Delayed Draw Term Loans, which shall be subject to <u>Section 4.03</u> in lieu of this <u>Section 4.02</u>), in each case after the Closing Date, is subject to the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of the Borrower and each other Loan Party contained in <u>Article</u> <u>V</u> or any other Loan Document shall be true and correct in all material respects on and as of the date of such Borrowing or issuance, amendment, renewal or extension of any Letter of Credit; *provided* that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; *provided further* that any representation and

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warranty that is qualified as to "materiality", "Material Adverse Effect" or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;As of the date of such Borrowing or the date of any issuance, amendment, renewal or extension of any Letter of Credit, no Default or Event of Default shall have occurred and be continuing on such date (immediately prior to giving effect to the extensions of credit requested to be made) or would result after giving effect to the extensions of credit requested to be made on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received a Committed Loan Notice in accordance with the requirements hereof and, if applicable, the applicable Issuing Bank shall have received a request for a Letter of Credit in accordance with the requirements hereof or the Swing Line Lender shall have received a request for a Swing Line Loan in accordance with the requirements hereof.

Subject to <u>Section</u> <u>1.08(f)</u>, each Committed Loan Notice (other than a Committed Loan Notice requesting only a conversion of Loans to another Type or a continuation of Benchmark Loans) and each request for a Letter of Credit or Swing Line Loan submitted by the Borrower shall be deemed to be a representation and warranty that the condition specified in <u>Section</u> <u>4.02(a)</u> and <u>(b)</u> has been satisfied on and as of the date of the applicable Borrowing or issuance, amendment, renewal or extension of a Letter of Credit.

SECTION 4.03 <u>Conditions</u> <u>to</u> <u>Borrowing</u> <u>of</u> <u>Delayed</u> <u>Draw</u> <u>Term</u> <u>Loans</u>.

Subject to Section 1.08, the obligation of each Lender to honor a Committed Loan Notice with respect to a Borrowing of Delayed Draw Term Loans after the Closing Date is subject only to the satisfaction, or waiver by the Lenders, of each of the following conditions precedent, except as otherwise agreed between the Borrower and the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all representations and warranties relating to Holdings, the Borrower, the target of the acquisition to which such Borrowing of Delayed Draw Term Loans relates (conformed as reasonably necessary for such acquisition) and its respective subsidiaries and their respective businesses shall be made on the date of such Borrowing; provided that (i) only the making and accuracy of the representations and warranties with respect to such target and its respective subsidiaries and their respective businesses made in the corresponding acquisition agreement to the extent the breach of such representations and warranties is materially adverse to the interests of the Lenders (in their capacities as such) and the Specified Representations will be a condition to the availability of the Delayed Draw Term Loans on the date of such Borrowing, (ii) a failure of any representation and warranty referred to in clause (a)(i) above to be accurate will not result in a failure of a condition set forth in <u>Section</u> <u>4.03</u>, unless such failure resulted in a failure of a condition precedent to the Borrower's (or any of its Affiliates') obligation or the obligation of such target or any seller party to the corresponding acquisition agreement to consummate the contemplated acquisition pursuant to the terms of the corresponding acquisition agreement or such failure gave the Borrower (or any of its Affiliates) the right (taking into account any notice and cure provisions) to terminate its obligation to consummate the acquisition pursuant to the terms of the corresponding acquisition agreement, and (iii) the only representations and warranties made in connection with the transactions on the date of such Borrowing the inaccuracy of which could result in a Default or Event of Default are the Specified Representations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;as of the date of such Borrowing, no Event of Default shall have occurred and be continuing on such date (immediately prior to giving effect to the extensions of credit requested to be made) or would result after giving effect to the extensions of credit requested to be made on such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;after the incurrence of such Delayed Draw Term Loans on a Pro-Forma Basis and excluding the cash proceeds to the Borrower therefrom, the First Lien Net Leverage Ratio as of the Test Period most recently ended shall not exceed 3.50:1.00.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received a Committed Loan Notice in accordance with the requirements hereof, which may be conditioned upon the occurrence of any applicable Limited Condition Transaction or related transaction, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall have paid or caused to be paid (or shall pay or cause to be paid substantially concurrently with such Borrowing of Delayed Draw Term Loans) all accrued and unpaid Unused DDTL Commitment Fees with respect to the Delayed Draw Commitments being funded in such Borrowing, together with any fees and expenses due upon such Borrowing.

Notwithstanding anything to the contrary set forth herein, the provisions of this <u>Section 4.03</u> may be amended or waived as provided in <u>Section 11.01(c)(vii)</u>. Subject to <u>Section 1.08(f)</u>, each Committed Loan Notice for a Borrowing of Delayed Draw Term Loans submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in <u>clause</u> <u>(a),</u> <u>(b) and (c)</u> of this <u>Section 4.03</u> have been satisfied on and as of the date of the applicable Borrowing.

ARTICLE V.

REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants each of the following to the Lenders, the Issuing Banks, the Administrative Agent and the Collateral Agent, in each case, to the extent and, unless otherwise specifically agreed by the Borrower, only on the dates required by <u>Section 2.16</u> or <u>Article IV</u>, as applicable.

SECTION 5.01 <u>Existence,</u> <u>Qualification</u> <u>and</u> <u>Power;</u> <u>Compliance</u> <u>with</u> <u>Laws</u>. Each Loan Party and each Restricted Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;is duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization (to the extent such concepts exist in such jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;has all corporate or other organizational power and authority to (i) own its assets and carry on its business as currently conducted and (ii) in the case of the Loan Parties, execute, deliver and perform its obligations under the Loan Documents to which it is a party and consummate the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;is duly qualified and in good standing (to the extent such concepts exist in such jurisdiction) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;is in compliance with all applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;has all requisite governmental licenses, authorizations, consents and approvals to operate its business as currently conducted;

except in each case referred to in <u>clauses</u> <u>(c)</u>, <u>(d)</u> or <u>(e)</u>, to the extent that failure to do so has not resulted in, or is not reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect.

SECTION 5.02 <u>Authorization;</u> <u>No</u> <u>Contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party has been duly authorized by all necessary corporate or other organizational action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the execution, delivery nor performance by each Loan Party of each Loan Document to which it is a party nor the consummation of the Transactions will,

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp;contravene the terms of any of its Organization Documents;

&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)&nbsp;&nbsp;&nbsp;&nbsp;result in any breach or contravention of, or the creation of any Lien (other than a Permitted Lien) upon any assets of such Loan Party or any Restricted Subsidiary, under (A) any Contractual Obligation relating to Material Indebtedness or (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Loan Party or its property is subject;

&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)&nbsp;&nbsp;&nbsp;&nbsp;violate any Applicable 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;require any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation relating to Material Indebtedness, except for such approvals or consents which will be obtained on or before the Closing Date;

except with respect to any breach, contravention or violation (but not creation of Liens) referred to in <u>clauses</u> <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u>, to the extent that such breach, contravention or violation has not resulted in, or is not reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect.

SECTION 5.03 <u>Governmental Authorization</u>. No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by any Loan Party of this Agreement or any other Loan Document, except for,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;filings necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the approvals, consents, exemptions, authorizations, actions, notices and filings that have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given or made or in full force and effect pursuant to the Collateral Documents); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make has not resulted in, or is not reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect.

SECTION 5.04 <u>Binding Effect</u>. This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is party hereto and thereto. This Agreement and each other Loan Document constitutes a legal, valid and binding obligation of each Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity and principles of good faith and fair dealing.

SECTION 5.05 <u>Financial</u> <u>Statements;</u> <u>No</u> <u>Material</u> <u>Adverse</u> <u>Effect</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of the Borrower, the Annual Financial Statements fairly present in all material respects the financial condition of the Acquired Business, as of the date thereof and its results of operations for the period covered thereby in accordance with GAAP (as in effect on the Closing Date (or the date of preparation)) consistently applied throughout the periods covered thereby, except as otherwise expressly noted therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has resulted in, or is reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The forecasts of consolidated balance sheets and statements of comprehensive income (loss) of the Borrower and its Subsidiaries which have been furnished to the Administrative Agent prior to the Closing Date, when taken as a whole, have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time made and at the time the forecasts are delivered, it being understood that (i) no forecasts are to be viewed as facts, (ii) any forecasts are subject to significant uncertainties and contingencies, many of which are beyond the control of the Loan Parties or the Company, (iii) no assurance can be given that any particular forecasts will be realized and (iv) actual results may differ and such differences may be material.

SECTION 5.06 <u>Litigation</u>. Except as set forth in <u>Schedule</u> <u>5.06</u>, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of the Restricted Subsidiaries that (i) has resulted in, or is reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve any Loan Document or the Transactions.

SECTION 5.07 <u>Labor Matters</u>. Except as set forth on <u>Schedule 5.07</u> or except as has not resulted in, or is not reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect: (a) there are no strikes or other labor disputes against any of the Borrower or the Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened, and (b) payment made based on hours worked to employees of the Borrower or a Restricted Subsidiary are not being made by the Borrower or a Restricted Subsidiary (as applicable) in material violation of the Fair Labor Standards Act or any other Applicable Laws dealing with wage and hour matters.

SECTION 5.08 <u>Ownership of Property; Liens</u>. Each Loan Party and each Restricted Subsidiary has, good and valid record title in fee simple to, or valid leasehold interests in, or easements or other limited property interests in, all real property necessary in the ordinary conduct of its business, free and clear of all Liens except for Permitted Liens and except where the failure to have such title or other interest has not resulted in, or is not reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect. As of the Closing Date, <u>Schedule 5.08</u> sets forth all Material Real Property.

SECTION 5.09 <u>Environmental</u> <u>Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as has not resulted in, or would not reasonably be expected to result in a Material Adverse Effect, (i) the Loan Parties and the Restricted Subsidiaries and have been in compliance with all applicable Environmental Laws (including having obtained all Environmental Permits for the operation of the business or property of the Loan Parties and the Restricted Subsidiaries as presently conducted) and (ii) none of the Loan Parties or any of the Restricted Subsidiaries is subject to any pending, or to the knowledge of the Loan Parties, threatened Environmental Claim or other Environmental Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;None of the Loan Parties or any of the Restricted Subsidiaries has received any written notice of any Environmental Claim or Environmental Liability that has resulted in, or would reasonably be expected to result, in any Environmental Liability that would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;None of the Loan Parties or any of the Restricted Subsidiaries has, released, treated, transported or disposed of Hazardous Materials at or from any currently or formerly owned or leased real estate or facility relating to its business or, to the knowledge of the Loan Parties or arising out of the conduct of the Loan Parties or any of the Restricted Subsidiaries, in each case in a manner that has resulted in, or

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would reasonably be expected to result in, any Environmental Liability that would have a Material Adverse Effect.

SECTION 5.10 <u>Taxes</u>. The Borrower and the Restricted Subsidiaries have, filed all federal, state and other tax returns and reports required to be filed, and have paid all federal, state and other Taxes levied or imposed upon them or their properties, income or assets otherwise due and payable, except (a) Taxes that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP or (b) to the extent that the failure to do so has not resulted in, or is not reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect.

SECTION 5.11 <u>ERISA</u> <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except, as set forth in <u>Schedule</u> <u>5.11(a)</u> or, with respect to each of the below clauses of this <u>Section</u> <u>5.11(a)</u>, as has not resulted in, or is not reasonably expected, individually or in the aggregate, to result in Material Adverse Effect,

&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)&nbsp;&nbsp;&nbsp;&nbsp;no ERISA Event has occurred in the past five years or is reasonably expected to occur;

&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)&nbsp;&nbsp;&nbsp;&nbsp;neither the Borrower, nor any Subsidiary Guarantor nor any of their respective ERISA Affiliates has engaged in a transaction in the past five years that is subject to Sections 4069 or 4212(c) of ERISA; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;neither the Borrower, nor any Subsidiary Guarantor nor any ERISA Affiliate has been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is insolvent (within the meaning of Section 4245 of ERISA) or has been determined to be in "endangered" or "critical" status (within the meaning of Section 432 of the Code or Section 305 of ERISA) and, to the knowledge of the Borrower, no such Multiemployer Plan is expected to be insolvent or in endangered or critical status.

SECTION 5.12 <u>Subsidiaries</u>. As of the Closing Date, all of the outstanding Equity Interests in the Borrower and each Restricted Subsidiary have been validly issued and are fully paid and (if applicable) non-assessable, and all Equity Interests owned by Holdings (in the Borrower), and by the Borrower or any Subsidiary Guarantor in any of their respective direct Restricted Subsidiaries are owned free and clear of all Liens (other than Permitted Liens) securing Indebtedness of any Person. As of the Closing Date, <u>Schedule</u> <u>5.12</u> (i) sets forth the name and jurisdiction of each Subsidiary, (ii) sets forth the ownership interest of Holdings, the Borrower and each Subsidiary in each Subsidiary, including the percentage of such ownership and (iii) identifies each Subsidiary that is a Subsidiary the Equity Interests of which are required to be pledged on the Closing Date pursuant to the Collateral Documents.

SECTION 5.13 <u>Margin</u> <u>Regulations;</u> <u>Investment</u> <u>Company</u> <u>Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) As of the Closing Date, none of the Collateral is Margin Stock, (ii) no Loan Party is engaged 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, and (iii) no proceeds of any Borrowings or issuance of, or drawings under, any Letter of Credit will be used for any purpose that violates Regulation U. Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than twenty- five percent (25%) of the value of the assets (either of the Borrower only or of the Borrower and its 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

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any restriction contained in any agreement or instrument between the Borrower or any of its Subsidiaries and any Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of <u>Section</u> <u>9.01(e)</u> will be margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Borrower nor any Guarantor is required to be registered as an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

SECTION 5.14 <u>Disclosure</u>. As of the Closing Date, to the knowledge of the Borrower, none of the written information and written data heretofore or contemporaneously furnished by or on behalf of any Loan Party to any Agent or any Lender on or prior to the Closing Date in connection with the Transactions and the negotiation of this Agreement or delivered hereunder or any other Loan Document on or prior to the Closing Date, when taken as a whole, contains any material misstatement of fact or omits to state any material fact necessary to make such written information and written data taken as a whole, in the light of the circumstances under which it was delivered, not materially misleading (after giving effect to all modifications and supplements to such written information and written data, in each case, furnished after the date on which such written information or such written data was originally delivered and prior to the Closing Date); it being understood that for purposes of this <u>Section</u> <u>5.14</u>, such written information and written data shall not include projections, *pro forma* financial information, financial estimates, forecasts or other forward-looking information or information of a general economic or general industry nature. As of the Closing Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Closing Date to any Lender in connection with this Agreement is true and correct in all respects.

SECTION 5.15 <u>Intellectual</u> <u>Property;</u> <u>Licenses,</u> <u>Etc.</u> The Borrower and the Restricted Subsidiaries own or have a valid right to use all the intellectual property necessary for the operation of their respective businesses as currently conducted, except where the failure to have any such rights, has not resulted in, or is not reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect; <u>provided</u>, however, that the foregoing shall not be a representation or warranty with respect to infringement, misappropriation or other violation of any intellectual property rights of any other Person. To the knowledge of the Borrower, the operation of the respective businesses of the Borrower and the Restricted Subsidiaries as currently conducted does not infringe upon, misappropriate or violate any intellectual property rights held by any Person except for such infringements, misappropriations or violations that have not resulted in, or are not reasonably expected, individually or in the aggregate, to result in, a Material Adverse Effect. No claim or litigation regarding any Intellectual Property owned by the Borrower or any of the Restricted Subsidiaries is pending or, to the knowledge of the Borrower, threatened in writing against the Borrower or any Restricted Subsidiary, that, has resulted in, or is reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect.

SECTION 5.16 <u>Solvency</u>. On the Closing Date after giving effect to the Transactions, Holdings, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.

SECTION 5.17 <u>USA</u> <u>PATRIOT</u> <u>Act,</u> <u>FCPA</u> <u>and</u> <u>OFAC</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To the extent applicable, each of the Loan Parties and the Subsidiaries is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) (x) the USA PATRIOT Act and (y) other similar anti-money laundering rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Loan Parties and the Subsidiaries, and their respective officers, directors and employees, and to the Borrower's knowledge, their respective agents and representatives, (in each case

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acting in their capacity as such) have, in the past five years, conducted their businesses in compliance in all material respects with the FCPA, the UK Bribery Act 2010, as amended, and other applicable anti- corruption legislation in other jurisdictions. The Borrower will not directly, or to its knowledge indirectly, use the proceeds of the Loans or use the Letters of Credit in violation of the FCPA, the UK Bribery Act 2010, as amended, or other applicable anti-corruption legislation in other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;None of the Loan Parties or any of the Subsidiaries, or any of their respective directors, officers, or employees, or to the knowledge of the Borrower, any of their respective agents, or representatives, is a Sanctioned Person.

SECTION 5.18 <u>Collateral Documents</u>. Except as otherwise contemplated hereby or under any other Loan Documents, the provisions of the Collateral Documents, together with such filings and other actions required to be taken hereby or by the applicable Collateral Documents or contemplated by the Collateral Documents (including the delivery to Collateral Agent of any Pledged Debt and any Pledged Equity required to be delivered pursuant to the applicable Collateral Documents), are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties a legal, valid and enforceable perfected Lien (subject to Permitted Liens) on all right, title and interest of Holdings, the Borrower and the applicable Subsidiary Guarantors, respectively, in the Collateral described therein.

SECTION 5.19 <u>Use</u> <u>of</u> <u>Proceeds</u>. The Borrower has used the proceeds of the Loans (including the Swing Line Loans) and used the Letters of Credit issued hereunder only in compliance (and not in contravention of) Applicable Laws and each Loan Document.

SECTION 5.20 <u>Insurance</u>. <u>Schedule</u> <u>5.20</u> sets forth a description of all insurance maintained by or on behalf of the Borrowers and their Restricted Subsidiaries as of the Closing Date. As of the Closing Date, all premiums in respect of such insurance have been paid. The Borrower maintains, and have caused each Restricted Subsidiary to maintain, with financially sound and reputable insurance companies, insurance on all their real and personal property in such amounts, subject to such deductibles and self-insurance retentions and covering such properties and risks as are adequate and customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.

SECTION 5.21 <u>Anti-Corruption Laws and Sanctions</u>. Each Loan Party has implemented and maintains in effect policies and procedures reasonably designed to promote compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. Each Loan Party, its Subsidiaries and their respective officers and directors, and, to the knowledge of such Loan Party, its employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that could reasonably be expected to result in any Loan Party being designated as a Sanctioned Person. None of (a) any Loan Party, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of any such Loan Party or Subsidiary, any agent of such Loan Party or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds, Transaction or other transaction contemplated by this Agreement or the other Loan Documents will violate Anti-Corruption Laws or applicable Sanctions.

SECTION 5.22 <u>Affected</u> <u>Financial</u> <u>Institution</u>. No Loan Party is an Affected Financial Institution.

ARTICLE VI.

AFFIRMATIVE COVENANTS

So long as the Termination Conditions have not been satisfied, Holdings (except in the case of the covenants set forth in <u>Section</u> <u>6.01</u>, <u>Section</u> <u>6.02</u> and <u>Section</u> <u>6.03</u>) and the Borrower shall and shall cause

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each Restricted Subsidiary to (except in the case of the covenants set forth in <u>Section</u> <u>6.01</u>, <u>Section</u> <u>6.02</u> and <u>Section 6.03</u>) and each Unrestricted Subsidiary (solely in the case of Sections 6.08(c) and 6.08(d)):

SECTION 6.01 <u>Financial Statements</u>. Deliver to the Administrative Agent for prompt further distribution by the Administrative Agent to each Lender (other than a Disqualified Lender subject to Section 11.27) each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Financial Statements</u>. Commencing with the first fiscal year ending after the Closing Date, within one hundred and twenty (120) days after the end of each fiscal year of Holdings (or, in the case of the first fiscal year ending after the Closing Date, one hundred and fifty (150) days after the end of such fiscal year), which periods may be extended by the Administrative Agent in its sole discretion, (i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of comprehensive income (loss), stockholders' equity and cash flows for such fiscal year together with related notes thereto, setting forth in each case in comparative form the figures for the previous fiscal year (if ending after the Closing Date), prepared in accordance with GAAP, audited and accompanied by a report and opinion of the Company's auditor on the Closing Date or any other accounting firm of nationally or regionally recognized standing or another accounting firm reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any qualification as to the Company's ability to continue as a "going concern", other than any such qualification resulting from or relating to (A) any potential inability to satisfy a financial maintenance covenant, (B) an upcoming maturity date under this Agreement or any other Indebtedness or (C) activities, operations, financial results or liabilities of any person other than Holdings and the Restricted Subsidiaries; and (ii) unaudited annual financial statements of Holdings and the Restricted Subsidiaries, together with a reconciliation statement which shall include the financial information of the Loan Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Quarterly Financial Statements</u>. Commencing with the first full fiscal quarter ended after the Closing Date, within sixty (60) days after the end of each fiscal quarter of each fiscal year of Holdings (or in the case of (A) the first four such fiscal quarters for which quarterly financial statements are required to be provided or (B) after a material accounting change has occurred, as determined by the Borrower in good faith, in each case within seventy five (75) days of the end of each such fiscal quarter), which periods may be extended by the Administrative Agent in its sole discretion, (i) a consolidated balance sheet of Holdings and its Subsidiaries as at the end of such fiscal quarter, (ii) the related consolidated statements of comprehensive income (loss) for such fiscal quarter and for the portion of the fiscal year then ended and (iii) the related consolidated statement of cash flows for the portion of the fiscal year then ended, setting forth, in each case of <u>clauses</u> <u>(i)</u>, <u>(ii)</u> and <u>(iii)</u>, in comparative form, the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, in each case if ended after the Closing Date, certified by a Responsible Officer of Holdings as fairly presenting in all material respects the financial condition, results of operations and cash flows Holdings and its Subsidiaries in material compliance with GAAP, subject to year-end adjustments and the absence of footnotes. Delivery of such quarterly financial statements containing a level of detail materially consistent with those prepared immediately prior to the Closing Date shall be deemed to satisfy this <u>Section 6.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Budget; Projections</u>. Prior to a Qualifying IPO, no later than the date financial statements are required to be delivered pursuant to <u>Section 6.01(a)</u> (commencing with the first fiscal year ending December 31, 2026), a consolidating budget for the following fiscal year on an annual basis in form and substance consistent with the budget customarily prepared by management of Holdings for its internal use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Unrestricted Subsidiaries</u>. Simultaneously with the delivery of each set of consolidated financial statements referred to in <u>Section</u> <u>6.01(a)</u> and <u>Section</u> <u>6.01(b)</u>, the related consolidating financial

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statements information (which need not be audited) reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements.

SECTION 6.02 <u>Certificates; Other Information</u>. Deliver to the Administrative Agent for further distribution by the Administrative Agent to each Lender each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance</u> <u>Certificate</u>. On the date the financial statements referred to in <u>Section</u> <u>6.01(a)</u> and <u>Section</u> <u>6.01(b)</u> (other than any fiscal quarter that is the last fiscal quarter of a fiscal year) have been delivered or are required to have been delivered, a duly completed Compliance Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Information Regarding Collateral</u>. The Borrower agrees to notify the Collateral Agent (within sixty (60) calendar days after the occurrence of such event or such later date as the Collateral Agent may agree in its sole discretion) of any change,

&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)&nbsp;&nbsp;&nbsp;&nbsp;in the legal name of any Person required to be a Loan Party;

&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)&nbsp;&nbsp;&nbsp;&nbsp;in the identity or type of organization of any Person required to be a Loan Party;

&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)&nbsp;&nbsp;&nbsp;&nbsp;in the jurisdiction of organization of any Person required to be a Loan Party; 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;in the location (within the meaning of Section 9-307 of the UCC) of any Person (to the extent not a "registered organization" (as defined in Section 9-102 of the UCC)) required to be a Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Information</u>. Such additional information as may be reasonably requested by the Administrative Agent or any Lender through the Administrative Agent for purposes of compliance by the Administrative Agent or such Lender with applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation.

Documents required to be delivered pursuant to <u>Section</u> <u>6.01</u> or <u>Section</u> <u>6.02</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents to the Approved Borrower Portal or (ii) on which such documents are posted on the Borrower's behalf on Merrill Datasite One, Syndtrak or another similar electronic system or relevant 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, the "**Platform**"); *provided* that (A) upon written request by the Administrative Agent, the Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent, (B) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents and (C) no document will be posted on the Platform without the Borrower's prior consent. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Lead Arrangers will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, "**Borrower Materials**") by posting the Borrower Materials on the Platform and

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(b)&nbsp;&nbsp;&nbsp;&nbsp;certain of the Lenders may have personnel who do not wish to receive any information with respect to the Borrower or its Subsidiaries, or the respective securities of any of the foregoing, that is not Public-Side Information, and who may be engaged in investment and other market-related activities with respect to such Person's securities. The Borrower hereby agrees that (i) all Borrower Materials that are to be made available to Public Lenders 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 (and by doing so shall be deemed to have represented that such information contains only Public-Side Information); (ii) by marking Borrower Materials "**PUBLIC**", the Borrower shall be deemed to have authorized the Administrative Agent, the Lead Arrangers and the Lenders to treat such Borrower Materials as containing only Public-Side Information (*provided however*, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in <u>Section</u> <u>11.08</u>); (iii) all Borrower Materials marked "**PUBLIC**" are permitted to be made available through a portion of the Platform designated "Public-Side Information"; and (iv) the Administrative Agent and/or the Lead Arrangers 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".

For the avoidance of doubt, the foregoing shall be subject to the provisions of <u>Section</u> <u>11.08</u>.

SECTION 6.03 <u>Notices</u>. Promptly, and in any event no later than five (5) Business Days after a Responsible Officer obtains knowledge thereof, notify the Administrative Agent for further notification by the Administrative Agent to each Lender of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) the occurrence of any Default or (ii) the occurrence of any Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) any dispute, litigation, investigation or proceeding involving the Borrower or any Restricted Subsidiary or (ii) the filing or commencement of, or any material development in, any litigation or proceeding affecting the Borrower or any Restricted Subsidiary, including any Environmental Claims or in respect of Intellectual Property, or (iii) the occurrence of any Environmental Liability, or (iv) the occurrence of any ERISA Event that, in any such case referred to in <u>clause</u> <u>(i)</u> through <u>(iv)</u>, has resulted, or would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any other development that results in, or would reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any other material events and information in the event reasonably requested by the Administrative Agent or any of the Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;promptly upon Administrative Agent's reasonable request, any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to the list of beneficial owners identified in such certification.

Each notice pursuant to this <u>Section</u> <u>6.03</u> shall be accompanied by a written statement of a Responsible Officer of the Borrower setting forth a summary description of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. For the avoidance of doubt, the foregoing shall be subject to the provisions of <u>Section 11.08</u>.

SECTION 6.04 <u>Payment</u> <u>of</u> <u>Certain</u> <u>Taxes</u>. Pay, discharge or otherwise satisfy all federal, state and other Taxes levied or imposed upon it or upon its properties, income or assets otherwise due and payable, except (a) Taxes that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP or (b) to the extent that the

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failure to do so has not resulted, or is not reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect.

SECTION 6.05 <u>Preservation</u> <u>of</u> <u>Existence,</u> <u>Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Preserve, renew and maintain in full force and effect its legal existence and good standing under the Applicable Laws of the jurisdiction of its incorporation or organization, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;take commercially reasonable action to obtain, preserve, renew and keep in full force and effect those of its rights (including with respect to Intellectual Property), licenses, permits, privileges, and franchises, that are material to the conduct of the business of the Loan Parties taken as a whole;

except in the case of <u>clause</u> <u>(a)</u> or <u>(b)</u>, (i) in connection with a transaction permitted by the Loan Documents (including transactions permitted by <u>Section</u> <u>7.04</u> or <u>Section</u> <u>7.05</u>), (ii) with respect to any Immaterial Subsidiary that is not a Loan Party, or (iii) to the extent that failure to do so has not resulted in, or is not reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect.

SECTION 6.06 <u>Maintenance of Properties</u>. Maintain, preserve and protect all of its material tangible properties and equipment used in the operation of its business in good working order, repair and condition (ordinary wear and tear excepted and casualty or condemnation excepted), except to the extent the failure to do so has not resulted in, or is not reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect.

SECTION 6.07 <u>Maintenance of Insurance</u>. Each Loan Party will, and will cause each other Restricted Subsidiary to, (a) maintain with financially sound and reputable carriers having a financial strength rating of at least A- by A.M. Best Company (i) insurance in such amounts (with no greater risk retention) and against such risks (including loss or damage by fire and loss in transit; theft, burglary, pilferage, larceny, embezzlement, and other criminal activities; business interruption; and general liability) and such other hazards, as is customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations and (ii) all insurance required pursuant to the Collateral Documents and (b) comply with the applicable Flood Insurance Requirements. The Borrower will furnish to the Lenders, upon request of the Administrative Agent, but no less frequently than annually, information in reasonable detail as to the insurance so maintained.

SECTION 6.08 <u>Compliance</u> <u>with</u> <u>Laws</u>. (a) Comply with the requirements of all Applicable Laws (including applicable Environmental Laws) applicable to it or to its business or property, except to the extent the failure to comply therewith would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect; (b) take appropriate actions to respond to any Environmental Claim and mitigate any Environmental Liability except to the extent the failure to do so would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, (c) comply in all material respects with the requirements of the USA PATRIOT Act, FCPA and OFAC; *provided* that the requirements set forth in this <u>Section</u> <u>6.08</u>, as they pertain to compliance by any Foreign Subsidiary with the USA PATRIOT ACT, FCPA and OFAC are subject to and limited by any Applicable Law applicable to such Foreign Subsidiary in its relevant local jurisdiction, and (d) maintain in effect and enforce policies and procedures reasonably designed to promote compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

SECTION 6.09 <u>Books</u> <u>and</u> <u>Records</u>. Maintain proper books of record and account in which entries that are full, true and correct in all material respects shall be made of all material financial transactions and material matters involving the assets and business of the Borrower or such Restricted Subsidiary, as the case may be (it being understood and agreed that Foreign Subsidiaries may maintain individual books and

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records in conformity with generally accepted accounting principles in their respective countries of organization or operations and that such maintenance shall not constitute a breach of the representations, warranties or covenants hereunder), in each case, to the extent necessary to prepare the financial statements described in <u>Section 6.01(a)</u> and <u>Section 6.01(b)</u>.

SECTION 6.10 <u>Inspection</u> <u>Rights</u>. Permit representatives of the Administrative Agent to visit and inspect any of its properties, to examine its financial and operating records, and make copies thereof or abstracts therefrom and to discuss its affairs, finances and accounts with its officers and independent public accountants (subject to such accountants' policies and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; <u>provided</u> that (a) excluding any such visits and inspections during the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise rights under this <u>Section</u> <u>6.10</u> and the Administrative Agent shall not exercise such rights more often than two times during any calendar year absent the continuation of an Event of Default and only one such time shall be at the Borrower's expense absent the continuation of an Event of Default, (b) when an Event of Default is continuing, the Administrative Agent or the Required Lenders (or any of their respective representatives) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice and (c) such obligations shall in all events be subject to the rights of lessees or sublessees and to any restrictions or limitations in any applicable lease, sublease, Contractual Obligation or other written occupancy arrangement to which any Loan Party or Restricted Subsidiary is bound. The Administrative Agent shall give the Borrower the opportunity to participate in any discussions with the Borrower's independent public accountants. For the avoidance of doubt, the foregoing shall be subject to the provisions of <u>Section 11.08</u>.

SECTION 6.11 <u>Covenant</u> <u>to</u> <u>Guarantee</u> <u>Obligations</u> <u>and</u> <u>Give</u> <u>Security</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Personal Property</u>. Subject to any applicable limitation in any Loan Document (including <u>Section</u> <u>6.12</u>), at the Borrower's expense, take the following actions within sixty (60) days of the occurrence of any Grant Event (or such longer period as the Collateral Agent may agree in its sole discretion):

&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)&nbsp;&nbsp;&nbsp;&nbsp;cause the Restricted Subsidiary subject of the Grant Event to execute and deliver the Guaranty (or a joinder thereto), which may be accomplished by executing a Guaranty Supplement;

&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)&nbsp;&nbsp;&nbsp;&nbsp;cause the Restricted Subsidiary subject of the Grant Event to execute and deliver the Security Agreement (or a supplement thereto), which may be accomplished by executing a Security Agreement Supplement;

&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)&nbsp;&nbsp;&nbsp;&nbsp;cause the Restricted Subsidiary subject of the Grant Event to execute and deliver any applicable Intellectual Property Security Agreements with respect to registered intellectual property that it owns and that constitutes Collateral;

&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)&nbsp;&nbsp;&nbsp;&nbsp;cause the Restricted Subsidiary subject of the Grant Event (and any Loan Party of which such Restricted Subsidiary is a direct Subsidiary) to (A) deliver any and all certificates representing its Equity Interests (to the extent certificated and, with respect to any such Person that is not a corporation if such Person has "opted into" Article 8 of the UCC) that constitute Collateral and are required to be delivered pursuant to the Security Agreement, accompanied by undated stock powers or other appropriate instruments of transfer executed in blank (or any other documents customary under local law), (B) execute and deliver a counterparty signature page to the Global Intercompany Note (or a joinder thereto), and (C) deliver all instruments evidencing Indebtedness held by such Restricted Subsidiary that constitute Collateral and are required to be delivered

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pursuant to the Security Agreement, endorsed in blank, to the Collateral Agent (or such other Person as may be contemplated by any applicable Intercreditor Agreement) and (D) if such Restricted Subsidiary is a Foreign Subsidiary, deliver such additional security documents and enter into additional collateral arrangements in the jurisdiction of such Foreign Subsidiary reasonably satisfactory 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;upon the reasonable request of the Administrative Agent, take and cause the Restricted Subsidiary the subject of the Grant Event and each direct or indirect parent of such Restricted Subsidiary that is required to become a Subsidiary Guarantor pursuant to this Agreement that directly holds Equity Interests in such Restricted Subsidiary to take such actions as may be necessary or customary in the reasonable opinion of the Administrative Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) perfected Liens (subject to Permitted Liens) in the Equity Interests of such Restricted Subsidiary and the personal property and fixtures of such Restricted Subsidiary to the extent required by the Loan Documents, enforceable against all third parties in accordance with their terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity (regardless of whether enforcement is sought in equity or at law); 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;upon request of the Administrative Agent deliver to the Administrative Agent a signed copy of a customary opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties as to such matters set forth in this <u>Section</u> <u>6.11(a)</u> as the Administrative Agent may reasonably request;

*provided* 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;without limiting the obligations set forth above, the Administrative Agent and the Collateral Agent will consult in good faith with the Borrower to reduce any stamp, filing or similar taxes imposed as a result of the actions described in the foregoing provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;actions relating to Liens on real property are governed by <u>Section</u> <u>6.11(b)</u> and not this <u>Section 6.11(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Material</u> <u>Real</u> <u>Property</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</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)&nbsp;&nbsp;&nbsp;&nbsp;Within ninety (90) days (or such longer period as the Collateral Agent may agree in its reasonable discretion) after the occurrence of a Grant Event, the Borrower will furnish to the Collateral Agent a description of any Material Real Property (other than any Excluded Asset) owned by the Restricted Subsidiary subject of the Grant Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Within ninety (90) days (or such longer period as the Collateral Agent may agree in its reasonable discretion) after the acquisition of any Material Real Property by a Loan Party after the Closing Date, the Borrower will furnish to the Collateral Agent a description of such Material Real Property.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Mortgages, etc</u>. The Borrower will, or will cause the applicable Loan Party to, provide the Collateral Agent with a Mortgage with respect to Material Real Property that is the subject of a notice delivered pursuant to <u>Section</u> <u>6.11(b)(i)</u>, within ninety (90) days (or such longer period as the Administrative Agent may agree in its reasonable discretion) of the event that

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triggered the requirement to give such notice, <u>provided</u>, that the Administrative Agent shall not enter into any Mortgage after the Closing Date until (1) the date that is forty five (45) days after the Administrative Agent has delivered to the Lenders (which may be delivered electronically) the following documents in respect of such Material Real Property: (i) a completed Flood Insurance Certificate; (ii) if such Material Real Property is located in a "Special Flood Hazard Area", all Flood Insurance Requirements or (2) the Administrative Agent shall have received written confirmation from each Lender that flood insurance due diligence and flood insurance compliance has been completed by such Lender (such written confirmation not to be unreasonably conditioned, withheld or delayed), together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;evidence that counterparts of such Mortgage have been duly executed, acknowledged and delivered and are in a form suitable for filing or recording in all filing or recording offices that the Collateral Agent may deem reasonably necessary or desirable in order to create a valid and subsisting perfected Lien (subject to Permitted Liens) on such Material Real Property in favor of the Collateral Agent for the benefit of the Secured Parties and that all filing and recording taxes and fees have been paid or are otherwise provided for in a manner reasonably satisfactory to the Collateral Agent; *provided* that to the extent any Material Real Property to be subject to a Mortgage is located in a jurisdiction which imposes mortgage recording taxes, intangibles tax, documentary tax or similar recording fees or taxes, the relevant Mortgage shall not secure an amount in excess of the fair market value of such property subject thereto and, to the extent agreed by the Administrative Agent, shall not secure the Obligations in respect of Letters of Credit or the Revolving Facility in those states that impose a mortgage tax on paydowns or re-advances applicable 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;fully paid Mortgage Policies or agreed proformas in respect thereof together with such affidavits, certificates, and instruments of indemnification (including a so-called "gap" indemnification) as shall be required to induce the title insurance company to issue the Mortgage Policies and endorsements contemplated above and evidence of payment of title insurance premiums and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;customary opinions, addressed solely to the Collateral Agent for the benefit of the Secured Parties, of local counsel for such Loan Party in the state in which such Material Real Property is located, with respect to the enforceability of the Mortgage and any related fixture filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;an ALTA survey (or existing survey, ExpressMap or similar documentation together with a no change affidavit of such Mortgaged Property) sufficient for the title insurance company to remove the standard survey exception and issue survey related endorsements (if reasonably requested by the Administrative Agent); 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;(E)&nbsp;&nbsp;&nbsp;&nbsp;a Flood Insurance Certificate; 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;(F)&nbsp;&nbsp;&nbsp;&nbsp;such other customary mortgage instruments and deliveries reasonably required by any Agent or Lender in order to comply with the applicable Flood Insurance Requirements or internal policy requirements generally applicable to mortgages in favor of such Person in commercial lending transactions.

SECTION 6.12 <u>Further Assurances</u>. Subject to <u>Section</u> <u>6.11</u> and any applicable limitations in any Collateral Document, and in each case at the expense of the Borrower, promptly upon the reasonable request by the Administrative Agent or Collateral Agent (a) correct any material defect or error that may be

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discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral and (b) do, execute, acknowledge, deliver, record, re- record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent or Collateral Agent may reasonably request from time to time in order to carry out more effectively the purposes of the Collateral Documents.

Notwithstanding anything to the contrary in any Loan Document, neither Holdings, the Borrower, nor any Restricted Subsidiary will be required, nor will the Administrative Agent or the Collateral Agent be authorized, without the consent of the Borrower (which may be provided or withheld in its sole discretion),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;[reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to enter into any control agreement, lockbox or similar arrangement with respect to any deposit account, securities account, commodities account or other bank account, or otherwise take or perfect a security interest with control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;to take any action (i) outside of the United States with respect to any assets located or registered or applied for outside of the United States, (ii) in any non-U.S. jurisdiction or (iii) required by the laws of any non-U.S. jurisdiction to create, perfect or maintain any security interest or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to obtain a Mortgage on real property that secures an amount in excess of the fair market value of such real property at the time such Mortgage is provided, if the property to be subject to such a Mortgage is located in a jurisdiction that imposes mortgage recording taxes, intangibles tax, documentary taxes or similar recording fees or taxes, and, to the extent agreed by the Administrative Agent, to obtain a Mortgage on any property securing Obligations in respect of letters of credit or a revolving credit facility if such property is located in a state or other jurisdiction that imposes a tax on pay-downs or re-advances applicable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;to take any action with respect to perfecting a Lien with respect to letters of credit, letter of credit rights, commercial tort claims, chattel paper or assets subject to a certificate of title or similar statute (in each case, other than the filing of customary "all asset" UCC-1 financing statements) or to deliver landlord lien waivers, estoppels, bailee letters or collateral access letters.

Further, so long as no Event of Default then exists, the Loan Parties shall not be required to perform any periodic collateral reporting, if any, with any frequency greater than once per fiscal year (*provided* that this clause shall not limit the obligation of the Loan Parties to comply with <u>Section</u> <u>6.02(c)</u> or <u>Section</u> <u>6.11</u>).

SECTION 6.13 <u>Designation of Subsidiaries</u>. The Borrower may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or designate (or re-designate, as the case may be) any Unrestricted Subsidiary as a Restricted Subsidiary; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;immediately before and after such designation (or re-designation), no Event of Default shall have occurred and be continuing or would result therefrom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Investment resulting from the designation of such Restricted Subsidiary as an Unrestricted Subsidiary as described above is permitted by <u>Section 7.02(f)</u>.

The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value as of such date of the Borrower's or its Restricted Subsidiary's (as applicable) Investment(s) to date therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the

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time of designation of any Indebtedness, Investments and Liens of such Subsidiary existing at such time. Upon a designation of any Unrestricted Subsidiary as a Restricted Subsidiary, the Borrower (or the applicable Restricted Subsidiary owning such designated Subsidiary) shall be deemed to continue to have a permanent investment in an Unrestricted Subsidiary in an amount (if positive) equal to (x) the Borrower's or such Restricted Subsidiary's investment in such Subsidiary at the time of such re-designation, <u>less</u> (y) the portion (proportionate to the Borrower's or the applicable Restricted Subsidiary's Equity Interest in such Subsidiary) of the fair market value of the net assets of such Subsidiary at the time of such designation. For all purposes hereunder, the designation of a Subsidiary as an Unrestricted Subsidiary shall be deemed to constitute a concurrent designation of any Subsidiary of such Subsidiary as an Unrestricted Subsidiary, subject in all cases to the conditions and requirements of this <u>Section 6.13</u>. No Restricted Subsidiary may be designated as an Unrestricted Subsidiary if it owns any Material Intellectual Property or holds any exclusive licenses in or to any Material Intellectual Property or owns any other assets that are material to the business of Holdings, the Borrower and the Loan Parties and the Restricted Subsidiaries, taken as a whole. No Unrestricted Subsidiary may hold any Indebtedness owing by, or directly or indirectly own any Equity Interests or assets of, or have a Lien on any assets of, Holdings, the Borrower or any Restricted Subsidiary. No Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a Restricted Subsidiary (or analogous concept) for the purpose of any Pari Passu Lien Debt, any Incremental Equivalent Debt or any Junior Lien Debt.

SECTION 6.14 <u>Post-Closing Matters</u> The Borrower will, and will cause each of its Restricted Subsidiaries to, take each of the actions set forth on <u>Schedule</u> <u>6.14</u> within the time period prescribed therefor on such schedule (as such time period may be extended by the Administrative Agent).

SECTION 6.15 <u>Maintenance of Ratings</u>. Use commercially reasonable efforts to maintain (a) a public corporate credit rating or public corporate family rating, as applicable, from any two of S&P, Moody's and Fitch, in each case in respect of the Borrower (but not a specific rating), and (b) a public rating in respect of the Initial Term Loans from any two of S&P, Moody's and Fitch (but not a specific rating).

SECTION 6.16 <u>Use</u> <u>of</u> <u>Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) The proceeds of the Initial Term Loans will be used on the Closing Date to finance, in part, the Transactions and (ii) the Initial Revolving Borrowing, if any, will be used on the Closing Date to finance working capital, refinance and/or backstop or cash collateralize letters of credit, surety bonds, bank guarantees and similar instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Following the Closing Date, the proceeds of Revolving Loans after the Closing Date will be used for working capital and general corporate purposes of the Borrower and the Restricted Subsidiaries, including the financing of transactions that are not prohibited by the terms of this Agreement (including Permitted Investments); *provided* that aggregate principal amount of Revolving Loans incurred on the Closing Date will be limited to the Initial Revolving Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Letters of Credit will be used by the Borrower for general corporate purposes of the Borrower and the Restricted Subsidiaries, including supporting transactions not prohibited by the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and its Subsidiaries shall not, directly or knowingly indirectly, use the proceeds of any Borrowing or Letter of Credit hereunder, or lend, contribute, or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned

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Country, except to the extent permitted for a Person required to comply with Sanctions, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The proceeds of Delayed Draw Term Loans will be used (i) to finance payments in connection with the Acquisition on the Closing Date, (ii) to finance other Permitted Investments (and Delayed Draw Term Loans may be drawn no more than five (5) Business Days prior to, or substantially simultaneously with, the consummation of a Permitted Investment), pay earnouts, holdbacks and retention payments (which may include Existing Earnouts and Unfunded Holdbacks, whether contingent or matured), (iii) to finance guarantee payments for new partners or employees, (iv) to pay fees and expenses with respect to the transactions in the foregoing clause (i) and (iii) and/or with respect to the related borrowing(s) of Delayed Draw Term Loans, and (v) to refinance Revolving Loans that were drawn to fund the items specified in the foregoing clauses (ii), (iii) and (iv) (such refinancing to be completed within one hundred and twenty (120) days after such Revolving Loans were drawn).

SECTION 6.17 <u>Change in Nature of Business</u>. The Borrower will, and will cause each of the Restricted Subsidiaries to, continue to only engage in lines of business that are substantially consistent with those lines of business conducted by the Borrower and the Restricted Subsidiaries on the Closing Date and lines of business that are reasonably similar, corollary, ancillary, incidental, synergistic, complementary or related thereto, in each case as determined by the Borrower in good faith.

SECTION 6.18 <u>Company</u> <u>Specified</u> <u>Representations</u>. On the Closing Date, upon the release of each Loan Document to be executed by the Post-Closing Loan Parties from escrow, each Post-Closing Loan Party will make the Company Specified Representations with respect to itself at such time; *provided* that if the Company Specified Representations specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date and any such representation and warranty that is qualified as to "materiality", "Material Adverse Effect" or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates.

SECTION 6.19 <u>Changes in Fiscal Year</u>. The Borrower will not change the fiscal year to end on a day other than December 31; *provided* that the Borrower may, upon written notice to the Administrative Agent, change its fiscal year to end on any other day reasonably acceptable to the Administrative Agent, in which case, the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year.

SECTION 6.20 <u>Anti-Cash</u> <u>Hoarding</u>. As of the last day of each fiscal quarter, if the Broker-Dealer Subsidiaries shall hold cash in the aggregate amount in excess of the greater of (x) $100,000,000 and (y) the highest amount of Net Capital that the Broker-Dealer Subsidiaries are required at such time to maintain (including capital accounts necessary to maintain current reporting status) by any Governmental Authority or any self-regulatory organization (the "**Anti-Cash Hoarding Threshold**"), then the Borrower shall cause such amount in excess of the Anti-Cash Hoarding Threshold be swept to an account of the Loan Parties within forty five (45) days after the last day of such fiscal quarter.

ARTICLE VII.

NEGATIVE COVENANTS

So long as the Termination Conditions are not satisfied, the Borrower shall not (and, with respect to <u>Section 7.13</u> only, Holdings shall not), nor shall the Borrower permit any Restricted Subsidiary to:

SECTION 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:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing obligations in respect of Indebtedness incurred pursuant to <u>Section</u> <u>7.03(a)</u>, including obligations under any Loan Document, Incremental Loans and Extended Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing obligations in respect of certain non-exclusive licensing agreements in connection with the settlement, compromise or resolution of litigation, arbitration or other disputes related to Intellectual Property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Liens existing on the Closing Date (*provided* that such Liens are set forth on <u>Schedule</u> <u>7.01(c)</u> if such Liens secured obligations in excess of $2,500,000 on the Closing Date) (other than Liens incurred under <u>Section 7.01(a)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing obligations in respect of Indebtedness permitted under <u>Section</u> <u>7.03(d)</u>, including in respect of Attributable Indebtedness, Capitalized Lease Obligations, and Indebtedness financing the acquisition, construction, repair, replacement or improvement of fixed or capital assets; *provided* that (i) such Liens attach concurrently with or within two hundred and seventy (270) days after completion of the acquisition, construction, repair, replacement or improvement (as applicable) of the property subject to such Liens, (ii) the Indebtedness or other obligations secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iii) such Liens do not at any time extend to or cover any assets (except for additions and accessions to such assets, replacements and products thereof and customary security deposits) other than the assets subject to, or acquired, constructed, repaired, replaced or improved with the proceeds of such Indebtedness; *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Obligations in respect of any Hedge Agreement and other Indebtedness permitted by <u>Section 7.03(f)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Liens on Excluded Assets in an aggregate outstanding principal amount not to exceed at any time the greater of (A) $13,000,000 and (B) 10% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Liens on Collateral securing obligations in respect of Permitted Pari Passu Secured Refinancing Debt or Permitted Junior Secured Refinancing Debt and any Permitted Refinancing of any of the foregoing incurred pursuant to <u>Section 7.03(h)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Liens on Collateral securing obligations in respect of Incremental Equivalent Debt (with the lien priority permitted in such definition and other than to the extent such Indebtedness is only permitted to be incurred as unsecured Indebtedness) and other Indebtedness incurred pursuant to <u>Section</u> <u>7.03(i)</u>; *provided* that such Liens securing such other Indebtedness are permitted by <u>Section 7.01(ll)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Liens on Collateral securing obligations in respect of Permitted Ratio Debt (with the lien priority permitted in such definition and other than to the extent such Indebtedness is only permitted to be incurred as unsecured Indebtedness) and other Indebtedness permitted by <u>Section</u> <u>7.03(j)</u>; *provided* that such Liens securing such other Indebtedness are permitted by <u>Section 7.01(ll)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens existing on property at the time of (and not in contemplation of) its acquisition or existing on the property of any Person or on Equity Interests of any Person, in each case, at the time such Person becomes (and not in contemplation of such Person becoming) a Restricted Subsidiary, in each case

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after the Closing Date; *provided* that (A) such Lien does not extend to or cover any other assets or property (other than (1) after-acquired property covered by any applicable grant clause, (2) property that is affixed or incorporated into the property covered by such Lien and (3) proceeds and products of assets covered by such Liens) and (B) the Indebtedness secured thereby is permitted under <u>Section</u> <u>7.03</u>, (ii) Liens on any customary cash earnest money deposits made by the Borrower or any of the Restricted Subsidiaries in connection with any letter of intent or purchase agreement relating to an Investment permitted hereunder and (iii) Liens incurred in connection with customary escrow arrangements or other agreements relating to an Acquisition Transaction or Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Liens (i) on customary cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to <u>Section</u> <u>7.02</u> to be applied against the purchase price for such Investment or (ii) consisting of an agreement to Dispose of any property in a Disposition (so long as such Lien encumbers only the property subject to such Disposition), in each case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;(i) pledges or deposits in the ordinary course of business in connection with workers' compensation, health, disability or employee benefits, unemployment insurance and other social security laws or similar legislation or regulation or other insurance-related obligations (including in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto) and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to Holdings, the Borrower or any Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto (but in no event more than one year's premiums) and (ii) deposits and Liens on cash securing obligations to insurance companies with respect to insurable liabilities in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing obligations arising from the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those required to comply with Environmental Laws) in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;Liens on Securitization Operating Assets in connection with a Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;Liens in respect of the cash collateralization of letters of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;Liens in the ordinary course of business (i) of a collection bank arising under Section 4- 208 or 4-210 of the UCC on the items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business and not for speculative purposes and (iii) in favor of a banking or other financial institution arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of setoff) and that are within the general parameters customary in the banking industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Cash Management Obligations in the ordinary course of business and not prohibited by <u>Section 7.03</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;Liens that are customary contractual rights of setoff (i) relating to the establishment of depository relations with banks or other deposit-taking financial institutions in the ordinary course of business (and, for the avoidance of doubt, not given in connection with the issuance of Indebtedness), (ii) relating to pooled deposit or sweep accounts of Holdings, the Borrower or any of the Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Holdings, the Borrower or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any of the Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;statutory or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction contractors or other like Liens, or other customary Liens (other than in respect of Indebtedness) in favor of landlords, so long as, in each case, such Liens arise in the ordinary course of business and secure amounts not overdue for a period of more than sixty (60) days or, if more than sixty (60) days overdue, are unfiled and no other action has been taken to enforce such Lien or that are being contested in good faith and by appropriate actions, if 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;(w)&nbsp;&nbsp;&nbsp;&nbsp;any interest or title of a lessor, sublessor, licensor or sublicensor or secured by a lessor's, sublessor's, licensor's or sublicensor's interest under leases, subleases, licenses or sublicenses entered into by the Borrower or any of the Restricted Subsidiaries as lessee, sublessee, licensee, or sublicensee in the ordinary course of business (in each case, other than exclusive licenses or sublicenses of Material Intellectual Property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;ground leases in respect of real property on which facilities owned or leased by the Borrower or any of its Restricted Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower and the Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;customary deposits of cash with the owner or lessor of premises leased and operated by the Borrower or any of the Restricted Subsidiaries in the ordinary course of business to secure the performance of the Borrower's or a Restricted Subsidiary's obligations under the terms of the lease for such premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) (i) Liens for taxes, assessments or governmental charges (A) that are not overdue for a period of more than thirty (30) days or (B) the failure to pay could not reasonably be expected to result in a Material Adverse Effect and that are being contested in good faith and by appropriate actions diligently conducted and for which appropriate reserves have been established in accordance with GAAP and (ii) Liens for property taxes on property the Borrower or its Restricted Subsidiaries has decided to abandon if the sole recourse for such tax, assessment or charge is to such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) easements, rights-of-way, restrictions (including zoning restrictions and building code restrictions and plan agreements, development agreements and contract zoning agreements), encroachments, survey exceptions, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and other similar purposes, reservations of rights, servitudes, protrusions and other similar encumbrances and title defects affecting real property that, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, or the use of the property for its intended purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens arising from judgments or orders for the payment of money not constituting an Event of Default under <u>Section 9.01(g)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) leases, licenses, subleases or sublicenses granted to others in the ordinary course of business (or other agreement under which the Borrower or any Restricted Subsidiary has granted rights to end users to access and use the Borrower's or any Restricted Subsidiary's products, technologies, facilities or services) which do not interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries (in each case other than exclusive licenses or sublicenses of Material Intellectual Property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Liens (i) in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business and (ii) on specific items of inventory or other goods and proceeds thereof of any Person securing such Person's obligations in respect of bankers' acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or such other goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or any of the Restricted Subsidiaries in the ordinary course of business to the extent such Liens encumber only the assets subject to such conditional sale, title retention, consignment or similar arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens imposed by law or incurred pursuant to customary reservations or retentions of title (including contractual Liens in favor of sellers and suppliers of goods) incurred in the ordinary course of business for sums not constituting borrowed money that are not overdue for a period of more than thirty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) days or that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP (if so required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Purported Liens evidenced by the filing of precautionary UCC financing statements or similar public filings in the ordinary course of business and not in connection with borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) the modification, replacement, renewal or extension of any Lien permitted by this <u>Section</u> <u>7.01</u>; *provided* that (i) the Lien does not extend to any additional property other than (A) after- acquired property covered by any applicable grant clause prior to the time of such modification, replacement, renewal or extension, (B) property that is affixed or incorporated into the property covered by such Lien prior to the time of such modification, replacement, renewal or extension and (C) proceeds and products of assets covered by such Liens and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing:

&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)&nbsp;&nbsp;&nbsp;&nbsp;a Permitted Refinancing of Indebtedness; *provided* 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;such Indebtedness was permitted by Section 7.03 and was secured by a Permitted Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;such Permitted Refinancing is permitted by Section 7.03; 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)&nbsp;&nbsp;&nbsp;&nbsp;the Lien does not extend to any additional property, other than (A) after- acquired property covered by any applicable grant clause prior to the time of such

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Permitted Refinancing, (B) property that is affixed or incorporated into the property covered by such Lien prior to the time of such Permitted Refinancing and (C) proceeds and products of assets covered by such Liens; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Guarantees of Indebtedness permitted by <u>Section</u> <u>7.03</u> to the extent that the underlying Indebtedness subject to such Guarantee is permitted to be secured by a Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;&nbsp;&nbsp;Liens on Collateral securing Pari Passu Lien Debt and/or Junior Lien Debt; *provided* 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Indebtedness is incurred pursuant to clause (i) and (ii) of the definition of "Permitted Ratio Debt"; 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;(ii) such Liens (other than with respect to purchase money and similar obligations) are, in each case, subject to an Equal Priority Intercreditor Agreement or Junior Lien Intercreditor Agreement, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Liens securing Indebtedness or other obligations in an aggregate outstanding principal amount not to exceed at any time the greater of (A) $65,000,000 and (B) 50% of TTM Consolidated Adjusted EBITDA; *provided* that it is agreed that Liens incurred pursuant to this <u>clause</u> <u>(nn)</u> may be made *pari passu* with or junior to the Liens securing the Facilities under this Agreement to the extent subject to an Intercreditor Agreement.

For purposes of determining compliance with this <u>Section</u> <u>7.01</u>, in the event that any Lien (or any portion thereof) meets the criteria of more than one of the categories set forth above, the Borrower may, in its sole discretion, at the time of incurrence, divide, classify or reclassify (as if incurred at such time), or otherwise upon written notice to the Administrative Agent at such time Borrower delivers a Compliance Certificate, divide, classify or reclassify, such Lien (or any portion thereof) in any manner that complies with this covenant on the date such Lien is incurred or such later time, as applicable; *provided* that all Liens securing Indebtedness under the Loan Documents will be deemed to have been incurred in reliance on the exception in <u>Section</u> <u>7.01(a)</u>, and shall not be permitted to be reclassified pursuant to this paragraph. With respect to any Liens securing Indebtedness that was permitted to be incurred hereunder on the date of such incurrence, any Lien securing the Increased Amount of such Indebtedness shall also be permitted hereunder after the date of such incurrence.

Any Lien incurred in compliance with this <u>Section</u> <u>7.01</u> after the Closing Date that is contractually secured on a *pari passu* basis with any of the Obligations will be subject to an Equal Priority Intercreditor Agreement, and any Lien incurred in compliance with this <u>Section</u> <u>7.01</u> on or after the Closing Date that is intended to be contractually secured on a junior basis will be subject to a Junior Lien Intercreditor Agreement.

SECTION 7.02 <u>Investments</u>. Make or hold any Investments, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Investments,

&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)&nbsp;&nbsp;&nbsp;&nbsp;by the Borrower or any Restricted Subsidiary in the Borrower or any Restricted Subsidiary;

&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)&nbsp;&nbsp;&nbsp;&nbsp;by the Borrower or any Restricted Subsidiary in a Person, if substantially concurrently with such Investment and as a result of such Investment (A) such Person becomes a Restricted Subsidiary or (B) such Person is merged, consolidated or amalgamated with or into, or

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transfers or conveys substantially all of its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;by the Borrower or any Restricted Subsidiary in any Non-Restricted Subsidiary;

*provided* that (x) the aggregate outstanding amount of all Investments pursuant to this <u>Section</u> <u>7.02(a)</u> by a Loan Party in, to or for the benefit of any Non-Loan Party and any Non-Restricted Subsidiary shall not at any time exceed, taken together with all Permitted Acquisitions of Non-Loan Parties and assets that do not constitute Collateral, the greater of (i) $52,000,000 and (ii) 40% of TTM Consolidated Adjusted EBITDA, and (y) any loans or advances shall be unsecured and evidenced by the Global Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Investments existing on the Closing Date (*provided* that such Investments are set forth on <u>Schedule</u> <u>7.02(b)</u> if such Investments are in excess of $2,500,000 on the Closing Date); *provided* that the amount of any Investment permitted pursuant to this <u>Section</u> <u>7.02(b)</u> is not increased from the amount of such Investment on the Closing Date except pursuant to the terms of such Investment as of the Closing Date or as otherwise permitted by another clause of this <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Permitted Acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Investments (i) held by a Restricted Subsidiary acquired after the Closing Date or of a Person merged or consolidated with or into the Borrower or merged or consolidated with or into a Restricted Subsidiary (or committed to be made by any such Person) to the extent that, in each case, such Investments or any such commitments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation, (ii) [reserved] and (iii) held by Persons that become Restricted Subsidiaries after the Closing Date, including Investments by Unrestricted Subsidiaries made or acquired (or committed to be made or acquired), to the extent that, in each case, such Investments were not made or acquired (or committed to be made or acquired) in contemplation of, or in connection with, such Person becoming a Restricted Subsidiary or such designation as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Investments in Similar Businesses; *provided* that any Investments in Similar Businesses shall not exceed, together with any Joint Venture Investments made pursuant to <u>Section</u> <u>7.02(h)</u>, the greater of (i) $45,000,000 and (ii) 35% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Investments in Unrestricted Subsidiaries that do not exceed in the aggregate at any time outstanding the greater of (i) $13,000,000 and (ii) 10% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Joint Venture Investments; *provided* that any Joint Venture Investments shall not exceed, together with any Investments in Similar Businesses pursuant to Section 7.02(e), the greater of $45,000,000 and (ii) 35% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;loans and advances to Holdings (or any Parent Entity) in lieu of, and not in excess of or in duplication of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof) Restricted Payments permitted to be made to Holdings (or such Parent Entity) in accordance with, and subject to the cap set forth in, <u>Section 7.06(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;loans or advances to any Company Person or Partner;

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp;for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes;

&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)&nbsp;&nbsp;&nbsp;&nbsp;in connection with such Person's purchase of Qualified Equity Interests of Holdings (or any Parent Entity); *provided* that, to the extent such loans or advances are made in cash, the amount of such loans and advances used to acquire such Qualified Equity Interests shall be promptly contributed to Holdings in cash and the aggregate principal amount outstanding under this <u>clause (j)(ii)</u>, taken together with <u>clause (j)(iv)</u>, shall not at any time exceed the greater of (1) $26,000,000 and (2) 20% of TTM Consolidated Adjusted EBITDA;

&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)&nbsp;&nbsp;&nbsp;&nbsp;in the ordinary course of business for state tax payments;

&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)&nbsp;&nbsp;&nbsp;&nbsp;for any other purpose; *provided* that either (A) no cash or Cash Equivalents are advanced in connection with such Investment or (B) the aggregate principal amount outstanding under this <u>clause</u> <u>(j)(iv)(B)</u>, taken together with <u>clause</u> <u>(j)(ii)</u>, shall not at any time exceed the greater of (1) $26,000,000 and (2) 20% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Investments constituting Hedge Agreements permitted under Section 7.08;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;promissory notes and other Investments received in connection with Dispositions permitted hereunder (other than Section 7.05(e)), in each case, to the extent not issued or entered into in contemplation of such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Investments in cash or Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Investments consisting of customary extensions of trade credit or otherwise made in the ordinary course of business, including Investments consisting of endorsements for collection or deposit and trade arrangements with customers, vendors, suppliers, licensors and licensees in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;to the extent also constituting an Investment, Liens permitted under <u>Section 7.01</u>, Indebtedness (including Guarantees) permitted under <u>Section 7.03</u>, fundamental changes permitted under <u>Section 7.04</u>, and Dispositions permitted under <u>Section 7.05</u> (in each case, other than by reference to this <u>Section 7.02</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;Investments (i) received in connection with the bankruptcy, workout, recapitalization or reorganization of, or in settlement of delinquent obligations of, or other disputes with, any other Person, (ii) received in connection with the foreclosure of any secured Investment or other transfer of title with respect to any secured Investment, (iii) in satisfaction of judgments against other Persons, (iv) as a result of the settlement, compromise or resolutions of litigation, arbitration or other disputes with Persons and (v) received in satisfaction or partial satisfaction of trade credit and other credit extended in the ordinary course of business, including to vendors and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;Investments consisting of purchases and acquisitions of inventory, supplies, material, services or equipment or the licensing, sublicensing or contribution of intellectual property, in each case, in the ordinary course of business or pursuant to joint marketing, collaboration or other similar arrangements with other Persons (in each case other than exclusive licenses or sublicenses of Material Intellectual Property);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;Investments made in connection with obtaining, maintaining or renewing client contracts and loans or advances made to distributors, vendors, suppliers, licensors and licensees in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;Guarantees of leases (other than Capitalized Leases) that do not constitute Indebtedness in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;Investments in connection with any Permitted Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Investments consisting of contributions by the Borrower and/or any Restricted Subsidiary to the capital of any Broker-Deal Subsidiary to the extent such Investments are (A) required by applicable law or regulation or (B) reasonably determined by management, in accordance with past practice, to be appropriate to comply with capital or operating requirements for such Broker-Dealer Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;Investments made within the period of time specified in the Acquisition Agreement required to effect the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;unfunded pension fund and other employee benefit plan obligations and liabilities to the extent that such obligations and/or liabilities, as applicable, are permitted to remain unfunded under applicable law and are incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Investments consisting of (i) minority Qualified Equity Interests in customers received as part of fee arrangements or other commercial arrangements in the ordinary course of business and/or (ii) the sale, transfer, licensing, sublicensing or contribution of any Material Intellectual Property on a non- exclusive basis, for bona fide operational restructuring, tax planning or other similar purposes, to any Restricted Subsidiary in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) the conversion to Qualified Equity Interests of any Indebtedness (other than any Obligations) owed by the Borrower or any other Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) (i) Investments of Securitization Operating Assets and Securitization Receivables Assets in a Securitization Subsidiary, and (ii) distributions or payments of Securitization Fees and purchases (or indemnity payments in lieu thereof) of Securitization Operating Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Investments; *provided* that (i) no Specified Event of Default shall have occurred and be continuing or would result therefrom and (ii) the First Lien Net Leverage Ratio (after giving Pro Forma Effect to the making of such Investment) for the Test Period immediately preceding the making of such Investment shall be less than or equal to 3.50 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;Investments that do not exceed in the aggregate at any time outstanding the sum of:

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Available Amount measured immediately prior to the making of such Investment; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the greater of (x) $65,000,000 and (y) 50% of TTM Consolidated Adjusted EBITDA.

Notwithstanding anything to the contrary set forth above, the aggregate amount of Investments in Non-Restricted Subsidiaries incurred pursuant to this <u>Section</u> <u>7.02</u> shall not exceed the greater of (i) $96,000,000 and (ii) 75% of TTM Consolidated Adjusted EBITDA (the "**Non-Restricted Subsidiary Investment Cap**").

If any Investment is made in any Person that is not a Restricted Subsidiary on the date of such Investment and such Person subsequently becomes a Restricted Subsidiary, such Investment shall thereupon be deemed to have been made pursuant to <u>Section</u> <u>7.02(a)(i)</u> and to not have been made pursuant to any other clause set forth above.

For purposes of determining compliance with this <u>Section</u> <u>7.02</u>, in the event that any Investment (or any portion thereof) meets the criteria of more than one of the categories set forth above, the Borrower may, in its sole discretion, at the time such Investment is made, divide, classify or reclassify, or otherwise upon written notice to the Administrative Agent at such time Borrower delivers a Compliance Certificate divide, classify or reclassify (as if incurred at such time), such Investment (or any portion thereof) in any manner that complies with this covenant on the date such Investment is made or such later time, as applicable.

The amount of any Investment at any time shall be the amount of cash and the fair market value of other property actually invested (measured at the time made), without adjustment for subsequent changes in the value of such Investment or write-downs or write-offs. To the extent any Investment in any Person is made in compliance with this <u>Section</u> <u>7.02</u> in reliance on a category above that is subject to a Dollar- denominated restriction on the making of Investments and, subsequently, such Person returns to the Borrower or any Restricted Subsidiary all or any portion of such Investment (in the form of a cash dividend, distribution, liquidation or otherwise, but excluding Indebtedness or other loans or advances), such return shall be deemed to be credited to the Dollar-denominated category against which the Investment is then charged. To the extent the category subject to a Dollar-denominated restriction is also subject to a percentage of TTM Consolidated Adjusted EBITDA restriction which, at the date of determination, produces a numerical restriction that is greater than such Dollar Amount, then such Dollar equivalent shall be deemed to be substituted in lieu of the corresponding Dollar Amount in the foregoing sentence for purposes of determining such credit.

For purposes of determining compliance with any Dollar-denominated (or percentage of TTM Consolidated Adjusted EBITDA, if greater) restriction on the making of Investments, the Dollar equivalent amount of the Investment denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Investment was made as reasonably determined by the Borrower in good faith and reflected on its balance sheet.

SECTION 7.03 <u>Indebtedness</u>. Create, incur or assume any Indebtedness, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness under the Loan Documents (including Incremental Loans and Extended Loans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness existing on the Closing Date (*provided* that such Indebtedness is set forth on <u>Schedule</u> <u>7.03(c)</u> if such Indebtedness is in excess of $2,500,000 on the Closing Date) and any Permitted Refinancing thereof, including any intercompany Indebtedness of Holdings, the Borrower or any Restricted Subsidiary outstanding on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) Attributable Indebtedness relating to any transaction, (B) Capitalized Leases and other Indebtedness financing the use, acquisition, construction, repair, replacement or improvement of fixed, real or capital assets, whether through the direct purchase of assets or the Equity Interests of any Person owning such assets, so long as such Indebtedness is incurred concurrently with, or within two- hundred and seventy (270) days after, the applicable acquisition, construction, repair, replacement or improvement and (C) Indebtedness arising from the conversion of obligations of the Borrower or any Restricted Subsidiary under or pursuant to any "synthetic lease" transactions to Indebtedness of the Borrower or such Restricted Subsidiary; *provided* that the aggregate principal amount of such Indebtedness at any one time outstanding incurred pursuant to this <u>Section</u> <u>7.03(d)</u>, together with any Permitted Refinancing thereof, shall not at any time exceed the greater of (i) $52,000,000 and (ii) 40% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of Holdings or any of the Restricted Subsidiaries owing to Holdings, the Borrower, any other Restricted Subsidiary or any Non-Restricted Subsidiary; *provided* that all such Indebtedness of any Loan Party owed to any Non-Loan Party shall be subject to the Global Intercompany Note; *provided* further, that all such Indebtedness of a Non-Loan Party owed to any Loan Party shall not exceed the greater of (i) $52,000,000 and (ii) 40% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness in respect of (i) Obligations under Secured Hedge Agreements and (ii) Hedge Agreements designed to hedge against Holdings', the Borrower's or any Restricted Subsidiary's exposure to interest rates, foreign exchange rates or commodities pricing risks, in each case of <u>clauses</u> <u>(i)</u> and <u>(ii)</u>, not for speculative purposes and incurred in the ordinary course of business, and Guarantees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness incurred by a Non-Loan Party so long as the aggregate principal amount of such Indebtedness at any time outstanding incurred pursuant to this Section 7.03<u>(g)</u>, when taken together with any Permitted Ratio Debt incurred by a Non-Loan Party, in each case together with any Permitted Refinancing thereof, does not at any time exceed the greater of (A) $65,000,000 and (B) 50% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Credit Agreement Refinancing Indebtedness and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Incremental Equivalent Debt and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Permitted Ratio Debt and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Contribution Indebtedness and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness,

&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)&nbsp;&nbsp;&nbsp;&nbsp;of any Person that becomes a Restricted Subsidiary after the Closing Date (other than as a result of any designation of an Unrestricted Subsidiary as a Restricted Subsidiary) or assumed by a newly formed Restricted Subsidiary in connection with the purchase or other acquisition by such Restricted Subsidiary (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of another Person, in each case, pursuant to an Investment or other Acquisition Transaction permitted hereunder, which Indebtedness is (A) existing at the

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time such Person becomes a Restricted Subsidiary (or such acquisition is consummated), (B) not incurred in contemplation of such Person becoming a Restricted Subsidiary (or such acquisition) and (C) is non-recourse to (and is not assumed by any of) the Borrower, Holdings or any Restricted Subsidiary (other than such newly formed Restricted Subsidiary and any Subsidiary of such Person that is a Subsidiary on the date such Person becomes a Restricted Subsidiary after the Closing Date) and (D) is either (A) unsecured or (B) secured only by the assets of such Restricted Subsidiary by Liens permitted under <u>Section 7.01</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any Permitted Refinancing of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness incurred in connection with a Permitted Acquisition, Acquisition Transaction or Investment expressly permitted hereunder or any Disposition, in each case to the extent constituting unsecured obligations in respect of purchase price (including earn-outs and seller notes) or other contingent acquisition consideration; <u>provided</u> that any seller notes incurred in reliance on this <u>Section 7.03(m)</u> shall be subordinated in right of payment to the Obligations on terms reasonably acceptable to the Administrative Agent, and the aggregate principal amount of such seller notes at any time outstanding, together with any Permitted Refinancing thereof, shall not exceed the greater of (i) $45,000,000 and (ii) 35% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness representing deferred compensation to employees of the Borrower and its Subsidiaries incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;unsecured Indebtedness to current or former officers, directors, managers, consultants, and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Qualified Equity Interests of Holdings (or any Parent Entity) permitted by <u>Section 7.06(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness in respect of letters of credit, bank guarantees, bankers' acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business, including such Indebtedness that is consistent with past practices in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims and letters of credit that are cash collateralized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness consisting of (i) the financing of insurance premiums not exceeding one year's premiums or (ii) customary take-or-pay obligations contained in supply arrangements, in each case, incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Borrower or any of the Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;the Put/Call Notes, subject to the Put/Call Shared Cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness in respect of letters of credit issued for the account of the Borrower or any Restricted Subsidiary so long as (A) such Indebtedness is not secured by any Lien on Collateral other than Permitted Liens and (B) the aggregate face amount of such letters of credit does not at any time exceed the greater of (I) $13,000,000 and (II) 10% of TTM Consolidated Adjusted EBITDA, and (ii) Indebtedness in respect of letters of credit that are fully cash collateralized;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;(i) obligations in respect of Cash Management Obligations and (ii) other Indebtedness in respect of netting services, automatic clearinghouse arrangements, overdraft protections, employee credit card programs and other cash management and similar arrangements, in each case of <u>clauses (i)</u> and <u>(ii)</u>, incurred in the ordinary course of business or consistent with past practices and any Guarantees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;Guarantees in respect of Indebtedness of the Borrower or any of the Restricted Subsidiaries otherwise permitted hereunder; *provided* that (A) no Guarantee by any Restricted Subsidiary of any Junior Financing shall be permitted unless such Restricted Subsidiary shall have also provided a Guarantee of the Obligations substantially on the terms set forth in the Guaranty and (B) if the Indebtedness being Guaranteed is subordinated in right of payment to the Obligations, such Guarantee shall be subordinated to the Guaranty in right of payment on terms at least as favorable to the Lenders as those contained in the subordination terms with respect to such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness incurred on behalf of, or representing Guarantees of Indebtedness of, any Joint Ventures in an aggregate principal amount, together with any Permitted Refinancing thereof, at any time outstanding not to exceed the greater of (i) $40,000,000 and (ii) 30% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness in an aggregate principal amount, together with any Permitted Refinancing thereof, at any time outstanding not to exceed the greater of (A) $65,000,000 and (B) 50% of TTM Consolidated Adjusted EBITDA (this <u>clause (y)</u>, the "**General Debt Basket**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest on obligations described in <u>clauses (a)</u> through <u>(y)</u> above.

For purposes of determining compliance with this <u>Section</u> <u>7.03</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;in the event that an item of Indebtedness (or any portion thereof) meets the criteria of more than one of the categories set forth above, the Borrower may, in its sole discretion, at the time of incurrence, divide, classify or reclassify, or otherwise upon written notice to the Administrative Agent at such time Borrower delivers a Compliance Certificate divide, classify or reclassify (as if incurred at such time), such item of Indebtedness (or any portion thereof) in any manner that complies with this covenant on the date such Indebtedness is incurred or such later time, as applicable; *provided* that all Indebtedness under the Loan Documents will be deemed to have been incurred in reliance on the exception in <u>Section</u> <u>7.03(a)</u>, and shall not be permitted to be reclassified pursuant to this paragraph;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower is entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in this Section, subject to the proviso to the preceding <u>clause (i)</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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the principal amount of Indebtedness outstanding under any clause of this Section will be determined after giving effect to the application of proceeds of any such Indebtedness to refinance any such other Indebtedness on the date of incurrence 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&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)&nbsp;&nbsp;&nbsp;&nbsp;for purposes of determining compliance with any Dollar-denominated (or percentage of TTM Consolidated Adjusted EBITDA, if greater) restriction on the incurrence of Indebtedness, the Dollar equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such

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Indebtedness was incurred, in the case of term debt, or first committed or first incurred (whichever yields the lower Dollar equivalent), in the case of revolving credit debt; *provided* that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable Dollar-denominated (or percentage of TTM Consolidated Adjusted EBITDA, if greater) restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated (or percentage of TTM Consolidated Adjusted EBITDA, if greater) restriction will be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced (*<u>plus</u>* unpaid accrued interest and premium (including tender premiums) thereon and underwriting discounts, defeasance costs, fees, commissions and expenses in connection therewith);

&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)&nbsp;&nbsp;&nbsp;&nbsp;the principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP; 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;if any Indebtedness is incurred or issued, in reliance on a basket measured by reference to a percentage TTM Consolidated Adjusted EBITDA, and any refinancing thereof would cause the percentage of TTM Consolidated Adjusted EBITDA to be exceeded if calculated based on the TTM Consolidated Adjusted EBITDA on the date of such refinancing, such percentage of TTM Consolidated Adjusted EBITDA will not be deemed to be exceeded to the extent the principal amount of such newly incurred Indebtedness does not exceed the sum of (i) the principal amount of such Indebtedness being refinanced, extended, replaced, refunded, renewed or defeased, *plus* (ii) any accrued and unpaid interest on the Indebtedness being so refinanced, extended, replaced, refunded, renewed or defeased, *plus* (iii) the amount of any tender premium or penalty or premium required to be paid under the terms of the instrument or documents governing such refinanced Indebtedness and any defeasance costs and any fees and expenses (including original issue discount, upfront fees or similar fees) incurred in connection with the issuance of such new Indebtedness or the extension, replacement, refunding, refinancing, renewal or defeasance of such refinanced Indebtedness.

SECTION 7.04 <u>Fundamental Changes</u>. Merge, dissolve, liquidate, or consolidate with or into another Person, or otherwise Dispose of all or substantially all of its assets, or all or substantially all of the Equity Interests of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary may merge or consolidate with the Borrower (including a merger, the purpose of which is to reorganize the Borrower into a new jurisdiction); *provided* 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall be the continuing or surviving Person; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;such merger or consolidation does not result in the Borrower ceasing to be organized under the Laws of the United States, any state thereof or the District of Columbia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary of the Borrower may merge or consolidate with or into any other Restricted Subsidiary of the Borrower or liquidate or dissolve; provided, that (i) a Loan Party may not merge with or into a Non-Loan Party if the surviving entity is a Non-Loan Party and (ii) a wholly-owned Restricted Subsidiary may not merge into a non-wholly owned Restricted Subsidiary if the surviving entity is a non-wholly owned Restricted Subsidiary;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any merger, the purpose of which is to reincorporate or reorganize a Restricted Subsidiary in another jurisdiction shall be permitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary of the Borrower may liquidate or dissolve or change its legal form; *provided* (i) no Event of Default shall result therefrom, (ii) the Borrower shall deliver written notice of any change in legal form of a Loan Party within thirty (30) days of such change (or such later date as agreed by the Administrative Agent), (iii) if such Restricted Subsidiary is a Loan Party, such Restricted Subsidiary shall transfer all or substantially all of its assets to another Loan Party prior to such liquidation or dissolution and (iv) the surviving Person (or the Person who receives the assets of such dissolving or liquidated Restricted Subsidiary) shall be a Restricted Subsidiary (or a Loan Party to the extent required by the immediately preceding clause (iii)) and the Disposition of such assets to such Restricted Subsidiary must be otherwise permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;so long as no Default exists or would result therefrom, the Borrower may merge or consolidate with any other Person; *provided* 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall be the continuing or surviving corporation; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the "**Successor Borrower**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Successor Borrower shall be an entity organized or existing under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Successor Borrower shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;each Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement to the Guaranty confirmed that its Guarantee of the Obligations shall apply to the Successor Borrower's obligations 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;each Loan Party, unless it is the other party to such merger or consolidation, shall have by a supplement to the Security Agreement confirmed that its obligations thereunder shall apply to the Successor Borrower's obligations 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;if requested by the Collateral Agent, each mortgagor of a Mortgaged Property, unless it is the other party to such merger or consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or other instrument reasonably satisfactory to the Collateral Agent) confirmed that its obligations thereunder shall apply to the Successor Borrower's obligations under this Agreement; 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;(F)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall have delivered to the Administrative Agent an officer's certificate and an opinion of counsel, each stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document comply with this Agreement, and, with respect to such opinion of counsel only, including customary organization, due execution, no conflicts and enforceability opinions to the extent reasonably requested by the Administrative Agent;

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it being agreed that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted for, the Borrower under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary may merge or consolidate with any other Person in order to effect an Investment, Acquisition Transaction or other transaction not prohibited by the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary of the Borrower may conduct a Division that produces two or more surviving or resulting Persons; *provided* 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;if a Division is conducted by the Borrower, then each surviving or resulting Person shall constitute a "**Borrower**" for all purposes of the Loan Documents (unless the Administrative Agent otherwise consents in its reasonable discretion) and shall remain jointly and severally liable for all Obligations (other than Excluded Swap Obligations, where applicable) of the Borrower immediately prior to such Division and otherwise comply with <u>Section 7.04(e)</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if a Division is conducted by Holdings, then all of the Equity Interests of the Borrower must be owned by only one Person that survives or results from such Division, and such Person owning such Equity Interests in the Borrower shall otherwise comply with <u>Section</u> <u>7.10</u><u>(b)</u>, become a Guarantor and pledge 100% of the Equity Interests of the Borrower to the Collateral Agent; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;if a Division is conducted by a Loan Party other than the Borrower or Holdings, then each surviving or resulting Person of such Division shall also be a Loan Party unless and to the extent any such surviving or resulting Loan Party is the subject of a Disposition permitted pursuant to <u>Section</u> <u>7.05</u> (other than <u>Section</u> <u>7.05(e)</u>) or otherwise would constitute an Excluded Subsidiary; *provided further* that such surviving or resulting Person not becoming a Loan Party and the assets and property of such surviving or resulting Person not becoming Collateral shall, in each case, be treated as an Investment and shall be permitted under this <u>Section</u> <u>7.04(g)(i)</u><u>-(iii)</u> solely to the extent permitted under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;as long as no Default exists or would result therefrom, a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition permitted pursuant to <u>Section 7.05</u> (other than <u>Section 7.05(e)</u>) ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Transactions to occur on the Closing Date may be consummated on the Closing Date.

SECTION 7.05 <u>Dispositions</u>. Make any Disposition, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of obsolete, damaged, worn out, used or surplus property (including for purposes of recycling), whether now owned or hereafter acquired and Dispositions of property of the Borrower and the Restricted Subsidiaries that is no longer used or useful in the conduct of the business or economically practicable or commercially desirable to maintain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of property in the ordinary course of business and consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property; *provided* that to the extent the property being transferred constitutes Collateral such replacement property shall constitute Collateral;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of property to the Borrower or a Restricted Subsidiary; <u>provided</u>, that the aggregate fair market value of all assets subject to Dispositions pursuant to this Section 7.05(d) made by Loan Parties to Non-Loan Parties during the term of this Agreement shall not exceed the greater of (1) $52,000,000 and (2) 40% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;to the extent constituting Dispositions, Investments permitted by <u>Section</u> <u>7.02</u> (other than <u>clause (e)</u> thereof), transactions permitted by <u>Section</u> <u>7.04</u> (other than <u>clause (h)</u> thereof) and Restricted Payments permitted by <u>Section</u> <u>7.06</u> (other than <u>clause</u> <u>(d)</u> thereof) and Permitted Liens (in each case, other than by reference to this Section 7.05);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of property pursuant to Sale Leaseback Transactions; *provided* that (i) no Event of Default exists or would result therefrom (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Event of Default exists) and (ii) such Disposition shall be for no less than the fair market value of such property at the time of such Disposition as determined by the Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of cash and Cash Equivalents in the ordinary course of business; *provided* that such Disposition shall be for no less than the fair market value of such property at the time of such Disposition as determined by the Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;leases, subleases, non-exclusive licenses or non-exclusive sublicenses, which do not materially interfere with the business of the Borrower and the Restricted Subsidiaries, taken as a whole; *provided* that such Disposition shall be for no less than the fair market value of such property at the time of such Disposition as determined by the Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of property subject to Casualty Events upon receipt of the Net Cash Proceeds of such Casualty Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions; *provided* 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Event of Default exists or would result therefrom), no Event of Default shall exist or would result from such Disposition;

&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Disposition pursuant to this <u>clause</u> <u>(j)</u> for a purchase price in excess of the greater of $20,000,000 and 15% of TTM Consolidated Adjusted EBITDA, the Borrower or any of the Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of cash or Cash Equivalents; *provided however*, that for the purposes of this <u>clause</u> <u>(ii)</u> each of the following shall be deemed to be cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any securities received by such Borrower or Restricted Subsidiary from such transferee that are converted by such Borrower or Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within one hundred and eighty (180) days following the closing of the applicable Disposition; 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)&nbsp;&nbsp;&nbsp;&nbsp;any Designated Non-Cash Consideration received in respect of such Disposition having an aggregate fair market value as determined by the Borrower in good faith, taken together with all other Designated Non-Cash Consideration received pursuant to this <u>clause</u> <u>(C)</u> that is at that time outstanding, not in excess of the greater of (I)

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$7,000,000 and (II) 5% of TTM Consolidated Adjusted EBITDA, with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value;

&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)&nbsp;&nbsp;&nbsp;&nbsp;such Disposition shall be for no less than the fair market value of such property at the time of such Disposition; 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;this clause (j) shall not permit the Disposition of (A) Equity Interests in the Borrower or (B) Equity Interests in a Restricted Subsidiary unless all Equity Interests in such Restricted Subsidiary are sold

(this <u>clause</u> <u>(j)</u>, the "**General Asset Sale Basket**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of Investments in Joint Ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the Joint Venture parties set forth in joint venture arrangements and similar binding arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions or discounts of accounts receivable and related assets in connection with the collection or compromise thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions to the extent of any exchange of like property (excluding any boot thereon permitted by such provision) for use in any business conducted by the Borrower or any of the Restricted Subsidiaries to the extent allowable under Section 1031 of the Code (or comparable or successor provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions in connection with the unwinding of any Hedge Agreement in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;Disposition of Securitization Operating Assets in connection with a Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;the lapse, abandonment, or discontinuance of the use or maintenance of any Intellectual Property if determined by the Borrower or any Restricted Subsidiary in its reasonable business judgment that such lapse, abandonment or discontinuance (i) is desirable in the conduct of its business or the sale, transfer, licensing, sublicensing or contribution of any intellectual property, for bona fide operational, restructuring, tax planning or other similar purposes, to any Restricted Subsidiary and (ii) would not materially interfere with the business of the Borrower and the Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions, terminations or non-renewals of leases or subleases or licensing or sublicensing agreements (i) the Disposition, termination or non-renewal of which will not materially interfere with the business of the Borrower and their Restricted Subsidiaries, (ii) which relate to closed facilities or the discontinuation of any product line to the extent such closing or discontinuation is permitted pursuant to the terms herein, or (iii) which are made in the ordinary course of business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;Disposition of any property or asset with a fair market value (as determined by the Borrower in its reasonable judgment) not to exceed in the aggregate during any fiscal year of Holdings the greater of (i) $7,000,000 and (ii) 5% of TTM Consolidated Adjusted EBITDA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Disposition of assets acquired in a Permitted Acquisition or other Investment permitted hereunder that the Borrower reasonably determines will not be used or useful in the business of the Borrower and its Subsidiaries.

Notwithstanding the foregoing, in no event may any Loan Party or Restricted Subsidiary make any Disposition of the Equity Interests in any Unrestricted Subsidiary (other than to a Loan Party so long as no Default then exists or would result therefrom).

SECTION 7.06 <u>Restricted</u> <u>Payments</u>. Make any Restricted Payment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;each Restricted Subsidiary may make Restricted Payments to the Borrower and to any other Restricted Subsidiaries (and, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to the Borrower or any such other Restricted Subsidiaries and to each other owner of Equity Interests (other than Disqualified Equity Interests) of such Restricted Subsidiary ratably according to their relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower and each of the Restricted Subsidiaries may declare and make Restricted Payments payable in the form of Equity Interests (other than Disqualified Equity Interests not otherwise permitted to be incurred under <u>Section 7.03</u>) of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments made within the period of time specified in the Acquisition Agreement in connection with, or with proceeds received in connection with, the Transactions, including pursuant to any working capital or other purchase price adjustment included in the Acquisition Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to the extent constituting Restricted Payments, the Borrower and the Restricted Subsidiaries may enter into and consummate transactions expressly permitted by any provision of <u>Section</u> <u>7.02</u> (other than <u>Section</u> <u>7.02(o)</u>), <u>Section</u> <u>7.04</u> (other than a merger or consolidation involving the Borrower) or <u>Section</u> <u>7.12</u> (other than <u>Section</u> <u>7.12(a)</u>) (in each case other than by reference to this Section 7.06);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;non-cash Restricted Payments deemed to occur upon or in connection with the exercise of stock options or warrants or similar rights if such Restricted Payments represent a portion of the exercise price of such options or warrants or similar rights or tax withholding obligations with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments by Holdings and any Restricted Subsidiaries to make payments of earnouts, retention payments, or other contingent acquisition consideration in connection with the Transactions or other permitted earnouts, seller notes, retention payments or other contingent acquisition consideration (it being understood that payments under any seller notes shall be subject to <u>Section</u> <u>7.12(a)</u>);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower may pay (or make Restricted Payments to allow Holdings or any Parent Entity to pay) for the repurchase, retirement or other acquisition or retirement for value of Qualified Equity Interests of Holdings (or of any Parent Entity) held by any Management Stockholder, including pursuant to any employee or director equity plan, employee or director stock option or profits interest plan or any other employee or director benefit plan or any agreement (including any separation, stock subscription, shareholder or partnership agreement) with any employee, director, consultant or distributor of the Borrower (or of any Parent Entity) or any of its Subsidiaries; *provided*, the aggregate amount of Restricted Payments made pursuant to this <u>Section</u> <u>7.06(g)</u> after the Closing Date, together with the aggregate outstanding amount of loans and advances made pursuant to <u>Section</u> <u>7.02</u><u>(i)</u> in lieu of Restricted Payments permitted by this <u>clause (g),</u> shall not exceed:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the greater of (a) $40,000,000 and (b) 30% of TTM Consolidated Adjusted EBITDA in any calendar year, with unused stated amounts under this clause (i) in any calendar year being carried over to the succeeding calendar years (it being understood and agree that the stated basket amount under this clause (i) for any calendar year shall be used before any rollover amount from any prior year may be used); *<u>plus</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;an amount not to exceed the cash proceeds of key man life insurance policies received by the Borrower or the Restricted Subsidiaries after the Closing Date; *<u>plus</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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;to the extent contributed in cash to the common Equity Interests of the Borrower and Not Otherwise Applied, the proceeds from the sale of Qualified Equity Interests of Holdings or any Parent Entity, in each case, to a Person that is or becomes a Management Stockholder after the Closing Date; *<u>plus</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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the amount of any cash bonuses or other compensation otherwise payable to any future, present or former Company Person that are foregone in return for the receipt of Qualified Equity Interests of Holdings or a Parent Entity, Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower may make Restricted Payments to Holdings or to any Parent Entity:

&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)&nbsp;&nbsp;&nbsp;&nbsp;that are Permitted Tax Distributions;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which will be used to pay (or make Restricted Payments to allow any Parent Entity to pay) operating costs and expenses (including, following the consummation of a Qualifying IPO, Public Company Costs) of Holdings or any Parent Entity incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties), which are reasonable and customary and incurred in the ordinary course of business, attributable to the ownership or operations of the Borrower and its Subsidiaries;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which will be used to pay franchise Taxes and other fees, Taxes and expenses required to maintain its or Holdings' (or any Parent Entity's) corporate or legal existence;

&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)&nbsp;&nbsp;&nbsp;&nbsp;to finance any Investment made by Holdings that is permitted to be made pursuant to <u>Section</u> <u>7.02</u> (other than by reference to this Section 7.06); *provided* that (A) such Restricted Payment shall be made substantially concurrently with the consummation of such Investment and (B) Holdings and the Borrower shall, immediately following the consummation thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Borrower or a Restricted Subsidiary (which shall be a Loan Party to the extent required by <u>Section</u> <u>7.02</u>) or (2)

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the merger (to the extent permitted in <u>Section</u> <u>7.04</u>) of the Person formed or acquired by the Borrower or a Restricted Subsidiary in order to consummate such Investment;

&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)&nbsp;&nbsp;&nbsp;&nbsp;in connection with the execution, delivery and performance of customary documentation (and amendments to existing documentation) and transactions governing the relations between and among the equity owners of the Borrower, the Borrower and the IPO Co., including, without limitation, the execution, delivery and performance of an amended and restated limited liability company operating agreement and tax receivable agreement, in each case, on customary terms for similar "Up-C" transactions; and such other transactions incidental to the foregoing as the governing body of the Borrower shall determine, in its good faith judgment, to be necessary in order to effect a Qualifying IPO; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which will be used to pay customary salary, bonus and other benefits payable to officers and employees of Holdings or any Parent Entity to the extent such salaries, bonuses and other benefits are directly attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;cash Restricted Payments made in connection with the payment of cash in lieu of fractional Qualified Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition or other transaction permitted by the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;the declaration and payment of dividends on the Borrower's common stock following a Qualifying IPO of up to the greater of (x) 7.00% *per annum* of the net cash proceeds received by or contributed to the Borrower in or from such Qualifying IPO and (y) 7.00% of the Market Capitalization at the time of such Qualifying IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments made for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of the Company in accordance with the LILP LPA and, other than with respect to any repurchase, acquisition or retirement in connection with death, disability or retirement, subject to no Specified Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments made for payments required pursuant to the Put/Call Agreement and the put/call arrangements pursuant to the LILP LPA (collectively, the "**Put/Call Arrangements**"); provided that (i) no Specified Event of Default has occurred or is continuing or would result therefrom and (ii) any Restricted Payments made pursuant to this <u>Section 7.06(l)</u> shall not in the aggregate exceed $50,000,000 (the "**Put/Call Shared Cap**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;payments or distributions of a Restricted Payment within sixty (60) days after the date of declaration thereof if at the date of declaration such Restricted Payment would have been permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments (not consisting of cash or Cash Equivalents) made by any Securitization Subsidiary in lieu of fees or expenses (including by way of discount), in each case in connection with any Qualified Securitization Financing permitted under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;quarterly declaration and payment of dividends to Holdings to pay dividends on IPO Co.'s common stock following a Qualifying IPO of up to 2.00% *per annum* of the market capitalization of IPO Co. as of the last day of any fiscal quarter of IPO Co.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;(i) Restricted Payments to the extent that such Restricted Payment is made with or in exchange for, or constitutes a conversion into, Qualified Equity Interests of Holdings (or any Parent Entity),

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and (ii) redemptions in whole or in part of any of its Qualified Equity Interests for another class of its Equity Interests (other than Disqualified Equity Interests) or with proceeds from substantially concurrent equity contributions or issuances of new Qualified Equity Interests (other than Disqualified Equity Interests) to the extent Not Otherwise Applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments constituting or otherwise made solely for purposes of consummating any Permitted Reorganization; *provided* that if immediately after giving Pro Forma Effect to any such Permitted Reorganization and the transactions to be consummated in connection therewith, any distributed asset ceases to be owned by the Borrower or another Restricted Subsidiary (or any entity ceases to be a Restricted Subsidiary), the applicable portion of such Restricted Payment must be otherwise permitted under another provision of this <u>Section</u> <u>7.06</u> (and constitute utilization of such other Restricted Payment exception or capacity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments; *provided* that the First Lien Net Leverage Ratio (after giving Pro Forma Effect to such Restricted Payment) for the Test Period immediately preceding the making of such Restricted Payment is no greater than 3.00 to 1.00; *provided further* that no Event of Default has occurred or is continuing or would result therefrom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower may make Restricted Payments (the proceeds of which may be utilized by Holdings to make additional Restricted Payments) in an aggregate amount during the term of the Agreement not to exceed the sum of,

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Available Amount measured immediately prior to the making of such Restricted Payment; *provided*, that solely with respect to such Restricted Payment funded in reliance on <u>clause (b)</u> of the definition of "Available Amount",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;no Event of Default shall have occurred and be continuing or would result therefrom; 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)&nbsp;&nbsp;&nbsp;&nbsp;the First Lien Net Leverage Ratio (after giving Pro Forma Effect to the making of such Restricted Payment) for the Test Period immediately preceding the making of such Restricted Payment shall be less than or equal to 3.25 to 1.00; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;so long as no Event of Default shall have occurred and be continuing or would result therefrom, an amount equal to the greater of (x) $32,000,000 and (y) 25% of TTM Consolidated Adjusted EBITDA.

The amount set forth in <u>Section</u> <u>7.06</u> <u>(s)(ii)</u> may, in lieu of Restricted Payments, be utilized by any Borrower or any Restricted Subsidiary to (i) make or hold any Investments without regard to <u>Section 7.02</u> (except for the Non-Restricted Subsidiary Investment Cap) or (ii) prepay, repay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof, any Junior Financing without regard to <u>Section</u> <u>7.12(a)</u>.

The amount of any Restricted Payment at any time shall be the amount of cash and the fair market value of other property subject to the Restricted Payment at the time such Restricted Payment is made. For purposes of determining compliance with this <u>Section</u> <u>7.06</u>, in the event that any Restricted Payment (or any portion thereof) meets the criteria of more than one of the categories set forth above, the Borrower may, in its sole discretion, at the time such Restricted Payment is made, divide, classify or reclassify, or otherwise upon written notice to the Administrative Agent at such time Borrower delivers a Compliance Certificate divide, classify, or reclassify (as if incurred at such time), such Restricted Payment (or any portion thereof)

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in any manner that complies with this covenant on the date such Restricted Payment is made or such later time, as applicable.

Notwithstanding the foregoing, in no event may any Loan Party or Restricted Subsidiary make any Restricted Payment of the Equity Interests in any Unrestricted Subsidiary other than to a Loan Party (so long as no Default then exists or would result therefrom).

SECTION 7.07 <u>Negative</u> <u>Pledge</u>. Enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that prohibits any Loan Party or any Restricted Subsidiary (i) to pay dividends or distributions to (directly or indirectly), or to make or repay loans or advances to, any Loan Party or (ii) to create, incur, assume or suffer to exist Liens on property of such Person for the benefit of the Lenders to secure the Obligations under the Loan Documents;

*provided* that the foregoing shall not apply to Contractual Obligations that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;exist on the Closing Date, including Contractual Obligations governing Indebtedness incurred on the Closing Date to finance the Transactions and any Permitted Refinancing thereof or other Contractual Obligations executed on the Closing Date in connection with the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary (other than in connection with any designation of an Unrestricted Subsidiary as a Restricted Subsidiary) or are binding on a newly formed Restricted Subsidiary that purchases or acquires (in one transaction or a series of transactions) all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of another Person, so long as, in each case, such Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary (or such purchase or acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;are customary restrictions that arise in connection with (A) any Lien permitted by <u>Section</u> <u>7.01</u><u>(d)</u> and relate solely to the property subject to such Lien or (B) any Disposition permitted by <u>Section</u> <u>7.05</u> applicable pending such Disposition solely to the assets (including Equity Interests) subject to such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;are joint venture agreements and other similar agreements applicable to Joint Ventures and applicable solely to such Joint Venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under <u>Section</u> <u>7.03</u><u>(d)</u> but solely to the extent any negative pledge relates to the property financed by or the subject of or that secures such Indebtedness and the proceeds and products thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;are restrictions in leases, subleases, licenses, sublicenses or agreements governing a Disposition of assets, trading, netting, operating, construction, service, supply, purchase, sale or other agreements entered into in the ordinary course of business and otherwise permitted hereunder, in each case, so long as such restrictions relate solely to the assets subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to <u>Section</u> <u>7.03</u><u>(h),</u> <u>(i)</u> <u>or</u> <u>(j)</u> to the extent that such restrictions apply only to the property or assets securing such Indebtedness;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;are customary provisions restricting subletting or assignment of any lease governing a leasehold interest entered into in the ordinary of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;are customary provisions restricting assignment of any agreement entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;are restrictions on cash or other deposits imposed by customers or trade counterparties under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;arise in connection with cash or other deposits permitted under <u>Section</u> <u>7.01</u> and apply solely to such cash or other deposits subject to such arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;apply by reason of any applicable Law, rule, regulation or order or are required by any Governmental Authority having jurisdiction over the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;Contractual Obligations entered into in the ordinary course of business that are subject to the applicable override provisions of the UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;customary provisions (including provisions limiting the Disposition, distribution or encumbrance of assets or property) included in sale leaseback agreements or other similar agreements but solely to the extent such provisions apply to the assets subject to such sale leaseback agreement or other similar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;restrictions arising in any agreement relating to (i) any Cash Management Obligation to the extent such restrictions relate solely to the cash, bank accounts or other assets or activities subject to the applicable Cash Management Services, (ii) any treasury arrangements entered into in the ordinary course of business and (iii) any Hedge Agreement not prohibited by Section 7.08;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;are restrictions on the granting of a security interest in Intellectual Property licensed by the Borrower or any Restricted Subsidiary from a third party and contained in licenses, sublicenses or cross- licenses by the Borrower or any Restricted Subsidiary of such Intellectual Property, which licenses, sublicenses and cross-licenses were entered into in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;other restrictions or encumbrances imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of the contracts, instruments or obligations referred to in the preceding clauses of this Section; *provided* that no such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is or causes the applicable restrictions or encumbrances to be, in the good faith determination of the Borrower, materially more restrictive with respect to such encumbrances and other restrictions, taken as a whole, than those in effect prior to the relevant amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

SECTION 7.08 <u>Hedge Agreements</u>. Enter into any Hedge Agreement, except (a) Hedge Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Restricted Subsidiary has actual exposure (other than those in respect of Equity Interests of the

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Borrower or any Subsidiary), and (b) Hedge Agreements entered into in order to effectively cap, collar or exchange interest rates (from floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Restricted Subsidiary.

SECTION 7.09 <u>Transactions</u> <u>with</u> <u>Affiliates</u>. Enter into any transaction of any kind with any Affiliate of the Borrower, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;transactions between or among the Borrower or any of the Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such transaction, in each case, entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;transactions on terms substantially as favorable to the Borrower or such Restricted Subsidiary as would be obtainable by the Borrower or such Restricted Subsidiary at the time in a comparable arm's-length transaction with a Person other than an Affiliate (as determined by the Borrower in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Transactions to occur on the Closing Date and the payment of fees and expenses (including the Transaction Expenses) related to the Transactions on or about the Closing Date to the extent such fees and expenses are disclosed to the Administrative Agent prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the issuance or transfer of Qualified Equity Interests of Holdings or any Parent Entity to any Affiliate of the Borrower or any former, current or future officer, director, manager, employee or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of the Borrower or any of its Subsidiaries or any Parent Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment of reasonable and customary indemnities and expenses, and the reimbursement of reasonable documented out-of-pocket expenses to any Permitted Holder and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; *provided* that at the time of payment of such fees no Specified Event of Default shall have occurred and be continuing or would result therefrom; *provided* that payments permitted to be made under this <u>Section</u> <u>7.09(e)</u> that are not paid for any reason, including as a result of a Specified Event of Default, shall accrue and may be paid in one or more subsequent periods, if at the time of such payment no Specified Event of Default shall have occurred and be continuing or would result therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;employment and severance arrangements and restrictive covenant and confidentiality agreements among Holdings, the Borrower and the Restricted Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option, profits interest and other equity plans and employee benefit plans and arrangements in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the licensing of intellectual property in the ordinary course of business to permit the commercial exploitation of intellectual property between or among Affiliates and Subsidiaries of the Borrower (in each case other than exclusive licenses or sublicenses of Material Intellectual Property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the payment of customary fees and reasonable documented out-of-pocket costs to, and indemnities provided on behalf of, directors, officers, employees and consultants of Holdings, the Borrower and the Restricted Subsidiaries or any Parent Entity in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any agreement, instrument or arrangement as in effect as of the Closing Date and as set forth on <u>Schedule 7.09</u> or any amendment thereto (so long as any such amendment is not adverse to the Lenders in any material respect as compared to the applicable agreement as in effect on the Closing Date);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Investments permitted under <u>Section</u> <u>7.02</u><u>(a)</u>, Indebtedness permitted under <u>Section</u> <u>7.03</u><u>(e)</u> and Restricted Payments permitted under <u>Section</u> <u>7.06</u> (in each case other than by reference to this Section 7.09);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;transactions in which the Borrower or any of the Restricted Subsidiaries, as the case may be, delivers to the Administrative Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;any transaction or series of related transactions with consideration valued at less than the greater of (A) $7,000,000 and (B) 5% of TTM Consolidated Adjusted EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;investments by the Company in Qualified Equity Interests of Holdings, Borrower or any of the Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;payments to or from, and transactions with, Joint Ventures in the ordinary course of business and on arms' length terms to the extent otherwise permitted under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;the payment of reasonable out-of-pocket costs and expenses relating to registration rights and customary indemnities provided to shareholders of Holdings or any Parent Entity pursuant to the stockholders agreement or the registration and participation rights agreement entered into on the Closing Date in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;any agreement or arrangement in connection with filing any consolidated or other group income tax return that includes Holdings, the Borrower or any Restricted Subsidiaries (including in the case where any of Holdings, the Borrower or any Restricted Subsidiary is a disregarded entity for U.S. federal income Tax purposes) or the formation and maintenance of any consolidated group for tax, accounting or cash pooling or management purposes, in each case, in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;payments, loans (or cancellation of loans) or advances to employees or consultants that are (i) approved by a majority of the disinterested members of the Board of Directors of Holdings or either Borrower in good faith, (ii) made in compliance with applicable law and (iii) otherwise permitted under Section 7.02; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;transactions (i) with Holdings in its capacity as a party to any Loan Document or to any agreement, document or instrument governing or relating to the Acquisition Agreement, any other agreements contemplated thereby or any agreement, document or instrument governing or relating to any Permitted Acquisition (whether or not consummated) (other than in respect of Indebtedness) and (ii) with any Affiliate in its capacity as a Lender party to any Loan Document to the extent such Affiliate is being treated no more favorably than all other Lenders or lenders thereunder and otherwise in accordance with the requirements of this Agreement.

Notwithstanding anything in this Agreement to the contrary, no Loan Party or Restricted Subsidiary may, directly or indirectly, be liable for, Guarantee, provide credit support (whether pursuant to any Lien or other security or collateral arrangement of any kind) or otherwise be subject to, or pay, defease, purchase, redeem or acquire (or agree to pay, defease, purchase, redeem or acquire) any obligations owing in respect

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thereof, in each case, except with the proceeds of a Restricted Payment made in reliance on Section 7.06(f)(A), 7.06(r) or 7.06(s).

SECTION 7.10 <u>Amendment of Organization Documents</u>. Amend or modify, or waive any of its rights under, (a) its Organization Documents or (b) the collateral assignment, lender protective or earnout provisions in the Acquisition Agreement, in each case, to the extent any such amendment, modification or waiver would be materially adverse to the Lenders.

SECTION 7.11 <u>Reserved</u>.

SECTION 7.12 <u>Prepayments,</u> <u>Etc.</u> <u>of</u> <u>Junior</u> <u>Financing;</u> <u>Amendments</u> <u>to</u> <u>Junior</u> <u>Financing</u> <u>Documents</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepayments of Junior Financing</u>. Prepay, repay, redeem, purchase, defease or otherwise satisfy any Junior Financing with an aggregate principal amount exceeding the greater of (x) $26,000,000 and (y) 20% of TTM Consolidated Adjusted EBITDA (any such prepayment, repayment, redemption, purchase, defeasance or satisfaction, a "**Junior Debt Repayment**"), except:

&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)&nbsp;&nbsp;&nbsp;&nbsp;Junior Debt Repayments with the proceeds of, or in exchange for, any (A) Permitted Refinancing or (B) other Junior Financing or Junior Lien Debt permitted 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Junior Debt Repayments to the extent that such Junior Debt Repayment is made with or in exchange for, or constitutes a conversion into, Qualified Equity Interests of Holdings (or any Parent Entity);

&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)&nbsp;&nbsp;&nbsp;&nbsp;Junior Debt Repayments made pursuant to the Put/Call Notes; *provided* that (i) no Specified Event of Default has occurred or is continuing and (ii) such payments pursuant to this <u>Section 7.12(a)(iii)</u> shall be subject to the Put/Call Shared Cap;

&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)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved];

&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)&nbsp;&nbsp;&nbsp;&nbsp;Junior Debt Repayments within sixty (60) days of giving notice thereof if at the date of such notice, such payment would have been permitted 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Junior Debt Repayments on the Closing Date made in connection with the Transactions to occur on the Closing Date;

&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)&nbsp;&nbsp;&nbsp;&nbsp;Junior Debt Repayments in respect of any Junior Financing consisting of the payment of regularly scheduled interest and principal payments, payments of fees, expenses, penalty interest and indemnification obligations when due and mandatory prepayments, mandatory redemptions and mandatory purchases, in each case, other than payments prohibited by any applicable Intercreditor Agreement or applicable subordination provisions (so long as such subordination provisions are reasonably acceptable to the Administrative Agent at the time of incurrence or assumption of such Indebtedness);

&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)&nbsp;&nbsp;&nbsp;&nbsp;Junior Debt Repayments consisting of a payment in the minimum amount necessary (as determined by the Borrower in good faith) to avoid the application of Section 163(e)(5) of the Code (an "**AHYDO Catch Up Payment**") with respect to Indebtedness of the Borrower or its Subsidiaries; *provided* that no Event of Default has occurred and is continuing or would result therefrom;

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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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;Junior Debt Repayments; *provided* that the First Lien Net Leverage Ratio (after giving Pro Forma Effect to such Junior Debt Repayment) for the Test Period immediately preceding the making of such Junior Debt Repayment shall be no greater than 3.25 to 1.00; *provided further* that no Event of Default has occurred or is continuing; 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;(x)&nbsp;&nbsp;&nbsp;&nbsp;Junior Debt Repayments in an aggregate amount during the term of this Agreement not to exceed the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Available Amount measured immediately prior to the making of such Junior Debt Repayment; *provided*, that only with respect to such Junior Debt Repayment funded in reliance on <u>clause (b)</u> of the definition of "Available Amount",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;no Event of Default shall have occurred and be continuing or would result therefrom; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;the First Lien Net Leverage Ratio (after giving Pro Forma Effect to the making of such Junior Debt Repayment) for the Test Period immediately preceding the making of such Junior Debt Repayment shall be no greater than 3.50 to 1.00; 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)&nbsp;&nbsp;&nbsp;&nbsp;the greater of (x) $45,000,000 and (y) 35% of TTM Consolidated Adjusted EBITDA, *provided* that no Event of Default shall have occurred and be continuing or would result therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;Junior Debt Repayments in respect of, to the extent constituting Indebtedness, earnouts, retention payments, or other contingent acquisition consideration in connection with the Transactions or other permitted earnouts, retention payments or other contingent acquisition consideration;

it being understood and agreed that each of the following shall be permitted: payments of closing and consent fees related to Junior Financing, customary and reasonable indemnity and expense reimbursement payments in connection with Junior Financing, in each case pursuant to the terms of Junior Financing Documentation.

The amount set forth in <u>Section</u> <u>7.12</u> <u>(a)(x)(B)</u> may, in lieu of Junior Debt Repayments, be utilized by any Borrower or any Restricted Subsidiary to make or hold any Investments without regard to <u>Section</u> <u>7.02</u>.

The amount of any Junior Debt Repayment at any time shall be the amount of cash and the fair market value of other property used to make the Junior Debt Repayment at the time such Junior Debt Repayment is made. For purposes of determining compliance with this <u>Section</u> <u>7.12(a)</u>, in the event that any prepayment, repayment, redemption, purchase, defeasance or satisfaction (or any portion thereof) meets the criteria of more than one of the categories set forth above, the Borrower may, in its sole discretion, at the time of such prepayment, repayment, redemption, purchase, defeasance or satisfaction is made, divide, classify, or reclassify, or otherwise upon written notice to the Administrative Agent at such time Borrower delivers a Compliance Certificate divide, classify or reclassify (as if incurred at such time), such prepayment, repayment, redemption, purchase, defeasance or satisfaction (or any portion thereof) in any manner that complies with this covenant on the date it was made or such later time, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u> <u>to</u> <u>Junior</u> <u>Financing</u>. Amend, modify, waive or change in any manner without the consent of the Administrative Agent any Junior Financing Documentation unless such amendment,

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modification or change is permitted pursuant to any applicable Intercreditor Agreement or applicable subordination provisions (so long as such subordination provisions are reasonably acceptable to the Administrative Agent at the time of incurrence or assumption of such Indebtedness); *provided* that, in each case, a certificate of the Borrower delivered to the Administrative Agent at least five (5) Business Days prior to such amendment or other modification, together with a reasonably detailed description of such amendment or modification, stating that the Borrower has reasonably determined in good faith that such terms and conditions satisfy such foregoing requirement shall be conclusive evidence that such terms and conditions satisfy such foregoing requirement unless the Administrative Agent notifies the Borrower within such five (5) Business Day period that it disagrees with such determination.

SECTION 7.13 <u>Passive</u> <u>Holding</u> <u>Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In the case of Holdings, engage in any active trade or business, it being agreed that the following activities (and activities incidental thereto) will not be prohibited:

&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)&nbsp;&nbsp;&nbsp;&nbsp;its ownership of the Equity Interests of the Borrower; provided, that Holdings shall not be permitted to have any direct Subsidiaries other than the Borrower;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance);

&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)&nbsp;&nbsp;&nbsp;&nbsp;the performance of its obligations and payments (to the extent otherwise permitted hereunder) with respect to (A) any Indebtedness permitted to be incurred pursuant to <u>Section</u> <u>7.03</u>, or (B) the Acquisition Agreement and the other agreements contemplated by the Acquisition Agreement any agreement, document or instrument governing or relating to any Permitted Acquisition;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any public offering of its common stock or any other issuance of its Qualified Equity Interests;

&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)&nbsp;&nbsp;&nbsp;&nbsp;making (i) payments or Restricted Payments to the extent otherwise permitted under <u>Section</u> <u>7.06 or 7.12</u> and (ii) Restricted Payments with any amounts received pursuant to transactions permitted under, and for the purposes contemplated by, <u>Section 7.06</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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&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)&nbsp;&nbsp;&nbsp;&nbsp;making contributions to the capital of its Subsidiaries to the extent permitted under <u>Section 7.02</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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;guarantees permitted under <u>Section</u> <u>7.03</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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;participating in tax (including, but not limited to, preparing and filing any tax returns), accounting and other administrative matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;holding any cash or property received in connection with Restricted Payments made by the Borrower in accordance with <u>Section 7.06</u> pending application thereof by Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;providing customary and reasonable indemnification to officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;making Investments in assets that are cash or Cash Equivalents; 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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;activities incidental to the businesses or activities described in clauses (i) to (xii) of this <u>Section 7.13(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Holdings may not merge, dissolve, liquidate or consolidated with or into any other Person; *provided* that, notwithstanding the foregoing, as long as no Default exists or would result therefrom, Holdings may merge or consolidate with any other Person if the following conditions are satisfied:

&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)&nbsp;&nbsp;&nbsp;&nbsp;Holdings shall be the continuing or surviving Person, 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if the Person formed by or surviving any such merger, amalgamation or consolidation is not Holdings or is a Person into which Holdings has been liquidated,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Successor Holdings shall be an entity organized or existing under the laws of the United States, any state thereof or the District of Columbia,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Successor Holdings shall expressly assume all the obligations of Holdings under this Agreement and the other Loan Documents to which Holdings is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;the Successor Holdings shall pledge 100% of the Equity Interest of the Borrower to the Collateral Agent as Collateral to secure the Obligations in form reasonably satisfactory 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall have delivered to the Administrative Agent an officer's certificate and an opinion of counsel, each stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document comply with this Agreement and, with respect to such opinion of counsel only, including customary organization, due execution, no conflicts and enforceability opinions to the extent reasonably requested by the Administrative Agent; 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;(E)&nbsp;&nbsp;&nbsp;&nbsp;the Lenders will have received at least three (3) Business Days prior to the effectiveness of such merger, amalgamation or consolidation, (x) all outstanding documentation and other information about the Loan Parties required under applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act and (y) to the extent the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification, that in each case has been requested in writing at least ten (10) Business Days (as defined in the Acquisition Agreement) prior to such date;

it being agreed that if the foregoing are satisfied, the Successor Holdings will succeed to, and be substituted for, Holdings under this Agreement.

SECTION 7.14 <u>Indebtedness of Broker Dealer Subsidiaries</u>. No Broker-Dealer Subsidiary shall incur third-party Indebtedness for borrowed money, except for letters of credit and Capitalized Leases issued or incurred in the ordinary course of business and in an aggregate principal amount not to exceed $10,000,000.

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ARTICLE VIII.

[RESERVED]

ARTICLE IX.

EVENTS OF DEFAULT AND REMEDIES

SECTION 9.01 <u>Events of Default</u>. Each of the events referred to in <u>clauses</u> <u>[(a)](#ia29c52bd0fc041879005251ca7826466_78)</u> through (k) of this <u>Section 9.01</u> constitutes an "**Event of Default**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Payment</u>. The Borrower or any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or Letter of Credit Disbursement or (ii) within five (5) Business Days after the same becomes due, any interest on any Loan or any fee or other amounts payable to a Lender pursuant to the terms of a Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Specific Covenants</u>. Holdings, the Borrower or any Subsidiary Guarantor fails to perform or observe any covenant applicable to it and contained in <u>Sections</u> <u>6.01(a)</u>, <u>Section 6.01(b)</u>, <u>6.02(a)</u> and Section 6.02(c) (and such failure in each case continues unremedied for ten (10) Business Days), <u>Section</u> <u>6.03(a)</u> (and such failure continues unremedied for five (5) Business Days), <u>Section</u> <u>6.05(a)</u> (solely with respect to Holdings and the Borrower), <u>Section 6.16</u>, <u>Section 6.18, Section 6.20</u> or <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Defaults</u>. The Borrower or any Loan Party fails to perform or observe any other covenant (not specified in <u>Section</u> <u>9.01(a)</u> or <u>Section</u> <u>9.01(b)</u>) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) Business Days after written notice therefrom from the Administrative Agent (which notice will be given at the request of any Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Any representation or warranty made or deemed by any Loan Party in any Loan Document, or in any document required to be delivered pursuant to the terms of a Loan Document, including for the avoidance of doubt the Company Specified Representations and the Specified Representations when deemed made, shall be untrue in any material respect (or, with respect to any representation or warranty qualified by materiality or "Material Adverse Effect", shall be untrue in any respect) when made or deemed made; and in the case of any representation and warranty made or deemed made after the Closing Date, to the extent capable of cure, such representation or warranty shall remain untrue (in any material respect or in any respect, as applicable) or uncorrected for a period of thirty (30) days after it was initially made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cross-Default</u>. The Borrower, any other Loan Party or any Restricted Subsidiary constituting a Material Subsidiary:

&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)&nbsp;&nbsp;&nbsp;&nbsp;fails to make any required payment of any principal beyond the applicable grace period, if any, whether by scheduled maturity, required prepayment, acceleration, demand or otherwise, in respect of its Material Indebtedness; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;fails to observe or perform any other covenant contained in an agreement governing its Material Indebtedness, the effect of which failure is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with or without the giving of notice, the lapse of time or both, such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its stated maturity, in each case pursuant to its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Insolvency Proceedings, Etc</u>. (i) The Borrower, any other Loan Party or any Restricted Subsidiary constituting a Material Subsidiary (A) institutes or consents to the institution of any proceeding

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under any Debtor Relief Law, (B) makes an assignment for the benefit of creditors or (C) applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property; (ii) any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed for the Borrower, any other Loan Party or a Restricted Subsidiary constituting a Material Subsidiary without the application or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days; (iii) any proceeding under any Debtor Relief Law relating to the Borrower, any other Loan Party or a Restricted Subsidiary constituting a Material Subsidiary is instituted without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar days; (iv) an order for relief is entered in any such proceeding; or (v) the Borrower, any other Loan Party or any Restricted Subsidiary constituting a Material Subsidiary shall become unable, admit in writing its inability, or publicly declare its intention not to, or fail generally, to pay its debts as they become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Judgments</u>. There is entered against the Borrower, any other Loan Party or a Restricted Subsidiary constituting a Material Subsidiary a final, enforceable and non-appealable judgment by a court of competent jurisdiction for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party insurance or another indemnity obligation for which payment has been denied) and such judgment or order is not satisfied, vacated, discharged or stayed or bonded for a period of sixty (60) consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Invalidity</u> <u>of</u> <u>Loan</u> <u>Documents</u>. The material provisions of the Loan Documents, taken as a whole, at any time after their execution and delivery and for any reason cease to be in full force and effect, except (i) as permitted by, or as a result of a transaction not prohibited by, the Loan Documents (including as a result of a transaction permitted under <u>Section</u> <u>7.04</u> or <u>Section</u> <u>7.05</u>), (ii) as a result of the satisfaction of the Obligations or Termination Conditions or (iii) the application of Applicable Law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral</u> <u>Documents</u> <u>and</u> <u>Guarantee;</u> <u>Loan</u> <u>Documents;</u> <u>Intercreditor</u> <u>Provisions</u>. Any:

&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)&nbsp;&nbsp;&nbsp;&nbsp;Collateral Document with respect to the Collateral after its execution and delivery shall for any reason cease to create a valid and perfected Lien, except (A) as otherwise permitted by, or as a result of a transaction not prohibited by, the Loan Documents, (B) resulting from the Administrative Agent no longer having possession of any stock certificates, promissory notes or other instruments delivered to it under the Collateral Documents, (C) as a result of a Uniform Commercial Code filing having lapsed because a Uniform Commercial Code continuation statement was not filed in a timely manner or (D) as a result of the satisfaction of the Obligations or Termination Conditions; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Guarantee with respect to a Guarantor that is Holdings or a Material Subsidiary (other than an Excluded Subsidiary) shall for any reason cease to be in full force and effect, except (A) as otherwise permitted by, or as a result of a transaction not prohibited by, the Loan Documents, (B) upon the satisfaction of the Termination Conditions, (C) upon the release of such Guarantor as provided for under the Loan Document or in accordance with its terms or (D) resulting from the application of 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any material provision of any Loan Document at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or upon satisfaction of the Termination Conditions, ceases to be valid, binding and enforceable in accordance with its terms (or any Loan Party shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction that evidences its assertion, that any provision of any

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of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms); 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;subordination provisions contained in any Intercreditor Agreement shall for any reason be revoked or invalidated, or otherwise cease to be in full force and effect, or any party thereto shall so assert, or failure of the priority contemplated thereby; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA</u>. An ERISA Event shall have occurred and be continuing that, when taken alone or together with all other ERISA Events, has resulted or would reasonably be expected to result in a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change</u> <u>of</u> <u>Control</u>. There occurs any Change of Control.

SECTION 9.02 <u>Remedies</u> <u>upon</u> <u>Event</u> <u>of</u> <u>Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. Except as otherwise provided in <u>Section</u> <u>9.02(b)</u> and <u>Section</u> <u>9.02(c)</u> below, if (and only if) any Event of Default occurs and is continuing, the Administrative Agent may, and shall at the request of the Required Lenders, take any or all of the following actions upon written notice to the Borrower (other than an Event of Default in respect of Holdings or the Borrower arising under <u>Section 9.01(f)</u>, in which case no written notice is required):

&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)&nbsp;&nbsp;&nbsp;&nbsp;declare the Commitments (including, for the avoidance of doubt, Delayed Draw Commitments) of each Lender and the obligation of each Issuing Bank to issue Letters of Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;declare the unpaid principal amount of all outstanding Loans, all interest and premium 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 Borrower and each Guarantor;

&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)&nbsp;&nbsp;&nbsp;&nbsp;require that the Borrower Cash Collateralize its Letters of Credit (in an amount equal to 103% (or 105% in the case of any Revolving Exposure denominated in a currency other than Dollars) of the maximum face amount of all outstanding Letters of Credit); 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;exercise on behalf of itself, the Issuing Banks and the Lenders all rights and remedies available to it, the Issuing Banks and the Lenders under the Loan Documents and Applicable Law;

*provided* that upon the occurrence of an Event of Default in respect of Holdings or the Borrower arising under <u>Section 9.01(f)</u>, the Commitments of each Lender and the obligations of each Issuing Bank to issue Letters of Credit 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 Borrower to Cash Collateralize the Letters of Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Administrative Agent Notice</u>. Upon, or prior to, taking any of the actions set forth in <u>Section</u> <u>9.02(a)</u> or <u>(b)</u> (other than as a result of <u>Section 9.01(f)</u>), the Administrative Agent shall deliver a notice of Default, Event of Default or acceleration, as applicable, to the Borrower and if such notice is provided or such actions are to be taken on behalf of, or at the instruction, request or direction of the

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Required Lenders or Required Revolving Lenders, as applicable, such notice shall identify each such Lenders as its name appears on the Register of Lenders maintained by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Extensions and Stays</u>. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, (i) any court of competent jurisdiction may (A) extend or stay any grace period set forth in this Agreement or any other Loan Document prior to an actual or alleged Default becoming an actual or alleged Event of Default or (B) stay the exercise of remedies by any Agent, Agent-Related Person or other Person (if any) contemplated by this Agreement and the other Loan Documents or otherwise upon the occurrence of an actual or alleged Event of Default, and (ii) the ability to terminate commitments, declare an Obligation to be immediately due and payable or pursue any other remedies in connection with an alleged Default or Event of Default shall be stayed during pendency of any litigation proceedings concerning such alleged Default or Event of Default.

For the avoidance of doubt, (i) unless a Default or an Event of Default has occurred and is continuing, the Administrative Agent (and each other Secured Party) agrees that it shall not take any of the actions described in this <u>Section</u> <u>9.02</u> or bring any other action or proceeding under the Loan Documents or with respect to the Obligations and (ii) no premium in respect of the Obligations shall be payable as a result of any Default or Event of Default, except as may be expressly set forth in this Agreement.

SECTION 9.03 <u>Application of Funds</u>. After the exercise of remedies provided for in <u>Section</u> <u>9.02</u> (or after the Loans have automatically become immediately due and payable as set forth in the proviso to <u>Section</u> <u>9.02(a)</u>), any amounts received on account of the Obligations shall, subject to any Intercreditor Agreements, be applied by the Administrative Agent in the following order:

*First*, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under <u>Section</u> <u>11.04</u> and amounts payable under <u>Article</u> <u>III</u>) payable to the Administrative Agent and the Collateral Agent in their capacities as such;

*Second*, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Obligations under Secured Hedge Agreements and Cash Management Obligations) payable to the Issuing Banks (including Attorney Costs payable under <u>Section</u> <u>11.04</u> and amounts payable under <u>Article</u> <u>III</u>) ratably among them in proportion to the amounts described in this clause Second payable to them;

*Third*, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Obligations under Secured Hedge Agreements and Cash Management Obligations) payable to the Lenders (including Attorney Costs payable under <u>Section</u> <u>11.04</u> and amounts payable under <u>Article</u> <u>III</u>) ratably among them in proportion to the amounts described in this clause Third payable to them;

*Fourth*, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and Letter of Credit Usage, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause Fourth held by them;

*Fifth*, (a) to payment of that portion of the Obligations constituting unpaid principal of the Loans, the Letter of Credit Usage and the Obligations under Secured Hedge Agreements and Cash Management Obligations and (b) to Cash Collateralize Letters of Credit (to the extent not otherwise Cash Collateralized pursuant to the terms of this Agreement) (in an amount equal to 103% (or 105% in the case of any Revolving Exposure denominated in a currency other than Dollars) of the maximum face amount of all outstanding Letters of Credit) and to further permanently reduce the

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Revolving Commitments by the amount of such Cash Collateralization, ratably among the Secured Parties in proportion to the respective amounts described in this clause Fifth held by them; *provided* that (i) any such amounts applied pursuant to the foregoing <u>subclause (b)</u> shall be paid to the Administrative Agent for the ratable account of the Issuing Banks to Cash Collateralize such Letters of Credit, (ii) subject to <u>Section</u> <u>2.04</u> and <u>Section</u> <u>2.19</u>, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to this clause shall be applied to satisfy drawings under such Letters of Credit as they occur and (c) upon the expiration of any Letter of Credit, the *pro rata* share of Cash Collateral attributable to such expired Letter of Credit shall be applied by the Administrative Agent in accordance with the priority of payments set forth in this <u>Section</u> <u>9.03</u>; *provided further* that 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 Obligations otherwise set forth above in this <u>Section 9.03</u>;

*Sixth*, to the payment of all other Obligations that are due and payable to the Administrative Agent and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent and the other Secured Parties on such date; and

*Last*, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law.

Notwithstanding the foregoing, Obligations arising under Cash Management Obligations or Secured Hedge Agreements shall be excluded from the application described above and paid in clause <u>sixth</u> if the Administrative Agent has not received written notice thereof in accordance with Section 2.22, together with such supporting documentation as the Administrative Agent may have reasonably requested from the applicable provider of such Cash Management Services or Secured Hedge Agreements.

ARTICLE X.

ADMINISTRATIVE AGENT AND OTHER AGENTS

SECTION 10.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment</u> <u>and</u> <u>Authority</u> <u>of</u> <u>the</u> <u>Administrative</u> <u>Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender and each Issuing Bank, on behalf of itself and any of its Affiliates that are Secured Parties, hereby irrevocably appoints Antares Capital LP 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. In addition, to the extent required under the laws of any jurisdiction other than within the United States, each Lender and each Issuing Bank, on behalf of itself and any of its Affiliates that are Secured Parties, hereby grants to the Administrative Agent any required powers of attorney to execute and enforce any Collateral Document governed by the laws of such jurisdiction on such Lender's, such Issuing Bank's or other Secured Party's behalf. Each Issuing Bank shall act on behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and each Issuing Bank shall have all of the benefits and immunities (i) provided to the Agents in this <u>Article</u> <u>X</u> with respect to any acts taken or omissions suffered by such Issuing Bank in connection with Letters of Credit issued by it or proposed to be issued by it and the Letter of Credit Documents pertaining to such Letters of Credit as fully as if the term "**Agent**" as used in this <u>Article</u> <u>X</u> and the definition of "Agent-Related Person" included such Issuing Bank with respect to such acts or omissions and (ii) as additionally provided herein with respect to each Issuing Bank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Antares Capital LP, as "administrative agent" and Antares Capital LP, as "collateral agent" (and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent or the Collateral Agent pursuant to <u>Section</u> <u>10.05</u> and <u>Section</u> <u>10.12</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be subject to the provisions of and shall be entitled to the benefits of all provisions of this <u>Article</u> <u>X</u> (including <u>Section</u> <u>10.07</u>, and with respect to any such co-agents, sub-agents and attorneys-in-fact, as though such co-agents, sub- agents and attorneys-in-fact were the "administrative agent" or the "collateral agent" under the Loan Documents). Without limiting the generality of the foregoing, the Lenders and each other Secured Party hereby expressly authorize the Administrative Agent and the Collateral Agent to execute any and all documents (including releases) with respect to the Obligations, the Collateral and the rights of the Secured Parties with respect to the Obligations and the Collateral (including any Intercreditor Agreements), as contemplated by and in accordance with the provisions of this Agreement and the other Loan Documents, and acknowledge and agree that any such action by any such Agent shall bind the Lenders and each other Secured Party.

SECTION 10.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights</u> <u>as</u> <u>a</u> <u>Lender</u>. Any Lender that is also serving as an Agent (including as Administrative Agent) hereunder shall have the same rights and powers (and no additional duties or obligations) in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include each Lender (if any) serving as an Agent hereunder in its individual capacity. Any Person serving as an Agent 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 or other business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders, and may accept fees and other consideration from the Borrower for services in connection herewith and otherwise without having to account for the same to the Lenders. The Lenders acknowledge that, pursuant to such activities, any Agent or its Affiliates may receive information regarding any Loan Party or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of such Loan Party or such Affiliate) and acknowledge that no Agent shall be under any obligation to provide such information to them.

SECTION 10.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Exculpatory Provisions</u>. None of the Administrative Agent, any of the other Agents, any of their respective Affiliates, nor any of the officers, partners, directors, employees or agents of the foregoing shall have any duties or obligations to the Lenders except those expressly set forth herein and in the other Loan Documents.

Without limiting the generality of the foregoing, an Agent (including the Administrative Agent) or any of their respective officers, partners, directors, employees or agents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing and without limiting the generality of the foregoing, the use of the term

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"agent" herein and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under any agency doctrine of any applicable Law and instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;as to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), shall not have any duty to exercise any discretion or take any action or exercise any powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that such 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 (i) notwithstanding any direction by the Required Lenders to the contrary, no Agent shall be required to take any such action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Loan Document or Applicable Law or internal policy of such Agent, including for the avoidance of doubt refraining from any action that, in its opinion or the opinion of its counsel, may be in violation of the automatic stay under any Debtor Relief Law or that may affect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law and (ii) the Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by any Person serving as an Agent or any of its Affiliates in any capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;shall not be liable to the Lenders for any action taken or omitted to be taken under or in connection with any of the Loan Documents except to the extent caused by such Agent's gross negligence or willful misconduct as determined by a final, non-appealable judgment of a court of competent jurisdiction.

The Administrative Agent shall not be liable to the Lenders for any action taken or not taken by it (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>Section</u> <u>9.02</u> and <u>Section</u> <u>11.01</u>) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a final, non-appealable judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein. The Administrative Agent shall be deemed not to have knowledge of any (x) notice of any of the events or circumstances set forth or described in Section 6.03 unless and until written notice thereof stating that it is a "notice under Section 6.03" in respect of this Agreement and identifying the specific clause under said Section is given to the Administrative Agent by the Borrower, or (y) notice of any Default or Event of Default unless and until written notice thereof (stating that it is a "notice of Default" or a "notice of an Event of Default") is given to the Administrative Agent by the Borrower, a Lender or an Issuing Bank.

No Agent-Related Person shall be responsible for or have any duty to ascertain or inquire into (i) any recital, statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report, statement or agreement or other document

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In performing its functions and duties hereunder and under the other Loan Documents, each Agent is acting solely on behalf of the Lenders and the Issuing Banks (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. The motivations of the Lead Arrangers and the Agents are commercial in nature and not to invest in the general performance or operations of the Borrower. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where an Agent is required or deemed to act as a trustee in respect of any Collateral over which a security interest has been created pursuant to a Loan Document expressed to be governed by the laws of any country, or is required or deemed to hold any Collateral "on trust" pursuant to the foregoing, the obligations and liabilities of such Agent to the Secured Parties in its capacity as trustee shall be excluded to the fullest extent permitted by applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nothing in this Agreement or any Loan Document shall require any Agent to account to any Lender for any sum or the profit element of any sum received by such Agent for its own account.

SECTION 10.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance</u> <u>by</u> <u>the</u> <u>Agents</u>. The Agents shall be entitled to rely upon, and shall not incur any liability to any Lender for relying upon, any notice, request, certificate, 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. Each 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 not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan or the issuance of a Letter of Credit that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, each Agent may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Bank prior to the making of such Loan or the issuance of such Letter of Credit. Each Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it,

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and shall not be liable to any Lender for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Each Agent shall be fully justified in failing or refusing to take any action that is not required or explicitly approved by the Lenders under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Agents shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders; *provided* that the Agents shall not be required to take any action that, in their opinion or in the opinion of their counsel, may expose such Agent to liability or that is contrary to any Loan Document or applicable Law or internal policy of such Agent. In addition, notwithstanding anything herein to the contrary, the Administrative Agent and the Collateral Agent shall not act (or refrain from acting, as applicable) upon any direction from the Required Lenders (or other requisite percentage of Lenders) that would cause the Administrative Agent to be in breach of any express term or provision of this Agreement. The Lenders and each other Secured Party agree not to instruct the Administrative Agent, Collateral Agent or any other Agent to take any action, or refrain from taking any action, that would, in each case, cause it to violate an express duty or obligation under this Agreement.

Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 11.07, (ii) may rely on the Register to the extent set forth in Section 11.07, (iii) makes no warranty or representation to any Lender or Issuing Bank and shall not be responsible to any Lender or Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement or any other Loan Document, (iv) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Bank sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit and (v) 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 notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

SECTION 10.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Delegation of Duties</u>. Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Documents by or through any one or more sub agents appointed by such Agent. Each 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 Agent-Related Persons. The exculpatory provisions of this <u>Article</u> <u>X</u> shall apply to any such sub agent and to the Agent-Related Persons of the Agents and any such sub agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Agents. Notwithstanding anything herein to the contrary, with respect to each sub agent appointed by an Agent, (i) such sub agent shall be a third party beneficiary under this Agreement with respect to all such rights, benefits and privileges (including exculpatory rights and rights to indemnification) and shall have all of the rights and benefits of a third party beneficiary, including an independent right of action to enforce such rights, benefits and privileges (including exculpatory rights and rights to indemnification) directly, without the consent or joinder of any other Person, against any or all of the Loan Parties and the Lenders, (ii) such rights, benefits

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and privileges (including exculpatory rights and rights to indemnification) shall not be modified or amended without the consent of such sub agent, and (iii) such sub agent shall only have obligations to the Agent that appointed it as sub agent and not to any Loan Party, Lender or any other Person and no Loan Party, Lender or any other Person shall have any rights, directly or indirectly, as a third party beneficiary or otherwise, against such sub agent. Each 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 such Agent acted with gross negligence or willful misconduct in the selection of such sub agents. Any sub agent pointed by an Agent shall have the same obligations and duties to the Loan Parties as such Agent with respect to the duties, rights and powers deleted to it.

SECTION 10.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Reliance</u> <u>on</u> <u>Agents</u> <u>and</u> <u>Other</u> <u>Lenders;</u> <u>Disclosure</u> <u>of</u> <u>Information</u> <u>by</u> <u>Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) in participating as a Lender, it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender or Issuing Bank, in each case, in the ordinary course of business, and not for the purpose of investing in the general performance or operations of the Borrower, or for the purpose of purchasing, acquiring or holding any other type of financial instrument such as a security (and each Lender agrees not to assert a claim in contravention of the foregoing, such as a claim under federal or state securities laws), (iii) it has, independently and without reliance upon the Administrative Agent, any Lead Arranger or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and (iv) 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, 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. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Lead Arranger or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own 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. Except for notices, reports and other documents expressly required to be furnished to the Lenders by any Agent herein, such Agent shall not have any duty or responsibility to provide any Lender with 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 respective Affiliates which may come into the possession of any Agent-Related Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Agent and Lender and Issuing Bank and Swing Line Lender, by delivering its signature page to this Agreement, or by delivering its signature page to an Assignment and Assumption, or by funding a Loan or by issuing a Letter of Credit, shall be deemed to have acknowledged receipt of, and consented to, approved, and be satisfied with, each Loan Document and each other document or matter required to be approved, consented to, or be satisfied with, by it as a condition precedent to, and not be aware of any failure of any other condition precedent to, such funding or issuance.

SECTION 10.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification of Agents</u>. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand the Administrative Agent, each Agent, each Issuing Bank, the Swing Line Lender and each other Agent-Related Person (solely to the extent any such Agent-Related Person was performing services on behalf of any Agent, any Issuing Bank or the Swing

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Line Lender, as applicable) (without limiting any indemnification obligation of any Loan Party to do so), pro rata, and hold harmless the Administrative Agent, each Agent, each Issuing Bank, the Swing Line Lender and each other Agent-Related Person (solely to the extent any such Agent-Related Person was performing services on behalf of any Agent, each Issuing Bank or the Swing Line Lender) from and against any and all Indemnified Liabilities incurred by it; *provided* that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities resulting from such Agent- Related Person's own gross negligence, bad faith or willful misconduct, as determined by a final, non- appealable judgment of a court of competent jurisdiction; *provided* that, (a) to the extent each Issuing Bank or Swing Line Lender is entitled to indemnification under this <u>Section</u> <u>10.07</u> solely in its capacity and role as an Issuing Bank or as a Swing Line Lender, only the Revolving Lenders shall be required to indemnify the applicable Issuing Bank or the Swing Line Lender, in accordance with this <u>Section</u> <u>10.07</u> (determined as of the time that the applicable payment is sought based on each Revolving Lender's Pro Rata Share thereof at such time) and (b) (i) no action taken (or any action not taken) with the good faith belief that it is in accordance with the terms of a Loan Document, (ii) no action taken (or any action not taken) at the direction of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Loan Documents) and (iii) no Release Action taken by an Agent or Agent-Related person shall, in each case, be deemed to constitute gross negligence, bad faith or willful misconduct for purposes of this <u>Section</u> <u>10.07</u>. If any indemnity furnished to any Agent, any Issuing Bank or the Swing Line Lender for any purpose shall, in the opinion of such Agent, such Issuing Bank or the Swing Line Lender, be insufficient or become impaired, such Agent, such Issuing Bank or the Swing Line Lender may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; <u>provided</u>, in no event shall this sentence require any Lender to indemnify any Agent, any Issuing Bank or the Swing Line Lender against any Indemnified Liabilities in excess of such Lender's pro rata share thereof; and <u>provided</u>, further, this sentence shall not be deemed to require any Lender to indemnify any Agent, any Issuing Bank or the Swing Line Lender against any Indemnified Liabilities described in the first proviso in the immediately preceding sentence. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this <u>Section</u> <u>10.07</u> applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse each Agent, each Issuing Bank and the Swing Line Lender upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by such Agent, such Issuing Bank or the Swing Line Lender in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that such Agent, such Issuing Bank or the Swing Line Lender is not reimbursed for such expenses by or on behalf of the Borrower; *provided* that such reimbursement by the Lenders shall not affect the Borrower's continuing reimbursement obligations with respect thereto; *provided further* that the failure of any Lender to indemnify or reimburse such Agent, such Issuing Bank or the Swing Line Lender shall not relieve any other Lender of its obligation in respect thereof. The undertaking in this <u>Section</u> <u>10.07</u> shall survive termination of the Aggregate Commitments, the payment of all other Obligations and the resignation of the Administrative Agent, Collateral Agent, any Issuing Bank and the Swing Line Lender and other Agents.

SECTION 10.08&nbsp;&nbsp;&nbsp;&nbsp;<u>No Other Duties; Other Agents, Lead Arrangers, Managers, Etc.</u> Antares and Bain are each hereby appointed as Lead Arrangers hereunder, and each Lender hereby authorizes each of Antares and Bain to act as Lead Arrangers in accordance with the terms hereof and the other Loan Documents.

Each Agent hereby agrees to act in its capacity as such upon the express conditions contained herein and the other Loan Documents, as applicable. Anything herein to the contrary notwithstanding, none of the Lead Arrangers or the other Agents listed on the cover page hereof (or any of their respective Affiliates)

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shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except (a) in its capacity, as applicable, as the Administrative Agent, the Collateral Agent or a Lender hereunder (or in the Administrative Agent's and/or Collateral Agent's capacity as a Debt Representative) and (b) as provided in <u>Section</u> <u>11.01(b)(iii)</u>, and such Persons shall have the benefit of this <u>Article</u> <u>X</u>. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any agency or fiduciary or trust relationship with any Lender, Holdings, the Borrower or any of their respective Subsidiaries. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. Subject to <u>Section</u> <u>10.09</u>, any Agent may resign from such role at any time, with immediate effect, by giving prior written notice thereof to the Administrative Agent and Borrower.

SECTION 10.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation of Administrative Agent or Collateral Agent</u>. The Administrative Agent or the Collateral Agent may at upon not less than five (5) Business Days' notice give notice of its resignation to the Lenders and the Borrower so long as no Specified Event of Default then exists. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed), to appoint a successor, which shall be a Lender or a bank with an office in the United States, or an Affiliate of any such Lender or 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 thirty (30) days after the retiring Administrative Agent or Collateral Agent, as applicable, gives notice of its resignation, then the retiring Administrative Agent or Collateral Agent, as applicable, may on behalf of the Lenders, appoint a successor Administrative Agent or Collateral Agent, as applicable subject to the consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed). If the Administrative Agent or Collateral Agent, as applicable, shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, (a) such resignation shall nonetheless become effective in accordance with such notice, (b) the retiring Administrative Agent or Collateral Agent, as applicable, 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 or Collateral Agent on behalf of the Lenders under any of the Loan Documents, the retiring Agent shall continue to hold such collateral security until such time as a successor of such Agent is appointed), (c) the Borrower shall be permitted to appoint a replacement Administrative Agent or Collateral Agent, which shall be a Lender or a bank with an office in the United States, or an Affiliate of any such Lender or bank with an office in the United States; *provided* that the Required Lenders shall be permitted to appoint a successor agent at any time after the Borrower appoints such replacement Administrative Agent or Collateral Agent, and (d) until such time as the Required Lenders appoint a successor Administrative Agent, (i) all communications provided to be made to the retiring Administrative Agent or Collateral Agent, as applicable, shall instead be made to each Lender directly (*provided* such Lender has provided the Borrower the information necessary to do so), (ii) all payments provided to be made by or through the retiring Administrative Agent or Collateral Agent, as applicable, shall instead be made to each Lender directly (*provided* such Lender has provided the Borrower the information necessary to do so), except for any indemnity payments or other amounts owed to the retiring Administrative Agent or Collateral Agent, as applicable, and (iii) all determinations provided to be made by the retiring Administrative Agent or Collateral Agent, as applicable, shall instead be made by the Required Lenders. If none of the Required Lenders, the Administrative Agent or the Borrower have appointed a successor Administrative Agent, the Required Lenders shall be deemed to have succeeded to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent (subject to the proviso in the sentence above). Upon the acceptance of a successor's appointment as Administrative Agent or Collateral Agent, as applicable, hereunder and upon the execution and filing or recording of such financing statements, or amendments thereto, and such amendments or supplements to the Mortgages, and such other instruments or notices, as may be necessary or appropriate, or as the Required Lenders may request, in order to perfect or continue the perfection of the Liens granted or purported to be granted by the Collateral Documents, such successor shall succeed to and become vested with all of the

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rights, powers, privileges and duties of the retiring (or retired) Administrative Agent or Collateral Agent, as applicable (other than any rights to indemnity payments or other amounts owed to the retiring or retired Administrative Agent), and the retiring Administrative Agent or Collateral Agent, as applicable, 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>10.09</u>). The fees payable by the Borrower to a successor Administrative Agent or Collateral Agent, as applicable, shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Agent's resignation hereunder and under the other Loan Documents, the provisions of this <u>Article</u> <u>X</u>, <u>Section</u> <u>11.04</u> and <u>Section</u> <u>11.05</u> shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Agent-Related Persons in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Administrative Agent or Collateral Agent, as applicable.

SECTION 10.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Administrative</u> <u>Agent</u> <u>May</u> <u>File</u> <u>Proofs</u> <u>of</u> <u>Claim;</u> <u>Credit</u> <u>Bidding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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 (irrespective of whether the principal of any Loan or in respect of Letter of Credit Obligations 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 Borrower) shall be entitled and empowered (but not obligated), by intervention in such proceeding or otherwise:

&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)&nbsp;&nbsp;&nbsp;&nbsp;to file a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure that, in its sole opinion, complies with such rule's disclosure requirements for entities representing more than one creditor;

&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)&nbsp;&nbsp;&nbsp;&nbsp;to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Letter of Credit Obligations and all other 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 Issuing Banks and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Banks and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the Issuing Banks and the Administrative Agent under <u>Section</u> <u>2.11</u> and <u>Section 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same.

Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each Issuing Bank 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 Issuing Banks, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and their respective agents and counsel, and any other amounts due the Administrative Agent under <u>Section</u> <u>2.11</u> and <u>Section</u> <u>11.04</u>. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Administrative Agent, its agents and counsel, and any other amounts due the Administrative Agent under <u>Section</u> <u>2.11</u> and <u>Section</u> <u>11.04</u> out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Lenders or the Issuing Banks may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.

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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 any Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or any Issuing Bank in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders or otherwise in accordance with the terms of any applicable Intercreditor Agreement, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a strict foreclosure, a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral,

&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)&nbsp;&nbsp;&nbsp;&nbsp;at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable Law.

In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional for the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any such bid,

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles,

&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)&nbsp;&nbsp;&nbsp;&nbsp;each of the Secured Parties' ratable interests in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale,

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles; *provided* that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in <u>Section 11.01</u> 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity, partnership, limited partnership interests or

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membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Secured Parties pro rata and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action.

Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (B) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

SECTION 10.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral</u> <u>and</u> <u>Guaranty</u> <u>Matters;</u> <u>Exercise</u> <u>of</u> <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lien Release Events; Release/Subordination Events; Guaranty Release Events</u>. Each Agent, each Lender (including in its capacities as a potential Cash Management Bank and a potential Hedge Bank), each Issuing Bank and each other Secured Party irrevocably authorizes the Administrative Agent and Collateral Agent to be its agent for and its representative with respect to the Guaranty, the Collateral and the Collateral Documents, and each agrees that, notwithstanding anything to the contrary in any 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;subject to <u>Section 10.11(a)(iv)</u>, Liens on any property granted to or held by an Agent or in favor of any Secured Party under any Loan Document or otherwise will be automatically and immediately released, and each Secured Party irrevocably authorizes and directs the Agents to enter into, and each agrees that it will enter into, the necessary or advisable documents requested by the Borrower and associated therewith, upon the occurrence of any of the following events (each, a "**Lien Release Event**"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the satisfaction of the Termination 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;a transfer of the property subject to such Lien as part of, or in connection with, a transaction that is permitted by the terms of the Loan Documents to any Person that is not a Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to property owned by any Guarantor or with respect to which any Guarantor has rights, the release of such Guarantor from its obligations under its Guaranty pursuant to a Guaranty Release Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the approval, authorization or ratification of the release of such Lien by the Required Lenders or by such percentage of the Lenders as may be required pursuant to <u>Section 11.01</u>;

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;subject to prior written notice by the Borrower to the Administrative Agent, such property becoming an Excluded Asset or Excluded Equity Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;as to the assets owned by such Excluded Subsidiary (or with respect to which an Excluded Subsidiary has rights), upon any Person becoming an Excluded Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;any Securitization Operating Assets becoming subject to a Qualified Securitization Financing or being transferred or purported to be transferred by the Borrower or any Restricted Subsidiary in connection with a Qualified Securitization Financing; and/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;(H)&nbsp;&nbsp;&nbsp;&nbsp;in accordance with <u>Section</u> <u>6.11(b)(ii)(E)</u> with respect to Mortgaged Property;

&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)&nbsp;&nbsp;&nbsp;&nbsp;upon the request of the Borrower (such request, the "**Release/Subordination Event**") it will (A) release or (if requested by the Borrower) subordinate any Lien granted to or held by any Secured Party under any Loan Document on any asset subject to a "purchase money" or similar Lien permitted under Section 7.01 (as in effect on the Closing Date) that is included in the Collateral, it being agreed that any such subordination shall (if requested by a Loan Party) include customary debt subordination provisions and shall otherwise be on such customary terms as may be proposed by the holder (or proposed holder) of the Lien on the Permitted Priority Asset or such other terms as may be acceptable to the Collateral Agent (it being agreed the terms of the Junior Lien Intercreditor Agreement are acceptable) or such other terms as may be required by the senior creditor party to any applicable subordination agreement and/or (B) execute and deliver a customary "no interest" letter or similar letter with respect to any Permitted Priority Asset and/or any Excluded Asset;

&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)&nbsp;&nbsp;&nbsp;&nbsp;subject to <u>Section 10.11(a)(iv)</u>, a Subsidiary Guarantor will be automatically and immediately released from its obligations under the Guaranty upon (i) such Subsidiary Guarantor ceasing to be a Subsidiary of the Borrower, (ii) subject to prior written notice by the Borrower to the Administrative Agent, such Subsidiary Guarantor ceasing to be a Material Subsidiary, or (iii) subject to prior written notice by the Borrower to the Administrative Agent, such Subsidiary Guarantor becoming an Excluded Subsidiary (<u>clauses</u> <u>(i)-(iii)</u>, each a "**Guaranty Release Event**"), and each Secured Party irrevocably authorizes and directs the Agents to enter into, and each Agent agrees it will enter into, the necessary and advisable documents requested by the Borrower to (1) release (or acknowledge the release of) such Subsidiary Guarantor from its obligations under the Guaranty and (2) release (or acknowledge the release of) any Liens granted by such Subsidiary or Liens on the Equity Interests of such Subsidiary;

&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this <u>Section</u> <u>10.11</u>, the release of a Guaranty by a Subsidiary Guarantor and the release of a Lien on assets or Equity Interests of a Subsidiary Guarantor securing the Obligations, in each case, solely as a result of such Subsidiary Guarantor becoming a Subsidiary that is not a wholly owned Subsidiary of a Loan Party, shall only be permitted if at the time such Subsidiary Guarantor becomes an Excluded Subsidiary of such type (1) no Event of Default shall have occurred and be outstanding, (2) after giving Pro Forma Effect to such release and the consummation of the transaction that causes such Person to be an Excluded Subsidiary of such type, the Borrower is deemed to have made a new Investment in such Person (as if such Person were then newly acquired) and such Investment is permitted at such time, (3) such transaction shall have been permitted hereunder and made to or with a bona fide unaffiliated third party for bona fide business purposes (as determined by the Borrower in good faith) and (4)

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a Responsible Officer of the Borrower certifies to the Administrative Agent compliance with preceding <u>clauses (1)</u>, <u>(2)</u> and <u>(3)</u>; <u>provided</u>, further, that no such release shall occur if such Subsidiary Guarantor continues to be a guarantor in respect of any Incremental Equivalent Debt, any Permitted Pari Passu Secured Refinancing Debt, Permitted Junior Secured Refinancing Debt, Junior Financing or any Permitted Refinancing in respect of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Release Actions; Release Certificates</u>. Each Agent, each Lender and each other Secured Party agrees that it will promptly take such action and execute any such documents as the applicable Agent determines is reasonably necessary (such actions and such execution, the "**Release Actions**"), at the Borrower's sole cost and expense, in connection with a Lien Release Event, Release/ Subordination Event or Guaranty Release Event. Without limitation, the Release Actions may include, as applicable, (a) executing (if required) and delivering to the Loan Parties (or any designee of the Loan Parties) any such lien releases, mortgage releases or assignments of mortgages, discharges of security interests, pledges and guarantees and other similar discharge or release documents, as are reasonably requested by a Loan Party in connection with the release or assignment, as of record, of the Liens (and all notices of security interests and Liens previously filed) the subject of a Lien Release Event or Release/Subordination Event or the release of any applicable Guarantee in connection with a Guaranty Release Event and (b) delivering to the Loan Parties (or any designee of the Loan Parties) all instruments evidencing pledged debt and all equity certificates and any other collateral previously delivered in physical form by the Loan Parties to a Secured Party.

In connection with any Lien Release Event, Release/Subordination Event, Guaranty Release Event or Release Action, each of the Collateral Agent and the Administrative Agent may request, and shall be entitled to rely and shall rely exclusively on, and the Borrower shall deliver upon any such request, an executed officer's certificate of the Borrower (the "**Release Certificate**") confirming that (a) such Lien Release Event, Release/Subordination Event or a Guaranty Release Event, as applicable, has occurred or will upon consummation of one or more identified transactions (an "**Identified Transaction**") occur, (b) the conditions to any such Lien Release Event, Release/Subordination Event or Guaranty Release Event have been satisfied or will be satisfied upon consummation of an Identified Transaction, and (c) that any such Identified Transaction is permitted by (or not prohibited by) the Loan Documents. The Collateral Agent and the Administrative Agent will be fully exculpated from any liability and shall be fully protected and shall not have any liability whatsoever to any Secured Party as a result of such reliance or the consummation of any Release Action. A Release Certificate may be delivered in advance of the consummation of any applicable Identified Transaction.

Each Lender and each Secured Party irrevocably authorizes and irrevocably directs the Collateral Agent and the Administrative Agent to take the Release Actions and consents to reliance on the Release Certificate. The Secured Parties agree not to give any Agent any instruction or direction inconsistent with the provisions of this <u>Section</u> <u>10.11</u>. Neither the Administrative Agent nor the Collateral Agent shall be responsible for, or have a duty to ascertain or inquire into, any statement in a Release Certificate, the compliance of any Identified Transaction with the terms of a Loan Document, any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent's Lien thereon, or contained in any certificate prepared or delivered by any Loan Party in connection with the Collateral or compliance with the terms set forth above or in a Loan Document, nor shall the Administrative Agent or Collateral Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforcement;</u> <u>Collective</u> <u>Action</u>.

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collective Actions</u>. Each Agent, each Lender, each Issuing Bank and each other Secured Party irrevocably authorizes the Administrative Agent and the Collateral Agent to be its sole and exclusive agent for, and its sole and exclusive representative with respect to, enforcement of the Loan Documents and all rights and remedies related to the Transactions and the Obligations. Without limitation of the foregoing, each Agent, each Lender and each other Secured Party agrees that, notwithstanding anything to the contrary in any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent and the Collateral Agent will have the sole and exclusive right and ability (exercisable only at the direction of the Required Lenders or in its discretion),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;to exercise all rights and remedies of each Agent, each Lender, each other Secured Party and any other Person arising under, in connection with, or pertaining to the Loan Documents, the Transactions or the Obligations, including with respect to any breach of a representation or warranty, an affirmative covenant, a negative covenant, a financial covenant, any provision relating to amendments or waivers (including <u>Section</u> <u>11.01(b)</u> and <u>Section</u> <u>11.01(c)</u>), any provision relating to assignments, any implied covenant (including any implied covenant of good faith and fair dealing), to the extent not waived or any other similar implied obligations and any rights of a Lender or other Secured Party as a creditor under Applicable Law or to bring any Cause of Action relating to the Loan Documents, the Transactions or the Obligations, and including in connection with any amendment, modification, waiver or restatement of, any restructuring or restructuring transaction related to or undertaken in connection with, or any interpretation of the provisions of, any Loan Document or Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;to exercise any rights of self-help or other rights or Causes of Action available under Applicable Law (including in equity) against any Loan Party, any Restricted Subsidiary, any direct or indirect holder of an Equity Interest in a Loan Party, any Affiliate of the foregoing Persons and their respective directors, officers, or employees, in each case, with respect to or arising out of or in connection with the Transactions, the Obligations or the Loan Documents (including with respect to any derivative claims); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;&nbsp;&nbsp;&nbsp;to assert or allege the existence or occurrence of, or support or participate in any other Person asserting or alleging the existence of, any Default or Event of Default or any other Cause of Action related to the Loan Documents, the Transactions or the Obligations against any Loan Party or any other Person

(collectively, the "**Collective Rights and Remedies**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the authority to enforce, assert or allege any Collective Right and Remedy is vested exclusively in, and all Causes of Action, actions and proceedings at law or in equity in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent (other than with respect to the Collateral Documents) or the Collateral Agent (with respect to the Collateral Documents) in accordance with this <u>Article</u> <u>IX</u> for the benefit of all the Lenders and the Issuing Banks and no Lender or other Secured Party shall have any right individually to enforce, assert or allege (and each agrees not to individually enforce, assert or allege) any Collective Rights and Remedies, including to realize upon any of the Collateral or to enforce the terms of this Agreement or any other Loan Document or enforce rights or remedies thereunder, it being understood and agreed

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that Collective Rights and Remedies, including all powers, rights and remedies under this Agreement and under any of the other Loan Documents, may be exercised solely by the Administrative Agent or the Collateral Agent, as applicable, for the benefit of the Lenders in accordance with the terms hereof and thereof, and all powers, rights and remedies under the Collateral Documents may be exercised solely by the Collateral Agent for the benefit of the Lenders in accordance with the terms thereof, and each Secured Party agrees to commence, support or participate in actions or proceedings relating to the Obligations only in a manner consistent with the foregoing provisions; and neither any Lender nor any other Secured Party will (and each such Person will take such actions as may be required or advisable so that none of its Affiliates will) initiate, support or participate in any action, proceeding, or other Cause of Action relating to the Loan Documents, the Transactions or the Obligations, judicial or otherwise, in connection with a Collective Right and Remedy, or otherwise initiate, support or participate in the exercise a Collective Rights and Remedy, other than,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;through the Required Lenders' direction of the Administrative Agent or Collateral Agent in exercising such rights and remedies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any Lender exercising any right of setoff in accordance with <u>Section 11.09</u> (subject to the terms of <u>Section 2.15</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;&nbsp;&nbsp;&nbsp;any Issuing Bank from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as an Issuing Bank) hereunder and under the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any Lender filing proofs of claim on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(V)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent, or the Collateral Agent exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as the Administrative Agent or the Collateral Agent) hereunder and under the other Loan Documents

(collectively, the "**Independent Lender Rights and Remedies**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if (notwithstanding the foregoing) any Lender or any Secured Party (or any of their respective Affiliates) initiates, supports or participates in any action, proceeding or other Cause of Action, judicial or otherwise, in violation of this Agreement (including this <u>clause</u> <u>(C)</u>, such a proceeding, a "**Prohibited Proceeding**") then the Lender or Secured Party that initiates, supports or participates such an action, proceeding or Cause of Action (or that is Affiliated with the Person doing so) shall immediately cause such action, proceeding or Cause of Action to be dismissed (with prejudice), and the Loan Parties, the Restricted Subsidiaries and their respective Affiliates shall have the right to be indemnified and reimbursed by such Lender or Secured Party for all fees, costs and expenses incurred in connection therewith, without limitation of any other rights and remedies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;prior to taking any action with respect to Collective Rights and Remedies, at the request of the Administrative Agent or Collateral Agent, the Lenders instructing the Administrative Agent or Collateral Agent shall post cash indemnity with the

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Administrative Agent for the benefit of the Administrative Agent, the Collateral Agent and their respective Related Parties, of not less than the sum of (I) all fees, costs and expenses that the Administrative Agent determines, in its sole discretion, could foreseeably be incurred in connection with such action and (II) the amount of any claims, obligations or liability, via counter-claims or otherwise, that either the Administrative Agent or the Collateral Agent determines, in its sole discretion, could foreseeably be awarded to the defendants in connection with such action. Such cash indemnity shall either be deposited directly with the Administrative Agent or deposited with a third-party escrow agent, subject to terms and conditions as determined by the Administrative Agent in its sole discretion, in each case, prior to the commencement of such action; 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;(E)&nbsp;&nbsp;&nbsp;&nbsp;the foregoing provisions may be pleaded by any Loan Party as a full and complete defense to any Prohibited Proceeding and may be used as a basis for an injunction against any action, suit or other proceeding (without any need to post a bond or other indemnity), and each of the Loan Parties and the Secured Parties confirms that the foregoing provisions of this <u>clause (c)</u> are a material provision of this Agreement and the other Loan Documents and in light of their agreed salutary purpose and effect are not intended to be construed strictly or read narrowly.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Forbearance</u>. For the avoidance of doubt, the Required Lenders (or the Collateral Agent and the Administrative Agent, acting at the direction of the Required Lenders) shall be entitled to agree on behalf of all Lenders and all other Secured Parties to forebear from the exercise of any or all of the rights and remedies available under the Loan Documents or Applicable Law to a Lender or any other Secured Party in connection with any and all Defaults, Events of Default or other breaches of a Loan Document and may, in their election, subject such forbearance to such conditions as they deem appropriate in their discretion.

&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)&nbsp;&nbsp;&nbsp;&nbsp;This <u>Section 10.11</u> shall not prohibit any right of setoff otherwise expressly set forth in the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cost/Benefit Determinations</u>. No provision of any Loan Documents shall require the creation, perfection or maintenance of pledges of or security interests in, or the obtaining of title insurance or abstracts with respect to, any Excluded Assets and any other particular assets, if and for so long as, in the reasonable judgment of the Collateral Agent (which shall be conclusive if confirmed by the Required Lenders), the cost of creating, perfecting or maintaining such pledges or security interests in such other particular assets or obtaining title insurance or abstracts in respect of such other particular assets is excessive in view of the fair market value of such assets or the practical benefit to the Lenders afforded thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Extensions of Deadlines</u>. The Collateral Agent may grant extensions of time for the creation or perfection of security interests in or the obtaining of title insurance and surveys with respect to particular assets (including extensions beyond the Closing Date for the creation or perfection of security interests in the assets of the Loan Parties on such date) where it reasonably determines, in consultation with the Borrower, that creation or perfection cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the Collateral Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforcement by Third Parties</u>. The foregoing provisions of this <u>Section</u> <u>10.11</u>, may be enforced against any Secured Party by the Required Lenders, the Collateral Agent, the Administrative Agent, the Borrower or any of the Borrower's Affiliates, and each Secured Party expressly acknowledges and agrees that the provisions of this <u>Section</u> <u>10.11</u> shall be available as a defense of the Borrower (or any of its Affiliates) in any action, proceeding or remedial procedure, with any such Affiliates being express third party beneficiaries of such provisions. Each Secured Party, whether or not a party hereto, will be

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deemed by its acceptance of the benefits of the Collateral and of the Guarantees of the Obligations to have agreed to the provisions of this <u>Section 10.11</u>.

SECTION 10.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment</u> <u>of</u> <u>Supplemental</u> <u>Administrative</u> <u>Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;It is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any Law of any jurisdiction denying or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction. It is recognized that in case of litigation under this Agreement or any of the other Loan Documents, and in particular in case of the enforcement of any of the Loan Documents, or in case the Administrative Agent deems that by reason of any present or future Law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or in any of the other Loan Documents or take any other action which may be desirable or necessary in connection therewith, the Administrative Agent is hereby authorized to appoint an additional individual or institution selected by the Administrative Agent in its sole discretion as a separate trustee, co- trustee, administrative agent, collateral agent, administrative sub-agent or administrative co-agent (any such additional individual or institution being referred to herein individually, as a "**Supplemental Administrative Agent**" and, collectively, as "**Supplemental Administrative Agents**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Administrative Agent appoints a Supplemental Administrative Agent with respect to any Collateral, (i) each and every right, power, privilege or duty expressed or intended by this Agreement or any of the other Loan Documents to be exercised by or vested in or conveyed to the Administrative Agent with respect to such Collateral shall be exercisable by and vest in such Supplemental Administrative Agent to the extent, and only to the extent, necessary to enable such Supplemental Administrative Agent to exercise such rights, powers and privileges with respect to such Collateral and to perform such duties with respect to such Collateral, and every covenant and obligation contained in the Loan Documents and necessary to the exercise or performance thereof by such Supplemental Administrative Agent shall run to and be enforceable by either the Administrative Agent or such Supplemental Administrative Agent, and (ii) the provisions of this <u>Article</u> <u>X,</u> <u>Section</u> <u>11.04</u> and <u>Section</u> <u>11.05</u> that refer to the Administrative Agent shall inure to the benefit of such Supplemental Administrative Agent and all references therein to the Administrative Agent shall be deemed to be references to the Administrative Agent and/or such Supplemental Administrative Agent, as the context may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Should any instrument in writing from any Loan Party be required by any Supplemental Administrative Agent so appointed by the Administrative Agent for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties, the Borrower or Holdings, as applicable, shall, or shall cause such Loan Party to, execute, acknowledge and deliver any and all such instruments promptly upon request by the Administrative Agent. In case any Supplemental Administrative Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental Administrative Agent, to the extent permitted by Law, shall vest in and be exercised by the Administrative Agent until the appointment of a new Supplemental Administrative Agent.

SECTION 10.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Intercreditor</u> <u>Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent and Collateral Agent shall, and the Lenders and other Secured Parties irrevocably authorize and instruct the Administrative Agent and Collateral Agent to, from time to time on and after the Closing Date, without any further consent of any Lender, Issuing Bank, counterparty to any Cash Management Obligation or Secured Hedge Agreement or any other Secured Party, enter into any Intercreditor Agreement requested by the Borrower in compliance with this Agreement or any other intercreditor agreement containing terms acceptable to the Borrower and the Required Lenders with the

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collateral agent or other, a Debt Representative of the holders of Indebtedness that is secured by a Lien on Collateral that is not prohibited (including with respect to priority) under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

SECTION 10.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Management Agreements and Secured Hedge Agreements</u>. Except as otherwise expressly set forth herein or in any Guaranty or any Collateral Document, no Cash Management Bank or Hedge Bank that obtains the benefits of <u>Section</u> <u>9.03</u>, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral or any Guaranty (including the release or impairment of any Collateral or 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</u> <u>X</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, Cash Management Obligations or Obligations arising under Secured Hedge Agreements unless the Administrative Agent has received written notice of such Cash Management Obligations or such Obligations arising under Secured Hedge Agreements, 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.

SECTION 10.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain</u> <u>ERISA</u> <u>Matters</u>.

Each Lender, represents and warrants, as of the date such Person became a Lender party hereto, to, and 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 each other Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) 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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the prohibited 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 so as to exempt from the prohibitions of Section 406 of ERISA and Section 4975 of the Code 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender is an investment fund managed by a "**Qualified Professional Asset Manager**" (within the meaning of Section VI of PTE 84-14), (ii) 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, (iii) 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 (k), as applicable, of Section I of PTE 84-14 and (iv) to the best knowledge of such Lender, the requirements of subsection (a) of Section 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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

In addition, unless either <u>Section</u> <u>10.15(a)</u> is true with respect to a Lender or a Lender has provided another representation, warranty and covenant in accordance with <u>Section</u> <u>10.15(d)</u>, such Lender further (1) represents and warrants, as of the date such Person became a Lender party hereto, and (2) 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 each other Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent or any other Lead Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in 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 to hereto or thereto).

SECTION 10.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Return</u> <u>of Certain</u> <u>Payments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "**Payment**") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one (1) Business Day thereafter (or such later date as the Administrative Agent, in its sole discretion, may specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this <u>Section 10.16</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "**Payment Notice**") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one (1) Business Day thereafter (or such later date as the Administrative Agent, in its sole discretion, may specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for the purpose of making such erroneous Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each party's obligations under this <u>Section 10.16</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

SECTION 10.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrower</u> <u>Communications.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent, the Lenders and the Issuing Bank agree that the Borrower may, but shall not be obligated to, make any Borrower Communications to the Administrative Agent through an electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "**Approved Borrower Portal**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Although the Approved Borrower Portal and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Closing Date, a user ID/password authorization system), each of the Lenders, the Issuing Bank and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the administrators, representatives or contacts of the Borrower that are added to the Approved Borrower Portal, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, the Issuing Bank and the Borrower hereby approves distribution of Borrower Communications through the Approved Borrower Portal and understands and assumes the risks of such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;THE APPROVED BORROWER PORTAL IS PROVIDED "AS IS" AND "AS AVAILABLE". THE APPLICABLE PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER COMMUNICATION, OR THE ADEQUACY OF THE APPROVED BORROWER PORTAL AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED BORROWER PORTAL AND THE BORROWER COMMUNICATIONS. 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 THE APPLICABLE PARTIES IN CONNECTION WITH THE BORROWER COMMUNICATIONS OR THE APPROVED BORROWER PORTAL. IN NO EVENT SHALL ANY APPLICABLE PARTY HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, THE ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER'S TRANSMISSION OF BORROWER COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED BORROWER PORTAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Lenders, the Issuing Bank and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Borrower

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Communications on the Approved Borrower Portal in accordance with the Administrative Agent's generally applicable document retention procedures and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall prejudice the right of the Borrower to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

SECTION 10.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Flood</u> <u>Laws.</u>

Antares has adopted internal policies and procedures that address requirements placed on federally regulated lenders under Flood Laws. Antares Capital LP, as administrative agent or collateral agent on a syndicated facility, will post on the applicable electronic platform (or otherwise distribute to each Lender in the syndicate) documents that it receives in connection with the Flood Laws. However, Antares Capital LP reminds each Lender and Participant in the facility that, pursuant to the Flood Laws, each federally regulated Lender (whether acting as a Lender or Participant in the facility) is responsible for assuring its own compliance with the flood insurance requirements.

ARTICLE XI.

MISCELLANEOUS

SECTION 11.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments,</u> <u>Waivers,</u> <u>Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General Rule</u>. Except as otherwise set forth in this Agreement (including the following clauses of this Section), no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower, any other Loan Party or any Restricted Subsidiary therefrom, shall be effective unless in writing and signed by the Required Lenders (or by the Administrative Agent with the consent of, or ratification by, the Required Lenders, or such other number or percentage of Lenders as may be specified herein) and the Borrower or any other Loan Party (the "**Required Consents**"). Each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Specific Approvals</u>. Notwithstanding the provisions of <u>Section</u> <u>11.01(a)</u>, and except as provided in Sections 3.03(b) and (c) (as in effect on the Closing Date), no amendment, waiver or consent with respect to which the Required Consents are required pursuant to <u>Section</u> <u>11.01(a)</u> and shall have been obtained shall, expressly by its terms:

&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)&nbsp;&nbsp;&nbsp;&nbsp;extend or increase the Commitment of any Lender without the written consent of such Lender or extend the final expiration date of any Letter of Credit beyond the stated expiration date for such Letter of Credit without the written consent of the applicable Issuing Bank, it being understood that an amendment or waiver of, or a consent with respect to, any condition precedent set forth in <u>Section</u> <u>4.02</u>, any Default (including with respect to grace periods), Event of Default, mandatory prepayment or mandatory reduction of Commitments (in each case other than on the applicable maturity date or expiration date therefor) shall not constitute an extension or increase of any Commitment of any Lender or an extension of the final expiration date of any Letter of Credit; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;(x) reduce or forgive the principal of, or the rate of interest (including modifications to permit interest to be "paid-in-kind") on, any Loan or Reimbursement Obligation or any other interest or fees payable hereunder or under any other Loan Document without the written consent of each Lender entitled to such principal or interest or fees; or (y) postpone any date scheduled for any payment of principal or interest on a Loan or Reimbursement Obligation held by any Lender or any other interest or fees payable hereunder or under any other Loan

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Document without the written consent of each Lender entitled to such principal or interest or fees or postpone the scheduled date of expiration of any Commitment without the written consent of each Lender holding such Class of Commitments; or (z) reduce or postpone any date scheduled for any payment of any fees payable to any Lender or with respect to a Letter of Credit under any Loan Document (including fees payable with respect to a Letter of Credit and fees payable under <u>Section</u> <u>2.11(b)</u><u>)</u> without the written consent of the Lender or other Person entitled to such fees thereunder; it being understood 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;an amendment or waiver of, or a consent with respect to, any

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;condition precedent set forth in <u>Section</u> <u>4.02;</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;Default (including with respect to grace periods) or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;mandatory prepayment of the Loans or mandatory reduction of Commitments (in each case other than on the applicable maturity date or expiration date therefor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;measure of financial or operational performance (including First Lien Net Leverage Ratio, Secured Net Leverage Ratio, Total Net Leverage Ratio, and any component of such definitions); 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;&nbsp;&nbsp;&nbsp;&nbsp;(V)&nbsp;&nbsp;&nbsp;&nbsp;term providing for or requiring an adjustment of an interest rate or fee (1) upon the occurrence of specific events, including any "MFN" or similar provision (including <u>Section</u> <u>2.16(h)</u>) or (2) following or during the continuation of a Default or Event of Default (including the definition of "Default Rate");

shall not constitute such a reduction or postponement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;an amendment or waiver of, or a consent in connection with a Benchmark Replacement, including amendments, waivers and consents effected pursuant to <u>Section 3.03(b) or (c)</u> shall not constitute such a reduction or postponement; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;change (A) any provision of this <u>Section</u> <u>11.01</u> without the written consent of each Lender, (B) the definition of "Required Lenders" or "Pro Rata Share" without the written consent of each Lender, (C) the definition of "Required Facility Lenders" as it applies to any Facility without the written consent of each Lender in such Facility, (D) any other provision specifying the Loans or Commitments required to take any action under the Loan Documents without the written consent of each Lender holding such Loans or Commitments, (E) the definition of "Required Revolving Lenders" without the consent of each Revolving Lender, (F) Section 2.19 or Section 10.11 without the written consent of each Lender or (G) the definition of "Required Delayed Draw Lenders" without the consent of each Lender holding Delayed Draw Commitments; 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;other than in connection with a transfer or other transaction permitted (or not prohibited) under the Loan Documents (as in effect on the date hereof or as otherwise modified in accordance with this Section 11.01), release Liens on all or substantially all of the Collateral securing any Facility, without the written consent of each Lender under such Facility; 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;other than in connection with a transfer or other transaction permitted (or not prohibited) under the Loan Documents (as in effect on the date hereof or as otherwise modified in

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accordance with this Section 11.01), (A) release Holdings or the Borrower from its obligations under the Loan Documents without the written consent of each Lender or (B) release all or substantially all of the aggregate value of the Guaranties provided by the Guarantors with respect to a Facility, without the written consent of each Lender under such Facility; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;(A) modify the express terms of <u>Section</u> <u>2.15</u> or any other provision that requires pro rata sharing of payments, borrowings and commitment reductions, in each case in a manner that adversely affects the pro rata sharing provisions thereof or modify the express terms of Section 9.03, in each case without the written consent of each affected Lender, it being agreed that amendments, waiver, or consents to provisions of the Loan Documents relating to voluntary or mandatory prepayments or relating to assignments or participations of Loans shall not be subject to the provisions of <u>Section</u> <u>11.01(b)</u>, or (B) modify the express terms of Section 2.08(a) in a manner that adversely affects the pro rata reduction of Revolving Commitments, without the written consent of each affected 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;adversely affect the rights or duties of, or any fees or other amounts payable to, any Issuing Bank in its capacity as such, under this Agreement, any Letter of Credit Agreement or any other Loan Document relating to any Letter of Credit issued or to be issued by it, unless in writing and signed by such Issuing Bank;

&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)&nbsp;&nbsp;&nbsp;&nbsp;adversely affect the rights or duties of, or reduce any fees or other amounts payable to, the Swing Line Lender, in its capacity as such, under this Agreement or any other Loan Document, unless in writing and signed 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;adversely affect the rights or duties of, or reduce any fees or other amounts payable to, the Administrative Agent, in its capacity as such, under this Agreement or any other Loan Document, unless in writing and signed 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;(x)&nbsp;&nbsp;&nbsp;&nbsp;adversely affect the rights or duties of, or any fees or other amounts payable to, the Collateral Agent, in its capacity as such, under this Agreement or any other Loan Document, unless in writing and signed by the Collateral 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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;amend or waive <u>Section</u> <u>11.07(g)</u> without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;amend or waive any of the conditions set forth in Section 4.02 without the requisite number (or percentage in interest) of each affected Class of Lenders that would be required to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time; 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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;no amendment, waiver or consent to the Loan Documents shall subordinate, contractually, structurally or otherwise, (x) any of the Liens securing any of the Obligations to the Liens securing any other Indebtedness or other obligations or (y) any of the Obligations in right of payment, contractual, structural or otherwise, to any other Indebtedness or other obligations (any such other Indebtedness or other obligations, to which such Liens securing any of the Obligations or such Obligations, as applicable, are subordinated, "**Senior Indebtedness**"), in each case, unless each adversely affected Lender has been offered a bona fide opportunity to fund or otherwise provide or acquire its pro rata share (based on the amount of Obligations that are adversely affected thereby held by each Lender) of such Senior Indebtedness on the same terms (other than bona fide backstop fees and reimbursement of counsel fees and other expenses in connection with the negotiation of the terms of such transaction; such fees and expenses, "**Ancillary Fees**") as offered

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to all other providers (or their Affiliates) of the Senior Indebtedness and to the extent such adversely affected Lender decides to participate in the Senior Indebtedness, receive its pro rata share of the fees and any other similar benefit (other than Ancillary Fees) of the Senior Indebtedness afforded to the providers of the Senior Indebtedness (or any of their Affiliates) in connection with providing the Senior Indebtedness pursuant to a written offer made to each such adversely affected Lender describing the material terms of the arrangements pursuant to which the Senior Indebtedness is to be provided, which offer shall remain open to each adversely affected Lender for a period of not less than five (5) Business Days; *provided* that Senior Indebtedness shall not include any "debtor- in-possession" facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other</u> <u>Approval</u> <u>Requirements</u>. Notwithstanding the provisions of <u>Section</u> <u>11.01(a)</u> or <u>Section 11.01(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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the consent of only the Required Revolving Lenders (but without the consent of other Lenders, including the Required Lenders) shall be required to amend, waive, add or otherwise modify any other provisions by their terms that would apply solely to the Revolving 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the consent of only the Required Delayed Draw Lenders shall be required to amend, waive or otherwise modify any condition precedent set forth in <u>Section 4.03</u> with respect to the making of Delayed Draw Term Loans;

&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)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&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)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement and the other Loan Documents may be amended (or amended and restated) to effect an Incremental Amendment, Extension Amendment and/or Refinancing Amendment, in each case solely in accordance with the terms set forth in this Agreement with respect thereto (as in effect on the date hereof or as otherwise modified in accordance with Section 11.01(a)), and pursuant to <u>clauses</u> <u>(f)</u>, <u>(g)</u> and <u>(h)</u> below, in each case solely in accordance with the terms set forth in such clauses;

&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)&nbsp;&nbsp;&nbsp;&nbsp;amendments and waivers of any provision of any Refinancing Amendment, Incremental Amendment or Extension Amendment, and consents to any departure by the Borrower, any other Loan Party or any Restricted Subsidiary therefrom or from the terms of any applicable Facility created thereby, may be effected with the consent of only the Required Facility Lenders party thereto, and shall not require (but may be effected with) consent of the Required Lenders or any other Person, unless such amendments (or the terms so amended) provide otherwise pursuant to their terms;

&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)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement and the other Loan Documents may be amended (or amended and restated) by the Borrower and the Administrative Agent to correct or clarify any error, ambiguity, omission, defect or inconsistency, in each case, in any provision of a Loan Documents that is identified by the Borrower and the Administrative Agent, without the consent 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement and the other Loan Documents may be amended (or amended and restated) by the Borrower and the Required Lenders to correct or clarify any error, ambiguity, omission, defect or inconsistency in any provision of a Loan Document that is identified by the Borrower and the Required Lenders (it being agreed that any such determination or identification by Required Lenders of an error, ambiguity, omission, defect or inconsistency shall be conclusive), without the consent of any other Person; 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;an amendment or waiver of, or a consent with respect to, any fee letter or side letter executed in connection with a Facility shall require the consent of only the parties thereto, unless otherwise specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Intercreditor</u> <u>Agreement</u>. Notwithstanding the provisions of <u>Section</u> <u>11.01(a)</u> or <u>Section</u> <u>11.01(b)</u>, no Lender or Issuing Bank consent is required to effect any amendment or supplement to an Intercreditor Agreement (or any other intercreditor agreement approved by the Required Lenders) that is,

&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)&nbsp;&nbsp;&nbsp;&nbsp;for the purpose of adding the holders of Pari Passu Lien Debt, Junior Lien Debt, Incremental Equivalent Debt, Permitted Pari Passu Secured Refinancing Debt, Permitted Junior Secured Refinancing Debt or other Indebtedness unless such other Indebtedness and any related Liens (including the priority of such Liens) are prohibited by <u>Section</u> <u>7.01</u> and <u>Section</u> <u>7.03</u> (or a Debt Representative with respect to any such Indebtedness with respect to which it is a representative or agent) as parties thereto, as expressly contemplated by the terms of such intercreditor agreement (it being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent, are required to effectuate the foregoing), 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;expressly contemplated by this Agreement (including pursuant to a Release/Subordination Event or <u>Section</u> <u>10.13</u>), an Intercreditor Agreement or any other intercreditor agreement approved by the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional</u> <u>Facilities</u> <u>and</u> <u>Replacement</u> <u>Loans</u>. Notwithstanding the provisions of <u>Section 11.01(a)</u> or <u>Section 11.01(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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Additional Facilities. the Loan Documents may be amended (or amended and restated) with the written consent of the Required Lenders and the Borrower (A) to add one or more additional credit facilities ("**Additional Credit Facilities**") to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Loans and the accrued interest and fees in respect thereof, (B) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders upon the incurrence of any such Additional Credit Facilities and (C) to reflect the terms and conditions of such Additional Credit Facility, which shall be as agreed between the Borrower and the Persons providing such Additional 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Replacement Loans</u>. The Loan Documents may be amended with the written consent of only the Borrower and the Persons providing Replacement Loans (as defined below) (A) to permit the refinancing, replacement or exchange of all or any portion of the outstanding Term Loans of any Class ("**Refinanced Loans**") with replacement term loans ("**Replacement Loans**") hereunder, (B) to include appropriately the Lenders holding Replacement Loans in any determination of the Required Lenders and (C) to reflect the terms and conditions of such Replacement Loans, which shall be as agreed between the Borrower and the Persons providing such Replacement Loans; *provided* that the aggregate principal amount of such Replacement Loans shall not exceed the aggregate principal amount of such Refinanced Loans, *<u>plus</u>* (1) the amount of all unpaid, accrued, or capitalized interest, penalties, premiums (including tender premiums), and other amounts payable with respect to any such Refinanced Loans and (2) underwriting discounts,

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fees, commissions, costs, expenses and other amounts payable with respect to such Replacement Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Amendments to Guaranty and Collateral Documents</u>. Notwithstanding the provisions of <u>Section</u> <u>11.01(a)</u> or <u>Section</u> <u>11.01(b)</u>, the Guaranty, the Collateral Documents and related documents executed by Holdings, the Borrower and/or the Restricted Subsidiaries in connection with this Agreement and the other Loan Documents may be in a form reasonably determined by the Administrative Agent and may be, together with this Agreement, amended and waived with the consent of the Administrative Agent at the request of the Borrower without the need to obtain the consent of any Lender if such amendment or waiver is delivered in order (i) to comply with local Law or advice of local counsel, (ii) to cure ambiguities or defects (as reasonably determined by the Administrative Agent and the Borrower) or (iii) to cause such Guaranty, Collateral Document or other document to be consistent with this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Rules</u> <u>for</u> <u>Specific</u> <u>Lenders</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaulting Lenders</u>. 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, the Required Lenders, the Required Facility Lenders or each affected Lender 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 Defaulting Lender, (B) any waiver, amendment or modification described in any of Sections 11.01(b)(i) and (ii) shall require the consent of each Defaulting Lender directly affected thereby and (C) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disqualified Lenders</u>. Disqualified Lenders shall be subject to the provisions of <u>Section 11.27</u> except as otherwise provided 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</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;(v)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments for Consent</u>. The Loan Parties and their Restricted Subsidiaries (i) may negotiate with one or more Lenders or other Secured Parties as it determines in its discretion with respect to any amendment, waiver or consent under a Loan Document and (ii) may, directly or indirectly, pay or cause to be paid any consideration (cash or otherwise) to or for the benefit of any Lender or other Secured Party for or as an inducement to receiving a consent, waiver or amendment from such Lender or Secured Party of any of the terms or provisions of this Agreement or any other Loan Documents as it may determine, provided such consideration shall be paid to all Lenders or other Secured Parties on a pro rata basis. The payment of any such consideration shall be as agreed between the Borrower each Lender or Secured Party, and payment of any such consideration may be made subject to such terms and conditions (including the time frame within which to provide a consent) as may be agreed to by the Borrower and each Lender or Secured Party.

SECTION 11.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u> <u>and</u> <u>Other</u> <u>Communications;</u> <u>Facsimile</u> <u>Copies</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in <u>Section</u> <u>11.02(b)</u>), 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 fax 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;if to Holdings, the Borrower, the Issuing Banks, the Collateral Agent or the Administrative Agent, to the address, fax number, electronic mail address or telephone number specified for such Person on <u>Schedule 11.02</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if to the Administrative Agent from the Borrower, to Antares Capital LP at the address separately provided to the Borrower;

&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)&nbsp;&nbsp;&nbsp;&nbsp;if to any other Lender, to the address, fax number, electronic mail addresses or telephone number specified in its Administrative Questionnaire; 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;if to an Issuing Bank, to it at the address separately provided to the Borrower; if to a Swing Line Lender at the address separately provided to the Borrower;

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 fax 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); and notices deposited in the United States mail with postage prepaid and properly addressed shall be deemed to have been given within three (3) Business Days of such deposit; *provided* that no notice to any Agent shall be effective until received by such Agent. Notices and other communications delivered through electronic communications to the extent provided in <u>Section</u> <u>11.02(b)</u> shall be effective as provided in such <u>subsection (b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Communication</u>. Notices and other communications to any Agent, the Issuing Banks, the Swing Line Lender and the Lenders may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites, including the Approved Borrower Portal) pursuant to procedures approved by the Administrative Agent; *provided* that the foregoing shall not apply to notices to any Agent, Issuing Bank, Swing Line Lender or Lender pursuant to <u>Article</u> <u>II</u> if such Person, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; *provided* 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Receipt</u>. Unless the Administrative Agent otherwise prescribes, (i) 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), *provided* that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing <u>clause</u> <u>(c)</u> of notification that such notice or communication is available and identifying the website address therefor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Risks</u> <u>of</u> <u>Electronic</u> <u>Communications</u>. Each Loan Party understands that the distribution of materials through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution, except to the extent caused by the willful misconduct or gross negligence of the Administrative Agent, any Issuing Bank, the Swing Line Lender or any Lender as determined by a final, non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>The</u> <u>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 OR IN THE PLATFORM. 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 ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Agent-Related Persons or any Lead Arranger (collectively, the "**Agent Parties**") have any liability to Holdings, the Borrower, any Lender, the Swing Line Lender, any Issuing Bank or any other Person for losses, claims, demands, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower's or the Administrative Agent's transmission of Borrower Materials, or notices through the Platform, or any other electronic messaging service or through the Internet, except to the extent that such losses, claims, demands, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; *provided however*, that in no event shall any Agent Party have any liability to Holdings, the Borrower, any Lender, the Swing Line Lender, any Issuing Bank or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). Each Loan Party, each Lender, each Issuing Bank and each Agent agrees that the Administrative Agent may, but shall not be obligated to, store any Borrower Materials on the Platform in accordance with the Administrative Agent's customary document retention procedures and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change of Address</u>. Each of Holdings, the Borrower, the Issuing Banks, the Swing Line Lender and the Administrative Agent may change its address, fax or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, fax or telephone number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent, the Issuing Banks, the Swing Line Lender and the Collateral Agent. 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, fax number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance by the Administrative Agent, the Issuing Banks and the Lenders</u>. The Administrative Agent, the Issuing Banks and the Lenders shall be entitled to rely and act upon any notices (including Committed Loan Notices) purportedly given by or on behalf of the 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. 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. The Borrower shall indemnify the Administrative Agent, the Issuing Banks and the Lenders and each Agent-Related Person from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower in the absence

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of gross negligence, bad faith or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Private-Side Information Contacts</u>. 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 information that is not made available through the "Public-Side Information" portion of the Platform and that may contain Private-Side Information with respect to Holdings, its Subsidiaries or their respective securities for purposes of United States federal or state securities laws. In the event that any Public Lender has determined for itself to not access any information disclosed through the Platform or otherwise, such Public Lender acknowledges that (i) other Lenders may have availed themselves of such information and (ii) neither the Borrower nor the Administrative Agent has (A) any responsibility for such Public Lender's decision to limit the scope of the information it has obtained in connection with this Agreement and the other Loan Documents and (B) any duty to disclose such information to such Public Lender or to use such information on behalf of such Public Lender, and shall not be liable for the failure to so disclose or use, such information.

SECTION 11.03&nbsp;&nbsp;&nbsp;&nbsp;<u>No</u> <u>Waiver;</u> <u>Cumulative</u> <u>Remedies</u>. No forbearance, failure or delay by any Lender or any 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 impair such right, remedy, power or privilege or operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder 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 independent of any rights, remedies, powers and privileges provided by Law. The authority to enforce rights and remedies under the other Loan Documents and with respect to the Obligations shall be limited as set forth in <u>Section 10.11</u>.

SECTION 11.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Attorney</u> <u>Costs</u> <u>and</u> <u>Expenses</u>. The Borrower agrees,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if the Closing Date occurs, to reimburse the Administrative Agent, the Collateral Agent, the Lead Arrangers, the Supplemental Administrative Agents, the Issuing Banks and the Swing Line Lender for all reasonable and documented in reasonable detail out-of-pocket expenses incurred in connection with the preparation, execution, delivery and administration of this Agreement and the other Loan Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated thereby are consummated), limited, in the case of legal fees and expenses, to the Attorney Costs of one primary counsel selected by the Administrative Agent and, if reasonably necessary and one local counsel in each other relevant jurisdiction material to the interests of the Lenders taken as a whole (which may be a single local counsel acting in multiple material jurisdictions) selected by the Administrative Agent, and in the case of an actual or perceived conflict of interest, where the party affected by such conflict, informs the Borrower of such conflict and thereafter retains its own counsel, of another firm of counsel for each such affected person, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to reimburse the Administrative Agent, the Collateral Agent, the Lead Arrangers, the Supplemental Administrative Agents, the Issuing Banks, the Swing Line Lender and the Lenders for all reasonable and documented in reasonable detail out-of-pocket costs and expenses incurred in connection with the valid enforcement of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during any legal proceeding, and any proceeding under any Debtor Relief Law); *provided* that (i) any such enforcement is conducted in compliance with this Agreement, including <u>Section</u> <u>10.11</u> and (ii) such reimbursement shall be limited, in the case of legal fees and expenses, to the Attorney Costs of (i) a single counsel selected by the Administrative Agent to represent

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each of the Administrative Agent, the Collateral Agent, the Lead Arrangers, the Supplemental Administrative Agents, the Issuing Banks and the Lenders, taken as a whole, (ii) one local counsel in each other relevant jurisdiction material to the interests of the Lenders taken as a whole (which may be a single local counsel acting in multiple material jurisdictions) selected by the Administrative Agent, and (iii) solely in the event of an actual or perceived conflict of interest, where the Person or Persons affected by such conflict of interest inform the Borrower in writing of such conflict of interest, one additional counsel in each relevant jurisdiction material to the interests of such affected person; *provided* further that, notwithstanding anything herein to the contrary, Borrower agrees to pay reasonable out-of-pocket costs and expenses incurred by the Administrative Agent or its Affiliates to obtain and maintain no more than two (2) private, "shadow" credit ratings or estimates per calendar year in respect of the Facilities from rating agencies, provided that in no event shall the Borrower be obligated to reimburse any amounts pursuant to the prior proviso in excess of an aggregate amount equal to $15,000 per calendar year.

The agreements in this <u>Section</u> <u>11.04</u> shall survive the termination of the Aggregate Commitments and repayment of all other Obligations. All amounts due under this <u>Section</u> <u>11.04</u> shall be paid promptly following receipt by the Borrower of an invoice relating thereto setting forth such expenses in reasonable detail. If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party by the Administrative Agent in its sole discretion or, in the case of <u>clause (b)</u> above, in lieu of such payment, at the discretion of the Borrower may be added to the then outstanding amount of Obligations.

SECTION 11.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification by the Borrower</u>. The Loan Parties shall, jointly and severally, indemnify each Agent, the Lead Arrangers, the Issuing Banks, the Swing Line Lender, each Lender, and their respective Related Parties (collectively, the "**Indemnitees**") against any and all losses, claims, damages, liabilities and related expenses, incurred by any Indemnitee or asserted against any Indemnitee by any Person arising out of, in connection with, or as a result of,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the execution or delivery of any Loan Document, the performance by the parties hereto of their respective obligations under a Loan Document or the consummation of the Transactions or any other transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any Commitment, Loan, Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any Issuing Bank 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any actual or alleged presence or release of, or exposure to, any Hazardous Materials on or from any property currently or formerly owned or operated by the Borrower or any other Loan Party, any Environmental Claim or any Environmental Liability, in each case to the extent arising out of the activities or operations of the Borrower or any other Loan Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any actual or prospective claim, litigation, investigation, arbitration or proceeding (a "<u>Proceeding</u>") relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto and regardless of whether such Proceeding is brought by any Loan Party or their respective equity holders, Affiliates, creditors or any other third 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;(all the foregoing, collectively, the "**Indemnified Liabilities**"); *provided* that Indemnified Liabilities shall be limited, in the case of legal fees and expenses, to the Attorney Costs of one primary law firm selected by the Administrative Agent representing all Indemnitees taken

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as a whole and, if reasonably necessary, a single local counsel selected by the Administrative Agent for all Indemnitees taken as a whole in each other relevant jurisdiction that is material to the interest of such Indemnitees (which may be a single local counsel acting in multiple material jurisdictions), and solely in the case of an actual or perceived conflict of interest (where the Indemnitee affected by such conflict of interest informs the Borrower in writing of such conflict of interest in advance of engaging such conflicts counsel), one additional conflicts counsel in each relevant jurisdiction to each group of affected Indemnitees similarly situated taken as a whole,

&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)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;such indemnity shall not, as to any Indemnitee, be available to the extent that a court of competent jurisdiction determines in a final non-appealable judgment that any such losses, claims, damages, liabilities and related penalties, claims, demands, actions, judgments, suits, costs, expenses were related to, (A) the gross negligence, bad faith or willful misconduct of such Indemnitee or of any of its Related Parties, (B) a material breach of the funding obligations of such Indemnitee or any of its Related Parties hereunder, or (C) any dispute solely among Indemnitees or of any of its Related Parties other than any claims against an Indemnitee in its capacity or in fulfilling its role as the Administrative Agent, the Collateral Agent, an Issuing Bank, the Swing Line Lender or other Agent or a Lead Arranger role under a Facility to the extent such dispute does not arise from any act or omission of any Loan Party or Affiliate thereof. No Release Action taken by an Indemnified Person shall be deemed to constitute gross negligence, bad faith or willful misconduct for purposes of this <u>Section</u> <u>11.05</u>. In the case of an investigation, litigation or other Proceeding to which the indemnity in this <u>Section</u> <u>11.05</u> applies, such indemnity shall be effective whether or not such investigation, litigation or Proceeding is brought by any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents is consummated. All amounts due under this <u>Section</u> <u>11.05</u> shall be paid within twenty (20) Business Days after written demand therefor. The agreements in this <u>Section</u> <u>11.05</u> shall survive the resignation of the Administrative Agent, any Issuing Bank, the Swing Line Lender or the Collateral Agent, replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. <u>Section</u> <u>11.04</u> and this <u>Section</u> <u>11.05</u> shall not apply to claims for expenses or indemnification for Taxes other than any Taxes that represent losses, claims, demands, damages, etc. arising from any non-Tax claim.

SECTION 11.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Marshaling; Payments Set Aside</u>. None of the Administrative Agent, any Issuing Bank, the Collateral Agent or any Lender shall be under any obligation to marshal any assets in favor of the Loan Parties or any other Person or against or in payment of any or all of the Obligations. To the extent that any payment by or on behalf of the Borrower is made to any Agent, any Issuing Bank or any Lender (or to the Administrative Agent, on behalf of any Lender or any Issuing Bank), or any Agent or any Lender enforces any security interests or exercises its right of setoff, and such payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required (including pursuant to any settlement entered into by such Agent 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 and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred and (b) each Lender and each Issuing Bank 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

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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.

SECTION 11.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors</u> <u>and</u> <u>Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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 Holdings nor the Borrower may, except as expressly permitted by <u>Section</u> <u>7.04</u> with respect to Holdings, 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,

&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)&nbsp;&nbsp;&nbsp;&nbsp;to an assignee in accordance with the provisions of <u>subsection</u> <u>(b)</u> of this Section;

&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)&nbsp;&nbsp;&nbsp;&nbsp;by way of participation in accordance with the provisions <u>subsection (d)</u> of this Section;

&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)&nbsp;&nbsp;&nbsp;&nbsp;by way of pledge or assignment of a security interest subject to the restrictions of <u>subsection (f)</u> of this Section; 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;to an SPC in accordance with the provisions of <u>subsection</u> <u>(g)</u> of this Section (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>subsection (d)</u> of this Section, Indemnitees and, to the extent expressly contemplated hereby, the Agent-Related Persons of each of the Administrative Agent, the Issuing Banks 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignments</u> <u>by</u> <u>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>11.07(b)</u>, participations in Letters of Credit and in Swing Line Loans) at the time owing to it; *provided* that 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Minimum</u> <u>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)&nbsp;&nbsp;&nbsp;&nbsp;in the case of an assignment of the entire remaining amount of the assigning Lender's Term Loans at the time held by it, in the case of an assignment of the entire remaining amount of the assigning Lender's Revolving Commitment and Revolving Loans at the time held by it 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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any assignment not described in <u>Section 11.07(b)(i)(A)</u>, such assignment shall be in an aggregate amount of not less than (1) with respect to the assigning Lender's Term Loans, $1,000,000 and (2) with respect to the assigning Lender's Revolving Commitment and Revolving Loans, $2,500,000, unless in each case of clauses (1) and (2) each of the Administrative Agent, and so long as no Specified Event of Default has occurred and is continuing at the time of such assignment, the Borrower otherwise consents (such consent not to be unreasonably withheld, conditioned 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Proportionate Amounts</u>. Each partial assignment of Term Loans 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 Term Loans assigned, and each partial assignment of Revolving Commitments and/or Revolving Loans 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 Revolving Commitments and/or Revolving Loans being assigned, except that this <u>clause (ii)</u> shall not (A) apply to 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Required</u> <u>Consents</u>. No consent shall be required for any assignment by a Lender, except to the extent required by <u>Section 11.07(b)(i)(B)</u> and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed) shall be required unless in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or unless a Specified Event of Default has occurred and is continuing at the time of such assignment; <u>provided</u> that, the Borrower shall be deemed to have consented unless it shall object thereto by written notice to the Administrative Agent within ten (10) 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)&nbsp;&nbsp;&nbsp;&nbsp;the consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed); provided that no consent of the Administrative Agent shall be required for the assignment of a Term Loan to a Person that is a Lender, an Affiliate of such Lender or an Approved Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to assignments of Revolving Loans and/or Revolving Commitments, the Swing Line Lender (such consent not to be unreasonably withheld, conditioned or delayed); 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)&nbsp;&nbsp;&nbsp;&nbsp;with respect to assignments of Revolving Loans and/or Revolving Commitments, each Issuing Bank (such consent not to be unreasonably withheld, conditioned or delayed).

&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)&nbsp;&nbsp;&nbsp;&nbsp;<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 of $3,500; *provided* that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The Eligible Assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and any tax forms required under this Agreement, as applicable. Upon receipt of the processing and recordation fee and any written consent to assignment required by <u>Section</u> <u>11.07(b)(iii)</u>, the Administrative Agent shall promptly accept such Assignment and Assumption and record the information contained therein in the Register. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 11.07 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 paragraph (d) of this Section.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>No</u> <u>Assignments</u> <u>to</u> <u>Certain</u> <u>Persons</u>. No such assignment shall be made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;to Holdings, the Borrower or any Subsidiaries except as permitted under <u>subsection (l)</u> below;

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;subject to <u>subsection</u> <u>(h)</u> below, any of the Borrower's Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;to any Defaulting Lender or any parent 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;(D)&nbsp;&nbsp;&nbsp;&nbsp;to a natural person; 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;(E)&nbsp;&nbsp;&nbsp;&nbsp;so long as no Specified Event of Default shall has occurred and is continuing, to a Disqualified Lender.

To the extent that any assignment is purported to be made to a Disqualified Lender, such transaction shall be subject to the applicable provisions of <u>Section 11.27</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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaulting</u> <u>Lenders</u> <u>Assignments</u>. Notwithstanding anything to the contrary in any Loan Document, in connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective (A) without the express consent of the Borrower (which may be provided, withheld or conditioned in its sole discretion) and (B) 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 sub participations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable Pro Rata 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 (I) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Banks, the Swing Line Lender and each other Lender hereunder (and interest accrued thereon), and (II) acquire (and fund as appropriate) its full Pro Rata Share of all Loans and participations in Letters of Credit and Swing Line Loans. 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.

Subject to (A) delivery to the Administrative Agent and the Borrower of a fully executed copy of the applicable Assignment and Assumption (and, unless reflected in the applicable Assignment and Assumption, the pricing and other material terms of such assignment), (B) the acceptance and recording thereof by the Administrative Agent pursuant to <u>clause</u> <u>(c)</u> of this Section and (C) [reserved], from and after the effective date specified in each Assignment and Assumption (which may not be later than the date of such delivery), the assignee thereunder shall be a party to this Agreement (except in the case of an assignment to or purchase by Holdings, the Borrower or any of the Borrower's Restricted Subsidiaries) and, to the extent of the interest assigned by such Assignment and Assumption and as permitted by this <u>Section</u> <u>11.07</u>, 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>Section</u> <u>3.01</u>, <u>Section</u> <u>3.04</u>, <u>Section</u> <u>3.05</u>, <u>Section</u> <u>11.04</u> and <u>Section</u> <u>11.05</u> with respect to facts and circumstances occurring prior to the effective date of such assignment); *provided* that anything contained in any of the Loan Documents to the contrary notwithstanding, each Issuing Bank shall continue to have all rights and obligations with respect to any Letters of Credit issued by it until the cancellation or expiration with no pending drawings of such Letters of Credit and the reimbursement of any amounts drawn thereunder. Upon request, and the surrender by the assigning Lender of its applicable Notes, the Borrower (at its expense) shall execute and deliver a Note to

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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 <u>subsection (d)</u> of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Register</u>. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent's Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts and stated interest of the Loans and Letter of Credit Obligations (specifying the Reimbursement Obligations) and other amounts due under <u>Section</u> <u>2.04</u> owing to each Lender pursuant to the terms hereof from time to time (the "**Register**"). All Secured Parties agree that the entries in the Register shall be conclusive absent manifest error for all purposes hereunder, under the other Loan Documents and with respect to the Obligations, and the Borrower, the Agents 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 Borrower or any Lender, 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Participations</u>. Any Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent, the Issuing Banks, the Swing Line Lender or any other Person sell participations (a "**Participation**") to any Person (other than to any Person that is not an Eligible Assignee) (each, a "**Participant**") 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, Letters of Credit, Swing Line Loans and other Obligations owing to it); *provided* 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;no consent of or notice to the Borrower will be required with respect to participations;

&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)&nbsp;&nbsp;&nbsp;&nbsp;such Lender's obligations under this Agreement shall remain unchanged;

&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)&nbsp;&nbsp;&nbsp;&nbsp;such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;any agreement or instrument pursuant to which a participation is made (A) may (but shall not be required to) provide that the participating Lender will not, without the consent of the Participant, agree to any amendment or waiver described in <u>Section</u> <u>11.01(b)(i)</u> or <u>Section</u> <u>11.01(b)(ii)</u> that by its terms directly and adversely affects such Participant and (B) shall not require, and shall disclaim any obligation with respect to, the disclosure of any Information, except as may be explicitly permitted by <u>Section 11.08</u>.

Subject to <u>Section</u> <u>11.07(e),</u> the Borrower agrees that each Participant shall be entitled to the benefits of <u>Section</u> <u>3.01</u> (subject to the requirements and limitations therein, including the requirements under <u>Section</u> <u>3.01(g)</u> (it being understood that the documentation required under <u>Section</u> <u>3.01(g)</u> shall be delivered to the participating Lender)), <u>Section</u> <u>3.04</u> and <u>Section</u> <u>3.05</u> (through the applicable Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>Section</u> <u>11.07(b)</u>. To the extent permitted by Applicable Law, each Participant also shall be entitled to the benefits of <u>Section</u> <u>11.09</u> as though it were a Lender; *provided* that such Participant agrees to be subject to

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<u>Section</u> <u>2.15</u> as though it were a Lender. To the extent that any participation is purported to be made to a Disqualified Lender, such transaction shall be subject to the applicable provisions of <u>Section 11.27</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations upon Participant Rights</u>. A Participant shall not be entitled to receive any greater payment under <u>Section</u> <u>3.01</u>, <u>Section</u> <u>3.04</u> or <u>Section</u> <u>3.05</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant or such entitlement to a greater payment results from a change in law that occurs after the Participant acquired the participation. Each Lender that sells a participation or has a loan funded by an SPC shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant or SPC and the principal amounts (and stated interest) of each Participant's or SPC's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"); *provided* 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. 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. Notwithstanding anything herein to the contrary, the consent of any Participant shall not be required (either directly, as a restraint on such Lender's ability to consent hereunder or otherwise) for any amendment, waiver or consent with respect to any Loan Document, or for the exercise or forbearance of any rights or powers by any Lender under or in respect of any Loan Document, except with respect to amendments, waivers or consents described in (i) <u>Section 11.01(b)(ii)</u> as to amounts or dates fixed for payment of amounts (it being understood and agreed that the waiver of any mandatory prepayment, default interest, Default or Event of Default will not require the consent of such Participant), to which such Participant would otherwise be entitled and (ii) solely with respect to any Participant that is (and so long as it remains) an Affiliate of Antares Capital LP, <u>Section 11.01(b)(iv)</u> and <u>Section 11.01(b)(v)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liens on Loans</u>. Any Lender may, at any time without the consent of the Borrower or the Administrative Agent, pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank; *provided* 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Purpose Funding Vehicles</u>. Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower (an "**SPC**") the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; *provided* that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. Each party hereto hereby agrees that (A) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement (including its obligations under <u>Section</u> <u>3.01</u>, <u>Section</u> <u>3.04</u> or <u>Section</u> <u>3.05</u>), (B) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (C) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall

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survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (1) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment of a processing fee of $3,500 (which processing fee may be waived by the Administrative Agent in its sole discretion), assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (2) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC. Notwithstanding anything herein to the contrary, the consent of any SPC shall not be required (either directly, as a restraint on such Lender's ability to consent hereunder or otherwise) for any amendment, waiver or consent with respect to any Loan Document, or for the exercise or forbearance of any rights or powers by any Lender under or in respect of any Loan Document, except with respect to amendments, waivers or consents described in Section 11.01(b)(ii) as to amounts, or dates fixed for payment of amounts, to which such SPC would otherwise be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting Limitations</u>. Notwithstanding anything in <u>Section</u> <u>11.01</u> or the definition of "Required Lenders" to the contrary for purposes of determining whether the Required Lenders or "Required Facility Lenders" or "Required Revolving Lenders" have,

&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)&nbsp;&nbsp;&nbsp;&nbsp;consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom;

&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)&nbsp;&nbsp;&nbsp;&nbsp;otherwise acted on any matter related to any 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document,

in each case, that does not require the consent of a specific Lender, each Lender or each affected Lender in a disproportionately adverse manner as compared to other Lenders holding similar obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation</u> <u>of</u> <u>Issuing</u> <u>Bank</u> <u>Swing</u> <u>Line</u> <u>Lender</u>. Notwithstanding anything to the contrary contained herein, any Issuing Bank or the Swing Line Lender may, upon thirty (30) days' notice to the Borrower and the Revolving Lenders, resign as an Issuing Bank or the Swing Line Lender, respectively; *provided* that on or prior to the expiration of such 30-day period with respect to such resignation, the relevant Issuing Bank or the Swing Line Lender shall have identified a successor Issuing Bank or Swing Line Lender reasonably acceptable to the Borrower willing to accept its appointment as successor Issuing Bank or Swing Line Lender hereunder. In the event of any such resignation of an Issuing Bank or the Swing Line Lender, the Borrower shall be entitled to appoint from among the Lenders willing to accept such appointment a successor Issuing Bank or Swing Line Lender hereunder; *provided* that no failure by the Borrower to appoint any such successor shall affect the resignation of the relevant Issuing Bank or Swing Line Lender, as the case may be, except as expressly provided above. If an Issuing Bank resigns as an Issuing Bank, it shall retain all the rights and obligations of an Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as an Issuing Bank and all Letter of

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Credit Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Letters of Credit pursuant to <u>Section</u> <u>2.04</u>). If the Swing Line Lender resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing 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>2.03</u>. Upon the appointment by the Borrower of a successor Issuing Bank or Swing Line Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank or Swing Line Lender, as applicable, (ii) the retiring Issuing Bank or Swing Line Lender, as applicable, shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor Issuing Bank 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 the retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignments</u> <u>to</u> <u>Borrower,</u> <u>etc</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Any Lender may, so long as no Event of Default has occurred and is continuing or would result therefrom, assign (pursuant to a cash sale, an exchange for non-cash consideration or any other transaction as may be agreed by Holdings or the Borrower) all or a portion of its rights and obligations with respect to the Term Loans and the Term Loan Commitments under this Agreement to Holdings or the Borrower through one or more (i) Dutch auctions open to all Lenders in accordance with the procedures set forth on <u>Exhibit</u> <u>L</u> or (ii) open market purchases on market terms and offered to all of the Lenders in accordance with their Pro Rata Shares of the applicable Facilities subject thereto, and, in each case subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if the assignee is Holdings, upon such assignment, transfer or contribution, the applicable assignee shall automatically be deemed to have contributed or transferred the principal amount of such Term Loans, *<u>plus</u>* all accrued and unpaid interest thereon, to the Borrower for cancellation as contemplated by <u>clause (B)</u> below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if the assignee is the Borrower (including through contribution or transfers set forth in <u>clause</u> <u>(A)</u> above or <u>Section</u> <u>11.07(l)(ii)</u>), (1) the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so contributed, assigned or transferred to the Borrower shall be deemed automatically and immediately cancelled and extinguished on the date of such contribution, assignment or transfer and (2) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, assignment or transfer of such Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register; 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)&nbsp;&nbsp;&nbsp;&nbsp;no proceeds of any Revolving Loans or Swing Line Loans may be used to finance such purchase and assignment.

&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)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&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)&nbsp;&nbsp;&nbsp;&nbsp;The aggregate outstanding principal amount of the Term Loans of the applicable Class shall be deemed reduced by the full par value of the aggregate principal amount of the Term Loans purchased by the Borrower (or by Holdings and contributed to (in each case, and immediately cancelled hereunder) the Borrower) pursuant hereto and the principal repayment installments with respect to the Term Loans of such Class pursuant to Section 2.09 or the other applicable Loan Document shall be reduced pro rata by the par value of the aggregate principal

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amount of Term Loans so purchased or contributed (and subsequently cancelled), with such reduction being applied solely to the Term Loans of the Lenders which sold such Term Loans.

SECTION 11.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Each of the Administrative Agent, the Collateral Agent, the Lead Arrangers, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information in accordance with its customary procedures and not to disclose any Information to any Person, except that Information may be disclosed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to its Affiliates and to its and its Affiliates' respective partners, directors, officers, employees, agents, trustees, advisors and representatives (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 and in no event shall such disclosure be made to any Disqualified Lender that is subject to <u>Section 11.27</u> pursuant to this <u>clause (a)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to the extent requested by any regulatory authority purporting to have jurisdiction over it (including the Federal Reserve Bank or any other central bank or any self-regulatory authority, such as the National Association of Insurance Commissioners);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;to the extent required by applicable laws or regulations or by any subpoena or similar legal process; *provided* that the Administrative Agent, the Collateral Agent, such Lead Arranger or such Lender or such Issuing Bank, as applicable, agrees that it will notify the Borrower to the extent practicable in the event of any such disclosure by such Person (other than at the request of a regulatory authority) unless such notification is prohibited by law, rule or regulation (provided that any failure to provide such notice shall prohibit any disclosure otherwise permitted by this clause (c));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to any other party hereto (it being understood that in no event shall such disclosure be made to any Disqualified Lender that is subject to Section 11.27 pursuant to this <u>clause (d)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;subject to an agreement containing provisions substantially similar to those of this <u>Section</u> <u>11.08</u> (it being understood that in no event shall such disclosure be made to any Disqualified Lender that is subject to Section 11.27 pursuant to this <u>clause</u> <u>(f)</u>), to (i) any *bona fide* assignee of, any prospective assignee of, or any participant of any of its rights or obligations under this Agreement or to any Eligible Assignee invited to be an Additional Lender by the Borrower, (ii) any actual or prospective direct or indirect counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or any of its Subsidiaries or any of their respective obligations or (iii) to the extent independently developed by such Person without reliance on confidential information or other information available as a result of a breach of the confidentiality obligations in this <u>Section 11.08</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;to the equity holders of any Loan Party or to any Loan Party or otherwise with the prior written consent of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to the Loan Parties received by it from such Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to the extent such Information (i) becomes publicly available other than as a result of a breach of this <u>Section</u> <u>11.08</u> or (ii) becomes available to the Administrative Agent, the Collateral Agent,

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any Lead Arranger, any Lender, any Issuing Bank, or any of their respective Affiliates on a non-confidential basis from a source other than Holdings, the Borrower or any Subsidiary thereof, and which source is not known by such Person to be subject to a confidentiality restriction in respect thereof in favor of the Borrower or any Affiliate of the Borrower.

In addition, each of the Administrative Agent, the Collateral Agent, the Lead Arrangers, the Issuing Banks and the Lenders may disclose the existence of this Agreement and the information about this Agreement to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loans, Thompson Reuters, IHS Markit, or other similar market data collectors, similar service providers to the lending industry, and service providers to the Administrative Agent, the Collateral Agent, the Lead Arrangers, the Issuing Banks and the Lenders in connection with the administration and management of this Agreement and the other Loan Documents.

For purposes of this <u>Section</u> <u>11.08</u>, "**Information**" means all information received from or on behalf of any Loan Party or any Subsidiary thereof relating to any Loan Party or any Subsidiary thereof or their respective businesses, other than any such information that is available to the Administrative Agent, the Collateral Agent or any Lender on a non-confidential basis prior to disclosure by any Loan Party or any Subsidiary thereof; it being understood that all information received from Holdings, the Borrower or any Subsidiary after the date hereof shall be deemed confidential unless such information is clearly identified at the time of delivery as not being 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 in accordance with its customary procedures 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.

Each of the Administrative Agent, the Collateral Agent, the Lead Arrangers and the Lenders acknowledges that (A) the Information may include Private-Side Information concerning Holdings, the Borrower or a Subsidiary, as the case may be, (B) it has developed compliance procedures regarding the use of Private-Side Information and (C) it will handle such Private-Side Information in accordance with applicable Law, including United States Federal and state securities Laws.

Notwithstanding anything to the contrary therein, nothing in any Loan Document shall require Holdings or any of its Subsidiaries to provide information (i) that constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure is prohibited by applicable Law, (iii) that is subject to attorney client or similar privilege or constitutes attorney work product or (iv) the disclosure of which is restricted by binding agreement not entered into primarily for the purpose of qualifying for the exclusion in this <u>clause (iv)</u>; provided that Holdings or the applicable Subsidiary shall notify the Administrative Agent of any reliance on this paragraph.

For the avoidance of doubt, nothing in this Section 11.08 shall prohibit any Person from voluntarily disclosing or providing any Information within the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization (any such entity, a "<u>Regulatory</u> <u>Authority</u>") to the extent that any such prohibition on disclosure set forth in this Section 11.08 shall be prohibited by the laws or regulations applicable to such Regulatory Authority.

SECTION 11.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Set-off</u>. If an Event of Default shall have occurred and be continuing, each Lender and each Issuing Bank and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, without notice to any Loan Party or to any other Person (other than the Administrative Agent), any such notice being hereby expressly waived, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (other than those in a special purpose account, such as a payroll, trust, tax and fiduciary account) at any time owing by such Lender or such Issuing Bank or any such Affiliate to or for the credit or the account of

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the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or such Issuing Bank, the Letters of Credit and participations therein, irrespective of whether or not (a) such Lender or such Issuing Bank shall have made any demand under this Agreement or any other Loan Document and (b) the principal of or the interest on the Loans or any amounts in respect of the Letters of Credit or any other amounts due hereunder shall have become due and payable pursuant to <u>Section</u> <u>1.13</u> and although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or such Issuing Bank different from the branch or office holding such deposit or obligated on such indebtedness; *provided* that in the event that any Defaulting Lender shall exercise any such right of setoff, (i) 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>2.15</u> and <u>Section</u> <u>2.19</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 Issuing Banks, and the Lenders, and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and each Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of set-off) that such Lender or such Issuing Bank or Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such set-off and application, *provided* that the failure to give such notice shall not affect the validity of such set-off and application.

SECTION 11.10&nbsp;&nbsp;&nbsp;&nbsp;<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 with respect to any of the Obligations, shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "**Maximum Rate**"). If any 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 Borrower. In determining whether the interest contracted for, charged, or received by an 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. If the rate of interest under this Agreement at any time exceeds the Maximum Rate, the outstanding amount of the Loans made hereunder shall bear interest at the Maximum Rate until the total amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Loans made hereunder are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, the Borrower shall pay to the Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the Maximum Rate had at all times been in effect. Notwithstanding the foregoing, it is the intention of the Lenders and the Borrower to conform strictly to any applicable usury laws.

SECTION 11.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts;</u> <u>Integration;</u> <u>Effectiveness;</u> <u>Entire</u> <u>Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging (including in .pdf or .tif format) means shall be effective as delivery of a manually executed counterpart of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the other Loan Documents 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Without limitation of the preceding <u>clause</u> <u>(b)</u>, the only payment provisions, conditions to Borrowing, mandatory prepayments, representations and warranties, covenants, events of default and guarantee, collateral provisions and other obligations applicable to the Borrower, Loan Parties and Restricted Subsidiaries are those expressly set forth in this Agreement and the other Loan Documents, it being agreed that any and all implied covenants and other similar provisions that may exist in law or in equity and that may be applicable to such Persons are expressly disclaimed and waived to the maximum extent permitted by Applicable Law, and each Secured Party agrees not to participate in any Cause of Action with respect to, alleging the existing or breach of, or seeking to enforce any such implied covenant or similar provision. Without limitation of the foregoing, neither any Affiliate of Loan Party (other than the Borrower, Loan Parties and Restricted Subsidiaries), nor any of their respective managers, directors, officers, employees, stockholders, partners, members, agents or representatives has made or is making, any representation or warranty whatsoever, express or implied, at law or in equity, to any Agent, Lender or other Secured Party with respect to the Transactions, the Loans or any Obligation, and no such Person shall be liable in respect of (i) the accuracy or completeness of any information provided to any Agent, Lender or other Secured Party or their respective Affiliates, directors, officers, employees, stockholders, partners, members or representatives, (ii) any term or condition set forth in the Loan Documents or any transaction or series of transactions permitted thereby or (iii) with respect to the Obligations.

SECTION 11.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Execution of Assignments and Certain Other Documents</u>. The words "execution", "signed", "signature", and words of like import in any Assignment and Assumption, in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; *provided* that notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

SECTION 11.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection 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, each Issuing Bank and each Lender, regardless of any investigation made by the Administrative Agent, any Issuing Bank or any Lender or on their behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default at the time of any Borrowing or issuance of a Letter of Credit, 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 remain outstanding. Notwithstanding anything herein or implied by law to the contrary, the agreements of each Loan Party set forth in <u>Section</u> <u>3.01</u>, <u>Section</u> <u>3.04</u>, <u>Section</u> <u>3.05</u>, <u>Section</u> <u>11.04</u>, <u>Section</u> <u>11.05</u> and <u>Section</u> <u>11.09</u> and the agreements of the Lenders set forth in <u>Section</u> <u>2.15</u>, <u>Section</u> <u>10.03</u> and <u>Section</u> <u>10.07</u> shall survive the satisfaction of the Termination Conditions, and the termination hereof.

SECTION 11.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable in any jurisdiction, (a) the legality, validity and

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enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, 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>11.14</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, then such provisions shall be deemed to be in effect only to the extent not so limited.

SECTION 11.15&nbsp;&nbsp;&nbsp;&nbsp;<u>GOVERNING</u> <u>LAW</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; *provided* that (i) the interpretation of the definition of "Company Material Adverse Effect" (as defined in the Acquisition Agreement) and whether or not such a "Company Material Adverse Effect" (as defined in the Acquisition Agreement) has occurred for purposes of <u>Section</u> <u>4.01</u>, (ii) the determination of the accuracy of any Acquisition Agreement Representation and whether as a result of any inaccuracy of any Acquisition Agreement Representation there has been a failure of a condition precedent set forth in <u>Section</u> <u>4.01</u> and (iii) the determination of whether the Acquisition has been consummated in accordance with the terms of the Acquisition Agreement will, in each case, be governed by, and construed and interpreted in accordance with, the laws governing the Acquisition Agreement as applied to the Acquisition Agreement, without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY HERETO (AND BY ITS ACCEPTANCE OF ITS APPOINTMENT IN SUCH CAPACITY, EACH LEAD ARRANGER) IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION AND VENUE OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN (OR, IF ANY SUCH COURT LACKS SUBJECT MATTER JURISDICTION, THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN), AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (OTHER THAN WITH RESPECT TO ACTIONS BY ANY AGENT IN RESPECT OF RIGHTS UNDER ANY SECURITY AGREEMENT GOVERNED BY A LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK OR WITH RESPECT TO ANY COLLATERAL SUBJECT THERETO), OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO (AND BY ITS ACCEPTANCE OF ITS APPOINTMENT IN SUCH CAPACITY, EACH LEAD ARRANGER) IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION 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 (AND BY ITS ACCEPTANCE OF ITS APPOINTMENT IN SUCH CAPACITY, EACH LEAD ARRANGER) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION 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. EACH PARTY HERETO (AND BY ITS ACCEPTANCE OF ITS APPOINTMENT IN SUCH CAPACITY, EACH LEAD

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ARRANGER) AGREES THAT THE AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY COLLATERAL DOCUMENT OR THE ENFORCEMENT OF ANY JUDGMENT. EACH FOREIGN SUBSIDIARY THAT IS A PARTY HERETO IRREVOCABLY DESIGNATES AND APPOINTS THE BORROWER, AS ITS AUTHORIZED AGENT, TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF, SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUIT, ACTION OR PROCEEDING OF THE NATURE REFERRED TO IN THIS SECTION 11.15(B) IN ANY FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY. THE BORROWER HEREBY REPRESENTS, WARRANTS AND CONFIRMS THAT THE BORROWER HAS AGREED TO ACCEPT SUCH APPOINTMENT. SAID DESIGNATION AND APPOINTMENT SHALL BE IRREVOCABLE BY EACH SUCH FOREIGN SUBSIDIARY UNTIL PAYMENT IN FULL OF THE SECURED OBLIGATIONS. EACH FOREIGN SUBSIDIARY PARTY THERETO HEREBY CONSENTS TO PROCESS BEING SERVED IN ANY SUIT, ACTION OR PROCEEDING OF THE NATURE REFERRED TO IN SECTION 11.15(B)IN ANY FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY BY SERVICE OF PROCESS UPON THE BORROWER AS PROVIDED IN THIS SECTION 11.15(B); <u>PROVIDED</u> THAT, TO THE EXTENT LAWFUL AND POSSIBLE, NOTICE OF SAID SERVICE UPON SUCH AGENT SHALL BE MAILED BY REGISTERED OR CERTIFIED AIR MAIL, POSTAGE PREPAID, RETURN RECEIPT REQUESTED, TO THE BORROWER AND (IF APPLICABLE TO) SUCH FOREIGN SUBSIDIARY AT ITS ADDRESS SET FORTH HEREIN OR IN THE GUARANTOR JOINDER AGREEMENT PURSUANT TO WHICH SUCH FOREIGN SUBSIDIARY BECAME A PARTY HERETO, AS APPLICABLE, OR TO ANY OTHER ADDRESS OF WHICH SUCH FOREIGN SUBSIDIARY SHALL HAVE GIVEN WRITTEN NOTICE TO THE ADMINISTRATIVE AGENT (WITH A COPY THEREOF TO THE BORROWER). EACH FOREIGN SUBSIDIARY PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL CLAIM OF ERROR BY REASON OF ANY SUCH SERVICE IN SUCH MANNER AND AGREES THAT SUCH SERVICE SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH FOREIGN SUBSIDIARY IN ANY SUCH SUIT, ACTION OR PROCEEDING AND SHALL, TO THE FULLEST EXTENT PERMITTED BY LAW, BE TAKEN AND HELD TO BE VALID AND PERSONAL SERVICE UPON AND PERSONAL DELIVERY TO SUCH FOREIGN SUBSIDIARY. TO THE EXTENT ANY FOREIGN SUBSIDIARY PARTY HERETO HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER FROM SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT, EXECUTION OR OTHERWISE), EACH FOREIGN SUBSIDIARY HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;EACH 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 <u>PARAGRAPH</u> <u>(B)</u> OF THIS SECTION. EACH OF THE PARTIES HERETO (AND BY ITS ACCEPTANCE OF ITS APPOINTMENT IN SUCH CAPACITY, EACH LEAD ARRANGER) HEREBY IRREVOCABLY 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.

SECTION 11.16&nbsp;&nbsp;&nbsp;&nbsp;<u>WAIVER OF RIGHT TO TRIAL BY JURY</u>. EACH PARTY HERETO (AND BY ITS ACCEPTANCE OF ITS APPOINTMENT IN SUCH CAPACITY, EACH LEAD

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ARRANGER) 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). THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO (AND BY ITS ACCEPTANCE OF ITS APPOINTMENT IN SUCH CAPACITY, EACH LEAD ARRANGER) (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, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO (AND BY ITS ACCEPTANCE OF ITS APPOINTMENT IN SUCH CAPACITY, EACH LEAD ARRANGER) FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS <u>SECTION</u> <u>11.16</u> AND EXECUTED BY EACH OF THE PARTIES HERETO AND THE LEAD ARRANGERS), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

SECTION 11.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation</u> <u>of</u> <u>Liability</u>. In no event, shall any party hereto, any Loan Party or any Indemnitee be liable on any theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits, business or anticipated savings); <u>provided</u> that this sentence shall not limit the obligations of the Loan Parties under <u>Section 11.05</u>.

SECTION 11.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Name, Logo, Etc.</u> Each Loan Party consents to the publication in the ordinary course by the Administrative Agent or any Lead Arranger of customary advertising material relating to the financing transactions contemplated by this Agreement using such Loan Party's name, product photographs, logo or trademark; *provided* that any such trademarks or logos are used solely in a manner that is not intended to or reasonably likely to harm or disparage the Borrower or any of its Subsidiaries or the reputation or goodwill of any of them. Such consent shall remain effective until revoked by such Loan Party in writing to the Administrative Agent and such Lead Arranger, as applicable.

SECTION 11.19&nbsp;&nbsp;&nbsp;&nbsp;<u>USA PATRIOT Act Notice</u>. Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Loan Party that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the USA PATRIOT Act. Each Loan Party shall,

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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 USA PATRIOT Act.

SECTION 11.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Service of Process</u>. EACH PARTY HERETO (AND BY ITS ACCEPTANCE OF ITS APPOINTMENT IN SUCH CAPACITY, EACH LEAD ARRANGER) IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN <u>SECTION</u> <u>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.

SECTION 11.21&nbsp;&nbsp;&nbsp;&nbsp;<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 transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Agents, the Lenders, the Issuing Banks, the Swing Line Lender and the Lead Arrangers on the one hand, and the Loan Parties and their 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 of the Loan Parties 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 Agents, the Issuing Banks, the Swing Line Lender and the Lead Arrangers are and have been, and each Lender is and has been, acting solely as a principal and, except as expressly agreed in writing by the relevant parties, have or has not been, are or is not, and will not be acting as an advisor, agent or fiduciary for the Loan Parties, its stockholders or its Affiliates (irrespective of whether any Lender has advised, is currently advising or will advise any Loan Party, its stockholders or its Affiliates on other matters), or any other Person and (ii) none of the Agents, the Issuing Banks, the Swing Line Lender, the Lead Arrangers nor any Lender has any obligation to the Borrower, Holdings or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Agents, the Issuing Banks, the Swing Line Lender, the Lead Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve economic interests that conflict with those of the Loan Parties, their stockholders and/or their affiliates, and none of the Agents, the Issuing Banks, the Swing Line Lender, the Lead Arrangers nor any Lender has any obligation to disclose any of such interests to the Borrower, Holdings or any of their respective Affiliates. Each Loan Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Loan Party, its stockholders or its affiliates, on the other. To the fullest extent permitted by law, each Loan Party hereby waives and releases any claims that it may have against the Agents, the Issuing Banks, the Swing Line Lender, the Lead Arrangers or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

SECTION 11.22&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding</u> <u>Effect</u>. This Agreement shall become effective when it shall have been executed by the Borrower, Holdings and the Administrative Agent and the Administrative Agent shall have been notified by each Lender and each Issuing Bank that each such Lender or each such Issuing Bank has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower, Holdings, each Agent, each Issuing Bank, each Lender and their respective successors and assigns.

SECTION 11.23&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligations Several; Independent Nature of Lender's Rights</u>. The obligations of the Lenders hereunder are several and no Lender shall be responsible for the obligations or

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Commitments of any other Lender hereunder. Nothing contained herein or in any other Loan Document, and no action taken by the Lenders pursuant hereto or thereto, shall be deemed to constitute the Lenders as a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each Lender shall be a separate and independent debt, and each Lender shall be entitled to protect and enforce its rights arising out hereof and it shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose.

SECTION 11.24&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

SECTION 11.25&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement</u> <u>and</u> <u>Consent</u> <u>to</u> <u>Bail-In</u> <u>of</u> <u>Affected</u> <u>Financial</u> <u>Institutions</u>.

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 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 an 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the application of any Write-Down and Conversion Powers by an applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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;(i)&nbsp;&nbsp;&nbsp;&nbsp;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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any applicable Resolution Authority.

SECTION 11.26&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgment</u> <u>Regarding</u> <u>Any</u> <u>Supported</u> <u>QFCs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Loan Documents provide support, through a guarantee or otherwise (including the Guaranty), for any Hedge Agreement or any other agreement or instrument that is a QFC (such support, "**QFC Credit Support**", and each such QFC, a "**Supported QFC**"), 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.S. Special Resolution Regimes**") 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 "**Covered Party**") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported

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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.

SECTION 11.27&nbsp;&nbsp;&nbsp;&nbsp;<u>Disqualified</u> <u>Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Replacement</u> <u>of</u> <u>Disqualified</u> <u>Lenders</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any assignment or participation is made or purported to be made to a Disqualified Lender (notwithstanding the other restrictions in this Agreement with respect to Disqualified Lenders), in each case, without limiting any other provision of the Loan Documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;upon the request of the Borrower, such Disqualified Lender shall be required immediately (and in any event within five (5) Business Days) to assign all or any portion of the Loans and Commitments then owned by such Disqualified Lender (or held as a participation) to another Lender (other than a Defaulting Lender or another Disqualified Lender) or an Eligible Assignee, 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)&nbsp;&nbsp;&nbsp;&nbsp;[reserved].

&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)&nbsp;&nbsp;&nbsp;&nbsp;Any such assignment shall be made in exchange for an amount equal to the lesser of (A) the face principal amount of the Loans so assigned, (B) the amount that such Disqualified Lender paid to acquire such Commitments and/or Loans, and (C) [reserved], in each case without interest thereon (it being understood that if the effective date of any such assignment is not an interest payment date, such assignee shall be entitled to receive on the next succeeding interest payment date interest on the principal amount of the Loans so assigned that has accrued and is unpaid from the interest payment date last preceding such effective date (except as may be otherwise agreed between such assignee and the Borrower)).

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall be entitled to seek specific performance in any applicable court of law or equity to enforce this <u>Section</u> <u>11.27</u> . In addition, in connection with any such assignment, (A) if such Disqualified Lender does not execute and deliver to the Administrative Agent a duly completed Assignment and Assumption and/or any other documentation necessary or appropriate (in the good faith determination of the Administrative Agent or the Borrower, which determination shall be conclusive) to reflect such replacement by the later of (1) the date on which the replacement Lender executes and delivers such Assignment and Assumption and/or such other documentation and (2) the date as of which such Disqualified Lender shall be paid by the assignee Lender (or, at its option, the Borrower) the amount required pursuant to this section, then such Disqualified Lender shall be deemed to have executed and delivered such Assignment and Assumption and/or such other documentation as of such date and the Borrower shall be entitled (but not obligated) to

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execute and deliver such Assignment and Assumption and/or such other documentation on behalf of such Disqualified Lender, and the Administrative Agent shall record such assignment in the Register, (B) each Lender (whether or not then a party hereto) agrees to disclose to the Borrower the amount that the applicable Disqualified Lender paid to acquire Commitments and/or Loans from such Lender and (C) each Lender that is a Disqualified Lender agrees to disclose to the Borrower the amount it paid to acquire the Commitments and/or Loans held by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments,</u> <u>Consents and</u> <u>Waivers under the Loan</u> <u>Documents</u>. No Disqualified Lender shall have the right to approve or disapprove any amendment, waiver or consent pursuant to <u>Section</u> <u>11.01</u> or under any Loan Document. In connection with any determination as to whether the requisite Lenders (including whether the Required Lenders or Required Facility Lenders) have provided any amendment, waiver or consent pursuant to <u>Section 11.01</u> or under 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Disqualified Lenders shall not be considered, 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Disqualified Lenders shall be deemed to have consented to any such amendment, waiver or consent with respect to its interest as a Lender in the same proportion as the allocation of voting, 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any amendment, waiver or consent which by its terms requires the consent of all Lenders, the Required Lenders, the Required Facility Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Disqualified Lenders with respect to such matter by Lenders who are not Disqualified Lenders; and

*provided* that (A) the Commitment of any Disqualified Lender may not be increased or extended without the consent of such Disqualified Lender and (B) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Disqualified Lender (other than any Disqualified Lender described in <u>clause</u> <u>(d)</u> of the definition thereof) more adversely than other affected Lenders shall require the consent of such Disqualified Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation</u> <u>on</u> <u>Rights</u> <u>and</u> <u>Privileges</u> <u>of</u> <u>Disqualified</u> <u>Lenders</u>. Except as otherwise provided in <u>Section</u> <u>11.27(b)(ii)</u>, no Disqualified Lenders shall have the right to, and each such Person covenants and agrees not to, instruct the Administrative Agent, Collateral Agent or any other Person in respect of the exercise of remedies with respect to the Loans or other Obligations. Further, no Disqualified Lender that purports to be a Lender or Participant (notwithstanding any provisions of this Agreement that may have prohibited such Disqualified Lender from becoming Lender or Participant) shall be entitled to any of the rights or privileges enjoyed by the other Lenders with respect to voting (other than to the extent provided in <u>Section</u> <u>11.27(b)</u><u>)</u>, and shall be deemed for all purposes to be, at most, a Defaulting Lender until such time as such Disqualified Lender no longer owns any Loans or Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>. The provisions of this <u>Section</u> <u>11.27</u> shall apply and survive with respect to each Lender and Participant notwithstanding that any such Person may have ceased to be a Lender or Participant hereunder or this Agreement may have been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Administrative</u> <u>Agent</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disqualified Lender Lists</u>. The Administrative Agent shall have no responsibility or liability for monitoring or enforcing the list of Disqualified Lenders or for any assignment or participation to a Disqualified Lender. The Administrative Agent shall have the right, and the

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Borrower hereby expressly authorizes the Administrative Agent, to (A) post the list of Disqualified Lenders provided by the Borrower and any updates thereto from time to time (collectively, the "<u>DQ</u> <u>List</u>") on a Platform, including that portion of such Platform that is designated for "public side" Lenders and/or (B) provide, and the Administrative Agent hereby agrees to provide, the DQ List to each Lender or potential Lender requesting the same.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liability Limitations</u>. The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Lenders. Without limiting the generality of the foregoing, the Administrative Agent shall not (A) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Lender or (B) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information (including Information), to any Disqualified Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Information</u>. Each Disqualified Lender agrees that, upon the Borrower's request, it will confirm whether it has received any Information. If it has received any Information, such Disqualified Lender (i) will inform the Borrower, with specificity, what Information it has received, (ii) agree that it will (and has) used such Information solely for the purpose of evaluating its ownership of Loans (or Participations) and that it has not (and will not) use such Information for any other purpose, and (iii) upon the Borrower's request, destroy all Information in its possession and provide written confirmation of such destruction to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Insolvency Proceedings</u>. Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, each Disqualified Lender hereby agrees that, if a proceeding under any Debtor Relief Law shall be commenced by or against the Borrower or any other Loan Party at a time when such Lender is a Disqualified Lender, such Disqualified Lender irrevocably agrees (i) not to vote in any such proceeding, (ii) if such Disqualified Lender does vote in such proceeding notwithstanding the restriction in the foregoing clause (i), such vote will be deemed not to be in good faith and shall be "designated" pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such bankruptcy plan in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and (iii) not to contest any request by any party for a determination by a court of competent jurisdiction effectuating the foregoing clause (ii). Each Disqualified Lender hereby irrevocably appoints the Administrative Agent (such appointment being couple with an interest) as such Disqualified Lender's attorney-in-fact, with full authority in the place and stead of such Disqualified Lender and in the name of such Disqualified Lender, from time to time in the Administrative Agent's discretion to take any action and execute any instrument that the Administrative Agent may deem reasonably necessary or appropriate to carry out the provisions of this Section, including to ensure that any vote of such Disqualified Lender's on any proceeding is withdrawn or otherwise not counted. The Lenders and each Disqualified Lender agree and acknowledge that the provisions set forth in this <u>clause</u> <u>[(g)](#ia29c52bd0fc041879005251ca7826466_78)</u> constitute a "subordination agreement" as such term is contemplated by, and utilized in, Section 510(a) of the United States Bankruptcy Code and, as such, would be enforceable for all purposes in any case where Holdings, the Borrower of any Restricted Subsidiary has filed for protection under any law relating to bankruptcy, insolvency or reorganization or relief of debtors applicable to Holdings, the Borrower or such Restricted Subsidiary, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, this Section 11.27 shall not apply to any Disqualified Lender that became a Lender or Participant during the existence of a Specified Event of Default.

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 246

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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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| | |
|:---|:---|
| **MONARCH FINCO, LLC,** as Borrower | **MONARCH FINCO, LLC,** as Borrower |
| By: | /s/ Ted Heidloff |
| Name: | Ted Heidloff |
| Title: | Treasurer |
| **LINCOLN INTERNATIONAL CENTCO, LLC,** as | **LINCOLN INTERNATIONAL CENTCO, LLC,** as |
| Holdings | Holdings |
| By: | /s/ Ted Heidloff |
| Name: | Ted Heidloff |
| Title: | Treasurer |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]

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| | |
|:---|:---|
| **ANTARES CAPITAL LP**, as Administrative Agent | **ANTARES CAPITAL LP**, as Administrative Agent |
| By: | /s/ Andrew Jones |
| Name: | Andrew Jones |
| Title: | Duly Authorized Signatory |
| **ANTARES CAPITAL LP,** as Collateral Agent | **ANTARES CAPITAL LP,** as Collateral Agent |
| By: | /s/ Andrew Jones |
| Name: | Andrew Jones |
| Title: | Duly Authorized Signatory |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]

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| | |
|:---|:---|
| **ANTARES ASSETCO LP**, as a Lender | **ANTARES ASSETCO LP**, as a Lender |
| By: Antares Assetco GP LLC, its general partner | By: Antares Assetco GP LLC, its general partner |
| By: | /s/ Nich Lalani&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Nick Lalani |
| Title: | Duly Authorized Signatory |
| **ANTARES HOLDINGS LP**, as a Lender | **ANTARES HOLDINGS LP**, as a Lender |
| By: Antares Holdings GP Inc., its general partner | By: Antares Holdings GP Inc., its general partner |
| By: | /s/ Nich Lalani&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Nick Lalani |
| Title: | Duly Authorized Signatory |
| **10170636 MANITOBA LIMITED PARTNERSHIP**, as a Lender | **10170636 MANITOBA LIMITED PARTNERSHIP**, as a Lender |
| By: Antares Capital Advisers LLC, its agent and attorney-in-fact | By: Antares Capital Advisers LLC, its agent and attorney-in-fact |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Duly Authorized Signatory |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]

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| | |
|:---|:---|
| **2663704 ONTARIO INC.**, as a Lender | **2663704 ONTARIO INC.**, as a Lender |
| By: Antares Capital Advisers LLC, its agent and attorney-in-fact | By: Antares Capital Advisers LLC, its agent and attorney-in-fact |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Duly Authorized Signatory |
| **Antares CLO 2024-2, LLC,** as a Lender | **Antares CLO 2024-2, LLC,** as a Lender |
| By: Antares Capital Advisers LLC, its investment adviser | By: Antares Capital Advisers LLC, its investment adviser |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Authorized Signatory |
| **ANTARES CREDIT FUND II LP**, as a Lender | **ANTARES CREDIT FUND II LP**, as a Lender |
| By: Antares Capital Advisers LLC, its attorney-in-fact | By: Antares Capital Advisers LLC, its attorney-in-fact |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Duly Authorized Signatory |
| **ANTARES CREDIT OPPORTUNITIES MA II LP**, as a Lender | **ANTARES CREDIT OPPORTUNITIES MA II LP**, as a Lender |
| By: Antares Capital Advisers LLC, its agent and attorney in fact | By: Antares Capital Advisers LLC, its agent and attorney in fact |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Duly Authorized Signatory |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]

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| | |
|:---|:---|
| **ANTARES CREDIT OPPORTUNITIES CA LLC**, as a Lender | **ANTARES CREDIT OPPORTUNITIES CA LLC**, as a Lender |
| By: Antares Capital Advisers LLC, its agent and Attorney-in-fact | By: Antares Capital Advisers LLC, its agent and Attorney-in-fact |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Duly Authorized Signatory |
| **Antares Credit Opportunities Funding VII LLC**, as a Lender  | **Antares Credit Opportunities Funding VII LLC**, as a Lender  |
| By: Antares Credit Opportunities VII LLC, its sole member | By: Antares Credit Opportunities VII LLC, its sole member |
| By: Antares Capital Advisers LLC, its agent and attorney in fact | By: Antares Capital Advisers LLC, its agent and attorney in fact |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Duly Authorized Signatory |
| **ANTARES CREDIT OPPORTUNITIES VII LLC**, as a Lender | **ANTARES CREDIT OPPORTUNITIES VII LLC**, as a Lender |
| By: Antares Capital Advisers LLC, its agent and attorney in fact | By: Antares Capital Advisers LLC, its agent and attorney in fact |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Authorized Signatory |
| **ANTARES LENDING SOLUTIONS HOLDINGS LP**, as a Lender | **ANTARES LENDING SOLUTIONS HOLDINGS LP**, as a Lender |
| By: Antares Capital Advisers LLC, its agent and attorney in fact | By: Antares Capital Advisers LLC, its agent and attorney in fact |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Authorized Signatory |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]

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| | |
|:---|:---|
| **ANTARES STRATEGIC CREDIT FUND**, as a Lender | **ANTARES STRATEGIC CREDIT FUND**, as a Lender |
| By: Antares Capital Credit Advisers LLC, its investment adviser | By: Antares Capital Credit Advisers LLC, its investment adviser |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Authorized Signatory |
| **Antares Triton Funding SPV, LLC**, as a Lender  | **Antares Triton Funding SPV, LLC**, as a Lender  |
| By: Antares Triton Holdings LP, its sole member | By: Antares Triton Holdings LP, its sole member |
| By: Antares Capital Advisers LLC, its agent and attorney in fact | By: Antares Capital Advisers LLC, its agent and attorney in fact |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Duly Authorized Signatory |
| **Antares Triton Holdings LP**, as a Lender | **Antares Triton Holdings LP**, as a Lender |
| By: Antares Capital Advisers LLC, its agent and attorney in fact | By: Antares Capital Advisers LLC, its agent and attorney in fact |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Authorized Signatory |
| **APCF Funding SPV LLC**, as a Lender | **APCF Funding SPV LLC**, as a Lender |
| By: Antares Private Credit Fund, its member and manager  | By: Antares Private Credit Fund, its member and manager  |
| By: Antares Capital Credit Advisers LLC, its investment adviser | By: Antares Capital Credit Advisers LLC, its investment adviser |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Authorized Signatory |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]

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| | |
|:---|:---|
| **APCF MasterFund LLC**, as a Lender | **APCF MasterFund LLC**, as a Lender |
| By: Antares Private Credit Fund, its member and manager  | By: Antares Private Credit Fund, its member and manager  |
| By: Antares Capital Credit Advisers LLC, its investment adviser | By: Antares Capital Credit Advisers LLC, its investment adviser |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Authorized Signatory |
| **ASTII Funding SPV LLC**, as a Lender | **ASTII Funding SPV LLC**, as a Lender |
| By: Antares Strategic Credit Fund II LLC, its member and manager  | By: Antares Strategic Credit Fund II LLC, its member and manager  |
| By: Antares Capital Credit Advisers LLC, its investment adviser | By: Antares Capital Credit Advisers LLC, its investment adviser |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Authorized Signatory |
| **ASTII Masterfund LLC**, as a Lender | **ASTII Masterfund LLC**, as a Lender |
| By: Antares Strategic Credit Fund II LLC, its member and manager  | By: Antares Strategic Credit Fund II LLC, its member and manager  |
| By: Antares Capital Credit Advisers LLC, its investment adviser | By: Antares Capital Credit Advisers LLC, its investment adviser |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Authorized Signatory |
| **ORCA IMC LP**, as a Lender | **ORCA IMC LP**, as a Lender |
| By: Antares Capital Advisers LLC, its agent and attorney-in-fact | By: Antares Capital Advisers LLC, its agent and attorney-in-fact |
| By: | /s/ Patrick Harms |
| Name: | Patrick Harms |
| Title: | Duly Authorized Signatory |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]

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| | |
|:---|:---|
| **BCSF LI, LLC**, as Lender | **BCSF LI, LLC**, as Lender |
| By: BAIN CAPITAL SPECIALTY FINANCE, INC, its | By: BAIN CAPITAL SPECIALTY FINANCE, INC, its |
| sole member | sole member |
| By: | /s/ Adriana Rojas Garzón |
| Name: | Adriana Rojas Garzón |
| Title: | Vice President |
| **BCPC LI, LLC**, as Lender | **BCPC LI, LLC**, as Lender |
| By: BAIN CAPITAL PRIVATE CREDIT, its sole | By: BAIN CAPITAL PRIVATE CREDIT, its sole |
| member | member |
| By: | /s/ Adriana Rojas Garzón |
| Name: | Adriana Rojas Garzón |
| Title: | Vice President |
| **BCPC I, LLC**, as Lender | **BCPC I, LLC**, as Lender |
| By: BAIN CAPITAL PRIVATE CREDIT, its sole | By: BAIN CAPITAL PRIVATE CREDIT, its sole |
| member | member |
| By: | /s/ Adriana Rojas Garzón |
| Name: | Adriana Rojas Garzón |
| Title: | Vice President |
| **BAIN CAPITAL GLOBAL DIRECT LENDING (E),** | **BAIN CAPITAL GLOBAL DIRECT LENDING (E),** |
| **L.P.**, as Lender | **L.P.**, as Lender |
| By: BAIN CAPITAL GLOBAL DIRECT LENDING (E) | By: BAIN CAPITAL GLOBAL DIRECT LENDING (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner | &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner |
| By: BAIN CAPITAL CREDIT MEMBER, LLC, its | By: BAIN CAPITAL CREDIT MEMBER, LLC, its |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;manager |
| By: | /s/ Andrew S. Viens |
| Name: | Andrew S. Viens |
| Title: | Partner and Head of Risk and Process |
|  | Management - Capital Markets |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]

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| | |
|:---|:---|
| **BCC GDL (E), LLC**, as Lender | **BCC GDL (E), LLC**, as Lender |
| By: BAIN CAPITAL GLOBAL DIRECT LENDING (E), | By: BAIN CAPITAL GLOBAL DIRECT LENDING (E), |
| &nbsp;&nbsp;&nbsp;&nbsp;L.P., its sole member | &nbsp;&nbsp;&nbsp;&nbsp;L.P., its sole member |
| By: BAIN CAPITAL GLOBAL DIRECT LENDING (E) | By: BAIN CAPITAL GLOBAL DIRECT LENDING (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner | &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner |
| By: BAIN CAPITAL CREDIT MEMBER, LLC, its | By: BAIN CAPITAL CREDIT MEMBER, LLC, its |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;manager |
| By: | /s/ Andrew S. Viens |
| Name: | Andrew S. Viens |
| Title: | Partner and Head of Risk and Process |
|  | Management - Capital Markets |
| **BCC GDL (AZ-W), LLC**, as Lender | **BCC GDL (AZ-W), LLC**, as Lender |
| By: BAIN CAPITAL GLOBAL DIRECT LENDING (E), | By: BAIN CAPITAL GLOBAL DIRECT LENDING (E), |
| &nbsp;&nbsp;&nbsp;&nbsp;LP, its sole member | &nbsp;&nbsp;&nbsp;&nbsp;LP, its sole member |
| By: BAIN CAPITAL GLOBAL DIRECT LENDING (E) | By: BAIN CAPITAL GLOBAL DIRECT LENDING (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner | &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner |
| By: BAIN CAPITAL CREDIT MEMBER, LLC, its | By: BAIN CAPITAL CREDIT MEMBER, LLC, its |
| &nbsp;&nbsp;&nbsp;&nbsp;manager | &nbsp;&nbsp;&nbsp;&nbsp;manager |
| By: | /s/ Andrew S. Viens |
| Name: | Andrew S. Viens |
| Title: | Partner and Head of Risk and Process |
|  | Management - Capital Markets |
| **EQT RESPONSIBLE ENTITY SERVICES LTD AS** | **EQT RESPONSIBLE ENTITY SERVICES LTD AS** |
| **HE TRUSTEE FOR THE BCC CAPE OTWAY** | **HE TRUSTEE FOR THE BCC CAPE OTWAY** |
| **HOLDINGS I TRUST**, as Lender | **HOLDINGS I TRUST**, as Lender |
| By: BAIN CAPITAL CREDIT, LP, its investment | By: BAIN CAPITAL CREDIT, LP, its investment |
| &nbsp;&nbsp;&nbsp;&nbsp;manager | &nbsp;&nbsp;&nbsp;&nbsp;manager |
| By: | /s/ Andrew S. Viens |
| Name: | Andrew S. Viens |
| Title: | Partner and Head of Risk and Process |
|  | Management - Capital Markets |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]

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| | |
|:---|:---|
| **EQUITY TRUSTEES LIMITED AS TRUSTEE** | **EQUITY TRUSTEES LIMITED AS TRUSTEE** |
| **FOR THE CAPE OTWAY TRUST**, as Lender | **FOR THE CAPE OTWAY TRUST**, as Lender |
| By: BAIN CAPITAL CREDIT, LP, its | By: BAIN CAPITAL CREDIT, LP, its |
| investment manager | investment manager |
| By: | /s/ Andrew S. Viens |
| Name: | Andrew S. Viens |
| Title: | Partner and Head of Risk and Process |
|  | Management - Capital Markets |
| **BAIN CAPITAL GLOBAL DIRECT LENDING** | **BAIN CAPITAL GLOBAL DIRECT LENDING** |
| **HOLDINGS, L.P.**, as Lender | **HOLDINGS, L.P.**, as Lender |
| By: BAIN CAPITAL GLOBAL DIRECT LENDING | By: BAIN CAPITAL GLOBAL DIRECT LENDING |
| &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner | &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner |
| By: BAIN CAPITAL CREDIT MEMBER III, LLC, its | By: BAIN CAPITAL CREDIT MEMBER III, LLC, its |
| &nbsp;&nbsp;&nbsp;&nbsp;sole member | &nbsp;&nbsp;&nbsp;&nbsp;sole member |
| By: | /s/ Andrew S. Viens |
| Name: | Andrew S. Viens |
| Title: | Partner and Head of Risk and Process |
|  | Management - Capital Markets |
| **BCC GDLF I, L.P**., as Lender | **BCC GDLF I, L.P**., as Lender |
| By: BCC GDLF I GENERAL PARTNER, LLC, its | By: BCC GDLF I GENERAL PARTNER, LLC, its |
| &nbsp;&nbsp;&nbsp;&nbsp;general partner | &nbsp;&nbsp;&nbsp;&nbsp;general partner |
| By: | /s/ Andrew S. Viens |
| Name: | Andrew S. Viens |
| Title: | Manager |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]

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| | |
|:---|:---|
| **BCC GDLF II-W, LP**, as Lender | **BCC GDLF II-W, LP**, as Lender |
| By: BCC GDLF II-W GENERAL PARTNER, LLC, its | By: BCC GDLF II-W GENERAL PARTNER, LLC, its |
| &nbsp;&nbsp;&nbsp;&nbsp;general partner | &nbsp;&nbsp;&nbsp;&nbsp;general partner |
| By: BAIN CAPITAL GLOBAL DIRECT HOLDINGS, | By: BAIN CAPITAL GLOBAL DIRECT HOLDINGS, |
| &nbsp;&nbsp;&nbsp;&nbsp;LP, its sole member | &nbsp;&nbsp;&nbsp;&nbsp;LP, its sole member |
| By: BAIN CAPITAL GLOBAL DIRECT LENDING | By: BAIN CAPITAL GLOBAL DIRECT LENDING |
| &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner | &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner |
| By: BAIN CAPITAL CREDIT MEMBER III, LLC, its | By: BAIN CAPITAL CREDIT MEMBER III, LLC, its |
| &nbsp;&nbsp;&nbsp;&nbsp;sole member | &nbsp;&nbsp;&nbsp;&nbsp;sole member |
| By: | /s/ Andrew S. Viens |
| Name: | Andrew S. Viens |
| Title: | Partner and Head of Risk and Process |
|  | Management - Capital Markets |
| **BAIN CAPITAL GLOBAL DIRECT LENDING** | **BAIN CAPITAL GLOBAL DIRECT LENDING** |
| **HOLDINGS (U), LP**, as Lender | **HOLDINGS (U), LP**, as Lender |
| By: BAIN CAPITAL CREDIT, LP, its investment | By: BAIN CAPITAL CREDIT, LP, its investment |
| &nbsp;&nbsp;&nbsp;&nbsp;advisor | &nbsp;&nbsp;&nbsp;&nbsp;advisor |
| By: | /s/ Andrew S. Viens |
| Name: | Andrew S. Viens |
| Title: | Partner and Head of Risk and Process |
|  | Management - Capital Markets |
| **EQUITY TRUSTEES LIMITED AS TRUSTEE FOR** | **EQUITY TRUSTEES LIMITED AS TRUSTEE FOR** |
| **THE BAIN CAPITAL MULTI-STRATEGY** | **THE BAIN CAPITAL MULTI-STRATEGY** |
| **PRIVATE CREDIT TRUST**, as Lender | **PRIVATE CREDIT TRUST**, as Lender |
| By: BAIN CAPITAL CREDIT, LP, as Investment | By: BAIN CAPITAL CREDIT, LP, as Investment |
| &nbsp;&nbsp;&nbsp;&nbsp;Manager | &nbsp;&nbsp;&nbsp;&nbsp;Manager |
| By: | /s/ Andrew S. Viens |
| Name: | Andrew S. Viens |
| Title: | Partner and Head of Risk and Process |
|  | Management - Capital Markets |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]

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| | |
|:---|:---|
| **BCC TRC I, LLC**, as Lender | **BCC TRC I, LLC**, as Lender |
| By: BAIN CAPITAL TOTAL RETURN CREDIT, L.P., | By: BAIN CAPITAL TOTAL RETURN CREDIT, L.P., |
| &nbsp;&nbsp;&nbsp;&nbsp;its manager | &nbsp;&nbsp;&nbsp;&nbsp;its manager |
| By: BAIN CAPITAL TOTAL RETURN CREDIT | By: BAIN CAPITAL TOTAL RETURN CREDIT |
| &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner | &nbsp;&nbsp;&nbsp;&nbsp;GENERAL PARTNER, LLC, its general partner |
| By: BAIN CAPITAL CREDIT MEMBER, LLC, its | By: BAIN CAPITAL CREDIT MEMBER, LLC, its |
| &nbsp;&nbsp;&nbsp;&nbsp;manager | &nbsp;&nbsp;&nbsp;&nbsp;manager |
| By: | /s/ Andrew S. Viens |
| Name: | Andrew S. Viens |
| Title: | Partner and Head of Risk and Process |
|  | Management - Capital Markets |

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 [SIGNATURE PAGE TO CREDIT AGREEMENT]