Document:

Second Amended and Restated Operating Agreement of Redfield Energy, LLC

 Exhibit 10.2 
 ***Text Omitted and Filed Separately 
 Confidential Treatment Requested

 Under 17 C.F.R. §§ 200.80(b)(4) and 17 C.F.R. 24b-2 

REDFIELD ENERGY, LLC 
 A South Dakota Limited Liability Company 
 SECOND AMENDED AND RESTATED
OPERATING AGREEMENT 
 (Contains Restrictions on 

Transfer of Interests) 
 Dated Effective June 13, 2011 

 SECOND AMENDED AND RESTATED OPERATING AGREEMENT 

OF 

REDFIELD ENERGY, LLC 
 TABLE OF CONTENTS 
  

							
	 SECTION 1
	 	THE LIMITED LIABILITY COMPANY	  	 	1	  
			
	 SECTION 2
	 	CAPITAL AND INTERESTS	  	 	15	  
			
	 SECTION 3
	 	ALLOCATIONS AND DISTRIBUTIONS	  	 	21	  
			
	 SECTION 4
	 	RIGHTS, PREFERENCES AND LIMITATIONS OF THE CLASS G UNITS	  	 	33	  
			
	 SECTION 5
	 	MANAGEMENT AND OPERATIONS	  	 	37	  
			
	 SECTION 6
	 	MEMBERS	  	 	49	  
			
	 SECTION 7
	 	UNIT CERTIFICATES	  	 	54	  
			
	 SECTION 8
	 	ACCOUNTING, BOOKS AND RECORDS	  	 	55	  
			
	 SECTION 9
	 	AMENDMENTS	  	 	58	  
			
	 SECTION 10
	 	TRANSFERS	  	 	59	  
			
	 SECTION 11
	 	MERGERS AND OTHER EXTRAORDINARY TRANSACTIONS	  	 	64	  
			
	 SECTION 12
	 	DISSOLUTION AND WINDING UP	  	 	64	  
			
	 SECTION 13
	 	DISPUTE RESOLUTION	  	 	68	  
			
	 SECTION 14
	 	MISCELLANEOUS	  	 	69	  

			
	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 SECOND AMENDED AND RESTATED OPERATING AGREEMENT 

OF 

REDFIELD ENERGY, LLC 
 THIS SECOND AMENDED AND RESTATED OPERATING AGREEMENT (“Agreement”) is hereby adopted and entered into effective as of the 13th day of June, 2011, by the Members (as defined below), pursuant to the provisions of the Act (as defined below), on the
terms and conditions set forth herein. 
 WHEREAS, the Company was formed on July 14, 2005 pursuant to an Operating
Agreement dated as of September 9, 2005 (the “Original Agreement”); 
 WHEREAS, the Original Agreement was
amended and restated as of January 29, 2009 (the “Existing Agreement”); and 
 WHEREAS, the Company now
desires to amend and restate the Existing Agreement, effective as of the date hereof, in order to set forth the relative rights and preferences, including but not limited to the voting powers, relative economic and other rights, preferences and
limitations of the Class G Units (as defined below), the authorization of which has been approved by the Board (as defined below) and the Members, voting separately by class, for issuance to Gevo Development LLC, a Delaware limited liability company
(“Gevo”) pursuant to the terms and conditions of that certain Isobutanol Joint Venture Agreement, by and between the Company and Gevo to be executed and delivered simultaneously with the execution and delivery of this Agreement (the
“Joint Venture Agreement”). 
 SECTION 1 
 THE LIMITED LIABILITY COMPANY 
 1.1 Formation. 

The organizer has caused the Company to be formed as a South Dakota limited liability company pursuant to the provisions of the Act and
upon the terms and conditions of this Agreement. To the extent that the rights or obligations of any Member are different by reason of any provision of this Agreement than they would be in the absence of such provisions, this Agreement, to the
extent permitted by the Act, shall control. 
 1.2 Name. 

The name of the Company shall be Redfield Energy, LLC, and all business of the Company shall be conducted in such name. The name of the
Company may be changed from time to time in accordance with the Act. 

  
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 1.3 Purpose; Powers. 

(a) The business and purposes of the Company are to develop, construct, own and operate an ethanol plant(s) and other bio-energy
facilities and conduct related activities, to engage in any other business and investment activity in which a South Dakota limited liability company organized under the Act may lawfully be engaged, and to conduct any and all activities related or
incidental thereto. 
 (b) The Company shall possess and may exercise all the powers and privileges granted to the Company by
the Act, by any other law or by this Agreement, together with any powers incidental thereto, including without limitation such powers and privileges as are necessary or convenient to the conduct, promotion or attainment of the business, purposes or
activities of the Company, subject to any limitations provided in the Articles or in this Agreement. 
 1.4 Principal Place
of Business. 
 The principal office of the Company shall be 38650 171st Street, P.O. Box 111, Redfield, South Dakota 57469,
or at such other place(s) within or without the State of South Dakota as the Board may determine. The records required by the Act shall be maintained at the Company’s principal office. 

1.5 Term. 

The term of the Company began on the date the Articles of Organization were filed in the office of the Secretary of State of the State of
South Dakota, and shall continue until the winding up and liquidation of the Company and its business is completed following a Dissolution Event as provided in Section 12 of this Agreement. 

1.6 Filings; Agent for Service of Process. 
 (a) The organizer has caused the Articles to be filed in the office of the Secretary of State of the State of South Dakota, in accordance with the provisions of the Act. The Company shall take any and all
other actions reasonably necessary to perfect and maintain the status of the Company as a limited liability company under the laws of the State of South Dakota. The Board shall cause amendments to be filed whenever required by the Act. 

(b) The Board shall cause the Company to make such filings and take any and all other actions as may be reasonably necessary to perfect
and maintain the status of the Company as a limited liability company or similar type of entity under the laws of any other jurisdictions in which the Company engages in business. 

(c) The name and address of the agent for service of process on the Company in the State of South Dakota shall be as set forth in the
Articles, or such other person or place as determined by the Board. 

  
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 (d) In connection with the dissolution and completion of the winding up of the Company,
the Board shall cause to be executed and filed a notice of dissolution and articles of termination whenever required by the Act, and make similar filings under the laws of any other jurisdictions in which the Board deems such filings necessary or
advisable. 
 1.7 Title to Property. 
 All Property owned by the Company shall be owned by the Company as an entity and no Unit Holder or Manager shall have any ownership interest in such Property in its individual name. Each Unit
Holder’s interest in the Company shall be personal property for all purposes. The Company shall hold title to all of its Property in the name of the Company and not in the name of any Unit Holder or Manager. 

1.8 Payments of Individual Obligations. 
 The Company’s credit and assets shall be used solely for the benefit of the Company, and no asset of the Company shall be Transferred or encumbered for, or in payment of, any individual obligation of
any Unit Holder or Manager. 
 1.9 Independent Activities. 

(a) Each Manager shall be required to devote only such time to the affairs of the Company as may be necessary to manage the business and
affairs of the Company in accordance with Section 5, and shall be free to serve any other Person or enterprise in any capacity that the Manager may deem appropriate in his or her discretion. 

(b) Neither this Agreement nor any activity undertaken pursuant hereto shall (i) prevent any Unit Holder, Manager, Managing Member
or their Affiliates, acting on their own behalf, from engaging in whatever activities they choose, whether the same are competitive with the Company or otherwise, and any such activities may be undertaken without having or incurring any obligation
to offer any interest in such activities to the Company or any other Unit Holder or Manager, or (ii) require any Unit Holder, Manager or Managing Member to permit the Company or any other Unit Holder, Manager, the Managing Member or their
Affiliates to participate in any such activities, and as a material part of the consideration for the execution of this Agreement by each Member, each Member hereby waives, relinquishes, and renounces any such right or claim of participation.

 1.10 Member Authority. 
 Each Member represents and warrants to the Company and to the other Members that: 

(a) the Member, if not an individual, is duly organized, validly existing and in good standing under the laws of its state of
organization and is duly qualified and in good standing as a foreign organization in the jurisdiction of its principal place of business if not organized therein; 

  
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 (b) the Member has full corporate, limited liability company, partnership, trust or
other applicable power and authority to execute and agree to this Agreement and to perform its obligations hereunder and all necessary actions by the board of directors, shareholders, managers, members, partners, trustees, beneficiaries, or other
Persons necessary or appropriate for the due authorization, execution, delivery and performance of this Agreement by the Member have been taken; 
 (c) the Member has duly executed and delivered this Agreement; and 
 (d) the
Member’s authorization, execution, delivery and performance of this Agreement does not conflict with any other agreement or arrangement to which the Member is a party or by which it is bound. 

1.11 Access to and Confidentiality of Information. 
 (a) In addition to the other rights specifically set forth in this Agreement, each Member is entitled to all information to which the Member is entitled to have access pursuant to the Act under the
circumstances and subject to the conditions therein stated, which conditions include but are not limited to such reasonable standards governing what information and documents are to be furnished at what time and location and at whose expense as may
be set forth herein or otherwise established by the Board. However, without limiting the foregoing, the Members agree that except as otherwise provided by law, the Board may from time to time determine, due to contractual obligations, business
concerns or other considerations, that certain information regarding the business, affairs, properties, and financial condition of the Company should be kept confidential and not provided to some or all of the Members or that it is not just or
reasonable for some or all of the Members or their assignees or representatives to examine or copy any such information. 
 (b)
Each Member acknowledges that from time to time the Member may receive information from or regarding the Company in the nature of trade secrets or that is otherwise confidential, the release of which may be damaging to the Company or Persons with
whom it does business. Each Member agrees to hold in strict confidence any information it receives regarding the Company that is identified as being confidential (and if such information is provided in writing, is so marked) and may not disclose
such information to any Person, except for disclosures (i) to another Member having the right to such information, (ii) compelled by law, provided the Member must promptly notify the Board of any request or demand for such information, to
the extent reasonably possible, (iii) to advisors or representatives of the Member, or to Persons (and their advisors or representatives) seeking to acquire all or any portion of the Member’s Interest through a Transfer in accordance with
this Agreement, but only if in each case such Person has agreed to be bound by the provisions of this section, or (iv) of information that the Member has also received from a source independent of the Company that the Member reasonably believes
has the legal right to disclose such information to the Member. Each Member acknowledges that a breach of the provisions of this section may cause the Company irreparable harm and injury for which monetary damages are inadequate or difficult to
calculate or both. Accordingly, each Member specifically agrees that the Company shall be entitled to 

  
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injunctive relief to enforce the provisions of this section, that such relief may be granted without the necessity of proving actual damages, and that such injunctive or equitable relief shall be
in addition to, not in lieu of, the right to recover monetary damages for any breach of this section by the Member. The obligations referred to in this section shall survive the termination of a Member’s membership in the Company. 

1.12 Limited Liability. 
 Except as otherwise expressly provided by the Act, this Agreement or agreed to under another written agreement, the debts, obligations and liabilities of the Company, whether arising in contract, tort or
otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Unit Holder, Manager or Managing Member of the Company shall be obligated personally for any such debt, obligation or liability of the Company or any debt,
obligation or liability of any other Unit Holder or Manager of the Company, solely by reason of being a Unit Holder, Member or Managing Member or acting as a Manager or Managing Member of the Company. The failure of the Company to observe any
formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Act shall not be grounds for imposing liability on any Unit Holder, Manager or Managing Member for any debt,
obligation or liability of the Company. 
 1.13 Definitions. 

Capitalized words and phrases used in this Agreement have the following meanings: 

“Act” means Chapter 47-34a of South Dakota Statutes, as amended from time to time (or any corresponding provision or
provisions of any succeeding law). 
 “Adjusted Capital Account Deficit” means, with respect to any Unit
Holder, the deficit balance, if any, in such Unit Holder’s Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: 

(i) Credit to such Capital Account any amounts which such Unit Holder is deemed to be obligated to restore pursuant to
the next to the last sentences in Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and 
 (ii) Debit
to such Capital Account the items described in Sections 1.704- 1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6) of the Regulations. 

The foregoing definition is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be
interpreted consistently therewith. 
 “Affiliate” of, or a Person “Affiliated” with, means, with
respect to a specified Person, (i) any Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the specified Person, (ii) any officer, director, manager,
general partner, or trustee of the specified Person or, (iii) any Person who is an officer, director, manager, general partner, or trustee of any Person described in clauses (i) or (ii) of this sentence. For purposes of this
definition, the term “control” (including the terms “controlling,” 

  
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“controlled by” or “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” means this
Second Amended and Restated Operating Agreement, as amended, modified or supplemented from time to time. Words such as “herein,” “hereinafter,” “hereof,” “hereto” and “hereunder” refer to this
Agreement as a whole, unless the context otherwise requires. 
 “Articles” means the Articles of Organization
filed with the Secretary of State of the State of South Dakota pursuant to the Act for the purpose of forming the Company, as amended, modified or supplemented from time to time. 

“Assignee” means a transferee of Units who is not admitted as a substituted Member pursuant to Section 10.7.

 “Board” means collectively the persons who are named as Managers of the Company in or designated or elected
as Managers pursuant to this Agreement. “Manager” or “Managers” means any such person or persons. 

“Capital Account” means the capital account maintained for each Unit Holder in accordance with Section 2.4.

 “Capital Contributions” means a contribution made to the Company with respect to any Unit in a form allowed
as valid consideration for Units under the Act. With respect to any Unit Holder, the amount of any Capital Contribution shall be the sum of the money and the initial Gross Asset Value of any Property (other than money) contributed to the Company
with respect to the Units in the Company held or purchased by such Unit Holder, plus in the case of services rendered to the Company as consideration for Units, the amount, if any, determined by the Board of Managers or otherwise specified in this
Agreement. 
 “Class A Member” means any Person who is described in and who meets the qualifications,
requirements and conditions established by or pursuant to this Agreement (including without limitation Sections 2.2, 6.1 and 6.2(a) hereof) to owning Class A Units and to being a Class A Member and who has not ceased to be a Class A
Member pursuant to the terms of this Agreement. “Class A Members” means all such Class A Members. 

“Class A Units” means all Units that are designated as such pursuant to Section 2.2. 

“Class B Member” means any Person who is described in and who meets the qualifications, requirements and conditions
established by or pursuant to this Agreement to owning Class B Units and to being a Class B Member and who has not ceased to be a Class B Member pursuant to the terms of this Agreement. “Class B Members” means all such Class B Members.

 “Class B Units” means all Units that are designated as such pursuant to Section 2.2. 

  
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 “Class C Member” means any Person who is described in and who meets the
qualifications, requirements and conditions established by or pursuant to this Agreement to own Class C Preferred Units and to being a Class C Member and who has not ceased to be a Class C Member pursuant to the terms of this Agreement. “Class
C Members” means all such Class C Members. 
 “Class C Preferred Units” means all Units that are
designated such pursuant to Section 2.2. 
 “Class G Member” means any Person who is described in and who
meets the qualifications, requirements and conditions established by or pursuant to this Agreement to own Class G Units and to be a Class G Member and who has not ceased to be a Class G Member pursuant to the terms of this Agreement. “Class G
Members” means all such Class G Members. 
 “Class G Units” means all Units that are designated as such
pursuant to Section 2.2. 
 “Code” means the United States Internal Revenue Code of 1986, as amended from
time to time. 
 “Company” means the limited liability company formed pursuant to this Agreement and the
Articles and the limited liability company continuing the business of this Company in the event of dissolution of the Company as herein provided. 
 “Company Minimum Gain” has the meaning given the term “partnership minimum gain” in Sections 1.704-2(b)(2) and 1.704-2(d) of the Regulations. 

“Contemplated Transactions” means the transactions contemplated by the Joint Venture Agreement and each of the Related
Agreements. 
 “Contract” means any written, oral or other agreement, contract, subcontract, lease,
understanding, instrument, note, warranty, license, sublicense, insurance policy, benefit plan or legally binding commitment or undertaking of any nature, whether express or implied. 

“CSP” has the meaning set forth in Section 4.3(b)(i) hereof. 

“Debt” means (i) any indebtedness for borrowed money or the deferred purchase price of property as evidenced by a
note, bonds, or other instruments, (ii) obligations as lessee under capital leases, (iii) obligations secured by any mortgage, pledge, security interest, encumbrance, lien or charge of any kind existing on any asset owned or held by the
Company whether or not the Company has assumed or become liable for the obligations secured thereby, (iv) any obligation under any interest rate swap agreement, (v) accounts payable, and (vi) obligations under direct or indirect
guarantees of (including obligations (contingent or otherwise) to assure a creditor against loss in respect of) indebtedness or obligations of the kinds referred to in clauses (i), (ii), (iii), (iv) and (v) above; provided that Debt shall
not include obligations in respect of any 

  
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accounts payable that are incurred in the ordinary course of the Company’s business and are not delinquent or are being contested in good faith by appropriate proceedings. 

“Depreciation” means, for each Fiscal Year, an amount equal to the depreciation, amortization, or other cost recovery
deduction allowable with respect to an asset for such Fiscal Year, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Year, Depreciation shall be an amount
which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted tax basis; provided, however, that if the
adjusted basis for federal income tax purposes of an asset at the beginning of such Fiscal Year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Board.

 “Dissolution Event” has the meaning set forth in Section 12.1 hereof. 

“Effective Date” means September 9, 2005. 
 “Facility” means the Company’s ethanol production facility located near Redfield, South Dakota. 
 “Facility EPC Contract” means an Engineering, Procurement and Construction Agreement specifying the materials required to complete the Retrofit and the estimated timing of the Retrofit,
including estimated construction and start-up deadlines. 
 “Facility Improvements” means new tangible assets
and improvements to existing tangible assets which Gevo deems necessary to ensure that the Facility performs at full ethanol production capacity, together with all tangible assets related to the Retrofit. 

“Facility Payments” means [...***...] 
 “Facility Profits” means [...***...] 

  
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 [...***...] In the event that this calculation yields net losses, such losses shall be the
“Facility Losses.” 
 “Financial Closing” means when the Board determines, in its sole
discretion, that the Company has closed on the debt and equity financing necessary to construct the Company’s proposed ethanol plant and provide a reasonable amount of working capital (as determined by the Board) at plant start-up. 

“Fiscal Year” means, subject to a change in Fiscal Year pursuant to Section 8.1(b), the fiscal year of the Company,
which shall be the Company’s taxable year as determined under Regulations, Section 1.441-1 or Section 1.441-2 and the Regulations under Section 706 of the Code or, if the context requires, any portion of a fiscal year for which
an allocation of Profits, Losses or other allocation items or a Distribution is to be made; provided that the Board may designate a different fiscal year for GAAP reporting purposes but that designation shall not affect the taxable year of the
Company or the provisions of this Agreement relating to Capital Accounts, allocations of Profits, Losses or other allocation items, or Distributions. 
 “GAAP” means generally accepted accounting principles in effect in the United States of America from time to time. 

“Gevo” has the meaning set forth in the Recitals. 

“Gevo Competitor” means any Person that is engaged, directly or indirectly (through Affiliates, joint ventures or
otherwise), in the research, development, production or commercialization of (i) isobutanol or the plastics, fibers, rubber, other polymers and hydrocarbon fuels that can produced from isobutanol, (ii) gasoline blendstocks or
(iii) other cellulosic biofuels, including, without limitation, the Persons listed on Schedule B to the Joint Venture Agreement. 
 “Gevo Economic Period” has the meaning set forth in Section 4.3(b)(iv) hereof. 
 “Gevo Percentage Interest” means the percentage interest held by Gevo at a given time as computed in accordance with Section 4 of this Agreement and as may be listed on Schedule B
hereto from time to time. The sum of the Gevo Percentage Interest and the Redfield Percentage Interest shall at all times be one hundred percent (100%). 
 “GLE Consulting and Management Agreement” means the Consulting and Management Agreement dated August 11, 2005 by and between Glacial Lakes Energy, LLC and Redfield Energy, LLC, as
amended, under which Glacial Lakes Energy, LLC will provide the Company construction consulting and operating management services. 
 “Gross Asset Value” means with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 

(iii) The initial Gross Asset Value of any asset contributed by a Unit Holder to the Company shall be the gross fair market value of
such asset, as determined by the Board; 

  
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 (iv) The Gross Asset Values of all Company assets shall be adjusted to equal their
respective gross fair market values (taking Code Section 7701(g) into account) as determined by the Board as of the following times: (A) the acquisition of an additional interest in the Company by any new or existing Unit Holder in
exchange for more than a de minimis Capital Contribution; (B) the distribution by the Company to a Unit Holder of more than a de minimis amount of Company property as consideration for an interest in the Company; (C) the liquidation of the
Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); and (D) such other times as the Regulations may permit; provided that an adjustment described in clauses (A), (B) or (D) of this subparagraph shall be
made only if the Board determines that such adjustment is necessary to reflect the relative economic interests of the Unit Holders in the Company and further provided that the adjustment described in clause (A) of this subparagraph shall not be
made to reflect the issuance of additional Units prior to or upon Financial Closing. 
 (v) The Gross Asset Value of any item
of Company assets distributed to any Unit Holder shall be adjusted to equal the gross fair market value (taking Code Section 7701(g) into account) of such asset on the date of distribution as determined by the Board; and 

(vi) The Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such
assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) and
subparagraph (vi) of the definition of “Profits” and “Losses” or Section 3.1(c)(vii) or Section 3.3(c)(vii) hereof; provided, however, that Gross Asset Values shall not be adjusted pursuant to this
subparagraph (iv) to the extent that an adjustment pursuant to subparagraph (ii) is required in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (iv). 

If the Gross Asset Value of an asset has been determined or adjusted pursuant to subparagraph (ii) or (iv), such Gross Asset Value
shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses. 
 “Interest” means, collectively, a Unit Holder’s share of the “Profits” and “Losses” of the Company, a Unit Holder’s right to receive distributions of the
Company’s assets, and, with respect to a Member, any right of the Member to vote on or participate in the management of the Company and to receive information concerning the business and affairs of the Company as provided for in this Agreement.
An Interest is quantified by the unit of measurement referred to herein as “Units” (as defined below). 

“Isobutanol Minimum Commercial Level” means [...***...] gallons of Qualifying Isobutanol per 24-hour period
multiplied by the number of 24-hour periods in the respective Testing Period. 
 “Issuance Items” has the
meaning set forth in Section 3.1(c)(viii) hereof. 
 “Joint Venture Agreement” has the meaning set forth
in the Recitals. 

  
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 “Leased Real Property” means the real property leased by the Company as
tenant, together with, to the extent leased by the Company, all buildings and other structures, Facility, component parts or improvements currently or hereafter located thereon, and all easements, servitudes, rights of use, and licenses, and rights
and appurtenances relating to the foregoing. 
 “Liquidation Period” has the meaning set forth in
Section 12.7 hereof. “Liquidator” has the meaning set forth in Section 12.9(a) hereof. 

“Losses” has the meaning set forth in the definition of “Profits” and “Losses.” 

“Majority in Interest” of the Members or any specified class or classes thereof means Members holding more than fifty
percent (50%) of the Units then held by all Members, or of the Units of the specified class or classes of Units then held by all Members. 
 “Managing Member” has the meaning set forth in Section 5.1(b) hereof. 
 “Maximum Economic Interest” means [...***...]. 

“Member” means any Person who is described in and meets the membership requirements established in Sections 6.1 and
6.2(a) hereof and who has not ceased to be a Member pursuant to the terms of this Agreement, and includes each class of Member including a Class A Member, Class B Member, Class C Member and Class G Member except where this Agreement expressly
distinguishes a particular class of Member. “Members” means all such Persons. 
 “Net Cash Flow”
means the gross cash proceeds of the Company less the portion thereof used to pay or establish reserves for all Company expenses, debt payments, obligations and liabilities, capital improvements, replacements, and contingencies, all as reasonably
determined by the Board. “Net Cash Flow” shall not be reduced by depreciation, amortization, cost recovery deductions, or similar allowances, but shall be increased by any reductions of reserves previously established. 

“Nonrecourse Deductions” has the meaning set forth in Section 1.704-2(b)(1) of the Regulations. 

“Nonrecourse Liability” has the meaning set forth in Section 1.704-2(b)(3) of the Regulations. 

“Owned Real Property” means the real or immovable property in which the Company has fee title (or equivalent) interest,
together with all buildings and other structures, Facility, component parts or improvements currently or hereafter located thereon, and all easements, servitudes, rights of use, and licenses, and rights and appurtenances relating to the foregoing.

 “Performance Level” has the meaning set forth in Section 4.3(b)(iii) hereof. 

  
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 “Performance Testing Phase” means the period, which shall begin on a
date that is mutually agreed upon by the Company and Gevo, following the completion of the Retrofit Phase (but in no event more than seven calendar days after the completion of the Retrofit Phase) during which the isobutanol production capabilities
of the Facility will be tested during one or more Testing Periods, it being understood that the Performance Testing Phase shall not begin until [...***...] 
 “Permitted Transfer” has the meaning set forth in Section 10.2 hereof. 
 “Person” means any individual, partnership (whether general or limited), limited liability company, corporation, trust, estate, association, nominee or other entity. 

“Profits” and “Losses” mean, for each Fiscal Year, an amount equal to the Company’s taxable income
or loss for such Fiscal Year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in
taxable income or loss), with the following adjustments (without duplication): 
 (vii) Any income of the
Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition of “Profits” and “Losses” shall be added to such taxable income or loss; 

(viii) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code
Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this definition of “Profits” and “Losses” shall be
added to such taxable income or loss; 
 (ix) In the event the Gross Asset Value of any Company asset is
adjusted pursuant to subparagraphs (ii) or (iii) of the definition of Gross Asset Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the asset) or an item of loss
(if the adjustment decreases the Gross Asset Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; 

(x) Gain or loss resulting from any disposition of Property with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Gross Asset Value of the Property disposed of, notwithstanding that the adjusted tax basis of such Property differs from its Gross Asset Value; 

(xi) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such
taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year, computed in accordance with the definition of Depreciation; 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 (xii) To the extent an adjustment to the adjusted tax basis of any
Company asset pursuant to Code Section 734(b) is required, pursuant to Regulations Section 1.704-(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a
Unit Holder’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) from the disposition of such asset
and shall be taken into account for purposes of computing Profits or Losses; and 
 (xiii) Notwithstanding any
other provision of this definition, any items which are specially allocated pursuant to Section 3.1(c), Section 3.1(d), Section 3.3(c), and Section 3.3(d) hereof, the amount, if any, included in the Company’s taxable income
pursuant to Section 87 of the Code (the income add-back in the amount of the small ethanol producer credit) and the partner level deduction pursuant to Section 199 of the Code (relating to domestic production activities) shall not be taken
into account in computing Profits or Losses. 
 The amounts of the items of Company income, gain, loss or deduction available to
be specially allocated pursuant to Section 3.1(c), Section 3.1(d), Section 3.3(c), and Section 3.3(d) hereof shall be determined by applying rules analogous to those set forth in subparagraphs (i) through (vi) above.

 “Property” means all real and personal property acquired by the Company, including cash, and any
improvements thereto, and shall include both tangible and intangible property. 
 “Qualifying Isobutanol” means
isobutanol that meets certain specifications, to be set forth in the CSP. 
 “Real Property” shall mean the
Leased Real Property and the Owned Real Property, collectively. 
 “Redfield Percentage Interest” means 100%
less the Gevo Percentage Interest. The sum of the Redfield Percentage Interest and the Gevo Percentage Interest shall at all times be one hundred percent (100%). 
 “Redfield Parties” means the existing Members as of the date of this Agreement, excluding Gevo. 
 “Regulations” means the Income Tax Regulations, including Temporary Regulations, promulgated under the Code, as such regulations are amended from time to time. 

“Regulatory Allocations” has the meaning set forth in Section 3.1(d) hereof. 

“Retrofit” has the meaning set forth in Section 4.3(a) hereof. 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 “Retrofit Costs” means the costs of the Retrofit, including all costs
and fees related to design and engineering services, the procurement of equipment, construction, permitting, biocatalyst development, Facility Improvements, Facility Payments (it being understood that during the Retrofit Phase, Facility Payments
will be made solely to the extent incurred pursuant to Section 2.1(a)(ii) of the Joint Venture Agreement) and all of Gevo’s expenses which are directly allocable to the Retrofit. 

“Retrofit Phase” means the period beginning on the earlier of the commencement of any activities related to the Retrofit
and the date set forth in the notice provided by Gevo pursuant to Section 2.1 of the Joint Venture Agreement and ending on the later of (i) the day that the Retrofit is deemed “substantially complete” under the Facility EPC
Contract or (ii) the day that all of the conditions precedent to the commencement of the Performance Testing Phase set forth in section 2.1(b)(i) of the Joint Venture Agreement have been satisfied. 

“Related Agreements” means this Agreement and the Marketing Agreement, the License Agreement, the Guaranty and the Joint
Retrofit Construction Agreement to be entered into by and among the Company, Gevo and/or Affiliates of Gevo, as applicable, pursuant to the terms of the Joint Venture Agreement, collectively, or each of such documents singularly, and any documents
or instruments contemplated by or executed in connection with any of them or any of the Contemplated Transactions. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Syndication Expenses” means all expenditures classified as syndication expenses pursuant to Section 1.709-2(b) of
the Regulations. 
 “Subsidiary” means, with respect to any Person, any corporation, partnership, joint
venture, limited liability company, association or other entity in which such Person owns, directly or indirectly, fifty percent (50%) or more of the outstanding equity securities or interests, the holders of which are generally entitled to
vote for the election of the governing body of such entity. 
 “Testing Period” has the meaning set forth in
Section 4.3(b)(i) hereof. 
 “Tie-in Period” means any period of time during the Retrofit Phase in which
ethanol production at the Facility is temporarily suspended to allow installation and tie-in of the Retrofit assets, other than regularly scheduled shutdowns. 
 “Transfer” means, as a noun, any voluntary or involuntary transfer, sale, pledge or hypothecation or other disposition, whether by operation of law (e.g., pursuant to a merger) or
otherwise, and, as a verb, voluntarily or involuntarily to transfer, sell, pledge or hypothecate or otherwise dispose of. 

“Unit” means the unit of measurement into which an Interest is divided for purposes of those provisions of this
Agreement that require quantification of the rights, preferences and 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 
obligations represented by an Interest, as authorized and designated in Section 2.2 and issued pursuant to Section 2.3 hereof, and includes each class of Unit and each Unit within a
class except where this Agreement expressly distinguishes a particular class of Unit or particular Units within a class. 

“Unit Holder” means a Person who owns Units, regardless of whether such Person is a Member. “Unit
Holders” means all Unit Holders. Unit Holders may be designated with respect to specific types or classes of Units held. 
 “Unit Holder Nonrecourse Debt” has the same meaning as the term “partner nonrecourse debt” in Section 1.704-2(b)(4) of the Regulations. 

“Unit Holder Nonrecourse Debt Minimum Gain” means an amount, with respect to each Unit Holder Nonrecourse Debt, equal to
the Company Minimum Gain that would result if such Unit Holder Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Section 1.704-2(i)(3) of the Regulations. 

“Unit Holder Nonrecourse Deductions” has the same meaning as the term “partner nonrecourse deductions” in
Sections 1.704-2(i)(1) and 1.704-2(i)(2) of the Regulations. 
 “Working Capital Requirement” means $8,000,000
of working capital (excluding spare parts inventory and short-term debt) or, if greater, the minimum working capital under any Company loan agreement. 
 SECTION 2 
 CAPITAL AND INTERESTS 

2.1 Members. 
 The Members of the Company are those Persons described in Section 6.1 and Section 6.2 hereof, who have not ceased to be Members. 

2.2 Authorized Units; Designation of Units. 
 (a) The Company is authorized to issue up to 55,000,000 Units, which shall remain undesignated as to class or series until issued by the Board in accordance with or as authorized pursuant to this
Agreement, or except as otherwise provided herein. Authorized Units shall be issued only in accordance with Section 2.3. 

(b) The Company is authorized to issue Class A Units, Class B Units, Class C Preferred Units and, such additional class or series
as may be authorized pursuant to Section 2.2(g) of this Agreement, and the Board shall designate Units upon issuance as either Class A Units, Class B Units or Class C Preferred Units, or if applicable, such additional class or series as
may be so authorized. The relative rights, preferences and limitations of the Class A Units, Class B Units and the Class C Preferred Units are established herein. In general, the Class A Units, Class B Units and Class C Preferred Units
shall participate in the growth and appreciation in value of the Company as well as the risk of a decline in the value of the Company. Except as 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 
otherwise provided in this Section 2.2, the allocations in Sections 3.3, 3.4 and 3.5, those provisions of this Agreement relating to the financial rights and obligations of the Class B Units
issued pursuant to Section 2.3(f), and such more specific provisions as may be incorporated in Units issued pursuant to the exercise of rights, warrants, and options granted under Section 2.2(i) of this Agreement, the rights and
preferences of holders of Class A Units, Class B Units and Class C Preferred Units are equal. Any subdivision or combination of outstanding Units, or declaration of a distribution payable in Units, shall be effected equally as to Class A
Units, Class B Units and Class C Preferred Units. 
 (c) Only persons involved in production agriculture may hold Class A
Units. For purposes of this Agreement, “persons involved in production agriculture” means producers (grain or livestock), associations of producers, elevators and other persons who provide goods or services to producers and/or associations
of producers (whether such goods or services are provided, and whether such person is organized, on a cooperative basis or on an investor basis), and persons who market corn through the Company under a uniform marketing and delivery agreement, as
determined by the Board. On a prospective basis, the Board may establish additional qualifications, requirements or conditions to holding Class A Units. 
 (d) Each person who holds Class A Units must also enter into and abide by the terms and conditions of a uniform marketing and delivery agreement with the Company requiring the annual delivery of one
bushel of corn to the Company for each Class A Unit held (the “committed bushels”). If the Company subdivides or combines its outstanding Class A Units or declares a distribution payable in its Class A Units, the annual
delivery requirement of one bushel of corn for each Class A Unit shall be proportionately increased, in the case of combination, or decreased, in the case of a subdivision or distribution. The Company has the authority to establish, or contract
with a third-party to establish, standardized procedures for Class A Members who wish to meet their delivery obligations through open-market purchases or other efficiency-seeking procurement methods and procedures, and to charge Class A
Members who utilize such pool purchasing programs to meet their delivery obligations a reasonable administrative or “pool” fee for such use. 
 (e) The Company shall pay the following per bushel freight allowance to holders of Class A Units on actual deliveries of committed bushels under the uniform marketing and delivery agreement with the
Company: 
 [...***...] 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 All mileages will be determined by the Board from the point of origination of the committed bushels
delivered by the holder of the Class A Units. The determination of the Board is final. Freight allowances will not be paid on committed bushels delivered pursuant to a pool purchasing program established by the Company. Freight allowances on
committed bushels may not be increased without the approval of a Majority in Interest of the Class B Members, the Class C Preferred Members, and any other class of Member (excluding the Class A Members), voting separately by class. Freight
allowances on committed bushels may not be decreased without the approval of a Majority in Interest of the Class A Members. 
 (f) Additionally, holders of 50,000 or more Class A Units that were originally purchased in the Company’s initial public offering of Class A and Class B Units in September 2005 (a
“commercial level block”) are entitled to be paid a [...***...] per bushel volume incentive premium on all committed bushels for such commercial level block of Class A Units. The Company will pay the [...***...] per bushel
volume incentive premium on all committed bushels under the uniform marketing and delivery agreement in respect of such commercial level blocks, whether such committed bushels are actually delivered or delivered pursuant to a uniform pool delivery
system established by the Company. 
 (i) The [...***...] per bushel premium will be paid only on
commercial level blocks purchased in the Company’s initial public offering of Class A and Class B Units in September 2005. Holders of Class A Units may not purchase additional Class A Units subsequent to the Company’s
initial public offering in September 2005 to add to a commercial level block purchased in the initial public offering or to achieve commercial level block status on Units purchased in the initial public offering. The maximum number of Class A
Units purchased as part of commercial level blocks in the Company’s initial public offering and the corresponding number of committed bushels eligible for volume incentive premium will be established at the close of the Company’s initial
public offering of Units commenced in September 2005. 
 (ii) A commercial level block of
Class A Units that is eligible for the volume incentive premium may be transferred, but only in 50,000 Class A Units or more increments. Commercial level blocks may not be split into less than 50,000 Class A Unit increments and
retain the volume incentive premium. If one person holds two or more commercial level blocks of Class A Units that are eligible for the volume incentive premium, then such person may transfer one or more commercial level blocks of 50,000
or more Class A Units (and such transferee(s) will acquire the volume incentive premium payable on the committed bushels in respect of such commercial level block(s)), and retain one (or more) commercial level block(s) and the volume incentive
premium payable on the committed bushels in respect of the retained commercial level block(s). 
 (iii) The
[...***...] per bushel volume incentive premium provided for in this Section 2.2(f) of this Agreement may not be decreased or otherwise modified or amended without the consent of all Class A Members who own commercial level blocks of
Class A Units, and may not be increased. 

  
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 (g) Authority is hereby vested in the Board of Managers, upon the consent or approval
of a Majority in interest of the Members voting separately by class, to establish and authorize one or more than one additional classes or series of Units, to set forth the designation and number of authorized Units of any such additional class or
series, to fix the relative rights and preferences of any such additional class or series, including but not limited to the voting powers, full or limited or none, and relative economic and other rights, preferences and/or limitations thereof, any
or all of which rights and preferences may be senior or superior to, on par with, or junior to those of the authorized Class A and Class B or any other such additional class or series. 

(h) When the Company desires to issue any Units of any class or series which shall not previously have been so authorized and
designated, any and all rights and preferences of such additional class or series as established by the Board of Managers upon the consent or approval of a Majority in Interest of the Members voting separately by class shall be set forth in an
exhibit that shall be attached hereto and made a part hereof. When the rights and preferences if any of any such additional class or series have been established by the Board of Managers and set forth in an exhibit hereto, the setting forth of such
rights and preferences shall have the effect of amending the applicable provisions of this Agreement and such rights and preferences may thereafter only be amended pursuant to the applicable provisions of this Agreement. 

(i) The Board of Managers shall have the authority and power to establish, authorize the issuance of, and grant rights, warrants, and
options entitling the holders thereof to purchase from the Company Units of any class or series authorized hereunder, or bonds, notes, debentures, or other obligations convertible into Units of any class or series authorized hereunder, subject to
all qualifications, requirements or conditions of holding such class or series established by or pursuant to this Agreement. 

2.3 Capital Contributions; Issuance of Units 
 (a) Each Unit issued and outstanding as of the Effective Date is hereby automatically converted into, designated, and shall hereafter be deemed to be and shall be, a Class B Unit. 

(b) No Member shall be obligated to make any additional Capital Contributions to the Company or to pay any assessment to the Company,
other than the unpaid portion of such Member’s written agreement to make Capital Contributions, and no Units shall be subject to any mandatory assessment, requests or demands for capital. 

(c) Units may only be issued in consideration of Capital Contributions. The Board may accept Capital Contributions from Members or
persons seeking to become Members, may authorize the Company to enter into a written subscription agreement with such Member or persons seeking to become Members to make Capital Contributions for the purchase of Units, and may cause the Company to
designate and issue additional Units to such persons in consideration of Capital Contributions to the Company. Capital Contributions and the designation and issuance of additional Units shall be made at such times and upon such terms

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 
and conditions as are authorized by this Agreement and as the Board and the person acquiring the Units may agree. 
 (d) Upon acceptance of Capital Contributions and the issuance of additional Units, the Board shall cause the books and records of the Company to be adjusted appropriately. 

(e) The Members shall have no preemptive rights to make Capital Contributions. 

(f) In addition to any Units it purchases, Glacial Lakes Energy, LLC shall be issued additional Units as follows: 

(i) [reserved]. 
 (ii) Immediately after Financial Closing, that number of Class B Units as will represent five percent (5%) of the total Units outstanding after their issuance. 

(iii) The Units issued pursuant to subparagraph (ii) are in consideration of management and administrative services
rendered and to be rendered to the Company in accordance with the GLE Consulting and Management Agreement; provided, however, that neither the issuance of such Units nor such Units when issued are subject to forfeiture for any reason including
termination of the GLE Consulting and Management Agreement. No Capital Contribution will be credited to the Capital Account of Glacial Lakes Energy, LLC with respect to the issuance of said Units, and Glacial Lakes Energy, LLC shall be a Member with
respect to such Units from and after their issuance. 
 (g) The Units issued to Glacial Lakes Energy, LLC pursuant to
Section 2.3(f) and, to the extent of the special allocation to them in Section 3.1(c)(x), the Units that are issued in the Seed Capital Round and the Units issued upon exercise of Board Options, are intended to be substantially vested
profits interests for federal income tax purposes within the meaning of Revenue Procedure 93-27 and Revenue Procedure 2001-43. If the proposed revenue procedure described in Internal Revenue Service Notice 2005-43 is finalized prior to the issuance
of all such Units, such Units that are issued after finalization are intended to constitute “safe harbor partnership interests” as described in said Notice. Accordingly, the Company and all Unit Holders (including the recipients of such
Units), intending to be legally bound, agree that 
 (i) the Company is authorized and directed to elect the
“safe harbor” described in the revenue procedure to be issued pursuant to said Notice, 
 (ii) the
Company and each of its Unit Holders (including the recipients of such Units) will comply with all requirements of said safe harbor with respect to all partnership interests transferred in connection with the performance of services while the
election remains effective, including reporting in a manner consistent with the safe harbor on their respective income tax returns, and 
 (iii) no issuance or transfer of any Unit shall be effective unless the Person acquiring the Unit agrees to be legally bound by the safe harbor election as if it had

  
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been a Unit Holder at the time the Units referenced in the first sentence of this Section 2.3(g) were issued and such related conditions as the Board of Managers may reasonably impose.

 The parties acknowledge that the proposed revenue procedure is subject to change, and agree that this subparagraph shall be
construed in such manner as may be necessary to implement the intent of the parties as stated above, and that the Board of Managers shall have the authority, without any further action by the Unit Holders, to amend this Agreement as may be necessary
to implement the stated intent. Following the issuance of the Units described in this subparagraph, the Board of Managers shall have the sole discretion and authority to act on behalf of the Company and the Unit Holders to terminate the safe harbor
election, and each Unit Holder agrees that it will not take any action that would terminate the safe harbor election. 
 2.4
Capital Accounts. 
 A Capital Account shall be maintained for each Unit Holder in accordance with the following provisions.
To facilitate the accounting for acquisitions, ownership and transfers of more than one class of Units by a Unit Holder, each Unit Holder’s Capital Account shall be subdivided into separate Capital Accounts for each class of Unit owned, and the
following adjustments to Capital Accounts shall be made by reference to Units of each class of Unit owned: 
 (a) To each Unit
Holder’s Capital Account there shall be credited (i) such Unit Holder’s Capital Contributions, (ii) such Unit Holder’s distributive share of Profits and any items in the nature of income or gain which are specially allocated
pursuant to Section 3.1(c), Section 3.1(d), Section 3.3(c), and Section 3.3(d) hereof, and (iii) the amount of any Company liabilities assumed by such Unit Holder or which are secured by any Property distributed to such Unit
Holder. The principal amount of a promissory note which is not readily traded on an established securities market and which is contributed to the Company by the maker of the note (or a Unit Holder related to the maker of the note within the meaning
of Regulations Section 1.704-1(b)(2)(ii)(c)) shall not be included in the Capital Account of any Unit Holder until the Company makes a taxable disposition of the note or until (and to the extent) principal payments are made on the note, all in
accordance with Regulations Section 1.704-1(b)(2)(iv)(d)(2); 
 (b) To each Unit Holder’s Capital Account there shall
be debited (i) the amount of money and the Gross Asset Value of any Property distributed to such Unit Holder pursuant to any provision of this Agreement, (ii) such Unit Holder’s distributive share of Losses and any items in the nature
of expenses or losses which are specially allocated pursuant to Section 3.1(c), Section 3.1(d), Section 3.3(c), and Section 3.3(d) hereof, and (iii) the amount of any liabilities of such Unit Holder assumed by the Company or
which are secured by any Property contributed by such Unit Holder to the Company; 
 (c) During the Retrofit Phase, Gevo’s
Capital Account shall be periodically credited with an amount equal to the total Retrofit Costs borne by Gevo in connection with the Retrofit of the Facility. Upon the completion of the Performance Testing Phase, there shall be corresponding
adjustments to the Capital Accounts of other Unit Holders, such that the aggregate Capital Accounts of the Redfield Parties are in the same ratio to the aggregate Capital Accounts of the Gevo Parties as the Redfield Percentage Interest is to the
Gevo Percentage Interest at such 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 
time. In addition, until such time as the Performance Level equals 100%, Gevo’s Capital Account shall be credited with additional amounts equal to any Retrofit Costs borne by Gevo during the
Gevo Economic Period. 
 (d) In the event Units are Transferred in accordance with the terms of this Agreement, the transferee
shall succeed to the Capital Account of the transferor to the extent it relates to the Transferred Units; and 
 (e) In
determining the amount of any liability for purposes of subparagraphs (a) and (b) above there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 

The foregoing provisions and the other provisions of this Agreement relating to allocation of Profits and Losses, nonliquidating
distributions, liquidating distributions, and the maintenance of Capital Accounts, including and subject to Section 12.3, are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner
consistent with such Regulations. In the event the Board shall determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits relating to
liabilities which are secured by contributed or distributed property or which are assumed by the Company or any Unit Holders), are computed in order to comply with such Regulations, the Board may make such modification, provided that it is not
likely to have a material effect on the amounts distributed to any Person pursuant to Section 12 hereof upon the dissolution of the Company. The Board also shall (i) make any adjustments that are necessary or appropriate to maintain
equality between the Capital Accounts of the Unit Holders and the amount of capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q), and (ii) make
any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b). 
 SECTION 3 
 ALLOCATIONS AND DISTRIBUTIONS 

3.1 Allocations Prior to Commencement of the Gevo Economic Period. 

Prior to the commencement of the Gevo Economic Period, all allocations shall be made solely among the Redfield Parties as described in
this Section 3.1. 
 (a) Profits. 
 After giving effect to the special allocations in Section 3.1(c) and Section 3.1(d) hereof, and except as otherwise provided in Section 3.1(e) hereof, Profits for any Fiscal Year shall be
allocated among holders of the Class A Units and Class B Units ratably in proportion to the Class A Units and Class B Units held. 
 (b) Losses. 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 After giving effect to the special allocations in Section 3.1(c) and
Section 3.1(d) hereof, and except as otherwise provided in Section 3.1(e) hereof, Losses for any Fiscal Year shall be allocated among holders of the Class A Units and Class B Units ratably in proportion to the Class A Units and
Class B Units held. 
 (c) Special Allocations. 
 The following special allocations shall be made in the following order: 
 (i) Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(g) of the Regulations, notwithstanding any other provision of this Section 3, if there is a net decrease in Company
Minimum Gain during any Fiscal Year, each Unit Holder shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Unit Holder’s share of the net
decrease in Company Minimum Gain, determined in accordance with Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Unit Holder
pursuant thereto. The items to be so allocated shall be determined in accordance with sections 1.704-2(f)(6) and 1.704-2(j)(2) of the Regulations. This Section 3.1(c)(i) is intended to comply with the minimum gain chargeback requirement in
Section 1.704-2(f) of the Regulations and shall be interpreted consistently therewith. 
 (ii) Unit Holder
Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the Regulations, notwithstanding any other provision of this Section 3, if there is a net decrease in Unit Holder Nonrecourse Debt Minimum Gain attributable
to a Unit Holder Nonrecourse Debt during any Fiscal Year, each Unit Holder who has a share of the Unit Holder Nonrecourse Debt Minimum Gain attributable to such Unit Holder Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(5)
of the Regulations, shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Unit Holder’s share of the net decrease in Unit Holder Nonrecourse
Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Unit Holder pursuant thereto. The items
to be so allocated shall be determined in accordance with Sections 1.704-2(i)(4) and 1.704-2(j)(2) of the Regulations. This Section 3.1(c)(ii) is intended to comply with the minimum gain chargeback requirement in Section 1.704-2(i)(4) of
the Regulations and shall be interpreted consistently therewith. 
 (iii) Qualified Income Offset. In the event
any Unit Holder unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704- 1(b)(2)(ii)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be
specially allocated to such Unit Holder in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Unit Holder as quickly as possible, provided that an allocation pursuant
to this Section 3.1(c)(iii) shall be made only if and to the extent that the 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 
Unit Holder would have an Adjusted Capital Account Deficit after all other allocations provided for in this Section 3 have been tentatively made as if this Section 3.1(c)(iii) were not
in this Agreement. 
 (iv) Gross Income Allocation. In the event any Unit Holder has a deficit Capital Account
at the end of any Fiscal Year which is in excess of the amount such Unit Holder is obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Unit Holder shall be specially allocated
items of Company income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 3.1(c)(iv) shall be made only if and to the extent that such Unit Holder would have a deficit Capital
Account in excess of such sum after all other allocations provided for in this Section 3 have been made as if Section 3.1(c)(iii) and this Section 3.1(c)(iv) were not in this Agreement. 

(v) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Unit Holders
in proportion to Units owned. 
 (vi) Unit Holder Nonrecourse Deductions. Any Unit Holder Nonrecourse Deductions
for any Fiscal Year shall be specially allocated to the Unit Holder who bears the economic risk of loss with respect to the Unit Holder Nonrecourse Debt to which such Unit Holder Nonrecourse Deductions are attributable in accordance with Regulations
Section 1.704-2(i)(1). 
 (vii) Section 754 Adjustments. To the extent an adjustment to the adjusted
tax basis of any Company asset, pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital
Accounts as the result of a distribution to a Unit Holder in complete liquidation of such Unit Holder’s interest in the Company, the amount of such adjustment to Capital Accounts shall be treated as an item of gain if the adjustment increases
the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Unit Holders in accordance with their interests in the Company in the event Regulations
Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Unit Holder to whom such distribution was made in the event Regulations. Section 1.704-1(b)(2)(iv)(m)(4) applies. 

(viii) Allocations Relating to Taxable Issuance of Units. Any income, gain, loss or deduction realized as a direct
or indirect result of the issuance of Units by the Company to a Unit Holder (the “Issuance Items”) shall be allocated among the Unit Holders so that, to the extent possible, the net amount of such Issuance Items, together with all
other allocations under this Agreement to each Unit Holder shall be equal to the net amount that would have been allocated to each such Unit Holder if the Issuance Items had not been realized. 

(ix) Syndication Expenses. Syndication Expenses for any Fiscal Year shall be specially allocated to the Unit Holders in
proportion to their Units, provided that, if Units are issued pursuant to Section 2.3 hereof during the Fiscal Year, all Syndication Expenses shall be divided among the Unit Holders from time to time so that, to the extent

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 
possible, the cumulative Syndication Expenses allocated with respect to each Unit at any time is the same amount. In the event the Board shall determine that such result is not likely to be
achieved through future allocations of Syndication Expenses, the Board may allocate other items of income, gain, deduction, or loss so as to achieve the same effect on the Capital Accounts of the Unit Holders. 

(x) Special Allocation of Gain. Net gain realized by the Company that otherwise would be allocable under
Section 3.1(a) shall be specially allocated in the following order and at the following time: 
 (1) first,
to Unit Holders who hold Class C Preferred Units an amount, when combined with prior allocations pursuant to this Section 3.1(c) and Section 3.1(d), equals a ten percent (10%) annual, cumulative, non-compounding return on such Unit
Holders initial Capital Contribution calculated like interest using the average daily balance of the Capital Contribution over the period of time in question, 
 (2) second, to Unit Holders who hold Units that were issued to Glacial Lakes Energy, LLC pursuant to Section 2.3(f), in proportion to such Units in an amount not to exceed One Dollar ($1.00) for each
such Unit, and 
 (3) next, to Unit Holders who hold Units that were issued to Glacial Lakes Energy, LLC
pursuant to Section 2.3(f), Units that were issued in the Seed Capital Round and Units that were issued pursuant to the exercise of Board Options, in proportion to all such Units in an amount not to exceed One Dollar ($1.00) for each such Unit.
Units issued in the Seed Capital Round shall mean the Units issued pursuant to the Company’s private placement of Units in August 2005, and Board Options shall mean an option to acquire Units that was granted on or before Financial Closing in
consideration of services as a member of the Company’s Board of Managers. 
 The intent of this special allocation is
provide an incentive with respect to the Units referenced in subparagraph (3) above that will be paid only if and to the extent that aggregate distributions made by the Company during the Liquidation Period (or out of the proceeds of a
refinancing) with respect to Units other than those described in subparagraph (3) are at least $2.00 per Unit. Accordingly, this special allocation generally shall be made with respect to gain realized by the Company during the Liquidation
Period; provided, that if Profits are allocated before the Liquidation Period pursuant to clause (iii) of the definition of “Profits” and “Losses” (relating to adjustments to Gross Asset Values), the Board of Managers shall
make a good faith determination of whether and to what extent it is appropriate for part or all of this special allocation to be made as part of that Profit allocation in order to better assure that the intended incentive will be distributed when
the Company later liquidates. 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 If the Company subdivides or combines its outstanding Units or declares a distribution
payable in its Units, the amount per Unit of this special allocation shall be proportionately increased, in the case of combination, or decreased, in the case of a subdivision or distribution. 

(xi) Equalization of Certain Profits or Loss Allocations. Immediately following Financial Closing, and subject to
Section 3.1(c)(ix) hereof, items of income, loss and deduction shall be specially allocated to the extent possible among the Class A Units and Class B Units until the cumulative Profits or Losses allocated to each such Class A Unit
and Class B Unit since the Company’s formation is equal. 
 (d) Curative Allocations. 

The allocations set forth in Sections 3.1(c)(i) through (vii), Section 3.1(e), Sections 3.3(c)(i) through (vii), and
Section 3.3(e) (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either
with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss or deduction pursuant to this Section 3.1(d). Therefore, notwithstanding any other provision of this Section 3 (other than the
Regulatory Allocations), the Company shall make such offsetting special allocations of Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Unit Holder’s
Capital Account balance is, to the extent possible, equal to the Capital Account balance such Unit Holder would have had if the Regulatory Allocations were not part of the Agreement: 

(e) Loss Limitation. 
 Losses allocated pursuant to Section 3.1(b) hereof shall not exceed the maximum amount of Losses that can be allocated without causing any Unit Holder to have an Adjusted Capital Account Deficit at
the end of any Fiscal Year. In the event some but not all of the Unit Holders would have Adjusted Capital Account Deficits as a consequence of an allocation of Losses pursuant to Section 3.1(b) hereof, the limitation set forth in this
Section 3.1(e) shall be applied on a Unit Holder by Unit Holder basis among the Units, so as to allocate the maximum permissible Losses to each Unit Holder under Section 1.704-1(b)(2)(ii)(d) of the Regulations. 

(f) Other Allocation Rules. 
 (i) For purposes of determining the Profits, Losses, or any other items allocable to any period, Profits, Losses, and any such other items shall be determined on a daily, monthly, or other basis, as
determined by the Board using any permissible method under Code Section 706 and the Regulations thereunder. 
 (ii) Generally, all Profits and Losses allocated to the Unit Holders or the Holders of specified Units or a specified class thereof shall be allocated among them in proportion to the Units or specified
Units or class thereof, respectively, held by each. In the event Units are issued pursuant to Section 2.3 hereof during a Fiscal Year, the Profits (or 

  
 25 

			
	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 
Losses) allocated to the Unit Holders for each such Fiscal Year shall be allocated among the Unit Holders in proportion to the number of Units each holds from time to time during such Fiscal Year
in accordance with Code Section 706, using any convention permitted by law and selected by the Board. 

(iii) The Unit Holders are aware of the income tax consequences of the allocations made by this Section 3 and hereby
agree to be bound by the provisions of this Section 3 in reporting their shares of Company income and loss for income tax purposes. 
 (iv) Solely for purposes of determining a Unit Holder’s proportionate share of the “excess nonrecourse liabilities” of the Company within the meaning of Regulations
Section 1.752-3(a)(3), the Unit Holders’ aggregate interests in Company profits shall be deemed to be as provided in the capital accounts. 
 To the extent permitted by Section 1.704-2(h)(3) of the Regulations, the Unit Holders shall endeavor to treat distributions of Net Cash Flow as having been made from the proceeds of a Nonrecourse
Liability or a Unit Holder Nonrecourse Debt only to the extent that such distributions would cause or increase an Adjusted Capital Account Deficit for any Unit Holder. 
 (g) Tax Allocations: Code Section 704(c). 
 (i) In accordance
with Code Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction with respect to any Property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Unit Holders so as to take
account of any variation between the adjusted basis of such Property to the Company for federal income tax purposes and its initial Gross Asset Value (computed in accordance with the definition of Gross Asset Value). 

(ii) In the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraph (ii) of the
definition of Gross Asset Value, subsequent allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset
Value in the same manner as under Code Section 704(c) and the Regulations thereunder. 
 (iii) Allocations
pursuant to this Section 3.1(g) shall be made with respect to the Company’s assets owned (or assets received in exchange for such assets) on the commencement of the Gevo Economic Period under the traditional method with the ceiling rule
and as to other assets as required or permitted by Regulations Section 1.704-3 pursuant to such method provided therein as may reasonably be designated in accordance with Section 8.3. Any elections or other decisions relating to
allocations under this Section 3.1(g) will be made in accordance with Section 8.3 in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations under this Section 3.1(g) are solely for purposes of
federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Unit Holder’s Capital Account or share of Profits or Losses or distributions under any provision of this Agreement. 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 3.2 Distributions Prior to Commencement of the Gevo Economic Period. 

Prior to the commencement of the Gevo Economic Period, all distributions shall be made solely among the Redfield Parties as described in
this Section 3.2. 
 (a) Net Cash Flow. 
 Except as otherwise provided in Section 12 hereof and to the extent necessary to reflect the stated intent of the special allocation of gain in Section 3.1(c)(x) above, Net Cash Flow, if any,
shall be distributed to the Unit Holders at such times and in such amounts as may be determined by the Board in the following manner: 
 (i) first, to the holders of the Class C Preferred Units in proportion to their Class C Preferred Units, an amount, when combined with prior distributions pursuant to this Section 3.2(a), equals a
ten percent (10%) annual, cumulative, non-compounding return on such holders initial Capital Contribution calculated like interest using the average daily balance of the such Capital Contribution over the time period in question; and

 (ii) thereafter to the holders of Class A Units and Class B Units in proportion to their Units.

 (b) Amounts Withheld. 
 All amounts withheld pursuant to the Code or any provision of any state, local or foreign tax law with respect to any payment, distribution or allocation to the Company or the Unit Holders shall be
treated as amounts paid or distributed, as the case may be, to the Unit Holders with respect to which such amount was withheld pursuant to this Section 3.2(b) for all purposes under this Agreement. The Company is authorized to withhold from
payments and distributions, or with respect to allocations to the Unit Holders, and to pay over to any federal, state and local government or any foreign government, any amounts required to be so withheld pursuant to the Code or any provisions of
any other federal, state or local law or any foreign law, and shall allocate any such amounts to the Unit Holders with respect to which such amount was withheld. 
 (c) Limitations on Distributions. 
 (i) The Company shall make no
distributions to the Unit Holders except (i) as provided in this Section 3.2 and Section 12 hereof or (ii) distributions payable in Units authorized by the Board. 

(ii) A Unit Holder may not receive a distribution from the Company to the extent that, after giving effect to the
distribution, all liabilities of the Company, other than liability to Unit Holders on account of their Capital Contributions, would exceed the Gross Asset Value of the Company’s assets. 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 3.3 Allocations After Commencement of the Gevo Economic Period. 

Beginning upon the commencement of the Gevo Economic Period, allocations shall be made among all Members as described in this
Section 3.3. 
 (a) Determination. Profits or Losses shall be determined by the Board, in accordance with the Code, as
soon as practicable after the close of the Company’s fiscal year. 
 (b) Allocation. Profits or Losses shall be allocated
to Gevo in proportion to the Gevo Percentage Interest and to the Redfield Parties in proportion to the Redfield Percentage Interest. Amounts allocated to the Redfield Parties shall in turn be subject to the provisions of Section 3.1 above.

 (c) Special Allocations. 
 The following special allocations shall be made in the following order: 
 (i) Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(g) of the Regulations, notwithstanding any other provision of this Section 3, if there is a net decrease in Company
Minimum Gain during any Fiscal Year, each Unit Holder shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Unit Holder’s share of the net
decrease in Company Minimum Gain, determined in accordance with Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Unit Holder
pursuant thereto. The items to be so allocated shall be determined in accordance with sections 1.704-2(f)(6) and 1.704-2(j)(2) of the Regulations. This Section 3.3(c)(i) is intended to comply with the minimum gain chargeback requirement in
Section 1.704-2(f) of the Regulations and shall be interpreted consistently therewith. 
 (ii) Unit Holder
Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the Regulations, notwithstanding any other provision of this Section 3, if there is a net decrease in Unit Holder Nonrecourse Debt Minimum Gain attributable
to a Unit Holder Nonrecourse Debt during any Fiscal Year, each Unit Holder who has a share of the Unit Holder Nonrecourse Debt Minimum Gain attributable to such Unit Holder Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(5)
of the Regulations, shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Unit Holder’s share of the net decrease in Unit Holder Nonrecourse
Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Unit Holder pursuant thereto. The items
to be so allocated shall be determined in accordance with Sections 1.704-2(i)(4) and 1.704-2(j)(2) of the Regulations. This Section 3.3(c)(ii) is intended to comply with the minimum gain chargeback requirement in Section 1.704-2(i)(4) of
the Regulations and shall be interpreted consistently therewith. 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 (iii) Qualified Income Offset. In the event any Unit Holder
unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704- 1(b)(2)(ii)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated
to such Unit Holder in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Unit Holder as quickly as possible, provided that an allocation pursuant to this
Section 3.3(c)(iii) shall be made only if and to the extent that the Unit Holder would have an Adjusted Capital Account Deficit after all other allocations provided for in this Section 3 have been tentatively made as if this
Section 3.3(c)(iii) were not in this Agreement. 
 (iv) Gross Income Allocation. In the event any Unit
Holder has a deficit Capital Account at the end of any Fiscal Year which is in excess of the amount such Unit Holder is obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such
Unit Holder shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 3.3(c)(iv) shall be made only if and to the extent that such
Unit Holder would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Section 3 have been made as if Section 3.3(c)(iii) and this Section 3.3(c)(iv) were not in this Agreement.

 (v) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the
Unit Holders in proportion to Units owned. 
 (vi) Unit Holder Nonrecourse Deductions. Any Unit Holder
Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Unit Holder who bears the economic risk of loss with respect to the Unit Holder Nonrecourse Debt to which such Unit Holder Nonrecourse Deductions are attributable in
accordance with Regulations Section 1.704-2(i)(1). 
 (vii) Section 754 Adjustments. To the
extent an adjustment to the adjusted tax basis of any Company asset, pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or
1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Unit Holder in complete liquidation of such Unit Holder’s interest in the Company, the amount of such
adjustment to Capital Accounts shall be treated as an item of gain if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Unit Holders in
accordance with their interests in the Company in the event Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Unit Holder to whom such distribution was made in the event Regulations.
Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 (viii) Allocations Relating to Taxable Issuance
of Units. Any Issuance Items shall be allocated among the Unit Holders so that, to the extent possible, the net amount of such Issuance Items, together with all other allocations under this Agreement

  
 29 

			
	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 
to each Unit Holder shall be equal to the net amount that would have been allocated to each such Unit Holder if the Issuance Items had not been realized. 

(ix) Syndication Expenses. Syndication Expenses for any Fiscal Year shall be specially allocated to the Unit Holders in
proportion to their Units, provided that, if Units are issued pursuant to Section 2.3 hereof during the Fiscal Year, all Syndication Expenses shall be divided among the Unit Holders from time to time so that, to the extent possible, the
cumulative Syndication Expenses allocated with respect to each Unit at any time is the same amount. In the event the Board shall determine that such result is not likely to be achieved through future allocations of Syndication Expenses, the Board
may allocate other items of income, gain, deduction, or loss so as to achieve the same effect on the Capital Accounts of the Unit Holders. 
 (d) Curative Allocations. 
 The Regulatory Allocations are intended to comply with
certain requirements of the Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Company income,
gain, loss or deduction pursuant to this Section 3.3(d). Therefore, notwithstanding any other provision of this Section 3 (other than the Regulatory Allocations), the Company shall make such offsetting special allocations of Company
income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Unit Holder’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such
Unit Holder would have had if the Regulatory Allocations were not part of the Agreement: 
 (e) Loss Limitation. 

Losses allocated pursuant to Section 3.3(b) hereof shall not exceed the maximum amount of Losses that can be allocated without
causing any Unit Holder to have an Adjusted Capital Account Deficit at the end of any Fiscal Year. In the event some but not all of the Unit Holders would have Adjusted Capital Account Deficits as a consequence of an allocation of Losses pursuant to
Section 3.3(b) hereof, the limitation set forth in this Section 3.3(e) shall be applied on a Unit Holder by Unit Holder basis among the Units, so as to allocate the maximum permissible Losses to each Unit Holder under
Section 1.704-1(b)(2)(ii)(d) of the Regulations. 
 (f) Other Allocation Rules. 

(i) For purposes of determining the Profits, Losses, or any other items allocable to any period, Profits, Losses, and any
such other items shall be determined on a daily, monthly, or other basis, as determined by the Board using any permissible method under Code Section 706 and the Regulations thereunder. 

(ii) Generally, all Profits and Losses allocated to the Unit Holders or the Holders of specified Units or a specified
class thereof shall be allocated among them in proportion to the Units or specified Units or class thereof, respectively, held by each. In the event Units are issued pursuant to Section 2.3 hereof during a Fiscal Year, the Profits (or

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 Losses) allocated to the Unit Holders for each such Fiscal Year shall be allocated among
the Unit Holders in proportion to the number of Units each holds from time to time during such Fiscal Year in accordance with Code Section 706, using any convention permitted by law and selected by the Board. 

(iii) The Unit Holders are aware of the income tax consequences of the allocations made by this Section 3 and hereby
agree to be bound by the provisions of this Section 3 in reporting their shares of Company income and loss for income tax purposes. 
 (iv) Solely for purposes of determining a Unit Holder’s proportionate share of the “excess nonrecourse liabilities” of the Company within the meaning of Regulations
Section 1.752-3(a)(3), the Unit Holders’ aggregate interests in Company profits shall be deemed to be as provided in the capital accounts. 
 To the extent permitted by Section 1.704-2(h)(3) of the Regulations, the Unit Holders shall endeavor to treat distributions of Net Cash Flow as having been made from the proceeds of a Nonrecourse
Liability or a Unit Holder Nonrecourse Debt only to the extent that such distributions would cause or increase an Adjusted Capital Account Deficit for any Unit Holder. 
 (g) Tax Allocations: Code Section 704(c). 
 (i) In accordance
with Code Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction with respect to any Property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Unit Holders so as to take
account of any variation between the adjusted basis of such Property to the Company for federal income tax purposes and its initial Gross Asset Value (computed in accordance with the definition of Gross Asset Value). 

(ii) In the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraph (ii) of the
definition of Gross Asset Value, subsequent allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset
Value in the same manner as under Code Section 704(c) and the Regulations thereunder. 
 (iii) Allocations
pursuant to this Section 3.3(g) shall be made with respect to the Company’s assets owned (or assets received in exchange for such assets) on the commencement of the Gevo Economic Period under the traditional method with the ceiling rule
and as to other assets as required or permitted by Regulations Section 1.704-3 pursuant to such method provided therein as may reasonably be designated in accordance with Section 8.3. Any elections or other decisions relating to
allocations under this Section 3.3(g) will be made in accordance with Section 8.3 in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations under this Section 3.3(g) are solely for purposes of
federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Unit Holder’s Capital Account or share of Profits or Losses or distributions under any provision of this Agreement. 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 3.4 Distributions After Commencement of the Gevo Economic Period. 

Beginning upon the commencement of the Gevo Economic Period, distributions shall be made among all Members as described in this
Section 3.4. 
 (a) Distribution of Net Cash Flow. 

(i) Net Cash Flow shall be distributed to the Members from time to time as determined by the Board. Any distribution shall be made to
Gevo in proportion to the Gevo Percentage Interest and to the Redfield Parties in proportion to the Redfield Percentage Interest. The portion of the distribution made to the Redfield Parties shall in turn be subject to the provisions of
Section 3.2 above. 
 (ii) Notwithstanding the provisions of Section 3.4(a)(i), to the extent that the Company
redeems Class C Preferred Units pursuant to Section 6.6(b), all funds used to accomplish such redemption shall decrease the amounts otherwise distributable to the Redfield Parties pursuant to Section 3.4(a)(i) and shall not impact the Net
Cash Flow distributable to Gevo. 
 (b) Distribution upon Liquidation. Upon a liquidation, the assets of the Company shall be
distributed to the Members in accordance with Section 12.2 hereof. 
 (c) Mandatory Tax Distribution. 

(i) Tax Distribution. Notwithstanding the foregoing provisions of this Section 3.4, to the extent of Net Cash Flow
available for distribution, the Company will use its best efforts to make annual Tax Distributions by April 15 of each year, equal to the positive balances in each Member’s Tax Liability Account (determined pursuant to
Section 3.4(c)(ii)). Such payments must be made pro rata in accordance with such positive balances, until such positive balances are reduced to zero. Distributions under this Section 3.4(c) are “Tax Distributions.” All
distributions, other than Tax Distributions, shall take into account Tax Distributions previously made to the Member, so that total distributions are in accordance with the provisions of Sections 3.4(a) and 3.4(b). 

(ii) Tax Liability Account. 
 (1) Defined. A tax liability account (the “Tax Liability Account”) must be maintained for each Member. The initial balance of the Tax Liability Account is zero. At the end of each fiscal
year, the Tax Liability Account must be increased in the amount of the Assumed Tax Liability of the Member for such year and must be decreased in the amount of the Assumed Tax Benefit of such Member for the year. The Tax Liability Account will also
be decreased by any Tax Distributions to the Member. The “Assumed Tax Liability” of a Member each year will be an amount equal to the result of multiplying the aggregate amount of 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 taxable income or gain allocated to such Member for the year multiplied by forty
percent (40%) or such other percentage as may be established by the Board of Managers from time to time to address estimated tax liabilities (the “Updated Tax Rate”). The “Assumed Tax Benefit” of a Member for any year is to
be computed by multiplying the aggregate amount of loss or deduction allocated to the Member for the year multiplied by forty percent (40%) or the Updated Tax Rate, as applicable. However, Members will not be required to make a payment, or have
an obligation to the Company, if the balance in the Tax Liability Account becomes negative. 
 (2) Audit.
If there is any audit adjustment by a taxing authority that has become final and that affects the amounts of taxable income, gain, loss or deductions allocated or required to have been allocated to the Members in any year, each Member’s Tax
Liability Account will be recalculated by giving effect to such adjustment (treating any penalties incurred by any of the Members in connection with such audit adjustment as an addition to the Assumed Tax Liability of such Members), and any
resulting positive balances will be distributed to the Members as soon as practicable thereafter. 
 (3)
Purpose. The Tax Liability Accounts described above are “off balance sheet” accounts being established solely as a mechanism to determine the amount of Tax Distributions to be made by the Company to the Members to fund tax
liabilities attributable to the Company. 
 (d) Limitations upon Distributions. Notwithstanding Section 3.4, no
distribution shall be made to the Members to the extent that such distribution would violate the Act or any other applicable law. 
 SECTION 4 
 RIGHTS, PREFERENCES AND LIMITATIONS OF THE CLASS G UNITS

 4.1 Issuance of the Class G Units. 
 Pursuant to Section 2.2(g) of this Agreement, the Board has the authority, upon the consent or approval of a Majority in Interest of the Members, voting separately by class, to establish and
authorize one or more than one additional classes or series of Units, to set forth the designation and number of authorized Units of any such additional class or series, to fix the relative rights and preferences of any such additional class or
series, including but not limited to the voting powers, full or limited or none, and relative economic and other rights, preferences and/or limitations thereof. In accordance with the terms of Section 2.2(g) of this Agreement, the Board and the
Members voting separately by class, have authorized the issuance of the Class G Units to Gevo. 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 4.2 Limitations Applicable to the Class G Units. 

Prior to the commencement of the Gevo Economic Period, the holders of the Class G Units shall not be entitled to exercise any of the
voting rights set forth in Section 6.2(b) of this Agreement and shall not be entitled to participate in (a) any Company allocations, including, without limitation, allocations of Profits or Losses, which shall be distributed in accordance
with the provisions of Section 3.1 of this Agreement, or (b) any Company distributions, including, without limitation, distributions of Net Cash Flow which shall be distributed in accordance with the provisions of Section 3.2 of this
Agreement. 
 4.3 Retrofit of the Facility. 
 (a) The Retrofit. 
 Pursuant to the terms and conditions of the Joint Venture
Agreement, the Company and Gevo have agreed to work together in a joint venture for the purpose of retrofitting the Facility for the commercial production of isobutanol using technology and funds provided by Gevo (the “Retrofit”). The
Retrofit of the Facility shall proceed in phases, a Retrofit Phase during which the Facility will be retrofit to produce isobutanol, a Performance Testing Phase during which the Facility’s isobutanol production capabilities will be tested and
optimized and an Operational Phase during which the Facility will produce either isobutanol or ethanol on a commercial scale. 

(b) The Performance Testing Phase. 
 (i) During the Performance Testing Phase, pursuant to the terms of the Joint Venture Agreement, ethanol production at the Facility will be discontinued in order to commence testing of the isobutanol
production capabilities of the Facility during one or more testing periods (each a “Testing Period”) the length and frequency of which shall be set forth in a Commissioning and Start up Plan (“CSP”), which shall have been duly
executed and delivered by the Company, Gevo and any other parties thereto prior to the commencement of, and shall be in full force and effect and at all times during the Retrofit. 

(ii) During each individual Testing Period conducted during the Performance Testing Phase, Gevo or its representatives
shall be responsible for measuring the volume of Qualifying Isobutanol that has been produced by the Facility during such Testing Period, provided that each such measurement of Qualifying Isobutanol shall be made using the mutually agreed upon
methods and protocols set forth in the CSP. 
 (iii) Immediately upon the completion of each individual Testing
Period conducted during the Performance Testing Phase, the volume of Qualifying Isobutanol produced during such Testing Period shall be used to determine the percentage of the Isobutanol Minimum Commercial Level achieved by the Facility during such
Testing Period, such percentage shall be referred to herein as the “Performance Level.” It being understood that Gevo shall continue to work on improving the isobutanol production capabilities of the Facility until a Performance Level of
100% has been achieved. 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 (iv) The Performance Testing Phase shall end upon the earlier of
(A) the date upon which the Facility achieves a Performance Level of at least 100% during any one Testing Period and (B) the date upon which the parties agree that the commercial production of Qualifying Isobutanol at the Facility would be
commercially viable at the current Performance Level. The period of time beginning on this date shall be referred to herein as the “Gevo Economic Period.” 

(v) Immediately upon the commencement of the Gevo Economic Period, the Gevo Percentage Interest shall be increased to
equal the product of the highest Performance Level achieved during the Performance Testing Phase multiplied by the Maximum Economic Interest; provided, however, that the Gevo Percentage Interest shall never be increased to an amount greater than the
Maximum Economic Interest. 
 (c) The Gevo Economic Period. 

(i) In the event that the Gevo Economic Period commences prior to the achievement of a Performance Level of 100%, Gevo
agrees to continue to work to improve the production of Qualifying Isobutanol at the Facility and shall have the right to conduct additional Testing Periods to measure the Performance Level of the Facility. Immediately upon the completion of any
Testing Period conducted during the Gevo Economic Period that results in a Performance Level that is greater than the Performance Levels achieved during all preceding Testing Periods, the Gevo Percentage Interest shall be increased to equal the
product of the Performance Level achieved during such Testing Period multiplied by the Maximum Economic Interest; provided, however, that the Gevo Percentage Interest shall never be increased to an amount greater than the Maximum Economic Interest.
For the avoidance of doubt, at such time as the Performance Level reaches 100% during any one Testing Period, the Gevo Percentage Interest shall be increased to equal the Maximum Economic Interest, which shall be the final Gevo Percentage Interest.

 (d) Dispute Resolution. 
 (i) Any other provision of this Agreement notwithstanding, if a dispute arises out of or relates to Section 4.3 of this Agreement, such dispute shall be resolved in accordance with the terms of
Article 9 of the Joint Venture Agreement. 
 4.4 Rights and Preferences of the Class G Units. 

(a) Upon Issuance. 
 Immediately upon the issuance of the Class G Units, the holders of the Class G Units shall be entitled to certain rights and preferences set forth in this Agreement including, without limitation, the
information rights set forth in Section 1.11 of this Agreement and the right to appoint Managers to the Board as set forth in Section 5.3(a)(v) of this Agreement. 
 (b) Upon Commencement of the Gevo Economic Period. 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 Upon the commencement of the Gevo Economic Period, the limitations described in
Section 4.2 of this Agreement shall terminate and the holders of the Class G Units shall be entitled to certain rights and preferences in addition to those set forth in Section 4.4(a) above including, without limitation, (i) the right
to exercise the voting rights forth in Section 6.2(b) of this Agreement, (ii) the right to participate in Company allocations, including, without limitation, allocations of Profits and Losses, which shall at all times after the
commencement of the Gevo Economic Period be distributed in accordance with the provisions of Section 3.3 of this Agreement, and (iii) the right to participate in Company distributions, including, without limitation, distributions of Net
Cash Flow which shall at all times after the commencement of the Gevo Economic Period be distributed in accordance with the provisions of Section 3.4 of this Agreement. 
 4.5 Additional Rights and Preferences. 
 Any other provision of this
Agreement notwithstanding (including without limitation Section 5.1(a)), so long as any of the originally issued Class G Units remain outstanding, the Company shall not, directly or indirectly, by means of amendment of this Agreement, merger,
consolidation or otherwise, without the approval of a majority of the Board, including at least one Gevo Appointed Manager: 

(a) materially alter or change the business of the Company or change the location of the principal office of the Company; 

(b) issue, deliver, sell, pledge or otherwise encumber any units, securities or other interests in the Company or rights convertible
into units, securities or other interests in the Company; 
 (c) repurchase, redeem or otherwise acquire any units, securities
or other interests in the Company, provided that no approval shall be required for the redemption of the Class C Preferred Units in accordance with Section 6.6(b) of this Agreement if such repurchase, redemption or other acquisition (i) is
permitted pursuant to the terms of the documents governing the Company’s indebtedness and (ii) would not prevent the Company from maintaining the Working Capital Requirement; 

(d) make any public offering of any units, securities or other interests in the Company; 

(e) create or designate any new classes or series of units, securities or other interests or modify any existing qualifications or
requirements for holding units, securities or other interests; 
 (f) modify or alter the rights, powers, preferences, or
privileges of any class of units, securities or other interests, including, without limitation, any policies regarding the transferability of units, securities or other interests; 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 (g) transfer any units, securities or other interests to a Gevo Competitor; 

(h) permit any Member to make a transfer of units or other interests that could cause the Company to become subject to reporting
requirements under the applicable provisions of the Securities Exchange Act of 1934, as amended; 
 (i) [reserved]; 

(j) make or revoke any tax election, settle or compromise any tax liability or amend any tax return; 

(k) enter into any contract, agreement or transaction with a material, adverse tax consequence that impacts any class of units,
securities or other interests disproportionately; 
 (l) enter into any contract, agreement or transaction with any unit
holder, member, or any of their respective Affiliates, other than ordinary course contracts entered into on an arms’ length basis; 
 (m) establish or approve any policy pursuant to which a unit holder, member, or any of their respective Affiliates receives any salary for services rendered or is reimbursed for expenses incurred on
behalf of the Company, provided that no approval is required for (i) the salaries of Redfield’s employees in effect as of the date of this Agreement or (ii) the salaries of any new Redfield employees up to a maximum of $100,000 per
year, regardless of whether any such employee is or becomes a member of Redfield; 
 (n) approve the lending of money to the
Company by a unit holder, member, or any of their respective Affiliates, or determine the rate at which such a loan shall bear interest; 
 (o) make any loans, advances or capital contributions outside of the ordinary course of business, other than trade payables; 
 (p) incur, or authorize the incurrence of, indebtedness in excess of $500,000; 

(q) terminate or take any action contrary to the terms of this Agreement, the Joint Venture Agreement or any of the Related Agreements;

 (r) amend or propose to amend this Agreement or the Company’s Articles (or similar organizational documents) or effect
or become a party to any merger, consolidation, share exchange, business combination, recapitalization, reorganization or similar transaction; 
 (s) sell, lease, license, encumber, transfer or otherwise dispose of any material asset of the Company valued in excess of $500,000 or dispose of all or substantially all of the assets of the Company;

 (t) file any dissolution or voluntary bankruptcy of the Company; 

  
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 (u) institute, settle or dismiss any material lawsuit involving a payment by Redfield
in excess of $100,000; 
 (v) approve the Company’s annual operating and capital budgets; 

(w) make any investment in excess of $500,000 in the aggregate; 

(x) designate or appoint any CEO, General Manager or Managing Member or approve the appointment of any management company; 

(y) make any distributions or prepayments of debt which would result in the Company’s working capital being less than the Working
Capital Requirement at any time during the Performance Testing Phase; 
 (z) enter into any lease or sublease of Real Property
related to the Facility or change, terminate or fail to exercise any right to renew any lease or sublease of Real Property related to the Facility; or 
 (aa) with respect to the Owned Real Property, except as contemplated by the Joint Venture Agreement or any Related Agreement, demolish or remove any of the existing improvements. 

SECTION 5 

MANAGEMENT AND OPERATIONS 
 5.1 Management by Board of Managers and Managing Member. 
 (a) Board of
Managers. Except those powers delegated to the Managing Member and those matters for which approval of the Members is required by this Agreement or any nonwaivable provisions of the Act, and subject to the provisions of Section 4.5 and
Section 5.2 hereof, the powers and privileges of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed under the direction of the Board and not by the Members. No Member, other
than the Managing Member or a Member acting in his or her capacity as an officer of the Board or as an officer of the Company, has the power or authority to act for or on behalf of the Company, to bind the Company by any act, or to incur any
expenditures on behalf of the Company, except with the prior consent of the Board. Without limiting the foregoing authority of the Board to manage the business and affairs of the Company or the actions the Board may take in exercising the powers and
privileges of the Company, the Board shall have the right to make the following decisions and take the following actions: 
 (i) To direct and oversee the Managing Member in its implementation of the decisions of the Board; 

  
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 (ii) To direct the expenditure of the capital and profits of the
Company in furtherance of the purposes of the Company; 
 (iii) To direct the investment of Company assets in
any manner the Board deems to be in the best interests of the Company; 
 (iv) To enter into operating
agreements, joint participation, joint ventures, and partnerships with others, containing such terms, provisions and conditions as the Board shall approve; 
 (v) To borrow money and issue evidences of indebtedness and in connection therewith to mortgage, grant a security interest in or hypothecate any or all of the assets of the Company; 

(vi) To sell, dispose, abandon, trade, exchange or encumber assets of the Company (but not a sale, disposition,
abandonment, trade, or exchange of all or any substantial portion of the Company’s assets), upon such terms and conditions and for such consideration as the Board of Managers deem appropriate; 

(vii) To institute, prosecute, defend, settle, compromise, and dismiss lawsuits or other judicial or administrative
proceedings brought on or in behalf of, or against, the Company, the Members or any Manager in connection with activities arising out of, connected with, or incidental to this Agreement, and engage counsel or others in connection therewith;

 (viii) To enter into agreements and contracts with any Member or an Affiliate of any Member, including the
Managing Member and any Affiliate of the Managing Member, and to give receipts, releases and discharges with respect to all of the foregoing and any matters incident thereto as the Board may deem advisable or appropriate; provided, however, that any
such agreement or contract shall be on terms as favorable to the Company as could be obtained from any third party; 
 (ix) To make distributions in accordance with and subject to the limitations set forth in Section 4 of this Agreement; 

(x) Subject to Section 2 hereof, to designate classes or series of Units, agree with any Person as to the form and
other terms and conditions of such Person’s Capital Contribution to the Company and cause the Company to issue Units in consideration of such Capital Contribution. 
 The Board may adopt such policies, rules, and regulations and may take such actions as it deems advisable in furtherance of the purposes of the Company, provided that the Board shall not act in a manner
contrary to this Agreement. 

  
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 (b) Managing Member. The day-to-day operations of the Company may be managed and
controlled by a managing member (the “Managing Member”), in accordance with terms and conditions of a management agreement entered into by and between such Managing Member and the Company. Upon termination of any such management agreement,
the Board of Managers shall either (i) appoint and qualify a successor Managing Member to manage and control the day-to-day operations of the Company, which Managing Member shall serve in accordance with a new management agreement entered into
by and between such successor Managing Member and the Company, or (ii) hire a CEO and General Manager to manage the day-to-day operations of the Company in accordance with Section 5.4(c) hereof. 

(i) Rights and Obligations of the Managing Member. The Managing Member shall have the responsibility and
authority, at the Company’s expense, to take all actions necessary or appropriate to manage and control the Company’s day-to-day operations and to accomplish the purposes of the Company, including, without limitation, the power and
authority to implement the decisions of the Board of Managers, to hire, promote, discharge and supervise the work of the Company’s employees necessary to operate the Company’s facility, and to use its own personnel to provide services to
the Company, including the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”) of the Company. 
 (ii) Compensation; Expenses. The Managing Member shall be compensated and reimbursed for expenses in accordance with the terms and conditions of a management agreement entered into by and between
such Managing Member and the Company. The compensation paid to the Managing Member by the Company thereunder shall be treated as a “guaranteed payment” to the Managing Member under Section 707(c) of the Code. 

(c) Any other provision of this Agreement notwithstanding (including without limitation Section 5.1(a)), the Board and the Managing
Member may not take or approve the following actions, agreements, instruments or items without the affirmative vote of at least two- thirds of the Managers in office: 

(i) The plans and specifications of the Company’s proposed ethanol plant and the contract to design and construct
the proposed ethanol plant; 
 (ii) The amount and terms of the debt financing and all documents and agreements
entered into in connection therewith to construct and finance the start-up costs of the proposed ethanol plant; 

(iii) The Annual Operating and Capital Budgets for each Fiscal Year; 

(iv) Any contract, obligation, liability, disbursement or lawsuit settlement outside of the ordinary course of business
in excess of $100,000 which is not part of the then current Fiscal Year’s approved Annual Operating or Capital Budget (provided 

  
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that necessary expenditures to meet operational emergencies may be incurred prior to such approval if immediate action is required for the safety or operation of the ethanol plant); 

(v) Any investment in excess of $100,000 that is not part of the then current Fiscal Year’s approved Annual Capital
Budget; 
 (vi) Subject to Section 2 hereof, the determination of the designation of classes or series of
Units, agreeing with any Person as to the form and other terms and conditions of such Person’s Capital Contribution to the Company, and causing the Company to accept additional capital contributions, issue Units in consideration of such Capital
Contribution, or issue options or warrants to purchase Units; 
 (vii) The determination of the Gross Asset
Values of the Company Property; 
 (viii) The admission of new Members and the terms of such admission;

 (ix) The sufficiency of any legal opinion required under Section 10 of this Agreement or the waiver of
any such legal opinion; or 
 (x) Any amendment to the Articles or this Agreement. 

(d) Any other provision of this Agreement notwithstanding, (i) the Board and the Managing Member shall not have authority to
approve; authorize or take the following actions with respect to the Company without the approval or consent of a Majority in Interest of the Members voting separately by class: (A) sell, lease, exchange or otherwise dispose of all or
substantially all of the assets of the Company; (B) merge or consolidate the Company with another Person; (B) materially change the business purpose of the Company; or (D) voluntarily dissolve the Company; and (ii) the Board and
the Managing Member shall not have the authority to allow or authorize any amendment to this Agreement that in any manner adversely affects the rights or preferences of the holders of the Class C Preferred Units without the approval of the holders
of at least 66 2/3% of the Class C Preferred Units. 
 5.2 Actions by Manager; Committees, Reliance on Authority.

 (a) In managing the business and affairs of the Company and in exercising the powers and privileges of the Company, the Board
shall act (i) collectively through meetings of the Board held and conducted pursuant to the provisions of this Agreement or by written action taken pursuant to the provisions of this Agreement, (ii) through committees established pursuant
to Section 5.2(b), and (iii) through officers of the Board, the Managing Member and officers of the Company to whom authority and duties have been delegated pursuant to the provisions of this Agreement. 

(b) The Board, by resolution approved by the affirmative vote of a majority of the Managers then holding office, may from time to time
establish one or more committees, each of which shall be comprised of one or more natural persons who may but need not be Managers 

  
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	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 
or Members, provided that a majority of committee members on each committee must be a Manager or Member, or a representative of a Member. Any such committee shall have and may exercise only such
authority and duties to the extent provided by the Board in such resolution, subject at all times to the limitations set forth in the Act, this Agreement and to the direction and control of the Board. Unless otherwise provided by the Board, the
presence of a majority of the members of any such committee shall constitute a quorum for the transaction of business at a meeting of the committee, and the committee shall act by the affirmative vote of a majority of committee members present at a
duly held meeting. In other matters of procedure the provisions of this Agreement shall apply to committees and the members thereof to the same extent they apply to the Board and Managers, including, without limitation, the provisions with respect
to meetings and notice thereof, absent members, written actions, and valid acts. Each committee shall keep regular minutes of its proceedings and report the same to the Board. The Board may dissolve any committee at any time. Effective immediately
upon the date of this Agreement and for so long as any of the originally issued Class G Units remain outstanding, the Class G Members shall have the right to appoint at least one (1) member of the Risk Management Committee of the Board or any
other committee(s) serving the same or similar functions. 
 (c) Any Person dealing with the Company, other than a Member or a
Manager or an Affiliate of a Member or Manager, may rely on the authority of any officer of the Board or any officer of the Company in taking any action in the name of the Company without inquiry into the provisions of this Agreement or compliance
herewith, regardless of whether the action is actually taken in accordance with the provisions of this Agreement. 
 5.3 The
Board of Managers. 
 (a) Number, Qualification and Term of Office. Managers shall be elected or appointed by the
Members at the times, in the manner and for the terms as prescribed by this Agreement. 
 (i) Initial Board
of Managers. The initial Managers of the Company comprising the initial Board, who shall serve for such terms and in such manner as prescribed by this Agreement, are the persons named in the Articles and such other eligible natural persons
designated as an initial Manager by the initial Board. The number of initial Managers serving the Company shall be established by the initial Board, but shall not be less than nine (9) or more than thirteen (13). During the term of the GLE
Consulting and Management Agreement before Financial Closing, Glacial Lakes Energy, LLC shall be entitled to appoint one (1) Manager to the initial Board of Managers. 

(ii) Board of Managers following Financial Closing. Commencing on the next business day following Financial
Closing, the number of Managers serving the Company shall be eight (8) Managers, plus the Managers subject to appointment by certain Members pursuant to Sections 5.3(a)(iv) and (v) below, if any, up to a maximum of eleven
(11) Managers on the Board of Managers. If there are more than three Managers subject to appointment by certain Members under Sections 5.3(a)(iv) and (v), then the number of Managers subject to election shall correspondingly decrease, such that
the total number of Managers shall not exceed eleven (11). 

  
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 The Board of Managers following Financial Closing shall be composed of the initial Managers who are not
subject to appointment by a Member and the Managers subject to appointment by certain Members pursuant to Sections 5.3(a)(iv) and (v) below, if any. The initial Board of Managers shall adopt procedures to reduce their number if needed to comply
with the maximum number of Manager provisions of this Section. 
 (iii) Election of Managers; Terms.
Managers shall be elected by the Members in such manner and for such terms as prescribed by this Agreement, subject to the right of certain Members to appoint Managers as provided by Sections 5.3(a)(iv) and (v) below. A Member who is entitled
to appoint one or more Managers pursuant to Sections 5.3(a)(iv) and (v) below and such Member’s Affiliates shall not be entitled to vote for the election (or removal) of Managers by the Members, as their right to representation exists in
their right of appointment. Except as otherwise provided herein, all Managers elected by the Members shall serve three-year terms and until their successors are duly elected and qualified, or until their earlier death, resignation or removal. Once
the election of Managers begins, no Manager may serve more than three consecutive full three-year terms. In order to preserve continuity of governance and the harmonious transition of the initial Board of Managers to the elected Board of Managers,
the terms of the Managers on the initial Board shall be staggered such that one-third of such Managers (or as nearly as possible) shall be elected annually by the Members. The Board has adopted nomination, reporting and other election procedures to
achieve the desired staggered effect and election matters prescribed by this Agreement. 
 (iv) Appointed
Managers. Any Member who, together with such Member’s Affiliates, owns one and one-half million (1,500,000) or more Units at Financial Closing shall be entitled to appoint one Manager (each, an “Appointed Manager”) to
the Board for every whole block of 1,500,000 Units held. This appointment right is only granted based upon ownership as of Financial Closing. A Member cannot subsequent to Financial Closing acquire Units to amass Units to obtain an appointment
right. Further, if a Member who was entitled to an appointment right or rights ceases to hold a 1,500,000 Unit block, such Member will lose the appointment right associated with the block. In determining the appointment rights of Members and their
Affiliates under this Section 5.3(a)(iv), Members and their Affiliates shall be counted only once, and the right of appointment accrues only on whole blocks of 1,500,000 Units. For example, a Member who, together with such Member’s
Affiliates, holds 2,000,000 Units outstanding would be entitled to appoint only one Manager, whereas a Member who together with such Member’s Affiliates holds 3,000,000 Units would be entitled to appoint two Managers. A Member and such
Member’s Affiliates shall agree among themselves on how the appointment rights provided in this Section 5.3(a)(iv) shall be exercised, and shall notify the Board of such agreement. If any Member has the right to appoint more than one
Manager under this Section 5.3(a)(iv), the voting power of all Managers such Member has the right to appoint may be exercised by any one or more such Appointed Managers, as further described in Section 5.3(i) below, and the number of
Managers required by Section 5.3(a)(ii) shall correspond to such voting power (for example, one Appointed Manager who has the voting power of two Managers would count 

  
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as two for purposes of the Board size). An Appointed Manager shall serve indefinitely at the pleasure of the Member appointing him or her (so long as such Member and its Affiliates continue to
hold a sufficient number of Units to maintain the applicable appointment right) until a successor is appointed, or until the earlier death, resignation or removal of the Appointed Manager. An Appointed Manager may be removed for any reason by the
Member appointing him or her, upon written notice to an officer of the Board, which notice may designate and appoint a successor Manager to fill the vacancy, and which notice may be given at a meeting of the Board attended by the person appointed to
fill the vacancy. As of the date of this Agreement, the Financial Closing has occurred and no Member is entitled to appoint an Appointed Manager (with the exception of Glacial Lakes Energy, LLC). 

(v) Gevo Appointed Managers. Effective immediately upon the date of this Agreement, the Class G Members shall have
the right to appoint two (2) Managers to the Board and, at such time as the Gevo Percentage Interest equals the Maximum Percentage Interest, the Class G Members shall have the right to appoint a total of four (4) Managers to the Board
(each, a “Gevo Appointed Manager”). The voting power of all Managers that the Class G Members have the right to appoint may be exercised by any one or more Gevo Appointed Manager, as further described in Section 5.3(i) below,
and the number of Managers required by Section 5.3(a)(ii) shall correspond to such voting power (for example, one Gevo Appointed Manager who has the voting power of two Managers would count as two for purposes of the Board size). Each Gevo
Appointed Manager shall serve indefinitely at the pleasure of the Member appointing him or her until a successor is appointed, or until the earlier death, resignation or removal of the Gevo Appointed Manager. A Gevo Appointed Manager may be removed
for any reason by the Member appointing him or her, upon written notice to an officer of the Board, which notice may designate and appoint a successor Manager to fill the vacancy, and which notice may be given at a meeting of the Board attended by
the person appointed to fill the vacancy. 
 (vi) Qualification. The initial Managers of the Company may
but need not be Members, provided that a majority of the initial Managers must be Members or elected or appointed representatives of Members that are not natural persons. The participation of non¬member Managers in the management and decisions
of the Board prior to the Effective Date is hereby confirmed and ratified in all respects. All Managers subject to election by the Members must be Members or elected or appointed representatives of Members that are not natural persons. Further,
following Financial Closing, a majority of the number of Managers composing the entire Board of Managers must be Class A Members or elected or appointed representatives of Class A Members (the number of Managers composing the entire Board
of Managers shall be determined by adding all Managers of the Board including Appointed Managers and elected Managers, and shall include any open seats due to unfilled vacancies). 

(b) Resignation. Any Manager may resign at any time. Such resignation shall be made in writing and shall take effect at the time
specified therein or, if no time be specified then at the time of its receipt by the Chairman or the Secretary of the Board. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the
resignation. 

  
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 (c) Removal. An initial Manager may be replaced or removed for cause by the
affirmative vote of two-thirds of the remaining initial Managers, as the case may be. Following the election of a Manager, the Manager may be removed for any reason by the affirmative vote of a Majority in Interest of the Members who elected the
Manager, in such manner as prescribed by this Agreement. The notice of a meeting where the removal of a Manager will be considered shall state that such removal will be discussed and acted upon at the meeting, and must also be provided to the
Manager in question at least ten (10) days in advance of such meeting. The Manager in question has a right to be heard at such meeting. 
 (d) Vacancies. Any vacancy occurring on the Board may be filled by appointment through an affirmative vote of a majority of the remaining Managers subject to election by the Members, though less
than a quorum. A Manager appointed by the Board to fill a vacancy shall serve until the next annual meeting of the Members (or special meeting held for the purpose of electing Managers), at which time the Members shall elect a new Manager to serve
for the remainder of the original term of the vacated position. 
 (e) Meetings. Regular meetings of the Board shall be
held from time to time as determined by the Board. Special meetings of the Board shall be held upon the call of the Chairman of the Board or three (3) or more Managers. Board meetings shall be held at the principal office of the Company or at
such other place, either within or without the State of South Dakota, as shall be designated by the person calling the meeting and stated in the notice of the meeting or a duly executed waiver of notice thereof Managers may participate in a Board
meeting by means of video or audio conferencing or similar communications equipment whereby all Managers participating in the meeting can hear each other. 
 (f) Notice. Oral or written notice of each meeting of the Board, stating the place, day and hour of the meeting, shall be given to each Manager at least 3 days before the day on which the meeting
is to be held. The notice or waiver of notice of any special or regular meeting of the Board does not need to specify the business to be transacted or the purpose of the meeting. 

(g) Waiver. Whenever any notice is required to be given to a Manager under the provisions of this Agreement, a waiver thereof in
writing signed by the Manager, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Attendance of a Manager at any meeting of the Board shall constitute waiver of notice of such meeting by the
Manager, except where the Manager attends a meeting for the express purpose of stating his objection to the transaction of any business because the meeting is not lawfully called or convened. 

(h) Quorum. A majority of the Managers in office shall constitute a quorum necessary for the transaction of business at any
regular or special meeting of the Board, provided that the foregoing quorum requirement shall not eliminate or reduce a quantum of consent required by this Agreement that is greater than a majority of the Managers in office (e.g., Sections 4.5 and
5.1(d)). If less than a quorum is present, those Managers present may adjourn the meeting from time to time until a quorum shall be present. 

  
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 (i) Voting and Act of the Board. Each Manager shall have one vote. Unless
otherwise provided in this Agreement, the Board shall take action by the affirmative vote of a majority of the Managers present at a duly held meeting at which a quorum is present. There shall be no requirement that any action of the Board be
approved by Managers elected or appointed by a certain class of Members. 
 (j) Action Without a Meeting. Any action
required or permitted to be taken at a meeting of the Board may be taken by written action signed by all of the Managers comprising the Board. 
 (k) Absentee Managers. A Manager of the Company may give advance written consent or opposition to a proposal to be acted on at a Board meeting. If the Manager is not present at the meeting, consent
or opposition to a proposal does not constitute presence for purposes of determining the existence of a quorum, but consent or opposition shall be counted as a vote in favor of or against the proposal and shall be entered in the minutes or other
record of action at the meeting, if the proposal acted on at the meeting is substantially the same or has substantially the same effect as the proposal to which the Manager has consented or objected. 

(l) Compensation. The Board may fix the compensation, if any, of the Managers. Managers shall also be entitled to reimbursement
for actual expenses incurred in attending meetings of the Board or other business of the Company. 
 5.4 Duties and
Obligations of Managers. 
 (a) Duties. The Board and Managing Member shall cause the Company to conduct its business
and operations separate and apart from that of any Member, Manager, Managing Member or their Affiliates. The Board shall take all actions which may be necessary or appropriate (i) for the continuation of the Company’s valid existence as a
limited liability company under the laws of the State of South Dakota and each other jurisdiction in which such existence is necessary to protect the limited liability of Members or to enable the Company to conduct the business in which it is
engaged, and (ii) for the accomplishment of the Company’s purposes, including the acquisition, development, maintenance, preservation, and operation of Company property in accordance with the provisions of this Agreement and applicable
laws and regulations. Each Manager shall have the duty to discharge the foregoing duties in good faith, in a manner the Manager believes to be in the best interests of the Company, and with the care an ordinarily prudent person in a like position
would exercise under similar circumstances. No Manager shall be under any other duty to the Company or the Members to conduct the affairs of the Company in a particular manner. 

(b) Bonds and Insurance. The Board may require all officers, agents and employees charged by this Company with responsibility for
the custody of any of its funds or property to give bonds. Bonds shall be furnished by a responsible bonding company and approved by the Board, and the cost shall be paid by the Company. The Board shall cause the Company to provide for insurance of
the property of the Company, or property which may be in the possession of the Company and not otherwise adequately insured by the owner of the 

  
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property. In addition, the Board shall cause the Company to provide for insurance covering liability of the Company to all employees and the public, in such commercially reasonable amounts as is
customary for businesses similar to the Company. 
 (c) Employment of CEO and General Manager. In the event the Company
does not have a Managing Member, the Board shall select, employ, and fix the compensation of a CEO/General Manager of the Company. The CEO/General Manager position shall be held by the same person, and such position shall be officer position of the
Company. The CEO and General Manager may be a member of the Board until start-up of the Company’s ethanol plant, after which the CEO and General Manager shall not be a member of the Board but who shall be an ex-officio member of the Board while
employed as the CEO and General Manager of the Company. The CEO and General Manager shall have responsibility for all administrative and operational aspects of the Company and shall have responsibility for hiring and supervising all employees, as
determined and established by the Board, and shall perform such other duties that may be assigned by the Board. 
 5.5
Officers. 
 (a) Number; Qualification; Election. Officers must be natural persons, and shall be elected or appointed
by the Board on an annual basis. The officers of the Company shall consist of officers of the Board and such officers of the Company as appointed by the Managing Member. The Board may appoint such officers and assistant officers of the Board as it
may deem necessary or advisable. Except as otherwise provided in this Agreement, the Board shall fix the powers, duties, and compensation of all officers of the Board and the Managing Member shall appoint and fix the powers, duties, and compensation
of all officers of the Company. 
 (b) Term of Office. An officer of the Board shall hold office for a term of one year
and until a successor shall have been duly elected or appointed, unless prior thereto such officer shall have resigned or been removed from office as hereinafter provided. All other officers of the Company shall hold office at the pleasure of the
Managing Member and may be removed at any time by the Managing Member with or without cause, subject to any contract rights that then may be in existence. 
 (c) Removal and Vacancies. Any officer elected or appointed by the Board may be removed, with or without cause, at any time by the Board. Any vacancy in an office of the Board shall be filled by
the Board. An officer may resign at any time by giving written notice to the Company. The resignation is effective without acceptance when the notice is given to the Company, unless a later effective date is specified in the notice. 

(d) Chairman. Unless provided otherwise by a resolution adopted by the Board, the Chairman of the Board shall preside at meetings
of the Members and Board; shall see that all orders and resolutions of the Board are carried into effect; may execute all documents, agreements, and instruments on behalf of the Company; may maintain records of and certify proceedings of the Board
and Members; and shall perform such other duties as may from time to time be prescribed by the Board. 

  
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 (e) Vice Chairman. The Vice Chairman shall, in the absence or disability of the
Chairman, perform the duties and exercise the powers of the Chairman and shall perform such other duties as the Board or the Chairman may from time to time prescribe. 
 (f) Secretary. The Secretary shall attend all meetings of the Board and of the Members and shall maintain records of, and whenever necessary, certify all proceedings of the Board and of the
Members. The Secretary shall keep the required records of the Company, when so directed by the Board or other person or persons authorized to call such meetings, shall give or cause to be given notice of meetings of the Members and of meetings of
the Board, and shall also perform such other duties and have such other powers as the Chairman or the Board may prescribe from time to time. 
 (g) Delegation. Unless prohibited by the Board, an officer appointed by the Board may delegate in writing some or all of the duties and powers of such person’s management position to other
persons. Unless prohibited by the Managing Member, an officer appointed by the Managing Member may delegate in writing some or all of the duties and powers of such person’s management position to other persons. An officer who delegates the
duties or powers of an office remains subject to the standard of conduct for an officer with respect to the discharge of all duties and powers so delegated. 
 (h) Compensation. Officers of the Board shall receive such compensation as may be determined from time to time by the Board. All other officers shall receive such compensation as may be determined
from time to time by the Managing Member. 
 5.6 Limitation of Liability; Indemnification of Managers and Officers.

 (a) No Manager or officer of the Company (including the Managing Member) shall be personally liable to this Company or its
Members for monetary damages for a breach of fiduciary duty by such Manager, officer or Managing Member; provided that this provision shall not eliminate or limit the liability of a Manager, officer or Managing Member for an act or failure to act in
a manner that constitutes any of the following: (i) a willful failure to deal fairly with the Company or its Members in connection with a matter in which the Manager, officer or Managing Member has a material conflict of interest; (ii) a
violation of criminal law, unless the Manager, officer or Managing Member had reasonable cause to believe that his, her or its conduct was lawful or no reasonable cause to believe that the conduct was unlawful; (iii) a transaction from which
the Manager, officer or Managing Member derived an improper personal profit; or (iv) willful misconduct. It is the intention of the Members to limit or eliminate the personal liability of the Managers, officers and Managing Member to the
greatest extent permitted under South Dakota law. If amendments to South Dakota law are passed after this provision becomes effective which authorize limited liability companies to act to further limit or eliminate the personal liability of the
managers, officers or managing members of a limited liability company, then the liability of the Managers, officers and Managing Member shall be limited or eliminated to the greatest extent permitted by South Dakota law, as so amended. No amendment
to or repeal of this provision shall apply to or have any effect on the liability or 

  
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alleged liability of any Manager, officer or Managing Member for or with respect to any acts or omissions occurring prior to such amendment or repeal. 

(b) The Company, its receiver, or its trustee (in the case of its receiver or trustee, to the extent of Company Property) shall
indemnify, defend, save harmless, and pay all judgments and claims against, and reasonable expenses of, each present and former Manager, officer or Managing Member relating to any liability or damage or reasonable expenses incurred with respect to a
proceeding if the Manager, officer or Managing Member (or former Manager, officer or Managing Member) was a party to the proceeding in the capacity of a Manager, officer or Managing Member of the Company (which reasonable expenses including
reasonable attorneys’ fees may be paid as incurred). Notwithstanding the foregoing provisions, the Company shall not indemnify, defend, save harmless, or pay all judgments and claims against, and reasonable expenses of, a Manager, officer or
Managing Member (or former Manager, officer or Managing Member) under this provision where such judgments and claims or proceedings arise out of or are related to matters for which a Manager, officer or Managing Member (or former Manager, officer or
Managing Member) is personally liable under Section 5.6(a) hereof. 
 (c) The Company may purchase and maintain insurance
on behalf of any person in such person’s official capacity against any liability asserted against and incurred by such person in or arising from that capacity, whether or not the Company would otherwise be required to indemnify the person
against the liability. 
 5.7 Member Compensation; Expenses; Loans 

(a) Except as otherwise provided in a written agreement approved by the Board, no Member shall receive any salary, fee, or draw for
services rendered to or on behalf of the Company. Except as otherwise approved by or pursuant to a policy approved by the Board, no Member shall be reimbursed for any expenses incurred by such Member on behalf of the Company. 

(b) Any Member or Affiliate may, with the consent of the Board, lend or advance money to the Company. If any Member or Affiliate shall
make any loan or loans to the Company or advance money on its behalf, the amount of any such loan or advance shall not be treated as a contribution to the capital of the Company but shall be a debt due from the Company. The amount of any such loan
or advance by a lending Member or Affiliate shall be repayable out of the Company’s cash and shall bear interest at a rate not in excess of the prime rate established, from time to time, by any major bank selected by the Board for loans to its
most creditworthy commercial borrowers, plus up to four percent (4%) per annum as agreed upon by the Board and the Member, and on such other terms and conditions no less favorable to the Company than if the lender had been an independent third
party. None of the Members or their Affiliates shall be obligated to make any loan or advance to the Company. 
 (c) Gevo or
its Affiliates may, pursuant to the terms and conditions of the Joint Venture Agreement, lend or advance money to the Company. If Gevo shall make any loan or loans to the Company or advance money on its behalf, the amount of any such loan or advance
shall not be treated as a contribution to the capital of the Company but shall be a debt 

  
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due from the Company. The amount of any such loan or advance by Gevo or its Affiliates shall be repayable out of the Company’s cash. Except as expressly provided in the Joint Venture
Agreement, neither Gevo nor its Affiliates shall be obligated to make any loan or advance to the Company. 
 5.8 Contracts
with Managers, Officers, Managing Member or their Affiliates. 
 (a) No contract or transaction between the Company and a
Manager, officer, or the Managing Member or their Affiliate or between the Company and any other entity in which a Manager, officer or the Managing Member or their Affiliate has a material financial interest shall be void or voidable or require the
Manager, officer or the Managing Member to account to the Company and hold as trustee for it any profit or benefit derived therefrom solely for this reason, or solely because the Manager, officer or the Managing Member is present at or participates
in the Board meeting at which the contract or transaction is authorized, if (i) the material facts as to the contract or transaction and as to the Manager’s, officer’s or the Managing Member’s material financial interest are
fully disclosed or known to the Board, and (ii) the Board determines that the terms of the contract or transaction are commercially reasonable and no less favorable to the Company than could be obtained from an unaffiliated third party and
authorizes, approves or ratifies the contract or transaction in good faith by a majority vote, but the interested Manager or Managers are not counted in determining the presence of a quorum and must not vote. 

(b) No contract or transaction involving the sale or delivery of corn between the Company and a Manager, officer or the Managing Member
or their Affiliate or between the Company and any other entity in which a Manager, officer or the Managing Member or their Affiliates have a material financial interest shall be void or voidable or require the Manager, officer or the Managing Member
to account to the Company and hold as trustee for it any profit or benefit derived therefrom solely for this reason, or solely because the Manager, officer or the Managing Member is present at or participates in the Board meeting at which or
pursuant to which the contract or transaction is authorized or approved, notwithstanding the fact that the standard of Section 5.8(a) was not met, provided that the terms of the contract or transaction are or were commercially reasonable and no
less favorable to the Company than could be or could have been obtained from an unaffiliated third party. 
 SECTION 6

 MEMBERS 
 6.1 Members; Rights or Powers Generally. 
 (a) As of the date of this
Agreement, the Members of the Company are the Persons who were members of the Company immediately prior to the Effective Date as shown on the books and records of the Company. The Board shall cause the books and records of the Company to be amended
from time to time as Transfers occur or as additional Units are issued and additional Members are admitted to the Company in accordance with this Agreement. 

  
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 (b) Additional persons may, upon the approval of the Board, become Members of the
Company: (i) by submitting a completed subscription agreement to subscribe for Units in the Company upon the terms and conditions as may be set forth in the subscription agreement, which shall include a representation and warranty that the
representations and warranties required of all Members in this Agreement are true and correct with respect to such Person, and the acceptance thereof by the Company, (ii) by meeting any and all requirements of membership established in or
pursuant to this Agreement, (iii) by submitting an executed counterpart signature agreeing to be bound by this Agreement, (iv) by submitting payment of the purchase price for the number of Units subscribed for in the subscription
agreement, in accordance with the terms of the subscription agreement, and (v) upon being admitted as a Member by the Board; or in any other manner authorized in or pursuant to this Agreement. The Board may refuse to admit any Person as a
Member in its sole discretion. 
 (c) Transferees of Units may become Members as provided in Section 10.7 hereof

 (d) Other than the right to elect Managers to the Board, no Member, other than a Member acting in his, her or its capacity
as the Managing Member or an officer of the Board or as an officer of the Company, has any right or power to take part in the management or control of the Company or its business and affairs. No Member other than the Managing Member or a Member
acting in his, her or its capacity as an officer of the Board or as an officer of the Company, has the authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company, or to incur any expenditures on
behalf of the Company, except with the prior written consent of the Board. 
 (e) No Member shall have any voting right except
with respect to those matters requiring a Member vote or approval as specifically provided for in this Agreement or as otherwise required by the Act. 
 6.2 Member Classes, Requirements and Voting. 
 (a) Classes Generally;
Membership. The Company shall have four classes of Members: Class A Members, Class B Members, Class C Members and Class G Members. The voting rights of the Class A, Class B, Class C and Class G Members are identical, except as
otherwise set forth in this Agreement, and that Members vote separately by class on all matters that come before a vote of the Members other than the election of Managers and where this Agreement provides for a vote of a specified class of Members.
Only Persons who hold 25,000 or more Class A Units and who meet the other qualifications, requirements and conditions established herein or pursuant hereto (including Section 2.2) are eligible to become and be Class A Members. Only
Persons who hold 12,500 Class B Units are eligible to become and be Class B Members. If any Class A Member becomes ineligible to hold Class A Units, then at the option of the Board of Managers the Class A Units held by such
Class A Member may be converted into an equal number of Class B Units. Failure of any Class Member to own the required minimum number of Units shall result in the automatic termination of membership of such Person, without further notice or
action by the Company, and such Person shall become and be a 

  
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non-member Unit Holder, with no rights other than those financial rights with respect to the class of Units owned by such Person immediately prior to such termination as provided for in and
subject to this Agreement, as further described in Section 6.4 hereof. Termination of Membership due to failure to own the required minimum number of Units for that class of Units shall not be a basis for conversion to Class B Units.
Notwithstanding Section 9 hereof, the Board shall have authority to decrease the minimum number of Units required to be a Member of a particular class without the requirement of an amendment of this Agreement. 

(b) Voting. Except with respect to the election of Managers, which will be elected by all Members without regard to class,
Members shall be entitled to vote separately as a class on any other matters coming to a vote of the Members as specifically provided by this Agreement or as required by the Act. Voting separately by class means that the Members within each class
must consent to or approve the action being voted upon by the quantum of consent or approval required by this Agreement. To the extent a majority of the classes entitled to vote on any matter approve such matter in the manner described in the
immediately preceding sentence, such matter shall be deemed approved by all classes entitled to vote thereon. Members within a class are entitled to one vote for each Unit held of such class. With respect to the election of Managers, each Member may
cast one vote for each Unit held, regardless of class. Members shall elect Managers to the Board of Managers as provided in Section 5.3(a)(iii) of this Agreement. On those matters specifically identified in this Agreement as requiring the
approval or consent of a Majority in Interest of the Members, voting separately by class or of a specified class, the Members shall take action by the affirmative vote of a Majority in Interest of the Members voting separately by class, or by the
affirmative vote a Majority in Interest of the Members of the specified class, as the case may be. With respect to the election of Managers and on all other matters to be voted upon by the Members, Members shall take action by the affirmative vote
of the Members holding a majority of the Units present, either in person, by proxy or by written ballot, at a duly held meeting of the Members at which a quorum is present for the transaction of business, voting without regard to class with respect
to the election of Managers, and voting separately by class on all such other matters. Members may also take action in a written vote on any matter this Agreement specifically authorizes seeking Member approval by a written vote. 

6.3 Member Meetings. 
 (a) Place and Manner of Meeting. All meetings of Members shall be held at such time and place, within or without the State of South Dakota, as shall be stated in the notice of the meeting or in a
duly executed waiver of notice thereof. Presence in person, or by proxy or written ballot, shall constitute participation in a meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any
business on the ground that the meeting is not lawfully convened. 
 (b) Conduct of Meetings. All meetings of the
Members shall be presided over by the Chairman. All meetings of the Members shall be conducted in general accordance with the most recent edition of Roberts’ Rules of Order, or such other rules and procedures as may be determined by the Board
in its discretion. 

  
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 (c) Annual Meeting. The annual meeting of the Members for the transaction of all
business which may come before the meeting shall be held on a date determined by the Board. Failure to hold the annual meeting at the designated time shall not be grounds for dissolution of the Company. 

(d) Special Meetings. Special meetings of the Members may be called at any time by the Board, the Chairman, the Managing Member
or by the Secretary upon the request of Members holding 10% or more of the Units then held by all Members. Such request shall state the purpose or purposes of such meeting and the matters to be acted upon at the special meeting. 

(e) Notice. Written or printed notice stating the place, day and hour of the meeting and, in case of a special meeting, the
purpose or purposes for which the meeting is called, shall be delivered not less than 15 nor more than 60 days before the date of the meeting either personally or by mail, by or at the direction of the Board, Managing Member, Chairman or Secretary
calling the meeting, to each Member entitled to vote at the meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail addressed to the Member at the Member’s address as it appears on the records of
the Company, with postage thereon prepaid. If the purpose of the meeting is to consider any item requiring Member approval in Section 5.1(c) hereof, removal of a Manager, or an amendment of this Agreement under Section 9 hereof, then the
notice shall state such purpose, identify such Manager (if applicable), and a summary of the transaction to be considered or a verbatim statement of the amendment to be considered must accompany the notice. 

(f) Quorum. At any annual or special meeting of the Members, the holders of twenty five percent (25%) of the total number of
Units entitled to vote at the meeting, represented in person or by proxy, shall constitute a quorum necessary for the transaction of business. The Members present at a duly organized meeting at which a quorum is present may transact business until
adjournment, notwithstanding the departure or withdrawal of Members leaving less than a quorum, subject to the consent and approval requirements of this Agreement regarding Member actions. The registration shall be verified by the Secretary and
shall be reported in the minutes of the meeting. 
 (g) Record Date. For the purpose of determining Members entitled to
notice of or to vote at any meeting of Members or any adjournment thereof or in order to make a determination of Members for any other proper purpose, the Board may provide that the record books shall be closed for a stated period not exceeding 15
days. If the record books shall be closed for the purpose of determining Members entitled to notice of or to vote at a meeting of Members, such books shall be closed for a period not exceeding 15 days immediately preceding such meeting. In lieu of
closing the record books, the Board may fix in advance a date as the record date for any such determination of Members, such date in any case to be not more than 60 days and in the case of a meeting of Members, not less than 15 days prior to the
date of which the particular action requiring such determination of Members is to be taken. If the record books are not closed and no record date is fixed for the determination of Members entitled to notice of or to vote at a meeting of Members, the
date on which notice of the meeting is mailed, as the 

  
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case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this section, such
determination shall apply to any adjournment thereof, except where the determination has been made through the closing of record books and the stated period of closing has expired. 

(h) Proxies. At all meetings of Members, a Member may vote by proxy executed in writing by the Member or by his duly authorized
attorney-in-fact. Such proxy shall be filed with the Secretary of the Company before or at the time of the meeting. A proxy shall be considered filed with the Company when received by the Company at its executive offices, unless later revoked. No
proxy shall be valid after eleven months from the date of its execution, unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Member executing it. 

6.4 Termination of Membership. 
 A Member may not be expelled, provided that the failure of a Member to comply with the membership requirements established in, or pursuant to authority granted by, this Agreement shall result in the
termination of membership of such Person. The membership of a Member in the Company shall terminate upon the occurrence of events described in this Agreement or as otherwise provided for in the Act, including resignation and withdrawal. In the event
a Person ceases to be a Member without having transferred all of the Units owned by such Person, such Person shall lose all voting rights and shall be considered merely an assignee of the financial rights associated with the Units held by such
Person, having only the rights of an unadmitted assignee. Such Person shall remain subject to the applicable provisions of this Agreement with respect to such financial rights. Such Person shall have no right to any information or accounting of the
affairs of the Company, shall not be entitled to inspect the books or records of the Company, shall not be entitled to vote on any matters reserved to the Members, and shall not have any of the other rights of a Member under this Agreement or of a
member under the Act. Further, such Person shall not have the right to Transfer such Person’s Units except by means of a Permitted Transfer in accordance with the provisions of Section 10 herein. 

6.5 Continuation of the Company. 
 The Company shall not be dissolved upon the occurrence of any event which is deemed to terminate the continued membership of a Member. The Company’s affairs shall not be required to be wound up. The
Company shall continue without dissolution. 
 6.6 No Obligation to Purchase Member’s Interest; Redemption of Class C
Preferred Units 
 (a) No Member whose membership in the Company terminates, nor any transferee of such Member, shall have
any right to demand or receive a return of such terminated Member’s Capital Contributions or to require the purchase or redemption of the Units owned by such terminated Member other than as set forth in Section 6.6(b) below. The other
Members and the Company shall not have any obligation to purchase or redeem the Units or Capital Contributions of any such terminated Member or transferee of any such terminated Member. No 

  
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Member whose membership has terminated shall be entitled to receive a distribution in complete redemption of the fair value of the Units or Capital Contributions of such Person (except as
provided in Section 12 hereof following a Dissolution Event), notwithstanding any provisions of the Act or any other provision of law. As a material part of the consideration for continuing or becoming a Member of the Company, each Member
hereby waives any right, and expressly agrees that it intends for this provision to negate any entitlement to receive a distribution in complete redemption of the fair value of Units or Capital Contributions of such Member upon an event that
terminates the membership of such Member which, in the absence of the provisions in this Agreement, it would otherwise be afforded by the Act. 
 (b) The Company shall have the right at any time at the discretion of the Board to redeem any Class C Preferred Unit for a cash purchase price equal to the initial Capital Contribution paid with respect
to such Class C Preferred Unit being redeemed plus accrued and unpaid dividends thereon on the third, fifth, seventh and tenth anniversary of the date such Class C Preferred Unit was purchased; provided, however, that the cash utilized to redeem
Class C Preferred Units in any Fiscal Year shall not exceed the Net Cash Flow distributable to the Redfield Parties with respect to such Fiscal Year (exclusive of Tax Distributions pursuant to Section 3.4(c) hereof). 

6.7 Waiver of Dissenters Rights. 
 Except for those transactions or events for which waiver of dissenters rights is expressly prohibited by the Act, each Member hereby waives and agrees not to assert any dissenters’ rights under the
Act. 
 SECTION 7 
 UNIT CERTIFICATES 
 7.1 Certificates For Units. 

Certificates representing Units of the Company shall be in such form as determined by the Board, The Chairman or Vice Chairman and the
Secretary or assistant Secretary of Board shall sign the certificates. All certificates shall be consecutively numbered or otherwise identified. The name and address of the person to whom the certificate has been issued shall be entered on the books
of the Company. All certificates surrendered to the Company for transfer shall be canceled and no new certificates shall be issued until the former certificate is surrendered and canceled by the Company. 

7.2 Transfer of Certificates. 
 Transfer of certificates of the Company shall be made pursuant to this Agreement and only by the holder of record thereof or by the holder’s legal representative, who shall furnish proper evidence of
authority to transfer, or by the holder’s attorney thereunto authorized by a power of attorney duly executed and filed with the Secretary of the Company, and upon surrender of the certificate to the Company for cancellation. The Person in whose
name the Certificate appears on the books of the Company is deemed to be the owner thereof for all purposes. 

  
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 7.3 Loss or Destruction of Certificates. 

In case of loss or destruction of any certificate, another certificate may be issued in its place upon proof of such loss or destruction,
and upon the holder of the certificate giving a satisfactory bond of indemnity to the Company and to the transfer agent and registrar, if any, of such certificate, in such amount as the Board may provide. 

7.4 Certificate Regulations. 
 The Board have the power and authority to make such further rules and regulations, not inconsistent with this Agreement and the statutes of the State of South Dakota, as it may deem expedient concerning
the issue, transfer, conversion and registration of certificates of the Company, including the appointment or designation of one or more transfer agents and one or more registrars. The Company may act as its own transfer agent and registrar.

 7.5 Legends. 
 The Board may place one or more legends on the certificates representing the Units to indicate restrictions on transfer, registration requirements, or other restrictions or obligations contained herein.

 SECTION 8 
 ACCOUNTING, BOOKS AND RECORDS 
 8.1 Accounting, Books and Records.

 (a) The books and records of the Company shall be kept, and the financial position and the results of its operations
recorded, in accordance with GAAP, consistently applied; provided, that the financial provisions in this Agreement relating to Capital Contributions, Profits and Losses, distributions and Capital Accounts shall be construed and determined in
accordance with this Agreement without regard to whether such provisions are inconsistent with GAAP. The books and records shall reflect all the Company’s transactions and shall be appropriate and adequate for the Company’s business. The
books and records of the Company shall include and the Company shall maintain at its principal executive office all of the following: 
 (i) SCHEDULE A to this Agreement (which SCHEDULE A is hereby incorporated into this Agreement), which shall include a current list of the full name and last known business or residence
address of each Unit Holder set forth in alphabetical order, the Capital Contributions and Units of each Unit Holder (including the amount of cash and description and statement of the agreed value of any other property or services relating to such
Capital Contributions), the amount and value of any Capital Contributions which any Member or potential Member has agreed to make pursuant to a contribution agreement or a contribution allowance agreement (including the time or times at which or
events the happening of which such Capital Contributions are to be made or, in the case of a 

  
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contribution allowance agreement, such right to contribute lapses). SCHEDULE A shall be amended from time to time as Transfers occur or as additional Units are issued and as additional
Members are admitted to the Company in accordance with this Agreement; 
 (ii) The full name and business
address of each Manager; 
 (iii) A copy of the Articles and any and all amendments thereto together with
executed copies of any powers of attorney pursuant to which the Articles or any amendments thereto have been executed; 
 (iv) Copies of the Company’s federal, state, and local income tax or information returns and reports, if any, for the six most recent taxable years; 

(v) A copy of this Agreement and any and all amendments thereto together with executed copies of any powers of attorney
pursuant to which this Agreement or any amendments thereto have been executed; 
 (vi) Copies of the financial
statements of the Company, if any, for the six most recent Fiscal Years; 
 (vii) The Company’s books and
records as they relate to the internal affairs of the Company for at least the current and past four Fiscal Years; and 
 (viii) The required records and information required under the Act, to the extent not included in 8.1(a)(i)-(vii) above. 
 (b) The Company shall use the accrual method of accounting in preparing its financial reports and for tax purposes and shall keep its books and records accordingly. The Board or Managing Member may,
without any further consent of the Unit Holders (except as specifically required by the Code), apply for IRS consent to, and otherwise effect a change in, the Company’s Fiscal Year. 

8.2 Reports. 
 (a) In General. The Managing Member shall be responsible for causing the preparation of financial reports of the Company and the coordination of financial matters of the Company with the
Company’s accountants. 
 (b) Periodic and Other Reports. The Company shall maintain and provide to each Member
upon request, the financial statements listed in clauses (i) and (ii) below, prepared, in each case (other than with respect to Unit Holder’s Capital Accounts, which shall be prepared in accordance with this Agreement) in accordance
with GAAP consistently applied, and, subject to Section 1.11 hereof, such other reports as any Member may reasonably request from time to time; provided that, if the Managing Member so determines within thirty (30) days thereof,
such other reports shall be provided at such requesting Member’s sole cost and expense. 

  
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 (i) As soon as practicable following the end of each Fiscal Year (and
in any event not later than ninety (90) days after the end of such Fiscal Year and at such time as distributions are made to the Unit Holders pursuant to Section 12 hereof following the occurrence of a Dissolution Event, a balance sheet of
the Company as of the end of such Fiscal Year and the related statements of operations, Unit Holders’ Capital Accounts and changes therein, and cash flows for such Fiscal Year, together with appropriate notes to such financial statements and
supporting schedules, all of which shall be audited and certified by the Company’s accountants, and in each case, to the extent the Company was in existence, setting forth in comparative form the corresponding figures for the immediately
preceding Fiscal Year end (in the case of the balance sheet) and the two (2) immediately preceding Fiscal Years (in the case of the statements). 
 (ii) As soon as practicable following the end of the first three fiscal quarters of each Fiscal Year (and in any event not later than forty-five (45) days after the end of such fiscal quarter), an
unaudited balance sheet of the Company as of the end of such fiscal quarter and the related unaudited statements of operations and cash flows for such fiscal quarter and for the fiscal year to date, in each case, to the extent the Company was in
existence, setting forth in comparative form the corresponding figures for the prior Fiscal Year’s fiscal quarter and the fiscal quarter just completed. 
 8.3 Tax Matters. 
 (a) Generally. The Managing Member shall have the
power and authority, upon the consent of the Board (except as such Board consent is specifically NOT required herein or in the GLE Consulting and Management Agreement) and without any further consent of the Unit Holders being required, to:

 (i) cause the Company to make or revoke any and all elections for federal, state, local and foreign tax
purposes, including an election pursuant to Code Section 754, 
 (ii) extend the statute of limitations for
assessment of tax deficiencies against the Unit Holders with respect to adjustments to the Company’s federal, state, local or foreign tax returns; 
 (iii) to the extent provided in Code Sections 6221 through 6231 and similar provisions of federal, state, local, or foreign law, to represent the Company and the Unit Holders before taxing authorities or
courts of competent jurisdiction in tax matters affecting the Company or the Unit Holders in their capacities as Unit Holders, and 
 (iv) file any tax returns and execute any agreements or other documents relating to or affecting such returns, agreements or documents, including agreements or other documents that bind the Unit Holders
with respect to tax matters. 

  
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 The Board of Managers shall designate the Managing Member to act as the tax matters
partner within the meaning of and pursuant to Regulations Sections 301.6231(a)(7)-1 and —2 or any similar provision under state or local law. 
 (b) Tax Information. Necessary tax information shall be delivered to each Unit Holder as soon as practicable after the end of each Fiscal Year of the Company but not later than five (5) months
after the end of each Fiscal Year. 
 8.4 Delivery to Members and Inspection. 

(a) Upon the written request of any Member for purposes reasonably related to the interest of that Person as a Member, the Managing
Member shall cause the Company to deliver to the requesting Member, at the expense of the Company, a copy of the Company’s most recent annual financial statement and its most recent federal, state, and local income tax returns and reports.

 (b) Each Member (or, in the case of Section 8.4(b)(i) below, his, her or its designated representative) has the right,
upon reasonable written request for purposes reasonably related to the interest of the Person as a Member and for proper purposes, to: 
 (i) Inspect and copy during normal business hours any of the Company records described in Sections 8.1(a)(i) through (viii); 

(ii) Obtain from the Company true and full information regarding the current state of the Company’s financial
condition, subject to normal changes or adjustments arising after, or following the end of, the period covered by such information; and 
 (iii) Obtain other information regarding the Company’s affairs or inspect during ordinary business hours other books and records of the Company as is just and reasonable relating to his, her or its
interest as a Member. 
 (c) The rights granted to a Member pursuant to this Section 8.4 are expressly subject to
compliance by such Member with the safety, security and confidentiality procedures and guidelines of the Company, as such procedures and guidelines may be established from time to time by the Board, and to the provisions of Section 1.11 hereof,
to the extent not inconsistent with the Act. Unadmitted assignees of Units shall not have the right to information regarding the Company afforded Members hereunder or by the Act. 

SECTION 9 

AMENDMENTS 

  
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 9.1 Amendments. 

(a) Amendments to this Agreement may be proposed by the Board, the Managing Member or by the request of Members holding 20% or more of
the Units then held by all Members. Following approval of any such proposal by the Board, the Board shall submit to the Members a verbatim statement of any proposed amendment, providing that counsel for the Company shall have approved of the same in
writing as to form, and the Board shall include in any such submission a recommendation as to the proposed amendment. The Board shall seek the written vote of the Members on the proposed amendment or shall call a meeting to vote thereon and to
transact any other business that it may deem appropriate. A proposed amendment shall be adopted and be effective as an amendment hereto only if approved by a Majority in Interest of the Members, voting separately by class. 

(b) Notwithstanding Section 9.1(a) hereof: 

(i) Except as provided in Section 2.2 for authorizations and designations of additional classes or series of Units
and changes in numbers of authorized Units, this Agreement shall not be amended without the approval or consent of each Unit Holder adversely affected if such amendment would modify the limited liability of a Unit Holder, or the voting rights of a
Unit Holder or his, her or its interest in Profits, Losses, other items, or any distributions; 
 (ii) A
provision of this Agreement that requires the approval or consent of a specified percentage in interest of the Members or any class(es) or series thereof may not be amended without the affirmative vote of Members holding at least the specified
percentage of the Units then held by all Members, or of the Units of the specified class(es) or series of Units then held by all Members; and 
 (iii) This Section 9 shall not be amended without the consent of all Members. 

SECTION 10 

TRANSFERS 

10.1 Restrictions on Transfers. 
 No Transfer of Units shall be valid except as otherwise specifically permitted by this Section 10 of this Agreement. It is the intent of this Agreement that (i) the tax status of the Company be
the same as for a partnership, (ii) this Company preserve its partnership tax status by complying with Section 1.7704-1, et seq., and any amendments thereto, and (iii) to the extent possible, this Agreement shall be read and
interpreted to prohibit the free transferability of Units. In addition, any provision of this Agreement notwithstanding, no Transfer of Units or any Interest, beneficial, of record or otherwise in any Units shall be made directly or indirectly to
any Gevo Competitor. 

  
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 10.2 Permitted Transfers. 

(a) No Transfer of Units shall be binding on this Company without the approval of the Board nor until such Transfer shall have been
entered in the books and records of this Company. The Board may adopt a Unit Transfer Policy to further implement the provisions of this Section 10. The Board shall not approve, and the Company shall not recognize for any purpose, any purported
Transfer of Units unless and until the provisions, conditions and restrictions set forth in this Section 10 (including Section 10.3 hereof) and of any Unit Transfer Policy adopted by the Board have been satisfied. Any Transfer approved by
the Board and satisfying the provisions, conditions and restrictions set forth in this Section 10 (including Sections 10.2 and 10.3 hereof) shall be referred to in this Agreement as a “Permitted Transfer”. Notwithstanding the
foregoing, a Member may pledge or otherwise encumber all or any portion of its Units as security for the payment of debt, provided that any subsequent foreclosure or transfer to the secured party in lieu of foreclosure shall be considered a Transfer
for all purposes of this Agreement. 
 (b) Following a Permitted Transfer, the Units held by the transferee shall remain
subject to the Transfer restrictions set forth in this Section 10. 
 10.3 Conditions to Permitted Transfers.

 A Transfer shall not be treated as a Permitted Transfer under Section 10.2 hereof unless and until the following
conditions are satisfied: 
 (a) Except in the case of a Transfer involuntarily by operation of law, the transferor and
transferee shall execute and deliver to the Company (i) such documents and instruments of conveyance as may be necessary or appropriate in the opinion of counsel to the Company to effect such Transfer. In the case of a Transfer of Units
involuntarily by operation of law, the Transfer shall be confirmed by presentation to the Company of legal evidence of such Transfer, in form and substance satisfactory to counsel to the Company. In all cases, the Company shall be reimbursed by the
transferor and/or transferee for all costs and expenses that it reasonably incurs in connection with such Transfer. 
 (b) The
transferor and transferee shall furnish the Company with the transferee’s taxpayer identification number, sufficient information to determine the transferee’s initial tax basis in the Units transferred, and any other information reasonably
necessary to permit the Company to file all required federal and state tax returns and other legally required information statements or returns. Without limiting the generality of the foregoing, the Company shall not be required to make any
distribution otherwise provided for in this Agreement with respect to any transferred Units until it has received such information. 
 (c) Except in the case of a Transfer of Units involuntarily by operation of law, either (a) such Units shall be registered under the Securities Act, and any applicable state securities laws, or
(b) the transferor provides an opinion of counsel, which opinion and counsel shall be reasonably satisfactory to the Board, to the effect that (i) such Transfer is exempt from 

  
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all applicable registration requirements, (ii) such Transfer will not violate any applicable laws regulating the Transfer of securities and (iii) such Transfer will not cause the
Company to become subject to reporting requirements under the applicable provisions of the Securities Exchange Act of 1934, as amended. 
 (d) Except in the case of a Transfer of Units involuntarily by operation of law, the transferor shall provide an opinion of counsel, which opinion and counsel shall be reasonably satisfactory to the
Board, to the effect that such Transfer will not cause the Company to be deemed to be an “investment company” under the Investment Company Act of 1940. 
 (e) Except in the case of a Transfer of Units involuntarily by operation of law, the transferor shall provide an opinion of counsel, which opinion and counsel shall be reasonably satisfactory to the
Board, to the effect that such Transfer will not cause the Company to be deemed to be a “publicly-traded limited partnership” under applicable provisions of the Code. 

(f) Unless otherwise approved by the Board, no Transfer of Units shall be made except upon terms which would not, in the opinion of
counsel chosen by and mutually acceptable to the Board and the transferor Member, result in the termination of the Company within the meaning of Section 708 of the Code or cause the application of the rules of Sections 168(g)(1)(B) and 168(h)
of the Code or similar rules to apply to the Company. In determining whether a particular proposed Transfer will result in a termination of the Company, counsel to the Company shall take into account the existence of prior written commitments to
Transfer made pursuant to this Agreement and such commitments shall always be given precedence over subsequent proposed Transfers. 
 (g) No notice or request initiating the procedures contemplated by Section 10.3 may be given by any Member after a Dissolution Event has occurred. No Member may Transfer all or any portion of its
Units after a Dissolution Event has occurred. 
 The Board shall have the authority to waive any legal opinion or other
condition required in this Section 10.3. 
 10.4 Transfer of Class G Units. A proposed transfer by Gevo of Class G
Units will be considered a Permitted Transfer for purposes of this Agreement if Gevo has provided to the Board of Managers evidence reasonably satisfactory to them [...***...]. 

10.5 Prohibited Transfers. 
 (a) Any purported Transfer of Units that is not a Permitted Transfer shall be null and void and of no force or effect whatever; provided that, if the Company is required to recognize a Transfer that is
not a Permitted Transfer (or if the Board, in its sole discretion, elects to recognize a Transfer that is not a Permitted Transfer), the Units Transferred shall be strictly limited to the transferor’s rights to allocations and distributions as
provided by this Agreement with respect to the transferred Units, which allocations and distributions may be applied (without limiting any other legal or equitable rights of the Company) to satisfy any debts, obligations, or liabilities for damages
that the transferor or transferee of such Units may have to the Company. 

  
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 (b) In the case of a Transfer or attempted Transfer of Units that is not a Permitted
Transfer, the parties engaging or attempting to engage in such Transfer shall be liable to indemnify and hold harmless the Company and the other Members from all cost, liability, and damage that any of such indemnified Members may incur (including,
without limitation, incremental tax liabilities, lawyers’ fees and expenses) as a result of such Transfer or attempted Transfer and efforts to enforce the indemnity granted hereby. 

10.6 Rights of Unadmitted Assignees. 
 Unless admitted as a substitute Member pursuant to Section 10.7 hereof, a Person who acquires Units shall only be entitled to allocations and distributions with respect to such Units in accordance
with this Agreement, and shall not have any right to any information or accounting of the affairs of the Company, and shall not be entitled to inspect the books or records of the Company, and shall not have any of the rights of a Class A, Class
B or Class C Member under the Act or this Agreement. In addition, the Units held by such Person shall continue to be subject to the restrictions on Transfer provided for in this Section 10. 

10.7 Admission of Substituted Members. 
 A transferee of Units (whether as a result of a Permitted Transfer or otherwise) may be admitted as a substitute Member only upon satisfaction of each of the following conditions: 

(a) The transferee acquired its Units by means of a Permitted Transfer; 

(b) The transferee meets all requirements of membership established in or pursuant to this Agreement (including Section 2.2 and
6.2(a) hereof), and such admission is approved by the Board which approval may be given or withheld in the sole and absolute discretion of the Board; 
 (c) The transferee of Units (other than, with respect to clauses (i) below, a transferee that was a Member prior to the Transfer) shall, by written instrument in form and substance reasonably
satisfactory to the Members (and, in the case of clause (ii) below, the transferor Member), (i) accept and adopt the terms and provisions of this Agreement, including this Section 10, and (ii) assume the obligations of the
transferor Member under this Agreement with respect to the transferred Units. 
 (d) The transferee pays or reimburses the
Company for all reasonable legal, filing, and publication costs that the Company incurs in connection with the admission of the transferee as a Member with respect to the Transferred Units; and 

(e) Except in the case of a Transfer involuntarily by operation of law, the transferee (other than a transferee that was a Member prior
to the Transfer) shall deliver to the Company evidence of the authority of such Person to become a Member and to be bound by all of the terms and conditions of this Agreement, and the transferee and transferor shall each execute and deliver such
other instruments as the Members reasonably deems necessary or 

  
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appropriate to effect, and as a condition to, such Transfer, including amendments to the Certificate or any other instrument filed with the State of South Dakota or any other state or
governmental authority. 
 10.8 Representations Regarding Transfers; Legend. 

(a) Each Member hereby covenants and agrees with the Company for the benefit of the Company and all Members, that (i) it is not
currently making a market in Units and will not in the future make a market in Units, (ii) it will not Transfer its Units on an established securities market, a secondary market (or the substantial equivalent thereof) within the meaning of Code
Section 7704(b) (and any Regulations, proposed Regulations, revenue rulings, or other official pronouncements of the Internal Revenue Service or Treasury Department that may be promulgated or published thereunder), and (iii) in the event
such Regulations, revenue rulings, or other pronouncements treat any or all arrangements which facilitate the selling of Company interests and which are commonly referred to as “matching services” as being a secondary market or substantial
equivalent thereof, it will not Transfer any Units through a matching service that is not approved in advance by the Company. Each Member further agrees that it will not Transfer any Units to any Person unless such Person agrees to be bound by this
Section 10.8(a) and to Transfer such Units only to Persons who agree to be similarly bound. 
 (b) Each Member hereby
represents and warrants to the Company and the Members that such Member’s acquisition of Units hereunder is made as principal for such Member’s own account and not for resale or distribution of such Units. Each Member further hereby agrees
that the Board may placed the appropriate legends under applicable federal and state securities laws or this Agreement upon any counterpart of this Agreement, the Certificate, or any other document or instrument evidencing ownership of Units or
membership in this Company, including the following legend: 
 The Units represented by this document are subject to further
restriction as to their sale, transfer, hypothecation, or assignment as set forth in the Second Amended and Restated Operating Agreement and agreed to by each Member. Said restriction provides, among other things, that no Units may be transferred
without first obtaining the approval of the Board of Managers, and that no vendee, transferee, assignee, or endorsee of a Member shall have the right to become a substituted Member without the consent of the Company’s Board of Managers, which
consent may be given or withheld in the sole and absolute discretion of the Board of Managers. 
 10.9 Distributions and
Allocations in Respect of Transferred Units. 
 If any Units are Transferred during any Fiscal Year in compliance with the
provisions of this Section 10, Profits, Losses, each item thereof, and all other items attributable to the Transferred Units for such Fiscal Year shall be divided and allocated between the transferor and the transferee by taking into account
their varying interests during the Fiscal Year in accordance with Code Section 706(d), using any conventions permitted by law and adopted from time to 

  
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time by the Board. All distributions on or before the date of such Transfer shall be made to the transferor, and all distributions thereafter shall be made to the transferee. Solely for purposes
of making such distributions, the Company shall recognize such Transfer not later than the end of the calendar month during which it is given notice of such Transfer, provided that, if the Company is given notice of a Transfer at least ten
(10) Business Days prior to the Transfer, the Company shall recognize such Transfer as of the date of such Transfer, and provided further that if the Company does not receive a notice stating the date such Units were transferred and such other
information as the Board may reasonably require within thirty (30) days after the end of the Fiscal Year during which the Transfer occurs, then all distributions may be made to the Person who, according to the books and records of the Company,
was the Member of the Units on the last day of such Fiscal Year. Neither the Company nor any Unit Holder shall incur any liability for making allocations and distributions in accordance with the provisions of this Section 10.9, whether or not
the Unit holders or the Company has knowledge of any Transfer of any Units. The Members acknowledge that the method and convention designated by the Board constitutes an agreement among the partners within the meaning of Regulations
Section 1.706-1. 
 SECTION 11 
 MERGERS AND OTHER EXTRAORDINARY TRANSACTIONS 
 11.1 Acknowledgement.

 The Unit Holders acknowledge that the financial provisions of this Agreement, including provisions relating to Capital
Contributions, Profit and Loss Allocations, Distributions and Winding Up collectively represent their desired sharing of the financial obligations and entitlements with respect to their Units. 

11.2 Sharing of Consideration. 
 If the terms of a merger or other extraordinary transaction to which the Company is a party do not provide each Unit Holder with a financial interest in the surviving entity that is substantially similar
to the financial interest of such Unit Holder in this Company immediately before the transaction, the value of the consideration received shall be divided among the Unit Holders in the same manner as a comparable amount of net liquidation proceeds
would be distributed pursuant to Section 12 of this Agreement. This shall not be construed to prevent issuance of differing forms of consideration to different groups of Unit Holders to the extent allowed by law. 

SECTION 12 

DISSOLUTION AND WINDING UP 
 12.1 Dissolution Events. 
 (a) Dissolution. The Company shall
dissolve and shall commence winding up and liquidating upon the first to occur of any of the following (each a “Dissolution Event”): 
 (i) The affirmative vote of each Manager and a Majority in Interest of the Members to dissolve, wind up, and liquidate the Company; or 

  
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 (ii) The entry of a decree of judicial dissolution pursuant to the Act.

 (b) The Members hereby agree that, notwithstanding any provision of the Act, the Company shall not dissolve prior to the
occurrence of a Dissolution Event. 
 12.2 Winding Up. 

Upon the occurrence of a Dissolution Event, the Company shall continue solely for the purposes of winding up its affairs in an orderly
manner, liquidating its assets, and satisfying the claims of its creditors and Members, and no Unit Holder shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the Company’s business and
affairs, provided that all covenants contained in this Agreement and obligations provided for in this Agreement shall continue to be fully binding upon the Unit Holders until such time as the Property has been distributed pursuant to this
Section 12.2 and the Certificate have been canceled pursuant to the Act. The Liquidator shall be responsible for overseeing the prompt and orderly winding up and dissolution of the Company. The Liquidator shall take full account of the
Company’s liabilities and Property and shall cause the Property or the proceeds from the sale thereof (as determined pursuant to Section 12.10 hereof), to the extent sufficient therefor, to be applied and distributed, to the maximum extent
permitted by law, in the following order: 
 (a) First, to creditors (including Managers and Members who are creditors, to the
extent otherwise permitted by law) in satisfaction of all of the Company’s Debts and other liabilities (whether by payment or the making of reasonable provision for payment thereof), other than liabilities for which reasonable provision for
payment has been made 
 (b) Second, 
 (i) if the Dissolution Event occurs prior to the commencement of the Gevo Economic Period: 
 (1) to the Unit Holders who hold Class C Preferred Units an amount, when combined with the prior distributions pursuant to Section 4.1(a) of this Agreement equals a ten percent (10%) annual,
cumulative, non-compounding return on such holders initial Capital Contribution calculated like interest using the average daily balance of such holders Capital Contribution over the time period in question; 

(2) Third, to the holders of the Class C Preferred Units an amount equal to the initial Capital Contribution made by such
holder with respect to the Class C Preferred Units held by such person which have not previously been redeemed pursuant to Section 6.6(b) hereof; 
 (3) Fourth, the balance, if any, to the Unit Holders in accordance with the positive balance in their Capital Accounts, after 

  
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giving effect to all contributions, distributions and allocations for all periods; and 
 (4) Thereafter, to the holders of Class A Units and Class B Units in proportion to their Units. 
 (ii) if the Dissolution Event occurs after the commencement of the Gevo Economic Period, to Gevo in proportion to the Gevo Percentage Interest and to the Redfield Parties in proportion to the Redfield
Percentage Interest. The portion of the distribution made to the Redfield Parties shall in turn be subject to the provisions of Section 12.2(b)(i) above. 
 If any assets of the Company are distributed in kind, such assets, after appraisal by a third party selected by the Board of Managers, shall be deemed to have been sold at a price equal to the appraised
value. Any hypothetical gain or loss shall be allocated to the Members pursuant to the provisions of Section 3 hereof. 

12.3 Compliance With Certain Requirements of Regulations; Deficit Capital Accounts. 

In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g),
(a) distributions shall be made pursuant to this Section 12 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704- 1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance
in his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution
to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the
distributions that would otherwise be made to the Unit Holders pursuant to this Section 12 may be: 
 (a) Distributed to a
trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company. The assets of any such
trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit
Holders pursuant to Section 12.2 hereof; or 
 (b) Withheld to provide a reasonable reserve for Company liabilities
(contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable. 

12.4 Deemed Distribution and Recontribution. 
 Notwithstanding any other provision of this Section 12, in the event the Company is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) but no Dissolution

  
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Event has occurred, the Property shall not be liquidated, the Company’s Debts and other liabilities shall not be paid or discharged, and the Company’s affairs shall not be wound up.
Instead, solely for federal income tax purposes, the Company shall be deemed to have contributed all of its Property and liabilities to a new limited liability company in exchange for an interest in such new company, and immediately thereafter, the
Company will be deemed to liquidate by distributing such interest in the new company to the Unit Holders. 
 12.5 Rights of
Unit Holders. 
 Except as otherwise provided in this Agreement, each Unit Holder shall look solely to the Property of the
Company for the return of its Capital Contribution and has no right or power to demand or receive Property other than cash from the Company. If the assets of the Company remaining after payment or discharge of the debts or liabilities of the Company
are insufficient to return such Capital Contribution, the Unit Holders shall have no recourse against the Company or any other Unit Holder or Unit Holders. 
 12.6 Notice of Dissolution/Termination. 
 (a) Upon the occurrence of a
Dissolution Event, the Board shall, within thirty (30) days thereafter, provide written notice thereof to each of the Unit Holders, and the Board may notify its known claimants and/or publish notice as further provided in the Act. 

(b) Upon completion of the distribution of the Company’s Property as provided in this Section 12, the Company shall be
terminated, and the Liquidator shall cause the filing of a Certificate of Dissolution in accordance with the Act and shall take all such other actions as may be necessary to terminate the Company. 

12.7 Allocations During Period of Liquidation. 
 During the period commencing on the first day of the Fiscal Year during which a Dissolution Event occurs and ending on the date on which all of the assets of the Company have been distributed to the Unit
Holders pursuant to Section 12.2 hereof (the “Liquidation Period”), the Unit Holders shall continue to share Profits, Losses, gain, loss and other items of Company income, gain, loss or deduction in the manner provided in
Section 3 hereof. 
 12.8 Character of Liquidating Distributions. 

All payments made in liquidation of the interest of a Unit Holder in the Company shall be made in exchange for the interest of such Unit
Holder in Property pursuant to Section 736(b)(1) of the Code, including the interest of such Unit Holder in Company goodwill. 
 12.9 The Liquidator. 
 (a) Definition. The
“Liquidator” shall mean a Person appointed by the Board, provided that such Person must be approved by at least one Gevo Appointed Manager, to oversee the liquidation of the Company. The Liquidator may be the Board or a committee of

  
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three or more Managers appointed by the Board, provided that any such committee shall include at least one Gevo Appointed Manager. 

(b) Fees. The Company is authorized to pay a reasonable fee to the Liquidator for its services performed pursuant to this
Section 12 and to reimburse the Liquidator for its reasonable costs and expenses incurred in performing those services. 

(c) Indemnification. The Company shall indemnify, save harmless, and pay all judgments and claims against such Liquidator or any
officers, directors, agents or employees of the Liquidator relating to any liability or damage incurred by reason of any act performed or omitted to be performed by the Liquidator, or any officers, directors, agents or employees of the Liquidator in
connection with the liquidation of the Company, including reasonable attorneys’ fees incurred by the Liquidator, officer, director, agent or employee in connection with the defense of any action based on any such act or omission, which
attorneys’ fees may be paid as incurred, except to the extent such liability or damage is caused by acts or omissions that are not in good faith or involve negligence, fraud, intentional misconduct or a knowing violation of law, or for a
transaction from which the Liquidator or its officer, director, agent or employee derived an improper personal benefit. 

12.10 Form of Liquidating Distributions. 
 For purposes of making distributions required by Section 12.2 hereof, the Liquidator may determine whether to distribute all or any portion of the Property in-kind or to sell all or any portion of
the Property and distribute the proceeds therefrom. 
 SECTION 13 

DISPUTE RESOLUTION 
 If a dispute arises out of or relates to this Agreement, or the performance or breach thereof, the parties agree first to try in good faith to settle the dispute by mediation under the Commercial
Mediation Rules of the American Arbitration Association, before resorting to arbitration. Thereafter, any remaining unresolved controversy or claim arising out of or relating to this Agreement, or the performance or breach thereof, shall be settled
by binding arbitration pursuant to the Commercial Arbitration Rules of the American Arbitration Association as modified by this Section 13; PROVIDED, that this Section 13 shall not require use of the American Arbitration Association Only
that such Rules as modified by this Section 13 shall be followed); and PROVIDED FURTHER, that arbitration shall not be required for allegations involving breach of contract, violations of state or federal securities laws, breach of fiduciary
duty or other misconduct by the Company. The arbitration shall be conducted in the State of South Dakota. Any award rendered shall be final and conclusive upon the parties and a judgment thereon may be entered in any court having competent
jurisdiction. The parties shall (i) agree upon and appoint as the arbitrator a retired former trial Judge in South Dakota; (ii) direct the arbitrator to follow substantive rules of law and the Federal Rules of Evidence; (iii) allow
for the parties to conduct discovery pursuant to the rules then in effect under the Federal Rules of Civil Procedure for a period not to exceed 60 days; (iv) require the testimony to be 

  
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transcribed; and (v) require the award to be accompanied by findings of fact and a statement of reasons for the decision. The cost and expense of the arbitrator and location costs shall be
borne equally by the parties to the dispute. All other costs and expenses, including reasonable attorney’s fees and expert’s fees, of all parties incurred in any dispute which is determined and/or settled by arbitration pursuant to this
Section 13 shall be borne by the party incurring such cost and expense. Except where clearly prevented by the area in dispute, both parties agree to continue performing their respective obligations under this Agreement while the dispute is
being resolved. 
 SECTION 14 
 MISCELLANEOUS 
 14.1 Notices. 

Any notice, payment, demand, or communication required or permitted to be given by any provision of this Agreement shall be in writing and
shall be deemed to have been delivered, given, and received for all purposes (i) if delivered personally to the Person or to an officer of the Person to whom the same is directed, or (ii) when the same is actually received, if sent either
by registered or certified mail, postage and charges prepaid, or by facsimile, if such facsimile is followed by a hard copy of the facsimile communication sent promptly thereafter by registered or certified mail, postage and charges prepaid,
addressed as follows, or to such other address as such Person may from time to time specify by notice to the Company and the Unit Holders: 
 (a) If to the Company, to the address determined pursuant to Section 1.4 hereof; 
 (b) If to the Unit Holders, to the address set forth on record with the company; 

14.2 Binding Effect. 
 Except as otherwise provided in this Agreement, every covenant, term, and provision of this Agreement shall be binding upon and inure to the benefit of the Members and their respective successors,
transferees, and assigns. 
 14.3 Construction. 
 Every covenant, term, and provision of this Agreement shall be construed simply according to its fair meaning and not strictly for or against any Member. 

14.4 Time. 
 In computing any period of time pursuant to this Agreement, the day of the act, event or default from which the designated period of time begins to run shall not be included, but the time shall begin to
run on the next succeeding day. The last day of the period so computed shall be included, unless it is a Saturday, Sunday or legal holiday, in which event the period shall run until the end of the next day which is not a Saturday, Sunday or legal
holiday. 

  
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 14.5 Headings. 

Section and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret,
define, or limit the scope, extent, or intent of this Agreement or any provision hereof. 
 14.6 Severability.

 Except as otherwise provided in the succeeding sentence, every provision of this Agreement is intended to be severable,
and, if any term or provision of this Agreement is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity or legality of the remainder of this Agreement. Notwithstanding the foregoing, if such
illegality or invalidity would be to cause any Member to lose the material benefit of its economic bargain, then the Members agree to negotiate in good-faith to amend this Agreement in order to restore such lost material benefit. 

14.7 Incorporation by Reference. 
 Every exhibit, schedule, and other appendix attached to this Agreement and referred to herein is not incorporated in this Agreement by reference unless this Agreement expressly otherwise provides.

 14.8 Variation of Terms. 
 All terms and any variations thereof shall be deemed to refer to masculine, feminine, or neuter, singular or plural, as the identity of the Person or Persons may require. 

14.9 Governing Law. 
 The laws of the State of South Dakota shall govern the validity of this Agreement, the construction of its terms, and the interpretation of the rights and duties arising hereunder. 

14.10 Waiver of Jury Trial. 
 Each of the Members irrevocably waives to the extent permitted by law, all rights to trial by jury and all rights to immunity by sovereignty or otherwise in any action, proceeding or counterclaim arising
out of or relating to this Agreement. 
 14.11 Counterpart Execution. 

This Agreement may be executed in any number of counterparts with the same effect as if all of the Members had signed the same document.
All counterparts shall be construed together and shall constitute one agreement. 

  
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 14.12 Specific Performance. 

Each Member agrees with the other Members that the other Members would be irreparably damaged if any of the provisions of this Agreement are not performed
in accordance with their specific terms and that monetary damages would not provide an adequate remedy in such event. Accordingly, it is agreed that, in addition to any other remedy to which the nonbreaching Members may be entitled, at law or in
equity, the nonbreaching Members shall be entitled to injunctive relief to prevent breaches of the provisions of this Agreement and specifically to enforce the terms and provisions hereof in any action instituted in any court of the United States or
any state thereof having subject matter jurisdiction thereof. 
 * * * * * * * * * * * * * * * * * * * * * * * * * * 

IN WITNESS WHEREOF, the parties have executed and entered into this Agreement as of the day first above set forth. 

  
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 ADDITIONAL MEMBER SIGNATURE PAGE 

IN WITNESS WHEREOF, pursuant to Sections 6.1 and/or 10.6 of the Second Amended and Restated Operating Agreement of Redfield
Energy, LLC, of which this signature page is a part, in consideration of and as a condition to the undersigned’s being admitted as a Member and acquiring Units in Redfield Energy, LLC, the undersigned hereby executes and enters into this Second
Amended and Restated Operating Agreement as an additional Member, as of              , 2011 or, if later, the effective date of the undersigned’s acquisition of Units and
admission as a Member pursuant to this Second Amended and Restated Operating Agreement. By execution of this Additional Member Signature Page and on such date, the undersigned hereby becomes a party to this Second Amended and Restated Operating
Agreement and agrees to be bound in all respects by the terms and conditions of this Second Amended and Restated Operating Agreement on and after such date. 
  

					
	Date Signed:	 	  
	 	

  

					
	Individuals:	 		 	
			
	  
	 		 	  

	(Signature)	 		 	(Signature of joint investor)
			
	  
	 		 	  

	(Print name)	 		 	(Print name of joint investor)

  

			
	Entities:	 	
		
	  
	 	
	(Print name of entity)	 	
		
	  
	 	
	(Signature)	 	
		
	  
	 	
	(Print name of authorized signatory)	 	
		
	  
	 	
	(Print title of authorized signatory)	 	

  
 73 

			
	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 SCHEDULE A 

List of Unit Holders 
  

											
	 Names and Addresses of Unit Holder
	  	Form of
Contribution	  	Amount
(Agreed Value)
of
Contribution	  	Date of
Acceptance of
Contribution	  	Number
of Units	  	Effective
Date of
Issuance of
Units

 

  
 74 

			
	Redfield Energy, LLC	 	Second Amended and Restated Operating Agreement

 

 SCHEDULE B 

Percentage Interests* 
 Gevo Percentage Interest:     % 
 Redfield Percentage Interest:
    % 
 TOTAL 100% 
  

	*	Percentages subject to change over time based on the Performance Level achieved by the Facility. 

  
 75 

 (This page intentionally left blank)Amended and Restated Credit Agreement

 Exhibit 10.1 
 CUSIP #31421WAA3 
 $382,500,000 TERM LOAN FACILITY 

$200,000,000 REVOLVING CREDIT FACILITY 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 by and among 

FEDERATED INVESTORS, INC., 
 THE GUARANTORS PARTY HERETO, 
 and 

THE LENDERS PARTY HERETO, 
 and 
 PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent, 

and 
 PNC CAPITAL
MARKETS LLC, as Sole Bookrunner, 
 and 
 PNC CAPITAL MARKETS LLC and CITIGROUP GLOBAL MARKETS, INC., as Joint Lead 

Arrangers, 
 and

 CITIBANK, N.A., as Syndication Agent 
 Dated as of June 10, 2011 

 TABLE OF CONTENTS 

 

											
	 	  	 	  	 	  	 	  	Page	 
			
	1.	  	 CERTAIN DEFINITIONS
	  	 	1	  
		  	1.1	  	 Certain Definitions.
	  	 	1	  
		  	1.2	  	 Construction.
	  	 	22	  
		  		  	1.2.1	  	 Number; Inclusion.
	  	 	22	  
		  		  	1.2.2	  	 Determination.
	  	 	22	  
		  		  	1.2.3	  	 Administrative Agent’s Discretion and Consent.
	  	 	22	  
		  		  	1.2.4	  	 Documents Taken as a Whole.
	  	 	23	  
		  		  	1.2.5	  	 Headings.
	  	 	23	  
		  		  	1.2.6	  	 Implied References to this Agreement.
	  	 	23	  
		  		  	1.2.7	  	 Persons.
	  	 	23	  
		  		  	1.2.8	  	 Modifications to Documents.
	  	 	23	  
		  		  	1.2.9	  	 From, To and Through.
	  	 	23	  
		  		  	1.2.10	  	 Shall; Will.
	  	 	23	  
		  		  	1.2.11	  	 Eastern Time.
	  	 	23	  
		  	1.3	  	 Accounting Principles.
	  	 	24	  
			
	2.	  	 REVOLVING CREDIT AND SWING LOAN FACILITIES
	  	 	24	  
		  	2.1	  	 Revolving Credit Commitments.
	  	 	24	  
		  		  	2.1.1	  	 Revolving Credit Loans.
	  	 	24	  
		  		  	2.1.2	  	 Swing Loan Commitment.
	  	 	24	  
		  	2.2	  	 Nature of Lenders’ Obligations with Respect to Revolving Credit Loans.
	  	 	25	  
		  	2.3	  	 Facility Fees.
	  	 	25	  
		  	2.4	  	 Reserved.
	  	 	25	  
		  	2.5	  	 Loan Requests.
	  	 	25	  
		  		  	2.5.1	  	 Loan Requests relating to Revolving Credit Loans and Term Loans.
	  	 	25	  
		  		  	2.5.2	  	 Swing Loan Requests.
	  	 	26	  
		  	2.6	  	Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swing
Loans.	  	 	26	  
		  		  	2.6.1	  	 Making Revolving Credit Loans.
	  	 	26	  
		  		  	2.6.2	  	 Presumptions by the Administrative Agent.
	  	 	27	  
		  		  	2.6.3	  	 Making Swing Loans.
	  	 	27	  
		  		  	2.6.4	  	 Repayment of Revolving Credit Loans.
	  	 	27	  
		  		  	2.6.5	  	 Borrowings to Repay Swing Loans.
	  	 	27	  
		  		  	2.6.6	  	 Reserved.
	  	 	28	  
		  	2.7	  	 Notes.
	  	 	28	  
		  	2.8	  	 Use of Proceeds.
	  	 	28	  
		  	2.9	  	 Letter of Credit Subfacility.
	  	 	28	  
		  		  	2.9.1	  	 Issuance of Letters of Credit.
	  	 	28	  
		  		  	2.9.2	  	 Letter of Credit Fees.
	  	 	29	  
		  		  	2.9.3	  	 Disbursements; Reimbursement.
	  	 	29	  
		  		  	2.9.4	  	 Repayment of Participation Advances.
	  	 	30	  
		  		  	2.9.5	  	 Documentation.
	  	 	31	  
		  		  	2.9.6	  	 Determinations to Honor Drawing Requests.
	  	 	31	  

  
 ii 

											
		  		  	2.9.7	  	 Nature of Participation and Reimbursement Obligations.
	  	 	31	  
		  		  	2.9.8	  	 Indemnity.
	  	 	33	  
		  		  	2.9.9	  	 Liability for Acts and Omissions.
	  	 	33	  
		  	2.10	  	 Defaulting Lenders.
	  	 	35	  
		  	2.11	  	 Reduction of Revolving Credit Commitment.
	  	 	37	  
			
	3.	  	 TERM LOANS
	  	 	37	  
		  	3.1	  	 Term Loan Commitments.
	  	 	37	  
		  	3.2	  	 Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms.
	  	 	37	  
		  	3.3	  	 Additional Commitment.
	  	 	38	  
			
	4.	  	 INTEREST RATES
	  	 	39	  
		  	4.1	  	 Interest Rate Options.
	  	 	39	  
		  		  	4.1.1	  	 Revolving Credit Interest Rate Options; Swing Loan Interest Rate.
	  	 	40	  
		  		  	4.1.2	  	 Term Loan Interest Rate Options.
	  	 	40	  
		  		  	4.1.3	  	 Rate Quotations.
	  	 	40	  
		  		  	4.1.4	  	 Change in Fees or Interest Rates.
	  	 	41	  
		  	4.2	  	 Interest Periods.
	  	 	41	  
		  		  	4.2.1	  	 Amount of Borrowing Tranche.
	  	 	41	  
		  		  	4.2.2	  	 Renewals.
	  	 	41	  
		  	4.3	  	 Interest After Default.
	  	 	41	  
		  		  	4.3.1	  	 Interest Rate.
	  	 	42	  
		  		  	4.3.2	  	 Other Obligations.
	  	 	42	  
		  		  	4.3.3	  	 Acknowledgment.
	  	 	42	  
		  	4.4	  	 LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available.
	  	 	42	  
		  		  	4.4.1	  	 Unascertainable.
	  	 	42	  
		  		  	4.4.2	  	 Illegality; Increased Costs; Deposits Not Available.
	  	 	42	  
		  		  	4.4.3	  	 Administrative Agent’s and Lender’s Rights.
	  	 	43	  
		  	4.5	  	 Selection of Interest Rate Options.
	  	 	43	  
			
	5.	  	 PAYMENTS
	  	 	44	  
		  	5.1	  	 Payments.
	  	 	44	  
		  	5.2	  	 Pro Rata Treatment of Lenders.
	  	 	44	  
		  	5.3	  	 Sharing of Payments by Lenders.
	  	 	44	  
		  	5.4	  	 Presumptions by Administrative Agent.
	  	 	45	  
		  	5.5	  	 Interest Payment Dates.
	  	 	45	  
		  	5.6	  	 Voluntary Prepayments.
	  	 	46	  
		  		  	5.6.1	  	 Right to Prepay.
	  	 	46	  
		  		  	5.6.2	  	 Replacement of a Lender.
	  	 	46	  
		  	5.7	  	 Reserved.
	  	 	47	  
		  	5.8	  	 Increased Costs.
	  	 	47	  
		  		  	5.8.1	  	 Increased Costs Generally.
	  	 	47	  
		  		  	5.8.2	  	 Capital Requirements.
	  	 	48	  
		  		  	5.8.3	  	 Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans.
	  	 	48	  

  
 iii

											
		  		  	5.8.4	  	 Delay in Requests.
	  	 	49	  
		  	5.9	  	 Taxes.
	  	 	49	  
		  		  	5.9.1	  	 Payments Free of Taxes.
	  	 	49	  
		  		  	5.9.2	  	 Payment of Other Taxes by the Borrower.
	  	 	49	  
		  		  	5.9.3	  	 Indemnification by the Borrower.
	  	 	49	  
		  		  	5.9.4	  	 Evidence of Payments.
	  	 	50	  
		  		  	5.9.5	  	 Status of Lenders.
	  	 	50	  
		  	5.10	  	 Indemnity.
	  	 	51	  
		  	5.11	  	 Settlement Date Procedures.
	  	 	52	  
			
	6.	  	 REPRESENTATIONS AND WARRANTIES
	  	 	52	  
		  	6.1	  	 Representations and Warranties.
	  	 	52	  
		  		  	6.1.1	  	 Organization and Qualification.
	  	 	52	  
		  		  	6.1.2	  	 Subsidiaries.
	  	 	52	  
		  		  	6.1.3	  	 Power and Authority.
	  	 	53	  
		  		  	6.1.4	  	 Validity and Binding Effect.
	  	 	53	  
		  		  	6.1.5	  	 No Conflict.
	  	 	53	  
		  		  	6.1.6	  	 Litigation.
	  	 	54	  
		  		  	6.1.7	  	 Title to Properties.
	  	 	54	  
		  		  	6.1.8	  	 Financial Statements.
	  	 	54	  
		  		  	6.1.9	  	 Use of Proceeds; Margin Stock.
	  	 	55	  
		  		  	6.1.10	  	 Full Disclosure.
	  	 	55	  
		  		  	6.1.11	  	 Taxes.
	  	 	55	  
		  		  	6.1.12	  	 Consents and Approvals.
	  	 	55	  
		  		  	6.1.13	  	 No Event of Default; Compliance with Instruments.
	  	 	56	  
		  		  	6.1.14	  	 Patents, Trademarks, Copyrights, Licenses, Etc.
	  	 	56	  
		  		  	6.1.15	  	 Insurance.
	  	 	56	  
		  		  	6.1.16	  	 Compliance with Laws.
	  	 	56	  
		  		  	6.1.17	  	 Material Contracts; Burdensome Restrictions.
	  	 	56	  
		  		  	6.1.18	  	 Investment Companies; Regulated Entities.
	  	 	57	  
		  		  	6.1.19	  	 ERISA Compliance.
	  	 	57	  
		  		  	6.1.20	  	 Employment Matters.
	  	 	57	  
		  		  	6.1.21	  	 Environmental Matters.
	  	 	58	  
		  		  	6.1.22	  	 Senior Debt Status.
	  	 	58	  
		  		  	6.1.23	  	 Reserved.
	  	 	58	  
		  		  	6.1.24	  	 Existing Business.
	  	 	58	  
			
	7.	  	 CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT
	  	 	58	  
		  	7.1	  	 First Loans and Letters of Credit.
	  	 	58	  
		  		  	7.1.1	  	 Officer’s Certificate.
	  	 	59	  
		  		  	7.1.2	  	 Secretary’s Certificate.
	  	 	59	  
		  		  	7.1.3	  	 Delivery of Loan Documents.
	  	 	59	  
		  		  	7.1.4	  	 Opinion of Counsel.
	  	 	59	  
		  		  	7.1.5	  	 Legal Details.
	  	 	60	  
		  		  	7.1.6	  	 Payment of Fees.
	  	 	60	  
		  		  	7.1.7	  	 Consents.
	  	 	60	  
		  		  	7.1.8	  	 Officer’s Certificate Regarding MACs.
	  	 	60	  
		  		  	7.1.9	  	 No Violation of Laws.
	  	 	60	  

  
 iv 

											
		  		  	7.1.10	  	 No Actions or Proceedings.
	  	 	60	  
		  		  	7.1.11	  	 Termination of Existing Revolving Credit Agreement.
	  	 	61	  
		  	7.2	  	 Each Additional Loan or Letter of Credit.
	  	 	61	  
		  	7.3	  	 Amendment and Restatement.
	  	 	61	  
			
	8.	  	 COVENANTS
	  	 	61	  
		  	8.1	  	 Affirmative Covenants.
	  	 	61	  
		  		  	8.1.1	  	 Preservation of Existence, Etc.
	  	 	62	  
		  		  	8.1.2	  	 Payment of Liabilities, Including Taxes, Etc.
	  	 	62	  
		  		  	8.1.3	  	 Maintenance of Insurance.
	  	 	62	  
		  		  	8.1.4	  	 Maintenance of Properties and Leases.
	  	 	62	  
		  		  	8.1.5	  	 Maintenance of Patents, Trademarks, Etc.
	  	 	62	  
		  		  	8.1.6	  	 Visitation Rights.
	  	 	63	  
		  		  	8.1.7	  	 Keeping of Records and Books of Account.
	  	 	63	  
		  		  	8.1.8	  	 Reserved.
	  	 	63	  
		  		  	8.1.9	  	 Compliance with Laws.
	  	 	63	  
		  		  	8.1.10	  	 Reserved.
	  	 	63	  
		  		  	8.1.11	  	 New Subsidiaries.
	  	 	63	  
		  		  	8.1.12	  	 Reserved.
	  	 	64	  
		  		  	8.1.13	  	 Anti-Terrorism Laws.
	  	 	64	  
		  	8.2	  	 Negative Covenants.
	  	 	64	  
		  		  	8.2.1	  	 Indebtedness.
	  	 	64	  
		  		  	8.2.2	  	 Liens.
	  	 	65	  
		  		  	8.2.3	  	 Guaranties.
	  	 	65	  
		  		  	8.2.4	  	 Reserved.
	  	 	65	  
		  		  	8.2.5	  	 Reserved.
	  	 	65	  
		  		  	8.2.6	  	 Liquidations, Mergers, Consolidations, Acquisitions.
	  	 	65	  
		  		  	8.2.7	  	 Dispositions of Assets or Subsidiaries.
	  	 	66	  
		  		  	8.2.8	  	 Affiliate Transactions.
	  	 	67	  
		  		  	8.2.9	  	 Continuation of or Change in Business.
	  	 	67	  
		  		  	8.2.10	  	 Pension Plans and Multiemployer Plans.
	  	 	68	  
		  		  	8.2.11	  	 Fiscal Year; Accounting Methods.
	  	 	68	  
		  		  	8.2.12	  	 No Restrictions on Dividends.
	  	 	68	  
		  		  	8.2.13	  	 Change in Ownership.
	  	 	68	  
		  		  	8.2.14	  	 Maximum Leverage Ratio.
	  	 	68	  
		  		  	8.2.15	  	 Minimum Interest Coverage Ratio.
	  	 	68	  
		  	8.3	  	 Reporting Requirements.
	  	 	68	  
		  		  	8.3.1	  	 Quarterly Financial Statements.
	  	 	68	  
		  		  	8.3.2	  	 Annual Financial Statements.
	  	 	69	  
		  		  	8.3.3	  	 Certificate of the Borrower.
	  	 	69	  
		  		  	8.3.4	  	 Notice of Default.
	  	 	69	  
		  		  	8.3.5	  	 Notice of Litigation.
	  	 	70	  
		  		  	8.3.6	  	 Certain Events.
	  	 	70	  
		  		  	8.3.7	  	 Other Notices, Reports and Information.
	  	 	70	  
		  		  	8.3.8	  	 ERISA Event.
	  	 	71	  
		  		  	8.3.9	  	 Notices Regarding Special Purpose Subsidiaries.
	  	 	71	  
		  		  	8.3.10	  	 Notice of Change in Debt Rating.
	  	 	71	  

  
 v 

											
	9.	  	 DEFAULT
	  	 	71	  
		  	9.1	  	 Events of Default.
	  	 	71	  
		  		  	9.1.1	  	 Payments Under Loan Documents.
	  	 	71	  
		  		  	9.1.2	  	 Breach of Warranty.
	  	 	71	  
		  		  	9.1.3	  	 Breach of Certain Covenants.
	  	 	72	  
		  		  	9.1.4	  	 Breach of Other Covenants.
	  	 	72	  
		  		  	9.1.5	  	 Defaults in Other Agreements or Indebtedness.
	  	 	72	  
		  		  	9.1.6	  	 Final Judgments or Orders.
	  	 	72	  
		  		  	9.1.7	  	 Loan Document Unenforceable.
	  	 	72	  
		  		  	9.1.8	  	 Proceedings Against Assets.
	  	 	73	  
		  		  	9.1.9	  	 Notice of Lien or Assessment.
	  	 	73	  
		  		  	9.1.10	  	 Events Relating to Pension Plans and Multiemployer Plans.
	  	 	73	  
		  		  	9.1.11	  	 Cessation of Business.
	  	 	73	  
		  		  	9.1.12	  	 Relief Proceedings.
	  	 	73	  
		  	9.2	  	 Consequences of Event of Default.
	  	 	74	  
		  		  	9.2.1	  	 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings.
	  	 	74	  
		  		  	9.2.2	  	 Bankruptcy, Insolvency or Reorganization Proceedings.
	  	 	74	  
		  		  	9.2.3	  	 Set-off.
	  	 	74	  
		  		  	9.2.4	  	 Suits, Actions, Proceedings.
	  	 	75	  
		  		  	9.2.5	  	 Application of Proceeds.
	  	 	75	  
		  		  	9.2.6	  	 Other Rights and Remedies.
	  	 	75	  
			
	10.	  	 THE ADMINISTRATIVE AGENT
	  	 	76	  
		  	10.1	  	 Appointment and Authority.
	  	 	76	  
		  	10.2	  	 Rights as a Lender.
	  	 	76	  
		  	10.3	  	 Exculpatory Provisions.
	  	 	76	  
		  	10.4	  	 Reliance by Administrative Agent.
	  	 	77	  
		  	10.5	  	 Delegation of Duties.
	  	 	78	  
		  	10.6	  	 Resignation of Administrative Agent.
	  	 	78	  
		  	10.7	  	 Non-Reliance on Administrative Agent and Other Lenders.
	  	 	79	  
		  	10.8	  	 No Other Duties, etc.
	  	 	79	  
		  	10.9	  	 Administrative Agent’s Fee.
	  	 	79	  
		  	10.10	  	 Authorization to Release Guarantors.
	  	 	79	  
		  	10.11	  	 No Reliance on Administrative Agent’s Customer Identification Program.
	  	 	79	  
			
	11.	  	 MISCELLANEOUS
	  	 	80	  
		  	11.1	  	 Modifications, Amendments or Waivers.
	  	 	80	  
		  		  	11.1.1	  	 Increase of Commitment.
	  	 	80	  
		  		  	11.1.2	  	 Extension of Payment; Reduction of Principal Interest or Fees; Modification of Terms of Payment.
	  	 	80	  
		  		  	11.1.3	  	 Release of Guarantor.
	  	 	80	  
		  		  	11.1.4	  	 Miscellaneous.
	  	 	80	  
		  	11.2	  	 No Implied Waivers; Cumulative Remedies; Writing Required.
	  	 	81	  
		  	11.3	  	 Expenses; Indemnity; Damage Waiver.
	  	 	81	  
		  		  	11.3.1	  	 Costs and Expenses.
	  	 	81	  
		  		  	11.3.2	  	 Indemnification by the Borrower.
	  	 	82	  
		  		  	11.3.3	  	 Reimbursement by Lenders.
	  	 	82	  

  
 vi 

											
		  		  	11.3.4	  	 Waiver of Consequential Damages, Etc.
	  	 	82	  
		  		  	11.3.5	  	 Payments.
	  	 	83	  
		  	11.4	  	 Holidays.
	  	 	83	  
		  	11.5	  	 Reserved.
	  	 	83	  
		  	11.6	  	 Notices; Effectiveness; Electronic Communication.
	  	 	83	  
		  		  	11.6.1	  	 Notices Generally.
	  	 	83	  
		  		  	11.6.2	  	 Electronic Communications.
	  	 	84	  
		  		  	11.6.3	  	 Change of Address, Etc.
	  	 	84	  
		  	11.7	  	 Severability.
	  	 	84	  
		  	11.8	  	 Governing Law.
	  	 	84	  
		  	11.9	  	 Prior Understanding.
	  	 	85	  
		  	11.10	  	 Duration; Survival.
	  	 	85	  
		  	11.11	  	 Successors and Assigns.
	  	 	85	  
		  		  	11.11.1	  	 Successors and Assigns Generally.
	  	 	85	  
		  		  	11.11.2	  	 Assignments by Lenders.
	  	 	85	  
		  		  	11.11.3	  	 Register.
	  	 	87	  
		  		  	11.11.4	  	 Participations.
	  	 	87	  
		  		  	11.11.5	  	 Limitations upon Participant Rights Successors and Assigns Generally.
	  	 	88	  
		  		  	11.11.6	  	 Certain Pledges; Successors and Assigns Generally.
	  	 	88	  
		  	11.12	  	 Confidentiality.
	  	 	88	  
		  		  	11.12.1	  	 General.
	  	 	88	  
		  		  	11.12.2	  	 Sharing Information With Affiliates of the Lenders.
	  	 	89	  
		  	11.13	  	 Counterparts; Integration; Effectiveness.
	  	 	89	  
		  	11.14	  	 Administrative Agent’s or Lender’s Consent.
	  	 	89	  
		  	11.15	  	 Exceptions.
	  	 	90	  
		  	11.16	  	 CONSENT TO FORUM; WAIVER OF JURY TRIAL.
	  	 	90	  
		  		  	11.16.1	  	 SUBMISSION TO JURISDICTION.
	  	 	90	  
		  		  	11.16.2	  	 WAIVER OF VENUE.
	  	 	90	  
		  		  	11.16.3	  	 SERVICE OF PROCESS.
	  	 	91	  
		  		  	11.16.4	  	 WAIVER OF JURY TRIAL.
	  	 	91	  
		  	11.17	  	 USA Patriot Act Notice.
	  	 	91	  

  
 vii

 LIST OF SCHEDULES AND EXHIBITS 

 

					
	SCHEDULES	  		    	
			
	SCHEDULE 1.1(A)	  	-	    	PRICING GRID
	SCHEDULE 1.1(B)	  		    	COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES
	SCHEDULE 1.1(P)	  	-	    	PERMITTED LIENS
	SCHEDULE 6.1.2	  	-	    	LOAN PARTIES AND SUBSIDIARIES
	SCHEDULE 8.2.1	  	-	    	PERMITTED INDEBTEDNESS
			
	EXHIBITS	  		    	
			
	EXHIBIT 1.1(A)	  	-	    	ASSIGNMENT AND ASSUMPTION AGREEMENT
	EXHIBIT 1.1(G)(1)	  	-	    	GUARANTOR JOINDER
	EXHIBIT 1.1(G)(2)	  	-	    	GUARANTY AGREEMENT
	EXHIBIT 1.1(N)(1)	  	-	    	REVOLVING CREDIT NOTE
	EXHIBIT 1.1(N)(2)	  	-	    	SWING LOAN NOTE
	EXHIBIT 1.1(N)(3)	  	-	    	TERM NOTE
	EXHIBIT 2.5.1	  	-	    	LOAN REQUEST
	EXHIBIT 2.5.2	  	-	    	SWING LOAN REQUEST OR REPAYMENT
	EXHIBIT 7.1.4	  	-	    	REQUIREMENTS OF OPINION OF COUNSEL
	EXHIBIT 8.3.3	  	-	    	QUARTERLY COMPLIANCE CERTIFICATE

  
 viii

 AMENDED AND RESTATED CREDIT AGREEMENT 

THIS AMENDED AND RESTATED CREDIT AGREEMENT is dated as of June 10, 2011 and is made by and among FEDERATED INVESTORS, INC., a
Pennsylvania corporation (the “Borrower”), each of the GUARANTORS (as hereinafter defined), the LENDERS (as hereinafter defined), and PNC BANK, NATIONAL ASSOCIATION, in its capacity as agent for the Lenders under this Agreement
(hereinafter referred to in such capacity as the “Administrative Agent”). 
 WITNESSETH: 

WHEREAS, the Borrower, the Guarantors, the lenders set forth therein, and the Administrative Agent are parties to that certain Amended
and Restated Credit Agreement dated as of April 9, 2010 (the “Existing Credit Agreement”) pursuant to which such lenders provided a term loan facility to the Borrower in an aggregate principal amount not to exceed $425,000,000;
and 
 WHEREAS, the Borrower has requested the Lenders to amend certain provisions of the Existing Credit Agreement, among other
things, to add a $200,000,000 revolving credit facility and an option to increase the revolving credit facility or the term loan facility from time to time by an amount not to exceed in the aggregate $100,000,000; and 

WHEREAS, the Lenders have agreed to provide the credit facility requested by the Borrower pursuant to the terms and conditions of this
Agreement which, from and after the date hereof, shall amend and restate the terms of the Existing Credit Agreement; 
 NOW,
THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, covenant and agree that the Existing Credit Agreement shall be amended and restated in its
entirety as follows: 
 1. CERTAIN DEFINITIONS 
 1.1 Certain Definitions. 
 In addition to words and terms defined elsewhere
in this Agreement, the following words and terms shall have the following meanings, respectively, unless the context hereof clearly requires otherwise: 
 Additional Commitment shall have the meaning given to such term in Section 3.3 [Additional Commitment]. 
 Additional Lender shall have the meaning given to such term in Section 3.3 [Additional Commitment]. 
 Additional Revolving Credit Commitment shall have the meaning given to such term in Section 3.3 [Additional Commitment]. 

Additional Term Loan Commitment shall have the meaning given to such term in Section 3.3 [Additional Commitment]. 

  
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 Additional Term Loans shall have the meaning given to such term in Section 3.3
[Additional Commitment]. 
 Affiliate as to any Person shall mean any other Person (i) which directly or indirectly
controls, is controlled by, or is under common control with such Person, (ii) which beneficially owns or holds 5% or more of any class of the voting or other equity interests of such Person, or (iii) 5% or more of any class of voting
interests or other equity interests of which is beneficially owned or held, directly or indirectly, by such Person. Control, as used in this definition, shall mean 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 ownership of voting securities, by contract or otherwise, including the power to elect a majority of the directors or trustees of a corporation or trust, as the case may be. 

Administrative Agent shall mean PNC Bank, National Association, and its successors and assigns. 

Administrative Agent’s Fee shall have the meaning assigned to that term in Section 10.9 [Administrative Agent’s
Fee]. 
 Administrative Agent’s Letter shall have the meaning assigned to that term in Section 10.9
[Administrative Agent’s Fee]. 
 Agreement shall mean this Amended and Restated Credit Agreement, as the same may be
supplemented or amended from time to time, including all schedules and exhibits. 
 Anti-Terrorism Laws shall mean any
Laws relating to terrorism or money laundering, including Executive Order No. 13224, the USA Patriot Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by the United States Treasury Department’s Office
of Foreign Asset Control (as any of the foregoing Laws may from time to time be amended, renewed, extended, or replaced). 

Applicable Facility Fee Rate shall mean the percentage rate per annum at the indicated level of Debt Rating in the pricing grid on
Schedule 1.1(A) below the heading “Facility Fee.” The Applicable Facility Fee Rate shall be computed in accordance with the parameters set forth on Schedule 1.1(A). 

Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum at the indicated level of Debt Rating in the pricing
grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” The Applicable Letter of Credit Fee Rate shall be computed in accordance with the parameters set forth on Schedule 1.1(A). 

Applicable Margin shall mean, as applicable: 
 (A) the percentage spread to be added to the Base Rate applicable to Revolving Credit Loans under the Base Rate Option based on the level of Debt Rating then in effect according to the pricing grid on
Schedule 1.1(A) below the heading “Revolving Credit Base Rate Spread.” 

  
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 (B) one-quarter of one percent (0.25%) to be added to the Base Rate applicable to Term
Loans under the Base Rate Option. 
 (C) the percentage spread to be added to the LIBOR Rate applicable to Revolving Credit
Loans under the LIBOR Option based on the level of Debt Rating then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Revolving Credit LIBOR Spread.” 

(D) one and one-quarter percent (1.25%) to be added to the LIBOR Rate applicable to Term Loans under the LIBOR Rate Option.

 The Applicable Margin shall be computed in accordance with the parameters set forth on Schedule 1.1(A).

 Approved Fund shall mean any fund that is engaged in making, purchasing, holding or investing in bank loans and
similar extensions of credit in the ordinary course of business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 Assignment and Assumption Agreement shall mean an Assignment and Assumption Agreement by and among a Purchasing
Lender, a Transferor Lender and the Administrative Agent, as Administrative Agent and on behalf of the remaining Lenders, substantially in the form of Exhibit 1.1(A). 

Audited Statements shall have the meaning assigned to that term in Section 6.1.8 [Financial Statements]. 

Authorized Officer shall mean those individuals, designated by written notice to the Administrative Agent from the Borrower,
authorized to execute notices, reports and other documents on behalf of the Loan Parties required hereunder. The Borrower may amend such list of individuals from time to time by giving written notice of such amendment to the Administrative Agent.

 Base Rate shall mean, for any day, a fluctuating per annum rate of interest equal to the highest of (a) the
Federal Funds Open Rate plus 50 basis points (0.5%), and (b) the Prime Rate, and (c) the Daily LIBOR Rate plus 100 basis points (1.0%). Any change in the Base Rate (or any component thereof) shall take effect at the opening
of business on the day such change occurs. 
 Base Rate Option shall mean the option of the Borrower to have Loans bear
interest at the rate and under the terms and conditions set forth in Section 4.1.1(i) [Revolving Credit Interest Rate Options] or Section 4.1.2(i) [Term Loan Interest Rate Options], as applicable. 

Borrower shall mean Federated Investors, Inc., a corporation organized and existing under the laws of the Commonwealth of
Pennsylvania. 

  
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 Borrowing Date shall mean, with respect to any Loan, the date for the making thereof
or the renewal or conversion thereof at or to the same or a different Interest Rate Option, which shall be a Business Day. 

Borrowing Tranche shall mean specified portions of Loans outstanding as follows: (i) any Loans to which a LIBOR Rate Option
applies which become subject to the same Interest Rate Option under the same Loan Request by the Borrower and which have the same Interest Period shall constitute one Borrowing Tranche, (ii) all Loans to which the Daily LIBOR Swing Loan Rate
applies shall constitute one Borrowing Tranche, and (iii) all Loans to which a Base Rate Option applies shall constitute one Borrowing Tranche. 
 Business Day shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required to be closed for business in Pittsburgh, Pennsylvania and if
the applicable Business Day relates to any Loan to which the LIBOR Rate Option applies, such day must also be a day on which dealings are carried on in the London interbank market. 

CDOs shall mean collateralized debt obligation structures for which any of the Loan Parties provides investment advice.

 Change in Law shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the
adoption or taking effect of any Law, (b) any change in any Law or in the administration, implementation, interpretation or application thereof by any Official Body or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of Law) by any Official Body; provided, that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations,
guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of Law) and (y) all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of Law), in each case pursuant to Basel III,
shall in each case be deemed to be a Change in Law regardless of the date enacted, adopted, issued, promulgated or implemented. 

Class A Shares shall mean the Class A Common Stock of the Borrower. 

Closing Date shall mean June 10, 2011. 
 Code shall mean the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations
thereunder, as from time to time in effect. 
 Commitment shall mean as to any Lender the aggregate of its Revolving
Credit Commitment and Term Loan Commitment and, in the case of PNC, its Swing Loan Commitment, and Commitments shall mean the aggregate of the Revolving Credit Commitments, Term Loan Commitments and Swing Loan Commitment of all of the
Lenders. 

  
 4 

 Compliance Certificate shall have the meaning assigned to such term in
Section 8.3.3 [Certificate of the Borrower]. 
 Consideration shall mean, with respect to any acquisition pursuant
to clause (ii) of Section 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions], the aggregate of (i) the cash paid by any of the Loan Parties or any Subsidiary of a Loan Party, directly or indirectly, to the seller in
connection therewith, (ii) the Indebtedness incurred or assumed by any of the Loan Parties or any Subsidiary of a Loan Party, whether in favor of the seller or otherwise and whether fixed or contingent, (iii) any Guaranty given or incurred
by any Loan Party or any Subsidiary of a Loan Party in connection therewith, and (iv) any other consideration given or obligation incurred by any of the Loan Parties or any Subsidiary of a Loan Party in connection therewith. 

Consolidated EBITDA as of the end of any fiscal quarter for the four (4) fiscal quarters then ended shall mean (i) the
sum of net income, depreciation, amortization, other non-cash charges, losses or expenses to net income (excluding any non-cash charges, losses or expenses which require an accrual or reserve for cash charges for any future period), interest expense
and income tax expense minus (ii) non-cash credits, gains or income to net income, in each case of the Borrower and its Consolidated Subsidiaries for such period determined in accordance with GAAP; provided that if the Borrower
and Consolidated Subsidiaries shall make one or more acquisitions or dispositions of the capital stock of any Person or all or substantially all of the assets of any Person permitted by Section 8.2.6 [Liquidations, Mergers, Consolidations,
Acquisitions] or Section 8.2.7 [Dispositions of Assets of Subsidiaries] during such period, Consolidated EBITDA for such period shall be adjusted on a pro forma basis in a manner satisfactory to the Administrative Agent to give effect to
all such acquisitions or dispositions as if they had occurred at the beginning of such period. 
 Consolidated
Subsidiaries shall mean and include those subsidiaries or other entities whose accounts are consolidated with the accounts of the Borrower in accordance with GAAP provided that (i) for the purpose of calculating the financial ratios
in Section 8.2.14 [Maximum Leverage Ratio] and Section 8.2.15 [Minimum Interest Coverage Ratio], the impact of the sale or assignment of any Designated Assets, in either case pursuant to the Master Agreement, the Purchase and Sale
Agreement or any similar agreement or program and in accordance with clause (i) of Section 8.2.7 [Dispositions of Assets of Subsidiaries], shall be excluded and (ii) to the extent that FIN 46R, FASB 167 or any successor or
similar applicable accounting pronouncement adopted by the Borrower requires the consolidation of the account of any Funds with the account of the Borrower, the impact of FIN 46R, FASB 167 or any successor or similar applicable accounting
pronouncement adopted by the Borrower shall be excluded. 
 Contamination shall mean the presence or release or threat of
release of Regulated Substances in, on, under or emanating to or from the Property, which pursuant to Environmental Laws requires notification or reporting to an Official Body, or which pursuant to Environmental Laws requires the investigation,
cleanup, removal, remediation, containment, abatement of or other response action or which otherwise constitutes a violation of Environmental Laws. 
 Daily LIBOR Rate shall mean, for any day, the rate per annum determined by the Administrative Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the LIBOR
Reserve Percentage on such day. 

  
 5 

 Daily LIBOR Swing Loan Rate shall mean the Daily LIBOR Rate plus the Applicable
Margin applicable to Revolving Credit Loans under the LIBOR Option. 
 Defaulting Lender shall mean any Lender that
(a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swing Loans or (iii) pay over to the
Administrative Agent, the Issuing Lender, PNC (as the Swing Loan Lender) or any Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that
such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or the
Administrative Agent in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position
is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements
in which it commits to extend credit, (c) has failed, within two Business Days after request by the Administrative Agent, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply
with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swing Loans under this Agreement, provided that such Lender shall cease to be a
Defaulting Lender pursuant to this clause (c) upon the Administrative Agent’s receipt of such certification in form and substance satisfactory to the Administrative Agent, (d) has become the subject of a Bankruptcy Event or
(e) has failed at any time to comply with the provisions of Section 5.3 [Sharing of Payments by Lenders] with respect to purchasing participations from the other Lenders, whereby such Lender’s share of any payment received, whether by
setoff or otherwise, is in excess of its Ratable Share of such payments due and payable to all of the Lenders. 
 As used in
this definition and in Section 2.10 [Defaulting Lenders], the term “Bankruptcy Event” means, with respect to any Person, such Person or such Person’s direct or indirect parent company becomes the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good
faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result
solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person or such Person’s direct or indirect parent company by a Official Body or instrumentality thereof if, and only if, such ownership interest
does not result in or provide such Person 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 Person (or such Official Body or
instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 Designated
Assets shall mean the right to receive deferred sales charges, including 12b-1 and contingent deferred sales charges, and any comparable fees from a Fund 

  
 6 

 
relating to the sale of Fund shares or sales of other interest in or obligations of Funds and the maintenance of customer accounts, including shareholder servicing fees. 

Dollar, Dollars, U.S. Dollars and the symbol $ shall mean lawful money of the United States of America. 

Domestic Subsidiaries shall mean any Subsidiary of the Borrower that is organized or incorporated under the Laws of any state or
commonwealth in the United States of America. 
 Drawing Date shall have the meaning specified in Section 2.9.3
[Disbursements; Reimbursement]. 
 Environmental Complaint shall mean any written complaint by any Person or Official
Body setting forth a cause of action for personal injury or property damage, natural resource damage, contribution or indemnity for response costs, civil or administrative penalties, criminal fines or penalties, or declaratory or equitable relief
arising under any Environmental Laws or any order, notice of violation, citation, subpoena, request for information or other written notice or demand of any type issued by an Official Body pursuant to any Environmental Laws. 

Environmental Laws shall mean all federal, state, local and foreign Laws and any consent decrees, settlement agreements,
judgments, orders, directives, policies or programs issued by or entered into with an Official Body pertaining or relating to: (i) pollution or pollution control; (ii) protection of human health or the environment; (iii) employee
safety in the workplace; (iv) the presence, use, management, generation, manufacture, processing, extraction, treatment, recycling, refining, reclamation, labeling, transport, storage, collection, distribution, disposal or release or threat of
release of Regulated Substances; (v) the presence of Contamination; (vi) the protection of endangered or threatened species; and (vii) the protection of Environmentally Sensitive Areas. 

Environmentally Sensitive Area shall mean (i) any wetland as defined by applicable Environmental Laws; (ii) any area
designated as a coastal zone pursuant to applicable Laws, including Environmental Laws; (iii) any area of historic or archeological significance or scenic area as defined or designated by applicable Laws, including Environmental Laws;
(iv) habitats of endangered species or threatened species as designated by applicable Laws, including Environmental Laws; or (v) a floodplain or other flood hazard area as defined pursuant to any applicable Laws. 

ERISA shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to
time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 

ERISA Affiliate shall mean, at any time, any trade or business (whether or not incorporated) under common control with the
Borrower and are treated as a single employer under Section 414 of the Code. 

  
 7 

 ERISA Event shall mean (a) a reportable event (under Section 4043 of ERISA
and regulations thereunder) with respect to a Pension Plan; (b) a withdrawal by Borrower or any ERISA Affiliate 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 such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Borrower or any ERISA Affiliate from a Multiemployer Plan or
notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a 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) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or
Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon Borrower or any ERISA Affiliate. 

Event of Default shall mean any of the events described in Section 9.1 [Events of Default] and referred to therein as an
“Event of Default.” 
 Excluded Taxes shall mean, with respect to the Administrative Agent, any Lender, or any
other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income
taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located,
(b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender, any withholding tax that is imposed on
amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to
comply with Section 5.9.5 [Status of Lenders], except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the
Borrower with respect to such withholding tax pursuant to Section 5.9.1 [Payment Free of Taxes]. 
 Executive Order
No. 13224 shall mean the Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

Existing Credit Agreement shall have the meaning assigned to that term in the recitals to this Agreement. 

Expiration Date shall mean June 10, 2016. 
 Facility Fees shall have the meaning given to such term in Section 2.3 [Facility Fees]. 

  
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 Federal Funds Effective Rate for any day shall mean the rate per annum (based on a
year of 360 days and actual days elapsed and rounded upward to the nearest 1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds
transactions arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted
average it refers to as the “Federal Funds Effective Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds
Effective Rate” for such day shall be the Federal Funds Effective Rate for the last day on which such rate was announced. 
 Federal Funds Open Rate for any day shall mean the rate per annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North America,
Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the caption “OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such other recognized electronic source
used for the purpose of displaying such rate as selected by the Administrative Agent (for the purposes of this definition only, an “Alternate Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or
any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any substitute screen) or any Alternate Source, a comparable replacement rate determined by the
Administrative Agent at such time (which determination shall be conclusive absent manifest error); provided however, that if such day is not a Business Day, the Federal Funds Open Rate for such day shall be the “open” rate on the
immediately preceding Business Day. If and when the Federal Funds Open Rate changes, the rate of interest with respect to any advance to which the Federal Funds Open Rate applies will change automatically without notice to the Borrower, effective on
the date of any such change. 
 Federated Bank shall mean Federated Investors Trust Company, a state chartered trust
company under the laws of Pennsylvania. 
 FIN 46(R) shall mean the Financial Accounting Standards Board Interpretation
No. 46 “Consolidation of Variable Interest Entities”. 
 Fitch shall mean Fitch Ratings Inc. and any
successor thereto. 
 Foreign Lender shall mean any Lender that is organized under the Laws of a jurisdiction other than
that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

Foreign Subsidiaries shall mean the Subsidiaries of the Borrower that are not Domestic Subsidiaries. 

Fund Fees shall mean the management, administrative, shareholder services, 12b-1, contingent deferred sales charges and other
similar fees contractually due any of the Loan Parties or any Subsidiary of a Loan Party from the Funds. 

  
 9 

 Funds shall mean the mutual funds, CDOs, investment conduits, separate accounts
(including without limitation, separately managed accounts, institutional accounts, sub-advised funds and other managed products), liquidation portfolios or other entities for which any of the Loan Parties or any Subsidiary of a Loan Party serves as
an advisor, an administrator, a distributor or a servicer. 
 GAAP shall mean generally accepted accounting principles or
its successor as in effect from time to time, subject to the provisions of Section 1.3 [Accounting Principles], and applied on a consistent basis both as to classification of items and amounts. 

Guarantor shall mean each of the parties to this Agreement which is designated as a “Guarantor” on the signature page to
the Guaranty Agreement and each other Person which joins the Guaranty Agreement as a Guarantor after the date hereof pursuant to Section 8.1.11 [New Subsidiaries]. 
 Guarantor Joinder shall mean a joinder by a Person as a Guarantor under the Loan Documents in the form of Exhibit 1.1(G)(1). 

Guaranty of any Person shall mean any obligation of such Person guaranteeing or in effect guaranteeing any liability or obligation
of any other Person in any manner, whether directly or indirectly, including any agreement to indemnify or hold harmless any other Person, any performance bond or other suretyship arrangement and any other form of assurance against loss, except
endorsement of negotiable or other instruments for deposit or collection in the ordinary course of business. 
 Guaranty
Agreement shall mean the Amended and Restated Continuing Agreement of Guaranty and Suretyship in substantially the form of Exhibit 1.1(G)(2) executed and delivered by each of the Guarantors to the Administrative Agent for the benefit
of the Lenders. 
 Historical Statements shall have the meaning given to such term in Section 6.1.8 [Financial
Statements]. 
 Incremental Facility Amendment shall have the meaning assigned to that term in Section 3.3
[Additional Commitment]. 
 Incremental Facility Closing Date shall have the meaning assigned to that term in
Section 3.3 [Additional Commitment]. 
 Indebtedness shall mean, as to any Person at any time, any and all
indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (i) borrowed money, (ii) amounts
raised under or liabilities in respect of any note purchase or acceptance credit facility, (iii) reimbursement obligations (contingent or otherwise) under any letter of credit agreement, (iv) obligations under any currency swap agreement
or interest rate swap, cap, collar or floor agreement or other interest rate management device, (v) any other transaction (including forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial
effect of a borrowing of money entered into by such 

  
 10 

 
Person to finance its operations or capital requirements (but not including trade payables and accrued expenses incurred in the ordinary course of business which are not represented by a
promissory note or other evidence of indebtedness and which are not more than thirty (30) days past due), or (vi) any Guaranty of Indebtedness for borrowed money. 
 Indemnified Taxes shall mean Taxes other than Excluded Taxes. 

Indemnitee shall have the meaning specified in Section 11.3.2 [Indemnification by the Borrower]. 

Insolvency Proceeding shall mean, with respect to any Person, (a) a case, action or proceeding with respect to such Person
(i) before any court or any other Official Body under any bankruptcy, insolvency, reorganization or other similar Law now or hereafter in effect, or (ii) for the appointment of a receiver, liquidator, assignee, custodian, trustee,
sequestrator, conservator (or similar official) of any Loan Party or Subsidiary thereof or otherwise relating to the liquidation, dissolution, winding-up or relief of such Person, or (b) any general assignment for the benefit of creditors,
composition, marshaling of assets for creditors, or other, similar arrangement in respect of such Person’s creditors generally or any substantial portion of its creditors; undertaken under any Law. 

Interest Period shall mean the period of time selected by the Borrower in connection with (and to apply to) any election permitted
hereunder by the Borrower to have Revolving Credit or Term Loans bear interest under the LIBOR Rate Option. Subject to the last sentence of this definition, such period shall be one (1), two (2), three (3), six (6) or, subject to availability,
nine (9) or twelve (12) Months. Such Interest Period shall commence on the effective date of such Interest Rate Option, which shall be (i) the Borrowing Date if the Borrower is requesting new Loans, or (ii) the date of renewal of
or conversion to the LIBOR Rate Option if the Borrower is renewing or converting to the LIBOR Rate Option applicable to outstanding Loans. Notwithstanding the second sentence hereof: (A) any Interest Period which would otherwise end on a date
which is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (B) the Borrower
shall not select, convert to or renew an Interest Period for any portion of the Loans that would end after the Expiration Date. 

Interest Rate Option shall mean any LIBOR Rate Option or Base Rate Option. 

Interest Rate Hedge shall mean an interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor or
similar agreements entered into by the Loan Parties or their Subsidiaries in order to provide protection to, or minimize the impact upon, the Borrower, the Guarantor and/or their Subsidiaries of increasing floating rates of interest applicable to
Indebtedness. 
 Interim Statements shall have the meaning given to such term in Section 6.1.8 [Financial
Statements]. 

  
 11 

 Investment Company Act shall mean the Investment Company Act of 1940, as the same may
be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 
 IRS shall mean the Internal Revenue Service. 
 Issuing Lender shall
mean PNC, in its individual capacity as issuer of Letters of Credit hereunder. 
 Labor Contracts shall mean all
employment agreements, employment contracts, collective bargaining agreements and other agreements among any Loan Party or Subsidiary of a Loan Party and its employees. 
 Law shall mean any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, release, ruling, order, injunction, writ, decree, bond, judgment, authorization
or approval, lien or award by or settlement agreement with any Official Body. 
 Lenders shall mean the financial
institutions named on Schedule 1.1(A) and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a Lender. 
 Lender Provided Interest Rate Hedge shall mean an Interest Rate Hedge which is provided by, at the time such Interest Rate Hedge is entered into, any Lender or its Affiliate and with respect to
which the Administrative Agent confirms: (i) is documented in a standard International Swap Dealer Association Agreement, and (ii) provides for the method of calculating the reimbursable amount of the provider’s credit exposure in a
reasonable and customary manner. 
 Letter of Credit shall have the meaning specified in Section 2.9.1 [Issuance of
Letters of Credit]. 
 Letter of Credit Borrowing shall have the meaning specified in Section 2.9.3 [Disbursements;
Reimbursement]. 
 Letter of Credit Fee shall have the meaning specified in Section 2.9.2 [Letter of Credit Fees].

 Letter of Credit Obligation shall mean, as of any date of determination, the aggregate amount available to be drawn
under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the
aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date. 
 Letter of Credit Sublimit shall have
the meaning specified in Section 2.9.1 [Issuance of Letters of Credit]. 

  
 12 

 Leverage Ratio shall mean the ratio of Total Funded Indebtedness to Consolidated
EBITDA. 
 LIBOR Rate shall mean, with respect to the Loans comprising any Borrowing Tranche to which the LIBOR Rate
Option applies for any Interest Period, the interest rate per annum determined by the Administrative Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate which
appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which US dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source
selected by the Administrative Agent which has been approved by the British Bankers’ Association as an authorized information vendor for the purpose of displaying rates at which US dollar deposits are offered by leading banks in the London
interbank deposit market (for the purposes of this definition only, an “Alternate Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the London
interbank offered rate for U.S. Dollars for an amount comparable to such Borrowing Tranche and having a borrowing date and a maturity comparable to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page
BBAM1 (or any substitute page) or any Alternate Source, a comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error)), by (ii) a number equal to 1.00 minus the
LIBOR Reserve Percentage. LIBOR may also be expressed by the following formula: 
  

			
	 LIBOR Rate    =
	 	 London interbank offered rates quoted by Bloomberg 
 or appropriate successor as shown on Bloomberg Page BBAM1 

		 	                1.00 - LIBOR Reserve Percentage

 The LIBOR Rate shall be adjusted with respect to any Loan to which the LIBOR Rate Option applies that is
outstanding on the effective date of any change in the LIBOR Reserve Percentage as of such effective date. The Administrative Agent shall give prompt notice to the Borrower of the LIBOR Rate as determined or adjusted in accordance herewith, which
determination shall be conclusive absent manifest error. 
 LIBOR Rate Option shall mean the option of the Borrower to
have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(ii) [Revolving Credit LIBOR Rate Option] or Section 4.1.2(i) [Term Loan LIBOR Rate Option], as applicable. 

LIBOR Reserve Percentage shall mean as of any day the maximum percentage in effect on such day, as prescribed by the Board of
Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including supplemental, marginal and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as
“Eurocurrency Liabilities”). 
 Lien shall mean any mortgage, deed of trust, pledge, lien, security
interest, charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease
intended as, or having the effect of, security and any 

  
 13 

 
filed financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the filing). 

Limited Investments shall mean the following: (i) investments or contributions by a Loan Party directly or indirectly in the
capital stock of or other payments (except in connection with transactions for fair value in the ordinary course of business, including usual and customary service and occupancy contracts) to any of the Special Purpose Subsidiaries, (ii) loans
by a Loan Party or a Subsidiary of a Loan Party directly or indirectly to any of the Special Purpose Subsidiaries, (iii) guarantees by a Loan Party or a Subsidiary of a Loan Party directly or indirectly of the obligations of any of the Special
Purpose Subsidiaries, or (iv) other obligations, contingent or otherwise, of the Loan Parties or a Subsidiary of a Loan Party to or for the benefit of any of the Special Purpose Subsidiaries. 

LLC Interests shall have the meaning given to such term in Section 6.1.2 [Subsidiaries]. 

Loan Documents shall mean this Agreement, the Administrative Agent’s Letter, the Guaranty Agreement, and any other
instruments, certificates or documents delivered or contemplated to be delivered hereunder or thereunder or in connection herewith or therewith, as the same may be supplemented or amended from time to time in accordance herewith or therewith, and
Loan Document shall mean any of the Loan Documents. 
 Loan Parties shall mean the Borrower and the Guarantors.

 Loan Request shall have the meaning specified in Section 2.5.1 [Loan Requests relating to Revolving Credit Loans
and Term Loans]. 
 Loans shall mean collectively and Loan shall mean separately all Revolving Credit Loans, Swing
Loans and the Term Loans or any Revolving Credit Loan, Swing Loan or the Term Loan. 
 Master Agreement shall mean the
Federated Investors Program Master Agreement dated as of October 24, 1997, among Federated Investors, Federated Funding 1997-1, Inc., Federated Investors Management Company, Federated Securities Corp., the Owner Trustee of the PLT Finance Trust
1997-1, PLT Finance, L.P., Putnam, Lovell & Thorton Inc., and Bankers Trust Company, as amended or replaced from time to time as permitted under this Agreement. 
 Material Adverse Change shall mean any set of circumstances or events which (a) has or could reasonably be expected to have any material adverse effect whatsoever upon the validity or
enforceability of this Agreement or any other Loan Document, (b) is or could reasonably be expected to be material and adverse to the business, properties, assets, financial condition, results of operations or prospects of the Loan Parties and
their Subsidiaries taken as a whole, (c) impairs materially or could reasonably be expected to impair materially the ability of the Loan Parties and their Subsidiaries taken as a whole to duly and punctually pay or perform their Indebtedness,
or (d) impairs materially or could reasonably be expected to impair materially the ability of the Administrative Agent or any of the Lenders, to the extent permitted, to enforce their legal remedies pursuant to this Agreement or any other Loan
Document. 

  
 14 

 Month, with respect to an Interest Period under the LIBOR Rate Option, shall mean the
interval between the days in consecutive calendar months numerically corresponding to the first day of such Interest Period. If any LIBOR Rate Interest Period begins on a day of a calendar month for which there is no numerically corresponding day in
the month in which such Interest Period is to end, the final month of such Interest Period shall be deemed to end on the last Business Day of such final month. 
 Moody’s shall mean Moody’s Investor Service, Inc. and any successor thereto. 
 Multiemployer Plan shall mean any employee benefit plan which is a “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA and to which the Borrower or any member of
the ERISA Affiliate is then making or accruing an obligation to make contributions or, within the preceding five plan years, has made or had an obligation to make such contributions. 

Multiple Employer Plan shall mean any employee benefit plan which has two or more contributing sponsors (including the Borrower or
any member of the ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Sections 4063 and 4064 of ERISA. 
 Notes shall mean, collectively, the promissory notes in the form of Exhibit 1.1(N)(1) evidencing the Revolving Credit Loans, in the form of Exhibit 1.1(N)(2) evidencing the
Swing Loan, and in the form of Exhibit 1.1(N)(3) evidencing the Term Loans. 
 Notices shall have the meaning
assigned to that term in Section 11.6 [Notices; Effectiveness; Electronic Communications]. 
 Obligation shall mean
any obligation or liability of any of the Loan Parties to the Administrative Agent or any of the Lenders, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become
due, under or in connection with (i) this Agreement, the Notes, the Administrative Agent’s Letter or any other Loan Document whether to the Administrative Agent, any of the Lenders or their Affiliates or other Persons provided for under
such Loan Documents and (ii) any Lender Provided Interest Rate Hedge. 
 Official Body shall mean the government of
the United States of America 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) and any group or body charged with setting financial
accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority
to any of the foregoing). 
 Order shall have the meaning specified in Section 2.9.9 [Liability for Acts and
Omissions]. 

  
 15 

 Other Taxes shall mean all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document.

 Participant has the meaning specified in Section 11.11.4 [Participations]. 

Participation Advance shall have the meaning specified in Section 2.9.3 [Disbursements; Reimbursement]. 

Partnership Interests shall have the meaning given to such term in Section 6.1.2 [Subsidiaries]. 

Payment Date shall mean the first day of each calendar quarter after the date hereof and on the Expiration Date or upon
acceleration of the Notes. 
 Payment In Full shall mean the indefeasible payment in full in cash of the Loans and other
Obligations hereunder, termination of the Commitments and expiration or termination of all Letters of Credit. 
 PBGC
shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any successor. 

Pension Plan shall mean any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA and
including a Multiple Employer Pension Plan but not a Multiemployer Plan) that is subject to Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code, and is sponsored or maintained by Borrower or any ERISA
Affiliate or has at any time within the preceding five years been maintained by any entity which was at such time an ERISA Affiliate for employees of any entity which was at such time a member of the ERISA Affiliate, or to which Borrower or any
ERISA Affiliate contributes or has an obligation to contribute, or in the case of a Multiple Employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.

 Permitted Liens shall mean: 
 (i) Liens for taxes, assessments, or similar charges, incurred in the ordinary course of business and which are not yet due and payable; 

(ii) pledges or deposits made in the ordinary course of business to secure payment of workmen’s compensation, or to participate in
any fund in connection with workmen’s compensation, unemployment insurance, old-age pensions or other social security programs; 
 (iii) Liens of mechanics, materialmen, warehousemen, carriers, or other like liens, securing obligations incurred in the ordinary course of business that are not yet due and payable and Liens of landlords
securing obligations to pay lease payments that are not yet due and payable or in default; 

  
 16 

 (iv) (A) good-faith pledges or deposits made in the ordinary course of business
to secure performance of bids, tenders, contracts (other than for the repayment of borrowed money) or leases, not in excess of the aggregate amount due thereunder, or to secure statutory obligations, or surety, appeal, indemnity, performance or
other similar bonds required in the ordinary course of business; and (B) Liens granted to surety companies, or to financial institutions to secure standby letters of credit issued by such institutions to surety companies, as an inducement for
such surety companies to issue or maintain existing surety, appeal, indemnity, performance or other similar bonds required in the ordinary course of business; 
 (v) encumbrances consisting of zoning restrictions, easements or other restrictions on the use of real property, none of which materially impairs the use of such property or the value thereof, and none of
which is violated in any material respect by existing or proposed structures or land use; 
 (vi) any Lien existing on the date
of this Agreement and described on Schedule 1.1(P), provided, that the principal amount secured thereby as of the Closing Date is not hereafter increased and no additional assets become subject to such Lien; 

(vii) operating leases; 
 (viii) capital leases made under usual and customary terms in the ordinary course of business and Purchase Money Security Interests, in each case as and to the extent permitted in clause (ii) of
Section 8.2.1 [Indebtedness]; and 
 (ix) the following, (A) if the validity or amount thereof is being contested in
good faith by appropriate and lawful proceedings diligently conducted so long as levy and execution thereon have been stayed and continue to be stayed or (B) if a final judgment is entered and such judgment is discharged within thirty
(30) days of entry, and in either case they do not result in a Material Adverse Change: 
 (1) claims or
Liens for taxes, assessments or charges due and payable and subject to interest or penalty, provided that each of the Companies maintains such reserves or other appropriate provisions as shall be required by GAAP and pays all such taxes,
assessments or charges forthwith upon the commencement of proceedings to foreclose any such Lien; 
 (2) claims,
Liens or encumbrances upon, and defects of title to, real or personal property, including any attachment of personal or real property or other legal process prior to adjudication of a dispute on the merits; 

(3) claims or Liens of mechanics, materialmen, warehousemen, carriers, or other statutory nonconsensual Liens; or

 (4) Liens of governmental entities arising under federal or state environmental laws. 

  
 17 

 Person shall mean any individual, corporation, partnership, limited liability
company, association, joint-stock company, trust, unincorporated organization, joint venture, government or political subdivision or agency thereof, or any other entity. 
 PNC shall mean PNC Bank, National Association, its successors and assigns. 

Potential Default shall mean any event or condition which with notice, passage of time or a determination by the Administrative
Agent or the Required Lenders, or any combination of the foregoing, would constitute an Event of Default. 
 Prime Rate
shall mean the interest rate per annum announced from time to time by the Administrative Agent at its Principal Office as its then prime rate, which rate may not be the lowest or most favorable rate then being charged to commercial borrowers or
others by the Administrative Agent. Any change in the Prime Rate shall take effect at the opening of business on the day such change is announced. 
 Principal Office shall mean the main banking office of the Administrative Agent in Pittsburgh, Pennsylvania. 
 Property shall mean all real property, both owned and leased, of any Loan Party or Subsidiary of a Loan Party. 
 Published Rate shall mean the rate of interest published each Business Day in The Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered
Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market for a one month
period as published in another publication selected by the Administrative Agent). 
 Purchase and Sale Agreement shall
mean the Purchase and Sale Agreement dated as of December 21, 2000, as amended, by and among Federated Investors Management Company, Federated Securities Corp., Federated Funding 1997-1, Inc., Federated Investors, Inc., Citibank, N.A., and
Citicorp North America, Inc. 
 Purchase Money Security Interest shall mean Liens upon tangible personal property
securing loans to any Loan Party or Subsidiary of a Loan Party or deferred payments by such Loan Party or Subsidiary for the purchase of such tangible personal property. 
 Purchasing Lender shall mean a Lender which becomes a party to this Agreement by executing an Assignment and Assumption Agreement. 

Ratable Share shall mean 
 (i) with respect to a Lender’s obligation to make Revolving Credit Loans, participate in Letters of Credit and other Letter of Credit Obligations, and receive payments, interest, and fees related
thereto, the proportion that such Lender’s Revolving Credit Commitment bears to the Revolving Credit Commitments of all of the Lenders, provided however that if the Revolving Credit Commitments have terminated or expired, the
Ratable 

  
 18 

 
Shares for purposes of this clause shall be determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments. 

(ii) with respect to a Lender’s obligation to make Term Loans and receive payments, interest, and fees related thereto, the
proportion that such Lender’s Term Loans bears to the Term Loans of all of the Lenders. 
 (iii) with respect to all other
matters as to a particular Lender, the percentage obtained by dividing (a) such Lender’s Revolving Credit Commitment plus Term Loan, by (b) the sum of the aggregate amount of the Revolving Credit Commitments plus Term Loans of all
Lenders; provided however that if the Revolving Credit Commitments have terminated or expired, the computation in this clause shall be determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any
assignments, and not on the current amount of the Revolving Credit Commitments. 
 Regulated Subsidiary shall mean any
Subsidiary of the Borrower that is (i) registered as a broker dealer pursuant to Section 15 of the Securities Exchange Act of 1934, or (ii) engaged in the business of banking or the exercise of trust powers and regulated by federal or
state banking regulators. 
 Regulated Substances shall mean, without limitation, any substance, material or waste,
regardless of its form or nature, defined under Environmental Laws as a “hazardous substance,” “pollutant,” “pollution,” “contaminant,” “hazardous or toxic substance,” “extremely hazardous
substance,” “toxic chemical,” “toxic substance,” “toxic waste,” “hazardous waste,” “special handling waste,” “industrial waste,” “residual waste,” “solid waste,”
“municipal waste,” “mixed waste,” “infectious waste,” “chemotherapeutic waste,” “medical waste,” or “regulated substance” or any other material, substance or waste, regardless of its form
or nature, which otherwise is regulated by Environmental Laws. 
 Regulation U shall mean Regulation U, T or X as
promulgated by the Board of Governors of the Federal Reserve System, as amended from time to time. 
 Related Parties
shall mean, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 

Relief Proceeding shall mean any proceeding seeking a decree or order for relief in respect of any Loan Party or Subsidiary of a
Loan Party in a voluntary or involuntary case under any applicable bankruptcy, insolvency, reorganization or other similar law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator,
conservator (or similar official) of any Loan Party or Subsidiary of a Loan Party for any substantial part of its property, or for the winding-up or liquidation of its affairs, or an assignment for the benefit of its creditors. 

Required Environmental Permits shall mean all permits, licenses, bonds, consents, programs, approvals or authorizations required
under Environmental Laws to own, occupy or maintain the Property or which otherwise are required for the operations and business activities of the Loan Parties and their Subsidiaries. 

  
 19 

 Required Lenders shall mean 

(A) If there exists fewer than three (3) Lenders, all Lenders (other than any Defaulting Lender), and 

(B) If there exist three (3) or more Lenders, Lenders (other than any Defaulting Lender) having more than 50% of the sum of (a) the aggregate
amount of the Revolving Credit Commitments of the Lenders (excluding any Defaulting Lender) or, after the termination of the Revolving Credit Commitments, the outstanding Revolving Credit Loans and Ratable Share of Letter of Credit Obligations of
the Lenders (excluding any Defaulting Lender), and (b) the aggregate outstanding amount of any Term Loans. 
 Required
Share shall have the meaning assigned to such term in Section 5.11 [Settlement Date Procedures]. 
 Revolving Credit
Agreement shall mean the Credit Agreement, dated as of October 31, 2006, by and among the Borrower, the Guarantors, the Administrative Agent and the lenders set forth therein. 

Revolving Credit Commitment shall mean, as to any Lender at any time, the amount initially set forth opposite its name on
Schedule 1.1(B) in the column labeled “Amount of Commitment for Revolving Credit Loans,” as such Commitment is thereafter assigned or modified and Revolving Credit Commitments shall mean the aggregate Revolving Credit
Commitments of all of the Lenders. 
 Revolving Credit Loans shall mean collectively and Revolving Credit Loan
shall mean separately all Revolving Credit Loans or any Revolving Credit Loan made by the Lenders or one of the Lenders to the Borrower pursuant to Section 2.1 [Revolving Credit Commitments] or Section 2.9.3 [Disbursements; Reimbursement].

 Revolving Credit Notes shall mean collectively and Revolving Credit Note shall mean separately all the
Revolving Credit Notes of the Borrower in the form of Exhibit 1.1(N)(1) evidencing the Revolving Credit Loans, together with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part.

 Revolving Facility Usage shall mean at any time the sum of the outstanding Revolving Credit Loans, the outstanding
Swing Loans, and the Letter of Credit Obligations. 
 Settlement Date shall mean the Business Day on which the
Administrative Agent elects to effect settlement pursuant Section 5.11 [Settlement Date Procedures]. 
 Special Purpose
Subsidiary shall mean any corporation, business trust or other entity formed by the Borrower to engage in the limited activities permitted by clause (i) of Section 8.2.9 [Continuation of or Change in Business] and shall be an indirect
wholly owned subsidiary of the Borrower, provided, that if the Special Purpose Subsidiary is organized under the law of a foreign jurisdiction which requires that residents of such foreign jurisdiction maintain a certain level of ownership
interest in such Special Purpose Subsidiary, then a wholly owned Subsidiary of the Borrower shall own a number of outstanding shares of such Special 

  
 20 

 
Purpose Subsidiary that is not less than the greater of (i) 51% of the outstanding shares of such Special Purpose Subsidiary, and (ii) the maximum number of outstanding shares of such
Special Purpose Subsidiary permitted pursuant to the law of such foreign jurisdiction. 
 Standard & Poor’s
shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto. 
 Subsidiary of any Person at any time shall mean (i) any corporation or trust of which fifty percent (50%) or more (by number of shares or number of votes) of the outstanding capital stock
or shares of beneficial interest normally entitled to vote for the election of one or more directors or trustees (regardless of any contingency which does or may suspend or dilute the voting rights) is at such time owned directly or indirectly by
such Person or one or more of such Person’s Subsidiaries, or any partnership of which such Person is a general partner or of which fifty percent (50%) or more of the partnership interests is at the time directly or indirectly owned by such
Person or one or more of such Person’s Subsidiaries, and (ii) any corporation, trust, partnership or other entity which is controlled or capable of being controlled by such Person or one or more of such Person’s Subsidiaries. For the
purposes of this Agreement, none of the Special Purpose Subsidiaries or the Funds shall be considered a “Subsidiary” of the Borrower or any Loan Party. 
 Subsidiary Shares shall have the meaning assigned to that term in Section 6.1.2 [Subsidiaries]. 
 Swing Loan Commitment shall mean PNC’s commitment to make Swing Loans to the Borrower pursuant to Section 2.1.2 [Swing Loan Commitment] hereof in an aggregate principal amount up to
$25,000,000. 
 Swing Loan Note shall mean the Swing Loan Note of the Borrower in the form of
Exhibit 1.1(N)(2) evidencing the Swing Loans, together with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part. 

Swing Loan Request shall mean a request for Swing Loans made in accordance with Section 2.5.2 [Swing Loan Requests] hereof.

 Swing Loans shall mean collectively and Swing Loan shall mean separately all Swing Loans or any Swing Loan made
by PNC to the Borrower pursuant to Section 2.1.2 [Swing Loan Commitment] hereof. 
 Taxes shall mean all present or
future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto. 

Term Loan Commitment shall mean, as to any Lender at any time, the amount initially set forth opposite its name on
Schedule 1.1(A) in the column labeled “Amount of Commitment for Term Loans,” and thereafter on Schedule I to the most recent Assignment and Assumption Agreement, if any, to which such Lender is a party, and Term Loan
Commitments shall mean the aggregate Term Loan Commitments of all of the Lenders. 

  
 21 

 Term Loans shall mean collectively and Term Loan shall mean separately all
Term Loans or any Term Loan made by the Lenders or one of the Lenders to the Borrower pursuant to Section 3.1 [Term Loan Commitments]. 
 Term Notes shall mean collectively and Term Note shall mean separately all the Term Notes of the Borrower in the form of Exhibit 1.1(N)(3) evidencing the Term Loans, together
with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part. 
 Total
Funded Indebtedness shall mean, as of any date of determination, the sum of all Indebtedness representing borrowed money, including both the current and long-term portion thereof, capitalized lease obligations, reimbursement obligations under
letters of credit, and, without duplication, contingent and guaranty obligations with respect to the foregoing, in each case of the Borrower and its Subsidiaries for such period determined and consolidated in accordance with GAAP. 

Transferor Lender shall mean the selling Lender pursuant to an Assignment and Assumption Agreement. 

USA Patriot Act shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

1.2 Construction. 
 Unless the context of this Agreement otherwise clearly requires, the following rules of construction shall apply to this Agreement and each of the other Loan Documents: 

1.2.1 Number; Inclusion. 
 References to the plural include the singular, the plural, the part and the whole; “or” has the inclusive meaning represented by the phrase “and/or,” and
“including” has the meaning represented by the phrase “including without limitation”. 
 1.2.2
Determination. 
 References to “determination” of or by the Administrative Agent or the Lenders shall
be deemed to include good-faith estimates by the Administrative Agent or the Lenders (in the case of quantitative determinations) and good-faith beliefs by the Administrative Agent or the Lenders (in the case of qualitative determinations) and such
determination shall be conclusive absent manifest error. 
 1.2.3 Administrative Agent’s Discretion and Consent.

 Whenever the Administrative Agent or the Lenders are granted the right herein to act in its or their sole discretion or to
grant or withhold consent such right shall be exercised in good faith. 

  
 22 

 1.2.4 Documents Taken as a Whole. 

The words “hereof,” “herein,” “hereunder,” “hereto” and similar terms
in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document as a whole and not to any particular provision of this Agreement or such other Loan Document. 

1.2.5 Headings. 
 The section and other headings contained in this Agreement or such other Loan Document and the Table of Contents (if any), preceding this Agreement or such other Loan Document are for reference purposes
only and shall not control or affect the construction of this Agreement or such other Loan Document or the interpretation thereof in any respect. 
 1.2.6 Implied References to this Agreement. 
 Article, section, subsection,
clause, schedule and exhibit references are to this Agreement or other Loan Document, as the case may be, unless otherwise specified. 
 1.2.7 Persons. 
 Reference to any Person includes such Person’s
successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement or such other Loan Document, as the case may be, and reference to a Person in a particular capacity excludes such Person in any other
capacity. 
 1.2.8 Modifications to Documents. 
 Reference to any agreement (including this Agreement and any other Loan Document together with the schedules and exhibits hereto or thereto), document or instrument means such agreement, document or
instrument as amended, modified, replaced, substituted for, superseded or restated. 
 1.2.9 From, To and Through.

 Relative to the determination of any period of time, “from” means “from and including,”
“to” means “to but excluding,” and “through” means “through and including”. 
 1.2.10 Shall; Will. 
 References to “shall” and
“will” are intended to have the same meaning. 
 1.2.11 Eastern Time. 

Unless otherwise specified, all references herein to times of day shall be references to Eastern Time. 

  
 23 

 1.3 Accounting Principles. 

Except as otherwise provided in this Agreement, all computations and determinations as to accounting or financial matters and all
financial statements to be delivered pursuant to this Agreement shall be made and prepared in accordance with GAAP (including principles of consolidation where appropriate), and all accounting or financial terms shall have the meanings ascribed to
such terms by GAAP provided that for the purpose of determining compliance with Section 8.2.1 [Indebtedness] and Section 8.2.2 [Liens], the impact of the incurrence of indebtedness or creation of liens in connection with the sale or
transfer of Designated Assets as described and permitted under clause (i) of Section 8.2.7 [Dispositions of Assets of Subsidiaries] shall be excluded. If one or more changes in GAAP after the date of this Agreement are required to be
applied to then existing transactions, and either a violation of one or more provisions hereof shall have occurred which would not have occurred if no change in accounting principles had taken place or a violation of one or more of the provisions
hereof shall not occur which would have occurred if no change in accounting principles had taken place: 
 (a) the parties agree
that any such violation shall not be considered to constitute an Event of Default for a period of thirty (30) days; 
 (b)
the parties agree in such event to negotiate in good faith to attempt to draft an amendment of this Agreement satisfactory to the Required Lenders which shall approximate to the extent possible the economic effect of the original provisions hereof
after taking into account such change or changes in GAAP; and 
 (c) if the parties are unable to negotiate such an amendment
satisfactory to the Required Lenders within thirty (30) days, then as used in this Agreement “GAAP” shall mean generally accepted accounting principles as in effect prior to such change. 

2. REVOLVING CREDIT AND SWING LOAN FACILITIES 
 2.1 Revolving Credit Commitments. 
 2.1.1 Revolving Credit Loans.

 Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, each Lender
severally agrees to make Revolving Credit Loans to the Borrower at any time or from time to time on or after the date hereof to the Expiration Date; provided that after giving effect to each such Loan (i) the aggregate amount of
Revolving Credit Loans from such Lender and such Lender’s Ratable Share of any Swing Loans shall not exceed such Lender’s Revolving Credit Commitment minus such Lender’s Ratable Share of the Letter of Credit Obligations and
(ii) the Revolving Facility Usage shall not exceed the Revolving Credit Commitments. Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this
Section 2.1. 
 2.1.2 Swing Loan Commitment. 

Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, and in order to
facilitate loans and repayments between 

  
 24 

 
Settlement Dates, PNC may, at its option, cancelable at any time for any reason whatsoever, make swing loans (the “Swing Loans”) to the Borrower at any time or from time to time
after the date hereof to, but not including, the Expiration Date, in an aggregate principal amount up to but not in excess of $25,000,000, provided that after giving effect to such Loan, the Revolving Facility Usage shall not exceed the
Revolving Credit Commitments. Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1.2. 

2.2 Nature of Lenders’ Obligations with Respect to Revolving Credit Loans. 

Each Lender shall be obligated to participate in each request for Revolving Credit Loans pursuant to Section 2.5.1 [Loan Requests
relating to Revolving Credit Loans and Term Loans] in accordance with its Ratable Share. The aggregate of each Lender’s Revolving Credit Loans outstanding hereunder to the Borrower at any time shall never exceed its Revolving Credit Commitment
minus its Ratable Share of the outstanding Swing Loans and Letter of Credit Obligations. The obligations of each Lender hereunder are several. The failure of any Lender to perform its obligations hereunder shall not affect the Obligations of the
Borrower to any other party nor shall any other party be liable for the failure of such Lender to perform its obligations hereunder. The Lenders shall have no obligation to make Revolving Credit Loans hereunder on or after the Expiration Date.

 2.3 Facility Fees. 
 Accruing from the date hereof until the Expiration Date, the Borrower agrees to pay to the Administrative Agent for the account of each Lender, as consideration for such Lender’s Revolving Credit
Commitment hereunder, a nonrefundable facility fee (the “Facility Fee”) equal to the Applicable Facility Fee Rate (computed on the basis of a year of 365 or 366 days, as the case may be, and actual days) of such Lender’s
Revolving Credit Commitment as the same may be constituted from time to time. All Facility Fees shall be payable in arrears on each Payment Date. 
 2.4 Reserved. 
 2.5 Loan Requests. 

2.5.1 Loan Requests relating to Revolving Credit Loans and Term Loans. 

Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request the Lenders to make
Revolving Credit Loans, or renew or convert the Interest Rate Option applicable to existing Revolving Credit Loans or Term Loans pursuant to Section 4.2 [Interest Periods], by delivering to the Administrative Agent, not later than
1:00 p.m., (i) three (3) Business Days prior to the proposed Borrowing Date with respect to the making of Revolving Credit Loans to which the LIBOR Rate Option applies or the conversion to or the renewal of the LIBOR Rate Option for
any Loans, except that for Loans to be made, converted and/or renewed on the Closing Date such notice may be made on the Closing Date; and (ii) one (1) Business Day prior to either the proposed Borrowing Date with respect to the
making of a Revolving Credit Loan to which the Base Rate Option applies or the last day of the 

  
 25 

 
preceding Interest Period with respect to the conversion to the Base Rate Option for any Loan, of a duly completed request therefor substantially in the form of Exhibit 2.5.1 or a
request by telephone immediately confirmed in writing by letter, facsimile or telex in such form (each, a “Loan Request”), it being understood that the Administrative Agent may rely on the authority of any individual making such a
telephonic request without the necessity of receipt of such written confirmation. Each Loan Request shall be irrevocable and shall specify the aggregate amount of the proposed Loans comprising each Borrowing Tranche, and, if applicable, the Interest
Period, which amounts shall be in (x) integral multiples of $50,000 and not less than $5,000,000 for each Borrowing Tranche under the LIBOR Rate Option, and not less than $1,000,000 for each Borrowing Tranche under the Base Rate Option.

 2.5.2 Swing Loan Requests. 
 Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request PNC to make Swing Loans by delivery to PNC not later than 1:00 p.m. on the proposed
Borrowing Date of a duly completed request therefor substantially in the form of Exhibit 2.5.2 hereto or a request by telephone immediately confirmed in writing by letter, facsimile or telex (each, a “Swing Loan
Request”), it being understood that the Administrative Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation. Each Swing Loan Request shall be
irrevocable and shall specify (i) the proposed Borrowing Date, (ii) the principal amount of such Swing Loan, which shall be not less than $100,000 and (iii) whether the Base Rate Option applicable to Revolving Credit Loans or the
Daily LIBOR Swing Loan Rate shall apply to such Swing Loan. 
 2.6 Making Revolving Credit Loans and Swing Loans;
Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swing Loans. 
 2.6.1
Making Revolving Credit Loans. 
 The Administrative Agent shall, promptly after receipt by it of a Loan Request pursuant
to Section 2.5.1 [Loan Requests relating to Revolving Credit Loans and Term Loans], notify the Lenders of its receipt of such Loan Request specifying the information provided by the Borrower and the apportionment among the Lenders of the
requested Revolving Credit Loans as determined by the Administrative Agent in accordance with Section 2.2 [Nature of Lenders’ Obligations with Respect to Revolving Credit Loans]. Each Lender shall remit the principal amount of each
Revolving Credit Loan to the Administrative Agent such that the Administrative Agent is able to, and the Administrative Agent shall, to the extent the Lenders have made funds available to it for such purpose and subject to Section 7.2 [Each
Loan or Letter of Credit], fund such Revolving Credit Loans to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 2:00 p.m., on the applicable Borrowing Date; provided that if any Lender fails
to remit such funds to the Administrative Agent in a timely manner, the Administrative Agent may elect in its sole discretion to fund with its own funds the Revolving Credit Loans of such Lender on such Borrowing Date, and such Lender shall be
subject to the repayment obligation in Section 2.6.2 [Presumptions by the Administrative Agent]. 

  
 26 

 2.6.2 Presumptions by the Administrative Agent. 

Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Revolving Credit Loan that
such Lender will not make available to the Administrative Agent such Lender’s share of such Revolving Credit Loan, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with
Section 2.6.1 [Making Revolving Credit Loans] and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Loan available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made
available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Revolving Credit Loans under the existing Interest Rate Option applicable to
such Loan. If such Lender pays its share of the applicable Revolving Credit Loan to the Administrative Agent, then the amount so paid shall constitute such Lender’s Revolving Credit Loan. 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. 

2.6.3 Making Swing Loans. So long as PNC elects to make Swing Loans, PNC shall, after receipt by it of a Swing Loan Request
pursuant to Section 2.5.2, [Swing Loan Requests] fund such Swing Loan to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 4:00 p.m. on the Borrowing Date. 

2.6.4 Repayment of Revolving Credit Loans. 
 The Borrower shall repay the Revolving Credit Loans together with all outstanding interest thereon on the Expiration Date. 
 2.6.5 Borrowings to Repay Swing Loans. 
 PNC may, at its option,
exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding
Swing Loans, plus, if PNC so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of the sum of any
Swing Loans outstanding and the Letter of Credit Obligations. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with
Section 2.5.1 [Loan Requests relating to Revolving Credit Loans and Term Loans] without regard to any of the requirements of that provision. PNC shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile
or telex) that such Revolving Credit Loans are to be made under this Section 2.6.5 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund 

  
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such Revolving Credit Loans (whether or not the conditions specified in Section 2.5.1 [Loan Requests relating to Revolving Credit Loans and Term Loans] are then satisfied) by the time PNC so
requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNC. 
 2.6.6 Reserved. 
 2.7 Notes. 

The Obligation of the Borrower to repay the aggregate unpaid principal amount of the Revolving Credit Loans, Swing Loans and Term Loans
made to it by each Lender, together with interest thereon, shall be evidenced by a revolving credit Note, a swing Note and a term Note, dated the Closing Date payable to the order of such Lender in a face amount equal to the Revolving Credit
Commitment, Swing Loan Commitment or Term Loan Commitment, as applicable, of such Lender. 
 2.8 Use of Proceeds.

 The proceeds of the Loans shall be used for general corporate purposes, including without limitation stock repurchases,
dividend payments (including any special dividend payments), acquisitions and the prepayment of the principal amount outstanding on the Closing Date under the Revolving Credit Agreement and interest thereon. 

2.9 Letter of Credit Subfacility. 
 2.9.1 Issuance of Letters of Credit. 
 Borrower may at any time prior to
the Expiration Date request the issuance of a standby letter of credit (each a “Letter of Credit”) on behalf of itself or another Loan Party, or the amendment or extension of an existing Letter of Credit, by delivering or having
such other Loan Party deliver to the Issuing Lender (with a copy to the Administrative Agent) a completed application and agreement for letters of credit, or request for such amendment or extension, as applicable, in such form as the Issuing Lender
may specify from time to time by no later than 10:00 a.m. at least five (5) Business Days, or such shorter period as may be agreed to by the Issuing Lender, in advance of the proposed date of issuance. Promptly after receipt of any letter of
credit application, the Issuing Lender shall confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit application and if not, such Issuing Lender will provide
Administrative Agent with a copy thereof. Unless the Issuing Lender has received notice from any Lender, Administrative Agent or any Loan Party, at least one day prior to the requested date of issuance, amendment or extension of the applicable
Letter of Credit, that one or more applicable conditions in Section 2.9.1 [Issuance of Letters of Credit] is not satisfied, then, subject to the terms and conditions hereof and in reliance on the agreements of the other Lenders set forth in
this Section 2.9 [Letter of Credit Subfacility], the Issuing Lender or any of the Issuing Lender’s Affiliates will issue a Letter of Credit or agree to such amendment or extension, provided that each Letter of Credit shall
(A) have a maximum maturity of twelve (12) months from the date of issuance, and (B) in no event expire later than the date which is 364 days after the Expiration 

  
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Date provided if any Letter of Credit will expire after the Expiration Date, the Borrower shall provide cash collateral acceptable to the Administrative Agent in its sole discretion no
later than sixty (60) days prior to the Expiration Date, and provided further that in no event shall (i) the Letter of Credit Obligations exceed, at any one time, $50,000,000 (the “Letter of Credit Sublimit”)
or (ii) the Revolving Facility Usage exceed, at any one time, the Revolving Credit Commitments. Each request by the Borrower for the issuance, amendment or extension of a Letter of Credit shall be deemed to be a representation by the Borrower
that it shall be in compliance with the preceding sentence and with Section 2.9.1 [Issuance of Letters of Credit] after giving effect to the requested issuance, amendment or extension of such Letter of Credit. Promptly after its delivery of any
Letter of Credit or any amendment to a Letter of Credit to the beneficiary thereof, the applicable Issuing Lender will also deliver to Borrower and Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

2.9.2 Letter of Credit Fees. 
 The Borrower shall pay (i) to the Administrative Agent for the ratable account of the Lenders a fee (the “Letter of Credit Fee”) equal to the Applicable Letter of Credit Fee Rate,
and (ii) to the Issuing Lender for its own account a fronting fee equal to 0.125% per annum (in each case computed on the basis of a year of 360 days and actual days elapsed), which fees shall be computed on the daily average Letter of
Credit Obligations and shall be payable quarterly in arrears on each Payment Date following issuance of each Letter of Credit. The Borrower shall also pay to the Issuing Lender for the Issuing Lender’s sole account the Issuing Lender’s
then in effect customary fees and administrative expenses payable with respect to the Letters of Credit as the Issuing Lender may generally charge or incur from time to time in connection with the issuance, maintenance, amendment (if any),
assignment or transfer (if any), negotiation, and administration of Letters of Credit. 
 2.9.3 Disbursements;
Reimbursement. 
 Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby
irrevocably and unconditionally agrees to, purchase from the Issuing Lender a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Lender’s Ratable Share of the maximum amount available to be drawn under
such Letter of Credit and the amount of such drawing, respectively. 
 2.9.3.1 In the event of any request for a
drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Lender will promptly notify the Borrower and the Administrative Agent thereof. Provided that it shall have received such notice, the Borrower shall reimburse
(such obligation to reimburse the Issuing Lender shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Lender prior to 1:00 p.m. on each date that an amount is paid by the Issuing Lender under any Letter
of Credit (each such date, a “Drawing Date”) by paying to the Administrative Agent for the account of the Issuing Lender an amount equal to the amount so paid by the Issuing Lender. In the event the Borrower fails to reimburse the
Issuing Lender (through the Administrative Agent) for the full amount of any drawing under any Letter of Credit by 1:00 p.m. on the Drawing Date, the Administrative Agent will promptly notify each Lender thereof, and the Borrower shall be
deemed to have requested that Revolving Credit Loans be made by the 

  
 29 

 
Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject
to the conditions set forth in Section 7.2 [Each Loan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or Issuing Lender pursuant to this Section 2.9.3.1 may be oral if immediately
confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 
 2.9.3.2 Each Lender shall upon any notice pursuant to subsection 2.9.3.1 of Section 2.9.3 [Disbursements; Reimbursement] make available to the Administrative Agent for the account of the Issuing
Lender an amount in immediately available funds equal to its Ratable Share of the amount of the drawing, whereupon the participating Lenders shall (subject to Section 2.9.3 [Disbursements; Reimbursement]) each be deemed to have made a Revolving
Credit Loan under the Base Rate Option to the Borrower in that amount. If any Lender so notified fails to make available to the Administrative Agent for the account of the Issuing Lender the amount of such Lender’s Ratable Share of such amount
by no later than 2:00 p.m. on the Drawing Date, then interest shall accrue on such Lender’s obligation to make such payment, from the Drawing Date to the date on which such Lender makes such payment (i) at a rate per annum equal to the
Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following
the Drawing Date. The Administrative Agent and the Issuing Lender will promptly give notice (as described in subsection 2.9.3.1 of Section 2.9.3 [Disbursements; Reimbursement] above) of the occurrence of the Drawing Date, but failure of the
Administrative Agent or the Issuing Lender to give any such notice on the Drawing Date or in sufficient time to enable any Lender to effect such payment on such date shall not relieve such Lender from its obligation under this Section 2.9.3.2.

 2.9.3.3 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans under the
Base Rate Option to the Borrower in whole or in part as contemplated by subsection 2.9.3.1 of Section 2.9.3 [Disbursements; Reimbursement], because of the Borrower’s failure to satisfy the conditions set forth in Section 7.2
[Each Loan or Letter of Credit] other than any notice requirements, or for any other reason, the Borrower shall be deemed to have incurred from the Issuing Lender a borrowing (each a “Letter of Credit Borrowing”) in the amount of
such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Lender’s payment
to the Administrative Agent for the account of the Issuing Lender pursuant to Section 2.9.3 [Disbursements; Reimbursement] shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing (each a
“Participation Advance”) from such Lender in satisfaction of its participation obligation under this Section 2.9.3. 
 2.9.4 Repayment of Participation Advances. 
 2.9.4.1 Upon
(and only upon) receipt by the Administrative Agent for the account of the Issuing Lender of immediately available funds from the Borrower (i) in 

  
 30 

 
reimbursement of any payment made by the Issuing Lender under the Letter of Credit with respect to which any Lender has made a Participation Advance to the Administrative Agent, or (ii) in
payment of interest on such a payment made by the Issuing Lender under such a Letter of Credit, the Administrative Agent on behalf of the Issuing Lender will pay to each Lender, in the same funds as those received by the Administrative Agent, the
amount of such Lender’s Ratable Share of such funds, except the Administrative Agent shall retain for the account of the Issuing Lender the amount of the Ratable Share of such funds of any Lender that did not make a Participation Advance in
respect of such payment by the Issuing Lender. 
 2.9.4.2 If the Administrative Agent is required at any time to
return to any Loan Party, or to a trustee, receiver, liquidator, custodian, or any official in any Insolvency Proceeding, any portion of any payment made by any Loan Party to the Administrative Agent for the account of the Issuing Lender pursuant to
this Section 2.9.4.2 in reimbursement of a payment made under the Letter of Credit or interest or fee thereon, each Lender shall, on demand of the Administrative Agent, forthwith return to the Administrative Agent for the account of the Issuing
Lender the amount of its Ratable Share of any amounts so returned by the Administrative Agent plus interest thereon from the date such demand is made to the date such amounts are returned by such Lender to the Administrative Agent, at a rate per
annum equal to the Federal Funds Effective Rate in effect from time to time. 
 2.9.5 Documentation. 

Each Loan Party agrees to be bound by the terms of the Issuing Lender’s application and agreement for letters of credit and the
Issuing Lender’s written regulations and customary practices relating to letters of credit, though such interpretation may be different from such Loan Party’s own. In the event of a conflict between such application or agreement and this
Agreement, this Agreement shall govern. It is understood and agreed that, except in the case of gross negligence or willful misconduct, the Issuing Lender shall not be liable for any error, negligence and/or mistakes, whether of omission or
commission, in following any Loan Party’s instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto. 
 2.9.6 Determinations to Honor Drawing Requests. 
 In determining whether to
honor any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing Lender shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been
delivered and that they comply on their face with the requirements of such Letter of Credit. 
 2.9.7 Nature of Participation
and Reimbursement Obligations. 
 Each Lender’s obligation in accordance with this Agreement to make the Revolving
Credit Loans or Participation Advances, as contemplated by Section 2.9.3 [Disbursements; Reimbursement], as a result of a drawing under a Letter of Credit, and the Obligations of the Borrower to reimburse the Issuing Lender upon a draw under a
Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed strictly in 

  
 31 

 
accordance with the terms of this Section 2.9 under all circumstances, including the following circumstances: 
 (i) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Issuing Lender or any of its Affiliates, the Borrower or any other Person for any reason
whatsoever, or which any Loan Party may have against the Issuing Lender or any of its Affiliates, any Lender or any other Person for any reason whatsoever; 
 (ii) the failure of any Loan Party or any other Person to comply, in connection with a Letter of Credit Borrowing, with the conditions set forth in Sections 2.1 [Revolving Credit Commitments], 2.5
[Revolving Credit Loan Requests; Swing Loan Requests], 2.6 [Making Revolving Credit Loans and Swing Loans; Etc.] or 7.2 [Each Loan or Letter of Credit] or as otherwise set forth in this Agreement for the making of a Revolving Credit Loan, it being
acknowledged that such conditions are not required for the making of a Letter of Credit Borrowing and the obligation of the Lenders to make Participation Advances under Section 2.9.3 [Disbursements; Reimbursement]; 

(iii) any lack of validity or enforceability of any Letter of Credit; 

(iv) any claim of breach of warranty that might be made by any Loan Party or any Lender against any beneficiary of a Letter of Credit,
or the existence of any claim, set-off, recoupment, counterclaim, crossclaim, defense or other right which any Loan Party or any Lender may have at any time against a beneficiary, successor beneficiary any transferee or assignee of any Letter of
Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting), the Issuing Lender or its Affiliates or any Lender or any other Person, whether in connection with this Agreement, the transactions contemplated herein or
any unrelated transaction (including any underlying transaction between any Loan Party or Subsidiaries of a Loan Party and the beneficiary for which any Letter of Credit was procured); 

(v) the lack of power or authority of any signer of (or any defect in or forgery of any signature or endorsement on) or the form of or
lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other document presented under or in connection with any Letter of Credit, or any fraud or alleged fraud in connection with any
Letter of Credit, or the transport of any property or provision of services relating to a Letter of Credit, in each case even if the Issuing Lender or any of its Affiliates has been notified thereof; 

(vi) payment by the Issuing Lender or any of its Affiliates under any Letter of Credit against presentation of a demand, draft or
certificate or other document which does not comply with the terms of such Letter of Credit; 
 (vii) the solvency of, or any
acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic
of any property or services relating to a Letter of Credit; 

  
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 (viii) any failure by the Issuing Lender or any of its Affiliates to issue any Letter of
Credit in the form requested by any Loan Party, unless the Issuing Lender has received written notice from such Loan Party of such failure within three Business Days after the Issuing Lender shall have furnished such Loan Party and the
Administrative Agent a copy of such Letter of Credit and such error is material and no drawing has been made thereon prior to receipt of such notice; 
 (ix) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of any Loan Party or Subsidiaries of a Loan Party; 

(x) any breach of this Agreement or any other Loan Document by any party thereto; 

(xi) the occurrence or continuance of an Insolvency Proceeding with respect to any Loan Party; 

(xii) the fact that an Event of Default or a Potential Default shall have occurred and be continuing; 

(xiii) the fact that the Expiration Date shall have passed or this Agreement or the Commitments hereunder shall have been terminated;
and 
 (xiv) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. 

2.9.8 Indemnity. 
 The Borrower hereby agrees to protect, indemnify, pay and save harmless the Issuing Lender and any of its Affiliates that has issued a Letter of Credit from and against any and all claims, demands,
liabilities, damages, taxes, penalties, interest, judgments, losses, costs, charges and expenses (including reasonable fees, expenses and disbursements of counsel and allocated costs of internal counsel) which the Issuing Lender or any of its
Affiliates may incur or be subject to as a consequence, direct or indirect, of the issuance of any Letter of Credit, other than as a result of (A) the gross negligence or willful misconduct of the Issuing Lender as determined by a final
non-appealable judgment of a court of competent jurisdiction or (B) the wrongful dishonor by the Issuing Lender or any of Issuing Lender’s Affiliates of a proper demand for payment made under any Letter of Credit, except if such dishonor
resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Official Body. 
 2.9.9 Liability for Acts and Omissions. 
 As between any Loan Party and the
Issuing Lender, or the Issuing Lender’s Affiliates, such Loan Party assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in
limitation of the foregoing, the Issuing Lender shall not be responsible for any of the following, including any losses or damages to any Loan Party or other Person or property 

  
 33 

 
relating therefrom: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of
any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged (even if the Issuing Lender or its Affiliates shall have been notified thereof); (ii) the validity
or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for
any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any
other claim of any Loan Party against any beneficiary of such Letter of Credit, or any such transferee, or any dispute between or among any Loan Party and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions,
interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing
under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Issuing Lender or its Affiliates, as applicable, including any act or omission of any Official Body, and none of the above shall affect or
impair, or prevent the vesting of, any of the Issuing Lender’s or its Affiliates rights or powers hereunder. Nothing in the preceding sentence shall relieve the Issuing Lender from liability for the Issuing Lender’s gross negligence or
willful misconduct in connection with actions or omissions described in such clauses (i) through (viii) of such sentence. In no event shall the Issuing Lender or its Affiliates be liable to any Loan Party for any indirect, consequential,
incidental, punitive, exemplary or special damages or expenses (including without limitation attorneys’ fees), or for any damages resulting from any change in the value of any property relating to a Letter of Credit. 

Without limiting the generality of the foregoing, the Issuing Lender and each of its Affiliates (i) may rely on any oral or other
communication believed in good faith by the Issuing Lender or such Affiliate to have been authorized or given by or on behalf of the applicant for a Letter of Credit, (ii) may honor any presentation if the documents presented appear on their
face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or
compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by the Issuing Lender or its Affiliate;
(iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document is being delivered separately), and
shall not be liable for any failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored under the laws or
practices of the place where such bank is located; and (vi) may settle or adjust any claim or demand made on the Issuing Lender or its Affiliate in any way related to any order issued at the applicant’s request to an air carrier, a letter
of guarantee or of indemnity issued to a carrier or any similar document (each an “Order”) and honor any drawing in connection with any Letter of 

  
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Credit that is the subject of such Order, notwithstanding that any drafts or other documents presented in connection with such Letter of Credit fail to conform in any way with such Letter of
Credit. 
 In furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or
omitted by the Issuing Lender or its Affiliates under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall not put the Issuing Lender or its
Affiliates under any resulting liability to the Borrower or any Lender. 
 2.10 Defaulting Lenders. 

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: 
 (i) fees shall cease to accrue on the Revolving Credit
Commitment of such Defaulting Lender pursuant to Section 2.3 [Facility Fees]; 
 (ii) the Commitment and outstanding Loans
of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 11.1
[Modifications, Amendments or Waivers]); provided, that this clause (ii) 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; 
 (iii) if any Swing Loans are outstanding or any Letter of Credit Obligations exist at the time
such Lender becomes a Defaulting Lender, then: 
 (a) all or any part of the outstanding Swing Loans and Letter of Credit
Obligations of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Ratable Shares but only to the extent that (x) the Revolving Facility Usage does not exceed the total of all
non-Defaulting Lenders’ Revolving Credit Commitments, and (y) no Potential Default or Event of Default has occurred and is continuing at such time; 
 (b) if the reallocation described in clause (a) above cannot, or can only partially, be effected, the Borrower shall within one Business Day following notice by the Administrative Agent
(x) first, prepay such outstanding Swing Loans, and (y) second, cash collateralize for the benefit of the Issuing Lender the Borrower’s obligations corresponding to such Defaulting Lender’s Letter of Credit
Obligations (after giving effect to any partial reallocation pursuant to clause (a) above) in a deposit account held at the Administrative Agent for so long as such Letter of Credit Obligations are outstanding; 

(c) if the Borrower cash collateralizes any portion of such Defaulting Lender’s Letter of Credit Obligations pursuant to clause
(b) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.9.2 [Letter 

  
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of Credit Fees] with respect to such Defaulting Lender’s Letter of Credit Obligations during the period such Defaulting Lender’s Letter of Credit Obligations are cash collateralized;

 (d) if the Letter of Credit Obligations of the non-Defaulting Lenders are reallocated pursuant to clause (a) above,
then the fees payable to the Lenders pursuant to Section 2.9.2 [Letter of Credit Fees] shall be adjusted in accordance with such non-Defaulting Lenders’ Ratable Share; and 

(e) if all or any portion of such Defaulting Lender’s Letter of Credit Obligations are neither reallocated nor cash collateralized
pursuant to clause (a) or (b) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all Letter of Credit Fees payable under Section 2.9.2 [Letter of Credit Fees] with respect to
such Defaulting Lender’s Letter of Credit Obligations shall be payable to the Issuing Lender (and not to such Defaulting Lender) until and to the extent that such Letter of Credit Obligations are reallocated and/or cash collateralized; and

 (iv) so long as such Lender is a Defaulting Lender, PNC shall not be required to fund any Swing Loans and the Issuing Lender
shall not be required to issue, amend or increase any Letter of Credit, unless such Issuing Lender is satisfied that the related exposure and the Defaulting Lender’s then outstanding Letter of Credit Obligations will be 100% covered by the
Revolving Credit Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with clause (iii) of Section 2.10 [Defaulting Lenders], and participating interests in any newly made Swing
Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with clause (iii)(a) of Section 2.10 [Defaulting Lenders] (and such Defaulting Lender shall not participate
therein). 
 If (i) a Bankruptcy Event with respect to a parent company of any Lender shall occur following the date hereof and for so long
as such event shall continue, or (ii) PNC or the Issuing Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, PNC shall not
be required to fund any Swing Loan and the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless PNC or the Issuing Lender, as the case may be, shall have entered into arrangements with the Borrower or such
Lender, satisfactory to PNC or the Issuing Lender, as the case may be, to defease any risk to it in respect of such Lender hereunder. 
 In the
event that the Administrative Agent, the Borrower, PNC and the Issuing Lender agree in writing that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Administrative Agent will so
notify the parties hereto, and the Ratable Share of the Swing Loans and Letter of Credit Obligations of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment, and on such date such Lender shall purchase at par
such of the Loans of the other Lenders (other than Swing Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Ratable Share. 

  
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 2.11 Reduction of Revolving Credit Commitment. 

The Borrower shall have the right at any time after the Closing Date upon five (5) days’ prior written notice to the
Administrative Agent to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments, in a minimum amount of $5,000,000 and whole multiples of $1,000,000, or to terminate completely the
Revolving Credit Commitments, without penalty or premium except as hereinafter set forth; provided that any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Facility Fees, and the full
amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be
equal to or less than the Revolving Credit Commitments as so reduced or terminated. Any notice to reduce the Revolving Credit Commitments under this Section 2.11 shall be irrevocable. 

3. TERM LOANS 
 3.1 Term Loan Commitments. 
 Subject to the terms and conditions hereof,
and relying upon the representations and warranties herein set forth, each Lender severally agrees to make a term loan (the “Term Loan”) to the Borrower on the Closing Date in such principal amount as the Borrower shall request up
to, but not exceeding such Lender’s Term Loan Commitment. 
 3.2 Nature of Lenders’ Obligations with Respect to
Term Loans; Repayment Terms. 
 The obligations of each Lender to make Term Loans to the Borrower shall be in the proportion
that such Lender’s Term Loan Commitment bears to the Term Loan Commitments of all Lenders to the Borrower, but each Lender’s Term Loan to the Borrower shall never exceed its Term Loan Commitment. The failure of any Lender to make a Term
Loan shall not relieve any other Lender of its obligations to make a Term Loan nor shall it impose any additional liability on any other Lender hereunder. The Lenders shall have no obligation to make Term Loans hereunder after the Closing Date. The
Term Loan Commitments are not revolving credit commitments, and the Borrower shall not have the right to borrow, repay and reborrow under Section 3.1 [Term Loan Commitments]. The Term Loans shall be payable as follows: 

(i) On the first Business Day of each of July, October, January and April commencing on July 1, 2011 and through and
including April 1, 2014, the Borrower shall repay $10,625,000; 
 (ii) on the first Business Day of each of
July, October, January and April commencing on July 1, 2014 and through and including April 1, 2016, the Borrower shall repay $28,333,333; and 
 (iii) on the Expiration Date, the Borrower shall repay the balance of the Term Loans then outstanding. 

  
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 3.3 Additional Commitment. 

(i) Subject to the terms and conditions set forth herein, the Borrower may at any time, but not more often than two (2) times
during the term of this Agreement, request to add an additional term loan commitment (the “Additional Term Loan Commitment”) and/or an additional revolving credit commitment (the “Additional Revolving Credit
Commitment”, and collectively with the Additional Term Loan Commitment, the “Additional Commitment”) provided that (a) immediately prior to and after giving effect to such Additional Commitment (and the making
of any loans pursuant thereto), no Event of Default or Potential Default has occurred or is continuing or shall result therefrom; (b) the Additional Term Loan Commitments and the Additional Revolving Credit Commitments shall not exceed in the
aggregate One Hundred Million and 00/100 Dollars ($100,000,000.00), (c) the Term Loans made pursuant to any Additional Term Loan Commitment (the “Additional Term Loans”) will amortize so that (i) on each Payment Date on
and after any Incremental Facility Closing Date (as herein defined) through and including the first Business Day of April, 2014, 2.5% of the aggregate principal amount of such Additional Term Loans will be due and payable, (ii) beginning on the
first Business Day of July, 2014 and through and including the first Business Day of April, 2016, 6.67% of the aggregate principal amount of such Additional Term Loans will be due and payable, and (iii) a final payment of the remaining
principal balance of such Additional Term Loans will be due and payable on the Expiration Date; for the avoidance of doubt, the amortization payments due with respect to any Additional Term Loans are in addition to the amortization payments due
pursuant to Section 3.2 [Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms], and (d) other than amortization as set forth in the preceding clause (c), the loans to be made pursuant to the Additional Term
Loan Commitment shall have the same terms as the Term Loan existing immediately prior to the effectiveness of such Additional Term Loan Commitment (except as otherwise agreed by the Administrative Agent and any existing Lenders agreeing to provide,
and additional lending institutions agreeing to provide, a commitment in respect of such Additional Term Loan Commitment, provided that any such agreement shall affect solely the terms of such Additional Term Loan Commitment and not any other Loan
or Commitments (or any other Lender) unless this Agreement has been amended in accordance with Section 11.1 [Modifications, Amendments or Waivers] without reference to this Section 3.3 [Additional Commitment]). Any request for an
Additional Term Loan Commitment and an Additional Revolving Credit Commitment made on the same date shall constitute one (1) request of the two (2) requests permitted under this Section. Any additional bank, financial institution, existing
Lender or other Person that elects to extend commitments to provide the Additional Commitment shall be reasonably satisfactory to the Borrower and the Administrative Agent (any such bank, financial institution, existing Lender or other Person is an
“Additional Lender”) and shall become a Lender under this Agreement pursuant to an amendment (the “Incremental Facility Amendment”) to this Agreement, giving effect to the modifications permitted by this
Section 3.3 [Additional Commitment], and, as appropriate, the other Loan Documents, executed by the Loan Parties, each Additional Lender, if any, and the Administrative Agent. Commitments in respect of the Additional Commitment shall become
Commitments under this Agreement after giving effect to such Incremental Facility Amendment. The Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as
may be reasonably necessary or appropriate, in the opinion of the Administrative Agent, to effect the 

  
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provisions of this Section 3.3 [Additional Commitment], and shall be, to the extent not consistent with the then-existing Loan Documents, satisfactory to the Administrative Agent. The
effectiveness of any Incremental Facility Amendment shall be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the applicable conditions set forth in Section 7.2 [Each
Additional Loan or Letter of Credit], and except as otherwise specified in the Incremental Facility Amendment, the Administrative Agent shall have received legal opinions, board resolutions and secretary’s certificates reasonably requested by
the Administrative Agent and consistent with those delivered on the Closing Date under Article 7 [Conditions of Lending and Issuance of Letters of Credit]. The proceeds of the Additional Commitment may be used in accordance with
Section 2.8 [Use of Proceeds] but not for any purpose otherwise prohibited hereunder. Notwithstanding anything to the contrary in this Section 3.3 [Additional Commitment], no existing Lender shall be obligated to provide Additional
Commitments. 
 (ii) Treatment of Outstanding Loans and Letters of Credit. 

(a) Repayment of Outstanding Loans. On the effective date of each Additional Revolving Credit Commitment and Additional Term Loan
Commitment, the Borrower shall repay all Revolving Credit Loans then outstanding, as applicable, subject to the Borrower’s indemnity obligations under Section 5.10 [Indemnity]; provided that it may borrow new Revolving Credit Loans
or Term Loans, as applicable, with a Borrowing Date on such date. Each of the Lenders shall participate in any new Revolving Credit Loans or Term Loans, as applicable, made on or after such date in accordance with their respective Ratable Shares
after giving effect to the increase in Revolving Credit Commitments or Term Loan Commitments contemplated by this Section 3.3. 
 (b) Outstanding Letters of Credit. On the effective date of each Additional Revolving Credit Commitment, each existing Lender and any Additional Lender (i) will be deemed to have purchased a
participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to
the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances. 
 4. INTEREST RATES 
 4.1 Interest Rate Options. 

The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate
Option or the LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply
simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche, provided that there shall not
be at any one time outstanding more than twelve (12) Borrowing Tranches in the aggregate among all of the Loans and provided further that if an Event of Default or Potential Default exists and is continuing, the

  
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Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans but existing Borrowing Tranches bearing interest under the LIBOR Rate Option, unless accelerated hereunder,
shall continue in effect until the expiration of the applicable Interest Period. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s
Loan shall be limited to such Lender’s highest lawful rate. 
 4.1.1 Revolving Credit Interest Rate Options; Swing Loan
Interest Rate. 
 The Borrower shall have the right to select from the following Interest Rate Options applicable to the
Revolving Credit Loans: 
 (i) Revolving Credit Base Rate Option: A fluctuating rate per annum (computed on the basis of
a year of 365 or 366 days, as the case may be, and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the Base
Rate; or 
 (ii) Revolving Credit LIBOR Rate Option: A rate per annum (computed on the basis of a year of 360 days and
actual days elapsed) equal to the LIBOR Rate plus the Applicable Margin. 
 Only the Base Rate Option applicable to Revolving Credit Loans or
the Daily LIBOR Swing Loan Rate shall apply to the Swing Loans. 
 4.1.2 Term Loan Interest Rate Options. 

The Borrower shall have the right to select from the following Interest Rate Options applicable to the Term Loans: 

(i) Term Loan Base Rate Option: A fluctuating rate per annum (computed on the basis of a year of 365 or 366 days, as the case may
be, and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the Base Rate; or 

(ii) Term Loan LIBOR Rate Option: A rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to
the LIBOR Rate plus the Applicable Margin. 
 4.1.3 Rate Quotations. 

The Borrower may call the Administrative Agent on or before the date on which a Loan Request is to be delivered to receive an indication
of the rates then in effect, but it is acknowledged that such projection shall not be binding on the Administrative Agent or the Lenders nor affect the rate of interest which thereafter is actually in effect when the election is made. 

  
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 4.1.4 Change in Fees or Interest Rates. 

If the Applicable Margin is increased or reduced with respect to any period for which the Borrower has already paid interest, the
Administrative Agent shall recalculate the interest due from or to the Borrower and shall, within fifteen (15) Business Days after the Borrower notifies the Administrative Agent of such increase or decrease, give the Borrower and the Lenders
notice of such recalculation. 
 4.1.4.1 Any additional interest due from the Borrower shall be paid to the
Administrative Agent for the account of the Lenders on the next date on which an interest payment is due; provided, however, that if there are no Loans outstanding or if no Loans are due and payable, such additional interest shall be paid promptly
after receipt of written request for payment from the Administrative Agent. 
 4.1.4.2 Any interest refund due to
the Borrower shall be credited against payments otherwise due from the Borrower on the next interest due date or, if the Loans have been repaid and the Lenders are no longer committed to lend under this Agreement, the Lenders shall pay the
Administrative Agent for the account of the Borrower such interest refund not later than five (5) Business Days after written notice from the Administrative Agent to the Lenders. 

4.2 Interest Periods. 
 At any time when the Borrower shall select, convert to or renew a LIBOR Rate Option, the Borrower shall notify the Administrative Agent thereof at least three (3) Business Days prior to the effective
date of such LIBOR Rate Option by delivering a Loan Request. The notice shall specify an Interest Period during which such Interest Rate Option shall apply. Notwithstanding the preceding sentence, the following provisions shall apply to any
selection of, renewal of, or conversion to a LIBOR Rate Option: 
 4.2.1 Amount of Borrowing Tranche. 

Each Borrowing Tranche of LIBOR Rate Loans shall be in integral multiples of $50,000 and not less than $5,000,000. 

4.2.2 Renewals. 
 In the case of the renewal of a LIBOR Rate Option at the end of an Interest Period, the first day of the new Interest Period shall be the last day of the preceding Interest Period, without duplication in
payment of interest for such day. 
 4.3 Interest After Default. 

To the extent permitted by Law, upon the occurrence of an Event of Default and until such time such Event of Default shall have been
cured or waived, and at the discretion of the Administrative Agent or upon written demand by the Required Lenders to the Administrative Agent: 

  
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 4.3.1 Interest Rate. 

The rate of interest for each Loan otherwise applicable pursuant to Section 4.1 [Interest Rate Options] shall be increased by
2.0% per annum. 
 4.3.2 Other Obligations. 

The Letter of Credit Fee shall be increased by 2% per annum and each other Obligation hereunder if not paid when due shall bear
interest at a rate per annum equal to the sum of the rate of interest applicable under the Base Rate Option plus an additional 2% per annum from the time such Obligation becomes due and payable and until it is paid in full. 

4.3.3 Acknowledgment. 
 The Borrower acknowledges that the increase in rates referred to in this Section 4.3 reflects, among other things, the fact that such Loans or other amounts have become a substantially greater risk
given their default status and that the Lenders are entitled to additional compensation for such risk; and all such interest shall be payable by Borrower upon demand by Administrative Agent. 

4.4 LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available. 

4.4.1 Unascertainable. 
 If on any date on which a LIBOR Rate would otherwise be determined, the Administrative Agent shall have determined that: 
 (i) adequate and reasonable means do not exist for ascertaining such LIBOR Rate, or 
 (ii) a contingency has occurred which materially and adversely affects the London interbank eurodollar market relating to the LIBOR Rate, 
 then, in any case under clause (i) or clause (ii) of this Section 4.4.1, the Administrative Agent shall have the rights specified in Section 4.4.3 [Administrative Agent’s and
Lender’s Rights]. 
 4.4.2 Illegality; Increased Costs; Deposits Not Available. 

If at any time any Lender shall have determined that: 
 (i) the making, maintenance or funding of any Loan to which a LIBOR Rate Option applies has been made impracticable or unlawful by compliance by such Lender in good faith with any Law or any
interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law), or 
 (ii) such LIBOR Rate Option will not adequately and fairly reflect the cost to such Lender of the establishment or maintenance of any such Loan, or 

  
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 (iii) after making all reasonable efforts, deposits of the relevant amount in Dollars for
the relevant Interest Period for a Loan, or to banks generally, to which a LIBOR Rate Option applies, respectively, are not available to such Lender with respect to such Loan, or to banks generally, in the interbank eurodollar market, 

then, in any case under clause (i), clause (ii) or clause (iii) of this Section 4.4.2, the Administrative Agent and such Lender, as the
case may be, shall have the rights specified in Section 4.4.3 [Administrative Agent’s and Lender’s Rights]. 

4.4.3 Administrative Agent’s and Lender’s Rights. 

In the case of any event specified in Section 4.4.1 [Unascertainable] above, the Administrative Agent shall promptly so notify the
Lenders and the Borrower thereof, and in the case of an event specified in Section 4.4.2 [Illegality; Increased Costs; Deposits Not Available] above, such Lender shall promptly so notify the Administrative Agent and endorse a certificate to
such notice as to the specific circumstances of such notice, and the Administrative Agent shall promptly send copies of such notice and certificate to the other Lenders and the Borrower. Upon such date as shall be specified in such notice (which
shall not be earlier than the date such notice is given), the obligation of (A) the Lenders, in the case of such notice given by the Administrative Agent, or (B) such Lender, in the case of such notice given by such Lender, to allow the
Borrower to select, convert to or renew a LIBOR Rate Option shall be suspended until the Administrative Agent shall have later notified the Borrower, or such Lender shall have later notified the Administrative Agent, of the Administrative
Agent’s or such Lender’s, as the case may be, determination that the circumstances giving rise to such previous determination no longer exist. If at any time the Administrative Agent makes a determination under Section 4.4.1
[Unascertainable] and the Borrower has previously notified the Administrative Agent of its selection of, conversion to or renewal of a LIBOR Rate Option and such Interest Rate Option has not yet gone into effect, such notification shall be deemed to
provide for selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Loans. If any Lender notifies the Administrative Agent of a determination under Section 4.4.2 [Illegality; Increased Costs;
Deposits Not Available], the Borrower shall, subject to the Borrower’s indemnification Obligations under Section 5.10 [Indemnity], as to any Loan of the Lender to which a LIBOR Rate Option applies, on the date specified in such notice
either convert such Loan to the Base Rate Option otherwise available with respect to such Loan or prepay such Loan in accordance with Section 5.6 [Voluntary Prepayments]. Absent due notice from the Borrower of conversion or prepayment, such
Loan shall automatically be converted to the Base Rate Option otherwise available with respect to such Loan upon such specified date. 
 4.5 Selection of Interest Rate Options. 
 If the Borrower fails to select a
new Interest Period to apply to any Borrowing Tranche of Loans under the LIBOR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 4.2 [Interest
Periods], the Borrower shall be deemed to have converted such Borrowing Tranche to the Base Rate Option commencing upon the last day of the existing Interest Period. 

  
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 5. PAYMENTS 
 5.1 Payments. 
 All payments and prepayments to be made in respect of
principal, interest, Facility Fees, Letter of Credit Fees, Administrative Agent’s Fee or other fees or amounts due from the Borrower hereunder shall be payable prior to 11:00 a.m. on the date when due without presentment, demand, protest or
notice of any kind, all of which are hereby expressly waived by the Borrower, and without set-off, counterclaim or other deduction of any nature, and an action therefor shall immediately accrue. Such payments shall be made to the Administrative
Agent at the Principal Office for the account of PNC with respect to the Swing Loans and for the ratable accounts of the Lenders with respect to the Revolving Credit Loans or Term Loans in U.S. Dollars and in immediately available funds, and the
Administrative Agent shall promptly distribute such amounts to the Lenders in immediately available funds; provided that in the event payments are received by 11:00 a.m. by the Administrative Agent with respect to the Loans and such payments
are not distributed to the Lenders on the same day received by the Administrative Agent, the Administrative Agent shall pay the Lenders the Federal Funds Effective Rate with respect to the amount of such payments for each day held by the
Administrative Agent and not distributed to the Lenders. The Administrative Agent’s and each Lender’s statement of account, ledger or other relevant record shall, in the absence of manifest error, be conclusive as the statement of the
amount of principal of and interest on the Loans and other amounts owing under this Agreement and shall be deemed an “account stated.” 
 5.2 Pro Rata Treatment of Lenders. 
 Each borrowing of Loans shall be
allocated to each Lender according to its Ratable Share, and each selection of, conversion to or renewal of any Interest Rate Option and each payment or prepayment by the Borrower with respect to principal, interest, Facility Fees and Letter of
Credit Fees (but excluding the Administrative Agent’s Fee and the Issuing Lender’s fronting fee) shall (except as otherwise may be provided with respect to a Defaulting Lender and except as provided in Section 4.4.3 [Administrative
Agent’s and Lender’s Rights] in the case of an event specified in Section 4.4 [LIBOR Rate Unascertainable; Etc.], Section 5.6.2 [Replacement of a Lender] or Section 5.8 [Increased Costs]) be payable ratably among the Lenders
entitled to such payment in accordance with the amount of principal, interest, Facility Fees and Letter of Credit Fees, as set forth in this Agreement. Notwithstanding any of the foregoing, each borrowing or payment or prepayment by the Borrower of
principal, interest, fees or other amounts from the Borrower with respect to Swing Loans shall be made by or to PNC according to Section 2.6.5 [Borrowings to Repay Swing Loans]. 

5.3 Sharing of Payments by Lenders. 
 If any Lender shall, by exercising any right of setoff, counterclaim or banker’s lien, by receipt of voluntary payment, by realization upon security, or by any other non-pro rata source, obtain
payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such
obligations greater than the pro-rata share of the amount such Lender is entitled thereto, then the Lender receiving such 

  
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greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other
Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and
other amounts owing them, provided that: 
 (i) if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, together with interest or other amounts, if any, required by Law (including court order) to be paid by
the Lender or the holder making such purchase; and 
 (ii) the provisions of this Section 5.3 shall not be construed to
apply to (x) any payment made by the Loan Parties pursuant to and in accordance with the express terms of the Loan Documents or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any
of its Loans or Participation Advances to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 5.3 shall apply). 
 Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may
exercise against each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Loan Party in the amount of such participation. 

5.4 Presumptions by Administrative Agent. 
 Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lender
hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the
Issuing Lender, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender or the Issuing Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the
greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 5.5 Interest Payment Dates. 
 Interest on Loans to which the Base Rate
Option or the Daily LIBOR Swing Loan Rate applies shall be due and payable in arrears on each Payment Date. Interest on Loans to which the LIBOR Rate Option applies shall be due and payable on the last day of each Interest Period for those Loans
and, if such Interest Period is longer than three (3) Months, also on the 90th day 

  
 45 

 
of such Interest Period. Interest on the principal amount of each Loan or other monetary Obligation shall be due and payable on demand after such principal amount or other monetary Obligation
becomes due and payable (whether on the stated Expiration Date, upon acceleration or otherwise). 
 5.6 Voluntary
Prepayments. 
 5.6.1 Right to Prepay. 
 The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below,
in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day
prior to the date of prepayment of the Revolving Credit Loans or Term Loans or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information: 

(w) the date, which shall be a Business Day, on which the proposed prepayment is to be made; 

(x) a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans and Swing
Loans; 
 (y) a statement indicating the application of the prepayment between Loans to which the Base Rate
Option applies and Loans to which the LIBOR Rate Option applies; and 
 (z) the total principal amount of such
prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage or (ii) $100,000 for any Swing Loan or $1,000,000 for any Revolving Credit Loan or Term Loan. 

All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with
interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan
prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the unpaid installments of principal of the Term Loans in the inverse order of scheduled maturities. Except as provided in Section 4.4.3
[Administrative Agent’s and Lender’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans
and then to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies. Any
prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. 
 5.6.2 Replacement of a Lender. 
 In the event any Lender (i) gives
notice under Section 4.4 [LIBOR Rate Unascertainable, Etc.], (ii) requests compensation under Section 5.8 [Increased Costs], or requires the Borrower to pay any additional amount to any Lender or any Official Body for the

  
 46 

 
account of any Lender pursuant to Section 5.9 [Taxes], (iii) is a Defaulting Lender, (iv) becomes subject to the control of an Official Body (other than normal and customary
supervision), or (v) is a Non-Consenting Lender referred to in Section 11.1 [Modifications, Amendments or Waivers], then in any such event the Borrower may, at its sole expense, 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, Section 11.11 [Successors and Assigns]), all of its interests, rights and obligations under
this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

(i) the Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 11.11 [Successors and Assigns];

 (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and Participation
Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.10 [Indemnity]) 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); 
 (iii) in the case of any such
assignment resulting from a claim for compensation under Section 5.8.1 [Increased Costs Generally] or payments required to be made pursuant to Section 5.9 [Taxes], such assignment will result in a reduction in such compensation or payments
thereafter; and 
 (iv) such assignment does not conflict with applicable Law. 

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. 
 5.7 Reserved.

 5.8 Increased Costs. 
 5.8.1 Increased Costs Generally. 
 If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against
assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate) or the Issuing Lender; 

(ii) subject any Lender or the Issuing Lender to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any
participation in a Letter of Credit or any Loan under the LIBOR Rate Option made by it, or change the basis of taxation of payments to such Lender or the Issuing Lender in respect thereof (except for Indemnified Taxes

  
 47 

 
or Other Taxes covered by Section 5.9 [Taxes] and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or the Issuing Lender); or 

(iii) impose on any Lender, the Issuing Lender or the London interbank market any other condition, cost or expense affecting this
Agreement or any Loan under the LIBOR Rate Option made by such Lender or any Letter of Credit or participation therein; 
 and the result of any
of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan under the LIBOR Rate Option (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender
or the Issuing 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
the Issuing Lender hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the Issuing Lender, the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or
amounts as will compensate such Lender or the Issuing Lender, as the case may be, for such additional costs incurred or reduction suffered. 
 5.8.2 Capital Requirements. 
 If any Lender or the Issuing Lender
determines that any Change in Law affecting such Lender or the Issuing Lender or any lending office of such Lender or such Lender’s or the Issuing Lender’s holding company, if any, regarding capital requirements has or would have the
effect of reducing the rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of
such Lender or the Loans made by, or participations in Letters of Credit or Swing Loans held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such Lender’s
or the Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s
holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such
Lender’s or the Issuing Lender’s holding company for any such reduction suffered. 
 5.8.3 Certificates for
Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans. 
 A certificate of a Lender or the Issuing Lender
setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased Costs Generally] or 5.8.2 [Capital Requirements] and delivered to the
Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

  
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 5.8.4 Delay in Requests. 

Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to this Section 5.8 [Increased
Costs] shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this
Section 5.8 [Increased Costs] for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or the Issuing Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to
such increased costs or reductions and of such Lender’s or the Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine
(9) month period referred to above shall be extended to include the period of retroactive effect thereof). 
 5.9
Taxes. 
 5.9.1 Payments Free of Taxes. 
 Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified
Taxes or Other Taxes; provided that if the Borrower shall be required by applicable Law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, Lender or Issuing Lender, as the case may be, receives an amount equal to the sum it would have received
had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall timely pay the full amount deducted to the relevant Official Body in accordance with applicable Law. 

5.9.2 Payment of Other Taxes by the Borrower. 
 Without limiting the provisions of Section 5.9.1 [Payments Free of Taxes] above, the Borrower shall timely pay any Other Taxes to the relevant Official Body in accordance with applicable Law.

 5.9.3 Indemnification by the Borrower. 
 The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Lender, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent, such Lender or the Issuing Lender, as the case may be, and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such payment or
liability delivered to the Borrower by a Lender or the Issuing Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Lender, shall be conclusive absent manifest
error. 

  
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 5.9.4 Evidence of Payments. 

As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to an Official Body, the Borrower shall
deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the
Administrative Agent. 
 5.9.5 Status of Lenders. 

Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the Law of the jurisdiction in which the
Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or
times prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Law as will permit such payments to be made without withholding or at
a reduced rate of withholding. Notwithstanding the submission of such documentation claiming a reduced rate of or exemption from U.S. withholding tax, the Administrative Agent shall be entitled to withhold United States federal income taxes at the
full 30% withholding rate if in its reasonable judgment it is required to do so under the due diligence requirements imposed upon a withholding agent under § 1.1441-7(b) of the United States Income Tax Regulations. Further, the Administrative
Agent is indemnified under § 1.1461-1(e) of the United States Income Tax Regulations against any claims and demands of any Lender or assignee or participant of a Lender for the amount of any tax it deducts and withholds in accordance with
regulations under § 1441 of the Internal Revenue Code. In addition, any Lender, if 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. 

Without limiting the generality of the foregoing, in the event that the Borrower is resident for tax purposes in the United States of
America, any Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 

(i) two (2) duly completed valid originals of IRS Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the
United States of America is a party, 
 (ii) two (2) duly completed valid originals of IRS Form W-8ECI, 

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code,
(x) a certificate to the effect that such Foreign 

  
 50 

 
Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of section
881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) two duly completed valid originals of IRS Form W-8BEN, 

(iv) any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in United States Federal
withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower to determine the withholding or deduction required to be made, or 

(v) To the extent that any Lender is not a Foreign Lender, such Lender shall submit to the Administrative Agent two (2) originals of
an IRS Form W-9 or any other form prescribed by applicable Law demonstrating that such Lender is not a Foreign Lender. 
 5.10
Indemnity. 
 In addition to the compensation or payments required by Section 5.8 [Increased Costs]or
Section 5.9 [Taxes], the Borrower shall indemnify each Lender against all liabilities, losses or expenses (including loss of anticipated profits, any foreign exchange losses and any loss or expense arising from the liquidation or reemployment
of funds obtained by it to maintain such Loan, from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange contract) which such Lender sustains or incurs as a consequence of any:

 (i) payment, prepayment, conversion or renewal of any Loan to which a LIBOR Rate Option applies on a day other than the last
day of the corresponding Interest Period (whether or not such payment or prepayment is mandatory, voluntary or automatic and whether or not such payment or prepayment is then due), 

(ii) attempt by the Borrower to revoke (expressly, by later inconsistent notices or otherwise) in whole or part any Loan Requests under
Section 2.5 [Loan Requests] or Section 4.2 [Interest Periods] or notice relating to prepayments under Section 5.6 [Voluntary Prepayments], or 
 (iii) default by the Borrower in the performance or observance of any covenant or condition contained in this Agreement or any other Loan Document, including any failure of the Borrower to pay when due
(by acceleration or otherwise) any principal, interest, Facility Fee or any other amount due hereunder. 
 If any Lender
sustains or incurs any such loss or expense, it shall from time to time notify the Borrower of the amount determined in good faith by such Lender (which determination may include such assumptions, allocations of costs and expenses and averaging or
attribution methods as such Lender shall deem reasonable) to be necessary to indemnify such Lender for such loss or expense. Such notice shall set forth in reasonable detail the basis for such determination. Such amount shall be due and payable by
the Borrower to such Lender ten (10) Business Days after such notice is given. 

  
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 5.11 Settlement Date Procedures. 

In order to minimize the transfer of funds between the Lenders and the Administrative Agent, the Borrower may borrow, repay and reborrow
Swing Loans and PNC may make Swing Loans as provided in Section 2.1.2 [Swing Loan Commitments] hereof during the period between Settlement Dates. The Administrative Agent shall notify each Lender of its Ratable Share of the total of the
Revolving Credit Loans and the Swing Loans (each a “Required Share”). On such Settlement Date, each Lender shall pay to the Administrative Agent the amount equal to the difference between its Required Share and its Revolving Credit
Loans, and the Administrative Agent shall pay to each Lender its Ratable Share of all payments made by the Borrower to the Administrative Agent with respect to the Revolving Credit Loans. The Administrative Agent shall also effect settlement in
accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and may at its option effect settlement on any other Business Day. These settlement procedures are established solely as a matter of administrative
convenience, and nothing contained in this Section 5.11 shall relieve the Lenders of their obligations to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to Section 2.1.2 [Swing Loan Commitment]. The
Administrative Agent may at any time at its option for any reason whatsoever require each Lender to pay immediately to the Administrative Agent such Lender’s Ratable Share of the outstanding Revolving Credit Loans and each Lender may at any
time require the Administrative Agent to pay immediately to such Lender its Ratable Share of all payments made by the Borrower to the Administrative Agent with respect to the Revolving Credit Loans. 

6. REPRESENTATIONS AND WARRANTIES 
 6.1 Representations and Warranties. 
 The Loan Parties, jointly and
severally, represent and warrant to the Administrative Agent and each of the Lenders as follows: 
 6.1.1 Organization and
Qualification. 
 Each Loan Party and each Subsidiary of each Loan Party is a corporation, partnership or limited liability
company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. Each Loan Party and each Subsidiary of each Loan Party has the lawful power to own or lease its properties and to engage in the
business it presently conducts or proposes to conduct. Each Loan Party and each Subsidiary of each Loan Party is duly licensed or qualified and in good standing in its jurisdiction of organization and in all other jurisdictions where the property
owned or leased by it or the nature of the business transacted by it or both makes such licensing or qualification necessary. 

6.1.2 Subsidiaries. 
 Schedule 6.1.2 states the name of each of the Loan Parties and their Subsidiaries, its jurisdiction of incorporation, its authorized capital stock, the issued and outstanding shares (referred
to herein as the “Subsidiary Shares”) and the owners thereof if it is a corporation, its outstanding partnership interests (the “Partnership Interests”) if it is a partnership and its

  
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outstanding limited liability company interests, interests assigned to managers thereof and the voting rights associated therewith (the “LLC Interests”) if it is a limited
liability company. The Borrower and each Subsidiary of the Borrower has good and marketable title to all of the Subsidiary Shares, Partnership Interests and LLC Interests it purports to own, free and clear in each case of any Lien. All Subsidiary
Shares, Partnership Interests and LLC Interests have been validly issued, and all Subsidiary Shares are fully paid and nonassessable. All capital contributions and other consideration required to be made or paid in connection with the issuance of
the Partnership Interests and LLC Interests have been made or paid, as the case may be. There are no options, warrants or other rights outstanding to purchase any such Subsidiary Shares, Partnership Interests or LLC Interests except as indicated on
Schedule 6.1.2. Other than Foreign Subsidiaries, Regulated Subsidiaries and Subsidiaries which are not, directly or indirectly, wholly owned by the Borrower, all Subsidiaries of the Borrower on the Closing Date are Guarantors under the
Guaranty Agreement. 
 6.1.3 Power and Authority. 

Each Loan Party and each Subsidiary of a Loan Party has full power to enter into, execute, deliver and carry out this Agreement and the
other Loan Documents to which it is a party, to incur the Indebtedness contemplated by the Loan Documents and to perform its Obligations under the Loan Documents to which it is a party, and all such actions have been duly authorized by all necessary
proceedings on its part. 
 6.1.4 Validity and Binding Effect. 

This Agreement has been duly and validly executed and delivered by each Loan Party, and each other Loan Document which any Loan Party or
any Subsidiary of any Loan Party is required to execute and deliver on or after the date hereof will have been duly executed and delivered by such Loan Party or Subsidiary on the required date of delivery of such Loan Document. This Agreement and
each other Loan Document constitutes, or will constitute, legal, valid and binding obligations of each Loan Party or Subsidiary which is or will be a party thereto on and after its date of delivery thereof, enforceable against such Loan Party or
Subsidiary in accordance with its terms, except to the extent that enforceability of any of such Loan Document may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforceability of creditors’
rights generally or limiting the right of specific performance. 
 6.1.5 No Conflict. 

Neither the execution and delivery of this Agreement or the other Loan Documents by any Loan Party or any Subsidiary of any Loan Party
nor the consummation of the transactions herein or therein contemplated or compliance with the terms and provisions hereof or thereof by any of them will conflict with, constitute a default under or result in any breach of (i) the terms and
conditions of the certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, limited liability company agreement or other organizational documents of any Loan Party or Subsidiary or
(ii) any Law, any material agreement or instrument or any order, writ, judgment, injunction or decree to which any Loan Party or any of its Subsidiaries is a party or by which it or any of its Subsidiaries is bound or to

  
 53 

 
which it is subject, or result in the creation or enforcement of any Lien, charge or encumbrance whatsoever upon any property (now or hereafter acquired) of any Loan Party or any of its
Subsidiaries. 
 6.1.6 Litigation. 
 There are no actions, suits, proceedings or investigations pending or, to the knowledge of any Loan Party, threatened against such Loan Party or any Subsidiary of such Loan Party at law or equity before
any Official Body which individually or in the aggregate is reasonably likely to result in any Material Adverse Change. None of the Loan Parties or any Subsidiaries of any Loan Party is in violation of any order, writ, injunction or any decree of
any Official Body which may result in any Material Adverse Change. 
 6.1.7 Title to Properties. 

Each Loan Party and each Subsidiary of each Loan Party has good and marketable title to or valid leasehold interest in all properties,
assets and other rights which it purports to own or lease or which are reflected as owned or leased on its books and records, free and clear of all Liens and encumbrances except Permitted Liens, and subject to the terms and conditions of the
applicable leases. The tangible and intangible personal property relating to facilities and computers of the Loan Parties and their Subsidiaries (including the leases, computer software and aircraft) are held by one or more wholly owned Guarantors.
All leases of property by the Loan Parties and their Subsidiaries are in full force and effect. 
 6.1.8 Financial
Statements. 
 The Borrower has delivered to the Administrative Agent copies of the audited consolidated financial
statements for the Borrower and its Consolidated Subsidiaries for fiscal year 2010 (the “Audited Statements”). In addition, the Borrower has delivered to the Administrative Agent copies of its unaudited interim financial statements
for the Borrower and its Consolidated Subsidiaries for the fiscal year to date and as of the end of the fiscal quarter ended March 31, 2011 (the “Interim Statements” and, together with the Audited Statements, collectively
referred to as the “Historical Statements”). The Historical Statements are correct and complete and fairly represent the consolidated financial condition of the Borrower and its Consolidated Subsidiaries as of their dates and the
consolidated results of operations for the fiscal period then ended and have been prepared in accordance with GAAP consistently applied subject (in the case of the Interim Statements) to normal year-end audit adjustments. None of the Borrower or its
Consolidated Subsidiaries has any significant liabilities, contingent or otherwise, or material forward or long-term commitments that are not disclosed in the Historical Statements or in the notes thereto, and except as disclosed therein there are
no unrealized or anticipated losses from any commitments of any of the Borrower or its Consolidated Subsidiaries which may cause a Material Adverse Change. Since December 31, 2010, there has been no Material Adverse Change. 

  
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 6.1.9 Use of Proceeds; Margin Stock. 

6.1.9.1 General. The Loan Parties intend to use the proceeds of the Loans in accordance with Section 2.8 [Use
of Proceeds]. 
 6.1.9.2 Margin Stock. None of the Loan Parties or any Subsidiaries of any Loan Party
engages or intends to engage principally, or as one of its important activities, in the business of extending credit for the purpose, immediately, incidentally or ultimately, of purchasing or carrying margin stock (within the meaning of Regulation
U). No part of the proceeds of any Loan has been or will be used, immediately, incidentally or ultimately, to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock or to refund
Indebtedness originally incurred for such purpose, or for any purpose which entails a violation of or which is inconsistent with the provisions of the regulations of the Board of Governors of the Federal Reserve System. None of the Loan Parties or
any Subsidiary of any Loan Party holds or intends to hold margin stock in such amounts that more than 25% of the reasonable value of the assets of any Loan Party or Subsidiary of any Loan Party are or will be represented by margin stock. 

6.1.10 Full Disclosure. 
 Neither this Agreement nor any other Loan Document, nor any certificate, statement, agreement or other documents furnished to the Administrative Agent or any Lender in connection herewith or therewith,
contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein and therein, in light of the circumstances under which they were made, not misleading. There is no fact
known to any Loan Party which materially adversely affects the business, property, assets, financial condition, results of operations or prospects of any Loan Party or Subsidiary of any Loan Party which has not been set forth in this Agreement or in
the certificates, statements, agreements or other documents furnished in writing to the Administrative Agent and the Lenders prior to or at the date hereof in connection with the transactions contemplated hereby. 

6.1.11 Taxes. 
 All federal and all material state, local and other tax returns required to have been filed with respect to each Loan Party and each Subsidiary of each Loan Party have been filed, and payment or adequate
provision has been made for the payment of all taxes, fees, assessments and other governmental charges which have or may become due pursuant to said returns or to assessments received, except to the extent that such taxes, fees, assessments and
other charges are being contested in good faith by appropriate proceedings diligently conducted and for which such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made. There are no agreements or
waivers extending the statutory period of limitations applicable to any federal income tax return of any Loan Party or Subsidiary of any Loan Party for any period. 
 6.1.12 Consents and Approvals. 
 No consent, approval, exemption, order or
authorization of, or a registration or filing with, any Official Body or any other Person is required by any Law or any agreement in 

  
 55 

 
connection with the execution, delivery and carrying out of this Agreement and the other Loan Documents by any Loan Party or any Subsidiary of any Loan Party, except for consents which shall have
been obtained on prior to the Closing Date. 
 6.1.13 No Event of Default; Compliance with Instruments. 

No event has occurred and is continuing and no condition exists or will exist after giving effect to the borrowings or other extensions
of credit to be made on the Closing Date under or pursuant to the Loan Documents which constitutes an Event of Default or Potential Default. None of the Loan Parties or any Subsidiaries of any Loan Party is in violation of (i) any term of its
certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, limited liability company agreement or other organizational documents or (ii) any material agreement or instrument to
which it is a party or by which it or any of its properties may be subject or bound where such violation would constitute a Material Adverse Change. 
 6.1.14 Patents, Trademarks, Copyrights, Licenses, Etc. 
 Each Loan Party
and each Subsidiary of each Loan Party owns or possesses all the material patents, trademarks, service marks, trade names, copyrights, licenses, registrations, franchises, permits and rights necessary to own and operate its properties and to carry
on its business as presently conducted and planned to be conducted by such Loan Party or Subsidiary, without known possible, alleged or actual conflict with the rights of others. 

6.1.15 Insurance. 
 All insurance policies and other bonds to which any Loan Party or Subsidiary of any Loan Party is a party are valid and in full force and effect. No notice has been given or claim made and no grounds
exist to cancel or avoid any of such policies or bonds or to reduce the coverage provided thereby. Such policies and bonds provide adequate coverage from reputable and financially sound insurers in amounts sufficient to insure the assets and risks
of each Loan Party and each Subsidiary of each Loan Party in accordance with prudent business practice in the industry of the Loan Parties and their Subsidiaries. 
 6.1.16 Compliance with Laws. 
 The Loan Parties and their Subsidiaries are
in compliance in all material respects with all applicable Laws (other than Environmental Laws which are specifically addressed in Section 6.1.21 [Environmental Matters]) in all jurisdictions in which any Loan Party or Subsidiary of any Loan
Party is presently or will be doing business except where the failure to do so would not constitute a Material Adverse Change. 

6.1.17 Material Contracts; Burdensome Restrictions. 
 All contracts related to or governing any Indebtedness of any Loan Party and all other material contracts relating to the business operations of each Loan Party and each Subsidiary of each Loan Party are
valid, binding and enforceable upon such Loan Party or Subsidiary and each of the other parties thereto in accordance with their respective terms, and 

  
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there is no default thereunder, to the Loan Parties’ knowledge, with respect to parties other than such Loan Party or Subsidiary. None of the Loan Parties or their Subsidiaries is bound by
any contractual obligation, or subject to any restriction in any organization document, or any requirement of Law which could result in a Material Adverse Change. 
 6.1.18 Investment Companies; Regulated Entities. 
 None of the Loan Parties
or any Subsidiaries of any Loan Party is an “investment company” registered or required to be registered under the Investment Company Act of 1940 or under the “control” of an “investment company” as such terms are
defined in the Investment Company Act of 1940 and shall not become such an “investment company” or under such “control.” Each Fund that constitutes an “investment company” is in compliance in all material respects with
all requirements applicable to an “investment company” under the Investment Company Act. None of the Loan Parties is subject to any other Federal or state statute or regulation limiting its ability to incur Indebtedness for borrowed money.

 6.1.19 ERISA Compliance. 
 (i) Each Pension Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state Laws. Each Pension Plan that is intended to qualify under
Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the best knowledge of Borrower, nothing has occurred
which would prevent, or cause the loss of, such qualification. Borrower and each ERISA Affiliate have made all required contributions to each Pension Plan subject to Section 412 of the Code, and no application for a funding waiver or an
extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Pension Plan. 

(ii) No ERISA Event has occurred or is reasonably expected to occur; (a) no Pension Plan has any unfunded pension liability (i.e.
excess of benefit liabilities over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan for the applicable plan year); (b) neither Borrower nor any ERISA Affiliate
has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (c) neither Borrower nor any ERISA
Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with
respect to a Multiemployer Plan; and (d) neither Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA. 
 6.1.20 Employment Matters. 
 Each of the Loan Parties and each of their
Subsidiaries is in compliance with the Labor Contracts and all applicable federal, state and local labor and employment Laws including those related to equal employment opportunity and affirmative action, labor relations, minimum wage, overtime,
child labor, medical insurance continuation, worker adjustment and relocation notices, immigration controls and worker and unemployment compensation, where the failure to 

  
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comply would constitute a Material Adverse Change. There are no outstanding grievances, arbitration awards or appeals therefrom arising out of the Labor Contracts or current or threatened
strikes, picketing, handbilling or other work stoppages or slowdowns at facilities of any of the Loan Parties or any of their Subsidiaries which in any case would constitute a Material Adverse Change. 

6.1.21 Environmental Matters. 
 None of the Loan Parties or any Subsidiaries of any Loan Party has received any Environmental Complaint, including but not limited to those from any Official Body or private Person alleging that such Loan
Party or Subsidiary or any prior owner, operator or occupant of any of the Property is a potentially responsible party under the Comprehensive Environmental Response, Cleanup and Liability Act, 42 U.S.C. § 9601, et seq., the Resource
Conservation and Recovery Act, 42 U.S.C. § 6901, et seq. or any analogous state or local Law, and none of the Loan Parties has any reason to believe that such an Environmental Complaint might be received. There are no pending or, to any
Loan Party’s knowledge, threatened Environmental Complaints relating to any Loan Party or Subsidiary of any Loan Party or, to any Loan Party’s knowledge, any prior owner, operator or occupant of any of the Properties pertaining to, or
arising out of, any Contamination or violations of Environmental Laws or Required Environmental Permits. 
 6.1.22 Senior
Debt Status. 
 The Obligations of each Loan Party under this Agreement, the Notes, the Guaranty Agreement and each of the
other Loan Documents to which it is a party do rank and will rank at least pari passu in priority of payment with all other Indebtedness of such Loan Party except Indebtedness of such Loan Party to the extent secured by Permitted
Liens. There is no Lien upon or with respect to any of the properties or income of any Loan Party or Subsidiary of any Loan Party which secures indebtedness or other obligations of any Person except for Permitted Liens. 

6.1.23 Reserved. 
 6.1.24 Existing Business. 
 The Loan Parties and their Subsidiaries are
currently engaged in the business of providing investment advisory, administration, distribution and other services to Funds. 

7. CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT 

The obligation of each Lender to make Loans and of the Issuing Lender to issue Letters of Credit hereunder is subject to the performance
by each of the Loan Parties of its Obligations to be performed hereunder at or prior to the making of any such Loans or the issuance of such Letters of Credit and to the satisfaction of the following further conditions: 

7.1 First Loans and Letters of Credit. 
 On the Closing Date: 

  
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 7.1.1 Officer’s Certificate. 

The representations and warranties of each of the Loan Parties contained in Section 6.1 [Representations and Warranties] and in each
of the other Loan Documents shall be true and accurate on and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of such date (except representations and warranties which relate solely
to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein), and each of the Loan Parties shall have performed and complied with all covenants and
conditions hereof and thereof, no Event of Default or Potential Default shall have occurred and be continuing or shall exist; and there shall be delivered to the Administrative Agent for the benefit of each Lender a certificate of the Borrower,
dated the Closing Date and signed by the Chief Executive Officer, President, Chief Financial Officer or other Authorized Officer of the Borrower, to each such effect. 
 7.1.2 Secretary’s Certificate. 
 There shall be delivered to the
Administrative Agent for the benefit of each Lender a certificate dated the Closing Date and signed by the Secretary or an Assistant Secretary of each of the Loan Parties, certifying as appropriate as to: 

(i) all action taken by each Loan Party and each Subsidiary of each Loan Party in connection with this Agreement and the other Loan
Documents; 
 (ii) the names of the officer or officers authorized to sign this Agreement and the other Loan Documents and the
true signatures of such officer or officers and specifying the Authorized Officers permitted to act on behalf of each Loan Party and each Subsidiary of each Loan Party for purposes of this Agreement and the true signatures of such officers, on which
the Administrative Agent and each Lender may conclusively rely; and 
 (iii) copies of its organizational documents, including
its certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, and limited liability company agreement as in effect on the Closing Date certified by the appropriate state official where
such documents are filed in a state office together with certificates from the appropriate state officials as to the continued existence and good standing of each Loan Party in each state where organized. 

7.1.3 Delivery of Loan Documents. 
 The Guaranty Agreement and the Notes shall have been duly executed and delivered to the Administrative Agent for the benefit of the Lenders. 

7.1.4 Opinion of Counsel. 
 There shall be delivered to the Administrative Agent for the benefit of each Lender a written opinion of (a) K&L Gates LLP, counsel for the Loan Parties (who may rely on the opinions of such
other counsel as may be acceptable to the Administrative Agent) and (b) in-house 

  
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counsel to the Loan Parties, each dated the Closing Date and in form and substance satisfactory to the Administrative Agent and its counsel and together such opinions shall address: 

(i) the matters set forth in Exhibit 7.1.4; and 
 (ii) such other matters incident to the transactions contemplated herein as the Administrative Agent may reasonably request. 
 7.1.5 Legal Details. 
 All legal details and proceedings in connection with
the transactions contemplated by this Agreement and the other Loan Documents shall be in form and substance satisfactory to the Administrative Agent and counsel for the Administrative Agent, and the Administrative Agent shall have received all such
other counterpart originals or certified or other copies of such documents and proceedings in connection with such transactions, in form and substance satisfactory to the Administrative Agent and said counsel, as the Administrative Agent or said
counsel may reasonably request. 
 7.1.6 Payment of Fees. 

The Borrower shall have paid or caused to be paid to the Administrative Agent for itself and for the account of the Lenders to the extent
not previously paid all commitment and other fees accrued through the Closing Date and the costs and expenses for which the Administrative Agent and the Lenders are entitled to be reimbursed. 

7.1.7 Consents. 
 All material consents required to effectuate the transactions contemplated hereby shall have been obtained including without limitation the consent of the Lenders under the Existing Credit Agreement.

 7.1.8 Officer’s Certificate Regarding MACs. 

Since December 31, 2010, no Material Adverse Change shall have occurred; and there shall have been delivered to the Administrative
Agent for the benefit of each Lender a certificate dated the Closing Date and signed by the Chief Executive Officer, President, Chief Financial Officer or other Authorized Officer of the Borrower to each such effect. 

7.1.9 No Violation of Laws. 
 The making of the Loans shall not contravene any Law applicable to any Loan Party or any of the Lenders. 
 7.1.10 No Actions or Proceedings. 
 No action, proceeding, investigation,
regulation or legislation shall have been instituted, threatened or proposed before any court, governmental agency or legislative body to enjoin, restrain or prohibit, or to obtain damages in respect of, this Agreement, the other Loan

  
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Documents or the consummation of the transactions contemplated hereby or thereby or which, in the Administrative Agent’s sole discretion, would make it inadvisable to consummate the
transactions contemplated by this Agreement or any of the other Loan Documents. 
 7.1.11 Termination of Existing Revolving
Credit Agreement. 
 Evidence that the Revolving Credit Agreement dated October 31, 2006 among the Borrower, the
Guarantors party thereto, the Banks party thereto and the Administrative Agent has been terminated, all outstanding obligations thereunder have been paid and all Letters of Credit issued thereunder have been terminated, released or replaced.

 7.2 Each Additional Loan or Letter of Credit. 

At the time of making any Loans or issuing, extending or increasing any Letters of Credit and after giving effect to the proposed
extensions of credit: the representations and warranties of the Loan Parties contained in Section 6.1 [Representations and Warranties] and in the other Loan Documents shall be true on and as of the date of such additional Loan or issuance,
extension or increase of Letters of Credit with the same effect as though such representations and warranties had been made on and as of such date (except representations and warranties which expressly relate solely to an earlier date or time, which
representations and warranties shall be true and correct on and as of the specific dates or times referred to therein) and the Loan Parties shall have performed and complied with all covenants and conditions hereof; no Event of Default or Potential
Default shall have occurred and be continuing or shall exist; the making of the Loans or the issuance, extension or increase of such Letter of Credit shall not contravene any Law applicable to any Loan Party or Subsidiary of any Loan Party or any of
the Lenders or the Issuing Lender; and the Borrower shall have delivered to the Administrative Agent a duly executed and completed Loan Request or to the Issuing Lender an application for a Letter of Credit, as the case may be. 

7.3 Amendment and Restatement. 
 This Agreement amends and restates the Existing Credit Agreement. The Commitments of the Lenders under this Agreement replace the commitments of the lenders under the Existing Credit Agreement. From and
after the Closing Date, (i) the commitments of the lenders under the Existing Credit Agreement no longer constitute a separate obligation of such lenders, (ii) the Term Loans payable by the Borrower under the Existing Credit Agreement
shall remain outstanding under this Agreement, and (iii) the Commitment of each Lender party to this Agreement shall be as set forth on Schedule 1.1(B). The Administrative Agent shall cause all Term Loans outstanding under the
Existing Credit Agreement as of the Closing Date to be reallocated in accordance with each Lender’s Ratable Share of the Term Loans. 
 8. COVENANTS 
 8.1 Affirmative Covenants. 

The Loan Parties, jointly and severally, covenant and agree that until Payment in Full, the Loan Parties shall comply at all times with
the following affirmative covenants: 

  
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 8.1.1 Preservation of Existence, Etc. 

Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain its legal existence as a corporation, limited partnership or
limited liability company and its license or qualification and good standing in each jurisdiction in which its ownership or lease of property or the nature of its business makes such license or qualification necessary, except as otherwise expressly
permitted in Section 8.2.6 [Liquidations, Mergers, Etc.] or Section 8.2.7 [Dispositions of Assets or Subsidiaries]. 

8.1.2 Payment of Liabilities, Including Taxes, Etc. 
 Each Loan Party shall, and shall cause each of its Subsidiaries to, duly pay and discharge all liabilities to which it is subject or which are asserted against it, promptly as and when the same shall
become due and payable, including all taxes, assessments and governmental charges upon it or any of its properties, assets, income or profits, prior to the date on which penalties attach thereto, except to the extent that such liabilities, including
taxes, assessments or charges, are being contested in good faith and by appropriate and lawful proceedings diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made,
but only to the extent that failure to discharge any such liabilities would not result in a Material Adverse Change, provided that the Loan Parties and their Subsidiaries will pay all such liabilities forthwith upon the commencement of
proceedings to foreclose any Lien which may have attached as security therefor. 
 8.1.3 Maintenance of Insurance.

 The Loan Parties shall maintain and shall cause each of its Subsidiaries to maintain, with financially sound and reputable
insurers, public liability and property damage insurance with respect to its business and properties and the business and properties of its Subsidiaries against loss or damage of the kinds customarily carried or maintained by Persons of established
reputation engaged in similar businesses and in amounts acceptable to Administrative Agent and will deliver evidence thereof to Administrative Agent. The Loan Parties shall cause, pursuant to endorsements and assignments in form and substance
reasonably satisfactory to Administrative Agent, Administrative Agent, for the benefit of Administrative Agent and Lenders, to be named as additional insured in the case of all liability insurance. 

8.1.4 Maintenance of Properties and Leases. 
 Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other
businesses of similar character and size, all of those properties useful or necessary to its business, and from time to time, such Loan Party will make or cause to be made all appropriate repairs, renewals or replacements thereof. 

8.1.5 Maintenance of Patents, Trademarks, Etc. 
 Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in full force and effect all patents, trademarks, service marks, trade names, copyrights, licenses, franchises, permits and
other authorizations necessary for the ownership and operation of its 

  
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properties and business if the failure so to maintain the same would constitute a Material Adverse Change. 
 8.1.6 Visitation Rights. 
 Each Loan Party shall, and shall cause each of
its Subsidiaries to, permit any of the officers or authorized employees or representatives of the Administrative Agent or any of the Lenders to visit and inspect any of its properties and to examine and make excerpts from its books and records and
discuss its business affairs, finances and accounts with its officers, all in such reasonable detail and at such reasonable times and as often as any of the Lenders may reasonably request, provided that each Lender shall provide the Borrower
with reasonable notice prior to any visit or inspection. In the event any Lender desires to conduct an audit of any Loan Party, such Lender shall make a reasonable effort to conduct such audit contemporaneously with any audit to be performed by the
Administrative Agent. 
 8.1.7 Keeping of Records and Books of Account. 

The Borrower shall, and shall cause each Subsidiary of the Borrower to, maintain and keep proper books of record and account which enable
the Borrower and its Subsidiaries to issue financial statements in accordance with GAAP and as otherwise required by applicable Laws of any Official Body having jurisdiction over the Borrower or any Subsidiary of the Borrower, and in which full,
true and correct entries shall be made in all material respects of all its dealings and business and financial affairs. 
 8.1.8
Reserved. 
 8.1.9 Compliance with Laws. 
 Each Loan Party shall, and shall cause each of its Subsidiaries to, comply with all applicable Laws, including all Environmental Laws, in all respects, provided that it shall not be deemed to be a
violation of this Section 8.1.9 if any failure to comply with any Law would not result in fines, penalties, remediation costs, other similar liabilities or injunctive relief which in the aggregate would constitute a Material Adverse Change.

 8.1.10 Reserved. 
 8.1.11 New Subsidiaries. 
 The Loan Parties shall cause each Subsidiary
created or acquired by any of the Loan Parties after the date hereof, other than Foreign Subsidiaries, Regulated Subsidiaries or Subsidiaries which are not, directly or indirectly, wholly owned by the Borrower, as soon as practical
and, in any event within thirty (30) days after so created or acquired, to execute and deliver to the Administrative Agent (i) a Guarantor Joinder in substantially the form attached hereto as Exhibit 1.1(G)(1) pursuant to which
it shall join this Agreement and the Guaranty Agreement and (ii) documents in the forms described in Section 7.1 [First Loans] modified as appropriate to relate to such Subsidiary. 

  
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 8.1.12 Reserved. 

8.1.13 Anti-Terrorism Laws. 
 None of the Loan Parties is or shall be (i) a Person with whom any Lender is restricted from doing business under Executive Order No. 13224 or any other Anti-Terrorism Law, (ii) engaged in
any business involved in making or receiving any contribution of funds, goods or services to or for the benefit of such a Person or in any transaction that evades or avoids, or has the purpose of evading or avoiding, the prohibitions set forth in
any Anti-Terrorism Law, or (iii) otherwise in violation of any Anti-Terrorism Law. The Loan Parties shall provide to the Lenders any certifications or information that a Lender requests to confirm compliance by the Loan Parties with
Anti-Terrorism Laws. 
 8.2 Negative Covenants. 
 The Loan Parties, jointly and severally, covenant and agree that until Payment in Full, the Loan Parties shall comply with the following negative covenants: 

8.2.1 Indebtedness. 
 Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, at any time create, incur, assume or suffer to exist any Indebtedness, except: 

(i) Indebtedness under the Loan Documents; 
 (ii) Indebtedness pursuant to capitalized leases made under usual and customary terms in the ordinary course of business and Indebtedness secured solely by Purchase Money Security Interests not exceeding
in the case of any Indebtedness under this clause (ii) at any one time in the aggregate $50,000,000; 
 (iii) existing
Indebtedness as set forth on Schedule 8.2.1 (including any extensions or renewals thereof, provided there is no increase in the principal amount thereof as of the Closing Date unless otherwise specified on
Schedule 8.2.1); 
 (iv) any short-term Indebtedness under securities clearing arrangements secured by or for which
marketable securities and related cash balances with customary loan-to-value ratios are available to repay such Indebtedness; 

(v) Indebtedness of a Loan Party or any Subsidiary of any Loan Party to another Loan Party or any Subsidiary of any Loan Party;

 (vi) any Lender Provided Interest Rate Hedge; provided, however, that the Loan Parties and their Subsidiaries shall enter
into a Lender Provided Interest Rate Hedge only for hedging (rather than speculative) purposes; and 
 (vii) unsecured
Indebtedness so long as after giving effect to such Indebtedness the Loan Parties remain in pro forma compliance with the financial covenants 

  
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contained in Sections 8.2.14[Maximum Leverage Ratio ] and 8.2.15 [Minimum Interest Coverage Ratio]. 
 8.2.2 Liens. 
 Each of the Loan Parties shall not, and shall not permit any
of its Subsidiaries to, at any time create, incur, assume or suffer to exist any Lien on any of its property or assets, tangible or intangible, now owned or hereafter acquired, or agree or become liable to do so, except Permitted Liens. 

8.2.3 Guaranties. 
 Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, at any time, directly or indirectly, become or be liable in respect of any Guaranty, or assume, guarantee, become
surety for, endorse or otherwise agree, become or remain directly or contingently liable upon or with respect to any obligation or liability of any other Person, except for (i) Guaranties of Indebtedness of the Loan Parties and the Subsidiaries
of the Loan Parties permitted under Section 8.2.1 [Indebtedness], (ii) the guarantee by the Loan Parties of obligations of other Loan Parties (other than any Subsidiary which is not wholly owned) to third parties, which obligations are
incurred in the ordinary course of such Loan Parties’ and the Subsidiaries’ business consistent with industry practice and not otherwise forbidden by this Agreement; provided that, except for Limited Investments, in no event shall
the Loan Party or any Subsidiary of any Loan Party become or be liable in respect of any Guaranty, or assume, guarantee, become surety for, endorse or otherwise agree, become or remain directly or contingently liable upon or with respect to any
obligation or liability of the Special Purpose Subsidiaries, and (iii) the guarantee by the Loan Parties of Indebtedness of Subsidiaries which are not wholly owned by a Loan Party or Indebtedness of other Persons provided that the
aggregate amount of Indebtedness that is guaranteed by all of the Loan Parties pursuant to this clause (iii) shall not exceed, at any one time, $25,000,000. 
 8.2.4 Reserved. 
 8.2.5 Reserved. 

8.2.6 Liquidations, Mergers, Consolidations, Acquisitions. 

Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, dissolve, liquidate or wind-up its affairs, or
become a party to any merger or consolidation, or acquire by purchase, lease or otherwise all or substantially all of the assets or capital stock of any other Person, provided that 

(i) any Guarantor may liquidate into, merge or consolidate with a wholly owned Subsidiary that is a Guarantor (other than the Borrower)
and any wholly owned Subsidiary which is not a Guarantor may liquidate into, merge or consolidate with a wholly owned Subsidiary (so long as if the entity into which any wholly owned Subsidiary which is not a Guarantor is liquidating, merging or
consolidating is a Guarantor, it continues to be a Guarantor after the liquidation, merger or consolidation); and 

  
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 (ii) the Borrower or a Consolidated Subsidiary may effect an acquisition of the capital
stock or assets (tangible or intangible) of another person or persons, so long as (A) such person is a company which engages in the mutual fund, investment advisory, retirement plan servicing or financial services business or a business related
or ancillary to any of the foregoing, (B) if such person is a public company, the acquisition is not hostile and (C) after giving effect to such acquisition, no Event of Default or Potential Default shall exist or be continuing and, with
respect to acquisitions in which the Consideration is greater than $25,000,000, five (5) days before the consummation of such acquisition, the Borrower shall have provided to the Administrative Agent and the Lenders pro forma financial
statements for the Borrower and the Consolidated Subsidiaries, after giving effect to such acquisition, demonstrating compliance with Section 8.2.14 [Maximum Leverage Ratio] and Section 8.2.15 [Minimum Interest Coverage Ratio]. 

The parties expressly acknowledge that Section 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions] does not restrict the
acquisition of assets by a Fund in the ordinary course of business where no liabilities are assumed by the Fund and the acquisition price consists of trailer payments based on average net assets in the Fund from time to time but in no event more
than the Fund Fees received by any of the Loan Parties and their Subsidiaries and such fees are paid out of the Fund itself or by any of the Loan Parties and their Subsidiaries in accordance with normal business practices. 

8.2.7 Dispositions of Assets or Subsidiaries. 
 Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, sell, convey, assign, lease, abandon or otherwise transfer or dispose of, voluntarily or involuntarily, any of its
properties or assets, tangible or intangible (including sale, assignment, discount or other disposition of accounts, contract rights, chattel paper, equipment or general intangibles with or without recourse or of capital stock, shares of beneficial
interest, partnership interests or limited liability company interests of a Subsidiary of such Loan Party), except: 
 (i) any
sale, transfer or lease of assets by the Borrower or any wholly owned Subsidiary to the Borrower or any other wholly owned Subsidiary that is a Guarantor and any sale or transfer of Designated Assets by a Subsidiary of the Borrower to another
Subsidiary of the Borrower followed by an immediate transfer to a Special Purpose Subsidiary, in connection with a securitization or other receivables sale transaction so long as such transaction is non-recourse to any of the Loan Parties or any
Special Purpose Subsidiary (except for customary recourse provisions, including recourse to the Designated Assets being sold or transferred); 
 (ii) any sale, transfer or lease of assets which are no longer necessary or required in the conduct of the Borrower’s or any Subsidiary’s business; 

(iii) any sale, transfer or lease of assets in the ordinary course of business which are replaced by substitute assets; and 

(iv) any sale or transfer of all of the capital stock or substantially all of the assets of one or more Subsidiaries of the Borrower so
long as, in any 

  
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fiscal year, (A) the assets of such sold or transferred Subsidiaries do not exceed 5% of the total assets of the Borrower and the Consolidated Subsidiaries and (B) no more than 5% of
Consolidated EBITDA is attributable to such sold or transferred Subsidiaries, in the case of clause (A), determined as of the most recent fiscal quarter ending prior to such disposition and, in the case of clause (B), determined as of the
most recent four (4) fiscal quarters ending prior to such disposition. 
 The Administrative Agent is expressly authorized
by the Lenders to release any Guarantor from the Guaranty Agreement if (A) its capital stock or substantially all of the assets are sold or transferred in accordance with clause (iv) of Section 8.2.7 [Dispositions of Assets of
Subsidiaries] above or (B) it is liquidated in accordance with clause (i) of Section 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions]. 
 8.2.8 Affiliate Transactions. 
 Each of the Loan Parties shall not, and
shall not permit any of its Subsidiaries to, enter into or carry out any transaction (including purchasing property or services from or selling property or services to any Affiliate of any Loan Party or other Person) unless such transaction is not
otherwise prohibited by this Agreement, is entered into in the ordinary course of business upon fair and reasonable arm’s-length terms and conditions which are fully disclosed to the Administrative Agent and is in accordance with all applicable
Law. 
 8.2.9 Continuation of or Change in Business. 

The enterprises represented by the Loan Parties and their Subsidiaries taken as a whole shall continue to engage in their respective
businesses substantially as conducted and operated by the Loan Parties and their Subsidiaries during the present fiscal year, and the Borrower shall not permit any material change in such businesses (i.e., the mutual fund, investment advisory,
retirement plan servicing and financial services business, and the business of Federated Bank, as such businesses exist on the date hereof or may exist in the future), either directly or indirectly (including by means of loans and investments), and
any change must be in accordance with all applicable Law (including the Investment Company Act); provided, that (i) the only activities in which the Special Purpose Subsidiaries shall be permitted to engage are to finance broker
commissions with respect to the sale of proprietary or private label mutual funds administered or distributed by the Loan Parties and to hold stock of other Special Purpose Subsidiaries, provided further (A) the Special Purpose
Subsidiaries shall not enter into any agreements which permit any cross-defaults with any of the Loan Documents and (B) the Limited Investments in the Special Purpose Subsidiaries by the Loan Parties are not greater than $500,000 in the
aggregate; and provided further (ii) the Borrower, FII Holdings, Inc. and Federated Services Company shall not become registered as investment advisers or broker-dealers. Notwithstanding the foregoing, nothing contained herein shall
serve to limit the ability of any Loan Party or any Subsidiary of any Loan Party to change the principal location of its business. 

  
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 8.2.10 Pension Plans and Multiemployer Plans. 

Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to engage in a Prohibited Transaction with any Pension
Plan or Multiemployer Plan which, alone or in conjunction with any other circumstances or set of circumstances resulting in liability under ERISA or otherwise violate ERISA. 
 8.2.11 Fiscal Year; Accounting Methods. 
 The Borrower shall not, and shall
not permit any Subsidiary of the Borrower to, (i) change its fiscal year from the twelve-month period beginning January 1 and ending December 31 or (ii) change from the accrual method of accounting. 

8.2.12 No Restrictions on Dividends. 
 The Borrower shall not permit there to be any restriction on the dividends payable by its Subsidiaries except as otherwise required by Law. 

8.2.13 Change in Ownership. 
 The Borrower shall not permit any change in the ownership of the Class A Shares except transfers of the Class A Shares may be made among the officers, directors and employees of the Loan Parties
and their respective families and affiliates. 
 8.2.14 Maximum Leverage Ratio. 

The Loan Parties shall not permit the Leverage Ratio as of the end of any fiscal quarter to exceed 2.50 to 1.00. 

8.2.15 Minimum Interest Coverage Ratio. 
 The Loan Parties shall not permit the ratio of Consolidated EBITDA to consolidated interest expense for the four (4) fiscal quarters then ended of the Borrower and its Consolidated Subsidiaries,
calculated as of the end of any fiscal quarter, to be less than 4.0 to 1.0. 
 8.3 Reporting Requirements. 

The Loan Parties, jointly and severally, covenant and agree that until Payment in Full, the Loan Parties will furnish or cause to be
furnished to the Administrative Agent and each of the Lenders: 
 8.3.1 Quarterly Financial Statements. 

As soon as available and in any event within forty-five (45) calendar days after the end of each of the first three fiscal quarters
in each fiscal year, financial statements of the Borrower, consisting of a consolidated balance sheet as of the end of such fiscal quarter and related consolidated statements of income and cash flows for the fiscal quarter then ended and

  
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the fiscal year through that date, all in reasonable detail and certified (subject to normal year-end audit adjustments) by the Chief Executive Officer, President or Chief Financial Officer of
the Borrower as having been prepared in accordance with GAAP, consistently applied, and setting forth in comparative form the respective financial statements for the corresponding date and period in the previous fiscal year. 

8.3.2 Annual Financial Statements. 
 As soon as available and in any event within ninety (90) days after the end of each fiscal year of the Borrower, financial statements of the Borrower consisting of a consolidated balance sheet as of
the end of such fiscal year, and related consolidated statements of income, retained earnings and cash flows for the fiscal year then ended, all in reasonable detail and setting forth in comparative form the financial statements as of the end of and
for the preceding fiscal year, and certified by independent certified public accountants of nationally recognized standing satisfactory to the Administrative Agent. The certificate or report of accountants shall be free of qualifications (other than
any consistency qualification that may result from a change in the method used to prepare the financial statements as to which such accountants concur) and shall not indicate the occurrence or existence of any event, condition or contingency which
would materially impair the prospect of payment or performance of any covenant, agreement or duty of any Loan Party under any of the Loan Documents. 
 8.3.3 Certificate of the Borrower. 
 Concurrently with the financial
statements of the Borrower furnished to the Administrative Agent and to the Lenders pursuant to Sections 8.3.1 [Quarterly Financial Statements] and 8.3.2 [Annual Financial Statements], a certificate (each a “Compliance
Certificate”) of the Borrower signed by the Chief Executive Officer, President, Chief Financial Officer or other Authorized Officer of the Borrower, in the form of Exhibit 8.3.3, to the effect that, except as described pursuant
to Section 8.3.4 [Notice of Default], (i) the representations and warranties of the Borrower contained in Section 6.1 [Representations and Warranties] and in the other Loan Documents are true on and as of the date of such certificate
with the same effect as though such representations and warranties had been made on and as of such date (except representations and warranties which expressly relate solely to an earlier date or time) and the Loan Parties have performed and complied
with all covenants and conditions hereof, (ii) no Event of Default or Potential Default exists and is continuing on the date of such certificate and (iii) containing calculations in sufficient detail to demonstrate compliance as of the
date of such financial statements with all financial covenants contained in Section 8.2 [Negative Covenants]. 
 8.3.4
Notice of Default. 
 Promptly after any officer of any Loan Party has learned of the occurrence of an Event of Default
or Potential Default, a certificate signed by the Chief Executive Officer, President, Chief Financial Officer or other Authorized Officer of such Loan Party setting forth the details of such Event of Default or Potential Default and the action which
the such Loan Party proposes to take with respect thereto. 

  
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 8.3.5 Notice of Litigation. 

Promptly after the commencement thereof, notice of all actions, suits, proceedings or investigations before or by any Official Body or
any other Person against any Loan Party or Subsidiary of any Loan Party or any of the Funds which involve a claim or series of claims in excess of $25,000,000 or which if adversely determined would constitute a Material Adverse Change. 

8.3.6 Certain Events. 
 Written notice to the Administrative Agent of (i) any sale or other transfer of assets as permitted under subsections (i), (ii), (iii) or (iv) of Section 8.2.7 [Dispositions of Assets
of Subsidiaries], (ii) any merger, acquisition, consolidation or liquidation permitted under Section 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions], and (iii) the creation or acquisition of any new Subsidiaries or
investment in any other corporate entity, such notice to be delivered to the Administrative Agent within five (5) Business Days after occurrence of such event or consummation of such transaction(s), and in the case of the creation or
acquisition of a new Subsidiary or investment in any other corporate entity, accompanied by the items specified in Section 8.1 [Affirmative Covenants] to be delivered within thirty (30) calendar days after the creation or acquisition of a
new Subsidiary or investment in any other corporate entity. Written notice to the Administrative Agent of any sale or other transfer of assets as permitted under clause (i) of Section 8.2.7 [Dispositions of Assets of Subsidiaries] shall be
given on a quarterly basis at the same time that quarterly financial statements are required to be delivered under Section 8.3.1 [Quarterly Financial Statements]. 
 8.3.7 Other Notices, Reports and Information. 
 Promptly upon their
becoming available to the Borrower, (i) any material and adverse reports including management letters submitted to any of the Loan Parties by independent accountants in connection with any annual, interim or special audit, (ii) any reports
or notices distributed by any of the Loan Parties to its shareholders and not filed with the Securities and Exchange Commission, on a date no later than the date supplied to the shareholders, (iii) upon request, periodic reports filed by any of
the Loan Parties with the Securities and Exchange Commission, (iv) periodic reports of examination by the Securities and Exchange Commission or the National Association of Securities Dealers, Inc. of any of the Loan Parties which could
reasonably be expected to result in a Material Adverse Change and any responses thereto, (v) any Revenue Administrative Agent’s Report and accompanying Statement of Income Tax Examination Changes and any notice of assessment or deficiency
by the IRS which could reasonably be expected to result in a Material Adverse Change, and (vi) such other reports and information as the Lenders may from time to time reasonably request. The Borrower shall also notify the Lenders promptly of
the enactment of any legislation or adoption of any Law which may result in a Material Adverse Change. 

  
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 8.3.8 ERISA Event. 

Promptly upon becoming aware of the occurrence thereof, notice (including the nature of the event and, when known, any action taken or
threatened by the Internal Revenue Service or the PBGC with respect thereto) of any ERISA Event. 
 8.3.9 Notices Regarding
Special Purpose Subsidiaries. 
 Within five (5) Business Days after the creation of any new Special Purpose
Subsidiary, the Borrower shall provide written notice to the Administrative Agent of the creation of any new Special Purpose Subsidiary, accompanied by the declaration of trust, certificate or articles of incorporation, bylaws or other
organizational documents of the new Special Purpose Subsidiary. 
 8.3.10 Notice of Change in Debt Rating. 

Within two (2) Business Days after either Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc., or Moody’s Investors Service, Inc. announces a change in the rating of the Borrower’s senior unsecured long-term debt or long-term counterparty credit, notice of such change. The Borrower will deliver together with such notice a copy
of any written notification which the Borrower received from the applicable rating agency regarding such change in such rating. 

9. DEFAULT 
 9.1 Events of Default. 
 An Event of Default shall mean the occurrence or
existence of any one or more of the following events or conditions (whatever the reason therefor and whether voluntary, involuntary or effected by operation of Law): 
 9.1.1 Payments Under Loan Documents. 
 The Borrower shall (i) fail to
pay any principal of any Loan when due or (ii) shall fail to pay any interest on any Loan or any other amount owing hereunder or under the other Loan Documents within five (5) Business Days after such interest or other amount becomes due
in accordance with the terms hereof or thereof; 
 9.1.2 Breach of Warranty. 

Any representation or warranty made at any time by any of the Loan Parties herein or by any of the Loan Parties in any other Loan
Document, or in any certificate, other instrument or statement furnished pursuant to the provisions hereof or thereof, shall prove to have been false or misleading in any material respect as of the time it was made or furnished; 

  
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 9.1.3 Breach of Certain Covenants. 

Any of the Loan Parties shall default in the observance or performance of any covenant contained in Section 8.2.6 [Liquidations,
Mergers, Consolidations, Acquisitions], Section 8.2.7 [Dispositions of Assets of Subsidiaries], Section 8.2.9 [Continuation of or Change in Business], Section 8.2.13 [Change in Ownership], Section 8.2.14 [Maximum Leverage Ratio]
or Section 8.2.15 [Minimum Interest Coverage Ratio]. 
 9.1.4 Breach of Other Covenants. 

Any of the Loan Parties shall default in the observance or performance of any covenant, condition or provision hereof or of any other
Loan Document (other than as specifically set forth in any other subsection of this Section 9.1) and such default shall continue unremedied for a period of fifteen (15) Business Days after any of the Loan Parties becomes aware of the
occurrence thereof (such grace period to be applicable only in the event such default can be remedied by corrective action of any of the Loan Parties as determined by the Administrative Agent in its sole discretion). 

9.1.5 Defaults in Other Agreements or Indebtedness. 
 A default or event of default shall occur at any time under the terms of any other agreement involving borrowed money or the extension of credit or any other Indebtedness under which any Loan Party or
Subsidiary of any Loan Party may be obligated as a borrower or guarantor in excess of $25,000,000 in the aggregate, and such breach, default or event of default consists of the failure to pay (beyond any period of grace permitted with respect
thereto, whether waived or not) any indebtedness when due (whether at stated maturity, by acceleration or otherwise) or if such breach or default permits or causes the acceleration of any indebtedness (whether or not such right shall have been
waived) or the termination of any commitment to lend; 
 9.1.6 Final Judgments or Orders. 

Any final judgments or orders for the payment of money in excess of $25,000,000 in the aggregate shall be entered against any Loan Party
or any Subsidiary of any Loan Party by a court having jurisdiction in the premises, which judgment is not discharged, vacated, bonded or stayed pending appeal within a period of thirty (30) days from the date of entry; 

9.1.7 Loan Document Unenforceable. 
 Any of the Loan Documents shall cease to be legal, valid and binding agreements enforceable against the party executing the same or such party’s successors and assigns (as permitted under the Loan
Documents) in accordance with the respective terms thereof or shall in any way be terminated (except in accordance with its terms) or become or be declared ineffective or inoperative or shall in any way be challenged or contested or cease to give or
provide the respective Liens, security interests, rights, titles, interests, remedies, powers or privileges intended to be created thereby; 

  
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 9.1.8 Proceedings Against Assets. 

Any of the Loan Parties’ or any of their Subsidiaries’ assets are attached, seized, levied upon or subjected to a writ or
distress warrant; or such come within the possession of any receiver, trustee, custodian or assignee for the benefit of creditors and the same is not cured within thirty (30) days thereafter; 

9.1.9 Notice of Lien or Assessment. 
 A notice of Lien or assessment in excess of $25,000,000 which is not a Permitted Lien is filed of record with respect to all or any part of any of the Loan Parties’ or any of their Subsidiaries’
assets by the United States, or any department, agency or instrumentality thereof, or by any state, county, municipal or other governmental agency, including the PBGC, or any taxes or debts owing at any time or times hereafter to any one of these
becomes payable and the same is not paid within thirty (30) days after the same becomes payable; 
 9.1.10 Events
Relating to Pension Plans and Multiemployer Plans. 
 (i) An ERISA Event occurs with respect to a Pension Plan or
Multiemployer Plan which has resulted or could reasonably be expected to result in liability of Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $25,000,000, or
(ii) Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an
aggregate amount in excess of $25,000,000; 
 9.1.11 Cessation of Business. 

Any Loan Party or Subsidiary of a Loan Party is enjoined, restrained or in any way prevented by court order from conducting all or any
material part of its business and such injunction, restraint or other preventive order is not dismissed within thirty (30) days after the entry thereof; 
 9.1.12 Relief Proceedings. 
 (i) A Relief Proceeding shall have been
instituted against any Loan Party or Subsidiary of a Loan Party and such Relief Proceeding shall remain undismissed or unstayed and in effect for a period of thirty (30) consecutive days or such court shall enter a decree or order granting any
of the relief sought in such Relief Proceeding, (ii) any Loan Party or Subsidiary of a Loan Party institutes, or takes any action in furtherance of, a Relief Proceeding, or (iii) any Loan Party or any Subsidiary of a Loan Party ceases to
be solvent or admits in writing its inability to pay its debts as they mature. 

  
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 9.2 Consequences of Event of Default. 

9.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. 

If an Event of Default specified under Sections 9.1.1 through 9.1.11 shall occur and be continuing, the Lenders and the
Administrative Agent shall be under no further obligation to make Loans and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required Lenders, shall (i) by
written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder to be forthwith
due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby
expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to
the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a
security interest in, all such cash as security for such Obligations; and 
 9.2.2 Bankruptcy, Insolvency or Reorganization
Proceedings. 
 If an Event of Default specified under Section 9.1.12 [Relief Proceedings] shall occur, the Lenders
shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid
fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and 

9.2.3 Set-off. 
 If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Lender, and each of their respective Affiliates and any participant of such Lender or Affiliate which has agreed in
writing to be bound by the provisions of Section 5.3 [Sharing of Payments by Lenders] is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final, in whatever currency, but not including funds held in custodian or trust accounts) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender
or any such Affiliate or participant to or for the credit or the account of any Loan Party against any and all of the Obligations of such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, the
Issuing Lender, Affiliate or participant, irrespective of whether or not such Lender, Issuing Lender, Affiliate or participant shall have made any demand under this Agreement or any other Loan Document 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 the Issuing Lender 

  
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different from the branch or office holding such deposit or obligated on such Indebtedness. The rights of each Lender, the Issuing Lender and their respective Affiliates and participants under
this Section 9.2 [Consequences of Event of Default] are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Lender or their respective Affiliates and participants may have. Each Lender and
the Issuing Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application; and 

9.2.4 Suits, Actions, Proceedings. 
 If an Event of Default shall occur and be continuing, and whether or not the Administrative Agent shall have accelerated the maturity of Loans pursuant to any of the foregoing provisions of this
Section 9.2, the Administrative Agent or any Lender, if owed any amount with respect to the Loans, may proceed to protect and enforce its rights by suit in equity, action at law and/or other appropriate proceeding, whether for the specific
performance of any covenant or agreement contained in this Agreement or the other Loan Documents, including as permitted by applicable Law the obtaining of the ex parte appointment of a receiver, and, if such amount shall have become
due, by declaration or otherwise, proceed to enforce the payment thereof or any other legal or equitable right of the Administrative Agent or such Lender; and 
 9.2.5 Application of Proceeds. 
 From and after the date on which the
Administrative Agent has taken any action pursuant to this Section 9.2 and until all Obligations of the Loan Parties have been paid in full, any and all proceeds received by the Administrative Agent from the exercise of any other remedy by the
Administrative Agent, shall be applied as follows: 
 (i) first, to reimburse the Administrative Agent and the Lenders for
out-of-pocket costs, expenses and disbursements, including reasonable attorneys’ and paralegals’ fees and legal expenses, incurred by the Administrative Agent or the Lenders in connection with collection of any Obligations of any of the
Loan Parties under any of the Loan Documents; 
 (ii) second, to the repayment of all Obligations then due and unpaid of the
Loan Parties to the Lenders or their Affiliates incurred under this Agreement or any of the other Loan Documents or agreements evidencing any Lender Provided Interest Rate Hedge, whether of principal, interest, fees, expenses or otherwise and to
cash collateralize the Letter of Credit Obligations, ratably among the Lenders and their Affiliates in proportion to the respective amounts payable to them with respect to such Obligations; and 

(iii) the balance, if any, as required by Law. 
 9.2.6 Other Rights and Remedies. 
 In addition to all of the rights and
remedies contained in this Agreement or in any of the other Loan Documents, the Administrative Agent shall have all of the rights and remedies under applicable Law, all of which rights and remedies shall be cumulative and non-exclusive, to the
extent permitted by Law. The Administrative Agent may, and upon the request of the 

  
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Required Lenders shall, exercise all post-default rights granted to the Administrative Agent and the Lenders under the Loan Documents or applicable Law. 

10. THE ADMINISTRATIVE AGENT 
 10.1 Appointment and Authority. 
 Each of the Lenders and the Issuing
Lender hereby irrevocably appoints PNC to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are
delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Section 10.1 are solely for the benefit of the Administrative Agent, the
Lenders and the Issuing Lender, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 
 10.2 Rights as a Lender. 
 The Person serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account
therefor to the Lenders. 
 10.3 Exculpatory Provisions. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan
Documents. Without limiting the generality of the foregoing, the Administrative Agent: 
 (a) shall not be subject to any
fiduciary or other implied duties, regardless of whether a Potential Default or Event of Default has occurred and is continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that
the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that the
Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law; and 

(c) 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 

  
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information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 The Administrative Agent shall not be liable 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 Sections 11.1
[Modifications, Amendments or Waivers] and 9.2 [Consequences of Event of Default]) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Potential Default
or Event of Default unless and until notice describing such Potential Default or Event of Default is given to the Administrative Agent by the Borrower, a Lender or the Issuing Lender. 

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Potential Default or Event of Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 7 [Conditions of Lending and Issuance of Letters of Credit] or elsewhere
herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 10.4
Reliance by Administrative Agent. 
 The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability 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. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall 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 the Issuing Lender, the
Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Lender prior to the making of such
Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or
not taken by it in accordance with the advice of any such counsel, accountants or experts. 

  
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 10.5 Delegation of Duties. 

The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan
Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Section 10 shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
 10.6 Resignation
of Administrative Agent. 
 The Administrative Agent may at any time give notice of its resignation to the Lenders, the
Issuing Lender and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with approval from the Borrower (so long as no Event of Default has occurred and is continuing), to appoint a successor, such
approval not to be unreasonably withheld or delayed. 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 gives notice
of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent; provided that if the Administrative Agent shall notify the Borrower and the Lenders that
no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder
and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Lender under any of the Loan Documents, the retiring Administrative Agent shall continue
to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by
or to each Lender and the Issuing Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section 10. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from
all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Section 10 and
Section 11.3 [Expenses; Indemnity; Damage Waiver] shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any
of them while the retiring Administrative Agent was acting as Administrative Agent. 
 If PNC resigns as Administrative Agent
under this Section 10.6, PNC shall also resign as an Issuing Lender. Upon the appointment of a successor Administrative Agent 

  
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hereunder, such successor shall (i) succeed to all of the rights, powers, privileges and duties of PNC as the retiring Issuing Lender and Administrative Agent and PNC shall be discharged
from all of its respective duties and obligations as Issuing Lender and Administrative Agent under the Loan Documents, and (ii) issue letters of credit in substitution for the Letters of Credit issued by PNC, if any, outstanding at the time of
such succession or make other arrangement satisfactory to PNC to effectively assume the obligations of PNC with respect to such Letters of Credit. 
 10.7 Non-Reliance on Administrative Agent and Other Lenders. 
 Each Lender
and the Issuing Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its
own credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties
and based on such documents and information as it shall from time to time deem appropriate, continue to make its own 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. 
 10.8 No Other Duties, etc. 

Anything herein to the contrary notwithstanding, none of the agents, sole bookrunner or joint lead arrangers listed on the cover page
hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the Issuing Lender hereunder. 

10.9 Administrative Agent’s Fee. 
 The Borrower shall pay to the Administrative Agent a nonrefundable fee (the “Administrative Agent’s Fee”) under the terms of a letter (the “Administrative Agent’s
Letter”) between the Borrower and Administrative Agent, as amended from time to time. 
 10.10 Authorization to
Release Guarantors. 
 The Lenders and Issuing Lenders authorize the Administrative Agent to release any Guarantor from its
obligations under the Guaranty Agreement if the ownership interests in such Guarantor are sold or otherwise disposed of or transferred to persons other than Loan Parties or Subsidiaries of the Loan Parties in a transaction permitted under
Section 8.2.7 [Disposition of Assets or Subsidiaries] or 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions]. 

10.11 No Reliance on Administrative Agent’s Customer Identification Program. 

Each Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on the
Administrative Agent to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification program, or other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations
thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or 

  
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replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with any of the Loan
Parties, their Affiliates or their agents, the Loan Documents or the transactions hereunder or contemplated hereby: (i) any identity verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists,
(iv) customer notices or (v) other procedures required under the CIP Regulations or such other Laws. 
 11.
MISCELLANEOUS 
 11.1 Modifications, Amendments or Waivers. 

With the written consent of the Required Lenders, the Administrative Agent, acting on behalf of all the Lenders, and the Borrower, on
behalf of the Loan Parties, may from time to time enter into written agreements amending or changing any provision of this Agreement or any other Loan Document or the rights of the Lenders or the Loan Parties hereunder or thereunder, or may grant
written waivers or consents to a departure from the due performance of the Obligations of the Loan Parties hereunder or thereunder. Any such agreement, waiver or consent made with such written consent shall be effective to bind all the Lenders and
the Loan Parties; provided, that, no such agreement, waiver or consent may be made which will: 
 11.1.1 Increase of
Commitment. 
 Increase the amount of the Revolving Credit Commitment or the Term Loan Commitment of any Lender hereunder
without the consent of such Lender; 
 11.1.2 Extension of Payment; Reduction of Principal Interest or Fees; Modification of
Terms of Payment. 
 Whether or not any Loans are outstanding, extend the Expiration Date or the time for payment of
principal or interest of any Loan, or any fee payable to any Lender, or reduce the principal amount of or the rate of interest borne by any Loan or any other fee payable to any Lender without the consent of each Lender directly affected thereby;

 11.1.3 Release of Guarantor. 
 Except for sales of assets permitted by Section 8.2.7 [Disposition of Assets or Subsidiaries], release any Guarantor from its Obligations under the Guaranty Agreement without the consent of all
Lenders (other than Defaulting Lenders); or 
 11.1.4 Miscellaneous. 

Amend Section 5.2 [Pro Rata Treatment of Lenders], Section 10.3 [Exculpatory Provisions] or Section 5.3 [Sharing of
Payments by Lenders] or this Section 11.1, alter any provision regarding the pro rata treatment of the Lenders or requiring all Lenders to authorize the taking of any action or reduce any percentage specified in the definition of Required
Lenders, in each case without the consent of all of the Lenders (other than Defaulting Lenders); 

  
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 provided that no agreement, waiver or consent which would modify the interests, rights or obligations
of the Administrative Agent or the Issuing Lender may be made without the written consent of the Administrative Agent or the Issuing Lender, as the case may be, and provided, further that, if in connection with any proposed waiver, amendment
or modification referred to in Sections 11.1.1 through 11.1.4 above, the consent of the Required Lenders is obtained but the consent of one or more of such other Lenders whose consent is required is not obtained (each a “Non-Consenting
Lender”), then the Borrower shall have the right to replace any such Non-Consenting Lender with one or more replacement Lenders pursuant to Section 5.6.2 [Replacement of a Lender]. 

11.2 No Implied Waivers; Cumulative Remedies; Writing Required. 

No course of dealing and no delay or failure of the Administrative Agent or any Lender in exercising any right, power, remedy or
privilege under this Agreement or any other Loan Document shall affect any other or future exercise thereof or operate as a waiver thereof, nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce
such a right, power, remedy or privilege preclude any further exercise thereof or of any other right, power, remedy or privilege. The rights and remedies of the Administrative Agent and the Lenders under this Agreement and any other Loan Documents
are cumulative and not exclusive of any rights or remedies which they would otherwise have. Any waiver, permit, consent or approval of any kind or character on the part of any Lender of any breach or default under this Agreement or any such waiver
of any provision or condition of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. 
 11.3 Expenses; Indemnity; Damage Waiver. 
 11.3.1 Costs and
Expenses. 
 The Borrower shall pay (i) all out-of-pocket expenses incurred by the Administrative Agent and its
Affiliates (including the reasonable fees, charges and disbursements of outside counsel for the Administrative Agent) in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery
and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any outside counsel for the Administrative Agent or any Lender) in connection with the enforcement or protection of its
rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans, and (iii) all reasonable out-of-pocket expenses of the Administrative Agent’s regular employees and agents engaged periodically to perform audits of the Loan Parties’ books,
records and business properties. 

  
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 11.3.2 Indemnification by the Borrower. 

The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof) and each Lender, and each Related Party of any of the
foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements
of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any
Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the performance or nonperformance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or the use or proposed use
of the proceeds therefrom, (iii) breach of representations, warranties or covenants of the Borrower under the Loan Documents, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, including any such items or losses relating to or arising under Environmental Laws or pertaining to environmental matters, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any
other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
(x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other
Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim
as determined by a court of competent jurisdiction. 
 11.3.3 Reimbursement by Lenders. 

To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under Sections 11.3.1 [Costs and Expenses]
or 11.3.2 [Indemnification by the Borrower] to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent)
or such Related Party, as the case may be, such Lender’s Ratable Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) in its capacity as such, or against any Related Party of any of the foregoing
acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. 
 11.3.4 Waiver of
Consequential Damages, Etc. 
 To the fullest extent permitted by applicable Law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, 

  
 82 

 
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any
agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee referred to in Section 11.3.2 [Indemnification by Borrower] shall be liable for any damages
arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or
the transactions contemplated hereby or thereby. 
 11.3.5 Payments. 

All amounts due under this Section 11.3 [Expenses; Indemnity; Damage Waiver] shall be payable not later than ten (10) days
after demand therefor. 
 11.4 Holidays. 
 Whenever payment of a Loan to be made or taken hereunder shall be due on a day which is not a Business Day such payment shall be due on the next Business Day (except as provided in Section 4.2
[Interest Periods] with respect to Interest Periods under the LIBOR Rate Option) and such extension of time shall be included in computing interest and fees, except that the Loans shall be due on the Business Day preceding the Expiration Date if the
Expiration Date is not a Business Day. Whenever any payment or action to be made or taken hereunder (other than payment of the Loans) shall be stated to be due on a day which is not a Business Day, such payment or action shall be made or taken on
the next following Business Day, and such extension of time shall not be included in computing interest or fees, if any, in connection with such payment or action. 
 11.5 Reserved. 
 11.6 Notices; Effectiveness; Electronic
Communication. 
 11.6.1 Notices Generally. 
 Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 11.6.2 [Electronic Communications]), 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 telecopier (i) if to a Lender, to it at its address set forth in its
administrative questionnaire, or (ii) if to any other Person, to it at its address set forth on Schedule 1.1(B). 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been
given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices delivered through electronic communications
to the extent provided in Section 11.6.2 [Electronic Communications], shall be effective as provided in such Section. 

  
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 11.6.2 Electronic Communications. 

Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and
Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender if such Lender 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. 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 clause (i) of notification that such
notice or communication is available and identifying the website address therefor. 
 11.6.3 Change of Address, Etc.

 Any party hereto may change its address, e-mail address or telecopier number for notices and other communications hereunder
by notice to the other parties hereto. 
 11.7 Severability. 

The provisions of this Agreement are intended to be severable. If any provision of this Agreement shall be held invalid or unenforceable
in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other
jurisdiction or the remaining provisions hereof in any jurisdiction. 
 11.8 Governing Law. 

This Agreement shall be deemed to be a contract under the Laws of the Commonwealth of Pennsylvania and for all purposes shall be governed
by and construed and enforced in accordance with the internal laws of the Commonwealth of Pennsylvania without regard to its conflict of laws principles. Each Letter of Credit issued under this Agreement shall be subject either to the rules of the
Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce (the “ICC”) at the time of issuance (“UCP”) or the rules of the International Standby
Practices (ICC Publication Number 590) (“ISP98”), as determined by the Issuing Lender, and in each case to the extent not inconsistent therewith, the Laws of the Commonwealth of Pennsylvania without regard to is conflict of laws
principles. 

  
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 11.9 Prior Understanding. 

This Agreement and the other Loan Documents supersede all prior understandings and agreements, whether written or oral, between the
parties hereto and thereto relating to the transactions provided for herein and therein, including any prior confidentiality agreements and commitments. 
 11.10 Duration; Survival. 
 All representations and warranties of the Loan
Parties contained herein or made in connection herewith shall survive the making of Loans and shall not be waived by the execution and delivery of this Agreement, any investigation by the Administrative Agent or the Lenders, the making of Loans, or
Payment in Full. All covenants and agreements of the Loan Parties contained in Sections 8.1 [Affirmative Covenants], 8.2 [Negative Covenants] and 8.3 [Reporting Requirements] herein shall continue in full force and effect from and after the
date hereof until Payment in Full. All covenants and agreements of the Borrower contained herein relating to the payment of principal, interest, premiums, additional compensation or expenses and indemnification, including those set forth in the
Notes, and Sections 5 [Payments] and 11.3 [Expenses; Indemnity; Damage Waiver], shall survive Payment in Full. 
 11.11
Successors and Assigns. 
 11.11.1 Successors and Assigns Generally. 

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 the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no
Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 11.11.2 [Assignments by Lenders], (ii) by way of participation in accordance
with the provisions of Section 11.11.4 [Participations], or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 11.11.6 [Certain Pledges; Successors and Assigns Generally] (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 Section 11.11.4 [Participations] and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement. 
 11.11.2 Assignments by Lenders. 

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 at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

  
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 (i) Minimum Amounts. 

(a) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time
owing to 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 
 (b) in any case not described in clause (i)(A) of this Section 11.11.2, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable
Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption Agreement with respect to such assignment is delivered
to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption Agreement, as of the Trade Date) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default
has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed). 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned. 
 (iii)
Required Consents. No consent shall be required for any assignment except for the consent of the Administrative Agent (which shall not be unreasonably withheld or delayed), and: 

(A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an
Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; and 
 (B) the consent of the Issuing Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in
exposure under one or more Letters of Credit (whether or not then outstanding). 
 (iv) Assignment and Assumption
Agreement. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption Agreement, together with a processing and recordation fee of $3,500, and the assignee, if it is not a Lender, shall
deliver to the Administrative Agent an administrative questionnaire provided by the Administrative Agent. 
 (v) No
Assignment to Borrower. No such assignment shall be made to the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a natural person. 

  
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 Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 11.11.3
[Register], from and after the effective date specified in each Assignment and Assumption Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption Agreement,
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 Agreement, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption Agreement 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
Sections 4.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available], 5.8 [Additional Compensation in Certain Circumstances], and 11.3 [Expenses; Indemnity; Damage Waiver] with respect to facts and circumstances
occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 11.11.2 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 Section 11.11.4 [Participations]. 

11.11.3 Register. 
 The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain a record of the names and addresses of the Lenders, and the Commitments of, and principal amounts of
the Loans owing to, each Lender pursuant to the terms hereof from time to time. Such register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is in such register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. Such register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable
prior notice. 
 11.11.4 Participations. 
 Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the
Borrower’s Affiliates or Subsidiaries) (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 owing to
it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, modification or waiver with respect to Sections 11.1.1 [Increase of Commitment], 11.1.2 [Extension of Payment, Etc.], or 11.1.3 

  
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[Release of Guarantor]). Subject to Section 11.11.5 [Limitations upon Participant Rights Successors and Assigns Generally], the Borrower agrees that each Participant shall be entitled to the
benefits of Sections 4.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available] and 5.8 [Additional Compensation in Certain Circumstances] to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to Section 11.11.2 [Assignments by Lenders]. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 9.2.3 [Setoff] as though it were a Lender; provided such Participant
agrees to be subject to Section 5.3 [Sharing of Payments by Lenders] as though it were a Lender. 
 11.11.5 Limitations
upon Participant Rights Successors and Assigns Generally. 
 A Participant shall not be entitled to receive any greater
payment under Section 5.8 [Additional Compensation in Certain Circumstances], Section 5.9 [Taxes] or Section 11.3 [Expenses; Indemnity; Damage Waiver] than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the
benefits of Section 5.9 [Taxes] unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 5.9.5 [Status of Lenders] as though it were
a Lender. 
 11.11.6 Certain Pledges; Successors and Assigns Generally. 

Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve 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. 
 11.12 Confidentiality. 

11.12.1 General. 
 The Administrative Agent and the Lenders each agree to keep confidential all information obtained from any Loan Party or its Subsidiaries which is nonpublic and confidential or proprietary in nature
(including any information the Borrower specifically designates as confidential), except as provided below, and to use such information only in connection with their respective capacities under this Agreement and for the purposes contemplated
hereby. The Administrative Agent and the Lenders shall be permitted to disclose such information (i) to outside legal counsel, accountants and other professional advisors who need to know such information in connection with the administration
and enforcement of this Agreement, subject to information and instructions to, or any agreement (whether written, oral or otherwise implied by Law) of, such Persons to maintain the confidentiality, (ii) to assignees and participants as
contemplated by Section 11.11 [Successors and Assigns], and prospective assignees and participants, (iii) to the extent requested by any bank regulatory authority or, with notice to the Borrower (if legally permitted), as otherwise
required by applicable Law or by any 

  
 88 

 
subpoena or similar legal process, or in connection with any investigation or proceeding arising out of the transactions contemplated by this Agreement, (iv) if it becomes publicly available
other than as a result of a breach of this Agreement or becomes available from a source not known to be subject to confidentiality restrictions, or (v) if the Borrower shall have consented to such disclosure. 

11.12.2 Sharing Information With Affiliates of the Lenders. 

Each Loan Party acknowledges that from time to time financial advisory, investment banking and other services may be offered or provided
to the Borrower or one or more of its Affiliates (in connection with this Agreement or otherwise) by any Lender or by one or more Subsidiaries or Affiliates of such Lender and, notwithstanding the use restriction contained in the first sentence of
Section 11.12.1 [General], each of the Loan Parties hereby authorizes each Lender to share any information delivered to such Lender by such Loan Party and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such
Lender to enter into this Agreement, to any such Subsidiary or Affiliate of such Lender, it being understood that any such Subsidiary or affiliate of any Lender receiving such information shall be bound by the provisions of Section 11.12.1
[General] as if it were a Lender hereunder. Such authorization shall survive the repayment of the Loans and other Obligations and the termination of the Commitments. 
 11.13 Counterparts; Integration; Effectiveness. 
 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. This Agreement and the other Loan Documents,
and any separate letter agreements with respect to fees payable to the Administrative Agent, 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 including any prior confidentiality agreements and commitments. Except as provided in Section 7 [Conditions Of Lending and Issuance of Letters of Credit], this Agreement shall become
effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy or e-mail shall be effective as delivery of a manually executed counterpart of this Agreement. 
 11.14 Administrative Agent’s or Lender’s Consent. 
 Whenever the
Administrative Agent’s or any Lender’s consent is required to be obtained under this Agreement or any of the other Loan Documents as a condition to any action, inaction, condition or event, the Administrative Agent and each Lender shall be
authorized to give or withhold such consent in its sole and absolute discretion and to condition its consent upon the giving of additional collateral, the payment of money or any other matter. 

  
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 11.15 Exceptions. 

The representations, warranties and covenants contained herein shall be independent of each other, and no exception to any
representation, warranty or covenant shall be deemed to be an exception to any other representation, warranty or covenant contained herein unless expressly provided, nor shall any such exceptions be deemed to permit any action or omission that would
be in contravention of applicable Law. 
 11.16 CONSENT TO FORUM; WAIVER OF JURY TRIAL. 

11.16.1 SUBMISSION TO JURISDICTION. 
 THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE COMMONWEALTH OF PENNSYLVANIA SITTING IN
ALLEGHENY COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE WESTERN DISTRICT OF PENNSYLVANIA, 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, OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH PENNSYLVANIA STATE COURT OR, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN
ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 11.16.2 WAIVER OF
VENUE. 
 THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN THIS SECTION 11.16. EACH OF THE
PARTIES HERETO 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 AND AGREES NOT ASSERT ANY SUCH DEFENSE. 

  
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 11.16.3 SERVICE OF PROCESS. 

EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.6 [NOTICES;
EFFECTIVENESS; ELECTRONIC COMMUNICATION]. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 
 11.16.4 WAIVER OF JURY TRIAL. 
 EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 11.17 USA Patriot Act Notice. 

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 the Loan Parties that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and
other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the USA Patriot Act. 
 [SIGNATURE PAGES FOLLOW] 

  
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 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this Agreement as of the day and year
first above written. 
  

			
	BORROWER:
	
	FEDERATED INVESTORS, INC.
		
	By:	 	 

	Name:	 	Denis McAuley III
	Title:	 	Assistant Treasurer
	
	GUARANTORS:
	
	 FEDERATED ADMINISTRATIVE SERVICES

	 FEDERATED ADMINISTRATIVE SERVICES, INC.

	 FEDERATED INVESTORS MANAGEMENT COMPANY

	 FEDERATED SERVICES COMPANY

		
	By:	 	 

	Name:	 	Denis McAuley III
	Title:	 	Senior Vice President of each of the above-listed Guarantors
	
	 FEDERATED SHAREHOLDER SERVICES COMPANY

		
	By:	 	 

	Name:	 	Denis McAuley III
	Title:	 	President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	 FEDERATED INVESTMENT MANAGEMENT COMPANY

	 FEDERATED GLOBAL INVESTMENT MANAGEMENT CORP.

	 FEDERATED INVESTMENT COUNSELING

	 RETIREMENT PLAN SERVICE COMPANY OF AMERICA

	 FEDERATED ADVISORY SERVICES COMPANY

	 FEDERATED EQUITY MANAGEMENT COMPANY OF PENNSYLVANIA

		
	By:	 	 

	Name:	 	Denis McAuley III
	Title:	 	Assistant Treasurer of each of the above-listed Guarantors
	
	FII HOLDINGS, INC.
		
	By:	 	 

	Name:	 	Denis McAuley III
	Title:	 	Vice President
	
	 FEDERATED PRIVATE ASSET MANAGEMENT, INC.

	 FEDERATED MDTA TRUST

	 HBSS ACQUISITION CO.

	 FEDERATED MDTA LLC

	 SOUTHPOINTE DISTRIBUTION SERVICES INC.

		
	By:	 	 

	Name:	 	Denis McAuley III
	Title:	 	Treasurer of each of the above-listed Guarantors

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT’ 

 

			
	ADMINISTRATIVE AGENT:
	
	PNC BANK, NATIONAL ASSOCIATION individually and as Administrative Agent
		
	By:	 	 

	Name: Cara Gentile
	Title: Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	LENDERS:
	
	CITIBANK, N.A.
		
	By:	 	 

			
	Name:	 	 Dane Graham

			
	Title:	 	 Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	HUNTINGTON NATIONAL BANK
		
	By:	 	 

			
	Name:	 	 W. Christopher Kohler

			
	Title:	 	 Senior Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	STATE STREET BANK AND TRUST COMPANY
		
	By:	 	 

	Name:	 	James H. Reichert
	Title:	 	Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	FIFTH THIRD BANK
		
	By:	 	 

	Name: Jim Janovsky
	Title: Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	CITIZENS BANK OF PENNSYLVANIA
		
	By:	 	 

	Name: Euclid B. Noble
	Title: Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	BANK OF AMERICA, NA
		
	By:	 	 

	Name: Menna Cunningham
	Title: Assistant Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	WELLS FARGO BANK, N.A.
		
	By:	 	 

			
	Name:	 	 David Bendel

			
	Title:	 	 Director

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	TD Bank, N.A.
		
	By:	 	 

	Name: Marla Willner
	Title: Senior Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	THE BANK OF NEW YORK MELLON
		
	By:	 	 

			
	Name:	 	Paulette Truman
	Title:	 	Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	FIRST NIAGARA BANK
		
	By:	 	 

			
	Name:	 	 Ken Jambon

			
	Title:	 	 Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	SCOTIABANC INC.
		
	By:	 	 

			
	Name:	 	 J. F. Todd

			
	Title:	 	 Managing Director

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	UMB BANK, N.A.
		
	By:	 	 

			
	Name:	 	Robert P. Elbert
	Title:	 	Senior Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	FIRSTMERIT BANK, N.A.
		
	By:	 	 

			
	Name:	 	 Brett Johnson

			
	Title:	 	 Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	BANK OF TAIWAN, LOS ANGELES BRANCH
		
	By:	 	 

			
	Name:	 	 Chwan-Ming Ho

	Title:	 	 SVP & General Manager

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	 CHANG HWA COMMERCIAL BANK, LTD.,
 LOS ANGELES BRANCH

		
	By:	 	 

			
	Name:	 	Beverley Chen

			
	Title:	 	Vice President & General Manager

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	HUA NAN COMMERCIAL BANK, LTD., LOS ANGELES BRANCH
		
	By:	 	 

			
	Name:	 	Oliver Hsu

			
	Title:	 	VP & General Manager

 
			
	TAIWAN BUSINESS BANK
		
	By:	 	 

			
	Name:	 	 Alex Wang

			
	Title:	 	 S.V.P. & General Manager

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	WASHINGTON FINANCIAL BANK
		
	By:	 	 

			
	Name:	 	 Anthony M. Cardone

			
	Title:	 	 Vice President

 SCHEDULE 1.1(A) 

PRICING GRID 
 (Fees and spreads in the pricing grid below are stated in basis points.) 
  

																			
	 Level
	  	 Debt Rating

[S&P, Moody’s and Fitch
 Respectively]
	  	Facility
Fee	 	  	Revolving Credit
Base Rate Spread	 	  	Revolving Credit
LIBOR
Spread	 	  	Letter
of
Credit Fee	 
	I	  	A/A2/A or higher	  	 	12.5	  	  	 	0	  	  	 	87.5	  	  	 	87.5	  
	II	  	A-/A3/A-	  	 	15.0	  	  	 	10	  	  	 	110	  	  	 	110	  
	III	  	BBB+/Baa1/ BBB+ or lower	  	 	17.5	  	  	 	32.5	  	  	 	132.5	  	  	 	132.5	  

 For purposes of determining the Applicable Margin, the Applicable Facility Fee Rate and the Applicable Letter of Credit
Fee Rate: 
 (a) “Debt Rating” shall mean the rating of the Borrower’s long-term
counterparty credit rating, long-term issuer rating or long-term issuer default rating by Standard & Poor’s, Moody’s or Fitch, respectively.  
 (b) If a difference exists in the Debt Ratings of Moody’s, Standard & Poor’s and Fitch, and the difference is only one level, the highest of such Debt Ratings will determine the
relevant pricing; 
 (c) If a difference exists in the Debt Ratings of Moody’s, Standard & Poor’s and Fitch,
and the difference is two or more levels, the level which corresponds to the Debt Rating which is one level immediately above the lowest of such Debt Ratings will determine the relevant pricing; 

(d) If only one rating agency provides a Debt Rating, such Debt Rating will determine the relevant pricing level; and 

(e) Any change in the Applicable Margin, the Applicable Facility Fee Rate or the Applicable Letter of Credit Fee Rate shall become
effective as of the date on which any public announcement is made by Standard & Poor’s, Moody’s or Fitch of the change in the Debt Rating requiring such an increase or a decrease. 

  
 SCHEDULE
1.1(A) - 1 

 SCHEDULE 1.1(B) 

COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES 
 Part 1—Commitments of Lenders and Addresses for Notices to Lenders 
  

																					
	Lender	  	 Revolving
 Credit
 Commitment
	 	  	 Ratable Share of

Revolving Credit
 Commitments
	 	 	 Term Loan

Commitment
	 	  	 Ratable Share of

Term Loan
 Commitments
	 	 	 Ratable Share of

Revolving Credit
 Commitments
 and Term Loan

Commitments
	 
						
	 Lender Name (also Administrative Agent):
 PNC Bank, National Association
 Address for Notices:

1600 Market Street
 Philadelphia, PA
19103
 Attention: Cara Gentile

Telephone:  (215) 585-6968

Telecopy:    (215) 585-7669

Email: cara.gentile@pnc.com
  
 Address of Lending Office:
 PNC Firstside Center

500 First Avenue, 3rd Floor
 Pittsburgh, PA
15219
 Attention: Rini Davis

Telephone:  (412) 762-7638

Telecopy:    (412) 705-2006

Email: rini.davis@pnc.com
	  	$	40,000,000	  	  	 	20.000000000	% 	 	$	55,000,000	  	  	 	14.379084967	% 	 	 	16.309012876	% 

  
 SCHEDULE
1.1(B) - 1 

																					
	Lender	  	 Revolving
 Credit
 Commitment
	 	  	 Ratable Share of

Revolving Credit
 Commitments
	 	 	 Term Loan

Commitment
	 	  	 Ratable Share of

Term Loan
 Commitments
	 	 	 Ratable Share of

Revolving Credit
 Commitments
 and Term Loan

Commitments
	 
						
	 Citibank, N.A.
 Address for
Notices:
 388 Greenwich Street
 New
York, NY 10013
 Attention: Dane Graham

Telephone:  (212) 816-8219

Telecopy:    (646) 291-5042

Email: dane.graham@citi.com
  
 Address of Lending Office:
 1615 Brett Road, Building III

New Castle, DE 19720
 Attention: Citi Loan
Operations
 Telephone:  (302) 894-6052
 Telecopy:    (212) 994-0847
 Email:

GLOriginationOps@citigroup.com
	  	 	35,000,000	  	  	 	17.500000000	% 	 	 	43,000,000	  	  	 	11.241830065	% 	 	 	13.390557940	% 
						
	 Huntington National Bank 

Address for Notices:
 336 Fourth
Avenue
 Pittsburgh, PA 15222

Attention: Chris Kohler
 Telephone: (412)
227-6496
 Email: chris.kohler@huntington.com
  

Address of Lending Office:
 41 South High
Street
 Columbus, OH 43215
 Attention:
Debbie Cabungcal
 Telephone:  (614) 480-1283
 Telecopy:    (614) 480-2249
 Email:

debbie.cabungcal@huntington.com
	  	 	15,000,000	  	  	 	7.500000000	% 	 	 	34,000,000	  	  	 	8.888888889	% 	 	 	8.412017167	% 

  
 SCHEDULE
1.1(B) - 2 

																					
	Lender	  	 Revolving
 Credit
 Commitment
	 	  	 Ratable Share of

Revolving Credit
 Commitments
	 	 	 Term Loan

Commitment
	 	  	 Ratable Share of

Term Loan
 Commitments
	 	 	 Ratable Share of

Revolving Credit
 Commitments
 and Term Loan

Commitments
	 
						
	 State Street Bank and Trust Company
 Address for Notices:
 100 Huntington Avenue

Tower 1, 4th Floor
 Boston, MA
02206
 Attention: James Reichert, VP

Telephone:  (617) 662-8620

Telecopy:    (617) 662-8664

Email: jhreichert@statestreet.com
  

Address of Lending Office: 
 Box
5302
 Boston, MA 02206
 Attention: Voy
Pearson, Loan
 Operations

Telephone:  (617) 662-8577

Telecopy:    (617) 662-8833

Email: vhpearson@statestreet.com
	  	 	30,000,000	  	  	 	15.000000000	% 	 	 	30,000,000	  	  	 	7.843137255	% 	 	 	10.300429185	% 
						
	 Fifth Third Bank
 Address
for Notices:
 600 Superior Avenue East
 Cleveland, OH 44114
 Attention: Marty McGinty

Telephone:  (216) 274-5098

Telecopy:    (216) 274-5617

Email: marty.mcginty@53.com
  
 Address of Lending Office:
 5050 Kingsley Drive

Cincinnati, OH 45263
 Attention: Lytonya
Mitchell
 Telephone:  (513) 358-3097
 Telecopy:    (513) 358-3444
 Email: lytonya.mitchell@53.com
	  				  				 	 	28,000,000	  	  	 	7.320261438	% 	 	 	4.806866953	% 

  
 SCHEDULE
1.1(B) - 3 

																	
	Lender	  	 Revolving
 Credit
 Commitment
	  	 Ratable Share of

Revolving Credit
 Commitments
	  	 Term Loan

Commitment
	 	  	 Ratable Share of

Term Loan
 Commitments
	 	 	 Ratable Share of

Revolving Credit
 Commitments
 and Term Loan

Commitments
	 
						
	 Citizens Bank of Pennsylvania

Address for Notices:
 525 William Penn
Place
 Pittsburgh, PA 15219
 Attention:
Euclid Noble
 Telephone:  (412) 867-3981
 Telecopy:    (412) 552-6307
 Email: euclid.b.noble@rbscitizens.com

 
 Address of Lending Office: 

20 Cabot Road
 Medford, MA 02155

Attention: Dakota Hodgdon

Telephone:  (781) 655-4402

Telecopy:    (781) 655-4050

Email: dakota.hodgdon@

rbscitizens.com
	  		  		  	 	27,000,000	  	  	 	7.058823529	% 	 	 	4.635193133	% 

  
 SCHEDULE
1.1(B) - 4 

																					
	Lender	  	 Revolving
 Credit
 Commitment
	 	  	 Ratable Share of

Revolving Credit
 Commitments
	 	 	 Term Loan

Commitment
	 	  	 Ratable Share of

Term Loan
 Commitments
	 	 	 Ratable Share of

Revolving Credit
 Commitments
 and Term Loan

Commitments
	 
						
	 Bank of America, NA
 Address
for Notices:
 One Bryant Park

NY1-100-32-01
 New York, NY 10036

Attention: Menna J. Cunningham

Telephone:  (646) 855-3540

Telecopy:    (704) 719-8686

Email:
 menna.j.cunningham@baml.com

 
 Address of Lending Office: 

2001 Clayton Road
 CA4-702-02-25, Building
B
 Concord, CA 94520
 Attention: Deepti
Madan
 Telephone:  (415) 436-4777, ext. 1378
 Telecopy:    (214) 209-9447
 Email:

deepti.madan@bankofamerica.com
	  	 	22,500,000	  	  	 	11.250000000	% 	 	 	25,000,000	  	  	 	6.535947712	% 	 	 	8.154506438	% 

  
 SCHEDULE
1.1(B) - 5 

																					
	Lender	  	 Revolving
 Credit
 Commitment
	 	  	 Ratable Share of

Revolving Credit
 Commitments
	 	 	 Term Loan

Commitment
	 	  	 Ratable Share of

Term Loan
 Commitments
	 	 	 Ratable Share of

Revolving Credit
 Commitments
 and Term Loan

Commitments
	 
						
	 Wells Fargo Bank, N.A.

Address for Notices:
 230 Monroe, 29th
Floor, Suite 2900
 Chicago, IL 60606

Attention: Thomas Doddridge

Telephone:  (312) 781-0722

Telecopy:    (312) 845-8606

Email:

thomas.w.doddridge@wellsfargo.com
  

Address of Lending Office: 
 1700 Lincoln
Street, 5th Floor
 MAC C7300-059

Denver, CO 80203-4500
 Attention: Katie
Ayre
 Telephone:  (303) 863-5131
 Telecopy:    (303) 863-2729
 Email: katie.ayre@wellsfargo.com
	  	 	22,500,000	  	  	 	11.250000000	% 	 	 	25,000,000	  	  	 	6.535947712	% 	 	 	8.154506438	% 
						
	 TD Bank, N.A.
 Address for
Notices:
 31 West 52nd Street
 New
York, NY 10019
 Attention: Mark Hogan

Telephone:  (212) 827-7788

Telecopy:    (212) 827-7807

Email: mark.hogan@td.com
  
 Address of Lending Office: 
 2005 Market Street, 2nd floor

Philadelphia, PA 19103
 Attention: Richard
Zimmerman
 Telephone:  (215) 282-2458
 Telecopy:    (215) 282-2476
 Email:

richard.zimmerman@yesbank.com
	  	 	15,000,000	  	  	 	7.500000000	% 	 	 	24,000,000	  	  	 	6.274509804	% 	 	 	6.695278970	% 

  
 SCHEDULE
1.1(B) - 6 

																					
	Lender	  	 Revolving
 Credit
 Commitment
	 	  	 Ratable Share of

Revolving Credit
 Commitments
	 	 	 Term Loan

Commitment
	 	  	 Ratable Share of

Term Loan
 Commitments
	 	 	 Ratable Share of

Revolving Credit
 Commitments
 and Term Loan

Commitments
	 
						
	 The Bank of New York Mellon 

Address for Notices: 
 One Wall
Street
 New York, NY 10286
 Attention:
Paulette Truman
 Telephone:  (212) 635-6407
 Telecopy:    (212) 809-9520
 Email:

paulette.truman@bnymellon.com
  

Address of Lending Office:
 [One Wall
Street, 17th Floor
 New York, NY 10286] 
 Attention: Tina Aney
 Telephone:  (315) 765-4103

Telecopy:    (315) 765-4783

Email: tina.aney@bnymellon.com
	  	 	20,000,000	  	  	 	10.000000000	% 	 	 	15,500,000	  	  	 	4.052287582	% 	 	 	6.094420601	% 
						
	 First Niagara Bank
 Address
for Notices:
 726 Exchange Street, Suite 900
 Buffalo, NY 14210
 Attention: Ken Jamison
 Telephone:  (610) 755-1614
 Telecopy:    (716) 819-5160

Email:
 ken.jamison@fnfg.com

 
 Address of Lending Office: 

726 Exchange Street, Suite 900
 Buffalo, NY
14210
 Attention: Susan Naab

Telephone:  (716) 819-5874

Telecopy:    (716) 819-5132

Email:

commercial.participations@fnfg.com
	  				  				 	 	14,500,000	  	  	 	3.790849673	% 	 	 	2.489270386	% 

  
 SCHEDULE
1.1(B) - 7 

																	
	Lender	  	 Revolving
 Credit
 Commitment
	  	 Ratable Share of

Revolving Credit
 Commitments
	  	 Term Loan

Commitment
	 	  	 Ratable Share of

Term Loan
 Commitments
	 	 	 Ratable Share of

Revolving Credit
 Commitments
 and Term Loan

Commitments
	 
						
	 Scotiabanc Inc.
 Address for
Notices:
 1 Liberty Plaza, Floors 23-26
 New York, NY 10006
 Attention: Todd Meller
 Telephone:  (212) 225-5096
 Telecopy:    (212) 225-5254

Email: todd_meller@scotiacapital.com
  

Address of Lending Office: 
 1 Liberty
Plaza, Floors 23-26
 New York, NY 10006

Attention: Kevin Yepson

Telephone:  (212) 225-5705

Telecopy:    (212) 225-5709

Email:

kevin_yepson@scotiacapital.com
	  		  		  	 	14,500,000	  	  	 	3.790849673	% 	 	 	2.489270386	% 
						
	 UMB Bank, n.a.
 Address for
Notices:
 1010 Grand Boulevard

Kansas City, MO 64106
 Attention: David A.
Proffitt
 Telephone:  (816) 860-7935
 Telecopy:    (816) 860-7143
 Email: david.proffitt@umb.com

 
 Address of Lending Office: 

1010 Grand Boulevard
 Kansas City, MO
64106
 Attention: Vaughnda Ritchie

Telephone:  (816) 860-7019

Telecopy:    (816) 860-3772

Email: vaughnda.ritchie@umb.com
	  		  		  	 	14,500,000	  	  	 	3.790849673	% 	 	 	2.489270386	% 

  
 SCHEDULE
1.1(B) - 8 

																	
	Lender	  	 Revolving
 Credit
 Commitment
	  	 Ratable Share of

Revolving Credit
 Commitments
	  	 Term Loan

Commitment
	 	  	 Ratable Share of

Term Loan
 Commitments
	 	 	 Ratable Share of

Revolving Credit
 Commitments
 and Term Loan

Commitments
	 
						
	 FirstMerit Bank, N.A.

Address for Notices:
 106 South Main
Street
 Akron, OH 44308
 Attention:
Robert G. Morlan
 Telephone:  (330) 996-6420
 Telecopy:    (330) 996-6394
 Email: robert.morlan@firstmerit.com

 
 Address of Lending Office: 

106 South Main Street
 Akron, OH 44308

Attention: Brenda Knight

Telephone:  (330) 479-7965

Telecopy:    (330) 996-6071

Email: brenda.knight@firstmerit.com
	  		  		  	 	8,100,000	  	  	 	2.117647059	% 	 	 	1.390557940	% 
						
	 Bank of Taiwan, Los Angeles Branch 
 Address for Notices:
 601 S. Figueroa St., #4525

Los Angeles, CA 90017
 Attention: Alice
Yu
 Telephone:  (213) 629-6600, ext. 158
 Telecopy:    (213) 629-6610
 Email: alicey@botla.us

 
 Address of Lending Office: 

601 S. Figueroa St., #4525
 Los Angeles, CA
90017
 Attention: Rick Wang

Telephone:  (213) 629-6600, ext. 154

Telecopy:    (213) 629-6610

Email: rickw@botla.us
	  		  		  	 	5,200,000	  	  	 	1.359477124	% 	 	 	0.892703863	% 

  
 SCHEDULE
1.1(B) - 9 

																	
	Lender	  	 Revolving
 Credit
 Commitment
	  	 Ratable Share of

Revolving Credit
 Commitments
	  	 Term Loan

Commitment
	 	  	 Ratable Share of

Term Loan
 Commitments
	 	 	 Ratable Share of

Revolving Credit
 Commitments
 and Term Loan

Commitments
	 
						
	 Chang Hwa Commercial Bank Ltd.,

Los Angeles Branch 
 Address for
Notices: 
 333 South Grand Avenue, #600
 Los Angeles, CA 90071
 Attention: Irene Chen

Telephone:  (213) 620-7200, ext. 229

Telecopy:    (213) 620-7227

Email: ichen@chbla.com
  
 Address of Lending Office: 
 333 South Grand Avenue, #600

Los Angeles, CA 90071
 Attention: Noah
Wang
 Telephone:  (213) 620-7200, ext. 224
 Telecopy:    (213) 620-7227
 Email: note@chbla.com
	  		  		  	 	5,200,000	  	  	 	1.359477124	% 	 	 	0.892703863	% 
						
	 Hua Nan Commercial Bank, Ltd., Los
 Angeles Branch 
 Address for Notices: 

707 Wilshire Blvd., Suite 3100
 Los Angeles, CA
90017
 Attention: Howard Hung

Telephone:  (213) 362-6666

Telecopy:    (213) 362-6617

Email: howard.hung@hncbla.com
  

Address of Lending Office: 
 707 Wilshire
Blvd., Suite 3100
 Los Angeles, CA 90017

Attention: Ivania Vallecillo

Telephone:  (213) 362-6666

Telecopy:    (213) 362-6617
	  		  		  	 	5,200,000	  	  	 	1.359477124	% 	 	 	0.892703863	% 

  
 SCHEDULE
1.1(B) - 10 

																					
	Lender	  	 Revolving
 Credit
 Commitment
	 	  	 Ratable Share of

Revolving Credit
 Commitments
	 	 	 Term Loan

Commitment
	 	  	 Ratable Share of

Term Loan
 Commitments
	 	 	 Ratable Share of

Revolving Credit
 Commitments
 and Term Loan

Commitments
	 
						
	 Taiwan Business Bank 

Address for Notices: 
 633 W. 5th Street,
Suite 2280
 Los Angeles, CA 90071

Attention: Chung Lo
 Telephone:  (213)
892-1260
 Telecopy:    (213) 892-1270
 Email: tbblacredit@pacbell.net
  
 Address of Lending Office: 
 633 W. 5th Street, Suite 2280

Los Angeles, CA 90071
 Attention: Flora
Chen
 Telephone:  (213) 892-1260
 Telecopy:    (213) 892-1270
 Email: tbbla_disburse@pacbell.net
	  				  				 	 	5,200,000	  	  	 	1.359477124	% 	 	 	0.892703863	% 
						
	 Washington Financial Bank 
 Address for Notices: 
 77 South Main Street

Washington, PA 15301
 Attention: Anthony M.
Cardone
 Telephone:  (724) 206-1113
 Telecopy:    (724) 225-8642
 Email:

acardone@mywashingtonfinancial.com
  

Address of Lending Office: 
 Same as
Address for Notices
	  				  				 	 	3,600,000	  	  	 	0.941176471	% 	 	 	0.618025751	% 
	 Total
	  	$	200,000,000	  	  	 	100.000000000	% 	 	$	382,500,000	  	  	 	100.000000000	% 	 	 	100.000000000	% 
		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 

  
 SCHEDULE
1.1(B) - 11 

 SCHEDULE 1.1(B) 

COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES 
 Part 2—Addresses for Notices to Borrower and Guarantors: 
 BORROWER AND GUARANTORS:

 Name: Federated Investors, Inc. 
  

			
	Address:	  	 Federated Investors Tower
 20th
Floor, 1001 Liberty Avenue
 Pittsburgh, PA 15222
 Attention: Denis McAuley III
 Telephone: (412) 288-7712

Telecopy: (412) 288-8687

  
 SCHEDULE
1.1(B) - 12 

 SCHEDULE 1.1(P) 

PERMITTED LIENS 
 None

 Schedule 1.1(P) 

 SCHEDULE 6.1.2 

SUBSIDIARIES 
  

													
	 Entity Name
	  	 Jurisdiction
	  	 Owned by
	  	No. of
Outstanding
Shares	 	  	% of
Shares	 
	 FII Holdings, Inc.
	  	 Delaware Corporation
	  	Federated Investors, Inc.	  	 	500	  	  	 	100	% 
	 HBSS Acquisition Co.
	  	 Delaware Corporation
	  	Federated MDTA Trust	  	 	3,000	  	  	 	100	% 
	 Federated Advisory Services Company
	  	 Delaware Statutory Trust
	  	FII Holdings, Inc.	  	 	1,000	  	  	 	100	% 
	 Federated Equity Management Company of Pennsylvania
	  	 Delaware Statutory Trust
	  	FII Holdings, Inc.	  	 	1,000	  	  	 	100	% 
	 Federated Investment Management Company
	  	 Delaware Statutory Trust
	  	FII Holdings, Inc.	  	 	1,000	  	  	 	100	% 
	 Passport Research Ltd.
	  	 Pennsylvania Limited Partnership
	  	Federated Investment Management Company	  	 	N/A	  	  	 	50.5	% 
	 Federated MDTA LLC
	  	 Delaware Limited Liability Company
	  	Federated MDTA Trust	  	 	N/A	  	  	 	100	% 
	 Federated Global Investment Management Corp.
	  	 Delaware Corporation
	  	FII Holdings, Inc.	  	 	1,000	  	  	 	100	% 
	 Federated International Holdings BV
	  	 Netherlands Company
	  	FII Holdings, Inc.	  	 	40,000	  	  	 	100	% 
	 Federated Asset Management GmbH
	  	 German Company
	  	Federated International Holdings BV	  	 	100,000	  	  	 	100	% 
	 Federated International Management Limited
	  	 Ireland Company
	  	Federated International Holdings BV	  	 	114,570	  	  	 	100	% 
	 Federated Investors (UK) Ltd.
	  	 English Company
	  	Federated International Holdings BV	  	 	75,000	  	  	 	100	% 
	 Federated International-Europe GmbH
	  	 German Company
	  	Federated International Holdings BV	  	 	1	  	  	 	100	% 
	 Federated Investment Counseling
	  	 Delaware Statutory Trust
	  	FII Holdings, Inc.	  	 	1,000	  	  	 	100	% 
	 Federated Securities Corp.
	  	 Pennsylvania Corporation
	  	FII Holdings, Inc.	  	 	17,275	  	  	 	100	% 
	 Federated Investors Management Company
	  	 Pennsylvania Corporation
	  	FII Holdings, Inc.	  	 	1,000	  	  	 	100	% 
	 Federated Services Company
	  	 Pennsylvania Corporation
	  	FII Holdings, Inc.	  	 	1,000	  	  	 	100	% 
	 Edgewood Services, Inc.
	  	 New York Corporation
	  	Federated Services Company	  	 	12,309	  	  	 	100	% 
	 Federated Shareholder Services Company
	  	 Delaware Statutory Trust
	  	Federated Services Company	  	 	1,000	  	  	 	100	% 
	 Retirement Plan Service Company of America
	  	 Delaware Statutory Trust
	  	Federated Services Company	  	 	1,000	  	  	 	100	% 
	 Federated Administrative Services
	  	 Delaware Statutory Trust
	  	Federated Services Company	  	 	1,000	  	  	 	100	% 

 Schedule 6.1.2 

													
	 Entity Name
	  	 Jurisdiction
	  	 Owned by
	  	No. of
Outstanding
Shares	 	  	% of
Shares	 
	 Federated Administrative Services, Inc.
	  	 Pennsylvania Corporation
	  	Federated Services Company	  	 	500	  	  	 	100	% 
	 Southpointe Distribution Services Inc.
	  	 Pennsylvania Corporation
	  	FII Holdings, Inc.	  	 	50,000	  	  	 	100	% 
	 Federated MDTA Trust
	  	 Massachusetts Business Trust
	  	FII Holdings, Inc.	  	 	100	  	  	 	100	% 
	 Federated Private Asset Management, Inc.
	  	 Delaware Corporation
	  	FII Holdings, Inc.	  	 	100,000	  	  	 	100	% 
	 Federated Investors Trust Company
	  	 Pennsylvania Trust Company
	  	FII Holdings, Inc.	  	 	10,000	  	  	 	100	% 

 Schedule 6.1.2 

 SCHEDULE 8.2.1 

PERMITTED INDEBTEDNESS 

None 
 Schedule 8.2.1 

 EXHIBIT 1.1(A) 

FORM OF 

ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (the “Assignment”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the
“Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Amended and Restated Credit Agreement identified below
(as further amended, restated, supplemented or modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment as if set forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance
with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, the interest in and to all of the Assignor’s rights and obligations under the Credit Agreement
and any other documents or instruments delivered pursuant thereto that represents the amount and percentage interest identified below of all of the Assignor’s outstanding rights and obligations under the respective facilities identified below
(including, to the extent included in any such facilities, Letters of Credit and Swing Loans) (the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this
Assignment, without representation or warranty by the Assignor. 
  

					
	1.	 	Assignor:	  	  

			
	2.	 	Assignee:	  	             [and is an Affiliate/Approved Fund of [identify Lender]1]
			
	3.	 	Borrower:	  	Federated Investors, Inc.
			
	4.	 	Administrative Agent:	  	PNC Bank, National Association, as the administrative agent under the Credit Agreement
			
	5.	 	Credit Agreement:	  	The Amended and Restated Credit Agreement dated as of June 10, 2011 among Federated Investors, Inc., the Guarantors now or hereafter party thereto, the Lenders now or
hereafter party thereto and PNC Bank, National Association, as Administrative Agent, as the same may be further amended, restated, supplemented or modified from time to time

  

	1 	 Insert if applicable. 

	6.	Assigned Interest: 

  

													
	 Facility Assigned
	  	Aggregate
Amount of
Commitment/Loans
for all
Banks	 	  	Amount of
Commitment/Loans
Assigned	 	  	Percentage
Assigned of
Commitment/Loans2	 
				
	
                    3
	  	$	 	  	  	$	 	  	  	 	%	  
		  	 	 	 	  	 	 	 	  	 	 	 
				
	
                    
	  	$	 	  	  	$	 	  	  	 	%	  
		  	 	 	 	  	 	 	 	  	 	 	 

  
  

	2 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	3 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g.
“Term Loan Commitment”, etc.) The same percentage of each facility owned by the Assignor shall be assigned to the Assignee. 

 Effective Date:
                    , 201     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF
TRANSFER IN THE REGISTER THEREFOR.]4 

The terms set forth in this Assignment are hereby agreed to: 

 

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

  

			
	ASSIGNEE
	[NAME OF ASSIGNEE]
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

  

			
	[Consented to and]5 Accepted:
	
	 PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent

		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

  

	4 	 Assignor shall pay a fee of $3,500 to the Administrative Agent in connection with the Assignment. 

	5 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

 [Consented to:]6 
 FEDERATED
INVESTORS, INC. 
  

			
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

  

	6 	 To be added only if the consent of the Borrower and/or other parties is required by the terms of the Credit Agreement. 

 ANNEX 1 
 STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT AND ASSUMPTION 
 AGREEMENT

 1. Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations made in or in connection with any Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit
Agreement or any other instrument or document delivered pursuant thereto, other than this Assignment (herein collectively the “Loan Documents”), or any collateral thereunder, (iii) the financial condition of the Borrower, any
of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document. 
 1.2 Assignee. The Assignee (a) represents and warrants that (i) it has
full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements, if
any, of an eligible assignee under the Credit Agreement, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 8.3.1 and Section 8.3.2 thereof, as applicable, and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and to purchase the Assigned Interest on the basis of which it has made such analysis and decision, and (v) if Assignee is not
incorporated or organized under the laws of the United States of America or any State thereof, attached to the Assignment is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed
by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in
respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after
the Effective Date. 

 3. General Provisions. This Assignment shall be binding upon, and inure to the benefit of, the
parties hereto and their respective successors and assigns. This Assignment may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment by
telecopy shall be effective as delivery of a manually executed counterpart of this Assignment. This Assignment shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania. 

 EXHIBIT 1.1(G)(1) 

FORM OF 

GUARANTOR JOINDER AND ASSUMPTION AGREEMENT 
 THIS GUARANTOR JOINDER AND ASSUMPTION AGREEMENT (the “Joinder”) is made as of
                    , 201    , by
                                        , a
                                 [corporation/partnership/limited liability
company] (the “New Guarantor”). 
 Background 

Reference is made to (i) the Amended and Restated Credit Agreement, dated as of June 10, 2011 (as the same may be further
restated, modified, supplemented, or amended from time to time, the “Agreement”), by and among FEDERATED INVESTORS, INC., a Pennsylvania corporation (the “Borrower”), the Guarantors now or hereafter party thereto
(the “Guarantors”), the Lenders now or hereafter party thereto (the “Lenders”) and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”), (ii) the Amended and Restated Continuing Agreement of Guaranty and Suretyship, dated as of June 10, 2011 (as the same may be further restated, modified, supplemented, or amended from time to time,
the “Guaranty”), of the Guarantors now or hereafter a party thereto given to the Administrative Agent as administrative agent for the Lenders, and (iii) the other Loan Documents referred to in the Agreement (as the same may be
modified, supplemented, restated or amended from time to time, the “Loan Documents”). 
 Agreement

 Capitalized terms defined in the Agreement are used herein as defined therein and the rules of construction set forth in
Section 1.2 of the Agreement shall apply to this Joinder. 
 In consideration of the value of the synergistic and other
benefits received by the New Guarantor as a result of being or becoming affiliated with the Borrower and the other Loan Parties, the New Guarantor hereby agrees that effective as of the date hereof it hereby is, and shall be deemed to be, and
assumes the obligations of a “Guarantor” and a “Loan Party” jointly and severally with the existing Guarantors and Loan Parties under the Agreement, and a “Guarantor”, jointly and severally with the existing Guarantors
under the Guaranty, and the New Guarantor hereby agrees that from the date hereof and so long as any Loan or any Commitment of any Lender shall remain outstanding and until the Payment In Full of the Loans and the Obligations, the expiration of all
Letters of Credit, and the performance of all other obligations of the Borrower and the other Loan Parties under the Loan Documents, the New Guarantor shall perform, comply with, and be subject to and bound by each of the terms and provisions of the
Agreement and the Guaranty jointly and severally with the other Guarantors which are parties thereto. Without limiting the generality of the foregoing, the New Guarantor hereby represents and warrants that (i) each of the representations and
warranties set forth in Section 6.1 of the Agreement applicable to a Loan Party and its Subsidiaries is true and correct as to the New Guarantor on and as of the date hereof and (ii) the New Guarantor has heretofore received a true

 
and correct copy of the Agreement, the Guaranty and each of the other Loan Documents (including any modifications thereof or supplements or waivers thereto) in effect on the date hereof.

 The New Guarantor hereby makes, affirms, and ratifies in favor of the Lenders and the Administrative Agent, the Agreement,
the Guaranty and each of the other Loan Documents given by the Guarantors to the Administrative Agent and any of the Lenders. 

The New Guarantor is simultaneously delivering to the Administrative Agent the documents together with this Joinder required under
Section 8.1.11 of the Agreement. 
 In furtherance of the foregoing, the New Guarantor shall execute and deliver or cause
to be executed and delivered at any time and from time to time such further instruments and documents and do or cause to be done such further acts as may be reasonably necessary in the reasonable opinion of the Administrative Agent to carry out more
effectively the provisions and purposes of this Joinder and the other Loan Documents. 
 The New Guarantor acknowledges and
agrees that a telecopy or electronic transmission to the Administrative Agent or any Lender of signature pages hereof purporting to be signed on behalf of the New Guarantor shall constitute effective and binding execution and delivery hereof by the
New Guarantor. This Joinder shall be governed by, construed, and enforced in accordance with the internal Laws of the Commonwealth of Pennsylvania, without regard to conflict of laws principles. 

[SIGNATURE PAGE FOLLOWS] 

 [SIGNATURE PAGE TO GUARANTOR JOINDER AND ASSUMPTION AGREEMENT] 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the New Guarantor has duly executed this Guarantor Joinder and Assumption
Agreement and delivered the same to the Administrative Agent for the benefit of the Lenders, as of the date and year first above written with the intention that this Guarantor Joinder and assumption Agreement constitute a sealed instrument.

  
  

			
	[NEW GUARANTOR]
		
	By:	 	                            
                                         
                   (SEAL)
		 	Name:
		 	Title:

			
	
	Address for Notice:
	  

	  

	  

	Telephone No.:	 	  

	Facsimile No.:	 	  

  

			
	Acknowledged and accepted:
	
	PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT 1.1(G)(2) 

FORM OF 

AMENDED AND RESTATED CONTINUING AGREEMENT OF GUARANTY AND SURETYSHIP 

This AMENDED AND RESTATED CONTINUING AGREEMENT OF GUARANTY AND SURETYSHIP (the “Guaranty”), dated as of June 10,
2011, is jointly and severally given by EACH OF THE UNDERSIGNED AND EACH OF THE OTHER PERSONS WHICH BECOMES A GUARANTOR HEREUNDER FROM TIME TO TIME (each a “Guarantor” and collectively the “Guarantors”) in favor of
PNC BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (the “Administrative Agent”) in connection with the Amended and Restated Credit Agreement, dated as of the date hereof, by and among Federated Investors, Inc.,
a Pennsylvania corporation (the “Borrower”), the Guarantors now or hereafter party thereto, the Lenders now or hereafter party thereto (the “Lenders”) and the Administrative Agent (as further amended, restated,
modified, or supplemented from time to time hereafter, the “Credit Agreement”). Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them by the Credit Agreement and the rules of construction
set forth in Section 1.2 [Construction] of the Credit Agreement shall apply to this Guaranty. 
 A. Reference is made to
that certain Amended and Restated Continuing Agreement of Guaranty and Suretyship, dated as of April 9, 2010, made by the Guarantors party thereto in favor of the Administrative Agent, as heretofore amended (as so amended, the “Existing
Guaranty Agreement”), executed and delivered pursuant to that certain Amended and Restated Credit Agreement, dated as of even date therewith, among the Borrower, the Guarantors party thereto, the Lenders party thereto, and the
Administrative Agent, as heretofore amended (as so amended, the “Existing Credit Agreement”). 
 B. The parties
desire to further amend and restate the Existing Credit Agreement pursuant to the Credit Agreement. 
 1. Guarantied
Obligations. To induce the Administrative Agent and the Lenders to make loans and grant other financial accommodations to the Borrower under the Credit Agreement, each Guarantor hereby jointly and severally, unconditionally and irrevocably
guaranties to the Administrative Agent and each Lender and each Affiliate of the Administrative Agent and each Lender, and becomes surety, as though it was a primary obligor for, the full and punctual payment and performance when due (whether on
demand, at stated maturity, by acceleration, or otherwise and including any amounts which would become due but for the operation of an automatic stay under the federal bankruptcy code of the United States or any similar Laws of any country or
jurisdiction) of all Obligations, including without limiting the generality of the foregoing, all obligations, liabilities, and indebtedness from time to time of the Borrower or any other Guarantor to the Administrative Agent or any of the Lenders
or any Affiliate of any Lender under or in connection with the Credit Agreement or any other Loan Document, whether for principal, interest, fees, indemnities, expenses, or otherwise, and all renewals, extensions, amendments, refinancings or
refundings thereof, whether such obligations, liabilities, or indebtedness are direct or indirect, secured or unsecured, joint or several, absolute or contingent, due or to become due, whether for payment or performance, now existing or

 
hereafter arising (and including obligations, liabilities, and indebtedness arising or accruing after the commencement of any bankruptcy, insolvency, reorganization, or similar proceeding with
respect to the Borrower or any Guarantor or which would have arisen or accrued but for the commencement of such proceeding, even if the claim for such obligation, liability, or indebtedness is not enforceable or allowable in such proceeding, and
including all Obligations, liabilities, and Indebtedness arising from any Lender Provided Interest Rate Hedge, any extensions of credit under or in connection with any of the Loan Documents from time to time, regardless whether any such extensions
of credit are in excess of the amount committed under or contemplated by the Loan Documents or are made in circumstances in which any condition to extension of credit is not satisfied) (all of the foregoing obligations, liabilities and indebtedness
are referred to herein collectively as the “Guarantied Obligations” and each as a “Guarantied Obligation”). Without limitation of the foregoing, any of the Guarantied Obligations shall be and remain Guarantied
Obligations entitled to the benefit of this Guaranty if the Administrative Agent or any of the Lenders (or any one or more assignees or transferees thereof) from time to time assign or otherwise transfer all or any portion of their respective rights
and obligations under the Loan Documents, or any other Guarantied Obligations, to any other Person. In furtherance of the foregoing, each Guarantor jointly and severally agrees as follows. 

2. Guaranty. Each Guarantor hereby promises to pay and perform all such Guarantied Obligations immediately upon demand of the
Administrative Agent and the Lenders or any one or more of them. All payments made hereunder shall be made by each Guarantor in immediately available funds in U.S. Dollars and shall be made without setoff, counterclaim, withholding, or other
deduction of any nature. 
 3. Obligations Absolute. The obligations of the Guarantors hereunder shall not be discharged
or impaired or otherwise diminished by any failure, default, omission, or delay, willful or otherwise, by any Lender, the Administrative Agent, or the Borrower or any other obligor on any of the Guarantied Obligations, or by any other act or thing
or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity. Each of the Guarantors agrees
that the Guarantied Obligations will be paid and performed strictly in accordance with the terms of the Loan Documents or any Lender Provided Interest Rate Hedge. Without limiting the generality of the foregoing, each Guarantor hereby consents to,
at any time and from time to time, and the joint and several obligations of each Guarantor hereunder shall not be diminished, terminated, or otherwise similarly affected by any of the following: 

(a) Any lack of genuineness, legality, validity, enforceability or allowability (in a bankruptcy, insolvency, reorganization or similar
proceeding, or otherwise), or any avoidance or subordination, in whole or in part, of any Loan Document or any of the Guarantied Obligations and regardless of any Law, regulation or order now or hereafter in effect in any jurisdiction affecting any
of the Guarantied Obligations, any of the terms of the Loan Documents, or any rights of the Administrative Agent or the Lenders or any other Person with respect thereto; 

  
 2 

 (b) Any increase, decrease, or change in the amount, nature, type or purpose of, or any
release, surrender, exchange, compromise or settlement of, any of the Guarantied Obligations (whether or not contemplated by the Loan Documents as presently constituted); any change in the time, manner, method, or place of payment or performance of,
or in any other term of, any of the Guarantied Obligations; any execution or delivery of any additional Loan Documents; or any amendment, modification or supplement to, or renewals, extensions, refinancing or refunding of, any Loan Document or any
of the Guarantied Obligations; 
 (c) Any failure to assert any breach of or default under any Loan Document or any of the
Guarantied Obligations; any extensions of credit in excess of the amount committed under or contemplated by the Loan Documents, or in circumstances in which any condition to such extensions of credit has not been satisfied; any other exercise or
non-exercise, or any other failure, omission, breach, default, delay, or wrongful action in connection with any exercise or non-exercise, of any right or remedy against the Borrower or any other Person under or in connection with any Loan Document
or any of the Guarantied Obligations; any refusal of payment or performance of any of the Guarantied Obligations, whether or not with any reservation of rights against any Guarantor; or any application of collections (including but not limited to
collections resulting from realization upon any direct or indirect security for the Guarantied Obligations) to other obligations, if any, not entitled to the benefits of this Guaranty, in preference to Guarantied Obligations entitled to the benefits
of this Guaranty, or if any collections are applied to Guarantied Obligations, any application to particular Guarantied Obligations; 
 (d) Any taking, exchange, amendment, modification, waiver, supplement, termination, subordination, compromise, release, surrender, loss, or impairment of, or any failure to protect, perfect, or preserve
the value of, or any enforcement of, realization upon, or exercise of rights, or remedies under or in connection with, or any failure, omission, breach, default, delay, or wrongful action by the Administrative Agent or the Lenders, or any of them,
or any other Person in connection with the enforcement of, realization upon, or exercise of rights or remedies under or in connection with, or, any other action or inaction by the Administrative Agent or the Lenders, or any of them, or any other
Person in respect of, any direct or indirect security for any of the Guarantied Obligations. As used in this Guaranty, “direct or indirect security” for the Guarantied Obligations, and similar phrases, includes any collateral
security, guaranty, suretyship, letter of credit, capital maintenance agreement, put option, subordination agreement, or other right or arrangement of any nature providing direct or indirect assurance of payment or performance of any of the
Guarantied Obligations, made by or on behalf of any Person; 
 (e) Any merger, consolidation, liquidation, dissolution,
winding-up, charter revocation, or forfeiture, or other change in, restructuring or termination of the corporate structure or existence of, the Borrower or any other Person; any bankruptcy, insolvency, reorganization or similar proceeding with
respect to the Borrower or any other Person; or any action taken or election made by the Administrative Agent or the Lenders, or any of them (including but not limited to any election under Section 1111(b)(2) of the United States Bankruptcy
Code), the Borrower, or any other Person in connection with any such proceeding; 

  
 3 

 (f) Any defense, setoff, or counterclaim which may at any time be available to or be
asserted by the Borrower or any other person with respect to any Loan Document or any of the Guarantied Obligations; or any discharge by operation of law or release of the Borrower or any other Person from the performance or observance of any Loan
Document or any of the Guarantied Obligations; or 
 (g) Any other event or circumstance, whether similar or dissimilar to the
foregoing, and whether known or unknown, which might otherwise constitute a defense available to, or limit the liability of, any Guarantor, a guarantor or a surety, excepting only full, strict, and indefeasible payment and performance of the
Guarantied Obligations in full. 
 Each Guarantor acknowledges, consents, and agrees that Subsidiaries of the Loan Parties
created or acquired after the date of this Guaranty may join in this Guaranty pursuant to Section 8.1.11 [New Subsidiaries] of the Credit Agreement and each Guarantor affirms that its obligations shall continue hereunder undiminished.

 4. Waivers, etc. Each of the Guarantors hereby waives any defense to or limitation on its obligations under this
Guaranty arising out of or based on any event or circumstance referred to in Section 3 hereof. Without limitation and to the fullest extent permitted by applicable Law, each Guarantor waives each of the following: 

(a) All notices, disclosures and demand of any nature which otherwise might be required from time to time to preserve intact any rights
against any Guarantor, including the following: any notice of any event or circumstance described in Section 3 hereof; any notice required by any Law, regulation or order now or hereafter in effect in any jurisdiction; any notice of nonpayment,
nonperformance, dishonor, or protest under any Loan Document or any of the Guarantied Obligations; any notice of the incurrence of any Guarantied Obligation; any notice of any default or any failure on the part of the Borrower or any other Person to
comply with any Loan Document or any of the Guarantied Obligations or any direct or indirect security for any of the Guarantied Obligations; and any notice of any information pertaining to the business, operations, condition (financial or otherwise)
or prospects of the Borrower or any other Person; 
 (b) Any right to any marshalling of assets, to the filing of any claim
against the Borrower or any other Person in the event of any bankruptcy, insolvency, reorganization or similar proceeding, or to the exercise against the Borrower or any other Person of any other right or remedy under or in connection with any Loan
Document or any of the Guarantied Obligations or any direct or indirect security for any of the Guarantied Obligations; any requirement of promptness or diligence on the part of the Administrative Agent or the Lenders, or any of them, or any other
Person; any requirement to exhaust any remedies under or in connection with, or to mitigate the damages resulting from default under, any Loan Document or any of the Guarantied Obligations or any direct or indirect security for any of the Guarantied
Obligations; any benefit of any statute of limitations; and any requirement of acceptance of this Guaranty or any other Loan Document, and any requirement that any Guarantor receive notice of any such acceptance; 

(c) Any defense or other right arising by reason of any Law now or hereafter in effect in any jurisdiction pertaining to election of
remedies (including but not limited to anti-deficiency laws, “one action” laws or the like), or by reason of any election of remedies or other 

  
 4 

 
action or inaction by the Administrative Agent or the Lenders, or any of them (including but not limited to commencement or completion of any judicial proceeding or nonjudicial sale or other
action in respect of collateral security for any of the Guarantied Obligations), which results in denial or impairment of the right of the Administrative Agent or the Lenders, or any of them, to seek a deficiency against the Borrower or any other
Person or which otherwise discharges or impairs any of the Guarantied Obligations; and 
 (d) Any and all defenses it may now or
hereafter have based on principles of suretyship, impairment of collateral, or the like. 
 5. Reinstatement. This
Guaranty is a continuing obligation of the Guarantors and shall remain in full force and effect notwithstanding that no Guarantied Obligations may be outstanding from time to time and notwithstanding any other event or circumstance. Upon termination
of all Commitments, the expiration of all Letters of Credit and indefeasible payment in full of all Guarantied Obligations, this Guaranty shall terminate; provided, however, that this Guaranty shall continue to be effective or be reinstated, as the
case may be, any time any payment of any of the Guarantied Obligations is rescinded, recouped, avoided, or must otherwise be returned or released by any Lender or the Administrative Agent upon or during the insolvency, bankruptcy, or reorganization
of, or any similar proceeding affecting, the Borrower or for any other reason whatsoever, all as though such payment had not been made and was due and owing. 
 6. Subrogation. Each Guarantor waives and agrees it will not exercise any rights against the Borrower or any other Guarantor arising in connection with the Guarantied Obligations (including rights
of subrogation, contribution, and the like) until the Guarantied Obligations have been indefeasibly paid in full and all Commitments have been terminated and all Letters of Credit have expired. If any amount shall be paid to any Guarantor by or on
behalf of the Borrower or any other Guarantor by virtue of any right of subrogation, contribution, or the like, such amount shall be deemed to have been paid to such Guarantor for the benefit of, and shall be held in trust for the benefit of, the
Administrative Agent and the Lenders and shall forthwith be paid to the Administrative Agent to be credited and applied upon the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement. 

7. No Stay. Without limitation of any other provision of this Guaranty, if any declaration of default or acceleration or other
exercise or condition to exercise of rights or remedies under or with respect to any Guarantied Obligation shall at any time be stayed, enjoined, or prevented for any reason (including but not limited to stay or injunction resulting from the
pendency against the Borrower or any other Person of a bankruptcy, insolvency, reorganization or similar proceeding), the Guarantors agree that, for the purposes of this Guaranty and their obligations hereunder, the Guarantied Obligations shall be
deemed to have been declared in default or accelerated, and such other exercise or conditions to exercise shall be deemed to have been taken or met. 
 8. Taxes. 

  
 5 

 (a) No Deductions. All payments made by any Guarantor under any of the Loan
Documents shall be made free and clear of and without deduction for any present or future taxes, levies, imposts, deductions, charges, or withholdings, and all liabilities with respect thereto, excluding taxes imposed on the net income of any Lender
and all income and franchise taxes of the United States applicable to any Lender (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings, and liabilities being hereinafter referred to as “Taxes”). If any
Guarantor shall be required by Law to deduct any Taxes from or in respect of any sum payable under any of the Loan Documents, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Subsection (a) such Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Guarantor shall make such deductions and
(iii) such Guarantor shall timely pay the full amount deducted to the relevant tax authority or other authority in accordance with applicable Law. 
 (b) Stamp Taxes. In addition, each Guarantor agrees to pay any present or future stamp or documentary taxes or any other excise or property taxes, charges, or similar levies which arise from any
payment made hereunder or from the execution, delivery, or registration of, or otherwise with respect to, any of the Loan Documents (hereinafter referred to as “Other Taxes”). 

(c) Indemnification for Taxes Paid by any Lender. Each Guarantor shall indemnify each Lender for the full amount of Taxes or Other
Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Subsection) paid by any Lender and any liability (including penalties, interest, and expenses) arising therefrom or with respect
thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty (30) days from the date a Lender makes written demand therefor. 

(d) Certificate. Within thirty (30) days after the date of any payment of any Taxes by any Guarantor, such Guarantor shall
furnish to each Lender, the original or a certified copy of a receipt evidencing payment thereof. If no Taxes are payable in respect of any payment by such Guarantor, such Guarantor shall, if so requested by a Lender, provide a certificate of an
officer of such Guarantor to that effect. 
 9. Notices. Each Guarantor agrees that all notices, statements, requests,
demands and other communications under this Guaranty shall be given to such Guarantor at the address set forth on a Schedule to, or in a Guarantor Joinder given under the Credit Agreement and in the manner provided in Section 11.6 [Notices;
Effectiveness; Electronic Communication] of the Credit Agreement. The Administrative Agent and the Lenders may rely on any notice (whether or not made in a manner contemplated by this Guaranty) purportedly made by or on behalf of a Guarantor, and
the Administrative Agent and the Lenders shall have no duty to verify the identity or authority of the Person giving such notice. 
 10. Counterparts; Telecopy Signatures. This Guaranty may be executed in any number of counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall
constitute but one and the same instrument. Each Guarantor acknowledges and agrees that a telecopy transmission to the Administrative Agent or any Lender 

  
 6 

 
of signature pages hereof purporting to be signed on behalf of any Guarantor shall constitute effective and binding execution and delivery hereof by such Guarantor. 

11. Setoff, Default Payments by Borrower. 
 (a) In the event that at any time any obligation of the Guarantors now or hereafter existing under this Guaranty shall have become due and payable, the Administrative Agent and the Lenders, or any of
them, shall have the right from time to time, without notice to any Guarantor, to set off against and apply to such due and payable amount any obligation of any nature of any Lender or the Administrative Agent, or any subsidiary or affiliate of any
Lender or the Administrative Agent, to any Guarantor, including but not limited to all deposits (whether time or demand, general or special, provisionally credited or finally credited, however evidenced) now or hereafter maintained by any Guarantor
with the Administrative Agent or any Lender or any subsidiary or affiliate thereof. Such right shall be absolute and unconditional in all circumstances and, without limitation, shall exist whether or not the Administrative Agent or the Lenders, or
any of them, shall have given any notice or made any demand under this Guaranty or under such obligation to any Guarantor, whether such obligation to any Guarantor is absolute or contingent, matured or unmatured (it being agreed that the
Administrative Agent and the Lenders, or any of them, may deem such obligation to be then due and payable at the time of such setoff), and regardless of the existence or adequacy of any collateral, guaranty, or other direct or indirect security or
right or remedy available to the Administrative Agent or any of the Lenders. The rights of the Administrative Agent and the Lenders under this Section are in addition to such other rights and remedies (including, without limitation, other rights of
setoff and banker’s lien) which the Administrative Agent and the Lenders, or any of them, may have, and nothing in this Guaranty or in any other Loan Document shall be deemed a waiver of or restriction on the right of setoff or banker’s
lien of the Administrative Agent and the Lenders, or any of them. Each of the Guarantors hereby agrees that, to the fullest extent permitted by Law, any affiliate or subsidiary of the Administrative Agent or any of the Lenders and any holder of a
participation in any obligation of any Guarantor under this Guaranty, shall have the same rights of setoff as the Administrative Agent and the Lenders are provided in this Section (regardless whether such affiliate or participant otherwise would be
deemed a creditor of any Guarantor). 
 (b) Upon the occurrence and during the continuation of any default under any Guarantied
Obligation, if any amount shall be paid to any Guarantor by or for the account of the Borrower, such amount shall be held in trust for the benefit of each Lender and the Administrative Agent and shall forthwith be paid to the Administrative Agent to
be credited and applied to the Guarantied Obligations when due and payable. 
 12. Construction. The section and other
headings contained in this Guaranty are for reference purposes only and shall not affect interpretation of this Guaranty in any respect. This Guaranty has been fully negotiated between the applicable parties, each party having the benefit of legal
counsel, and accordingly neither any doctrine of construction of guaranties or suretyships in favor of the guarantor or surety, nor any doctrine of construction of ambiguities in agreement or instruments against the party controlling the drafting
thereof, shall apply to this Guaranty. 

  
 7 

 13. Successors and Assigns. This Guaranty shall be binding upon each Guarantor, its
successors and assigns, and shall inure to the benefit of and be enforceable by the Administrative Agent and the Lenders, or any of them, and their successors and assigns; provided, however, that, except as otherwise expressly provided
in Section 8.2.7 [Dispositions of Assets or Subsidiaries] of the Credit Agreement, no Guarantor may assign or transfer any of its rights or obligations hereunder or any interest herein and any such purported assignment or transfer shall be null
and void. Without limitation of the foregoing, the Administrative Agent and the Lenders, or any of them (and any successive assignee or transferee), from time to time may assign or otherwise transfer all or any portion of its rights or obligations
under the Loan Documents or any Lender Provided Interest Rate Hedge (including all or any portion of any commitment to extend credit), or any other Guarantied Obligations, to any other Person and such Guarantied Obligations (including any Guarantied
Obligations resulting from extension of credit by such other Person under or in connection with the Loan Documents or any Lender Provided Interest Rate Hedge) shall be and remain Guarantied Obligations entitled to the benefit of this Guaranty, and
to the extent of its interest in such Guarantied Obligations such other Person shall be vested with all the benefits in respect thereof granted to the Administrative Agent and the Lenders in this Guaranty or otherwise. 

14. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) Governing Law. This Guaranty shall be governed by, construed, and enforced in accordance with the internal Laws of the
Commonwealth of Pennsylvania, without regard to conflict of laws principles. 
 (b) Certain Waivers. Each Guarantor
hereby irrevocably: 
 (i) Consents to the nonexclusive jurisdiction of the Courts of the Commonwealth of Pennsylvania sitting
in Allegheny County and of the United States District Court of the Western District of Pennsylvania, and waives personal service of any and all process upon it and consents that all such service of process be made by certified or registered mail
directed to the Borrower at the address provided for in the Credit Agreement and service so made shall be deemed to be completed upon actual receipt thereof; 
 (ii) Waives any objection to jurisdiction and venue of any action instituted against it as provided herein and agrees not to assert any defense based on lack of jurisdiction or venue; and 

(iii) WAIVES TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING, OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO THIS GUARANTY, THE
CREDIT AGREEMENT, OR ANY OTHER LOAN DOCUMENT TO THE FULLEST EXTENT PERMITTED BY LAW. 
 15. Severability; Modification to
Conform to Law. 
 (a) It is the intention of the parties that this Guaranty be enforceable to the fullest extent
permissible under applicable Law, but that the unenforceability (or modification to conform to such Law) of any provision or provisions hereof shall not render unenforceable, or 

  
 8 

 
impair, the remainder hereof. If any provision in this Guaranty shall be held invalid or unenforceable in whole or in part in any jurisdiction, this Guaranty shall, as to such jurisdiction, be
deemed amended to modify or delete, as necessary, the offending provision or provisions and to alter the bounds thereof in order to render it or them valid and enforceable to the maximum extent permitted by applicable Law, without in any manner
affecting the validity or enforceability of such provision or provisions in any other jurisdiction or the remaining provisions hereof in any jurisdiction. 
 (b) Without limitation of the preceding Subsection (a), to the extent that applicable Law (including applicable Laws pertaining to fraudulent conveyance or fraudulent or preferential transfer) otherwise
would render the full amount of any Guarantor’s obligations hereunder invalid, voidable, or unenforceable on account of the amount of such Guarantor’s aggregate liability under this Guaranty, then, notwithstanding any other provision of
this Guaranty to the contrary, the aggregate amount of such liability shall, without any further action by the Administrative Agent or any of the Lenders or such Guarantor or any other Person, be automatically limited and reduced to the highest
amount which is valid and enforceable as determined in such action or proceeding. 
 (c) Notwithstanding anything to the
contrary in this Section or elsewhere in this Guaranty, this Guaranty shall be presumptively valid and enforceable to its full extent in accordance with its terms, as if this Section (and references elsewhere in this Guaranty to enforceability to
the fullest extent permitted by Law) were not a part of this Guaranty, and in any related litigation the burden of proof shall be on the party asserting the invalidity or unenforceability of any provision hereof or asserting any limitation on any
Guarantor’s obligations hereunder as to each element of such assertion. 
 16. Additional Guarantors. At any time
after the initial execution and delivery of this Guaranty to the Administrative Agent and the Lenders, additional Persons may become parties to this Guaranty and thereby acquire the duties and rights of being Guarantors hereunder by executing and
delivering to the Administrative Agent and the Lenders a Guarantor Joinder pursuant to the Credit Agreement. No notice of the addition of any Guarantor shall be required to be given to any pre-existing Guarantor and each Guarantor hereby consents
thereto. 
 17. Joint and Several Obligations. Each of the obligations and additional liabilities of each and every
Guarantor under this Guaranty are joint and several, and each Guarantor hereby waives to the full extent permitted by Law any defense it may otherwise have to the payment and performance of the Guarantied Obligations that its liability hereunder is
limited and not joint and several. Each Guarantor acknowledges and agrees that the foregoing waivers and those set forth below serve as a material inducement to the agreement of the Administrative Agent and the Lenders to make the Loans, and that
the Administrative Agent and the Lenders are relying on each specific waiver and all such waivers in entering into this Guaranty. The undertakings of each Guarantor hereunder secure the obligations of itself and the other Guarantors. The
Administrative Agent and the Lenders, or any of them, may, in their sole discretion, elect to enforce this Guaranty against any Guarantor without any duty or responsibility to pursue any other Guarantor and such an election by the Administrative
Agent and the Lenders, or any of 

  
 9 

 
them, shall not be a defense to any action the Administrative Agent and the Lenders, or any of them, may elect to take against any Guarantor. Each of the Lenders and the Administrative Agent
hereby reserve all right against each Guarantor. 
 18. Receipt of Credit Agreement, Other Loan Documents, Benefits.

 (a) Each Guarantor hereby acknowledges that it has received a copy of the Credit Agreement, the other Loan Documents and any
Lender Provided Interest Rate Hedge, and each Guarantor certifies that the representations and warranties made therein with respect to such Guarantor are true and correct. Further, each Guarantor acknowledges and agrees to perform, comply with, and
be bound by all of the provisions of the Credit Agreement and the other Loan Documents. 
 (b) Each Guarantor hereby
acknowledges, represents, and warrants that it receives direct and indirect benefits by virtue of its affiliation with the Borrower and the other Guarantors and that it will receive direct and indirect benefits from the financing arrangements
contemplated by the Credit Agreement and that such benefits, together with the rights of contribution and subrogation that may arise in connection herewith, are a reasonably equivalent exchange of value in return for providing this Guaranty.

 19. Limitation of Liability. The parties to this Guaranty and the Administrative Agent and the Lenders are expressly
put on notice of the limitation of liability as set forth in the declarations of trust of certain of the Guarantors and agree that, except as set forth in the following sentence, the obligations assumed by such Guarantors pursuant to this Guaranty
be limited in any case to such Guarantors and their respective assets. The parties to this Guaranty and the Administrative Agent and the Lenders shall not seek satisfaction of any obligation of such Guarantors under this Guaranty from any of the
shareholders, trustees, officers, employees or agents of any of the Guarantors except as contemplated under the declarations of trust of certain of the Guarantors. Notwithstanding the foregoing, nothing in such declarations of trust or elsewhere
shall prohibit the Administrative Agent on behalf of the Lenders from pursuing any remedies against any outside professionals or consultants employed by the Guarantors. 
 20. Miscellaneous. 
 (a) Amendments, Waivers. Except as otherwise
expressly provided in Section 8.2.7 [Dispositions of Assets or Subsidiaries] of the Credit Agreement, no amendment to or waiver of any provision of this Guaranty, and no consent to any departure by any Guarantor herefrom, shall in any event be
effective unless in a writing manually signed by or on behalf of the Administrative Agent and the Lenders. Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No delay or failure
of the Administrative Agent or the Lenders, or any of them, in exercising any right or remedy under this Guaranty shall operate as a waiver thereof; nor shall any single or partial exercise of any such right or remedy preclude any other or further
exercise thereof or the exercise of any other right or remedy. The rights and remedies of the Administrative Agent and the Lenders under this Guaranty are cumulative and not exclusive of any other rights or remedies available hereunder, under any
other agreement or instrument, by Law, or otherwise. 

  
 10 

 (b) Telecommunications. Each Lender and the Administrative Agent shall be entitled
to rely on the authority of any individual making any telecopy, electronic or telephonic notice, request, or signature without the necessity of receipt of any verification thereof. 

(c) Expenses. Each Guarantor unconditionally agrees to pay all costs and expenses, including reasonable attorney’s fees
incurred by the Administrative Agent or any of the Lenders in enforcing this Guaranty against any Guarantor and each Guarantor shall pay and indemnify each Lender and the Administrative Agent for, and hold it harmless from and against, any and all
obligations, liabilities, losses, damages, costs, expenses (including disbursements and reasonable legal fees of counsel to any Lender or the Administrative Agent), penalties, judgments, suits, actions, claims, and disbursements imposed on, asserted
against, or incurred by any Lender or the Administrative Agent (A) relating to the preparation, negotiation, execution, administration, or enforcement of or collection under this Guaranty or any document, instrument, or agreement relating to
any of the Guarantied Obligations, including in any bankruptcy, insolvency, or similar proceeding in any jurisdiction or political subdivision thereof; (B) relating to any amendment, modification, waiver, or consent hereunder or relating to any
telecopy, electronic or telephonic transmission purporting to be by any Guarantor or the Borrower; (C) in any way relating to or arising out of this Guaranty, or any document, instrument, or agreement relating to any of the Guarantied
Obligations, or any action taken or omitted to be taken by any Lender or the Administrative Agent hereunder, and including those arising directly or indirectly from the violation or asserted violation by any Guarantor or the Borrower or the
Administrative Agent or any Lender of any Law, rule, regulation, judgment, order, or the like of any jurisdiction or political subdivision thereof (including those relating to environmental protection, health, labor, importing, exporting, or safety)
and regardless whether asserted by any governmental entity or any other Person. 
 (d) Prior Understandings. This
Guaranty, the Credit Agreement and the other Loan Documents constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersede any and all other prior and contemporaneous understandings and agreements.

 (e) Survival. All representations and warranties of the Guarantors made in connection with this Guaranty shall
survive, and shall not be waived by, the execution and delivery of this Guaranty, any investigation by or knowledge of the Administrative Agent and the Lenders, or any of them, any extension of credit, or any other event or circumstance whatsoever.

 (f) Amendment and Restatement; No Novation. The Existing Guaranty Agreement is hereby amended and restated in its
entirety as provided herein, and this Guaranty is not intended to constitute, nor does it constitute, an interruption, suspension of continuity, satisfaction, discharge of prior duties, novation, or termination of the indebtedness, loans,
liabilities, expenses, or guarantied obligations under the Credit Agreement or the Existing Guaranty Agreement. Each Guarantor and the Administrative Agent acknowledge and agree that the Existing Guaranty Agreement has continued to guaranty the
indebtedness, loans, liabilities, expenses, and obligations under the Credit Agreement since the date of execution of the Existing 

  
 11 

 
Guaranty Agreement; and that this Guaranty is entitled to all rights and benefits originally pertaining to the Existing Guaranty Agreement. 

[SIGNATURE PAGES FOLLOW] 

  
 12 

 [SIGNATURE PAGE TO AMENDED AND RESTATED CONTINUING AGREEMENT OF 

GUARANTY AND SURETYSHIP] 
 IN WITNESS WHEREOF, each Guarantor intending to be legally bound, has executed this Guaranty as of the date first above written with the intention that this Guaranty shall constitute a sealed instrument.

  

			
	 FEDERATED ADMINISTRATIVE SERVICES

	 FEDERATED ADMINISTRATIVE SERVICES, INC.

	 FEDERATED INVESTORS MANAGEMENT COMPANY

	FEDERATED SERVICES COMPANY

			
		
	By:	 	  

			
	Name:	 	Denis McAuley III
	Title:	 	Senior Vice President of each of the above-listed Guarantors
	
	 FEDERATED SHAREHOLDER SERVICES COMPANY

			
		
	By:	 	  

			
	Name:	 	Denis McAuley III
	Title:	 	President

 [SIGNATURE PAGE TO AMENDED AND RESTATED CONTINUING AGREEMENT OF 

GUARANTY AND SURETYSHIP] 
  

			
	 FEDERATED INVESTMENT MANAGEMENT COMPANY

	 FEDERATED GLOBAL INVESTMENT MANAGEMENT CORP.

	 FEDERATED INVESTMENT COUNSELING

	 RETIREMENT PLAN SERVICE COMPANY OF AMERICA

	 FEDERATED ADVISORY SERVICES COMPANY

	 FEDERATED EQUITY MANAGEMENT COMPANY OF PENNSYLVANIA

		
	By:	 	  

			
	Name:	 	Denis McAuley III
	Title:	 	Assistant Treasurer of each of the above-listed Guarantors
	
	 FII HOLDINGS, INC.

		
	By:	 	  

			
	Name:	 	Denis McAuley III
	Title:	 	Vice President
	
	 FEDERATED PRIVATE ASSET MANAGEMENT, INC.

	 FEDERATED MDTA TRUST

	 HBSS ACQUISITION CO.

	 FEDERATED MDTA LLC

	 SOUTHPOINTE DISTRIBUTION SERVICES INC.

		
	By:	 	  

			
	Name:	 	Denis McAuley III
	Title:	 	Treasurer of each of the above-listed Guarantors

 EXHIBIT 1.1(N)(1) 

FORM OF 

REVOLVING CREDIT NOTE 
  

			
	$                    	  	June 10, 2011
		  	Pittsburgh, Pennsylvania

 FOR VALUE RECEIVED, the undersigned, FEDERATED INVESTORS, INC., a Pennsylvania corporation (herein called
the “Borrower”), hereby unconditionally promises to pay to the order of
                                        (the
“Bank”), the lesser of (i) the principal sum of                             U.S.
Dollars (U.S. $                    ), or (ii) the aggregate unpaid principal balance of all Revolving Credit Loans made by the Bank to the
Borrower pursuant to Section 2.1.1 [Revolving Credit Loans] of the Amended and Restated Credit Agreement dated as of June 10, 2011 among the Borrower, the Lenders from time to time party thereto, the Guarantors from time to time party
thereto, and PNC Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders (as it may hereafter be further amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), payable on the Expiration Date and at such other times as are set forth in the Credit Agreement. The Borrower shall pay interest on the unpaid principal balance hereof from time to time outstanding
from the date hereof at the rate or rates per annum specified by the Borrower pursuant to Section 4.1 [Interest Rate Options] of, or as otherwise provided in, the Credit Agreement. 

Subject to the provisions of the Credit Agreement, interest hereon will be payable pursuant to Section 5.5 [Interest Payment Dates]
of, or as otherwise provided in, the Credit Agreement. If any payment or action to be made or taken hereunder shall be stated to be or become due on a day which is not a Business Day, such payment or action shall be made or taken on the next
following Business Day, unless otherwise provided in the Credit Agreement, and such extension of time shall be included in computing interest or fees, if any, in connection with such payment or action. Upon the occurrence and during the continuation
of an Event of Default, the Borrower shall pay interest on the entire principal amount of the then outstanding Revolving Credit Loans evidenced by this Note and all other obligations due and payable to the Lenders pursuant to the Credit Agreement
and the other Loan Documents at a rate per annum as set forth in Section 4.3 [Interest After Default] of the Credit Agreement. Such interest rate will accrue before and after any judgment has been entered. 

Subject to the provisions of the Credit Agreement, payments of both principal and interest shall be made without setoff, counterclaim or
other deduction of any nature at the office of the Administrative Agent located at 500 First Avenue, Pittsburgh, Pennsylvania 15219 unless otherwise directed in writing by the Administrative Agent, in lawful money of the United States of America in
immediately available funds. 

  

					
	[Insert name of Bank]	 		 	

 This Note is one of the Revolving Credit Notes referred to in, is subject to the provisions
of and is entitled to the security provided for in and the other benefits of, the Credit Agreement and the other Loan Documents, including the representations, warranties, covenants and conditions contained therein. The Credit Agreement among other
things contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments, in certain circumstances, on account of principal hereof prior to maturity upon the terms and conditions therein
specified. 
 Except as otherwise provided in the Credit Agreement, the Borrower waives presentment, demand, notice, protest and
all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Credit Agreement. 
 All capitalized terms used herein shall, unless otherwise defined herein, have the same meanings specified in the Credit Agreement and Section 1.2 [Construction] of the Credit Agreement shall apply
to this Note. 
 This Note shall bind the Borrower and its successors and assigns, and the benefits hereof shall inure to the
benefit of the Administrative Agent, the Bank and their respective successors and assigns. All references herein to the “Borrower”, the “Administrative Agent” and the “Bank” shall be deemed to apply to the Borrower, the
Administrative Agent and the Bank, respectively, and their respective successors and assigns. 
 This Note and any other
documents delivered in connection herewith and the rights and obligations of the parties hereto and thereto shall for all purposes be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Pennsylvania
without giving effect to its principles of conflicts of law. 
 [SIGNATURE PAGE FOLLOWS] 

  

					
	[Insert name of Bank]	 	2	 	

 [SIGNATURE PAGE TO REVOLVING CREDIT NOTE] 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned has executed this Revolving Credit Note by its duly
authorized officer with the intention that it constitute a sealed instrument. 
  

			
	FEDERATED INVESTORS, INC.
		
	By:	 	  

			
	Name:	 	Denis McAuley III
	Title:	 	Assistant Treasurer

  

					
	[Insert name of Bank]	 		 	

 EXHIBIT 1.1(N)(2) 

FORM OF 

SWING LOAN NOTE 
  

			
	$25,000,000	  	June 10, 2011
		  	Pittsburgh, Pennsylvania

 FOR VALUE RECEIVED, the undersigned, FEDERATED INVESTORS, INC., a Pennsylvania corporation (herein called
the “Borrower”), hereby unconditionally promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”) on demand the lesser of (i) the principal sum of TWENTY-FIVE MILLION AND 00/100 U.S. Dollars
(U.S. $25,000,000) or (ii) the aggregate unpaid principal amount of all Swing Loans made by the Bank to the Borrower pursuant to Section 2.1.2 [Swing Loan Commitment] of the Amended and Restated Credit Agreement dated as of June 10,
2011 among the Borrower, the Lenders from time to time party thereto, the Guarantors from time to time party thereto, and PNC Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”)
for the Lenders (as it may hereafter be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), payable with respect to each Swing Loan evidenced hereby on the earlier of
(i) demand by the Bank or (ii) on the Expiration Date. The Borrower shall pay interest on the unpaid principal balance of each Swing Loan from time to time outstanding from the date hereof at the rate or rates per annum specified by the
Borrower pursuant to Section 4.1 [Interest Rate Options] of, or as otherwise provided in, the Credit Agreement. 
 Subject
to the provisions of the Credit Agreement, interest hereon will be payable on demand or, in the absence of demand, pursuant to Section 5.5 [Interest Payment Dates] of, or as otherwise provided in, the Credit Agreement. If any payment or action
to be made or taken hereunder shall be stated to be or become due on a day which is not a Business Day, such payment or action shall be made or taken on the next following Business Day, unless otherwise provided in the Credit Agreement, and such
extension of time shall be included in computing interest or fees, if any, in connection with such payment or action. Upon the occurrence and during the continuation of an Event of Default, the Borrower shall pay interest on the entire principal
amount of the then outstanding Swing Loans evidenced by this Note and all other obligations due and payable to the Lenders pursuant to the Credit Agreement and the other Loan Documents at a rate per annum as set forth in Section 4.3 [Interest
After Default] of the Credit Agreement. Such interest rate will accrue before and after any judgment has been entered. 

Subject to the provisions of the Credit Agreement, payments of both principal and interest shall be made without setoff, counterclaim or
other deduction of any nature at the office of the Administrative Agent located at 500 First Avenue, Pittsburgh, Pennsylvania 15219 unless otherwise directed in writing by the Administrative Agent, in lawful money of the United States of America in
immediately available funds. 
 This Note is the Swing Note referred to in, is subject to the provisions of and is entitled to
the security provided for in and the other benefits of, the Credit Agreement and the other Loan Documents, including the representations, warranties, covenants and conditions contained 

 
therein. The Credit Agreement among other things contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments, in certain
circumstances, on account of principal hereof prior to maturity upon the terms and conditions therein specified. 
 Except as
otherwise provided in the Credit Agreement, the Borrower waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Credit
Agreement. 
 All capitalized terms used herein shall, unless otherwise defined herein, have the same meanings specified in the
Credit Agreement and Section 1.2 [Construction] of the Credit Agreement shall apply to this Note. 
 This Note shall bind
the Borrower and its successors and assigns, and the benefits hereof shall inure to the benefit of the Administrative Agent, the Bank and their respective successors and assigns. All references herein to the “Borrower”, the
“Administrative Agent” and the “Bank” shall be deemed to apply to the Borrower, the Administrative Agent and the Bank, respectively, and their respective successors and assigns. 

This Note and any other documents delivered in connection herewith and the rights and obligations of the parties hereto and thereto shall
for all purposes be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Pennsylvania without giving effect to its principles of conflicts of law. 

[SIGNATURE PAGE FOLLOWS] 

  
 2 

 [SIGNATURE PAGE TO SWING LOAN NOTE] 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned has executed this Swing Loan Note by its duly authorized
officer with the intention that it constitute a sealed instrument. 
  

			
	FEDERATED INVESTORS, INC.
		
	By:	 	  

			
	Name:	 	Denis McAuley III
	Title:	 	Assistant Treasurer

 EXHIBIT 1.1(N)(3) 

FORM OF 

TERM NOTE 
  

			
	$                    	  	June 10, 2011
		  	Pittsburgh, Pennsylvania

 FOR VALUE RECEIVED, the undersigned, FEDERATED INVESTORS, INC., a Pennsylvania corporation (herein called
the “Borrower”), hereby unconditionally promises to pay to the order of
                                        (the
“Bank”), the lesser of (i) the principal sum of                             U.S.
Dollars (U.S. $                    ), or (ii) the aggregate unpaid principal balance of all Term Loans made by the Bank to the Borrower pursuant
to Section 3.1 [Term Loan Commitments] of the Amended and Restated Credit Agreement dated as of June 10, 2011 among the Borrower, the Lenders from time to time party thereto, the Guarantors from time to time party thereto, and PNC Bank,
National Association, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders (as it may hereafter be further amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), payable as set forth in Section 3.2 [Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms] of the Credit Agreement, with the outstanding balance of principal payable in full on
the Expiration Date or the earlier acceleration of the Loans. The Borrower shall pay interest on the unpaid principal balance hereof from time to time outstanding from the date hereof at the rate or rates per annum specified by the Borrower pursuant
to Section 4.1 [Interest Rate Options] of, or as otherwise provided in, the Credit Agreement. 
 Subject to the provisions
of the Credit Agreement, interest hereon will be payable pursuant to Section 5.5 [Interest Payment Dates] of, or as otherwise provided in, the Credit Agreement. If any payment or action to be made or taken hereunder shall be stated to be or
become due on a day which is not a Business Day, such payment or action shall be made or taken on the next following Business Day, unless otherwise provided in the Credit Agreement, and such extension of time shall be included in computing interest
or fees, if any, in connection with such payment or action. Upon the occurrence and during the continuation of an Event of Default, the Borrower shall pay interest on the entire principal amount of the then outstanding Term Loans evidenced by this
Note and all other obligations due and payable to the Lenders pursuant to the Credit Agreement and the other Loan Documents at a rate per annum as set forth in Section 4.3 [Interest After Default] of the Credit Agreement. Such interest rate
will accrue before and after any judgment has been entered. 
 Subject to the provisions of the Credit Agreement, payments of
both principal and interest shall be made without setoff, counterclaim or other deduction of any nature at the office of the Administrative Agent located at 500 First Avenue, Pittsburgh, Pennsylvania 15219 unless otherwise directed in writing by the
Administrative Agent, in lawful money of the United States of America in immediately available funds. 

  

					
	[Insert name of Bank]	 		 	

 This Note is one of the Term Notes referred to in, is subject to the provisions of and is
entitled to the security provided for in and the other benefits of, the Credit Agreement and the other Loan Documents, including the representations, warranties, covenants and conditions contained therein. The Credit Agreement among other things
contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments, in certain circumstances, on account of principal hereof prior to maturity upon the terms and conditions therein
specified. 
 Except as otherwise provided in the Credit Agreement, the Borrower waives presentment, demand, notice, protest and
all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Credit Agreement. 
 All capitalized terms used herein shall, unless otherwise defined herein, have the same meanings specified in the Credit Agreement and Section 1.2 [Construction] of the Credit Agreement shall apply
to this Note. 
 This Note shall bind the Borrower and its successors and assigns, and the benefits hereof shall inure to the
benefit of the Administrative Agent, the Bank and their respective successors and assigns. All references herein to the “Borrower”, the “Administrative Agent” and the “Bank” shall be deemed to apply to the Borrower, the
Administrative Agent and the Bank, respectively, and their respective successors and assigns. 
 This Note and any other
documents delivered in connection herewith and the rights and obligations of the parties hereto and thereto shall for all purposes be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Pennsylvania
without giving effect to its principles of conflicts of law. 
 [SIGNATURE PAGE FOLLOWS] 

  

					
	[Insert name of Bank]	 	2	 	

 [SIGNATURE PAGE TO TERM NOTE] 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned has executed this Term Note by its duly authorized officer
with the intention that it constitute a sealed instrument. 
  

			
	FEDERATED INVESTORS, INC.
		
	By:	 	  

			
	Name:	 	Denis McAuley III
	Title:	 	Assistant Treasurer

  

					
	[Insert name of Bank]	 		 	

 EXHIBIT 2.5.1 

FORM OF 

LOAN REQUEST 
  

			
	TO:	  	 PNC Bank, National Association, as Administrative Agent
 Telephone No.: (412) 762-7638
 Telecopier No. (412) 762-8672

Attn: Rini Davis

		
	FROM:	  	Federated Investors, Inc.
		
	RE:	  	Amended and Restated Credit Agreement dated as of June 10, 2011 by and among Federated Investors, Inc., the Lenders from time to time party thereto, the Guarantors from time
to time party thereto, and PNC Bank, National Association, as Administrative Agent (as further amended, restated, supplemented or modified from time to time, the “Agreement”)

 Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them by the
Agreement. 
  

	A.	Pursuant to the Agreement, the undersigned Borrower irrevocably requests [check one line under 1(a) below and fill in the blank space next to the line as
appropriate]: 

  

							
	 1(a)
	 		 	___	  	A new Revolving Credit Loan, OR
				
		 		 	___	  	Renewal of the LIBOR Rate Option applicable to an outstanding             [specify type of Loan — Revolving
Credit Loan or Term Loan], originally made on             , 20            , OR
				
		 		 	___	  	Conversion of the Base Rate Option applicable to an outstanding             [specify type of Loan —
Revolving Credit Loan or Term Loan] originally made on             , 20            to a Loan to which the LIBOR Rate Option
applies, OR
				
		 		 	___	  	Conversion of the LIBOR Rate Option applicable to an outstanding             [specify type of Loan —
Revolving Credit Loan or Term Loan] originally made on             , 20            to a Loan to which the Base Rate Option
applies.
	
	Such loan shall bear interest [check one line under 1(b) below and fill in blank spaces next to line]:
				
	1(b)(i)	 		 	___	  	Under the Base Rate Option. Such Loan shall have a Borrowing Date of             ,
20            (which date shall be one (1) or more Business Days subsequent to the Business Day of receipt by the Administrative Agent
by

							
				
		 		 		  	1:00 p.m. Eastern Time of this Loan Request prior to either (i) the making a new Revolving Credit Loan to which the Base Rate Option applies, or (ii) the last day
of the preceding Interest Period if a Loan to which the LIBOR Rate Option applies is being converted to a Loan to which the Base Rate Option applies).
	
	OR
				
		 	(ii)	 	___	  	Under the LIBOR Rate Option. Such Loan shall have a Borrowing Date of             ,
20            (which date shall be (i) three (3) or more Business Days subsequent to the Business Day of receipt by the Administrative Agent by 1:00 p.m. Eastern Time of this
Loan Request for making a new Revolving Credit Loan to which the LIBOR Rate Option applies, renewing a Loan to which the LIBOR Rate Option applies, or converting a Loan to which the Base Rate Option applies to a Loan to which the LIBOR Rate Option
applies, or (ii) the same Business Day (or later) upon the receipt by the Administrative Agent by 10:00 a.m. Eastern Time of this Loan Request for renewing Term Loans on the Closing Date to which the LIBOR Rate Option applies).

  

	 	2.	Such Loan is in the principal amount of U.S. $            or the principal amount to be renewed or converted
is U.S. $            [not to be less than $5,000,000 and in increments of $50,000 in excess thereof for each Borrowing Tranche to which the LIBOR Rate Option applies and not less than
$1,000,000 for each Borrowing Tranche to which the Base Rate Option applies]. 

  

	 	3.	[Complete blank below if the Borrower is selecting the LIBOR Rate Option]: Such Loan shall have an Interest Period of [one, two, three, six or, subject to
availability, nine or twelve] Months. 

  

 
  

	B.	As of the date hereof and the date of making of the above-requested Loan (and after giving effect thereto): the representations and warranties contained in
Section 6.1 of the Agreement and any certificates delivered by any of the Loan Parties after the Closing Date are and will be true (except representations, warranties and certifications that expressly relate solely to an earlier date or time,
which representations, warranties and certifications were true on and as of the specific date referred to therein); the Loan Parties have performed and complied with all covenants and conditions of the Agreement; no Event of Default or Potential
Default has occurred and is continuing or exists; the making of the Loans requested hereby shall not contravene any Law applicable to the Loan Parties, the Administrative Agent or any of the Lenders; and after giving effect to any Revolving Credit
Loan being requested, the sum of the aggregate outstanding Revolving Credit Loans and Letter of Credit Obligation shall not exceed the Revolving Credit Commitments. 

 

	C.	The undersigned hereby irrevocably requests [check one line under 1(a) below and fill in blank space next to the line as appropriate]: 

  
 2 

          Funds to be deposited into PNC Bank,
National Association bank account per our current standing instructions. Complete amount of deposit if not full loan advance amount:
$                    . 
 OR

          Funds to be wired per the following wire instructions: 

 

							
		 	
$                        
Amount of Wire Transfer

							
		 	 Bank Name:
	  	  
	  	

							
		 	 ABA:
	  	  
	  	

							
		 	 Account Number:
	  	  
	  	

							
		 	 Account Name:
	  	  
	  	

							
		 	 Reference:
	  	  
	  	

 OR 
          Funds to be wired per the attached Funds Flow (multiple wire transfers). 
 [SIGNATURE PAGE FOLLOWS] 

  
 3 

 [SIGNATURE PAGE TO LOAN REQUEST] 

The undersigned hereby certifies to the accuracy of the foregoing. 
 Dated: June     , 2011 
  

			
	FEDERATED INVESTORS, INC.
		
	By:	 	  

			
	Name:	 	Denis McAuley III
	Title:	 	Assistant Treasurer

 EXHIBIT 2.5.2 

FORM OF 

SWING LOAN REQUEST OR REPAYMENT 
  

			
	TO:	  	 PNC Bank, National Association, as Administrative Agent
 Telephone No.: (412) 762-7638
 Telecopier No. (412) 762-8672

Attn: Rini Davis

		
	FROM:	  	Federated Investors, Inc.
		
	RE:	  	Amended and Restated Credit Agreement dated as of June 10, 2011 by and among Federated Investors, Inc., the Lenders from time to time party thereto, the Guarantors from time
to time party thereto, and PNC Bank, National Association, as Administrative Agent (as further amended, restated, supplemented or modified from time to time, the “Agreement”)

 Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them by the
Agreement. 
  

	A.	Pursuant to Section 2.5.2 of the Agreement, the undersigned hereby makes the following Swing Loan Request: 

 

													
	1.	 	Aggregate principal amount of Swing Loans currently outstanding:	  	U.S. $	            	  
			
	2.	 	Aggregate principal amount of Swing Loan requested hereunder (shall not be less than $100,000):	  	U.S. $	            	  
					
	3.	 	Interest Rate Option [check one]:	  	 	_____	  	  		  	 	Base Rate Option	  
					
		 		  	 	_____	  	  		  	 
 
 	Daily LIBOR
Swing Loan Rate
option	  
  
  
				
	4.	 	Proposed Borrowing Date:	  				  	                    ,
201    	  

 5.         As of the date hereof and the date of making of the
Swing Loan requested hereby: the representations and warranties contained in Section 6.1 of the Agreement and any certificates delivered by any of the Loan Parties after the Closing Date are and will be true (except representations, warranties
and certifications that expressly relate solely to an earlier date or time, which representations, warranties and certifications were true on and as of the specific date referred to therein); the Loan Parties have performed and complied with all
covenants and conditions of the Agreement; no Event of Default or Potential Default has occurred and is 

 
continuing or exists; and the making of the Swing Loan requested hereby shall not contravene any Law applicable to the Loan Parties. 

6. The undersigned hereby irrevocably requests [check one line under below and fill in blank space next to the line as
appropriate]: 
          Funds to be deposited into PNC Bank, National
Association bank account per our current standing instructions. Complete amount of deposit if not full loan advance amount:
$                                        .

 OR 
          Funds to be wired per the following wire instructions: 
 $                                 
        Amount of Wire Transfer 
 Bank Name:
                                         
        
 ABA:
                                         
                   
 Account
Number:
                                        

 Account Name:
                                         
   
 Reference:
                                         
           
 OR 

         Funds to be wired per the attached Funds Flow (multiple wire transfers).

  

	B.	The undersigned is repaying the Swing Loan in the amount of
$                                        
effective
                                        ,
201    . Such repayment will be made as follows (check one): 

  

					
	1.	 	  
	  	PNC Bank, National Association is authorized to charge the Borrower’s account 2434291 in the amount and on the effective date set forth above.
			
	2.	 	              
	  	The Borrower will wire transfer funds to PNC Bank, National Association in the amount and on the effective date set forth above.

 [SIGNATURE PAGE FOLLOWS] 

  
 2 

 [SIGNATURE PAGE TO SWING LOAN REQUEST OR REPAYMENT] 

The undersigned hereby certifies to the accuracy of the foregoing. 

 

			
	FEDERATED INVESTORS, INC.
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

			
		
	Date:	 	  

 EXHIBIT 7.1.4 

REQUIREMENTS OF OPINION OF COUNSEL 
 The opinion of counsel shall confirm those representations and warranties with respect to the Borrower and the other Loan Parties contained in Section 6.1 of the Credit Agreement which are listed
below. 
 6.1.1 Organization and Qualification 
 6.1.3 Power and Authority 
 6.1.4 Validity and Binding Effect 

6.1.5 No Conflict 
 6.1.6 Litigation 
 6.1.12 Consents and Approvals 

6.1.18 Investment Companies 

 EXHIBIT 8.3.3 

FORM OF 

QUARTERLY COMPLIANCE CERTIFICATE 
 PNC Bank, National Association, as 

            Administrative Agent 
 1600 Market Street 
 Philadelphia, PA 19103 

Telephone No.: (215) 585-6968 
 Telecopier
No.: (215) 585-7669 
 Attn: Cara Gentile 
 Ladies and Gentlemen: 
 Pursuant to Section 8.3.3 of the Amended and Restated
Credit Agreement (the “Agreement”) dated as of June 10, 2011, by and among Federated Investors, Inc. (the “Borrower”), the Lenders from time to time party thereto, the Guarantors from time to time party
thereto, and PNC Bank, National Association, as administrative agent (the “Administrative Agent”) for the Lenders, as further amended, restated or supplemented from time to time, I, the [Chief Executive Officer / President /
Chief Financial Officer / other Authorized Officer] of the Borrower, in my capacity as the [Chief Executive Officer / President / Chief Financial Officer / other Authorized Officer], do hereby certify to the Lenders and the Administrative
Agent as follows (capitalized terms which are not defined herein have the meanings given in the Agreement) as of the [quarter/year] ending on
                         (the “Report Date”): 

 

	(1)	The representations and warranties of the Borrower and other Loan Parties contained in Section 6.1 of the Agreement and any certifications delivered by the
Borrower or any other Loan Party after the Closing Date are true on and as of the Report Date with the same effect as though such representations, warranties and certifications had been made on and as of such date (except representations, warranties
and certifications which expressly related solely to an earlier date and time which representations, warranties and certifications were true on and as of the specific date referred to therein), and the Borrower and other Loan Parties have performed
and complied with all covenants and conditions of the Agreement, [except that: insert any applicable disclosures]. 

  

	(2)	No Event of Default or Potential Default exists and is continuing. 

  

	(3)	Maximum Leverage Ratio (Section 8.2.14). The ratio of (A) Total Funded Indebtedness on the Report Date to (B) Consolidated EBITDA for the four (4)
fiscal quarters ending as of the Report Date is                      to 1.00 which does not exceed 2.50 to 1.00. 

 

	 	(A)	Total Funded Indebtedness as of the Report Date (each Item is measured on a consolidated basis): 

					
		
	 (i)     Borrowed money (including both the current and long-term portion of borrowed
money)
	  	 	$                    	  

													
		  		  	(ii)	  	Capitalized lease obligations	  	$                    
					
		  		  	(iii)	  	Reimbursement obligations under any letters of credit	  	$                    
					
		  		  	(iv)	  	Without duplication, contingent and guaranty obligations with respect to Items (i), (ii) and (iii) above	  	$                    
					
		  		  	(v)	  	Sum of Items (i), (ii), (iii) and (iv) above equals Total Funded Indebtedness	  	$                    
				
		  	(B)	  	Consolidated EBITDA for the four (4) quarters ending on the Report Date (insert figure from Item 4(A)(iv) below)	  	$                    
				
		  	(C)	  	Ratio of Item (A)(v) to Item (B) equals Leverage Ratio	  	         to 1.00
		
	 (4)    
	  	Minimum Interest Coverage Ratio (Section 8.2.15). The ratio of (A) Consolidated EBITDA to (B) consolidated interest expense for the four (4)
fiscal quarters then ended of the Borrower and its Consolidated Subsidiaries, as of the Report Date, is                      to 1.0 which is not less
than 4.0 to 1.0.
				
		  	(A)	  	Consolidated EBITDA is computed as follows (each Item is measured for the four (4) fiscal quarters ending on the Report Date on a consolidated basis):	  	
						
		  		  	(i)	  	(a)	  	net income	  	$                    
						
		  		  		  	(b)	  	depreciation	  	$                    
						
		  		  		  	(c)	  	amortization	  	$                    
						
		  		  		  	(d)	  	other non-cash charges, losses or expenses to net income (excluding any non-cash charges, losses or expenses which require an accrual or reserve for cash charges for
any future period)	  	$                    
						
		  		  		  	(e)	  	interest expense	  	$                    
						
		  		  		  	(f)	  	income tax expense	  	$                    
					
		  		  	(ii)	  	Sum of Items (a), (b), (c), (d), (e) and (f)	  	$                    
					
		  		  	(iii)	  	Non-cash credits, gains or income to net income	  	$                    
					
		  		  	(iv)	  	Item (ii) reduced by Item (iii) equals Consolidated EBITDA (provided if the Borrower and Consolidated Subsidiaries shall make one or more acquisitions or
dispositions of the capital stock of any Person or all or	  	$                    

  
 2 

													
		  		  		  	substantially all of the assets of any Person permitted by Sections 8.2.6 or 8.2.7 during such period, Consolidated EBITDA for such period shall be adjusted on a
pro forma basis in a manner satisfactory to the Administrative Agent to give effect to all such acquisitions or dispositions as if they had occurred at the beginning of such period)	  	
				
		  	(B)	  	Consolidated interest expense of the Borrower and its Consolidated Subsidiaries for the four (4) fiscal quarters ending on the Report Date	  	$                    
				
		  	(C)	  	Ratio of Item (A)(iv) to Item (B) equals interest coverage ratio	  	         to 1.0
			
	(5)	  	Liquidations, Mergers, Consolidations, Acquisitions (Section 8.2.6). None of the Loan Parties or their Subsidiaries was a party to any dissolution,
liquidation, merger, consolidation or acquisition during the quarter ending on the Report Date, except as expressly permitted under Section 8.2.6.	  	
				
		  	(A)	  	Acquisitions of Stock or Assets of Third Parties (Subsection (ii) of Section 8.2.6).	  	
					
		  		  	(i)	  	The Borrower and each Consolidated Subsidiary of the Borrower did not acquire the stock or assets of any other Persons except as listed below, each of which
transactions is correctly described below and was completed in compliance with Section 8.2.6(ii) of the Agreement:	  	

  

													
	 Date of

Transaction
	  	Name of
Seller	  	Assets Acquired
(Stock or Assets)	  	Purchase
Price
(including
liabilities
assumed)	  	 	 	 
						
	             	  	             	  	             	  	$            	  		 	
	             	  	            	  	            	  	$            	  		 	
	             	  	            	  	            	  	$            	  	(Total)	 	

  

																	
	(6)	  	Disposition of Assets or Subsidiaries (Section 8.2.7). The Loan Parties and their Subsidiaries did not sell, convey, assign, lease, abandon or otherwise
transfer or dispose of, voluntarily or involuntarily, any of their properties or assets, tangible or intangible (including sale, assignment, discount or other disposition of accounts, contract rights, chattel paper, equipment or general intangibles
with or without recourse or of capital stock, shares of beneficial interest or partnership interests of a Subsidiary), except in accordance with clauses (i) through (iv) of Section 8.2.7 of the Agreement.	  	
				
		  	(A)	  	Capital Stock or Substantially All Assets (Subsection (iv) of Section 8.2.7). The assets of any sold or transferred Subsidiary comprised
        % of the	  	

  
 2 

											
		  		  	total assets of the Borrower and the Consolidated Subsidiaries for the most recent fiscal quarter ending prior to such disposition, which does not exceed the
permitted percentage of 5%, and             % of Consolidated EBITDA for the most recent four (4) fiscal quarters ending prior to such disposition is attributable to such sold or
transferred Subsidiaries or assets, which does not exceed the permitted percentage of 5%.
		
	(7)	  	Change of Ownership (Section 8.2.13).
			
		  	(A)	  	No change in the ownership of Borrower’s capital stock has occurred during the quarter ending on the Report Date except for transactions permitted under of
Section 8.2.13 of the Agreement.
		
	(8)	  	New Subsidiaries (Section 8.1.11). Borrower has not created or acquired any Subsidiaries during the calendar quarter ending on the Report Date except for
the following:

  

									
	 	  	 Name of Subsidiary
	  	Acquired/Formed	  	Date of Acquisition of
Formation	  	 
					
		  	            	  	            	  	            	  	
		  	            	  	            	  	            	  	

 [insert “None” if Borrower has not created or acquired any new Subsidiaries] 

If Borrower has listed any Subsidiaries above, Borrower must check and complete (1) or (2) below, as applicable (see Section 8.1.11): 

 

							
				
	(1)	  		  	        	  	Borrower has previously caused each of the Subsidiaries listed above and its owners to execute and deliver to the Administrative Agent each of the following:
				
		  	(a)	  	        	  	A Guarantor Joinder
				
		  	(b)	  	        	  	Secretary’s Certificate attaching organizational documents, authorizing resolutions and incumbency
				
		  	(c)	  	        	  	a legal opinion confirming the matters set forth in Exhibit 7.1.4 to the Agreement
				
	(2)	  		  	        	  	Borrower is delivering each of the documents listed in Item 1(a) through (c) above with this Certificate

 [SIGNATURE PAGE FOLLOWS] 

  
 4 

 [SIGNATURE PAGE TO QUARTERLY COMPLIANCE CERTIFICATE] 

 

			
	FEDERATED INVESTORS, INC.
		
	By:	 	  

			
	Name:	 	  

			
	Title:

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