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EXECUTION VERSION

 

EXHIBIT
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE
AGREEMENT (this “Agreement”), dated as of December 31,
2018, is by and among CorMedix Inc., a Delaware corporation with
offices located at 400 Connell Drive, 5th Floor, Berkeley Heights,
NJ 07922 (the
“Company”), and each of the investors listed
on the Schedule of Buyers attached hereto (individually, a
“Buyer” and collectively, the “Buyers”).

 

RECITALS

 

A.           The
Company and each Buyer desire to enter into this transaction to
purchase the Notes (as defined below) in a transaction exempt from
registration under Section 4(a)(2) of the Securities Act of 1933,
as amended (the “1933 Act”).

 

B.           The
Company has authorized the issuance of senior secured convertible
notes, in the form attached hereto as Exhibit A
(the “Notes”),
which Notes shall be convertible into shares of common stock,
$0.001 par value per share, of the Company (the “Common Stock”) (collectively,
together with any shares of Common Stock issuable as interest or
otherwise pursuant to such Notes, the “Conversion Shares”).

 

C.           Each
Buyer wishes to purchase, and the Company wishes to sell at the
Closing (as defined below), upon the terms and conditions stated in
this Agreement, a Note in the aggregate original principal amount
set forth opposite such Buyer’s name in column (3) on the
Schedule of Buyers (which aggregate principal amount for all Buyers
shall not exceed $7,500,000).

 

D.           In
consideration of each Buyer’s purchase of Notes, the Company
wishes to issue to each Buyer a warrant to acquire up to that
aggregate number of additional shares of Common Stock set forth
opposite such Buyer’s name in column (4) on the Schedule of
Buyers, in the form attached hereto as Exhibit B
(such warrants, the “Warrants” and, such shares, the
“Warrant
Shares”), not to exceed 450,000 shares of Common Stock
in the aggregate.

 

E.           The
Notes are entitled to interest and certain other amounts, which, at
the option of the Company and subject to certain conditions, may be
paid in shares of Common Stock (the “Interest Shares”) or in
cash.

 

F.           The
Notes, the Conversion Shares, the Interest Shares, the Warrants and
the Warrant Shares are collectively referred to herein as the
“Securities.”

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the mutual
covenants contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and each Buyer hereby agree as
follows:

 

 

1

 

 

 

1.

PURCHASE AND SALE OF
NOTES.

 

(a) Purchase of
Notes. Subject to the satisfaction (or waiver) of the
conditions set forth in 6 and 7 below, the Company shall issue and
sell to each Buyer, and each Buyer severally, but not jointly,
shall purchase from the Company on the Closing Date (as defined
below), a Note in the original principal amount as is set forth
opposite such Buyer’s name in column (3) on the Schedule of
Buyers and issue to each Buyer a Warrant to acquire up to that
aggregate number of Warrant Shares as is set forth opposite such
Buyer’s name in column (4) on the Schedule of Buyers (the
“Closing”).

 

(b) Closing. Any
closing (each, a “Closing”) of the purchase of the Securities
by the Buyers shall occur at the offices of Wyrick Robbins Yates
& Ponton, LLP, 4101 Lake Boone Trail, Suite 300, Raleigh, North
Carolina 27607. The date and time of a Closing (a “Closing Date”) shall be 10:00 a.m., New York
time, on the first (1st) Business Day on which the conditions to
the Closing set forth in 6 and 7 below are satisfied or waived (or
such other date as is mutually agreed to by the Company and each
Buyer). As used herein “Business Day” means any day other than a
Saturday, Sunday or other day on which commercial banks in New
York, New York are authorized or required by law to remain
closed.

 

(c) Purchase Price.
The aggregate purchase price for the Notes to be purchased by each
Buyer (the “Purchase
Price”) shall be
the amount set forth opposite such Buyer’s name in column (5) on the Schedule
of Buyers.

 

(d) Form of Payment;
Deliveries. On the Closing Date, (i) each Buyer shall pay
its respective Purchase Price (less, in the case of any Buyer, the
amounts withheld pursuant to 4(g)) to the Company for the Notes to
be issued and sold to such Buyer at the Closing, by wire transfer
of immediately available funds in accordance with instructions
previously provided by the Company and (ii) the Company shall
deliver to each Buyer (x) a Note in the aggregate original
principal amount set forth opposite such Buyer’s name in column (3) of the Schedule
of Buyers and (y) a Warrant pursuant to which such Buyer shall
have the right to acquire up to such aggregate number of Warrant
Shares as is set forth opposite such Buyer’s name in column
(4) of the Schedule of Buyers, in each case, duly executed on
behalf of the Company and registered in the name of such Buyer or
its designee.

 

2.

BUYER’S REPRESENTATIONS
AND WARRANTIES.

 

Each
Buyer, severally and not jointly, represents and warrants to the
Company with respect to only itself that, as of the date hereof and
as of the Closing Date:

 

(a) Organization;
Authority. Such Buyer is an entity duly organized, validly
existing and in good standing under the laws of the jurisdiction of
its organization with the requisite power and authority to enter
into and to consummate the transactions contemplated by the
Transaction Documents (as defined below) to which it is a party and
otherwise to carry out its obligations hereunder and
thereunder.

 

 

2

 

 

(b) Validity;
Enforcement. This Agreement has been duly and validly
authorized, executed and delivered on behalf of such Buyer and
constitutes the legal, valid and binding obligation of such Buyer
enforceable against such Buyer in accordance with its terms, except
as such enforceability may be limited by general principles of
equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or
affecting generally, the enforcement of applicable
creditors’ rights and
remedies.

 

(c) No Conflicts.
The execution, delivery and performance by such Buyer of this
Agreement and the consummation by such Buyer of the transactions
contemplated hereby will not (i) contravene the organizational
documents of such Buyer, (ii) conflict with, or constitute a
default (or an event which with notice or lapse of time or both
would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any
agreement, indenture or instrument to which such Buyer is a party
or (iii) contravene any law, rule, regulation, order, judgment or
decree (including federal and state securities laws) applicable to
such Buyer, except, in the case of clauses (ii) and (iii) above,
for such conflicts, defaults, rights or violations which would not,
individually or in the aggregate, reasonably be expected to have a
material adverse effect on the ability of such Buyer to perform its
obligations hereunder.

 

(d) No public sale or
distribution. Such Buyer is (i) acquiring the Securities and
(ii) upon conversion of the Notes or exercise of the Warrants will
acquire shares of the capital stock of the Company issuable upon
conversion thereof (“Conversion Shares”), for its own
account and not with a view towards, or for resale in connection
with, the public sale or distribution thereof in contravention of
the 1933 Act; provided,
however, that
by making the representations herein, such Buyer does not agree to
hold any of the Securities for any minimum or other specific term
and reserves the right to dispose of the Securities at any time in
accordance with or pursuant to registration under the 1933 Act or
an available exemption from such registration requirements. For
purposes of this Agreement, “Person” means an individual, a limited
liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity and any
government or any department or agency thereof.

 

(e) Accredited investor
status. Such Buyer is an “accredited investor” as that term is defined in Rule
501(a) of Regulation D under the 1933 Act.

 

(f) Reliance on
exemptions. Such Buyer understands that the Securities have
not been registered under the 1933 Act or any applicable state
securities laws and are being offered and sold to it in reliance on
the exemptions from registration under the 1933 Act provided by
Section 4(a)(2) of the 1933 Act and Rule 506(b) of Regulation D
under the 1933 Act and pursuant to similar exemption from any
applicable state securities laws and that the Company is relying in
part upon the truth and accuracy of, and such Buyer’s compliance with, the
representations, warranties, agreements, acknowledgments and
understandings of such Buyer set forth herein in order to determine
the availability of such exemptions and the eligibility of such
Buyer to acquire the Securities.

 

(g) Transfer or
resale. Such Buyer understands that: (i) the Securities may
not be offered for sale, sold, assigned or transferred (a
“Transfer”),
directly or indirectly, unless (a) subsequently registered under
the 1933 Act, (b) such Transfer is to the Company, or (c) such
Transfer is pursuant to a transaction that does not require
registration under the 1933 Act or any applicable state securities
laws; (ii) any Transfer of the Securities made in reliance on Rule
144 under the 1933 Act may be made only in accordance with the
terms of Rule 144 and further, if Rule 144 is not available, any
resale of the Securities under circumstances in which the seller
(or the Person) through whom the Transfer is made may be deemed to
be an underwriter (as that term is defined in the 1933 Act) may
require compliance with some other exemption under the 1933 Act or
the rules and regulations of the SEC thereunder; and (iii) neither
the Company nor any other Person is under any obligation to
register the Securities under the 1933 Act or any state securities
laws or to comply with the terms and conditions of any exemption
thereunder. Notwithstanding the foregoing, the Securities may be
pledged in connection with a bona fide margin account or other loan
or financing arrangement secured by the Securities and such pledge
of securities shall not be deemed to be a Transfer hereunder, and
no Buyer effecting a pledge of Securities shall be required to
provide the Company with any notice thereof or otherwise make any
delivery to the Company pursuant to this Agreement or any other
Transaction Document, including this 2(g).

 

 

3

 

 

(h) Legends. Such
Buyer understands that the certificates or other instruments
representing the Securities and, until the earlier of (i) six (6)
months after the date on which such Buyer acquired the Notes and
Warrants from the Company and (ii) such time as the resale of the
Conversion Shares have been registered under the 1933 Act, the
stock certificates representing the Conversion Shares, except as
set forth below, shall bear a restrictive legend in substantially
the following form (and a stop-transfer order may be placed against
transfer of such stock certificates):

 

THE
ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED DIRECTLY OR
INDIRECTLY, ONLY (A) TO THE COMPANY, (B) IF THE SECURITIES HAVE
BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS
UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT IN ACCORDANCE
WITH RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND IN
ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS PROVIDED THAT
THE HOLDER HAS FURNISHED TO THE COMPANY REASONABLE ASSURANCES, IN
FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, THAT
REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION
UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND
REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES.
NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

3.

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY.

 

The
Company represents and warrants to each of the Buyers that, as of
the date hereof and as of the Closing Date (except for
representations and warranties that speak as of a specific date
which shall be true and correct as of such specified
date):

 

(a) Organization and
Qualification. Each of the Company and each of its
Subsidiaries are entities duly organized and validly existing and
in good standing under the laws of the jurisdiction in which they
are formed, and have the requisite power and authority to own their
properties and to conduct their business as now being conducted and
as presently proposed to be conducted. Each of the Company and each
of its Subsidiaries is duly qualified as a foreign entity to do
business and is in good standing in every jurisdiction in which its
ownership of property or the nature of the business conducted by it
makes such qualification necessary, except to the extent that the
failure to be so qualified or be in good standing would not have a
Material Adverse Effect. As used in this Agreement, “Material Adverse
Effect” means any
material adverse effect on (i) the business, properties, assets,
liabilities, operations (including results thereof), condition
(financial or otherwise) or prospects of the Company and its
Subsidiaries taken as a whole, (ii) the transactions contemplated
hereby or in any of the other Transaction Documents or (iii) the
authority or ability of the Company or any of its Subsidiaries to
perform any of their respective obligations under any of the
Transaction Documents (as defined below). Other than the Persons
(as defined below) set forth on Schedule 3(a) of the Disclosure
Letter, the Company has no Subsidiaries. “Subsidiaries” means any Person in which the
Company, directly or indirectly, (A) owns any of the outstanding
capital stock or holds any equity or similar interest of such
Person or (B) controls or operates all or any part of the business,
operations or administration of such Person, and each of the
foregoing, is individually referred to herein as a “Subsidiary”.

 

 

 

4

 

 

(b) Authorization;
Enforcement; Validity. The Company has the requisite power
and authority to enter into and perform its obligations under this
Agreement and the other Transaction Documents and to issue the
Securities in accordance with the terms hereof and thereof. The
execution and delivery of this Agreement and the other Transaction
Documents by the Company and the consummation by the Company of the
transactions contemplated hereby and thereby (including the
issuance of the Notes, the reservation for issuance and issuance of
the Conversion Shares issuable upon conversion of the Notes, the
reservation for issuance and issuance of any Interest Shares
issuable pursuant to the terms of the Notes, the issuance of the
Warrants and the reservation for issuance and issuance of the
Warrant Shares) have been duly authorized by the
Company’s board of
directors and (other than the Company’s compliance with
Section 4(p) hereof and the filing with the SEC and any other
filings as may be required by any state securities agencies) no
further filing, consent or authorization is required by the
Company, its board of directors or its stockholders or other
governing body. This Agreement has been, and the other Transaction
Documents to be delivered on or prior to the Closing will be prior
to the Closing, duly executed and delivered by the Company, and
each constitutes a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its
respective terms, except as such enforceability may be limited by
general principles of equity or applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating
to, or affecting generally, the enforcement of applicable
creditors’ rights and
remedies and except as rights to indemnification and to
contribution may be limited by federal or state securities law.
“Transaction
Documents” means,
collectively, this Agreement, the Notes, the Warrants, the Security
Agreement (as defined in the Notes), the Intellectual Property
Security Agreement (as defined in the Security Agreement), the Cash
Collateral Account Agreements (as defined below), and each of the
other agreements and instruments entered into or delivered by any
of the parties hereto in connection with the transactions
contemplated hereby and thereby, as may be amended from time to
time.

 

(c) Issuance of
Securities. The issuance of the Notes and the Warrants are
duly authorized and, upon issuance and payment for the Notes in
accordance with the terms of the Transaction Documents shall be
validly issued, fully paid and non-assessable and free from all
preemptive or similar rights, mortgages, defects, claims, liens,
pledges, charges, taxes, rights of first refusal, assignment,
charge, encumbrances, security interests and other encumbrance of
any kind (including any agreement to give any of the foregoing, any
conditional sale or other title retention agreement, and any lease
in the nature thereof) or any other arrangement pursuant to which
an interest in property is retained by or vested in some other
Person for security purposes (collectively “Liens”) with respect to the issuance
thereof. Upon issuance the Conversion Shares, the Interest Shares
and the Warrant Shares will be validly issued, fully paid and
nonassessable and free from all Liens with respect to the issue
thereof, with the holders being entitled to all rights accorded to
a holder of the Common Stock.

 

 

5

 

 

(d) No Conflicts.
The execution, delivery and performance of the Transaction
Documents by the Company and the consummation by the Company of the
transactions contemplated hereby and thereby (including the
issuance of the Notes, the Warrants, the Interest Shares, the
Warrant Shares, the Conversion Shares and the reservation for
issuance of the Conversion Shares, the Interest Shares and the
Warrant Shares, subject to compliance by the Company with Section
4(p) hereof, as applicable) will not (i) result in a violation of
the Certificate of Incorporation (as defined below) (including any
certificate of designation contained therein), Bylaws (as defined
below), certificate of formation, memorandum of association,
articles of association, bylaws or other organizational documents
of the Company or any of its Subsidiaries, or any capital stock or
other securities of the Company or any of its Subsidiaries, (ii)
subject to compliance by the Company with Section 8 hereof,
conflict with, or constitute a default (or an event which with
notice or lapse of time or both would become a default) in any
respect under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Company or any of its
Subsidiaries is a party, or (iii) result in a violation of any law,
rule, regulation, order, judgment or decree (including foreign,
federal and state securities laws and regulations and the rules and
regulations of the NYSE American (the “Principal
Market”), with a
reasonable prospect of delisting or suspension occurring after
giving effect to all applicable notice, appeal, compliance and
hearing periods, and including all applicable foreign, federal and
state laws, rules and regulations) applicable to the Company or any
of its Subsidiaries or by which any property or asset of the
Company or any of its Subsidiaries is bound or affected, except in
the case of (ii) and (iii) for any such conflict, default or
violation that would not reasonably be expected to have a Material
Adverse Effect.

 

(e) Consents.
Neither the Company nor any Subsidiary is required to obtain any
consent from, authorization or order of, or make any filing or
registration with (other than the filing with the SEC, Principal
Market and any other filings as may be required by any state
securities agencies), any Governmental Entity (as defined below) or
any regulatory or self-regulatory agency or, subject to compliance
by the Company with Section 8 hereof, any other Person in order for
it to execute, deliver or perform any of its respective obligations
under or contemplated by the Transaction Documents, in each case,
in accordance with the terms hereof or thereof, other than
compliance by the Company with Section 4(p) hereof. All consents,
authorizations, orders, filings and registrations which the Company
or any Subsidiary is required to obtain pursuant to the preceding
sentence have been or will be obtained or effected on or prior to
the Closing Date other than compliance by the Company with Section
4(p) hereof, and neither the Company nor any of its Subsidiaries
are aware of any facts or circumstances which might prevent the
Company or any of its Subsidiaries from obtaining or effecting any
of the registration, application or filings contemplated by the
Transaction Documents. Except as disclosed in the SEC Documents (as
defined below), the Company is not in violation of the requirements
of the Principal Market and has no knowledge of any facts or
circumstances which could reasonably lead to delisting or
suspension of the Common Stock in the foreseeable future.
“Governmental
Entity” means any
nation, state, county, city, town, village, district, or other
political jurisdiction of any nature, federal, state, local,
municipal, foreign, or other government, governmental or
quasi-governmental authority of any nature (including any
governmental agency, branch, department, official, or entity and
any court or other tribunal), multi-national organization or body;
or body exercising, or entitled to exercise, any administrative,
executive, judicial, legislative, police, regulatory, or taxing
authority or power of any nature or instrumentality of any of the
foregoing, including any entity or enterprise owned or controlled
by a government or a public international organization or any of
the foregoing.

 

 

6

 

 

(f) Acknowledgment
Regarding Buyer’s Purchase of Securities. The Company
acknowledges and agrees that each Buyer is acting solely in the
capacity of an arm’s
length purchaser with respect to the Transaction Documents and the
transactions contemplated hereby and thereby and that no Buyer is
(i) an officer or director of the Company or any of its
Subsidiaries, (ii) to its knowledge, an “affiliate” (as defined in Rule 144 promulgated
under the 1933 Act (or a successor rule thereto) (collectively,
“Rule 144”)) of the Company or any of its
Subsidiaries or (iii) to its knowledge a “beneficial
owner” of more than 10% of the shares of Common Stock (as
defined for purposes of Rule 13d-3 of the Securities Exchange Act
of 1934, as amended (the “1934 Act”), taking account of any
limitations on exercise or conversion (including
“blockers”) contained in securities and instruments
beneficially owned by such Person, without conceding that such
Person is a 10% stockholder for purposes of federal securities
laws). The Company further acknowledges that no Buyer is acting as
a financial advisor or fiduciary of the Company or any of its
Subsidiaries (or in any similar capacity) with respect to the
Transaction Documents and the transactions contemplated hereby and
thereby, and any advice given by a Buyer or any of its
representatives or agents in connection with the Transaction
Documents and the transactions contemplated hereby and thereby is
merely incidental to such Buyer’s purchase of the Securities. The
Company further represents to each Buyer that the
Company’s decision to
enter into the Transaction Documents has been based solely on the
independent evaluation by the Company and its
representatives.

 

(g) Placement
Agent’s Fees. None of the Company or its Subsidiaries
has, and no manager, governor, director, officer or employee of any
of them has, employed any broker or finder, or incurred or will
incur any broker’s, finder’s or similar fees,
commissions or expenses, in each case in connection with the
transactions contemplated by this Agreement or any other
Transaction Document, for which the any Buyer or its designees will
be liable.

 

(h) No Integrated
Offering. None of the Company, its Subsidiaries or any of
their affiliates, nor any Person acting on their behalf has,
directly or indirectly, made any offers or sales of any security or
solicited any offers to buy any security, under circumstances that
would cause this offering of the Securities to require approval of
stockholders of the Company for purposes of the 1933 Act or under
any applicable stockholder approval provisions, including under the
rules and regulations of any exchange or automated quotation system
on which any of the securities of the Company are listed or
designated for quotation. None of the Company, its Subsidiaries,
their affiliates nor any Person acting on their behalf will take
any action or steps that would cause the offering of any of the
Securities to be integrated with other offerings of securities of
the Company.

 

(i) Application of
Takeover Protections; Rights Agreement. The Company and its
board of directors have taken all necessary action, if any, in
order to render inapplicable any control share acquisition,
interested stockholder, business combination, poison pill
(including any distribution under a rights agreement), stockholder
rights plan or other similar anti-takeover provision under the
Certificate of Incorporation, Bylaws or other organizational
documents or the laws of the jurisdiction of its incorporation or
otherwise which is or could become applicable to any Buyer as a
result of the transactions contemplated by this Agreement,
including the Company’s
issuance of the Securities and any Buyer’s ownership of the Securities. The
Company and its board of directors have taken all necessary action,
if any, in order to render inapplicable any stockholder rights plan
or similar arrangement relating to accumulations of beneficial
ownership of shares of Common Stock or a change in control of the
Company or any of its Subsidiaries.

 

 

7

 

 

(j) SEC Documents;
Financial Statements. During the two years prior to the date
hereof, the Company has timely filed all reports, schedules, forms,
proxy statements, statements and other documents required to be
filed by it with the SEC pursuant to the reporting requirements of
the 1934 Act (all of the foregoing filed prior to the date hereof
and all exhibits and appendices included therein and financial
statements, notes and schedules thereto and documents incorporated
by reference therein being hereinafter referred to as the
“SEC
Documents”). The
Company has delivered or has made available to the Buyers or their
respective representatives true, correct and complete copies of
each of the SEC Documents not available on the EDGAR system. As of
their respective dates, the SEC Documents complied in all material
respects with the requirements of the 1934 Act and the rules and
regulations of the SEC promulgated thereunder applicable to the SEC
Documents, and none of the SEC Documents, at the time they were
filed with the SEC, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not
misleading. As of their respective dates, the financial statements
(including any notes or any letter of the independent accountants
of the Company with respect thereto) of the Company included in the
SEC Documents (the “Financial
Statements”)
complied in all material respects with applicable accounting
requirements and the published rules and regulations of the SEC
with respect thereto as in effect as of the time of filing. Such
Financial Statements have been prepared in accordance with U.S.
generally accepted accounting principles (“GAAP”), consistently applied, during the
periods involved (except (i) as may be otherwise indicated in such
Financial Statements or the notes thereto, or (ii) in the case of
unaudited interim statements, to the extent they may exclude
footnotes or may be condensed or summary statements) and fairly
present in all material respects the financial position of the
Company as of the dates thereof and the results of its operations
and cash flows for the periods then ended (subject, in the case of
unaudited statements, to normal year-end audit adjustments which
will not be material, either individually or in the aggregate). The
reserves, if any, established by the Company or the lack of
reserves, if applicable, are reasonable based upon facts and
circumstances known by the Company on the date hereof and there are
no loss contingencies that are required to be accrued by the
Statement of Financial Accounting Standard No. 5 of the Financial
Accounting Standards Board which are not provided for by the
Company in its Financial Statements or otherwise. No other
information provided by or on behalf of the Company to any of the
Buyers which is not included in the SEC Documents (including
information in the disclosure schedules to this Agreement) contains
any untrue statement of a material fact or omits to state any
material fact necessary in order to make the statements therein not
misleading, in the light of the circumstance under which they are
or were made. The Company is not currently contemplating to amend
or restate any of the Financial Statements nor is the Company
currently aware of facts or circumstances which would require the
Company to amend or restate any of the Financial Statements, in
each case, in order for any of the Financials Statements to be in
compliance with GAAP and the rules and regulations of the SEC. The
Company has not been informed by its independent accountants that
they recommend that the Company amend or restate any of the
Financial Statements or that there is any need for the Company to
amend or restate any of the Financial Statements.

 

 

 

8

 

 

(k) Absence of Certain
Changes. Since the date of the Company’s most recent audited financial
statements contained in a Form 10-K and any subsequent unaudited
financial statements contained in Form 10-Q, other than as
disclosed in the SEC Documents, there has been no material adverse
change and no material adverse development in the business, assets,
liabilities, properties, operations (including results thereof),
condition (financial or otherwise) or prospects of the Company or
any of its Subsidiaries. Since the date of the Company’s most recent audited financial
statements contained in a Form 10-K, neither the Company nor any of
its Subsidiaries has (i) declared or paid any dividends, (ii) sold
any assets, individually or in the aggregate, outside of the
ordinary course of business or (iii) made any material capital
expenditures, individually or in the aggregate. Neither the Company
nor any of its Subsidiaries has taken any steps to seek protection
pursuant to any law or statute relating to bankruptcy, insolvency,
reorganization, receivership, liquidation or winding up, nor does
the Company or any Subsidiary have any knowledge or reason to
believe that any of their respective creditors intend to initiate
involuntary bankruptcy proceedings or any actual knowledge of any
fact which would reasonably lead a creditor to do so. The Company
and its Subsidiaries, individually and on a consolidated basis, are
not as of the date hereof, and after giving effect to the
transactions contemplated hereby to occur at the Closing, will not
be Insolvent (as defined below). For purposes of this 3(k),
“Insolvent” means, (i) with respect to the
Company and its Subsidiaries, on a consolidated basis, (A) the
present fair saleable value of the Company’s and its Subsidiaries’ assets is less than the amount
required to pay the Company’s and its Subsidiaries’ total Indebtedness (as defined
below), (B) the Company and its Subsidiaries are unable to pay
their debts and liabilities, subordinated, contingent or otherwise,
as such debts and liabilities become absolute and matured or (C)
the Company and its Subsidiaries intend to incur or believe that
they will incur debts that would be beyond their ability to pay as
such debts mature; and (ii) with respect to the Company and each
Subsidiary, individually, (A) the present fair saleable value of
the Company’s or such
Subsidiary’s (as the case
may be) assets is less than the amount required to pay its
respective total Indebtedness, (B) the Company or such Subsidiary
(as the case may be) is unable to pay its respective debts and
liabilities, subordinated, contingent or otherwise, as such debts
and liabilities become absolute and matured or (C) the Company or
such Subsidiary (as the case may be) intends to incur or believes
that it will incur debts that would be beyond its respective
ability to pay as such debts mature. Neither the Company nor any of
its Subsidiaries has engaged in any business or in any transaction,
and is not about to engage in any business or in any transaction,
for which the Company’s
or such Subsidiary’s
remaining assets constitute unreasonably small
capital.

 

(l) No Undisclosed Events,
Liabilities, Developments or Circumstances. Other than the
transactions contemplated by this Agreement or as disclosed in the
SEC Documents, no event, liability, development or circumstance has
occurred or exists, or is reasonably expected to exist or occur
with respect to the Company, any of its Subsidiaries or any of
their respective businesses, properties, liabilities, prospects,
operations (including results thereof) or condition (financial or
otherwise), that (i) would be required to be disclosed by the
Company under applicable securities laws on a registration
statement on Form S-1 filed with the SEC relating to an issuance
and sale by the Company of its Common Stock and which has not been
publicly announced, (ii) could have a material adverse effect on
any Buyer’s investment
hereunder or (iii) could have a Material Adverse
Effect.

 

 

 

9

 

 

(m) Conduct of Business;
Regulatory Permits. Neither the Company nor any of its
Subsidiaries is in violation of any term of or in default under its
Certificate of Incorporation, any certificate of designation,
preferences or rights of any other outstanding series of preferred
stock of the Company (“Preferred Stock”) or any of its
Subsidiaries or Bylaws (as defined below) or their organizational
charter, certificate of formation, memorandum of association,
articles of association, Certificate of Incorporation or
certificate of incorporation or bylaws, respectively. Neither the
Company nor any of its Subsidiaries is in violation of any
judgment, decree or order or any statute, ordinance, rule or
regulation applicable to the Company or any of its Subsidiaries,
and neither the Company nor any of its Subsidiaries will conduct
its business in violation of any of the foregoing, except in all
cases for possible violations which could not, individually or in
the aggregate, have a Material Adverse Effect. Without limiting the
generality of the foregoing, the Company is not in violation of any
of the rules, regulations or requirements of the Principal Market
and has no knowledge of any facts or circumstances that could
reasonably lead to delisting or suspension of the Common Stock by
the Principal Market in the foreseeable future. During the two
years prior to the date hereof, (i) the Common Stock has been
listed or designated for quotation on the Principal Market, (ii)
trading in the Common Stock has not been suspended by the SEC or
the Principal Market and (iii) the Company has received no
communication, written or oral, from the SEC or the Principal
Market regarding the suspension or delisting of the Common Stock
from the Principal Market. The Company and each of its Subsidiaries
possess all certificates, authorizations and permits issued by the
appropriate regulatory authorities necessary to conduct their
respective businesses, except where the failure to possess such
certificates, authorizations or permits would not have,
individually or in the aggregate, a Material Adverse Effect, and
neither the Company nor any such Subsidiary has received any notice
of proceedings relating to the revocation or modification of any
such certificate, authorization or permit. There is no agreement,
commitment, judgment, injunction, order or decree binding upon the
Company or any of its Subsidiaries or to which the Company or any
of its Subsidiaries is a party which has or would reasonably be
expected to have the effect of prohibiting or materially impairing
any business practice of the Company or any of its Subsidiaries,
any acquisition of property by the Company or any of its
Subsidiaries or the conduct of business by the Company or any of
its Subsidiaries as currently conducted other than such effects,
individually or in the aggregate, which have not had and would not
reasonably be expected to have a Material Adverse Effect on the
Company or any of its Subsidiaries.

 

(n) Foreign Corrupt
Practices. None of the Company, its Subsidiaries or any
director, officer, agent, employee, nor any other Person acting for
or on behalf of the foregoing (individually and collectively, a
“Company
Affiliate”) have
violated the U.S. Foreign Corrupt Practices Act (the “FCPA”) or any other applicable
anti-bribery or anti-corruption laws, nor has any Company Affiliate
offered, paid, promised to pay, or authorized the payment of any
money, or offered, given, promised to give, or authorized the
giving of anything of value, to any officer, employee or any other
Person acting in an official capacity for any Governmental Entity
to any political party or official thereof or to any candidate for
political office (individually and collectively, a “Government
Official”) or to
any Person under circumstances where such Company Affiliate knew or
was aware of a high probability that all or a portion of such money
or thing of value would be offered, given or promised, directly or
indirectly, to any Government Official, for the purpose
of:

 

 

 

10

 

 

(i) (A) influencing any
act or decision of such Government Official in his/her official
capacity, (B) inducing such Government Official to do or omit to do
any act in violation of his/her lawful duty, (C) securing any
improper advantage, or (D) inducing such Government Official to
influence or affect any act or decision of any Governmental Entity,
or

 

(ii) assisting
the Company or its Subsidiaries in obtaining or retaining business
for or with, or directing business to, the Company or its
Subsidiaries.

 

(o) Sarbanes-Oxley
Act. The Company and each Subsidiary is in compliance with
any and all applicable requirements of the Sarbanes-Oxley Act of
2002, as amended, and any and all applicable rules and regulations
promulgated by the SEC thereunder, except where the failure to
comply could not have, individually or in the aggregate, a Material
Adverse Effect.

 

(p) Transactions With
Affiliates. None of the officers, directors, employees or
affiliates of the Company or any of its Subsidiaries is presently a
party to any transaction with the Company or any of its
Subsidiaries (other than for ordinary course services as employees,
officers or directors), including any contract, agreement or other
arrangement providing for the furnishing of services to or by,
providing for rental of real or personal property to or from, or
otherwise requiring payments to or from any such officer, director,
employee or affiliate or, to the knowledge of the Company or any of
its Subsidiaries, any corporation, partnership, trust or other
Person in which any such officer, director, or employee has a
substantial interest or is an employee, officer, director, trustee,
affiliate or partner.

 

(q) Equity Capitalization. As of
the date hereof, the authorized capital stock of the Company
consists of (i) 160,000,000 shares of Common Stock, of which,
107,552,166 were issued and outstanding on December 12, 2018, and
10,277,848 shares are reserved for issuance pursuant to securities
(other than the Warrants) exercisable or exchangeable for, or
convertible into, shares of Common Stock and (ii) 2,000,000 shares
of preferred stock, of which 761,429  shares of non-voting convertible
Series A Preferred Stock are authorized and none of which are
issued and outstanding, 454,546 shares of non-voting convertible
Series B Preferred Stock are authorized and none of which are
issued and outstanding, 150,000 shares of non-voting convertible
Series C-1 Preferred Stock are authorized and none of which are
issued and outstanding, 150,000 shares of non-voting convertible
Series C-2 Preferred Stock are authorized and 150,000 shares of
which are issued and outstanding, 200,000 shares of non-voting
convertible Series C-3 Preferred Stock are authorized and 104,000
shares of which are issued and outstanding, (viii) 73,962 shares of
non-voting convertible Series D Preferred Stock are authorized and
73,962 shares of which are issued and outstanding, (ix) 89,623
shares of non-voting convertible Series E Preferred Stock are
authorized and 89,623 shares  of which are issued and
outstanding, on December 12, 2018, and (x) 5,000 shares of Series F
Convertible Stock are authorized and 2,000 shares of which are
issued and are outstanding.  No shares of Common Stock or
Preferred Stock are held in treasury. All of such outstanding
shares are duly authorized and have been, or upon issuance will be,
validly issued and are fully paid and nonassessable.  An
aggregate of 4,641,686 shares of the Company’s issued and
outstanding Common Stock on the date hereof are as of the date
hereof owned by Persons who are “affiliates” (as
defined in Rule 405 of the 1933 Act and calculated based on the
assumption that only officers, directors and holders of at least
10% of the Company’s issued and outstanding Common Stock are
“affiliates” without conceding that any such Persons
are “affiliates” for purposes of federal securities
laws) of the Company or any of its Subsidiaries.  To the
Company’s knowledge, as of the date hereof, no Person owns
10% or more of the Company’s issued and outstanding shares of
Common Stock (calculated based on the assumption that all
Convertible Securities, whether or not presently exercisable or
convertible, have been fully exercised or converted (as
the case may be) taking account of any limitations on exercise or
conversion (including “blockers”) contained therein
without conceding that such identified Person is a 10% stockholder
for purposes of federal securities laws). Except as disclosed in
Schedule 3(q) of
the Disclosure Letter: (i) none of the Company’s or any
Subsidiary’s capital stock is subject to preemptive rights or
any other similar rights or any Liens suffered or permitted by the
Company or any Subsidiary; (ii) there are no outstanding options,
warrants, scrip, rights to subscribe to, calls or commitments of
any character whatsoever relating to, or securities or rights
convertible into, or exercisable or exchangeable for, any capital
stock of the Company or any of its Subsidiaries, or contracts,
commitments, understandings or arrangements by which the Company or
any of its Subsidiaries is or may become bound to issue additional
capital stock of the Company or any of its Subsidiaries or options,
warrants, scrip, rights to subscribe to, calls or commitments of
any character whatsoever relating to, or securities or rights
convertible into, or exercisable or exchangeable for, any capital
stock of the Company or any of its Subsidiaries; (iii) there are no
outstanding debt securities, notes, credit agreements, credit
facilities or other agreements, documents or instruments evidencing
Indebtedness of the Company or any of its Subsidiaries or by which
the Company or any of its Subsidiaries is or may become bound; (iv)
there are no financing statements securing obligations in any
amounts filed in connection with the Company or any of its
Subsidiaries; (v) there are no agreements or arrangements under
which the Company or any of its Subsidiaries is obligated to
register the sale of any of their securities under the 1933 Act;
(vi) there are no outstanding securities or instruments of the
Company or any of its Subsidiaries which contain any redemption or
similar provisions, and there are no contracts, commitments,
understandings or arrangements by which the Company or any of its
Subsidiaries is or may become bound to redeem a security of the
Company or any of its Subsidiaries; (vii) there are no securities
or instruments containing anti-dilution or similar provisions that
will be triggered by the issuance of the Securities; (viii) neither
the Company nor any Subsidiary has any stock appreciation rights or
“phantom stock” plans or agreements or any similar plan
or agreement; and (ix) neither the Company nor any of its
Subsidiaries have any liabilities or obligations required to be
disclosed in the SEC Documents which are not so disclosed in the
SEC Documents, other than those incurred in the ordinary course of
the Company’s or its Subsidiaries’ respective
businesses and which, individually or in the aggregate, do not or
could not have a Material Adverse Effect.  The Company has
furnished to each Buyer true, correct and complete copies of the
Company’s Certificate of Incorporation, as amended and as in
effect on the date hereof (the “Certificate of Incorporation”),
and the Company’s bylaws, as amended and as in effect on the
date hereof (the “Bylaws”), and the terms of all
securities convertible into, or exercisable or exchangeable for,
shares of Common Stock and the material rights of the holders
thereof in respect thereto that have not been disclosed in the SEC
Documents. As used herein, the term “Convertible Securities” means any
stock or other security (other than any rights, warrants or options
to subscribe for or purchase shares of Common Stock or Convertible
Securities) that is at any time and under any circumstances,
directly or indirectly, convertible into, exercisable or
exchangeable for, or which otherwise entitles the holder thereof to
acquire, any shares of Common Stock.

 

 

11

 

 

(r) Indebtedness and Other
Contracts. Neither the Company nor any of its Subsidiaries,
(i) except as set forth in the SEC Documents, has any outstanding
debt securities, notes, credit agreements, credit facilities or
other agreements, documents or instruments evidencing Indebtedness
of the Company or any of its Subsidiaries or by which the Company
or any of its Subsidiaries is or may become bound, (ii) is a party
to any contract, agreement or instrument, the violation of which,
or default under which, by the other party(ies) to such contract,
agreement or instrument could reasonably be expected to result in a
Material Adverse Effect, (iii) has any financing statements
securing obligations in any amounts filed in connection with the
Company or any of its Subsidiaries; (iv) is in violation of any
term of, or in default under, any contract, agreement or instrument
relating to any Indebtedness, except where such violations and
defaults would not result, individually or in the aggregate, in a
Material Adverse Effect, or (v) is a party to any contract,
agreement or instrument relating to any Indebtedness, the
performance of which, in the judgment of the Company’s officers, has or is expected to
have a Material Adverse Effect. Neither the Company nor any of its
Subsidiaries have any liabilities or obligations required to be
disclosed in the SEC Documents which are not so disclosed in the
SEC Documents, other than those incurred in the ordinary course of
the Company’s or its
Subsidiaries’ respective
businesses and which, individually or in the aggregate, do not or
could not have a Material Adverse Effect. For purposes of this
Agreement: (x) “Indebtedness” of any Person means, without
duplication (A) all indebtedness for borrowed money, (B) all
obligations issued, undertaken or assumed as the deferred purchase
price of property or services (including “capital leases” in accordance with GAAP) (other
than trade payables entered into in the ordinary course of business
consistent with past practice), (C) all reimbursement or payment
obligations with respect to letters of credit, surety bonds and
other similar instruments, (D) all obligations evidenced by notes,
bonds, debentures or similar instruments, including obligations so
evidenced incurred in connection with the acquisition of property,
assets or businesses, (E) all indebtedness created or arising under
any conditional sale or other title retention agreement, or
incurred as financing, in either case with respect to any property
or assets acquired with the proceeds of such indebtedness (even
though the rights and remedies of the seller or bank under such
agreement in the event of default are limited to repossession or
sale of such property), (F) all monetary obligations under any
leasing or similar arrangement which, in connection with GAAP,
consistently applied for the periods covered thereby, is classified
as a capital lease, (G) all indebtedness referred to in clauses (A)
through (F) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien upon or in any property or assets (including
accounts and contract rights) owned by any Person, even though the
Person which owns such assets or property has not assumed or become
liable for the payment of such indebtedness, and (H) all Contingent
Obligations (as defined below) in respect of indebtedness or
obligations of others of the kinds referred to in clauses (A)
through (G) above; and (y) “Contingent
Obligation” means,
as to any Person, any direct or indirect liability, contingent or
otherwise, of that Person with respect to any Indebtedness, lease,
dividend or other obligation of another Person if the primary
purpose or intent of the Person incurring such liability, or the
primary effect thereof, is to provide assurance to the obligee of
such liability that such liability will be paid or discharged, or
that any agreements relating thereto will be complied with, or that
the holders of such liability will be protected (in whole or in
part) against loss with respect thereto; and (z) “Person” means an individual, a limited
liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity and any
Governmental Entity or any department or agency
thereof.

 

 

 

12

 

 

(s) Litigation.
There is no action, suit, arbitration, proceeding, inquiry or
investigation before or by the Principal Market, any court, public
board, other Governmental Entity, self-regulatory organization or
body pending or, to the knowledge of the Company, threatened
against or affecting the Company or any of its Subsidiaries, the
Common Stock or any of the Company’s or its Subsidiaries’ officers or directors, whether of a
civil or criminal nature or otherwise, in their capacities as such,
except as set forth in Schedule 3(s)
of the Disclosure Letter. No
director, officer or employee of the Company or any of its
subsidiaries has willfully violated 18 U.S.C. §1519 or engaged in spoliation in
reasonable anticipation of litigation. Without limitation of the
foregoing, there has not been, and to the knowledge of the Company,
there is not pending or contemplated, any investigation by the SEC
involving the Company, any of its Subsidiaries or any current or
former director or officer of the Company or any of its
Subsidiaries. The SEC has not issued any stop order or other order
suspending the effectiveness of any registration statement filed by
the Company under the 1933 Act or the 1934 Act. After reasonable
inquiry of its employees, the Company is not aware of any fact
which might result in or form the basis for any such action, suit,
arbitration, investigation, inquiry or other proceeding. Neither
the Company nor any of its Subsidiaries is subject to any order,
writ, judgment, injunction, decree, determination or award of any
Governmental Entity.

 

(t) Insurance. The
Company and each of its Subsidiaries are insured by insurers of
recognized financial responsibility against such losses and risks
and in such amounts as management of the Company believes to be
prudent and customary in the businesses in which the Company and
its Subsidiaries are engaged. Neither the Company nor any such
Subsidiary has been refused any insurance coverage sought or
applied for and neither the Company nor any such Subsidiary has any
reason to believe that it will be unable to renew its existing
insurance coverage as and when such coverage expires or to obtain
substantially similar coverage from substantially similar insurers
as may be necessary to continue its business at a cost that would
not have a Material Adverse Effect.

 

(u) Employee
Relations. Neither the Company nor any of its Subsidiaries
is a party to any collective bargaining agreement or employs any
member of a union. No executive officer (as defined in Rule 501(f)
promulgated under the 1933 Act) or other key employee of the
Company or any of its Subsidiaries has notified the Company or any
such Subsidiary that such officer intends to leave the Company or
any such Subsidiary or otherwise terminate such officer’s employment with the Company or any
such Subsidiary. No executive officer or other key employee of the
Company or any of its Subsidiaries is, or is now expected to be, in
violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement,
non-competition agreement, or any other contract or agreement or
any restrictive covenant, and the continued employment of each such
executive officer or other key employee (as the case may be) does
not subject the Company or any of its Subsidiaries to any liability
with respect to any of the foregoing matters. The Company and its
Subsidiaries are in compliance with all federal, state, local and
foreign laws and regulations respecting labor, employment and
employment practices and benefits, terms and conditions of
employment and wages and hours, except where failure to be in
compliance would not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse
Effect.

 

 

 

13

 

 

(v) Title.

 

(i) Real Property.
The Company and its Subsidiaries have good and marketable title in
fee simple to all Real Property (as defined in the Security
Agreement) and have good and marketable title to all personal
property owned by them which is material to the business of the
Company and its Subsidiaries, in each case, free and clear of all
Liens except such as do not materially affect the value of such
property and do not interfere with the use made and proposed to be
made of such property by the Company and any of its Subsidiaries.
Any Real Property and facilities held under lease by the Company or
any of its Subsidiaries are held by them under valid, subsisting
and enforceable leases with such exceptions as are not material and
do not interfere with the use made and proposed to be made of such
property and buildings by the Company or any of its
Subsidiaries.

 

(ii) Fixtures
and Equipment. Each of the Company and its Subsidiaries (as
applicable) has good title to, or a valid leasehold interest in,
the tangible personal property, equipment, improvements, fixtures,
and other personal property and appurtenances that are used by the
Company or its Subsidiary in connection with the conduct of its
business (the “Fixtures and
Equipment”). The
Fixtures and Equipment are structurally sound, are in good
operating condition and repair, are adequate for the uses to which
they are being put, are not in need of maintenance or repairs
except for ordinary, routine maintenance and repairs and are
sufficient for the conduct of the Company’s and/or its
Subsidiaries’ businesses
(as applicable) in the manner as conducted prior to the Closing.
Each of the Company and its Subsidiaries owns all of its Fixtures
and Equipment free and clear of all Liens except for (i) any Lien
for taxes not yet due or delinquent or being contested in good
faith by appropriate proceedings for which adequate reserves have
been established in accordance with GAAP, (ii) any statutory Lien
arising in the ordinary course of business by operation of law with
respect to a liability that is not yet due or delinquent, (iii) any
Lien created by operation of law, such as materialmen’s liens, mechanics’ liens and other similar liens,
arising in the ordinary course of business with respect to a
liability that is not yet due or delinquent or that are being
contested in good faith by appropriate proceedings, (iv) Liens (A)
upon or in any equipment acquired or held by the Company or any of
its Subsidiaries to secure the purchase price of such equipment or
Indebtedness incurred solely for the purpose of financing the
acquisition or lease of such equipment, or (B) existing on such
equipment at the time of its acquisition, provided that the Lien is
confined solely to the property so acquired and improvements
thereon, and the proceeds of such equipment, (v) Liens in favor of
customs and revenue authorities arising as a matter of law to
secure payments of custom duties in connection with the importation
of goods, (vi) deposits or pledges to secure bids, tenders,
contracts (other than contracts for the payment of money), leases,
statutory obligations, indemnity, performance, surety and appeal
bonds, purchase agreements and other obligations of like nature
arising in the ordinary course of business, (vii) any interest,
Lien or title of a licensor, sublicensor, lessor or sublessor under
any license or lease agreement in the property being leased or
licensed as permitted hereunder, (viii) rights of setoff or
banker’s liens upon
deposits of cash in favor of banks or other depository
institutions, but not securing any Indebtedness for money borrower,
and (xi) zoning laws and other land use restrictions that do not
impair the present or anticipated use of the property subject
thereto.

 

 

14

 

 

(w) Potential Products; FDA;
EMEA.

 

(i) Except as described
in the SEC Documents, the Company possesses all certificates,
authorizations and permits issued by the appropriate federal, state
or foreign regulatory authorities necessary to conduct its business
as currently conducted, including all such certificates,
authorizations and permits required by the United States Food and
Drug Administration (the “FDA”) or any other federal, state or
foreign agencies or bodies engaged in the regulation of
pharmaceuticals or biohazardous materials, except where the failure
to so possess such certificates, authorizations and permits,
individually or in the aggregate, would not result in a Material
Adverse Effect. Except as described in the SEC Documents, the
Company has not received any notice of proceedings relating to the
revocation or modification of any such certificate, authorization
or permit which, individually or in the aggregate, if the subject
of an unfavorable decision, ruling or finding, would have a
Material Adverse Effect.

 

(ii) Except
to the extent disclosed in the SEC Documents, the Company has not
received any written notices or statements from the FDA, the
European Medicines Agency (the “EMEA”) or any other governmental agency,
and otherwise has no knowledge or reason to believe, that (i) any
drug candidate of the Company described in the SEC Documents (each
a “Potential
Product”) may or
will be rejected or determined to be non-approvable; (ii) a delay
in time for review and/or approval of a marketing authorization
application or marketing approval application in any jurisdiction
for any Potential Product is or may be required, requested or being
implemented; (iii) one or more clinical studies for any Potential
Product shall or may be requested or required in addition to the
clinical studies submitted to the FDA prior to the date hereof as a
precondition to or condition of issuance or maintenance of a
marketing approval for any Potential Product; (iv) any license,
approval, permit or authorization to conduct any clinical trial of
or market any product or Potential Product of the Company has been,
will be or may be suspended, revoked, modified or limited, except
in the cases of clauses (i), (ii), (iii) and (iv) where such
rejections, determinations, delays, requests, suspensions,
revocations, modifications or limitations might not reasonably be
expected to have, individually or in the aggregate, a Material
Adverse Effect.

 

(iii) Except
to the extent disclosed in the SEC Documents, to the
Company’s knowledge, the
preclinical and clinical testing, application for marketing
approval of, manufacture, distribution, promotion and sale of the
products and Potential Products of the Company is in compliance, in
all material respects, with all laws, rules and regulations
applicable to such activities, including applicable good laboratory
practices, good clinical practices and good manufacturing
practices, except for such non-compliance as would not,
individually or in the aggregate, have a Material Adverse Effect.
The descriptions of the results of such tests and trials contained
in the SEC Documents are complete and accurate in all material
respects such that there would be no untrue statement of a material
fact or omission of a material fact necessary to make the
statements in the SEC Documents, in light of the circumstances
under which they are made, not misleading. The Company is not aware
of any studies, tests or trials, the results of which reasonably
call into question the results of the tests and trials conducted by
or on behalf of the Company that are described or referred to in
the SEC Documents. Except to the extent disclosed in the SEC
Documents, the Company has not received notice of adverse finding,
warning letter or clinical hold notice from the FDA or any non-U.S.
counterpart of any of the foregoing, or any untitled letter or
other correspondence or notice from the FDA or any other
governmental authority or agency or any institutional or ethical
review board alleging or asserting noncompliance with any law, rule
or regulation applicable in any jurisdiction, except notices,
letters, and correspondences and non-U.S. counterparts thereof
alleging or asserting such noncompliance as would not, individually
or in the aggregate, have a Material Adverse Effect. Except to the
extent disclosed in the SEC Documents, the Company has not, either
voluntarily or involuntarily, initiated, conducted or issued, or
caused to be initiated, conducted or issued, any recall, field
correction, market withdrawal or replacement, safety alert,
warning, “dear
doctor” letter,
investigator notice, or other notice or action relating to an
alleged or potential lack of safety or efficacy of any product or
Potential Product of the Company, any alleged product defect of any
product or Potential Product of the Company, or any violation of
any material applicable law, rule, regulation or any clinical trial
or marketing license, approval, permit or authorization for any
product or potential product of the Company, and the Company is not
aware of any facts or information that would cause it to initiate
any such notice or action and has no knowledge or reason to believe
that the FDA, the EMEA or any other governmental agency or
authority or any institutional or ethical review board or other
non-governmental authority intends to impose, require, request or
suggest such notice or action.

 

 

15

 

 

(x) Intellectual Property
Rights. The Company and its Subsidiaries own or possess
adequate rights or licenses to use all trademarks, trade names,
service marks, service mark registrations, service names, original
works of authorship, patents, patent rights, copyrights,
inventions, licenses, approvals, governmental authorizations, trade
secrets and other intellectual property rights and all applications
and registrations therefor (“Intellectual Property
Rights”) necessary
to conduct their respective businesses as now conducted and
presently proposed to be conducted. Each of the patents owned by
the Company or any of its Subsidiaries is listed on Schedule 3(x)(i) of the
Disclosure Letter. Except as set forth in Schedule 3(x)(ii) of the
Disclosure Letter, none of the Company’s Intellectual Property Rights have
expired or terminated or have been abandoned or are expected to
expire or terminate or are expected to be abandoned, within three
years from the date of this Agreement. The Company does not have
any knowledge of any infringement by the Company or its
Subsidiaries of Intellectual Property Rights of others. There is no
claim, action or proceeding being made or brought, or to the
knowledge of the Company or any of its Subsidiaries, being
threatened, against the Company or any of its Subsidiaries
regarding its Intellectual Property Rights. Neither the Company nor
any of its Subsidiaries is aware of any facts or circumstances
which might give rise to any of the foregoing infringements or
claims, actions or proceedings. The Company and its Subsidiaries
have taken reasonable security measures to protect the secrecy,
confidentiality and value of all of their Intellectual Property
Rights.

 

(y) Environmental
Laws. The Company and its Subsidiaries (A) are in compliance
with any and all Environmental Laws (as defined below), (B) have
received all permits, licenses or other approvals required of them
under applicable Environmental Laws to conduct their respective
businesses and (C) are in compliance with all terms and conditions
of any such permit, license or approval where, in each of the
foregoing clauses (A), (B) and (C), the failure to so comply could
be reasonably expected to have, individually or in the aggregate, a
Material Adverse Effect. The term “Environmental
Laws” means all
federal, state, local or foreign laws relating to pollution or
protection of human health or the environment (including ambient
air, surface water, groundwater, land surface or subsurface
strata), including laws relating to emissions, discharges, releases
or threatened releases of chemicals, pollutants, contaminants, or
toxic or hazardous substances or wastes (collectively, “Hazardous
Materials”) into
the environment, or otherwise relating to the manufacture,
processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials, as well as all
authorizations, codes, decrees, demands or demand letters,
injunctions, judgments, licenses, notices or notice letters,
orders, permits, plans or regulations issued, entered, promulgated
or approved thereunder.

 

(i) No Hazardous
Materials:

 

(A) have been disposed
of or otherwise released from any Real Property in violation of any
Environmental Laws, except where such violation would not
reasonably be expected to have a Material Adverse Effect;
or

 

(B) are present on,
over, beneath, in or upon any Real Property or any portion thereof
in quantities that would constitute a material violation of any
Environmental Laws. No prior use by the Company or any of its
Subsidiaries of any Real Property has occurred that violates any
Environmental Laws, which violation would have a Material Adverse
Effect on the business of the Company or any of its
Subsidiaries.

 

 

16

 

 

(ii) Neither
the Company nor any of its Subsidiaries knows of any other Person
who or entity which has stored, treated, recycled, disposed of or
otherwise located on any Real Property any Hazardous Materials,
including such substances as asbestos and polychlorinated
biphenyls.

 

(iii) None
of the Real Property are on any federal or state “Superfund” list or Liability Information
System (“CERCLIS”) list or any state environmental
agency list of sites under consideration for CERCLIS, nor subject
to any environmental related Liens.

 

(z) Subsidiary
Rights. The Company or one of its Subsidiaries has the
unrestricted right to vote, and (subject to limitations imposed by
applicable law) to receive dividends and distributions on, all
capital securities of its Subsidiaries as owned by the Company or
such Subsidiary.

 

(aa) Tax
Status. The Company and each of its Subsidiaries (i) has
timely made or filed all material foreign, federal and state income
and all other material tax returns, reports and declarations
required by any jurisdiction to which it is subject, (ii) has
timely paid all taxes and other governmental assessments and
charges that are material in amount, shown or determined to be due
on such returns, reports and declarations, except those being
contested in good faith and (iii) has set aside on its books
provision reasonably adequate for the payment of all taxes for
periods subsequent to the periods to which such returns, reports or
declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any
jurisdiction, and the officers of the Company and its Subsidiaries
know of no basis for any such claim. The Company is not operated in
such a manner as to qualify as a passive foreign investment
company, as defined in Section 1297 of the U.S. Internal Revenue
Code of 1986, as amended (the “Code”). The net operating loss
carryforwards (“NOLs”) for United States federal income
tax purposes of the consolidated group of which the Company is the
common parent, if any, shall not be adversely effected by the
transactions contemplated hereby. The transactions contemplated
hereby do not constitute an “ownership change” within the meaning of Section 382
of the Code, thereby preserving the Company’s ability to utilize such
NOLs.

 

(bb) Internal
Accounting and Disclosure Controls. The Company and each of
its Subsidiaries maintains internal control over financial
reporting (as such term is defined in Rule 13a-15(f) under the 1934
Act) that is effective to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with
generally accepted accounting principles, including that (i)
transactions are executed in accordance with management’s general or specific
authorizations, (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with GAAP
and to maintain asset and liability accountability, (iii) access to
assets or incurrence of liabilities is permitted only in accordance
with management’s general
or specific authorization and (iv) the recorded accountability for
assets and liabilities is compared with the existing assets and
liabilities at reasonable intervals and appropriate action is taken
with respect to any difference. The Company maintains disclosure
controls and procedures (as such term is defined in Rule 13a-15(e)
under the 1934 Act) that are effective in ensuring that information
required to be disclosed by the Company in the reports that it
files or submits under the 1934 Act is recorded, processed,
summarized and reported, within the time periods specified in the
rules and forms of the SEC, including controls and procedures
designed to ensure that information required to be disclosed by the
Company in the reports that it files or submits under the 1934 Act
is accumulated and communicated to the Company’s management, including its
principal executive officer or officers and its principal financial
officer or officers, as appropriate, to allow timely decisions
regarding required disclosure. During the two years prior to the
date hereof, except as disclosed in the SEC Documents, neither the
Company nor any of its Subsidiaries has received any notice or
correspondence from any accountant, Governmental Entity or other
Person relating to any potential material weakness or significant
deficiency in any part of the internal controls over financial
reporting of the Company or any of its Subsidiaries.

 

 

17

 

 

(cc) Off
Balance Sheet Arrangements. There is no transaction,
arrangement, or other relationship between the Company or any of
its Subsidiaries and an unconsolidated or other off balance sheet
entity that is required to be disclosed by the Company in its 1934
Act filings and is not so disclosed or that otherwise could be
reasonably likely to have a Material Adverse Effect.

 

(dd) Investment
Company Status. The Company is not, and upon consummation of
the sale of the Securities will not be, an “investment company,” an affiliate of an “investment company,” a company controlled by an
“investment
company” or an
“affiliated
person” of, or
“promoter” or “principal underwriter” for, an “investment company” as such terms are defined in the
Investment Company Act of 1940, as amended.

 

(ee) Acknowledgement
Regarding Buyers’ Trading Activity. It is understood
and acknowledged by the Company that (i) following the public
disclosure of the transactions contemplated by the Transaction
Documents, in accordance with the terms thereof, none of the Buyers
have been asked by the Company or any of its Subsidiaries to agree,
nor has any Buyer agreed with the Company or any of its
Subsidiaries, to desist from effecting any transactions in or with
respect to (including purchasing or selling, long and/or short) any
securities of the Company, or “derivative” securities based on securities
issued by the Company or to hold any of the Securities for any
specified term; (ii) any Buyer, and counterparties in “derivative” transactions to which any such
Buyer is a party, directly or indirectly, presently may have a
“short” position in the Common Stock which
was established prior to such Buyer’s knowledge of the transactions
contemplated by the Transaction Documents; and (iii) each Buyer
shall not be deemed to have any affiliation with or control over
any arm’s length
counterparty in any “derivative” transaction. The Company further
understands and acknowledges that following the public disclosure
of the transactions contemplated by the Transaction Documents
pursuant to the Press Release (as defined below) one or more Buyers
may engage in hedging and/or trading activities at various times
during the period that the Securities are outstanding, including
during the periods that the value and/or number of the Conversion
Shares deliverable with respect to the Securities are being
determined and such hedging and/or trading activities, if any, can
reduce the value of the existing stockholders’ equity interest in the Company both
at and after the time the hedging and/or trading activities are
being conducted. The Company acknowledges that such aforementioned
hedging and/or trading activities do not constitute a breach of
this Agreement, the Notes, the Warrants or any other Transaction
Document or any of the documents executed in connection herewith or
therewith.

 

(ff) Manipulation
of Price. Neither the Company nor any of its Subsidiaries
has, and, to the knowledge of the Company, no Person acting on
their behalf has, directly or indirectly, (i) taken any action
designed to cause or to result in the stabilization or manipulation
of the price of any security of the Company or any of its
Subsidiaries to facilitate the sale or resale of any of the
Securities, (ii) sold, bid for, purchased, or paid any compensation
for soliciting purchases of, any of the Securities, (iii) paid or
agreed to pay to any Person any compensation for soliciting another
to purchase any other securities of the Company or any of its
Subsidiaries or (iv) paid or agreed to pay any Person for research
services with respect to any securities of the Company or any of
its Subsidiaries.

 

(gg) U.S.
Real Property Holding Corporation. Neither the Company nor
any of its Subsidiaries is, or has ever been, and so long as any of
the Securities are held by any of the Buyers, shall become, a U.S.
real property holding corporation within the meaning of Section 897
of the Code, and the Company shall so certify upon any
Buyer’s
request.

 

 

18

 

 

(hh) Transfer
Taxes. On the Closing Date, all stock transfer or other
taxes (other than income or similar taxes) which are required to be
paid in connection with the issuance, sale and transfer of the
Securities to be sold to each Buyer hereunder will be, or will have
been, fully paid or provided for by the Company, and all laws
imposing such taxes will be or will have been complied
with.

 

(ii) Bank
Holding Company Act. Neither the Company nor any of its
Subsidiaries is subject to the Bank Holding Company Act of 1956, as
amended (the “BHCA”)
and to regulation by the Board of Governors of the Federal Reserve
System (the “Federal
Reserve”). Neither
the Company nor any of its Subsidiaries or affiliates owns or
controls, directly or indirectly, five percent (5%) or more of the
outstanding shares of any class of voting securities or twenty-five
percent (25%) or more of the total equity of a bank or any entity
that is subject to the BHCA and to regulation by the Federal
Reserve. Neither the Company nor any of its Subsidiaries or
affiliates exercises a controlling influence over the management or
policies of a bank or any entity that is subject to the BHCA and to
regulation by the Federal Reserve.

 

(jj) Shell
Company Status. The Company is not, and has never been, an
issuer identified in, or subject to, Rule 144(i).

 

(kk) Illegal
or Unauthorized Payments; Political Contributions. Neither
the Company nor any of its Subsidiaries nor, to the
Company’s knowledge
(after reasonable inquiry of its officers and directors), any of
the officers, directors, employees, agents or other representatives
of the Company or any of its Subsidiaries or any other business
entity or enterprise with which the Company or any Subsidiary is or
has been affiliated or associated, has, directly or indirectly,
made or authorized any payment, contribution or gift of money,
property, or services, whether or not in contravention of
applicable law, (i) as a kickback or bribe to any Person or (ii) to
any political organization, or the holder of or any aspirant to any
elective or appointive public office except for personal political
contributions not involving the direct or indirect use of funds of
the Company or any of its Subsidiaries.

 

(ll) Money
Laundering. The Company and its Subsidiaries are in
compliance with, and have not previously violated, the USA Patriot
Act of 2001 and all other applicable U.S. and non-U.S. anti-money
laundering laws and regulations, including the laws, regulations
and Executive Orders and sanctions programs administered by the
U.S. Office of Foreign Assets Control, including, but not limited,
to (i) Executive Order 13224 of September 23, 2001 entitled,
“Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism” (66 Fed. Reg. 49079 (2001)); and
(ii) any regulations contained in 31 CFR, Subtitle B, Chapter
V.

 

(mm) Management.
Except as set forth in Schedule 3(mm)
of the Disclosure Letter, during the past five year period, no
current or former (but no representation is made for any former
director or officer after the date he or she ceased to be a
director or employee as the case may be) officer or director or, to
the knowledge of the Company, no current ten percent (10%) or
greater stockholder of the Company or any of its Subsidiaries has
been the subject of:

 

(i) a petition under
bankruptcy laws or any other insolvency or moratorium law or the
appointment by a court of a receiver, fiscal agent or similar
officer for such Person, or any partnership in which such Person
was a general partner at or within two years before the filing of
such petition or such appointment, or any corporation or business
association of which such Person was an executive officer at or
within two years before the time of the filing of such petition or
such appointment;

 

 

19

 

 

(ii) a
conviction in a criminal proceeding or a named subject of a pending
criminal proceeding (excluding traffic violations that do not
relate to driving while intoxicated or driving under the
influence);

 

(iii) any
order, judgment or decree, not subsequently reversed, suspended or
vacated, of any court of competent jurisdiction, permanently or
temporarily enjoining any such Person from, or otherwise limiting,
the following activities:

 

(A) Acting as a futures
commission merchant, introducing broker, commodity trading advisor,
commodity pool operator, floor broker, leverage transaction
merchant, any other person regulated by the United States Commodity
Futures Trading Commission (the “CFTC”) or an associated person of any of
the foregoing, or as an investment adviser, underwriter, broker or
dealer in securities, or as an affiliated person, director or
employee of any investment company, bank, savings and loan
association or insurance company, or engaging in or continuing any
conduct or practice in connection with such activity;

 

(B) Engaging in any
particular type of business practice; or

 

(C) Engaging in any
activity in connection with the purchase or sale of any security or
commodity or in connection with any violation of securities laws or
commodities laws;

 

(iv) any
order, judgment or decree, not subsequently reversed, suspended or
vacated, of any authority barring, suspending or otherwise limiting
for more than sixty (60) days the right of any such Person to
engage in any activity described in the preceding sub paragraph, or
to be associated with Persons engaged in any such
activity;

 

(v) a finding by a
court of competent jurisdiction in a civil action or by the SEC or
other authority to have violated any securities law, regulation or
decree and the judgment in such civil action or finding by the SEC
or any other authority has not been subsequently reversed,
suspended or vacated; or (vi) a finding by a court of competent
jurisdiction in a civil action or by the CFTC to have violated any
federal commodities law, and the judgment in such civil action or
finding has not been subsequently reversed, suspended or
vacated.

 

(nn) Stock
Option Plans. Each stock option granted by the Company was
granted (i) in accordance with the terms of the applicable stock
option plan of the Company and (ii) with an exercise price at least
equal to the fair market value of the Common Stock on the date such
stock option would be considered granted under GAAP and applicable
law. No stock option granted under the Company’s stock option plan has been
backdated. The Company has not knowingly granted, and there is no
and has been no policy or practice of the Company to knowingly
grant, stock options prior to, or otherwise knowingly coordinate
the grant of stock options with, the release or other public
announcement of material information regarding the Company or its
Subsidiaries or their financial results or prospects.

 

(oo) No
Disagreements with Accountants and Lawyers. There are no
material disagreements of any kind presently existing, or
reasonably anticipated by the Company to arise, between the Company
and the accountants and lawyers formerly or presently employed by
the Company and the Company is current with respect to any fees
owed to its accountants and lawyers which could affect the
Company’s ability to
perform any of its obligations under any of the Transaction
Documents. In addition, on or prior to the date hereof, the Company
had discussions with its accountants about its Financial Statements
previously filed with the SEC. Based on those discussions, the
Company has no reason to believe that it will need to restate any
such Financial Statements or any part thereof.

 

 

20

 

 

(pp) No
Additional Agreements. The Company does not have any
agreement or understanding with any Buyer with respect to the
transactions contemplated by the Transaction Documents other than
as specified in the Transaction Documents.

 

(qq) Public
Utility Holding Act. None of the Company nor any of its
Subsidiaries is a “holding company,” or an “affiliate” of a “holding company,” as such terms are defined in the
Public Utility Holding Act of 2005.

 

(rr) Federal
Power Act. None of the Company nor any of its Subsidiaries
is subject to regulation as a “public utility” under the Federal Power Act, as
amended.

 

(ss) Private
Placement. No registration under the 1933 Act is required
for the offer and sale of the Notes, the Warrants, the Interest
Shares, the Warrant Shares or the Conversion Shares, by the Company
to any Buyer as contemplated hereby.

 

(tt) Ranking
of Notes. Except as set forth on Schedule 3(tt), the Company
has no Indebtedness. No Indebtedness of the Company, at the
Closing, will be senior to, or pari passu with, the Notes in right of
payment, whether with respect to payment or redemptions, interest,
damages, upon liquidation or dissolution or otherwise.

 

(uu) Liens.
By virtue of the execution and delivery by the Company of the
Security Agreement the Collateral Agent (as defined in the Security
Agreement) will obtain a valid and perfected first priority lien,
subject to Permitted Liens, upon and security interest in all
Pledged Collateral (as defined in the Security Agreement) of the
Company as security for the payment and performance of the Secured
Obligations (as defined in the Security Agreement) of the
Company.

 

       
        Disclosure. The
Company confirms that neither it nor any other Person acting on its
behalf has provided any of the Buyers or their agents or counsel
with any information that constitutes or could reasonably be
expected to constitute material, non-public information concerning
the Company or any of its Subsidiaries, other than the existence of
the transactions contemplated by this Agreement and the other
Transaction Documents. The Company understands and confirms that
each of the Buyers will rely on the foregoing representations in
effecting transactions in securities of the Company. All disclosure
provided to the Buyers regarding the Company and its Subsidiaries,
their businesses and the transactions contemplated hereby,
including the schedules to this Agreement, furnished by or on
behalf of the Company or any of its Subsidiaries is true and
correct and does not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make
the statements made therein, in the light of the circumstances
under which they were made, not misleading. All of the written
information furnished after the date hereof by or on behalf of the
Company or any of its Subsidiaries to each Buyer pursuant to or in
connection with this Agreement and the other Transaction Documents,
taken as a whole, will be true and correct in all material respects
as of the date on which such information is so provided and will
not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements
made therein, in the light of the circumstances under which they
were made, not misleading. Each press release issued by the Company
or any of its Subsidiaries during the twelve (12) months preceding
the date of this Agreement did not at the time of release contain
any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make
the statements therein, in the light of the circumstances under
which they are made, not misleading. No event or circumstance has
occurred or information exists with respect to the Company or any
of its Subsidiaries or its or their business, properties,
liabilities, prospects, operations (including results thereof) or
conditions (financial or otherwise), which, under applicable law,
rule or regulation, requires public disclosure at or before the
date hereof or announcement by the Company but which has not been
so publicly disclosed. All financial projections and forecasts that
have been prepared by or on behalf of the Company or any of its
Subsidiaries and made available to you have been prepared in good
faith based upon reasonable assumptions and represented, at the
time each such financial projection or forecast was delivered to
each Buyer, the Company’s
best estimate of future financial performance (it being recognized
that such financial projections or forecasts are not to be viewed
as facts and that the actual results during the period or periods
covered by any such financial projections or forecasts may differ
from the projected or forecasted results). The Company acknowledges
and agrees that no Buyer makes or has made any representations or
warranties with respect to the transactions contemplated hereby
other than those specifically set forth in 2.

 

 

21

 

 

4.

COVENANTS.

 

(a) Best Efforts.
The Company shall use its best efforts to timely satisfy each of
the covenants hereunder and conditions to be satisfied by it as
provided in 7 of this Agreement.

 

(b) Blue Sky. The
Company shall, on or before the Closing Date, take such action as
the Company shall reasonably determine is necessary in order to
obtain an exemption for, or to, qualify the Securities for sale to
the Buyers at the Closing pursuant to this Agreement under
applicable securities or “Blue Sky” laws of the states of the United
States (or to obtain an exemption from such qualification), and
shall provide evidence of any such action so taken to the Buyers on
or prior to the Closing Date. Without limiting any other obligation
of the Company under this Agreement, the Company shall timely make
all filings and reports relating to the offer and sale of the
Securities required under all applicable securities laws (including
all applicable federal securities laws and all applicable
“Blue Sky” laws), and the Company shall comply
with all applicable foreign, federal, state and local laws,
statutes, rules, regulations and the like relating to the offering
and sale of the Securities to the Buyers.

 

(c) Reporting
Status. Until the earlier of (x) the date on which the
Buyers shall have sold all of the Underlying Securities (as defined
below) or (y) the date no Securities are held by any Buyer (the
“Reporting
Period”), the
Company shall timely file all reports required to be filed with the
SEC pursuant to the 1934 Act, and the Company shall not terminate
its status as an issuer required to file reports under the 1934 Act
even if the 1934 Act or the rules and regulations thereunder would
no longer require or otherwise permit such termination.
“Underlying
Securities” means
the (i) the Conversion Shares, and (ii) any capital stock of the
Company issued or issuable with respect to the Conversion Shares,
the Warrant Shares, the Interest Shares, the Notes or the Warrants,
including (1) as a result of any stock split, stock dividend,
recapitalization, exchange or similar event or otherwise and (2)
shares of capital stock of the Company into which the shares of
Common Stock are converted or exchanged and shares of capital stock
of a Successor Entity (as defined in the Notes) into which the
shares of Common Stock are converted or exchanged, in each case,
without regard to any limitations on conversion of the Notes or
exercise of the Warrants.

 

(d) Use of
Proceeds. The Company will use the proceeds from the sale of
the Securities for general corporate purposes.

 

(e) Financial
Information. The Company agrees to send the following to
each holder of Notes or Warrants (each, an “Investor”) during the Reporting Period (i)
unless the following are filed with the SEC through EDGAR and are
available to the public through the EDGAR system, within one (1)
Business Day after the filing thereof with the SEC, a copy of its
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, any
Current Reports on Form 8-K and any registration statements (other
than on Form S-8) or amendments filed pursuant to the 1933 Act,
(ii) unless the following are either filed with the SEC through
EDGAR or are otherwise widely disseminated via a recognized news
release service (such as PR Newswire), on the same day as the
release thereof, facsimile copies of all press releases issued by
the Company or any of its Subsidiaries and (iii) unless the
following are filed with the SEC through EDGAR or made permanently
available on the Company’s website, copies of any notices and
other information made available or given to the stockholders of
the Company generally, contemporaneously with the making available
or giving thereof to the stockholders.

 

 

22

 

 

(f) Listing. The
Company shall promptly secure the listing or designation for
quotation (as the case may be) of all of the Underlying Securities
(as defined below) upon each national securities exchange and
automated quotation system, if any, upon which the Common Stock is
then listed or designated for quotation (as the case may be)
(subject to official notice of issuance) and shall maintain such
listing or designation for quotation (as the case may be) of all
Underlying Securities from time to time issuable under the terms of
the Transaction Documents on such national securities exchange or
automated quotation system. The Company shall maintain the Common
Stock’s listing or
authorization for quotation (as the case may be) on the Principal
Market, The New York Stock Exchange, the NYSE American, the Nasdaq
Global Market or the Nasdaq Global Select Market (each, an
“Eligible
Market”). Neither
the Company nor any of its Subsidiaries shall take any action which
could be reasonably expected to result in the delisting or
suspension of the Common Stock on an Eligible Market. The Company
shall pay all fees and expenses in connection with satisfying its
obligations under this 4(f).

 

(g) Fees. The
Company shall reimburse the lead Buyer for all reasonable costs and
expenses incurred by it or its affiliates in connection with the
transactions contemplated by the Transaction Documents (including
as applicable, all reasonable legal fees and disbursements of
counsel to the lead Buyer, any other reasonable fees and expenses
in connection with the structuring, documentation and
implementation of the transactions contemplated by the Transaction
Documents and due diligence and regulatory filings in connection
therewith) (the “Expense
Amount”) and shall be withheld by Manchester
Securities Corp. from the Purchase Price. The Company shall be
responsible for the payment of any placement agent’s fees, financial advisory fees,
transfer agent fees, Depository Trust Company (“DTC”) fees or broker’s commissions (other than for
Persons engaged by any Buyer) relating to or arising out of the
transactions contemplated hereby. The Company shall pay, and hold
each Buyer harmless against, any liability, loss or expense
(including reasonable attorneys’ fees and out-of-pocket expenses)
arising in connection with any claim relating to any such payment.
Except as otherwise set forth in the Transaction Documents, each
party to this Agreement shall bear its own expenses in connection
with the sale of the Securities to the Buyers.

 

(h) Pledge of
Securities. Notwithstanding anything to the contrary
contained in this Agreement, the Company acknowledges and agrees
that the Securities may be pledged by a Buyer in connection with a
bona fide margin agreement or other loan or financing arrangement
that is secured by the Securities. The pledge of Securities shall
not be deemed to be a transfer, sale or assignment of the
Securities hereunder, and no Buyer effecting a pledge of Securities
shall be required to provide the Company with any notice thereof or
otherwise make any delivery to the Company pursuant to this
Agreement or any other Transaction Document. The Company hereby
agrees to execute and deliver such documentation as a pledgee of
the Securities may reasonably request in connection with a pledge
of the Securities to such pledgee by a Buyer.

 

(i) Disclosure of Transactions and Other
Material Information.

 

(i) Disclosure of
Transaction. The Company shall, on or before 9:30 a.m., New
York time, on the first (1st)
Business Day after the date of this Agreement, issue a press
release (the “Press
Release”)
reasonably acceptable to the Buyers disclosing all the material
terms of the transactions contemplated by the Transaction
Documents. On or before 9:30 a.m., New York time, on the first
(1st)
Business Day after the date of this Agreement, the Company shall
file a Current Report on Form 8-K describing all the material terms
of the transactions contemplated by the Transaction Documents in
the form required by the 1934 Act and attaching all the material
Transaction Documents (including this Agreement (and all schedules
to this Agreement) and the form of the Notes and the Warrants)
(including all attachments, the “8-K Filing”). From and after the filing of the
8-K Filing, the Company shall have disclosed all material,
non-public information (if any) provided to any of the Buyers by
the Company or any of its Subsidiaries or any of their respective
officers, directors, employees or agents prior to the date hereof.
In addition, effective upon the filing of the 8-K Filing, the
Company acknowledges and agrees that any and all confidentiality or
similar obligations under any agreement, whether written or oral,
between the Company, any of its Subsidiaries or any of their
respective officers, directors, affiliates, employees or agents, on
the one hand, and any of the Buyers or any of their affiliates, on
the other hand, shall terminate.

 

 

23

 

 

(ii) Limitations
on Disclosure. The Company shall not, and the Company shall
cause each of its Subsidiaries and each of its and their respective
officers, directors, employees and agents not to, provide any Buyer
with any material, non-public information regarding the Company or
any of its Subsidiaries from and after the date hereof without the
express prior written consent of such Buyer (which may be granted
or withheld in such Buyer’s sole discretion). In the event of
a breach of any of the foregoing covenants or any of the covenants
or agreements contained in any other Transaction Document, by the
Company, any of its Subsidiaries, or any of its or their respective
officers, directors, employees and agents (as determined in the
reasonable good faith judgment of such Buyer), in addition to any
other remedy provided herein or in the Transaction Documents, such
Buyer shall have the right to make a public disclosure, in the form
of a press release, public advertisement or otherwise, of such
breach or such material, non-public information, as applicable,
without the prior approval by the Company, any of its Subsidiaries,
or any of its or their respective officers, directors, employees or
agents. No Buyer shall have any liability to the Company, any of
its Subsidiaries, or any of its or their respective officers,
directors, employees, affiliates, stockholders or agents, for any
such disclosure. To the extent that the Company delivers any
material, non-public information to a Buyer without such
Buyer’s consent, the
Company hereby covenants and agrees that such Buyer shall not have
any duty of confidentiality with respect to, or a duty not to trade
on the basis of, such material, non-public information. Subject to
the foregoing, neither the Company, its Subsidiaries nor any Buyer
shall issue any press releases or any other public statements with
respect to the transactions contemplated hereby; provided, however,
the Company shall be entitled, without the prior approval of any
Buyer, to make the Press Release and any press release or other
public disclosure with respect to such transactions (i) in
substantial conformity with the 8-K Filing and contemporaneously
therewith and (ii) as is required by applicable law and regulations
(provided that in the case of clause (i) each Buyer shall be
consulted by the Company in connection with any such press release
or other public disclosure prior to its release). Without the prior
written consent of the applicable Buyer (which may be granted or
withheld in such Buyer’s
sole discretion), except as required by applicable law or
regulation, the Company shall not (and shall cause each of its
Subsidiaries and affiliates to not) disclose the name of such Buyer
in any filing, announcement, release or otherwise. Notwithstanding
anything contained in this Agreement to the contrary and without
implication that the contrary would otherwise be true, the Company
expressly acknowledges and agrees that no Buyer shall have (unless
expressly agreed to by a particular Buyer after the date hereof in
a written definitive and binding agreement executed by the Company
and such particular Buyer (it being understood and agreed that no
Buyer may bind any other Buyer with respect thereto)), any duty of
confidentiality with respect to, or a duty not to trade on the
basis of, any material, non-public information regarding the
Company or any of its Subsidiaries.

 

(iii) Other
Confidential Information. In addition to other remedies set
forth in this 4(i), and without limiting anything set forth in any
other Transaction Document, at any time after the Closing Date if
the Company, any of its Subsidiaries, or any of their respective
officers, directors, employees or agents, provides any Buyer with
material non-public information relating to the Company or any of
its Subsidiaries (each, the “Confidential
Information”), the
Company shall, as promptly as practicable, publicly disclose such
Confidential Information on a Current Report on Form 8-K or
otherwise (each, a “Disclosure”). From and after such Disclosure,
the Company shall have disclosed all Confidential Information
provided to such Buyer by the Company or any of its Subsidiaries or
any of their respective officers, directors, employees or agents in
connection with the transactions contemplated by the Transaction
Documents. In addition, effective upon such Disclosure, the Company
acknowledges and agrees that any and all confidentiality or similar
obligations under any agreement, whether written or oral, between
the Company, any of its Subsidiaries or any of their respective
officers, directors, affiliates, employees or agents, on the one
hand, and any of the Buyers or any of their affiliates, on the
other hand, shall terminate.

 

 

24

 

 

(j) Conduct of
Business. The business of the Company and its Subsidiaries
shall not be conducted in violation of any law, ordinance or
regulation of any Governmental Entity, except where such violations
would not reasonably be expected to result, either individually or
in the aggregate, in a Material Adverse Effect.

 

(k) Passive Foreign
Investment Company. The Company shall conduct its business,
and shall cause its Subsidiaries to conduct their respective
businesses, in such a manner as will ensure that the Company and
each of its Subsidiaries will not be deemed to constitute a passive
foreign investment company within the meaning of Section 1297 of
the Code.

 

(l) Corporate
Existence. So long as any Buyer beneficially owns any Notes
or Warrants, the Company shall not be party to any Fundamental
Transaction (as defined in the Certificate of Designations) unless
the Company is in compliance with the applicable provisions
governing Fundamental Transactions set forth in the Certificate of
Designations.

 

(m) Regulation M.
The Company will not take any action prohibited by Regulation M
under the 1934 Act, in connection with the distribution of the
Securities contemplated hereby.

 

(n) Closing
Documents. On or prior to fourteen (14) calendar days after
the Closing Date, the Company agrees to deliver, or cause to be
delivered, to each Buyer and counsel to the lead Buyer a complete
closing set of the executed Transaction Documents, Securities and
any other document required to be delivered to any party pursuant
to 7 hereof or otherwise.

 

(o) Additional Issuance of
Securities. During the period commencing on the date hereof
and ending on the date no Notes remain outstanding, the Company
will not, without the prior written consent of Buyers holding a
majority in aggregate principal amount of the Notes then
outstanding, issue any Notes (other than to the Buyers as
contemplated hereby) and the Company shall not issue any other
securities or Indebtedness that would cause a breach or default
under the Notes.

 

(p) Reservation of Shares. The
Company shall take all actions reasonably necessary to at all times
have authorized, and reserved for the purpose of issuance, no later
than April 30, 2019, no less than (i) 125% of the maximum number of
Conversion Shares issuable upon conversion of the Notes (determined
without taking into account any limitations on the conversion of
the Notes set forth therein and assuming that the Notes are
convertible at the initial Conversion Price (as defined in the
Notes), (ii) 125% of the maximum number of Interest Shares issuable
pursuant to the terms of the Notes from the Closing Date through
the maturity date of the Notes (determined without taking into
account any limitations on the conversion of the Notes set forth
therein) and (iii) 125% of the maximum number of Warrant Shares
issuable upon exercise of the Warrants (without taking into account
any limitations on the exercise of the Warrants set forth
therein).

 

(q) Exemption Under Trust Indenture
Act. Prior to and following the issuance of Notes hereunder,
the Company shall maintain an exemption under the Trust Indenture
Act of 1939, as amended (the “TIA”) with respect to the issuance
of the Notes.

 

 

 

25

 

 

(r) Variable Securities. During the
period commencing on the date hereof and ending on the later of (x)
the date the Notes are no longer outstanding and (y) the date the
Warrants are no longer outstanding, the Company and each Subsidiary
shall be prohibited from effecting a Variable Rate Transaction
other than at-the-market offerings through a registered
broker-dealer. “Variable Rate
Transaction” means a transaction, on terms more
favorable to an investor therein than the terms of this Agreement,
the Notes and the Warrants, in which the Company or any Subsidiary
(i) issues or sells any Convertible Securities either (A) at a
conversion, exercise or exchange rate or other price that is based
upon and/or varies with the trading prices of or quotations for the
shares of Common Stock at any time after the initial issuance of
such Convertible Securities, or (B) with a conversion, exercise or
exchange price that is subject to being reset at some future date
after the initial issuance of such Convertible Securities or upon
the occurrence of specified or contingent events directly or
indirectly related to the business of the Company or the market for
the Common Stock, other than pursuant to a customary
“weighted average” anti-dilution provision or (ii)
enters into any agreement (other than an at-the-market offering
through a registered broker-dealer) whereby the Company or any
Subsidiary may sell securities at a future determined price (other
than standard and customary “preemptive” or
“participation” rights). Each Buyer shall be entitled
to obtain injunctive relief against the Company and its
Subsidiaries to preclude any such issuance, which remedy shall be
in addition to any right to collect damages.

 

(s) Stockholder Approval. To the
extent the conversion of the Notes and/or the exercise of the
Warrants, as applicable, would result in Elliott holding more than
a twenty percent (20%) interest in the Company and the Company does
not have a sufficient number of authorized shares of Common Stock
to effect such conversion and/or exercise, Elliott shall provide
the Company prior notice of its intent to effect such conversion
and/or exercise, as applicable. The Company shall provide each
stockholder entitled to vote at either (x) the next annual meeting
of stockholders of the Company following such determination,
provided that such annual meeting is scheduled for a date within
sixty (60) days of the Company’s receipt of such notice from
Elliott, or (y) a special meeting of stockholders of the Company (a
“Stockholder
Meeting”), which shall be promptly called and held
within sixty (60) days of the Company’s receipt of such
notice from Elliott, a proxy statement, substantially in a form
which shall have been previously reviewed by counsel to the Buyers,
at the expense of the Company but in any event such expense not to
exceed $5,000 without the prior written approval of the Company;
soliciting each such stockholder’s affirmative vote at the
Stockholder Meeting for approval of resolutions
(“Stockholder
Resolutions”) providing for the Company’s
issuance of all of the Securities as described in the Transaction
Documents in accordance with applicable law and the rules and
regulations of the Principal Market (such affirmative approval
being referred to herein as the “Stockholder Approval”, and the
date such Stockholder Approval is obtained, the “Stockholder Approval Date”), and
the Company shall use its reasonable best efforts to solicit its
stockholders’ approval of such resolutions and to cause the
Board of Directors of the Company to recommend to the stockholders
that they approve such resolutions. If, despite the Company’s
reasonable best efforts the Stockholder Approval is not obtained at
a Stockholder Meeting, the Company shall cause an additional
Stockholder Meeting to be held once in each of the three subsequent
calendar quarters thereafter until such Stockholder Approval is
obtained. If, despite the Company’s reasonable best efforts
the Stockholder Approval is not obtained after such subsequent
stockholder meetings, the Company shall cause an additional
Stockholder Meeting to be held semi-annually thereafter until such
Stockholder Approval is obtained.

 

 

26

 

 

(t) Conversion and Exercise
Procedures. Each of the form of Exercise Notice included in
the Warrants and the form of Conversion Notice included in the Note
set forth the totality of the procedures required of any Buyer in
order to exercise the Warrants or convert the Notes, respectively.
No additional legal opinion, other information or instructions
shall be required of any Buyer to exercise their Warrants or
convert their Notes. The Company shall honor exercises of the
Warrants and conversions of the Notes and shall deliver the
Conversion Shares, the Interest Shares and Warrant Shares in
accordance with the terms, conditions and time periods set forth in
the Purchase Agreement, Notes, and the Warrants, as
applicable.

 

(u) Restriction on Redemption and Cash
Dividends. During the period commencing on the date hereof
and ending on the date no Notes remain outstanding, the Company
shall not, directly or indirectly, redeem, or pay any cash dividend
or distribution on, any capital stock of the Company without the
prior express written consent of the Buyers (other than Permitted
Distributions (as defined in the Notes)).

 

5.

REGISTER.

 

(a) Register. The
Company shall maintain at its principal executive offices (or such
other office or agency of the Company as it may designate by notice
to each holder of Securities), a register for the Notes and the
Warrants in which the Company shall record the name and address of
the Person in whose name the Notes and the Warrants have been
issued (including the name and address of each transferee), the
number of Notes and Warrants held by such Person and the number of
Conversion Shares issuable upon conversion of the Notes, the number
of Interest Shares issuable with respect to the Notes and the
number of Warrant Shares issuable upon exercise of the Warrants
held by such Person. The Company shall keep the register open and
available at all times during business hours for inspection of any
Buyer or its legal representatives.

 

(b) FAST
Compliance. While any Notes or Warrants remain outstanding,
the Company shall maintain a transfer agent that participates in
the DTC Fast Automated Securities Transfer Program.

 

(c) Transfer Agent Instructions.
The Company shall issue irrevocable instructions to VStock
Transfer, LLC (as the Company’s transfer agent, the
“Transfer
Agent”) in the form previously provided to the Company
(the “Irrevocable Transfer
Agent Instructions”) to issue certificates or credit
shares to the applicable balance accounts at DTC, registered in the
name of the applicable Buyer or its respective nominee(s), for the
Conversion Shares, the Interest Shares and the Warrant Shares (in
the case of Warrant Shares, with respect to cashless exercise(s) or
exercises when there is an effective registration statement
covering such Warrant Shares and the Conversion Shares) in such
amounts as specified from time to time by the applicable Buyer to
the Company upon conversion of the Notes or other issuance pursuant
to the terms of the Notes or the exercise of the Warrants (as the
case may be). The Company represents and warrants that no
instruction other than the Irrevocable Transfer Agent Instructions
referred to in this 5(c) will be given by the Company to the
Transfer Agent with respect to the Conversion Shares, the Interest
Shares or the Warrants Shares, and shall otherwise be freely
transferable on the books and records of the Company. If a Buyer
effects a sale, assignment or transfer of the Securities, the
Company shall permit the transfer and, with respect to the
Conversion Shares, the Interest Shares or the Warrants Shares,
shall also promptly instruct the Transfer Agent to issue one or
more certificates or credit shares to the applicable balance
accounts at DTC in such name and in such denominations as specified
by such Buyer to effect such sale, transfer or assignment. The
Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to the applicable Buyer.
Accordingly, the Company acknowledges that the remedy at law for a
breach of its obligations under this 5(c) will be inadequate and
agrees, in the event of a breach or threatened breach by the
Company of the provisions of this 5(c), that the applicable Buyer
shall be entitled, in addition to all other available remedies, to
an order and/or injunction restraining any breach and requiring
immediate issuance and transfer, without the necessity of showing
economic loss and without any bond or other security being
required. The Company shall cause its counsel to issue the legal
opinion referred to in the Irrevocable Transfer Agent Instructions
to the Transfer Agent to the extent required or requested by the
Transfer Agent. Any fees (with respect to the Transfer Agent,
counsel to the Company or otherwise) associated with the issuance
of such opinion shall be borne by the Company.

 

 

27

 

 

6.

CONDITIONS TO THE
COMPANY’S OBLIGATION TO SELL.

 

(a) The obligation of
the Company hereunder to issue and sell the Notes and the related
Warrants to each Buyer at the Closing is subject to the
satisfaction, at or before the Closing Date, of each of the
following conditions, provided that these conditions are for the
Company’s sole benefit
and may be waived by the Company at any time in its sole discretion
by providing each Buyer with prior written notice
thereof:

 

(i) Such Buyer shall
have executed each of the other Transaction Documents to which it
is a party and delivered the same to the Company.

 

(ii) Such
Buyer and each other Buyer shall have delivered to the Company the
Purchase Price (less any amounts permitted to be withheld by Buyer
pursuant to Section 4(g)) for the Notes and related Warrants being
purchased by such Buyer at the Closing by wire transfer of
immediately available funds in accordance with instructions
previously provided by the Company.

 

(iii) The
representations and warranties of such Buyer shall be true and
correct in all material respects as of the date when made and as of
the Closing Date as though originally made at that time (except for
representations and warranties that speak as of a specific date,
which shall be true and correct as of such specific date), and such
Buyer shall have performed, satisfied and complied in all material
respects with the covenants, agreements and conditions required by
this Agreement to be performed, satisfied or complied with by such
Buyer at or prior to the Closing Date.

 

7.

CONDITIONS TO EACH
BUYER’S OBLIGATION TO PURCHASE.

 

(a) The obligation of
each Buyer hereunder to purchase its Note and related Warrant at
the Closing is subject to the satisfaction, at or before the
Closing Date, of each of the following conditions, provided that
these conditions are for each Buyer’s sole benefit and may be waived by
such Buyer at any time in its sole discretion by providing the
Company with prior written notice thereof:

 

(i) The Company shall
have duly executed and delivered to such Buyer each of the
Transaction Documents and the Company shall have duly executed and
delivered to such Buyer a Note (in such original principal amount
as is set forth across from such Buyer’s name in column (3) of the Schedule
of Buyers) and the related Warrant (initially for such number of
Warrant Shares as is set forth across from such Buyer’s name
in column (4) of the Schedule of Buyers) being purchased by such
Buyer at the Closing pursuant to this Agreement.

 

(ii) Such
Buyer shall have received the opinion of Wyrick Robbins Yates &
Ponton LLP, the Company’s
counsel, dated as of the Closing Date, in the form reasonably
acceptable to such Buyer.

 

(iii) The
Company shall have delivered to such Buyer a certified copy of the
Certificate of Incorporation as certified by the Delaware Secretary
of State within twenty (20) days of the Closing Date.

 

 

28

 

 

(iv) The
Company shall have delivered to such Buyer a certificate, in the
form reasonably acceptable to such Buyer, executed by the Secretary
of the Company and dated as of the Closing Date, as to (i) the
resolutions consistent with 3(b) as adopted by the
Company’s board of
directors in a form reasonably acceptable to such Buyer, (ii) the
Certificate of Incorporation of the Company and (iii) the Bylaws of
the Company, each as in effect at the Closing.

 

(v) The Company shall
have delivered to such Buyer a copy of the Irrevocable Transfer
Agent Instructions, in the form acceptable to such Buyer, which
instructions shall have been delivered to and acknowledged in
writing by the Company’s transfer agent.

 

(vi) The
Company shall have executed and delivered the security agreement,
in the form attached hereto as Exhibit C
(the “Security
Agreement”), together with all deliverables required
thereunder.

 

(vii) The
Company shall have obtained approval of the Principal Market to
list or designate for quotation (as the case may be) the Conversion
Shares, Interest Shares and Warrant Shares.

 

(viii) The
Collateral Agent shall have received the following:

 

(A) copies of proper
financing statements (showing the Company as “debtor”
and the Collateral Agent as “secured party”) duly
authorized and suitable for filing under the UCC of all
jurisdictions that the Collateral Agent may deem reasonably
necessary or desirable in order to perfect the Liens of the
Collateral Agent contemplated by the Transaction
Documents;

 

(B) copies of a UCC
search report dated such a date as is reasonably acceptable to the
Collateral Agent, listing all effective financing statements which
name the Company, under its present name and any previous names, as
debtor;

 

(C) such other
certificates, schedules, resolutions, opinions of counsel, notes
and other documents which are provided for hereunder or under any
other Transaction Document or which the Collateral Agent shall
reasonably require, including, but not limited to, the
documentation and evidence of satisfaction for all conditions for
all other credit being provided by the Buyer to the Company on the
date hereof.

 

(ix) All
of the representations and warranties made by the Company in this
Agreement that are qualified by materiality or Material Adverse
Effect shall be true and correct in all respects as of the date
hereof and as of such Closing Date as though made at and as of such
Closing Date (except to the extent such representations and
warranties expressly speak as of an earlier date, which shall be
true and correct in all respects as of such date) and all of the
representations and warranties made by the Company in this
Agreement that are not qualified by materiality or Material Adverse
Effect shall be true and correct in all material respects as of the
date hereof and as of such Closing Date as though made at and as of
such Closing Date (except to the extent such representations and
warranties expressly speak as of an earlier date, which shall be
true and correct in all material respects as of such date). Such
Buyer shall have received a certificate, duly certified by the
Chief Executive Officer of the Company, dated as of the Closing
Date, to the foregoing effect.

 

 

29

 

 

(x) The Company shall
have delivered to such Buyer a letter from the Company’s transfer agent certifying the
number of shares of Common Stock outstanding on the Business Day
immediately prior to the Closing Date.

 

(xi) The
Common Stock (A) shall be designated for quotation or listed (as
applicable) on the Principal Market and (B) shall not have been
suspended, as of the Closing Date, by the SEC or the Principal
Market from trading on the Principal Market nor, except as
disclosed in the SEC Documents, shall suspension by the SEC or the
Principal Market have been threatened (with a reasonable prospect
of delisting or suspension occurring after giving effect to all
applicable notice, appeal, compliance and hearing periods), as of
the Closing Date, either (I) in writing by the SEC or the Principal
Market or (II) by falling below the minimum maintenance
requirements of the Principal Market.

 

(xii) The
Company shall have obtained all governmental, regulatory or third
party consents and approvals, if any, necessary for the sale of the
Securities, including, those required by the Principal Market, if
any, except as set forth in Section 8 of this
Agreement.

 

(xiii) No
statute, rule, regulation, executive order, decree, ruling or
injunction shall have been enacted, entered, promulgated or
endorsed by any court or Governmental Entity of competent
jurisdiction that prohibits the consummation of any of the
transactions contemplated by the Transaction
Documents.

 

(xiv) Since
the date of execution of this Agreement, no event or series of
events shall have occurred that reasonably would have or result in
a Material Adverse Effect.

 

(xv) From
the date hereof to the Closing Date, (i) trading in the Common
Stock shall not have been suspended by the SEC or the Principal
Market (except for any suspension of trading of limited duration
agreed to by the Company, which suspension shall be terminated
prior to the Closing), and, (ii) at any time prior to the Closing
Date, trading in securities generally as reported by Bloomberg L.P.
shall not have been suspended or limited, or minimum prices shall
not have been established on securities whose trades are reported
by such service, or on the Principal Market, nor shall a banking
moratorium have been declared either by the United States or New
York State authorities nor shall there have occurred any material
outbreak or escalation of hostilities or other national or
international calamity of such magnitude in its effect on, or any
material adverse change in, any financial market which, in each
case, in the reasonable judgment of each Buyer, makes it
impracticable or inadvisable to purchase the Securities at the
Closing.

 

8.

POST-CLOSING
COVENANTS.

 

(i) Within thirty (30)
days of the applicable Closing Date, the Company shall have
executed and delivered the following, in each case in form and
substance reasonably satisfactory the Buyers and as executed and
delivered by the respective counterparties thereto:

 

(A)   a cash
collateral account agreement between the Company and Morgan Stanley
Smith Barney LLC (the “MS
Cash Collateral Account Agreement”); and

 

 

30

 

 

(B) a cash collateral
account agreement between the Company and Wells Fargo Bank, N.A.
(the “WF Cash Collateral
Account Agreement”, and together with the MS Cash
Collateral Account Agreement, each a “Cash Collateral Account Agreement”
and collectively, the “Cash
Collateral Account Agreements”).

 

(ii) Within
thirty (30) days of the applicable Closing Date, the Company shall
have delivered duly executed copies, in form and substance
reasonably satisfactory to the Buyers, of each of: (A) the written
consent for the sale of the Securities from ND Partners, LLC to the
collateral assignment of that certain License and Assignment
Agreement, dated January 30, 2008 between ND Partners, LLC and the
Company, as amended by that certain Amendment to License and
Assignment Agreement dated effective as of April 10, 2013 (as
amended, the “License
Agreement”), and (B) a written agreement between the
Company and the Buyers effecting the collateral assignment of the
License Agreement.

 

9.

TERMINATION.

 

In the
event that a Closing shall not have occurred with respect to a
Buyer within two (2) Business Days of the date hereof, then such
Buyer shall have the right to terminate its obligations under this
Agreement with respect to itself at any time on or after the close
of business on such date without liability of such Buyer to any
other party; provided, however, (i) the right to terminate this
Agreement under this 8 shall not be available to such Buyer if the
failure of the transactions contemplated by this Agreement to have
been consummated by such date is the result of such
Buyer’s breach of this
Agreement and (ii) the abandonment of the sale and purchase of the
Notes shall be applicable only to such Buyer providing such written
notice, provided further that no such termination shall affect any
obligation of the Company under this Agreement to reimburse such
Buyer for the expenses described in 4(g) above. Nothing contained
in this 8 shall be deemed to release any party from any liability
for any breach by such party of the terms and provisions of this
Agreement or the other Transaction Documents or to impair the right
of any party to compel specific performance by any other party of
its obligations under this Agreement or the other Transaction
Documents.

 

10.

MISCELLANEOUS.

 

(a) Governing Law;
Jurisdiction; Jury Trial. All questions concerning the
construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of
New York, without giving effect to any choice of law or conflict of
law provision or rule (whether of the State of New York or any
other jurisdictions) that would cause the application of the laws
of any jurisdictions other than the State of New York. The Company
hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in The City of New York, Borough
of Manhattan, for the adjudication of any dispute hereunder or in
connection herewith or under any of the other Transaction Documents
or with any transaction contemplated hereby or thereby, and hereby
irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or
proceeding is brought in an inconvenient forum or that the venue of
such suit, action or proceeding is improper. Each party hereby
irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such
notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law.
Nothing contained herein shall be deemed or operate to preclude any
Buyer from bringing suit or taking other legal action against the
Company in any other jurisdiction to collect on the
Company’s obligations to
such Buyer or to enforce a judgment or other court ruling in favor
of such Buyer. EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND
AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN
CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER
TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR
THEREBY.

 

 

31

 

 

(b) Counterparts.
This Agreement may be executed in two or more identical
counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been
signed by each party and delivered to the other party. In the event
that any signature is delivered by facsimile transmission or by an
e-mail which contains a portable document format (.pdf) file of an
executed signature page, such signature page shall create a valid
and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if
such signature page were an original thereof.

 

(c) Headings;
Gender. The headings of this Agreement are for convenience
of reference and shall not form part of, or affect the
interpretation of, this Agreement. Unless the context clearly
indicates otherwise, each pronoun herein shall be deemed to include
the masculine, feminine, neuter, singular and plural forms thereof.
The terms “including,” “includes,” “include” and words of like import shall be
construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer to
this entire Agreement instead of just the provision in which they
are found.

 

(d) Severability; Maximum
Payment Amounts. If any provision of this Agreement is
prohibited by law or otherwise determined to be invalid or
unenforceable by a court of competent jurisdiction, the provision
that would otherwise be prohibited, invalid or unenforceable shall
be deemed amended to apply to the broadest extent that it would be
valid and enforceable, and the invalidity or unenforceability of
such provision shall not affect the validity of the remaining
provisions of this Agreement so long as this Agreement as so
modified continues to express, without material change, the
original intentions of the parties as to the subject matter hereof
and the prohibited nature, invalidity or unenforceability of the
provision(s) in question does not substantially impair the
respective expectations or reciprocal obligations of the parties or
the practical realization of the benefits that would otherwise be
conferred upon the parties. The parties will endeavor in good faith
negotiations to replace the prohibited, invalid or unenforceable
provision(s) with a valid provision(s), the effect of which comes
as close as possible to that of the prohibited, invalid or
unenforceable provision(s). Notwithstanding anything to the
contrary contained in this Agreement or any other Transaction
Document (and without implication that the following is required or
applicable), it is the intention of the parties that in no event
shall amounts and value paid by the Company and/or any of its
Subsidiaries (as the case may be), or payable to or received by any
of the Buyers, under the Transaction Documents (including, any
amounts that would be characterized as “interest” under applicable law) exceed
amounts permitted under any applicable law. Accordingly, if any
obligation to pay, payment made to any Buyer, or collection by any
Buyer pursuant the Transaction Documents is finally judicially
determined to be contrary to any such applicable law, such
obligation to pay, payment or collection shall be deemed to have
been made by mutual mistake of such Buyer, the Company and its
Subsidiaries and such amount shall be deemed to have been adjusted
with retroactive effect to the maximum amount or rate of interest,
as the case may be, as would not be so prohibited by the applicable
law. Such adjustment shall be effected, to the extent necessary, by
reducing or refunding, at the option of such Buyer, the amount of
interest or any other amounts which would constitute unlawful
amounts required to be paid or actually paid to such Buyer under
the Transaction Documents. For greater certainty, to the extent
that any interest, charges, fees, expenses or other amounts
required to be paid to or received by such Buyer under any of the
Transaction Documents or related thereto are held to be within the
meaning of “interest” or another applicable term to
otherwise be violative of applicable law, such amounts shall be
pro-rated over the period of time to which they
relate.

 

 

32

 

 

(e) Entire Agreement;
Amendments. This Agreement, the other Transaction Documents
and the schedules and exhibits attached hereto and thereto and the
instruments referenced herein and therein supersede all other prior
oral or written agreements between the Buyers, the Company, its
Subsidiaries, their affiliates and Persons acting on their behalf,
including any transactions by any Buyer with respect to Common
Stock or the Securities, and the other matters contained herein and
therein, and this Agreement, the other Transaction Documents, the
schedules and exhibits attached hereto and thereto and the
instruments referenced herein and therein contain the entire
understanding of the parties solely with respect to the matters
covered herein and therein; provided, however, nothing contained in
this Agreement or any other Transaction Document shall (or shall be
deemed to) (i) have any effect on any agreements any Buyer has
entered into with, or any instruments any Buyer has received from,
the Company or any of its Subsidiaries prior to the date hereof
with respect to any prior investment made by such Buyer in the
Company or (ii) waive, alter, modify or amend in any respect any
obligations of the Company or any of its Subsidiaries, or any
rights of or benefits to any Buyer or any other Person, in any
agreement entered into prior to the date hereof between or among
the Company and/or any of its Subsidiaries and any Buyer, or any
instruments any Buyer received from the Company and/or any of its
Subsidiaries prior to the date hereof, and all such agreements and
instruments shall continue in full force and effect. Except as
specifically set forth herein or therein, neither the Company nor
any Buyer makes any representation, warranty, covenant or
undertaking with respect to such matters. For clarification
purposes, the Recitals are part of this Agreement. No provision of
this Agreement may be amended other than by an instrument in
writing signed by the Company and the Required Holders, and any
amendment to any provision of this Agreement made in conformity
with the provisions of this 9(e) shall be binding on all Buyers and
holders of Securities, as applicable; provided that no such
amendment shall be effective to the extent that it (A) applies to
less than all of the holders of the Securities then outstanding or
(B) imposes any obligation or liability on any Buyer without such
Buyer’s prior written
consent (which may be granted or withheld in such Buyer’s sole discretion). No waiver shall
be effective unless it is in writing and signed by an authorized
representative of the waiving party, provided that the Required
Holders may waive any provision of this Agreement, and any waiver
of any provision of this Agreement made in conformity with the
provisions of this 9(e) shall be binding on all Buyers and holders
of Securities, as applicable, provided that no such waiver shall be
effective to the extent that it (1) applies to less than all of the
holders of the Securities then outstanding (unless a party gives a
waiver as to itself only) or (2) imposes any obligation or
liability on any Buyer without such Buyer’s prior written consent (which may
be granted or withheld in such Buyer’s sole discretion). No consideration
(other than reimbursement of legal fees) shall be offered or paid
to any Person to amend or consent to a waiver or modification of
any provision of any of the Transaction Documents unless the same
consideration also is offered to all of the parties to the
Transaction Documents or all holders of Notes or Warrants (as the
case may be). From the date hereof and while any Notes or Warrants
are outstanding, the Company shall not be permitted to receive any
consideration from a Buyer or a holder of Notes or Warrants that is
not otherwise contemplated by the Transaction Documents in order
to, directly or indirectly, induce the Company (i) to treat such
Buyer or holder of Notes or Warrants in a manner that is more
favorable than to other similarly situated Buyers or holders of
Notes or Warrants, or (ii) to treat any Buyer(s) or holder(s) of
Notes or Warrants in a manner that is less favorable than the Buyer
or holder of Notes or Warrants that is paying such consideration;
provided, however, that the determination of whether a Buyer has
been treated more or less favorably than another Buyer shall
disregard any securities of the Company purchased or sold by any
Buyer. The Company has not, directly or indirectly, made any
agreements with any Buyers relating to the terms or conditions of
the transactions contemplated by the Transaction Documents except
as set forth in the Transaction Documents. Without limiting the
foregoing, the Company confirms that, except as set forth in this
Agreement or the other Transaction Documents, no Buyer has made any
commitment or promise or has any other obligation to provide any
financing to the Company, any Subsidiary or otherwise. As a
material inducement for each Buyer to enter into this Agreement,
the Company expressly acknowledges and agrees that (x) no due
diligence or other investigation or inquiry conducted by a Buyer,
any of its advisors or any of its representatives shall affect such
Buyer’s right to rely on,
or shall modify or qualify in any manner or be an exception to any
of, the Company’s
representations and warranties contained in this Agreement or any
other Transaction Document and (y) unless a provision of this
Agreement or any other Transaction Document is expressly preceded
by the phrase “except as
disclosed in the SEC Documents,” nothing contained in any of the SEC
Documents shall affect such Buyer’s right to rely on, or shall modify
or qualify in any manner or be an exception to any of, the
Company’s representations
and warranties contained in this Agreement or any other Transaction
Document. “Required
Holders” means (I)
prior to the Closing Date, Buyers entitled to purchase, in the
aggregate, at least a majority of the number of Notes at the
Closing and (II) on or after the Closing Date, holders of, in the
aggregate, at least a majority of the Underlying Securities as of
such time (excluding any Underlying Securities held by the Company
or any of its Subsidiaries as of such time) issued or issuable
hereunder; provided, that such Buyers or holders of Underlying
Securities, as applicable, must include Manchester Securities Corp.
(together with their affiliates (within the meaning of Rule 144),
“Elliott”) so
long as they collectively hold at least 20% of the Underlying
Securities (on an as-converted and as-exercised basis without
regard to any limitations on conversion or exercise thereof)
initially held by Elliott. “Disclosure Letter” shall mean that
certain letter from the Company to the Buyers, dated the date of
this Agreement.

 

 

33

 

 

(f) Notices. Any
notices, consents, waivers or other communications required or
permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered: (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by
facsimile (provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party); or
(iii) one (1) Business Day after deposit with an overnight courier
service with next day delivery specified, in each case, properly
addressed to the party to receive the same. The addresses and
facsimile numbers for such communications shall be:

 

If to
the Company:

CorMedix
Inc.

400
Connell Drive, 5th Floor

Suite
5000

Berkeley Heights,
NJ 07922

Telephone: (908)
517-95000

Facsimile: (908)
429-4307

Attention: Chief
Executive Officer

 

With a
copy (for informational purposes only) to:

Wyrick
Robbins Yates & Ponton LLP

4101
Lake Boone Trail, Suite 300

Raleigh, NC
27607

Telephone: (919)
781-4000

Facsimile: (919)
781-4865

Attention:
Alexander M. Donaldson, Esq.

 

If to
the Transfer Agent:

VStock
Transfer, LLC

18
Lafayette Place

Woodmere, NY
11598

Telephone: (212)
828-8436

Facsimile: (646)
536-3179

Attention: Yoel
Goldfeder

 

If to a
Buyer, to its address and facsimile number set forth on the
Schedule of Buyers, with copies to such Buyer’s representatives as set forth on
the Schedule of Buyers, with a copy (for informational purposes
only) to its counsel identified therein or to such other address
and/or facsimile number and/or to the attention of such other
Person as the recipient party has specified by written notice given
to each other party five (5) days prior to the effectiveness of
such change. Written confirmation of receipt (A) given by the
recipient of such notice, consent, waiver or other communication,
(B) mechanically or electronically generated by the
sender’s facsimile
machine containing the time, date, recipient facsimile number and,
with respect to each facsimile transmission, an image of the first
page of such transmission or (C) provided by an overnight courier
service shall be rebuttable evidence of personal service, receipt
by facsimile or receipt from an overnight courier service in
accordance with clause (i), (ii) or (iii) above,
respectively.

 

 

34

 

 

(g) Successors and
Assigns. This Agreement shall be binding upon and inure to
the benefit of the parties and their respective successors and
assigns, including any purchasers of any of the Notes or Warrants
(but excluding any purchasers of Underlying Securities, unless
pursuant to a written assignment by such Buyer). The Company shall
not assign this Agreement or any rights or obligations hereunder
without the prior written consent of the Required Holders (as
defined below), including by way of a Fundamental Transaction (as
defined in the Warrants) (unless the Company is in compliance with
the applicable provisions governing Fundamental Transactions set
forth in the Warrants) or a Fundamental Transaction (as defined in
the Notes) (unless the Company is in compliance with the applicable
provisions favoring Fundamental Transactions set forth in the
Note)). A Buyer may assign some or all of its rights hereunder in
connection with any transfer of any of its Securities to any Person
that is an affiliate (within the meaning of Rule 144) of the Buyer
or is controlled or managed by, or under common control or
management with, Elliott Management Corporation or any of its
affiliates (within the meaning of Rule 144), without the consent of
the Company, in which event such assignee shall be deemed to be a
Buyer hereunder with respect to such assigned rights.

 

(h) No Third Party
Beneficiaries. This Agreement is intended for the benefit of
the parties hereto and their respective permitted successors and
assigns, and is not for the benefit of, nor may any provision
hereof be enforced by, any other Person, other than the Indemnitees
referred to in 9(k).

 

(i) Survival. The
representations, warranties, agreements and covenants shall survive
the Closing. Each Buyer shall be responsible only for its own
representations, warranties, agreements and covenants
hereunder.

 

(j) Further
Assurances. Each party shall do and perform, or cause to be
done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates,
instruments and documents, as any other party may reasonably
request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

(k) Indemnification.

 

(i) In consideration of
each Buyer’s execution
and delivery of the Transaction Documents to which it is a party
and acquiring the Securities thereunder and in addition to all of
the Company’s other
obligations under the Transaction Documents, the Company shall
defend, protect, indemnify and hold harmless each Buyer and each
holder of any Securities and all of their stockholders, partners,
members, officers, directors, employees and direct or indirect
investors and any of the foregoing Persons’ agents or other representatives
(including those retained in connection with the transactions
contemplated by this Agreement) (collectively, the “Indemnitees”) from and against any and all
actions, causes of action, suits, claims, losses, costs, penalties,
fees, liabilities and damages, and expenses in connection therewith
(irrespective of whether any such Indemnitee is a party to the
action for which indemnification hereunder is sought), and
including reasonable attorneys’ fees and disbursements (the
“Indemnified
Liabilities”),
incurred by any Indemnitee as a result of, or arising out of, or
relating to (i) any misrepresentation or breach of any
representation or warranty made by the Company in any of the
Transaction Documents, (ii) any breach of any covenant, agreement
or obligation of the Company contained in any of the Transaction
Documents, (iii) any untrue statement or alleged untrue statement
of a material fact contained, or incorporated by reference, in a
registration statement or any amendment thereto or any omission or
alleged omission to state therein, or in any document incorporated
by reference therein, a material fact required to be stated therein
or necessary to make the statements therein not misleading, (iv)
any untrue statement or alleged untrue statement of a material fact
contained, or incorporated by reference, in any prospectus, any
issuer free writing prospectus, or in any amendment thereof or
supplement thereto, or in any “issuer information” (as
defined in Rule 433 under the 1933 Act) of the Company, which
“issuer information” is required to be, or is, filed
with the SEC or otherwise contained in any free writing prospectus,
or any amendment or supplement thereto, or any omission or alleged
omission to state therein, or in any document incorporated by
reference therein, a material fact required to be stated therein or
necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, (v) any
violation of United States federal or state securities laws or the
rules and regulations of the Principal Market or any Eligible
Market in connection with the transactions contemplated by this
Agreement by the Company or any of its Subsidiaries, affiliates,
officers, directors or employees or (vi) any cause of action, suit,
proceeding or claim brought or made against such Indemnitee by a
third party (including for these purposes a derivative action
brought on behalf of the Company) or which otherwise involves such
Indemnitee that arises out of or results from (A) the execution,
delivery, performance or enforcement of any of the Transaction
Documents, (B) any transaction financed or to be financed in whole
or in part, directly or indirectly, with the proceeds of the
issuance of the Securities, (C) any disclosure properly made by
such Buyer pursuant to 4(i), or (D) the status of such Buyer or
holder of the Securities either as an investor in the Company
pursuant to the transactions contemplated by the Transaction
Documents or as a party to this Agreement (including as a party in
interest or otherwise in any action or proceeding for injunctive or
other equitable relief), in each case, other than as a result of
any misrepresentation or breach of any representation or warranty
made by such Buyer or holder of the Securities. To the extent that
the foregoing undertaking by the Company may be unenforceable for
any reason, the Company shall make the maximum contribution to the
payment and satisfaction of each of the Indemnified Liabilities
which is permissible under applicable law.

 

 

35

 

 

(ii) Promptly
after receipt by an Indemnitee under this 9(k) of notice of the
commencement of any action or proceeding (including any
governmental action or proceeding) involving an Indemnified
Liability, such Indemnitee shall, if a claim in respect thereof is
to be made against the Company under this 9(k), deliver to the
Company a written notice of the commencement thereof, and the
Company shall have the right to participate in, and, to the extent
the Company so desires, to assume control of the defense thereof
with counsel mutually satisfactory to the Company and the
Indemnitee; provided, however, that an Indemnitee shall have the
right to retain its own counsel with the fees and expenses of such
counsel to be paid by the Company if: (A) the Company has agreed in
writing to pay such fees and expenses; (B) the Company shall have
failed promptly to assume the defense of such Indemnified Liability
and to employ counsel reasonably satisfactory to such Indemnitee in
any such Indemnified Liability; or (C) the named parties to any
such Indemnified Liability (including any impleaded parties)
include both such Indemnitee and the Company, and such Indemnitee
shall have been advised by counsel that a conflict of interest is
likely to exist if the same counsel were to represent such
Indemnitee and the Company (in which case, if such Indemnitee
notifies the Company in writing that it elects to employ separate
counsel at the expense of the Company, then the Company shall not
have the right to assume the defense thereof and such counsel shall
be at the expense of the Company), provided further, that in the
case of clause (C) above the Company shall not be responsible for
the reasonable fees and expenses of more than one (1) separate
legal counsel for the Indemnitees. The Indemnitee shall reasonably
cooperate with the Company in connection with any negotiation or
defense of any such action or Indemnified Liability by the Company
and shall furnish to the Company all information reasonably
available to the Indemnitee which relates to such action or
Indemnified Liability. The Company shall keep the Indemnitee
reasonably apprised at all times as to the status of the defense or
any settlement negotiations with respect thereto. The Company shall
not be liable for any settlement of any action, claim or proceeding
effected without its prior written consent, provided, however, that
the Company shall not unreasonably withhold, delay or condition its
consent. The Company shall not, without the prior written consent
of the Indemnitee, consent to entry of any judgment or enter into
any settlement or other compromise which does not include as an
unconditional term thereof the giving by the claimant or plaintiff
to such Indemnitee of a release from all liability in respect to
such Indemnified Liability or litigation, and such settlement shall
not include any admission as to fault on the part of the
Indemnitee. Following indemnification as provided for hereunder,
the Company shall be subrogated to all rights of the Indemnitee
with respect to all third parties, firms or corporations relating
to the matter for which indemnification has been made. The failure
to deliver written notice to the Company within a reasonable time
of the commencement of any such action shall not relieve the
Company of any liability to the Indemnitee under this 9(k), except
to the extent that the Company is materially and adversely
prejudiced in its ability to defend such action.

 

(iii) The
indemnification required by this 9(k) shall be made by periodic
payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or
Indemnified Liabilities are incurred.

 

 

 

36

 

 

(iv) The
indemnity agreement contained herein shall be in addition to (A)
any cause of action or similar right of the Indemnitee against the
Company or others, and (B) any liabilities the Company may be
subject to pursuant to the law.

 

(l) Construction.
The language used in this Agreement will be deemed to be the
language chosen by the parties to express their mutual intent, and
no rules of strict construction will be applied against any party.
No specific representation or warranty shall limit the generality
or applicability of a more general representation or warranty. Each
and every reference to share prices, shares of Common Stock and any
other numbers in this Agreement that relate to the Common Stock
shall be automatically adjusted for any stock splits, stock
dividends, stock combinations, recapitalizations or other similar
transactions that occur with respect to the Common Stock after the
date of this Agreement. Notwithstanding anything in this Agreement
to the contrary, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty against, or a
prohibition of, any actions with respect to the borrowing of,
arrangement to borrow, identification of the availability of,
and/or securing of, securities of the Company in order for such
Buyer (or its broker or other financial representative) to effect
short sales or similar transactions in the future.

 

(m) Remedies. Each
Buyer and in the event of assignment by Buyer of its rights and
obligations hereunder, each holder of Securities, shall have all
rights and remedies set forth in the Transaction Documents and all
rights and remedies which such holders have been granted at any
time under any other agreement or contract and all of the rights
which such holders have under any law. Any Person having any rights
under any provision of this Agreement shall be entitled to enforce
such rights specifically (without posting a bond or other
security), to recover damages by reason of any breach of any
provision of this Agreement and to exercise all other rights
granted by law. Furthermore, the Company recognizes that in the
event that it fails to perform, observe, or discharge any or all of
its obligations under the Transaction Documents, any remedy at law
would inadequate relief to the Buyers. The Company therefore agrees
that the Buyers shall be entitled to specific performance and/or
temporary, preliminary and permanent injunctive or other equitable
relief from any court of competent jurisdiction in any such case
without the necessity of proving actual damages and without posting
a bond or other security. The remedies provided in this Agreement
and the other Transaction Documents shall be cumulative and in
addition to all other remedies available under this Agreement and
the other Transaction Documents, at law or in equity (including a
decree of specific performance and/or other injunctive
relief).

 

(n) Withdrawal
Right. Notwithstanding anything to the contrary contained in
(and without limiting any similar provisions of) the Transaction
Documents, whenever any Buyer exercises a right, election, demand
or option under a Transaction Document and the Company does not
timely perform its related obligations within the periods therein
provided, then such Buyer may rescind or withdraw, in its sole
discretion from time to time upon written notice to the Company,
any relevant notice, demand or election in whole or in part without
prejudice to its future actions and rights.

 

 

37

 

 

(o) Payment Set Aside;
Currency. To the extent that the Company makes a payment or
payments to any Buyer hereunder or pursuant to any of the other
Transaction Documents or any of the Buyers enforce or exercise
their rights hereunder or thereunder, and such payment or payments
or the proceeds of such enforcement or exercise or any part thereof
are subsequently invalidated, declared to be fraudulent or
preferential, set aside, recovered from, disgorged by or are
required to be refunded, repaid or otherwise restored to the
Company, a trustee, receiver or any other Person under any law
(including any bankruptcy law, foreign, state or federal law,
common law or equitable cause of action), then to the extent of any
such restoration the obligation or part thereof originally intended
to be satisfied shall be revived and continued in full force and
effect as if such payment had not been made or such enforcement or
setoff had not occurred. Unless otherwise expressly indicated, all
dollar amounts referred to in this Agreement and the other
Transaction Documents are in United States Dollars (“U.S. Dollars”), and all amounts owing under this
Agreement and all other Transaction Documents shall be paid in U.S.
Dollars. All amounts denominated in other currencies (if any) shall
be converted into the U.S. Dollar equivalent amount in accordance
with the Exchange Rate on the date of calculation. “Exchange
Rate” means, in relation
to any amount of currency to be converted into U.S. Dollars
pursuant to this Agreement, the U.S. Dollar exchange rate as
published in the Wall Street Journal on the relevant date of
calculation.

 

(p) Judgment
Currency. If for the purpose of obtaining or enforcing
judgment against the Company in connection with this Agreement or
any other Transaction Document in any court in any jurisdiction it
becomes necessary to convert into any other currency (such other
currency being hereinafter in this 9(p) referred to as the
“Judgment
Currency”) an
amount due in U.S. Dollars under this Agreement, the conversion
shall be made at the Exchange Rate prevailing on the Business Day
immediately preceding:

 

(A) the date actual
payment of the amount due, in the case of any proceeding in the
courts of New York or in the courts of any other jurisdiction that
will give effect to such conversion being made on such date:
or

 

(B) the date on which
the foreign court determines, in the case of any proceeding in the
courts of any other jurisdiction (the date as of which such
conversion is made pursuant to this Section 10(p) being hereinafter
referred to as the “Judgment Conversion
Date”).

 

 

 

38

 

 

(ii) If
in the case of any proceeding in the court of any jurisdiction
referred to in Section 10(p)(1) above, there is a change in the
Exchange Rate prevailing between the Judgment Conversion Date and
the date of actual payment of the amount due, the applicable party
shall pay such adjusted amount as may be necessary to ensure that
the amount paid in the Judgment Currency, when converted at the
Exchange Rate prevailing on the date of payment, will produce the
amount of U.S. Dollars which could have been purchased with the
amount of Judgment Currency stipulated in the judgment or judicial
order at the Exchange Rate prevailing on the Judgment Conversion
Date.

 

(iii) Any
amount due from the Company under this provision shall be due as a
separate debt and shall not be affected by judgment being obtained
for any other amounts due under or in respect of this Agreement or
any other Transaction Document.

 

(q) Independent Nature of
Buyers’ Obligations and Rights. The obligations of
each Buyer under the Transaction Documents are several and not
joint with the obligations of any other Buyer, and no Buyer shall
be responsible in any way for the performance of the obligations of
any other Buyer under any Transaction Document. Nothing contained
herein or in any other Transaction Document, and no action taken by
any Buyer pursuant hereto or thereto, shall be deemed to constitute
the Buyers as, and the Company acknowledges that the Buyers do not
so constitute, a partnership, an association, a joint venture or
any other kind of group or entity, or create a presumption that the
Buyers are in any way acting in concert or as a group or entity,
and the Company shall not assert any such claim with respect to
such obligations or the transactions contemplated by the
Transaction Documents or any matters, and the Company acknowledges
that the Buyers are not acting in concert or as a group, and the
Company shall not assert any such claim, with respect to such
obligations or the transactions contemplated by the Transaction
Documents. Each Buyer acknowledges that no other Buyer has acted as
agent for such Buyer in connection with such Buyer making its
investment hereunder and that no other Buyer will be acting as
agent of such Buyer in connection with monitoring such
Buyer’s investment in the
Securities or enforcing its rights under the Transaction Documents.
The Company and each Buyer confirms that each Buyer has
independently participated with the Company and its Subsidiaries in
the negotiation of the transaction contemplated hereby with the
advice of its own counsel and advisors. Each Buyer shall be
entitled to independently protect and enforce its rights, including
the rights arising out of this Agreement or out of any other
Transaction Documents, and it shall not be necessary for any other
Buyer to be joined as an additional party in any proceeding for
such purpose. The use of a single agreement to effectuate the
purchase and sale of the Securities contemplated hereby was solely
in the control of the Company, not the action or decision of any
Buyer, and was done solely for the convenience of the Company and
its Subsidiaries and not because it was required or requested to do
so by any Buyer. It is expressly understood and agreed that each
provision contained in this Agreement and in each other Transaction
Document is between the Company and a Buyer, solely, and not
between the Company and the Buyers collectively and not between and
among the Buyers.

 

[signature pages follow]

 

 

39

 

IN WITNESS WHEREOF, each
Buyer and the Company have caused their respective signature page
to this Agreement to be duly executed as of the date first written
above.

 

COMPANY:

 

CORMEDIX
INC.

 

 

By:                                                                            

Name:

Title:

 

BUYERS:

 

MANCHESTER
SECURITIES CORP.

 

 

By:                                                                            

Name:

Title:

 

 

 

 

40

 

 

SCHEDULE
OF BUYERS

 

	

(1)

	

(2)

	

(3)

	

(4)

	

(5)

	

Buyer

	

Address
and Facsimile Number

	

Original
Principal Amount of Notes

	

Aggregate
Number of Warrant Shares

	

Purchase
Price

	

Manchester
Securities Corp.

	

c/o
Elliott Management Corporation 

Telephone:

Facsimile:

Attention:

 

 

 

	

$7,500,000

	

450,000

	

$7,500,000

 

 

 

 

 

41

 

Exhibit
A

 

Form
of Note

 

 

 

 

 

 

42

 

Exhibit
B

 

Form
of Warrant

 

 

 

 

43

 

Exhibit
C

 

Form
of Security Agreement

 

 

 

 

 

 

44EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

CREDIT AGREEMENT 
 among 

FORRESTER RESEARCH, INC., 
 as the
Borrower, 
 the several Lenders from time to time parties hereto, 

and 
 JPMORGAN CHASE BANK, N.A.,

 as the Administrative Agent 

Dated as of January 3, 2019 
  

 
  

JPMORGAN CHASE BANK, N.A. and 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

as Joint Lead Arrangers and Joint Bookrunners 

BANK OF AMERICA, N.A. 
 as
Syndication Agent 

 Table of Contents 

 

					
	 	  	Page	 
		
	 ARTICLE I.     DEFINITIONS
	  	 	1	 
		
	 SECTION 1.1     Defined Terms
	  	 	1	 
	 SECTION 1.2     Other Definitional Provisions
	  	 	37	 
	 SECTION 1.3     Pro Forma and Other Calculations
	  	 	38	 
	 SECTION 1.4     Currencies
	  	 	40	 
	 SECTION 1.5     Cashless Rollovers
	  	 	41	 
		
	 ARTICLE II.     AMOUNT AND TERMS OF COMMITMENTS
	  	 	41	 
		
	 SECTION 2.1     Term Loan Commitments
	  	 	41	 
	 SECTION 2.2     Procedure for Term Loan Borrowing
	  	 	41	 
	 SECTION 2.3     Repayment of Term Loans
	  	 	42	 
	 SECTION 2.4     Revolving Credit Commitments
	  	 	42	 
	 SECTION 2.5     Procedure for Revolving Credit Borrowing
	  	 	43	 
	 SECTION 2.6     [Reserved]
	  	 	43	 
	 SECTION 2.7     [Reserved].
	  	 	43	 
	 SECTION 2.8     Repayment of Loans
	  	 	43	 
	 SECTION 2.9     Commitment Fees, etc
	  	 	44	 
	 SECTION 2.10     Termination or Reduction of Revolving Credit
Commitments
	  	 	44	 
	 SECTION 2.11     Optional Prepayments
	  	 	44	 
	 SECTION 2.12     Mandatory Prepayments and Commitment Reductions
	  	 	45	 
	 SECTION 2.13     Conversion and Continuation Options
	  	 	46	 
	 SECTION 2.14     Limitations on LIBOR Tranches
	  	 	47	 
	 SECTION 2.15     Interest Rates and Payment Dates
	  	 	47	 
	 SECTION 2.16     Computation of Interest and Fees
	  	 	47	 
	 SECTION 2.17     Inability to Determine Interest Rate
	  	 	48	 
	 SECTION 2.18     Pro Rata Treatment and Payments
	  	 	48	 
	 SECTION 2.19     Requirements of Law
	  	 	50	 
	 SECTION 2.20     Taxes
	  	 	51	 
	 SECTION 2.21     Indemnity
	  	 	54	 
	 SECTION 2.22     Illegality
	  	 	55	 
	 SECTION 2.23     Mitigation
	  	 	55	 
	 SECTION 2.24     Replacement of Lenders under Certain Circumstances
	  	 	55	 
	 SECTION 2.25     [Reserved]
	  	 	55	 
	 SECTION 2.26     Refinancing Amendments.
	  	 	56	 
	 SECTION 2.27     Defaulting Lenders
	  	 	57	 
	 SECTION 2.28     Incremental Facilities
	  	 	58	 
		
	 ARTICLE III.     LETTERS OF CREDIT
	  	 	60	 
		
	 SECTION 3.1     L/C Commitment
	  	 	60	 
	 SECTION 3.2     Procedure for Issuance of Letters of Credit
	  	 	60	 
	 SECTION 3.3     Commissions, Fees and Other Charges
	  	 	61	 
	 SECTION 3.4     L/C Participations
	  	 	61	 
	 SECTION 3.5     Reimbursement Obligation of the Borrower
	  	 	62	 
	 SECTION 3.6     Obligations Absolute
	  	 	62	 

  
 -i- 

					
	 	  	Page	 
		
	 SECTION 3.7     Letter of Credit Payments
	  	 	62	 
	 SECTION 3.8     Applications
	  	 	62	 
	 SECTION 3.9     Cash Collateralization
	  	 	63	 
	 SECTION 3.10     Provisions Related to Refinancing Revolving Credit
Commitments
	  	 	63	 
		
	 ARTICLE IV.     REPRESENTATIONS AND WARRANTIES
	  	 	63	 
		
	 SECTION 4.1     Financial Condition
	  	 	63	 
	 SECTION 4.2     No Change
	  	 	64	 
	 SECTION 4.3     Existence; Compliance with Law
	  	 	64	 
	 SECTION 4.4     Power; Authorization; Enforceable Obligations
	  	 	64	 
	 SECTION 4.5     No Legal Bar
	  	 	65	 
	 SECTION 4.6     No Material Litigation
	  	 	65	 
	 SECTION 4.7     No Default
	  	 	65	 
	 SECTION 4.8     Ownership of Property; Liens
	  	 	65	 
	 SECTION 4.9     Intellectual Property
	  	 	65	 
	 SECTION 4.10     Taxes
	  	 	65	 
	 SECTION 4.11     Federal Regulations
	  	 	66	 
	 SECTION 4.12     Labor Disputes
	  	 	66	 
	 SECTION 4.13     ERISA
	  	 	66	 
	 SECTION 4.14     Investment Company Act; Other Regulations
	  	 	66	 
	 SECTION 4.15     Subsidiaries
	  	 	66	 
	 SECTION 4.16     Use of Proceeds
	  	 	66	 
	 SECTION 4.17     Environmental Matters
	  	 	67	 
	 SECTION 4.18     Accuracy of Information, etc.
	  	 	67	 
	 SECTION 4.19     Security Documents
	  	 	68	 
	 SECTION 4.20     Solvency
	  	 	68	 
	 SECTION 4.21     Anti-Corruption Laws and Sanctions
	  	 	68	 
	 SECTION 4.22     EEA Financial Institutions
	  	 	68	 
		
	 ARTICLE V.     CONDITIONS PRECEDENT
	  	 	69	 
		
	 SECTION 5.1     Conditions to the Effectiveness of this Agreement
	  	 	69	 
	 SECTION 5.2     Conditions to Each Extension of Credit
	  	 	71	 
		
	 ARTICLE VI.     AFFIRMATIVE COVENANTS
	  	 	72	 
		
	 SECTION 6.1     Financial Statements
	  	 	72	 
	 SECTION 6.2     Certificates; Other Information
	  	 	72	 
	 SECTION 6.3     Payment of Obligations
	  	 	73	 
	 SECTION 6.4     Conduct of Business and Maintenance of Existence, etc
	  	 	74	 
	 SECTION 6.5     Maintenance of Property; Insurance
	  	 	74	 
	 SECTION 6.6     Inspection of Property; Books and Records;
Discussions
	  	 	74	 
	 SECTION 6.7     Notices
	  	 	75	 
	 SECTION 6.8     Environmental Laws
	  	 	75	 
	 SECTION 6.9     Additional Collateral, etc
	  	 	75	 
	 SECTION 6.10     Additional Covenants Relating to Collateral
	  	 	76	 
	 SECTION 6.11     Post-Closing Covenant.
	  	 	77	 
	 SECTION 6.12     Designation of Subsidiaries.
	  	 	77	 
		
	 ARTICLE VII. NEGATIVE COVENANTS
	  	 	78	 

  
 -ii- 

					
	 	  	Page	 
		
	 SECTION 7.1     Financial Condition Covenants
	  	 	78	 
	 SECTION 7.2     Limitation on Indebtedness
	  	 	78	 
	 SECTION 7.3     Limitation on Liens
	  	 	80	 
	 SECTION 7.4     Limitation on Fundamental Changes
	  	 	82	 
	 SECTION 7.5     Limitation on Sale of Assets
	  	 	83	 
	 SECTION 7.6     Limitation on Restricted Payments
	  	 	84	 
	 SECTION 7.7     [Reserved].
	  	 	85	 
	 SECTION 7.8     Limitation on Investments, Loans and Advances
	  	 	85	 
	 SECTION 7.9     Limitation on Optional Payments and Modifications of
Organizational Documents
	  	 	86	 
	 SECTION 7.10     Limitation on Transactions with Affiliates
	  	 	86	 
	 SECTION 7.11     [Reserved]
	  	 	87	 
	 SECTION 7.12     Limitation on Changes in Fiscal Periods
	  	 	87	 
	 SECTION 7.13     Limitation on Negative Pledge Clauses
	  	 	87	 
	 SECTION 7.14     Limitation on Restrictions on Subsidiary
Distributions
	  	 	87	 
	 SECTION 7.15     Limitation on Lines of Business
	  	 	87	 
	 SECTION 7.16     Limitation on Use of Proceeds
	  	 	87	 
		
	 ARTICLE VIII.     EVENTS OF DEFAULT
	  	 	88	 
		
	 ARTICLE IX.     THE ADMINISTRATIVE AGENT
	  	 	91	 
		
	 SECTION 9.1     Appointment
	  	 	91	 
	 SECTION 9.2     Delegation of Duties
	  	 	91	 
	 SECTION 9.3     Exculpatory Provisions
	  	 	91	 
	 SECTION 9.4     Reliance by Administrative Agent
	  	 	91	 
	 SECTION 9.5     Notice of Default
	  	 	92	 
	 SECTION 9.6     Non-Reliance on
Administrative Agent and Other Lenders
	  	 	92	 
	 SECTION 9.7     Indemnification
	  	 	93	 
	 SECTION 9.8     Administrative Agent in Its Individual Capacity
	  	 	93	 
	 SECTION 9.9     Successor Administrative Agents
	  	 	93	 
	 SECTION 9.10     Authorization to Release Liens
	  	 	93	 
	 SECTION 9.11     No Other Duties
	  	 	94	 
		
	 ARTICLE X.     MISCELLANEOUS
	  	 	94	 
		
	 SECTION 10.1     Amendments and Waivers
	  	 	94	 
	 SECTION 10.2     Notices
	  	 	96	 
	 SECTION 10.3     No Waiver; Cumulative Remedies
	  	 	97	 
	 SECTION 10.4     Survival of Representations and Warranties
	  	 	97	 
	 SECTION 10.5     Payment of Expenses
	  	 	97	 
	 SECTION 10.6     Successors and Assigns; Participations and
Assignments
	  	 	98	 
	 SECTION 10.7     Adjustments;
Set-off
	  	 	102	 
	 SECTION 10.8     Counterparts
	  	 	102	 
	 SECTION 10.9     Severability
	  	 	103	 
	 SECTION 10.10     Integration
	  	 	103	 
	 SECTION 10.11     GOVERNING LAW
	  	 	103	 
	 SECTION 10.12     Submission To Jurisdiction; Waivers
	  	 	103	 
	 SECTION 10.13     Acknowledgements
	  	 	104	 
	 SECTION 10.14     No Advisory or Fiduciary Responsibility
	  	 	104	 
	 SECTION 10.15     WAIVERS OF JURY TRIAL
	  	 	104	 

  
 -iii- 

					
	 	  	Page	 
		
	 SECTION 10.16     PATRIOT Act
	  	 	104	 
	 SECTION 10.17     Confidentiality
	  	 	105	 
	 SECTION 10.18     Releases
	  	 	106	 
	 SECTION 10.19     Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	  	 	106	 
	 SECTION 10.20     ERISA Matters
	  	 	106	 

  
 -iv- 

			
	SCHEDULES:	 	
		
	1.1A	 	 Commitments

	1.1B	 	 Unrestricted Subsidiaries

	4.4	 	 Consents, Authorizations, Filings and Notices

	4.6	 	 Litigation

	4.9	 	 Intellectual Property

	4.15	 	 Subsidiaries

	4.19	 	 UCC Filing Jurisdictions

	7.2(e)	 	 Existing Indebtedness

	7.3(f)	 	 Existing Liens

		
	EXHIBITS:	 	
		
	A	 	 Form of Guarantee and Collateral Agreement

	B	 	 Form of Compliance Certificate

	C-1	 	 Form of Secretary’s Certificate

	C-2	 	 Form of Closing Certificate

	D	 	 Form of Solvency Certificate

	E	 	 Form of Assignment and Acceptance

	F-1	 	 Forms of U.S. Tax Compliance Certificate

	F-2	 	 Forms of U.S. Tax Compliance Certificate

	F-3	 	 Forms of U.S. Tax Compliance Certificate

	F-4	 	 Forms of U.S. Tax Compliance Certificate

	G	 	 Form of Increased Facility Activation Notice

	H	 	 Form of Incremental Lender Supplement

	I	 	 Form of Borrowing Notice

	J-1	 	 Form of Hedge Bank Designation

	J-2	 	 Form of Cash Management Bank Designation

	K-1	 	 Form of Term Note

	K-2	 	 Form of Revolving Note

  
 -v- 

 CREDIT AGREEMENT (this “Agreement”), dated as of January 3, 2019,
among FORRESTER RESEARCH, INC., a Delaware corporation (the “Borrower”), the Lenders (as defined below) from time to time parties to this Agreement and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, together
with its successors and permitted assigns in such capacity, the “Administrative Agent”). 
 PRELIMINARY STATEMENTS 

Pursuant to the Acquisition Agreement (as this and other capitalized terms used in these Preliminary Statements are defined in
Section 1.1 below), the Borrower will acquire, directly or indirectly, the outstanding equity interests of the Target. 
 In connection
with the Acquisition, the Borrower has requested the Lenders extend credit to the Borrower in the form of: (a) Tranche A Term Loans in an initial aggregate principal amount of $125,000,000 and (b) Revolving Credit Commitments in an initial
aggregate principal amount of $75,000,000. 
 The proceeds of the Tranche A Term Loans and the proceeds any borrowing of Revolving Credit
Loans on the Closing Date will be applied (i) to pay the cash consideration for the Acquisition and (ii) to pay the Transaction Costs. 

ARTICLE I.    DEFINITIONS 

SECTION 1.1 Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings
set forth in this Section 1.1. 
 “ABR Loans”: Loans the rate of interest applicable to which is based upon the
Alternate Base Rate. 
 “Acquisition”: the acquisition by the Borrower, directly or indirectly, of the Target pursuant to
the Acquisition Agreement. 
 “Acquisition Agreement”: the Agreement and Plan of Merger, entered into as of the Acquisition
Signing Date, by and among the Target, the Borrower, Merger Sub, the founder stockholders named therein and the stockholder representative identified therein, together with all exhibits, schedules, annexes, disclosure letters and attachments
thereto. 
 “Acquisition Signing Date”: November 26, 2018. 

“Adjusted LIBOR Rate”: with respect to any Borrowing of LIBOR Loans for any Interest Period, an interest rate per annum
(rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserves; provided that the Adjusted LIBOR Rate shall not be less than 0% per annum. 

“Adjustment Date”: as defined in the Pricing Grid. 

“Administrative Agent”: as defined in the preamble hereto. 

“Affiliate”: as to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is
under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise. 

 “Aggregate Exposure”: with respect to any Lender at any time, an amount
equal to the sum of (a) the aggregate principal amount of such Lender’s Term Loans then outstanding and (b) the aggregate amount of such Lender’s Revolving Credit Commitment then in effect or, if the Revolving Credit Commitments
have been terminated, the aggregate amount of such Lender’s Revolving Extensions of Credit then outstanding. 
 “Aggregate
Exposure Percentage”: with respect to any Lender, the ratio (expressed as a percentage) of such Lender’s Aggregate Exposure to the Aggregate Exposure of all Lenders. 

“Agreement”: as defined in the preamble hereto. 

“Alternate Base Rate”: for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day,
(b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBOR Rate for a one month Interest Period on such day (or if such day is not
a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted LIBOR Rate for any day shall be based on the LIBOR Screen Rate (or if the LIBOR Screen Rate is not available for
such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBOR Rate shall be effective from
and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBOR Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.17 hereof, then the
Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. If the Alternate Base Rate as so determined would be less than zero, such rate shall be deemed to be zero
for purposes of this Agreement. 
 “Anti-Corruption Laws”: all published laws, rules and regulations of any jurisdiction
applicable to the Borrower and its Subsidiaries from time to time that prohibit bribery or corruption. 
 “Applicable
Margin”: (a) for Tranche A Term Loans and Revolving Credit Loans, (i) prior to the first Adjustment Date to occur after the Closing Date, 2.50% per annum, in the case of LIBOR Loans, and 1.50% per annum, in the case of ABR Loans, and
(ii) from and after the first Adjustment Date to occur after the Closing Date, the percentage determined in accordance with the Pricing Grid; and (b) for Incremental Term Loans, such per annum rates as shall be agreed by the Borrower and
the applicable Incremental Term Loan Lenders as shown in the applicable Increased Facility Activation Notice. 

“Application”: an application, in such form as the Issuing Lender may reasonably specify from time to time, requesting the
Issuing Lender to issue a Letter of Credit. 
 “Approved Fund”: any Person (other than a natural person) that is engaged in
making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its 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. 
 “AUD”: dollars in lawful currency of Australia. 

“Arrangers”: JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other
registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may
be transferred following the date of this Agreement), in their capacities as joint lead arrangers and joint bookrunners. 

  
 2 

 “Asset Sale”: any Disposition of Property or business (including
receivables and leasehold interests) or series of related Dispositions of Property or businesses (including receivables and leasehold interests) (excluding any such Disposition permitted by clause (a), (b), (c), (d), (e), (g), (h), (i), (l), (m) or
(n) of Section 7.5) that yields net proceeds to the Borrower or any of its Restricted Subsidiaries (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes
or other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of $2,500,000. 

“Assignee”: as defined in Section 10.6(b)(i). 

“Assignment and Assumption”: an Assignment and Assumption, substantially in the form of Exhibit E. 

“Available Revolving Credit Commitment”: as to any Revolving Credit Lender at any time, an amount equal to the excess, if
any, of (a) such Lender’s Revolving Credit Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding. 

“Bail-In Action”: the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation”: with respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “Bankruptcy Event”: with respect to any Person, such Person 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 by a Governmental Authority or instrumentality thereof; provided, further, that 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 Governmental Authority or instrumentality) to reject, repudiate,
disavow or disaffirm any contracts or agreements made by such Person. 
 “Beneficial Ownership Certification”: a
certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership
Regulation”: 31 C.F.R. § 1010.230. 
 “Benefit Plan”: any of (a) an “employee benefit plan”
(as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of Section 3(42) of ERISA or otherwise
for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

  
 3 

 “Benefitted Lender”: as defined in Section 10.7(a). 

“Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrower”: as defined in the preamble hereto. 

“Borrowing”: (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of
LIBOR Loans, as to which a single Interest Period is in effect, or (b) Term Loans of the same Type made on the same date and, in the case of LIBOR Loans, as to which a single Interest Period is in effect. 

“Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to
make Loans hereunder. 
 “Business”: as defined in Section 4.17(b). 

“Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required by law to close; provided that, with respect to notices and determinations in connection with, and fundings, disbursements and payments of principal and interest on, LIBOR Loans, or any other dealings in Dollars to be carried out
pursuant to this Agreement in respect of any such LIBOR Loan, such day is also a day for trading in the London interbank market by and between banks in deposits in Dollars. 

“Capital Expenditures”: for any period, with respect to any Person, the aggregate of all expenditures by such Person and its
Subsidiaries for the acquisition of fixed or capital assets or additions to property, plants or equipment (including replacements, capitalized repairs and improvements during such period) that should be capitalized under GAAP on a consolidated
balance sheet of such Person and its Subsidiaries; provided that in no event shall “Capital Expenditures” include expenditures in connection with a Permitted Acquisition or any other Material Acquisition or the Acquisition. 

“Capital Lease”: as defined in the definition of “Capital Lease Obligations”. 

“Capital Lease Obligations”: subject to Section 1.3(f), as to any Person, the obligations of such Person to pay rent or
other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such
Person under GAAP (each, a “Capital Lease”), and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

“Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock of
a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Cash Collateral”: shall have a meaning correlative to the immediately succeeding definition and shall include the proceeds
of such cash collateral and other credit support. 
 “Cash Collateralize”: to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of one or more of the Issuing Lender, as collateral for L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the Issuing Lender shall agree in their sole discretion, other credit
support. 

  
 4 

 “Cash Equivalents”: (a) marketable direct obligations issued by, or
unconditionally guaranteed by, the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States or any agency thereof, in each case maturing within one year from the date of acquisition;
(b) certificates of deposit, time deposits, eurocurrency time deposits or overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or bank holding company owning any Lender (or Person
that was a Lender at the time of acquisition thereof) or by any commercial bank organized under the laws of the United States or any state thereof having combined capital and surplus of not less than $500,000,000 (determined at the time of
acquisition thereof); (c) commercial paper of an issuer rated at least A-2 by Standard & Poor’s Financial Services LLC (“S&P”) or P-2
by Moody’s Investors Service, Inc. (“Moody’s”) , or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers
generally (determined at the time of acquisition thereof), and maturing within six months from the date of acquisition; (d) repurchase obligations of any Lender or bank holding company owning any Lender (or Person that was a Lender at the time
of acquisition thereof) or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days with respect to securities issued or fully guaranteed or insured by the United States
government (determined at the time of acquisition thereof); (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political
subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are
rated at least A by S&P or A by Moody’s (determined at the time of acquisition thereof); (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or bank
holding company owning any Lender (or Person that was a Lender at the time of acquisition thereof) or any commercial bank satisfying the requirements of clause (b) of this definition (determined at the time of acquisition thereof); (g) long
term bonds and other debt securities rated at least BBB- by S&P and Baa3 by Moody’s (determined at the time of acquisition thereof), (h) shares of money market mutual or similar funds which invest
primarily in assets satisfying the requirements of clauses (a) through (g) of this definition (determined at the time of acquisition thereof); or (i) money market funds that (x) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (y) are rated AAA by S&P and Aaa by Moody’s and (z) have portfolio assets of at least $5,000,000,000 (determined at the time of
acquisition thereof). In the case of any Investments made in a country outside the United States of America, Cash Equivalents shall also include (i) euros and Sterling, (ii) investments of the type and maturity described in clauses
(a) through (i) above of foreign obligors, which investments are reasonably appropriate in connection with any business conducted by the Borrower or its Subsidiaries (as determined by the Borrower in good faith) (determined at the time of
acquisition thereof) and (iii) other short term investments utilized by the Borrower and its Restricted Subsidiaries in accordance with normal investment practices for cash management in such country in investments analogous to the investments
described in the foregoing clauses (a) through (h) and in this paragraph and which are reasonably appropriate in connection with any business conducted by the Borrower or its Subsidiaries in such country (as determined by the Borrower in good
faith). 
 “Cash Management Agreement”: an agreement pursuant to which a bank or other financial institution provides Cash
Management Services. 
 “Cash Management Services”: (a) treasury management services (including controlled disbursements,
zero balance arrangements, cash sweeps, automated clearinghouse transactions, return items, overdrafts, temporary advances, interest and fees and interstate depository network services) provided to the Borrower or any Subsidiary and
(b) commercial credit card and purchasing card services provided to the Borrower or any Subsidiary. 

  
 5 

 “CFC”: a “controlled foreign corporation” within the meaning of
Section 957 of the Code. 
 “CFC Holding Company”: a direct or indirect Subsidiary of the Borrower substantially all
of the assets of which consist of Capital Stock and/or Indebtedness of one or more CFCs. 
 “Class”: (i) when used in
reference to any Loans, shall refer to whether such Loans, are Revolving Credit Loans, Revolving Credit Loans under Refinancing Revolving Credit Commitments, Tranche A Term Loans, Incremental Term Loans, or Refinancing Term Loans and (ii) when
used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment, an Incremental Revolving Credit Commitment, a Refinancing Revolving Credit Commitment, a Tranche A Term Loan Commitment, an Incremental Term
Loan Commitment or a Refinancing Term Loan Commitment. 
 “Closing Date”: the date on which the conditions precedent set
forth in Section 5.1 shall have been satisfied, which date is January 3, 2019. 
 “Code”: the Internal Revenue
Code of 1986, as amended from time to time. 
 “Collateral”: all Property of the Loan Parties, now owned or hereafter
acquired, upon which a Lien is purported to be created by any Security Document, excluding in all events Excluded Property. 

“Comerica Letters of Credit”: the letters of credit issued by Comerica Bank to the Target or any of its Subsidiaries prior to
the Closing Date. 
 “Commitment”: as to any Lender, the sum of the Tranche A Term Loan Commitment, any Incremental Term
Loan Commitment and the Revolving Credit Commitment of such Lender. 
 “Commitment Fee Rate”: (i) initially, 0.35% per
annum, and (ii) from and after the first Adjustment Date to occur after the Closing Date, the rate per annum set forth under the relevant column heading in the Pricing Grid. 

“Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Commonly Controlled Entity”: an entity, whether or not incorporated, which is under common control
with the Borrower within the meaning of Section 4001 of ERISA or is part of a group which includes the Borrower and which is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code. 

“Compliance Certificate”: a certificate duly executed by a Responsible Officer substantially in the form of Exhibit B. 

“Confidential Information Memorandum”: the Confidential Management Presentation dated June 2018 and furnished to the
Arrangers and identified as such by the Borrower. 

  
 6 

 “Connection Income Taxes”: Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated Cash Interest
Expense”: for any period, Consolidated Interest Expense, solely to the extent paid or payable in cash, but excluding interest charges constituting amortization of underwriting or arrangement fees, original issue discount or upfront fees and
other fees payable in connection with the arrangement or underwriting of such Indebtedness and any other fees paid with respect to the Transactions. 

“Consolidated Depreciation and Amortization Expense”: with respect to any Person for any period, the total amount of
depreciation and amortization expense, including the amortization of deferred financing fees or costs, debt issuance costs, commissions, fees, and expenses, capitalized expenditures (including capitalized software expenditures), customer acquisition
costs, the amortization of original issue discount resulting from the issuance of Indebtedness at less than par and incentive payments, conversion costs, and contract acquisition costs of such Person and its Restricted Subsidiaries for such period
on a consolidated basis and otherwise determined in accordance with GAAP. 
 “Consolidated EBITDA”: with respect to any
Person for any Test Period, the Consolidated Net Income of such Person and its Restricted Subsidiaries for such period: 

(a)    increased (without duplication, to the extent the same were deducted or excluded (and not added back) in computing
Consolidated Net Income) by: 
 (i)    Consolidated Depreciation and Amortization Expense of such Person
for such Test Period, plus 
 (ii)    Consolidated Interest Expense of such Person for such Test
Period, together with items excluded from the definition of Consolidated Interest Expense and any non-cash interest expense (including (w) fees and expenses paid to the Administrative Agent in connection
with its services hereunder, (x) other bank, administrative agency (or trustee) and financing fees (including rating agency fees), (y) costs of surety bonds in connection with financing activities (whether amortized or immediately expensed) and
(z) commissions, discounts and other fees and charges owed with respect to letters of credit, bank guarantees, bankers’ acceptances or any similar facilities or financing and hedging agreements), plus 

(iii)    Taxes paid and provision for Taxes based on income or profits or capital, including, without
limitation, U.S. federal, state, non-U.S., franchise, excise, value added, and similar Taxes and foreign withholding Taxes of such Person paid or accrued during such Test Period, including any penalties and
interest related to such Taxes or arising from any Tax examinations, plus 
 (iv)    the amount of
any restructuring charges or reserve (including those relating to severance, relocation costs and one-time compensation charges), costs incurred in connection with any
non-recurring strategic initiatives and other business optimization expenses (including incentive costs and expenses relating to business optimization programs and signing, retention and completion bonuses and
any implementation of enterprise resource planning and technology initiatives (including any expense relating to the implementation of enhanced accounting or information technology functions)); provided that the aggregate amount added back
pursuant to this clause (iv), together with the aggregate amount added back pursuant to clause (xii) below, shall not cumulatively exceed 20% of Consolidated EBITDA for any Test Period (with such calculation being made before giving effect to any
increase pursuant to this clause (iv)), plus 

  
 7 

 (v)    the amount of any (x) recruiting, signing,
retention, completion bonuses and severance and (y) relocation costs, facilities start-up costs and transition costs, plus 

(vi)    any extraordinary, unusual or non-recurring charges,
expenses or losses (including, without limitation, losses on asset sales and litigation fees, costs, settlements, judgments and expenses), plus 

(vii)    losses on Investments, plus 

(viii)    any impairment charges and expense (including all unit-specific, brand, goodwill or other
intangible impairment charges and expense), plus 
 (ix)    any expenses, fees, charges, or losses
related to any equity offering, permitted Investment, Restricted Payment, acquisition, disposition, recapitalization, merger, or the incurrence of Indebtedness permitted to be incurred by this Agreement (including any refinancing, exchange or
repayment thereof) (whether or not successful and including any such transaction consummated prior to the Closing Date), including (A) such fees, expenses, or charges related to the incurrence of the Loans hereunder and all Transaction Costs
(including the fees, expenses and disbursements of appraisers, consultants, advisors, brokers, accountants and counsel), (B) such fees, expenses, or charges related to the execution of the Loan Documents and any other credit facilities or debt
issuances, and (C) any amendment, restatement, waiver or other modification of any Loan Document, the Loans hereunder or other Indebtedness (or the documentation related thereto), plus 

(x)    non-cash compensation charges or other expenses or charges;
plus 
 (xi)    any other non-cash charges, including any
write offs, write downs, expenses, losses (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future Test Period, the cash payment in respect thereof in
such future Test Period shall be deducted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior Test Period), plus 

(xii)    pro forma adjustments, including pro forma
“run-rate” cost savings, operating expense reductions, operational improvements and other synergies related to (A) the Transactions that are reasonably identifiable and that are projected by the
Borrower in good faith to result from actions either taken or with respect to which substantial steps have been take or are expected to be taken in the good faith determination of the Borrower within 12 months of the Closing Date and (B) any
acquisition (including the commencement of activities constituting a business), disposition (including the termination or discontinuance of activities constituting a business) or other specified investment or transaction, or related to any
restructuring initiative, cost savings initiative or other initiative that are reasonably identifiable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which steps have been taken or are
expected to be taken (in the good faith determination of the Borrower) within 12 months of the determination to take such 

  
 8 

 
action, in each case, net of the amount of actual benefits realized prior to or during such Test Period from such actions (which cost savings, operating expense reductions, operating enhancements
and synergies shall be calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, operating enhancements or synergies had been realized on the first day of such Test Period); provided that the aggregate amount
added back pursuant to this clause (xii), together with the aggregate amount added back pursuant to clause (iv) above, shall not cumulatively exceed 20% of Consolidated EBITDA for any Test Period (with such calculation being made before giving
effect to any increase pursuant to this clause (xii)), plus 
 (xiii)     (x) all gains and
charges as a result of, or in connection with, sales, dispositions or abandonments of assets outside the ordinary course of business (including, without limitation, asset retirement costs) and (y) charges from disposed, abandoned, divested
and/or discontinued assets, Properties or operations and/or discontinued assets, Properties and operations (other than, at the option of the Borrower, assets or Properties or operations pending the divestiture or termination thereof). plus

 (xiv)    earn-out obligations incurred in connection with any
Permitted Acquisition or other Investment and paid or accrued during the applicable Test Period and any related expenses. plus 

(xv)     (x) any expenses and charges that are reimbursable by a third party pursuant to
indemnification or other similar provisions and actually reimbursed and (y) expenses and reimbursements with respect to liability or casualty events or business interruption, to the extent covered by insurance and actually reimbursed, or, in
each case of clauses (x) and (y) of this clause (xv), if not actually reimbursed, so long as the Borrower has a good faith expectation that such amounts will be received within the next four fiscal quarters (with a deduction for any amount so
added back to the extent not so reimbursed within the next four fiscal quarters), plus 

(xvi)    any effects of adjustments resulting from the application of purchase accounting, purchase price
accounting (including any step-up in inventory and loss of profit on the acquired inventory), plus 

(xvii)    other items recorded under “other income expense” in the Borrower financial statements
prepared in accordance with GAAP; provided that the aggregate amount added back pursuant to this clause (xvii) shall not exceed 5% of Consolidated EBITDA for any Test Period (with such calculation being made before giving effect to any
increase pursuant to this clause (xvii), 
 (b)    decreased by (without duplication),
non-cash gains increasing Consolidated Net Income of such Person for such Test Period, excluding any non-cash gains which represent the reversal of any accrual of, or
cash reserve for, anticipated cash charges that reduced Consolidated EBITDA in any prior Test Period other than non-cash gains relating to the application of Financial Accounting Standards Codification Topic
840 — Leases (formerly Financial Accounting Standards Board Statement No. 13); provided that, to the extent non-cash gains are deducted pursuant to this clause (b) for any previous
Test Period and not otherwise added back to Consolidated EBITDA, Consolidated EBITDA shall be increased by the amount of any cash receipts (or any netting arrangements resulting in reduced cash expenses) in respect of such non-cash gains received in subsequent periods to the extent not already included therein; and, 

  
 9 

 (c)    increased or decreased by (without duplication): 

(i)    any net gain or loss resulting in such Test Period from currency gains or other foreign exchange
adjustments or losses related to Indebtedness, intercompany balances, and other balance sheet items, plus or minus, as the case may be, and 

(ii)    any net gain or loss resulting in such Test Period from Swap Obligations, and the application of
ASC 815 and its related pronouncements and interpretations, or the equivalent accounting standard under GAAP or an alternative basis of accounting applied in lieu of GAAP. 

“Consolidated Fixed Charge Coverage Ratio”: as of any date of determination thereof, the ratio of (a) Consolidated
EBITDA for the Test Period most recently ended, minus the aggregate amount actually paid by the Borrower and its Restricted Subsidiaries in cash during such Test Period on account of Capital Expenditures (excluding the principal amount of
Indebtedness and any interest expense or other fees, costs and expenses with respect thereto, incurred in connection with such Capital Expenditures) to (b) Consolidated Fixed Charges for such Test Period. 

“Consolidated Fixed Charges”: for any period, the sum (without duplication) of (a) Consolidated Cash Interest Expense
for such period, (b) scheduled amortization payments made during such period on account of principal of Funded Debt of the Borrower or any of its Restricted Subsidiaries, but excluding principal payments in respect of the Revolving Credit
Loans, (c) the aggregate amount actually paid in cash by the Borrower or any of its Restricted Subsidiaries for such period on account of Taxes and (d) the aggregate amount of Restricted Payments paid by the Borrower and its Restricted
Subsidiaries pursuant to Sections 7.6(d) and (e), in each case, to Persons other than the Borrower and its Restricted Subsidiaries hereunder and actually paid in cash during such period. “Consolidated Fixed Charges”
shall not include any payments made on account of principal of Funded Debt of the Borrower and its Restricted Subsidiaries as a result of a mandatory or voluntary prepayment thereof. 

“Consolidated Funded Debt”: as of any date of determination thereof, the aggregate principal amount of all Funded Debt of the
Borrower and its Restricted Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated
Interest Expense”: for any period, total interest expense (including that attributable to Capital Lease Obligations) of the Borrower and its Restricted Subsidiaries for such period with respect to all outstanding Indebtedness of the
Borrower and its Restricted Subsidiaries; provided that for purposes of determining the amount of Consolidated Interest Expense used in the calculation of Consolidated Fixed Charges for any period of four consecutive fiscal quarters ending on
the last day of the first, second or third fiscal quarter of the Borrower and its Restricted Subsidiaries commencing after either (i) the Acquisition or any other Material Acquisition financed in whole or in part with the proceeds of
Indebtedness or (ii) any Material Disposition the proceeds of which were used in whole or in part to reduce Indebtedness, the Consolidated Interest Expense for such period of four consecutive fiscal quarters shall be deemed to be equal to
(x) in the case of the period of four consecutive fiscal quarters ending on the last day of the first fiscal quarter of the Borrower and its Restricted Subsidiaries commencing after such Material Acquisition or Material Disposition (as
applicable), the Consolidated Interest Expense for such first fiscal quarter of the Borrower and its Restricted Subsidiaries commencing after such Material Acquisition or Material Disposition (as applicable) multiplied by 4, (y) in the case of the
period of four consecutive fiscal quarters ending on the last day of the second fiscal quarter of the Borrower and its Restricted Subsidiaries commencing after such Material Acquisition or Material Disposition (as applicable), the aggregate amount
of the Consolidated Interest Expense for the first and second fiscal quarters of the Borrower and its Restricted Subsidiaries commencing after such Material Acquisition or 

  
 10 

 
Material Disposition (as applicable) multiplied by 2 and (z) in the case of the period of four consecutive fiscal quarters ending on the last day of the third fiscal quarter of the Borrower
and its Restricted Subsidiaries commencing after such Material Acquisition or Material Disposition (as applicable), the aggregate amount of the Consolidated Interest Expense for the first, second and third fiscal quarters of the Borrower and its
Restricted Subsidiaries commencing after such Material Acquisition or Material Disposition (as applicable) multiplied by 4/3. 

“Consolidated Net Income”: for any period, the consolidated net income (or loss) of the Borrower and its Restricted
Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded from Consolidated Net Income the following: (a) any gain or loss (together with any related provision for taxes thereon),
but, in the case of any loss, only to the extent that such loss does not involve any current or future cash expenditure, realized in connection with (i) any asset sale (other than asset sales in the ordinary course of business) or (ii) any
disposition of any securities (other than dispositions in the ordinary course of business) by the Borrower or any of its Restricted Subsidiaries, (b) any extraordinary gain or loss (together with any related provision for taxes thereon), (c)
any goodwill or other asset impairment charges or other asset write-offs or write downs, including any resulting from the application of Accounting Standards Codification Nos. 350 and No. 360, and any expenses or charges relating to the
amortization of intangibles as a result of the application of Accounting Standards Codification No. 805, (d) any non-cash charges or expenses related to the repurchase of stock options to the extent not
prohibited by this Agreement, and any non-cash charges or expenses related to the grant, issuance or repricing of, or any amendment or substitution with respect to, stock appreciation or similar rights, stock
options, restricted stock, or other Capital Stock or other equity based awards or rights or equivalent instruments, (e) gains and losses resulting solely from fluctuations in currency values and the related tax effects shall be excluded, and
charges relating to Accounting Standards Codification Nos. 815 and 820 and (f) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Borrower or any of its Restricted
Subsidiaries. With respect to the income (or deficit) of any Person (other than a Subsidiary) in which the Borrower or any of its Restricted Subsidiaries has an ownership interest, such income (or deficit) shall be included in an amount proportional
to the Borrower’s or its Restricted Subsidiary’s economic interest therein, except to the extent that any such income is actually received by the Borrower or such Restricted Subsidiary in the form of dividends or other distributions. 

“Consolidated Total Assets”: as of any date of determination thereof, the amount that would appear opposite the caption
“total assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries prepared as of such date in accordance with GAAP. 

“Consolidated Total Leverage Ratio”: as of any date of determination thereof, the ratio of (a) Consolidated Funded Debt
on such day to (b) Consolidated EBITDA for the Test Period most recently ended. 
 “Contractual Obligation”: as to any
Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its Property is bound. 

“Credit Agreement Refinancing Indebtedness”: (a) Permitted First Priority Refinancing Loans, (b) Permitted Junior Lien
Refinancing Loans, (c) Permitted Unsecured Refinancing Loans or (d) other Indebtedness incurred pursuant to a Refinancing Amendment, in each case, incurred or otherwise obtained (including by means of the extension or renewal of existing
Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or refinance, in whole or part, existing Term Loans and/or Revolving Credit Loans (and/or unused Commitments in respect to Revolving Credit Loans), or any then-existing
Credit Agreement Refinancing Indebtedness (such refinanced loans, the “Refinanced Debt”); 

  
 11 

 
provided that (i) such Indebtedness has a maturity no earlier than the maturity date of the Refinanced Debt, (ii) such Indebtedness shall not have a greater principal amount than
the principal amount of the Refinanced Debt (including the amount of any unused commitments replaced in connection therewith), plus accrued interest, fees, premiums (if any) and penalties thereon and fees and expenses associated with the
refinancing (including upfront fees and original issue discount), (iii) such Indebtedness is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors (or become Guarantors substantially concurrently with the
incurrence of such Indebtedness), (iv) the other terms and conditions of such Indebtedness (except for (x) pricing, premiums, fees, rate floors and optional prepayment and redemption terms and (y) covenants or other provisions applicable
only to periods after the Latest Maturity Date at the time of incurrence of such Indebtedness (it being understood and agreed that such Credit Agreement Refinancing Indebtedness may include a financial maintenance covenant or other terms for the
benefit of such Credit Agreement Refinancing Indebtedness applicable prior to such Latest Maturity Date, so long as such financial maintenance covenant or other terms, as the case may be, are added for the benefit of the Facilities hereunder
remaining outstanding after the incurrence of such Credit Agreement Refinancing Indebtedness (which shall not, notwithstanding anything to the contrary set forth in Section 10.1, require the consent of the Administrative Agent, the Issuing
Lender or any Lender))) shall, as reasonably determined by the Borrower in good faith, (I) reflect market terms and conditions (taken as a whole) at the time of incurrence or issuance or (II) not be materially more restrictive (taken as a
whole) on the Borrower and its Restricted Subsidiaries than those applicable to the Refinanced Debt (taken as a whole) being refinanced or replaced; provided that a certificate of an Authorized Officer of the Borrower delivered to the
Administrative Agent at least five Business Days prior to the incurrence of such Indebtedness (or at such later date as may be agreed to by the Administrative Agent), together with a reasonably detailed description of the material terms and
conditions of such Indebtedness or drafts of the documentation relating thereto that are delivered to the Administrative Agent or publicly filed, stating that the Borrower has determined in good faith that such terms and conditions satisfy the
requirement of this clause (iv) shall be conclusive evidence that such terms and conditions satisfy such requirement, and (v) such Refinanced Debt shall be repaid, repurchased, retired, defeased or satisfied and discharged on a dollar-for-dollar basis, all accrued interest, fees, premiums (if any) and penalties in connection therewith shall be paid, and all commitments thereunder terminated, on the
date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained. 
 “Credit Party”: the Administrative
Agent, any Arranger, the Lead Arranger, the Issuing Lender, or any other Lender. 
 “Declined Proceeds”: as defined in
Section 2.12(g). 
 “Default”: any of the events specified in Article VIII that after the giving of notice, the lapse
of time, or both, would constitute an Event of Default. 
 “Defaulting Lender”: subject to Section 2.27, 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 (iii) pay over to any Credit Party
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 or will not 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 

  
 12 

 
three Business Days after request by the Borrower, the Administrative Agent or the Issuing Lender 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 under this Agreement; provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon the receipt by the Borrower and the Administrative Agent or the Issuing Lender, as applicable, of such certification in form and substance satisfactory to it, the Borrower, and the Administrative Agent,
(d) has, or its Lender Parent has, become the subject of a Bankruptcy Event or (e) has, or its Lender Parent has, become the subject of a Bail-In Action. Any determination of a Defaulting Lender
under clauses (a) through (e) of this definition will be conclusive and binding absent manifest error. 

“Disposition”: with respect to any Property, any sale, lease (other than an operating lease in the ordinary course of
business), sale and leaseback, assignment, conveyance, transfer, exclusive license (other than any such license entered into in the ordinary course of business consistent with past practice) or other disposition thereof; provided that in no
event shall a Recovery Event be considered a Disposition. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Lenders”: any Person (a) identified in writing (i) to the Arrangers by the Borrower prior to the
Acquisition Signing Date or (ii) to the Administrative Agent prior to the Closing Date, (b) who is (directly or through a controlled subsidiary or portfolio company) a competitor of the Borrower or any of its Subsidiaries separately
identified in writing by the Borrower to the Arrangers prior to the Closing Date from time to time or, if after the Closing Date, to the Administrative Agent from time to time and (c) any Affiliate of any Person described in clauses (a) or
(b) above (other than any such Affiliate that is a bona fide Fund and with respect to which no personnel involved with the investment in the relevant competitor, or the management, control or operation thereof, directly or indirectly possesses the
power to direct or cause the investment policies of such fund, vehicle or entity) that is either (a) identified in writing by the Borrower to the Administrative Agent from time to time or (b) clearly identifiable as an Affiliate solely on
the basis of the similarity of such Affiliate’s name. Notwithstanding the foregoing, (x) each Credit Party and the Lenders acknowledge and agree that the Administrative Agent shall not have any responsibility or obligation to determine
whether any Lender or potential Lender is a Disqualified Lender and the Administrative Agent shall have no liability with respect to any assignment or participation made to a Disqualified Lender, and (y) any such designation of a Disqualified
Lender may not apply retroactively to disqualify any Person that has previously acquired an assignment or participation in any Facility (but no further assignment or participation shall be permitted to be made to such Person). 

“Dollars” and “$”: dollars in lawful currency of the United States. 

“Domestic Subsidiary”: any Subsidiary of the Borrower organized under the laws of any jurisdiction within the United States.

 “EEA Financial Institution”: (a) any institution established in any EEA Member Country which is subject to the
supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member
Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country”: any of the member states of the European Union, Iceland, Liechtenstein and Norway. 

  
 13 

 “EEA Resolution Authority”: any public administrative authority or any
Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Environmental Laws”: any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes,
ordinances, codes, decrees, legally binding requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning the protection of human
health or the environment, as now or may at any time hereafter be in effect. 
 “Equipment”: as defined in the Guarantee
and Collateral Agreement. 
 “ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to time.

 “Euro” or “€”: the single currency unit of the Participating Member States. 

“EU Bail-In Legislation Schedule”: the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Event of Default”: any of the events specified in Article VIII; provided that any requirement for the giving of
notice, the lapse of time, or both, has been satisfied. 
 “Excluded Property”: as defined in the Guarantee and Collateral
Agreement. 
 “Excluded Stock”: (i) any Capital Stock with respect to which, in the reasonable judgment of the
Administrative Agent and the Borrower (as agreed to in writing), the cost or other consequences of pledging such Capital Stock in favor of the Secured Parties under the Security Documents shall be excessive in view of the benefits to be obtained by
the Lenders therefrom, (ii) solely in the case of any pledge of Capital Stock of any (a) CFC or (b) CFC Holding Company, any Capital Stock that is voting Capital Stock of any class of such CFC or CFC Holding Company directly held by a
Loan Party in excess of 65% of total combined voting power of all classes of voting stock (within the meaning of Treasury Regulations section 1.956-2(c)(2)) of such CFC or CFC Holding Company, as applicable
(iii) any Capital Stock of any direct or indirect Subsidiary of a CFC, (iv) any Capital Stock to the extent the pledge thereof would violate any applicable Requirements of Law (including any legally effective requirement to obtain the
consent of any Governmental Authority unless such consent has been obtained), (v) in the case of (A) any Capital Stock of any Subsidiary to the extent such Capital Stock are subject to a Lien not prohibited hereby or (B) any Capital Stock
of any Subsidiary that is not a Wholly-Owned Subsidiary of the Borrower and its Restricted Subsidiaries at the time such Subsidiary becomes a Subsidiary to the extent (I) that a pledge thereof to secure the Obligations is prohibited by any
applicable Contractual Obligation (other than customary anti assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law and other than proceeds thereof the assignment of which is expressly deemed effective
under the Uniform Commercial Code or other applicable law notwithstanding such prohibition or restriction), (II) any Contractual Obligation prohibits such a pledge without the consent of any other party; provided that this clause
(II) shall not apply if (x) such other party is a Loan Party or Wholly-Owned Subsidiary or (y) consent has been obtained to consummate such pledge (it being understood that the foregoing shall not be deemed to obligate the Borrower or
any Subsidiary to obtain any such consent) and for so long as such Contractual Obligation or replacement or renewal thereof is in effect, or (III) a pledge thereof to secure the Obligations would give any other party (other than a Loan Party or
Wholly-Owned Subsidiary) to any contract, agreement, instrument, or indenture governing such Capital Stock the right to terminate its obligations thereunder (other than 

  
 14 

 
customary anti-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law and other than proceeds thereof the assignment of which is expressly deemed
effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition or restriction), (vi) any Capital Stock to the extent that the creation or perfection of the pledge of such Capital Stock or security interests
therein would result in materially adverse tax consequences to the Borrower or any Subsidiary as reasonably determined by the Borrower in consultation with the Administrative Agent, (vii) any Capital Stock that is margin stock (or convertible
into, or exchangeable for, margin stock), and (viii) any Capital Stock of an Immaterial Subsidiary or an Unrestricted Subsidiary, a captive insurance Subsidiary, a not for profit Subsidiary or a special purpose entity. 

“Excluded Subsidiary”: (i) each Immaterial Subsidiary, (ii) each Subsidiary that is not a Wholly-Owned Subsidiary,
(iii) any Foreign Subsidiary that is a CFC, (iv) any direct or indirect Subsidiary of any such CFC, (v) any CFC Holding Company, (vi) any Subsidiary that is prohibited by any applicable Contractual Obligation or Requirements of
Law from guaranteeing or granting Liens to secure the Obligations at the time such Subsidiary becomes a Restricted Subsidiary (including as a result of a Permitted Acquisition or other Investment not prohibited hereunder, to the extent such
restriction was not entered into in contemplation of such Subsidiary constituting an Excluded Subsidiary, (vii) each Unrestricted Subsidiary, (viii) each Subsidiary that has entered into any securitization facility nor prohibited
hereunder, (ix) each not for profit Subsidiary, (x) each captive insurance company and (xi) each other Subsidiary acquired pursuant to a Permitted Acquisition or other Investment not prohibited hereunder and financed with assumed
secured Indebtedness permitted hereunder, and each Restricted Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness, in each case to the extent that, and for so long as, the
documentation relating to such Indebtedness to which such Subsidiary is a party prohibits such Subsidiary from guaranteeing the Obligations and such prohibition was not created in contemplation of such Permitted Acquisition or other Investment
permitted hereunder. 
 “Excluded Swap Obligation”: with respect to any Subsidiary Guarantor, any Swap Obligation if, and
to the extent that, and only for so long as, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, as applicable, such Swap Obligation (or any guarantee thereof) is or becomes
illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure to constitute an
“eligible contract participant” (as defined in the Commodity Exchange Act) at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap
Obligation. If a Swap Obligation arises under a master agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guarantee or security interest is or
becomes illegal. 
 “Extended Revolving Credit Commitments”: as defined in Section 10.1. 

“Extended Revolving Credit Facility”: as defined in Section 10.1. 

“Extended Revolving Credit Loans”: as defined in Section 10.1. 

“Facility”: each of (a) the Tranche A Term Loan Facility, (b) the Revolving Credit Facility, (c) any
Incremental Term Loan Facility and (d) any Extended Revolving Credit Facility. 
 “FATCA”: Sections 1471 through 1474
of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, applicable
intergovernmental agreements and related legislation or official administrative rules or practices in connection therewith, and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

  
 15 

 “Federal Funds Effective Rate”: for any day, the rate calculated by the
NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB
as the effective federal funds rate; provided that, if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to zero for the purposes of this Agreement. 

“Financial Covenants”: the financial covenants set forth in Section 7.1(a) and (b). 

“Foreign Subsidiary”: any Subsidiary of the Borrower that is not a Domestic Subsidiary. 

“Fund”: any Person (other than a natural Person) that is a bona fide debt fund or investment vehicle that is engaged in
making, purchasing, holding, or investing in commercial loans and similar extensions of credit in the ordinary course of its business for financial investment purposes. 

“Funded Debt”: as to any Person, all Indebtedness of such Person of the types described in clauses (a)-(e) of the definition
of Indebtedness. 
 “Funding Office”: the office of the Administrative Agent set forth in Section 10.2. 

“GAAP”: generally accepted accounting principles applicable in the United States for reporting entities domiciled in the
United States as in effect from time to time, except that for purposes of Sections 7.1 and 7.2(d) and any financial covenant calculation in Section 2.12, GAAP shall be determined on the basis of such principles in effect on the date hereof and
consistent with those used in the preparation of the most recent audited financial statements delivered pursuant to Section 4.1. 

“Governmental Authority”: any government of the United States or any other nation or of any state or other political
subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of government (including any securities exchange or self-regulatory organization). 

“Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement dated as of the Closing Date, in substantially
the form attached hereto as Exhibit A. 
 “Guarantee Obligation”: as to any Person (the “guaranteeing
person”), any obligation of (a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or
similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any
manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting direct or indirect security therefor, (ii) to
advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure
or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the

  
 16 

 
ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of
the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such
primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated
liability in respect thereof as determined by the Borrower in good faith. 
 “Guarantor”: as defined in the Guarantee and
Collateral Agreement. 
 “Hedging Agreement”: any agreement with respect to any swap, forward, future or derivative
transaction, cap or collar agreement, or any option or similar agreement, involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt securities or instruments, or economic, financial or pricing indices or
measures of economic, financial or pricing risk or value, or any similar transaction or any combination of the foregoing transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided
by current or former directors, officers, employees or consultants of the Borrower or any Restricted Subsidiary shall be a Hedging Agreement. 

“Hedging Obligations”: with respect to any Person, the obligations of such Person under any Hedging Agreements. 

“Historical Financial Statements”: the financial statements described in Section 4.1(a) and (b). 

“Immaterial Subsidiary”: any Subsidiary of the Borrower other than a Material Subsidiary. 

“Immediate Family Member”: with respect to any individual, such individual’s child, stepchild, grandchild or more remote
descendant, parent, stepparent, grandparent, spouse, former spouse, domestic partner, former domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law
(including adoptive relationships), any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals, such individual’s estate (or an executor or administrator acting on its
behalf), heirs or legatees or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor. 

“Impacted Interest Period”: as defined in the definition of “LIBOR Rate”. 

“Increased Facility Activation Date”: any Business Day on which the Borrower and the applicable Incremental Term Loan Lenders
and/or Revolving Credit Lenders (or Persons that become such Lenders in connection therewith) shall execute and deliver to the Administrative Agent an Increased Facility Activation Notice pursuant to Section 2.28(a). 

“Increased Facility Activation Notice”: a notice substantially in the form of Exhibit G. 

“Increased Facility Closing Date”: any Business Day designated as such in an Increased Facility Activation Notice. 

“Increased Revolving Credit Commitments”: as defined in Section 2.28(a). 

  
 17 

 “Incremental Facilities Amount”: $50,000,000. 

“Incremental Facility”: as defined in Section 2.28(a). 

“Incremental Lender Supplement”: as defined in Section 2.28(b). 

“Incremental Term Loan Commitment”: as to any Lender, the obligation of such Lender, if any, to make an Incremental Term Loan
to the Borrower hereunder in a principal amount equal to the amount set forth in the applicable Increased Facility Activation Notice. 

“Incremental Term Loan Facility”: as defined in Section 2.28(a). 

“Incremental Term Loan Lenders”: (a) on any Increased Facility Activation Date relating to Incremental Term Loans, the
Lenders signatory to the relevant Increased Facility Activation Notice and (b) thereafter, each Lender that is a holder of an Incremental Term Loan. 

“Incremental Term Loan Percentage”: as to any Lender, the percentage which the aggregate principal amount of such
Lender’s Incremental Term Loans then outstanding constitutes of the aggregate principal amount of the Incremental Term Loans then outstanding. 

“Incremental Term Loans”: any additional “Tranche A” term loans made pursuant to Section 2.28. 

“Incremental Term Maturity Date”: with respect to the Incremental Term Loans to be made pursuant to any Increased Facility
Activation Notice, the maturity date specified in such Increased Facility Activation Notice, which date shall not be earlier than the final maturity of the Tranche A Term Loans. 

“Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money,
(b) all obligations of such Person for the deferred purchase price of Property or services (other than (i) current trade payables incurred in the ordinary course of such Person’s business, and overdue trade payables incurred in the
ordinary course of such Person’s business to the extent the amount or validity thereof is currently being contested in good faith by appropriate procedures and reserves in conformity with GAAP with respect thereto have been provided on the
books of the Borrower or its Subsidiaries, as the case may be, (ii) financing of insurances premiums, (iii) any such obligations paid solely through the issuance of Capital Stock and (iv) earn-outs and working capital adjustments
entered into in connection with the Acquisition or any other Permitted Acquisition or Material Acquisition to the extent quantified as liabilities, contingent obligations or like term in accordance with GAAP on the balance sheet (excluding the notes
thereto) of such Person), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect
to Property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such Property), (e) all Capital Lease Obligations of such Person
(the amount of which shall be calculated without regard to imputed interest), (f) all obligations of such Person, contingent or otherwise, as an account party under acceptance, letter of credit or similar facilities, (g) all obligations of such
Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Capital Stock (other than common stock) of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred
to in clauses (a) through (g) above to the extent quantified as liabilities, contingent obligations or like term in accordance with GAAP on the balance sheet (excluding the notes thereto) of such Person; (i) all obligations of the kind
referred to in clauses (a) through (h) above secured by (or for which the holder of 

  
 18 

 
such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property (including accounts and contract rights) owned by such Person, whether or not such Person
has assumed or become liable for the payment of such obligation (but only to the extent of the fair market value of such Property); provided, however, that if such obligations have not been assumed, the amount of such Indebtedness
included for the purposes of this definition will be the amount equal to the lesser of the fair market value of such property and the amount of the Indebtedness secured; (j) for purposes of Section 8(e), all net obligations of such Person
in respect of Hedging Agreements and (k) the liquidation value of any preferred Capital Stock of such Person or its Subsidiaries held by any Person other than such Person and its Wholly-Owned Subsidiaries. 

“Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of
Section 4245 of ERISA. 
 “Insolvent”: pertaining to a condition of Insolvency. 

“Instrument”: as defined in the Guarantee and Collateral Agreement. 

“Intellectual Property”: the collective reference to all intellectual property rights, whether arising under United States,
multinational or foreign laws or otherwise, including copyrights, patents, trademarks, trade secrets, technology, know-how, methods and processes, and applications and registrations of the foregoing, licenses
to the foregoing, all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Interest Payment Date”: (a) as to any ABR Loan, the last Business Day of each March, June, September and December to occur
while such Loan is outstanding and the final maturity date of such Loan, (b) as to any LIBOR Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any LIBOR Loan having an Interest Period
longer than three months, each day which is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan (other than any Revolving Credit Loan that is an
ABR Loan), the date of any repayment or prepayment made in respect thereof. 
 “Interest Period”: as to any LIBOR Loan,
(a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such LIBOR Loan and ending one, two, three or six months (or, if acceptable to all Required Lenders, twelve months or any shorter
period) thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period
applicable to such LIBOR Loan and ending one, two, three or six months (or, if acceptable to all affected Lenders, twelve months or any shorter period) thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not
less than three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that all of the foregoing provisions relating to Interest Periods are subject to the following: 

(i)    if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;

 (ii)    any Interest Period that would otherwise extend beyond the Revolving Credit Termination Date
or beyond the final maturity date of the Tranche A Term Loans or any Incremental Term Loans, as the case may be, shall end on the Revolving Credit Termination Date or such final maturity date, as applicable; 

  
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 (iii)    any Interest Period that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;
and 
 (iv)    with respect to any Loans to be made on the Closing Date, the Borrower may select an
Interest Period ending on March 29, 2019. 
 “Interpolated Rate”: at any time, for any Interest Period, the rate per
annum (rounded to the same number of decimal places as the LIBOR Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating
on a linear basis between: (a) the LIBOR Screen Rate for the longest period for which the LIBOR Screen Rate is available for the applicable currency that is shorter than the Impacted Interest Period; and (b) the LIBOR Screen Rate for the
shortest period (for which that LIBOR Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time. 

“Inventory”: as defined in the Guarantee and Collateral Agreement. 

“Investment”: as defined in Section 7.8. For purposes of the definition of Unrestricted Subsidiary and Section 7.8:

 (i)    Investments shall include the portion (proportionate to the Borrower’s direct or indirect
equity interest in such Subsidiary) of the fair market value of the assets of a Subsidiary of the Borrower at the time that such Subsidiary is designated an Unrestricted Subsidiary; and 

(ii)    any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market
value at the time of such transfer. 
 The amount of any Investment outstanding at any time shall be the original cost of
such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment, or other amount received by the Borrower or a Restricted Subsidiary in respect of such Investment (provided that, with respect to amounts
received other than in the form of cash and/or Cash Equivalents, such amount shall be equal to the fair market value of such consideration). 

“IRS”: as defined in Section 2.20(d). 

“ISP”: with respect to any Letter of Credit, the “International Standby Practices 1998” as published by the
Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 

“Issuing Lender”: JPMorgan Chase Bank, N.A., in its capacity as issuer of any Letter of Credit. 

“L/C Commitment”: $5,000,000. 

“L/C Exposure”: as to any Revolving Credit Lender at any time, an amount equal to such Revolving Credit Lender’s
Revolving Credit Percentage of the total L/C Obligations at such time. 

  
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 “L/C Fee Payment Date”: the last day of each March, June, September and
December and the Revolving Credit Termination Date. 
 “L/C Obligations”: at any time, an amount equal to the sum of
(a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit which have not then been reimbursed pursuant to Section 3.5. 

“L/C Participants”: collectively, all the Revolving Credit Lenders other than the Issuing Lender. 

“Latest Term Loan Maturity Date”: at any date of determination, the latest maturity or expiration date applicable to any
Tranche A Term Loan hereunder at such time, including the latest maturity of any Refinancing Term Loan, in each case as extended in accordance with this Agreement from time to time. 

“LCA Election”: as defined in Section 1.3(b). 

“LCA Test Date”: as defined in Section 1.3(b). 

“Lead Arranger”: JPMorgan Chase Bank, N.A. 

“Lender Parent”: with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a Subsidiary.

 “Lenders”: the financial institutions and other Persons from time to time party here to as lenders, unless and until any
such Person ceases to be a “Lender” hereunder . 
 “Letter of Credit Expiration Date”: the day that is five
Business Days prior to the Revolving Credit Termination Date then in effect for the Revolving Credit Facility. 
 “Letters of
Credit”: as defined in Section 3.1(a). 
 “LIBOR Loan”: any Loan bearing interest at a rate determined
by reference to the Adjusted LIBOR Rate. 
 “LIBOR Rate”: with respect to any Borrowings of LIBOR Loans for any applicable
currency and for any Interest Period, the LIBOR Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBOR Screen Rate shall not be available at such
time for such Interest Period (an “Impacted Interest Period”) with respect to the applicable currency then the LIBOR Rate shall be the Interpolated Rate; provided, further that, if the LIBOR Screen Rate and the
Interpolated Rate are not available, the LIBOR Rate shall be determined by reference to such rate as the Administrative Agent and the Borrower mutually agree to be effectively equivalent to the LIBOR Screen Rate; provided, that the
Administrative Agent shall notify the Lenders of such agreed upon successor reference rate, and, if the Required Lenders shall not have objected in writing to such successor reference rate within five Business Days of such notice, then the Required
Lenders shall be deemed to have consented to the effectiveness of such successor reference rate, and it shall become effective hereunder. 

“LIBOR Screen Rate”: for any day and time, with respect to any Borrowings of LIBOR Loans for any applicable currency and for
any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of 

  
 21 

 
such rate for Dollars or the relevant currency) for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that
displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such
rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBOR Screen Rate as so determined would be less than zero, such rate shall be deemed to zero for the purposes of this
Agreement. 
 “LIBOR Tranche”: the collective reference to LIBOR Loans under a particular Facility the then current
Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

“Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any Capital Lease having
substantially the same economic effect as any of the foregoing). 
 “Limited Condition Acquisition”: any acquisition or
Investment the consummation of which by the Borrower or any of its Restricted Subsidiaries is not expressly conditioned on the availability of, or on obtaining, third party financing. 

“Loan”: any loan made by any Lender pursuant to this Agreement. 

“Loan Document Obligations”: the unpaid principal of and interest on (including interest accruing after the maturity of the
Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Administrative Agent or to any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now
existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, the Letters of Credit or any other document made, delivered or given in connection herewith or therewith, whether on
account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the Borrower
pursuant hereto) or otherwise. 
 “Loan Documents”: this Agreement, the Security Documents, the Applications and, except
for purposes of Section 10.1, the Notes. 
 “Loan Parties”: the Borrower and each Subsidiary that is a party to a Loan
Document. 
 “Local Time”: New York City time. 

“Majority Facility Lenders”: with respect to any Facility, the holders of more than 50% of the aggregate principal amount of
the Term Loans or the Total Revolving Extensions of Credit, as the case may be, then outstanding under such Facility (or, in the case of the Revolving Credit Facility, prior to any termination of the Revolving Credit Commitments, the holders of more
than 50% of the Total Revolving Credit Commitments). 

  
 22 

 “Material Acquisition”: any acquisition of Property or series of related
acquisitions of Property (other than from the Borrower or any Restricted Subsidiary) that (x) constitutes assets comprising all or substantially all of an operating unit or a business, line of business or product line or constitutes all or
substantially all of the common stock of a Person and (y) involves the payment of consideration by the Borrower and its Restricted Subsidiaries in excess of $5,000,000. 

“Material Adverse Effect”: a material adverse effect on (a) the business, results of operations, assets or financial
position of the Borrower and its Restricted Subsidiaries taken as a whole, (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Administrative Agent or the Lenders hereunder or
thereunder or (c) the ability of the Borrower to perform any of its obligations under this Agreement. 
 “Material
Disposition”: any Disposition of Property or series of related Dispositions of Property that yields net proceeds to the Borrower and its Restricted Subsidiaries in excess of $1,000,000. 

“Material Subsidiary”: at any date of determination, each Restricted Subsidiary (i) whose total assets at the last day
of the Test Period ending on the last day of the most recent fiscal period for which Section 6.1 Financials have been delivered were equal to or greater than 2.5% of the Consolidated Total Assets of the Borrower and the Restricted Subsidiaries
at such date or (ii) whose revenues during such Test Period were equal to or greater than 2.5% of the consolidated revenues of the Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP;
provided that if, at any time and from time to time after the Closing Date, Restricted Subsidiaries that are not Material Subsidiaries (other than Subsidiaries that are Excluded Subsidiaries by virtue of any of clauses (ii) through (x)
of the definition of “Excluded Subsidiary”) have, in the aggregate, (a) total assets at the last day of such Test Period equal to or greater than 5% of the Consolidated Total Assets of the Borrower and the Restricted Subsidiaries at
such date or (b) revenues during such Test Period equal to or greater than 5% of the consolidated revenues of the Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP, then the Borrower
shall, on the date on which financial statements for such quarter are delivered pursuant to this Agreement, designate in writing to the Administrative Agent one or more of such Restricted Subsidiaries as Material Subsidiaries for each fiscal period
until this proviso is no longer applicable. For purposes of this definition, for periods prior to the first delivery of Section 6.1 Financials, Consolidated Total Assets and revenues shall be calculated on a Pro Forma Basis, including, without
limitation, to give effect to the Acquisition. 
 “Materials of Environmental Concern”: any gasoline or petroleum
(including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or to the extent regulated as such in or under any applicable Environmental Law, including asbestos,
polychlorinated biphenyls and urea-formaldehyde insulation. 
 “Merger Sub”: Supernova Acquisition Corp., a Delaware
corporation and a Wholly-Owned Subsidiary of the Borrower. 
 “Minimum Collateral Amount”: at any time, (i) with
respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided to reduce or eliminate L/C Exposure during the existence of a Defaulting Lender, an amount equal to 101% of the L/C Exposure of the Issuing Lender
with respect to Letters of Credit issued and outstanding at such time and (ii) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided following an Event of Default and the acceleration of all
outstanding Obligations hereunder, an amount equal to 101% of the outstanding amount of all L/C Obligations. 

  
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 “Multiemployer Plan”: a Plan which is a multiemployer plan as defined in
Section 4001(a)(3) of ERISA. 
 “Net Cash Proceeds”: (a) in connection with any Asset Sale or any Recovery Event, the
proceeds thereof received by the Borrower and its Restricted Subsidiaries in the form of cash and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase
price adjustment receivable or otherwise, but only as and when received) of such Asset Sale or Recovery Event, net of (i) attorneys’ fees, accountants’ fees, investment banking fees, brokerage fees and commissions, title insurance
premiums and related search and recording charges and other similar fees, (ii) amounts required to be applied to the repayment of Indebtedness (including principal, premium, penalty and interest) secured by a Lien not prohibited hereunder on
any asset which is the subject of such Asset Sale or Recovery Event (other than any Lien pursuant to a Security Document), (iii) other customary fees and expenses incurred in connection therewith (including costs incurred in obtaining any proceeds
from a Recovery Event), (iv) any payments required to be made by law, rule or regulation to a third party in connection therewith, (v) any reserves established in accordance with GAAP (provided such reserved amounts shall be Net Cash
Proceeds to the extent and at the time of reversal of any reserve to the extent not applied), any reserves for indemnification (provided such reserved amounts shall be Net Cash Proceeds to the extent and at the time of reversal of any reserve to the
extent not applied) and (vi) Taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available Tax credits or deductions and any Tax sharing arrangements) and (b) in connection with any issuance
or sale of equity securities or debt securities or instruments or the incurrence of loans, the cash proceeds received from such issuance or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting
discounts and commissions and other customary fees and expenses incurred in connection therewith and after giving effect to the application of any Indebtedness being repaid (including principal, premium, penalty and interest). 

“New Lender”: as defined in Section 2.28(b). 

“Non-Excluded Taxes”: as defined in Section 2.20(a). 

“Non-U.S. Lender”: as defined in Section 2.20(d). 

“Notes”: collectively, any promissory note evidencing Loans. 

“NYFRB”: the Federal Reserve Bank of New York. 

“NYFRB Rate”: for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the
Overnight Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB
Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the
aforesaid rates as so determined be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Obligations”: collectively, (a) the Loan Document Obligations, (b) the Secured Cash Management Obligations and
(c) the Secured Hedging Obligations. 
 “Organizational Document” shall mean (a) with respect to any corporation,
the certificate or articles of incorporation and the bylaws (including any unanimous shareholder declaration or agreement applicable to such corporation), (b) with respect to any limited liability company, the certificate or articles of formation or
organization and operating or limited liability company agreement 

  
 24 

 
and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture, trust or other applicable agreement of formation or
organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity. 
 “Other Connection Taxes”: with
respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to,
performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 “Other Taxes”: any and 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 from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document excluding any such Taxes that are Other Connection Taxes imposed
with respect to an Assignment and Assumption (other than an assignment made pursuant to Borrower’s request under Section 2.24). 

“Overnight Rate”: for any day, the rate comprised of both overnight federal funds and overnight Borrowings of LIBOR Loans by
U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight
bank funding rate. 
 “Participant”: as defined in Section 10.6(c)(i). 

“Participant Register”: as defined in Section 10.6(c)(i). 

“Participating Member State”: any member state of the European Communities that adopts or has adopted the euro as its lawful
currency in accordance with legislation of the European Community relating to Economic and Monetary Union. 
 “PATRIOT
Act”: the “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001”, Title III of Pub. L. 107-56, signed into law on
October 26, 2001. 
 “PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV
of ERISA (or any successor). 
 “Permitted Acquisition”: as defined in Section 7.8(k). 

“Permitted First Priority Refinancing Debt”: any Permitted First Priority Refinancing Loans and any Permitted First Priority
Refinancing Notes. 
 “Permitted First Priority Refinancing Loans”: any Credit Agreement Refinancing Indebtedness in the
form of secured loans incurred by the Borrower or any Subsidiary Guarantor in the form of one or more additional tranches of loans under this Agreement; provided that such Indebtedness is secured by the Collateral on a pari passu basis (but
without regard to the control of remedies) with the Liens securing the Obligations and is not secured by any property or assets of the Borrower or any Restricted Subsidiary other than the Collateral. 

  
 25 

 “Permitted First Priority Refinancing Notes”: any Permitted Other
Indebtedness in the form of secured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower or any Subsidiary Guarantor in the form of one or more series of senior secured notes (whether issued in a public offering, Rule
144A, private placement or otherwise); provided that (i) such Indebtedness is secured by the Collateral on a pari passu basis (but without regard to the control of remedies) with the Liens securing the Obligations and is not secured by
any property or assets of the Borrower or any Restricted Subsidiary other than the Collateral (or any property or assets that become Collateral in connection with such transaction) and (ii) such Indebtedness meets the Permitted Other Debt
Conditions. Permitted First Priority Refinancing Notes will include any Registered Equivalent Notes issued in exchange therefor. 

“Permitted Holder”: George F. Colony and each Immediate Family Member of George F. Colony. 

“Permitted Junior Lien Refinancing Debt”: any Permitted Junior Lien Refinancing Loans and any Permitted Junior Lien
Refinancing Notes. 
 “Permitted Junior Lien Refinancing Loans”: any Credit Agreement Refinancing Indebtedness constituting
secured Indebtedness incurred by the Borrower or any Subsidiary Guarantor in the form of one or more series of junior lien secured loans; provided that (i) notwithstanding any provision to the contrary contained in the definition of
“Credit Agreement Refinancing Indebtedness”, such Indebtedness is secured by the Collateral on a junior priority basis to the Liens securing the Obligations, and the obligations in respect of any Permitted First Priority Refinancing Debt
are not secured by any property or assets of the Borrower or any Restricted Subsidiary other than the Collateral (or any property or assets that become Collateral in connection with such transaction), and (ii) such Indebtedness shall be subject
to a customary intercreditor agreement reasonably acceptable to the Borrower and the Administrative Agent. 
 “Permitted Junior Lien
Refinancing Notes”: any Permitted Other Indebtedness in the form of secured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower or any Subsidiary Guarantor in the form of one or more series of junior lien
secured notes (whether issued in a public offering, Rule 144A, private placement or otherwise); provided that (i) such Indebtedness is secured by the Collateral on a junior priority basis to the Liens securing the Obligations and the
obligations in respect of any Permitted First Priority Refinancing Debt and is not secured by any property or assets of the Borrower or any Restricted Subsidiary other than the Collateral (or any property or assets that become Collateral in
connection with such transaction), (ii) such Indebtedness shall be subject to a customary intercreditor agreement reasonably acceptable to the Borrower and the Administrative Agent and (iii) such Indebtedness meets the Permitted Other Debt
Conditions. Permitted Junior Lien Refinancing Notes will include any Registered Equivalent Notes issued in exchange therefor. 

“Permitted Other Debt Conditions”: that such applicable Indebtedness (i) is not at any time guaranteed by any
Subsidiaries other than Subsidiary Guarantors (or Subsidiaries that become Subsidiary Guarantors substantially concurrently with the incurrence thereof), (ii) does not (x) mature or (y) have scheduled amortization payments of principal or
payments of principal or any mandatory redemption, repurchase, prepayment or sinking fund obligations (except customary asset sale provisions, change of control (and, in the case of convertible or exchangeable debt instruments, delisting provisions)
or event of default that provide for the prior repayment in full of such Indebtedness) that could result in prepayments or redemptions of such Indebtedness, in each case, on or prior to the date that is 91 days

  
 26 

 
after Latest Term Loan Maturity Date at the time such Indebtedness is incurred (excluding customary bridge facilities so long as the Indebtedness outstanding under any such customary bridge
facility will be automatically converted into or exchanged for long-term debt that satisfies this clause (ii) and any such conversion or exchange is subject only to customary conditions) and (iii) does not have a Weighted Average Life to
Maturity shorter than the Weighted Average Life to Maturity of the Loans being refinanced by such Indebtedness. 
 “Permitted Other
Indebtedness”: any Permitted First Priority Refinancing Notes, any Permitted Junior Lien Refinancing Notes and any Permitted Unsecured Refinancing Notes. 

“Permitted Restriction”: any encumbrance or restriction (i) existing under or by reason of applicable Law,
(ii) restrictions on the transfer of Property, or the granting of Liens on Property, in each case, subject to Liens not prohibited hereunder, (iii) customary restrictions on subletting or assignment of any lease or sublease governing a
leasehold interest of the Borrower or any of its Restricted Subsidiaries, (iv) restrictions on the transfer of any asset, or the granting of Liens on any asset, subject to a contract with respect to a Disposition not prohibited by this
Agreement and related solely to such asset subject to such Disposition, (v) restrictions contained in the existing Indebtedness listed on Schedule 7.2 and refinancings thereof; provided such refinancing does not expand the scope of such
encumbrance or restriction, (vi) restrictions contained in Indebtedness of Persons acquired pursuant to, or assumed in connection with, Permitted Acquisitions or other acquisitions not prohibited hereunder after the Closing Date and
refinancings thereof, so long as such Indebtedness was not entered into solely in contemplation of such Person becoming a Restricted Subsidiary of the Borrower, (vii) restrictions contained in any Permitted First Priority Refinancing Debt,
Permitted Junior Lien Refinancing Debt and Permitted Unsecured Refinancing Debt, to the extent that such restrictions apply only to the property or assets securing such Indebtedness or to the Restricted Subsidiaries incurring or guaranteeing such
Indebtedness (viii) customary restrictions in joint venture arrangements; provided, that such restrictions are limited to the assets of such joint ventures and the Equity Interests of the Persons party to such joint venture arrangements,
(ix) customary non-assignment provisions or other customary restrictions arising under licenses, leases and other contracts entered into in the ordinary course of business; provided, that such
restrictions are limited to the assets subject to such licenses, leases and contracts and the Capital Stock of the Persons party to such licenses and contracts and (xi) restrictions contained in Indebtedness of Foreign Subsidiaries incurred
pursuant to Section 7.2(k) and refinancings thereof; provided that such restrictions apply only to the Foreign Subsidiaries incurring such Indebtedness and their Subsidiaries (and the assets thereof). 

“Permitted Subordinated Indebtedness”: any unsecured Indebtedness of the Borrower or any Subsidiary Guarantor (a) no
part of the principal of which is stated to be payable or is required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or other mandatory payment) prior to the final maturity date of the Term Loans
then outstanding or, if later, the Revolving Credit Termination Date (excluding customary bridge facilities so long as the Indebtedness outstanding under any such customary bridge facility will be automatically converted into or exchanged for
long-term debt that satisfies this clause (a) and any such conversion or exchange is subject only to customary conditions), (b) the payment of the principal of which is subordinated to the prior payment in full of the Obligations in a manner
that is either consistent with market subordination terms as of the time of incurrence for high-yield subordinated loans or debt securities or otherwise reasonably acceptable to the Administrative Agent and (c) otherwise containing terms,
covenants and conditions that, in the reasonable judgment of the Borrower, are generally customary for similarly situated borrowers in high-yield subordinated loans or debt securities or otherwise reasonably acceptable to the Administrative Agents
at the time of incurrence. 

  
 27 

 “Permitted Unsecured Indebtedness”: any unsecured Indebtedness of the
Borrower or any Subsidiary Guarantor (a) no part of the principal of which is stated to be payable or is required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or other mandatory payment
(except customary change of control (and, in the case of convertible or exchangeable debt instruments, delisting provisions) or events of default that provide for the prior repayment in full of such Indebtedness)) prior to the final maturity date of
the Term Loans then outstanding or, if later, the Revolving Credit Termination Date (excluding bridge facilities allowing extensions on customary terms), (b) which shall not have any financial maintenance covenants, (c) which shall not have a
definition of “Change of Control” or “Change in Control” (or any other defined term having a similar purpose) that is materially more restrictive than clause (k) of Article VIII, (d) which shall not have events of
default that are materially more favorable to the holders of such Indebtedness than the events of default set forth in this Agreement, in each case, taken as a whole, and (e) which shall have covenants that, in the reasonable judgment of the
Borrower, are generally customary for similarly situated issuers in capital markets transactions at the time of issuance (other than, in the case of any bridge facility, covenants, defaults and remedy provisions customary for bridge financings).

 “Permitted Unsecured Refinancing Debt”: any Permitted Unsecured Refinancing Loans and any Permitted Unsecured
Refinancing Notes. 
 “Permitted Unsecured Refinancing Loans”: any Credit Agreement Refinancing Indebtedness in the form of
unsecured Indebtedness incurred by the Borrower and/or the Guarantors in the form of one or more series of senior unsecured loans. 

“Permitted Unsecured Refinancing Notes”: any Permitted Other Indebtedness in the form of unsecured Indebtedness (including
any Registered Equivalent Notes) incurred by the Borrower and/or the Guarantors in the form of one or more series of senior unsecured notes (whether issued in a public offering, Rule 144A, private placement or otherwise); provided that such
Indebtedness meets the Permitted Other Debt Conditions. Permitted Unsecured Refinancing Notes will include any Registered Equivalent Notes issued in exchange therefore. 

“Person”: an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust,
unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 
 “Plan”: at a
particular time, any employee benefit plan which is covered by ERISA and in respect of which the Borrower or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an
“employer” as defined in Section 3(5) of ERISA. 
 “Post-Acquisition Period”: with respect to any Material
Acquisition, the period beginning on the date such transaction is consummated and ending on the date that is twelve months after the date on which such transaction is consummated. 

  
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 “Pricing Grid”: the table set forth below: 

 

													
	 Consolidated Total Leverage Ratio
	  	Applicable Margin
for Tranche A
Term Loans and
Revolving Credit
Loans that are
LIBOR Loans	 	 	Applicable
Margin for
Tranche A
Term Loans and
Revolving
Credit Loans
that are ABR
Loans	 	 	Commitment
Fee Rate	 
	 Greater than 2.75 to 1.00
	  	 	2.50	% 	 	 	1.50	% 	 	 	0.35	% 
	 Less than 2.75 to 1.00 but greater than or equal to 2.00 to 1.00
	  	 	2.25	% 	 	 	1.25	% 	 	 	0.30	% 
	 Less than 2.00 to 1.00 but greater than or equal to 1.00 to 1.00
	  	 	2.00	% 	 	 	1.00	% 	 	 	0.30	% 
	 Less than 1.00 to 1.00
	  	 	1.75	% 	 	 	0.75	% 	 	 	0.25	% 

 Changes in the Applicable Margin with respect to Revolving Credit Loans, Tranche A Term Loans or in the Commitment Fee Rate
resulting from changes in the Consolidated Total Leverage Ratio shall become effective on the date (the “Adjustment Date”) on which financial statements are delivered to the Lenders pursuant to Section 6.1 (but in any event not
later than the 45th day after the end of each of the first three quarterly periods of each fiscal year or the 90th day after the end of each fiscal year, as the case may be) and shall remain in effect until the next change to be effected pursuant to
this paragraph. If any financial statements referred to above are not delivered within the time periods specified above, then, until such financial statements are delivered, the Consolidated Total Leverage Ratio as at the end of the fiscal period
that would have been covered thereby shall for the purposes of this definition be deemed to be greater than 2.75 to 1.00. In addition, at all times while an Event of Default shall have occurred and be continuing, Consolidated Total Leverage Ratio
shall for the purposes of this definition be deemed to be greater than 2.75 to 1.00. Each determination of the Consolidated Total Leverage Ratio pursuant to this definition shall be made with respect to the period of four consecutive fiscal
quarters of the Borrower and its Restricted Subsidiaries ending at the end of the period covered by the relevant financial statements. 

“Prime Rate”: the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime
rate in effect at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by the Administrative Agent in connection with extensions of credit to debtors). 

“Pro Forma Basis”, “Pro Forma Compliance” and “Pro Forma Effect”: with respect to
compliance with any test, financial ratio, or covenant hereunder, the determination of such calculation, test, financial ratio or covenant is made in accordance with Section 1.3, including with respect to any Specified Transactions. 

“Pledged Stock”: as defined in the Guarantee and Collateral Agreement. 

“Projections”: as defined in Section 6.2(c). 

“Properties”: as defined in Section 4.17(a). 

“Property”: any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible, including Capital Stock. 

  
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 “PTE”: a prohibited transaction class exemption issued by the U.S.
Department of Labor, as any such exemption may be amended from time to time. 
 “Recipient”: (a) the Administrative Agent,
(b) any Lender or (c) the Issuing Lender, as applicable. 
 “Recovery Event”: any settlement of or payment in
respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of the Borrower or any of its Restricted Subsidiaries (excluding the proceeds of business interruption insurance for lost revenues) resulting in
the receipt of Net Cash Proceeds in excess of $2,500,000. 
 “Refinanced Debt”: as defined in the definition of
“Credit Agreement Refinancing Indebtedness”. 
 “Refinancing Amendment”: an amendment to this Agreement executed
by each of (a) the Borrower, (b) the Administrative Agent, (c) each Additional Refinancing Lender and (d) each Lender that agrees to provide any portion of Refinancing Term Loan Commitments, Refinancing Term Loans, Refinancing
Revolving Credit Commitments or Refinancing Revolving Credit Loans incurred pursuant thereto, in accordance with Section 2.15. 

“Refinancing Revolving Credit Commitments”: one or more Classes of revolving credit commitments hereunder that result from a
Refinancing Amendment. 
 “Refinancing Revolving Credit Loans”: one or more Classes of Revolving Credit Loans that result
from a Refinancing Amendment. 
 “Refinancing Term Loan Commitments”: one or more Classes of Term Loan Commitments
hereunder that are established to fund Refinancing Term Loans pursuant to a Refinancing Amendment. 
 “Refinancing Term
Loans”: one or more Classes of Term Loans hereunder that result from a Refinancing Amendment. 
 “Register”: as
defined in Section 10.6(b)(iv). 
 “Registered Equivalent Notes”: with respect to any notes originally issued in an
offering pursuant to Rule 144A under the Securities Act or other private placement transaction under the Securities Act, substantially identical notes (having the same guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC. 

“Regulation U”: Regulation U of the Board as in effect from time to time. 

“Rejection Notice”: as defined in Section 2.12(g). 

“Reimbursement Obligation”: the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.5 for
amounts drawn under Letters of Credit. 
 “Reinvestment Deferred Amount”: with respect to any Reinvestment Event, the
aggregate Net Cash Proceeds received by the Borrower or any of its Restricted Subsidiaries in connection therewith that are not applied to prepay the Term Loans pursuant to Section 2.12(b) as a result of the delivery of a Reinvestment Notice.

  
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 “Reinvestment Event”: any Asset Sale or Recovery Event in respect of which
the Borrower has delivered a Reinvestment Notice. 
 “Reinvestment Notice”: a written notice executed by a Responsible
Officer stating that no Event of Default has occurred and is continuing and that the Borrower (directly or indirectly through a Restricted Subsidiary) in good faith intends to use all or a specified portion of the Net Cash Proceeds of an Asset Sale
or Recovery Event to restore, rebuild, repair, construct, improve, maintain, upgrade, develop, replace or otherwise acquire assets (other than inventory acquired in the ordinary course of business) useful in its business; it being understood that
the Borrower may elect by such notice to reinvest proceeds attributable to any such Asset Sale or Recovery Event prior to the receipt of such Net Cash Proceeds or any time on or prior to the date on which such Net Cash Proceeds would otherwise be
required to be applied to prepay Loans in accordance with Section 2.12(d). 
 “Reinvestment Prepayment Amount”: with
respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to restore, rebuild, repair, construct, improve, maintain, upgrade, develop, replace or
otherwise acquire assets useful in the Borrower’s or any Restricted Subsidiary’s business (other than any amount expended to acquire inventory in the ordinary course of business) or to make Permitted Acquisitions or other Investments
(other than Investments constituting the acquisition inventory in the ordinary course of business) permitted pursuant to clauses (c) (solely with respect to cash and cash equivalents to be used to make any other Investment permitted herein prior to
the Reinvestment Payment Date) (e), (j), (k) or (m) of Section 7.8. 
 “Reinvestment Prepayment Date”: with
respect to any Reinvestment Event, the earlier of (a) the date occurring twelve months after such Reinvestment Event (or, if the Borrower or any Restricted Subsidiary shall have entered into a legally binding commitment within twelve months
after such Reinvestment Event to restore, rebuild, repair, construct, improve, maintain, upgrade, develop, replace or otherwise acquire assets (other than inventory acquired in the ordinary course of business) useful in the Borrower’s or such
Restricted Subsidiary’s business or to make Permitted Acquisitions or other Investments (other than Investments constituting the acquisition of inventory in the ordinary course of business) to clauses (c) (solely with respect to cash and cash
equivalents to be used to make any other Investment permitted herein prior to the Reinvestment Payment Date) (e), (j), (k) or (m) of Section 7.8 with the applicable Reinvestment Deferred Amount, the date occurring 18 months after such
Reinvestment Event) and (b) the date on which the Borrower shall have determined not to reinvest the relevant Reinvestment Deferred Amount (to the extent of such amount not to be reinvested). 

“Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the
thirty day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043. 
 “Required
Lenders”: the holders of more than 50% of the sum of (i) the aggregate principal amount of the Term Loans then outstanding and (ii) the Total Revolving Credit Commitments or, if the Revolving Credit Commitments have been
terminated, the Total Revolving Extensions of Credit then outstanding. 
 “Requirement of Law”: as to any Person, any law,
treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject. 

  
 31 

 “Responsible Officer”: the chief executive officer, president, chief
financial officer, treasurer, controller, chief accounting officer or general counsel (or other senior officer authorized to executed documents on behalf of the Borrower) of the Borrower, but in any event, with respect to financial matters, the
chief financial officer, treasurer, controller or chief accounting officer (or other senior officer with equivalent responsibilities authorized to executed documents on behalf of the Borrower) of the Borrower. 

“Restricted Payments”: as defined in Section 7.6. 

“Restricted Subsidiary”: any Subsidiary of the Borrower other than an Unrestricted Subsidiary. 

“Revolving Credit Commitment”: as to any Lender, the obligation of such Lender, if any, to make Revolving Credit Loans and
participate in Letters of Credit, in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Credit Commitment” opposite such Lender’s name on Schedule 1.1A or in the Assignment and
Assumption pursuant to which such Revolving Credit Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original amount of the Total Revolving Credit Commitments is $75,000,000. 

“Revolving Credit Commitment Period”: the period from and including the Closing Date to the Revolving Credit Termination
Date. 
 “Revolving Credit Facility”: the Revolving Credit Commitments and the extensions of credit made thereunder. 

“Revolving Credit Lender”: each Lender that has a Revolving Credit Commitment or that has made a Revolving Credit Loan. 

“Revolving Credit Loans”: Loans made under the Revolving Credit Commitments. 

“Revolving Credit Percentage”: as to any Revolving Credit Lender at any time, the percentage which such Lender’s
Revolving Credit Commitment then constitutes of the Total Revolving Credit Commitments (or, at any time after the Revolving Credit Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such
Lender’s Revolving Extensions of Credit then outstanding constitutes of the aggregate principal amount of the Revolving Extensions of Credit then outstanding). Notwithstanding the foregoing, when a Defaulting Lender shall exist (i) in the
case of Section 2.27, Revolving Credit Percentages shall be determined without regard to any Defaulting Lender’s Revolving Credit Commitment and (ii) in the case of the defined term “Revolving Extensions of Credit” (other
than as used in Section 2.27(c)) and Section 2.4(a), Revolving Credit Percentages shall be adjusted to give effect to any reallocation effected pursuant to Section 2.27(c). 

“Revolving Credit Termination Date”: the fifth anniversary of the Closing Date, as such date may be extended in accordance
with Section 10.1. 
 “Revolving Extensions of Credit”: as to any Revolving Credit Lender at any time, an amount equal
to the sum of (a) the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding and (b) such Lender’s Revolving Credit Percentage of the L/C Obligations then outstanding. 

“Sanctioned Country”: at any time, a country, region or territory that is itself the target of any comprehensive Sanctions
(at the time of this Agreement, Cuba, Iran, North Korea, Syria and the Crimea region of Ukraine). 

  
 32 

 “Sanctioned Person”: at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or by the United Nations Security Council, the European Union or Her
Majesty’s Treasury of the United Kingdom (b) any Person located, organized or resident in a Sanctioned Country or (c) any Person owned 50% or more by or controlled by any such Person or Persons. 

“Sanctions”: economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her
Majesty’s Treasury of the United Kingdom. 
 “SEC”: the Securities and Exchange Commission (or successors thereto or
an analogous Governmental Authority). 
 “Section 6.1 Financials”: the financial statements delivered,
or required to be delivered, pursuant to Section 6.1(a) or (b) together with the Compliance Certificate delivered, or required to be delivered, pursuant to Section 6.2(b). 

“Secured Cash Management Obligations”: all obligations of the Borrower and each Subsidiary Guarantor arising in respect of
Cash Management Services that (a) are owed pursuant to a Cash Management Agreement in effect on the Closing Date, entered into with a party that was the Administrative Agent or a Lender as of the Closing Date or one of their respective
Affiliates or (b) are owed pursuant to a Cash Management Agreement entered into after the Closing Date with a party that was a Lender or the Administrative Agent or an Affiliate of a Lender or the Administrative Agent, in each case at the time
such Cash Management Agreement was entered into, and, in the case of any such Cash Management Agreement referred to in clause (a) or (b) above, has been designated by the Borrower in a written notice given to the Administrative Agent as a Cash
Management Agreement the obligations under which are to constitute Secured Cash Management Obligations for purposes of the Loan Documents. 

“Secured Hedging Obligations”: all obligations of the Borrower and each Subsidiary Guarantor arising under each Hedging
Agreement that (a) was in effect on the Closing Date with a counterparty that was the Administrative Agent or a Lender as of the Closing Date or one of their respective Affiliates or (b) is entered into after the Closing Date with a
counterparty that was a Lender or the Administrative Agent or an Affiliate of a Lender or the Administrative Agent, in each case at the time such Hedging Agreement was entered into, and, in the case of any such Hedging Agreement referred to in
clause (a) or (b) above has been designated by the Borrower in a written notice given to the Administrative Agent as a Hedging Agreement the obligations under which are to constitute Secured Hedging Obligations for purposes of the Loan
Documents. 
 “Secured Parties”: the Administrative Agent, the Issuing Lender and each Lender, in each case with respect to
the Facilities, each sub agent pursuant to Article IX appointed by the Administrative Agent (in the case of any sub-agent, solely to the extent such sub-agent is acting
on behalf of the Administrative Agent under the Loan Documents), each provider of Cash Management Services under a Cash Management Agreement the obligations under which constitute Secured Cash Management Obligations and each counterparty to any
Hedging Agreement the obligations under which constitute Secured Hedging Obligations. 

  
 33 

 “Security Documents”: the collective reference to the Guarantee and
Collateral Agreement and all other security documents hereafter delivered to the Administrative Agent granting a Lien on any Property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document. 

“Similar Business”: any business in which the Borrower, the Target or any of their respective Subsidiaries is engaged on the
Closing Date or that is reasonably related, incidental or ancillary thereto (including assets, activities or businesses complementary thereto), or a reasonable extension, development or expansion thereof. 

“Single Employer Plan”: any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan. 

“Solvent”: when used with respect to any Person, means that, as of any date of determination: (a) the amount of the
“present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as such quoted terms are determined in accordance with applicable
federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will be greater than the amount that will be required to pay the liability of such Person on its
debts as such debts become absolute and matured, taking into account refinancing alternatives, (c) such Person will not have an unreasonably small amount of capital with which to conduct their business and (d) such Person will be able to
pay their debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim,” (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such
right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured and (iii) the amount of any contingent liability has been computed as the amount that, in light of all of
the facts and circumstances existing as of the date hereof, represents the amount that would reasonably be expected to become an actual or matured liability in the ordinary course of business. 

“Specified Acquisition Agreement Representations”: the representations made by or with respect to the Target and its
subsidiaries in the Acquisition Agreement as are material to the interests of the Lenders, but only to the extent that the Borrower or its affiliates have the right (determined without regard to any notice requirement) to decline to close under the
Acquisition Agreement or to terminate their obligations under the Acquisition Agreement or to decline to consummate the Acquisition as a result of a breach of such representations in the Acquisition Agreement, in each case, without incurring any
liability for any termination payment, “break-up” fee or other material expense. 

“Specified Representations”: those representations and warranties in Sections 4.3 (solely with respect to the Loan Parties),
4.4 (solely as it relates to conflicts arising as a result of entry into, or performance of, the Loan Documents), 4.5 (solely with respect to the organizational documents of the Loan Parties), 4.11, 4.14, 4.19 (as it relates to the creation,
validity and perfection of the security interests in the Collateral, subject to the last paragraph of Section 5.01), 4.20 and 4.21 (solely with respect to the last sentence thereof). 

“Specified Transaction”: (a) any Investment (including a Permitted Acquisition) consisting of a Material Acquisition,
(b) any asset sale consisting of a Material Disposition, (c) any incurrence or repayment of Indebtedness in an aggregate principal amount in excess of $5,000,000, (d) any Restricted Payment in an aggregate amount in excess of $5,000,000
and (e) any designation of a Subsidiary as an Unrestricted Subsidiary or a Restricted Subsidiary. 

  
 34 

 “Statutory Reserves”: a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Federal
Reserve Board to which the Administrative Agent is subject with respect to the Adjusted LIBOR Rate, for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D). Such reserve percentage shall include those
imposed pursuant to Regulation D. LIBOR Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time
to any Lender under Regulation D or any comparable regulation. Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Sterling” or “£”: the lawful currency of the United Kingdom. 

“Subsidiary”: as to any Person, a corporation, partnership, limited liability company or other entity of which shares of
stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers
of such corporation, partnership or other entity are at the time owned. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the
Borrower. 
 “Subsidiary Guarantor”: (i) each Subsidiary of the Borrower that is party to the Guarantee and Collateral
Agreement on the Closing Date and (ii) each Subsidiary of the Borrower that becomes a party to the Guarantee and Collateral Agreement after the Closing Date pursuant to Section 6.9 or otherwise, in each case, unless and until such Person
ceases to be a Guarantor in a transaction not prohibited by the Loan Documents; provided that in no event shall any Excluded Subsidiary be required to be a Subsidiary Guarantor for so long as such Subsidiary is an Excluded Subsidiary. 

“Swap”: any agreement, contract, or transaction that constitutes a “swap” within the meaning of section 1a(47) of
the Commodity Exchange Act. 
 “Swap Obligation”: with respect to any person, any obligation to pay or perform under any
Swap. 
 “Target”: SiriusDecisions, Inc., a Delaware corporation. 

“Target Material Adverse Effect”: has the meaning given to such term in the Acquisition Agreement (as in effect on the date
hereof). 
 “Taxes”: all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan Facility”: each of the Tranche A Term Loan Facility and any Incremental Term Loan Facility. 

“Term Loan Lenders”: collectively, the Tranche A Term Loan Lenders and the Incremental Term Loan Lenders. 

“Term Loans”: collectively, the Tranche A Term Loans and the Incremental Term Loans. 

  
 35 

 “Test Period”: for any determination under this Agreement, the four
consecutive fiscal quarters of the Borrower and its Restricted Subsidiaries most recently ended on or prior to such date of determination and for which Section 6.1 Financials shall have been delivered (or were required to be delivered) to the
Administrative Agent or have been filled with the SEC. 
 “Total Revolving Credit Commitments”: at any time, the aggregate
amount of the Revolving Credit Commitments at such time. 
 “Total Revolving Extensions of Credit”: at any time, the
aggregate amount of the Revolving Extensions of Credit of the Revolving Credit Lenders at such time. 
 “Tranche A Term
Loan”: as defined in Section 2.1. 
 “Tranche A Term Loan Commitment”: as to any Lender, the obligation of
such Lender, if any, to make a Tranche A Term Loan to the Borrower hereunder in a principal amount equal to the amount set forth under the heading “Tranche A Term Loan Commitment” opposite such Lender’s name on Schedule 1.1A or in the
Assignment and Assumption pursuant to which such Tranche A Term Loan Lender became a party hereto. The aggregate amount of Tranche A Term Loan Commitments as of the Closing Date is $125,000,000. 

“Tranche A Term Loan Facility”: the Tranche A Term Loan Commitments and the Tranche A Term Loans made thereunder. 

“Tranche A Term Loan Lender”: each Lender that has a Tranche A Term Loan Commitment or that is the holder of a Tranche A Term
Loan. 
 “Tranche A Term Loan Percentage”: as to any Tranche A Term Loan Lender at any time, the percentage that such
Lender’s Tranche A Term Loan Commitment then constitutes of the aggregate Tranche A Term Loan Commitments (or, at any time after the Closing Date, the percentage that the aggregate principal amount of such Lender’s Tranche A Term Loans
then outstanding constitutes of the aggregate principal amount of the Tranche A Term Loans then outstanding). 
 “Transaction
Costs”: as defined in the definition of “Transactions”. 
 “Transactions”: collectively, (a) the
Acquisition, (b) the execution, delivery and performance by the Borrower and the other Loan Parties of this Agreement, the borrowing of Loans hereunder and the use of proceeds thereof and (c) the payment of the fees and expenses incurred
by the Borrower and its Restricted Subsidiaries in connection with the transactions described in the foregoing clauses (a) and (b) (such fees and expenses, the “Transaction Costs”). 

“Transferee”: as defined in Section 10.16. 

“Type”: as to any Loan, its nature as an ABR Loan or a LIBOR Loan. 

“UCP”: with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber
of Commerce Publication No. 600 (or such later version thereof as may be in effect at the time of issuance). 

  
 36 

 “Uniform Commercial Code”: the Uniform Commercial Code or any successor
provision thereof as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code or any successor provision thereof (or similar code or statute) of another jurisdiction, to the extent it may be required to
apply to any item or items of Collateral. 
 “United States”: the United States of America. 

“Unrestricted Subsidiary”: (i) any Subsidiary of the Borrower which at the time of determination is an Unrestricted
Subsidiary (as designated by the Borrower, as provided below) and (ii) any Subsidiary of an Unrestricted Subsidiary. The Subsidiaries that are Unrestricted Subsidiaries as of the Closing Date are listed on Schedule 1.1B hereto. 

“Weighted Average Life to Maturity”: when applied to any Indebtedness at any date, the number of years obtained by dividing:
(i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by
(b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (ii) the then outstanding principal amount of such Indebtedness.

 “Wholly-Owned Foreign Subsidiary”: any Foreign Subsidiary that is a Wholly-Owned Subsidiary. 

“Wholly-Owned Subsidiary”: as to any Person, any other Person all of the Capital Stock of which (other than (i) a
nominal number of shares held by foreign nationals to the extent required by local law or (ii) directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly-Owned Subsidiaries. 

“Write-Down and Conversion Powers”: with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 SECTION 1.2 Other Definitional Provisions.
(a)    Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or
thereto. 
 (b)    As used herein and in the other Loan Documents, and any certificate or other document made or
delivered pursuant hereto or thereto, accounting terms relating to the Borrower and its Subsidiaries not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective
meanings given to them under GAAP (provided that all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any
election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification having a similar result or effect) to value any Indebtedness
or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all
times be valued at the full stated principal amount thereof). 
 (c)    The words “hereof”, “herein”
and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section, Schedule and Exhibit references are to this
Agreement unless otherwise specified. 

  
 37 

 (d)    The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms. 
 (e)    References to agreements or other Contractual
Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time. 

(f)    The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”. 
 SECTION 1.3 Pro Forma and Other Calculations. 

(a)    For purposes of calculating the Consolidated Fixed Charge Coverage Ratio, Consolidated First Lien Leverage Ratio,
Consolidated Secured Leverage Ratio and Consolidated Total Leverage Ratio, Specified Transactions that have been made by the Borrower or any Restricted Subsidiary during the Test Period or subsequent to such Test Period and on or prior to or
simultaneously with the date of determination shall be calculated on a Pro Forma Basis assuming that all such Specified Transactions (and the change in any associated fixed charge obligations and the change in Consolidated EBITDA resulting
therefrom) had occurred on the first day of the Test Period. If, since the beginning of the applicable Test Period, any Person (that subsequently became a Restricted Subsidiary or was merged, consolidated or amalgamated with or into the Borrower or
any Restricted Subsidiary since the beginning of the applicable Test Period) shall have made any Specified Transaction that would have required adjustment pursuant to this Section 1.3, then the Consolidated Fixed Charge Coverage Ratio,
Consolidated First Lien Leverage Ratio, Consolidated Secured Leverage Ratio and the Consolidated Total Leverage Ratio shall be calculated giving Pro Forma Effect thereto for such Test Period as if such Specified Transaction had occurred at the
beginning of such Test Period. 
 (b)    Whenever Pro Forma Effect is to be given to a Specified Transaction, the pro
forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower (and may include, without duplication, reasonably identifiable and factually supportable cost savings, operating expense reductions and
synergies resulting from such Specified Transaction which is being given Pro Forma Effect that have been or are expected to be realized (calculated on a pro forma basis as though such cost savings, operating expense reductions and synergies had been
realized during the entirety of the applicable period)). If any Indebtedness bears a floating rate of interest and is being given Pro Forma Effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of
determination had been the applicable rate for the entire period (taking into account for such entire period, any Hedging Obligation applicable to such Indebtedness); provided that, in the case of repayment of any Indebtedness, to the extent
actual interest related thereto was included during all or any portion of the applicable Test Period, the actual interest may be used for the applicable portion of such Test Period. Interest on a Capital Lease Obligation shall be deemed to accrue at
an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. For purposes of making the computation referred to
above, interest on any Indebtedness under a revolving credit facility computed on a Pro Forma Basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period (or, if lower, the greater of
(i) maximum commitments under such revolving credit facilities as of the date of determination and (ii) the aggregate principal amount of loans outstanding under such a revolving credit facilities on such date). Interest on Indebtedness
that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based
upon such optional rate chosen as the Borrower may designate. 

  
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 In connection with any action being taken solely in connection with a Limited Condition
Acquisition, for purposes of: 
 (i)    determining compliance with any provision of this Agreement which
requires the calculation of the Consolidated Total Leverage Ratio; 
 (ii)    determining the accuracy of
representations and warranties in Article IV, the permissibility of such Limited Condition Acquisition under Article VII and/or whether a Default or Event of Default shall have occurred and be continuing under Article VIII; or 

(iii)    testing availability under baskets set forth in this Agreement (including baskets measured as a
percentage of Consolidated EBITDA or Consolidated Total Assets); 
 in each case, at the option of the Borrower (the Borrower’s election to exercise
such option in connection with any Limited Condition Acquisition, an “LCA Election”), the date of determination of whether any such action is permitted hereunder, shall be deemed to be the date the definitive agreements for such
Limited Condition Acquisition are entered into (the “LCA Test Date”), and if, after giving Pro Forma Effect to the Limited Condition Acquisition and the other transactions to be entered into in connection therewith (including any
incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Test Period ending prior to the LCA Test Date, the Borrower could have taken such action on the relevant LCA Test Date in
compliance with such ratio or basket, without any such representation or warrantee being inaccurate in all material respects (or, if required, in all respects) on the applicable date and without the occurrence of any Default or Event of Default,
such ratio or basket shall be deemed to have been complied with, and any requirements to bring down any representations and warranties, to satisfy any covenant and/or for the absence of any Default or Event of Default shall be deemed to have been
complied with. If the Borrower has made an LCA Election and any of the ratios or baskets for which compliance was determined or tested as of the LCA Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to
fluctuations in Consolidated EBITDA of the Borrower or the Person subject to such Limited Condition Acquisition, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded
as a result of such fluctuations. If the Borrower has made an LCA Election for any Limited Condition Acquisition, then in connection with any subsequent calculation of any ratio or basket availability with respect to the incurrence of Indebtedness
or Liens, or the making of Restricted Payments, mergers, the conveyance, lease or other transfer of all or substantially all of the consolidated total assets of the Borrower, the prepayment, redemption, purchase, defeasance or other satisfaction of
Indebtedness, or the designation of an Unrestricted Subsidiary on or following the relevant LCA Test Date and prior to the earlier of (i) the date on which such Limited Condition Acquisition is consummated or (ii) the date that the
definitive agreement for such Limited Condition Acquisition is terminated or expires without consummation of such Limited Condition Acquisition, any such ratio or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition
Acquisition and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated. 

(c)    [Reserved.]. 

(d)    Any determination of Consolidated Total Assets shall be made by reference to the last day of the Test Period most
recently ended on or prior to the relevant date of determination. 
 (e)    Except as otherwise specifically provided
herein, all computations of Consolidated Fixed Charge Coverage Ratio, Consolidated Total Leverage Ratio and other financial ratios and financial calculations (and all definitions (including accounting terms) used in determining any of the foregoing)
and all computations and all definitions (including accounting terms) used in determining compliance with Section 7.1 shall be calculated, in each case, with respect to the Borrower and the Restricted Subsidiaries on a consolidated basis. 

  
 39 

 (f)    Notwithstanding anything to the contrary contained herein, all
leases of any Person that are or would have been characterized as operating leases in accordance with GAAP immediately prior to the Closing Date (whether or not such leases were in effect on such date) shall be accounted for as operating leases (and
not as Capital Leases) for purposes of this Agreement regardless of any change in GAAP following the Closing Date that would otherwise require such leases to be recharacterized as Capital Leases, and any determination of whether a lease is a Capital
Lease or an operating lease shall exclude the effect of the adoption of Accounting Standards Update No. 2016-02 by the Financial Accounting Standards Board (“ASU
2016-02”) or any related promulgation or accounting standards such that “Capital Leases” and “Capital Lease Obligations” shall specifically exclude liabilities that were considered
operating lease liabilities under GAAP prior to the adoption of ASU 2016-02 or any related promulgation or accounting standard, and all calculations and deliverables under this Agreement or any other Loan
Document shall be made or delivered, as applicable, without giving effect thereto, and, without limitation of the generality if the foregoing, all such leases shall be treated as operating leases for the purpose of calculating Consolidated EBITDA,
the Consolidated Total Leverage Ratio and any other financial definition or ratio in any Loan Document. All Capital Leases that were assumed by the Borrower or a Restricted Subsidiary in connection with the Acquisition or any Permitted Acquisition
or other Investment or were in existence at the time any Person became a Restricted Subsidiary as a result of the Acquisition or a Permitted Acquisition or other Investment (and not, in each case, incurred or created in contemplation of the
Acquisition or Permitted Acquisition or other Investment) shall be treated as operating leases for the purpose of calculating Consolidated EBITDA, the Consolidated Total Leverage Ratio and any other financial definition or ratio in any Loan Document
and “Capital Leases” and “Capital Lease Obligations” shall specifically exclude liabilities thereunder. 

(g)    In the event that any Indebtedness, Lien, Restricted Payment, Investment or payment of junior or unsecured
Indebtedness meets the criteria of more than one of the categories of permitted Indebtedness, Lien, Restricted Payment, Investment or debt payment described in Section 7.2, Section 7.3, Section 7.6, Section 7.8, or
Section 7.9, respectively, at the time of incurrence, the Borrower will be entitled to divide and classify Indebtedness, Liens, Restricted Payments, Investments or debt payments, as the case may be, among the relevant categories of permitted
Indebtedness, Lien, Restricted Payment, Investment or debt payment, as the case may be. 
 SECTION 1.4 Currencies. 

(a)    For purposes of this Agreement and the other Loan Documents, where the permissibility of a transaction or
determinations of required actions or circumstances depend upon compliance with, or are determined by reference to, amounts stated in Dollars, any requisite currency translation shall be based on the rate of exchange between the applicable currency
and Dollars (as quoted by the Administrative Agent or if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such currency reasonably acceptable to the Borrower and the Administrative Agent) in effect on
the Business Day immediately preceding the date of such transaction or determination and shall not be affected by subsequent fluctuations in exchange rates. 

(b)    The Borrower may from time to time request that Letters of Credit be issued in a currency other than Dollars, AUD,
Euro or Sterling; provided that such requested currency is a lawful currency (other than Dollars, AUD, Euro or Sterling) that is readily available and freely transferable and convertible into Dollars. Such request shall be subject to the
approval of the applicable Issuing Lenders. 

  
 40 

 (c)    Any such request shall be made to the Administrative Agent and
the Issuing Lender not later than 11:00 a.m., 10 days prior to the requested date of the issuance of such Letter of Credit (or such other time or date as may be agreed by the Administrative Agent and the Issuing Lender, in their sole discretion).
Each applicable Issuing Lender shall notify the Administrative Agent, not later than 11:00 a.m., five days after receipt of such request whether it consents, in its sole discretion, to the issuance of Letters of Credit in such requested currency.

 (d)    Any failure by an Issuing Lender to respond to such request within the time period specified in the preceding
paragraph shall be deemed to be a refusal by such Issuing Lender to issue Letters of Credit in such requested currency. If the Administrative Agent and the applicable Issuing Lender agree to the issuance of Letters of Credit in such requested
currency, the Administrative Agent shall so notify the Borrower and the Borrower and the Administrative Agent shall amend this Agreement and the other Loan Documents as necessary to accommodate such Letters of Credit (as applicable). This
Section 1.4 shall supersede anything to the contrary herein, including Section 10.1. 
 SECTION 1.5 Cashless
Rollovers. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with any
Incremental Facility, Loans under incurred pursuant to a Refinancing Amendment and/or loans incurred under a new credit facility, in each case, to the extent such extension, replacement, renewal or refinancing is effected by means of a
“cashless roll” by such Lender, such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement hereunder or any other Loan Document that such payment be made “in Dollars”, “in immediately
available funds”, “in Cash” or any other similar requirement. 
 ARTICLE II.    AMOUNT AND TERMS OF
COMMITMENTS 
 SECTION 2.1 Term Loan Commitments. Subject to the terms and conditions hereof, each Tranche A Term Loan
Lender severally agrees to make a term loan (a “Tranche A Term Loan”) to the Borrower in Dollars on the Closing Date in an amount equal to the amount of the Tranche A Term Loan Commitment of such Lender. The Term Loans may from time
to time be LIBOR Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.13. 

SECTION 2.2 Procedure for Term Loan Borrowing. The Borrower shall give the Administrative Agent irrevocable (provided that
any such notice may be conditioned on the occurrence of a transaction and, if such condition is not satisfied on or prior to the date of such Borrowing, may be revoked by the Borrower in a written notice to the Administrative Agent) notice (which
notice must be received by the Administrative Agent (a) prior to 12:00 p.m. (Noon), Local Time, three Business Days prior to the Closing Date, in the case of LIBOR Loans or (b) prior to 12:00 p.m. (Noon), Local Time, one Business Day prior
to the Closing Date, in the case of ABR Loans or, in each case, such later date and time as the Administrative Agent may agree) requesting that the Tranche A Term Loan Lenders make the Tranche A Term Loans on the Closing Date and specifying the
amount to be borrowed. Such notice may be substantially in the form of Exhibit I or in such other form as the Borrower and the Administrative Agent may agree. Upon receipt of such notice the Administrative Agent shall promptly notify each Tranche A
Term Loan Lender thereof. Not later than 12:00 p.m. (Noon), Local Time, on the Closing Date each Tranche A Term Loan Lender shall make available to the Administrative Agent at the applicable Funding Office by wire transfer an amount in immediately
available funds equal to the Tranche A Term Loans to be made by such Lender. The Administrative Agent shall make available to the Borrower the aggregate of the amounts made available to the Administrative Agent by the Tranche A Term Loan Lenders in
immediately available funds by promptly remitting the amounts so received to the account of the Borrower specified by the Borrower in the applicable irrevocable notice specified above. 

  
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 SECTION 2.3 Repayment of Term Loans. (a) Subject to Sections 2.8(a), the
principal amount of each Tranche A Term Loan of each Tranche A Term Loan Lender shall mature in consecutive quarterly installments, each of which shall be in an amount equal to each Lender’s Tranche A Term Loan Percentage multiplied by the
amount set forth below opposite such installment date (after giving effect to any reduction in such amount resulting from the application of prepayments made pursuant to Section 2.11 or 2.12); provided that if any such installment date
is not a Business Day, such installment payment shall be made on the last Business Day immediately preceding such installment date: 
  

			
	 Date
	  	 Installment Amount

	March 31, 2019	  	$1,562,500
	June 30, 2019	  	$1,562,500
	September 30, 2019	  	$1,562,500
	December 31, 2019	  	$1,562,500
	March 31, 2020	  	$2,343,750
	June 30, 2020	  	$2,343,750
	September 30, 2020	  	$2,343,750
	December 31, 2020	  	$2,343,750
	March 31, 2021	  	$3,125,000
	June 30, 2021	  	$3,125,000
	September 30, 2021	  	$3,125,000
	December 31, 2021	  	$3,125,000
	March 31, 2022	  	$3,125,000
	June 30, 2022	  	$3,125,000
	September 30, 2022	  	$3,125,000
	December 31, 2022	  	$3,125,000
	March 31, 2023	  	$3,906,250
	June 30, 2023	  	$3,906,250
	September 30, 2023	  	$3,906,250
	December 31, 2023	  	$3,906,250
	January 3, 2024	  	 All amounts outstanding

in respect of Tranche A
 Term
Loans

 (b)    The Incremental Term Loans of each Incremental Term Loan Lender shall mature in
consecutive installments (which shall be no more frequent than quarterly) as specified in the Increased Facility Activation Notice pursuant to which such Incremental Term Loans were made. 

SECTION 2.4 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Revolving Credit Lender
severally agrees to make revolving credit loans (“Revolving Credit Loans”) to the Borrower, in Dollars, from time to time during the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding
which, when added to the sum of such Lender’s Revolving Credit Percentage of the L/C Obligations then outstanding, does not exceed the amount of such Lender’s Revolving Credit Commitment; provided that the aggregate principal amount
of the Revolving Credit Loans borrowed on the Closing Date shall not exceed $50,000,000. During the Revolving Credit Commitment Period the Borrower may use the Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans in whole
or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Credit Loans in Dollars may from time to time be LIBOR Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in
accordance with Sections 2.5 and 2.13; provided that no Revolving Credit Loan shall be made as a LIBOR Loan after the day that is one month prior to the Revolving Credit Termination Date. 

  
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 (b)    The Borrowers shall repay all outstanding Revolving Credit Loans
on the Revolving Credit Termination Date. 
 SECTION 2.5 Procedure for Revolving Credit Borrowing. The Borrower may borrow under
the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that the Borrower shall give the Administrative Agent irrevocable (provided that any such notice may be conditioned on the
occurrence of a transaction and, if such condition is not satisfied on or prior to the date of such Borrowing, may be revoked by the Borrower in a written notice to the Administrative Agent) notice (which notice must be received by the
Administrative Agent (a) prior to 12:00 p.m. (Noon), Local Time, three Business Days prior to the requested Borrowing Date in the case of LIBOR Loans; or (b) prior to 10:00 a.m.., Local Time, on the requested Borrowing Date, in the case of
ABR Loans or, in each case, such later date and time as the Administrative Agent may agree), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date and (iii) in the case of any
LIBOR Loan and the length of the initial Interest Period therefor. Such notice may be substantially in the form of Exhibit I or in such other form as the Borrower and the Administrative Agent may agree. Each borrowing under the Revolving Credit
Commitments shall be in an amount equal to (x) in the case of ABR Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the
case of LIBOR Loans, the equivalent of $1,000,000 or a whole multiple of the equivalent of $1,000,000 in excess thereof. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Revolving Credit Lender
thereof. Each Revolving Credit Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower at the applicable Funding Office prior to 12:00 p.m. (Noon), Local Time (or in
the case of LIBOR Loans, prior to 12:00 p.m. (Noon), Local Time), on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the
Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative
Agent. Each Lender, at its option, may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay
such Loan in accordance with terms of this Agreement. 
 SECTION 2.6 [Reserved]. 

SECTION 2.7 [Reserved]. 

SECTION 2.8 Repayment of Loans. (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for
the account of the appropriate Revolving Credit Lender on the Revolving Credit Termination Date (or such earlier date on which the Loans become due and payable pursuant to Article VIII), the then unpaid principal amount of each Revolving Credit Loan
of such Revolving Credit Lender made to it and (ii) to the Administrative Agent for the account of the appropriate Term Loan Lender, the unpaid principal amount of each Term Loan of such Term Loan Lender made to it in installments according to
the amortization schedule set forth in Section 2.3 (or, in the case of any Incremental Term Loans, the amortization schedule set forth in the applicable Increased Facility Activation Notice) (or such earlier date on which the Loans become due
and payable pursuant to Article VIII) (subject to any reductions in such amount resulting from the application of prepayments made pursuant to Section 2.11 or 2.12). The Borrower hereby further agrees to pay interest on the unpaid principal
amount of the Loans from time to time outstanding from the date hereof until payment in full thereof at the rates per annum and on the dates set forth in Section 2.15. 

  
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 (b)    Each Lender shall maintain in accordance with its usual practice
an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this
Agreement. 
 (c)    The Administrative Agent, on behalf of the Borrower, shall maintain the Register pursuant to
Section 10.6(b)(iv), and a subaccount therein for each Lender, in which shall be recorded (i) the amount of each Loan made hereunder and any Note evidencing such Loan, the Type thereof and each Interest Period applicable thereto,
(ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and
each Lender’s share thereof. 
 (d)    The entries made in the Register and the accounts of each Lender maintained
pursuant to Section 2.8(b) shall, to the extent permitted by applicable law and absent manifest error, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however,
that the failure of any Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the
Borrower by such Lender in accordance with the terms of this Agreement; provided, further, that in the event of any inconsistency between the accounts maintained by the Administrative Agent pursuant to paragraph (c) of this
Section and any Lender’s records, the accounts of the Administrative Agent shall govern. 
 SECTION 2.9 Commitment Fees,
etc. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Credit Lender a commitment fee for the period from and including the Closing Date to the date on which such Revolving Credit Lender’s
Revolving Credit Commitments terminate or expire, computed at the Commitment Fee Rate on the average daily amount of the Available Revolving Credit Commitment of such Lender during the period for which payment is made, payable quarterly in arrears
on the last day of each March, June, September and December and on the date on which the applicable Revolving Credit Commitments terminate or expire, commencing on the first of such dates to occur after the date hereof. 

(b)    The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates previously agreed to
in writing by the Borrower and the Administrative Agent. 
 SECTION 2.10 Termination or Reduction of Revolving Credit
Commitments. The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce the amount of the Revolving Credit
Commitments (it being understood and agreed that any such notice may be conditioned on the occurrence of a transaction and, if such condition is not satisfied on or prior to the date of such termination or reduction, may be revoked by the Borrower
in a written notice to the Administrative Agent); provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit Loans made on
the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitments. Any partial reduction shall be in an amount equal to $1,000,000, or a whole multiple of $1,000,000 in excess thereof, and shall
reduce permanently the Revolving Credit Commitments then in effect. 
 SECTION 2.11 Optional Prepayments. The Borrower may at
any time and from time to time prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable (provided that any such notice may be conditioned on the occurrence of a transaction and, if such condition is not satisfied on
or prior to the date of such prepayment, may be revoked by the Borrower in a written notice 

  
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to the Administrative Agent) notice delivered to the Administrative Agent (a) at least three Business Days prior thereto, in the case of LIBOR Loans denominated in Dollars, and (b) at
least one Business Day prior thereto, in the case of ABR Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of LIBOR Loans or ABR Loans; provided, that if a LIBOR Loan is prepaid on any day other
than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If
any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Credit Loans that are ABR Loans) accrued interest to such date on the amount
prepaid. Partial prepayments of Revolving Credit Loans shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof. Amounts to be applied in connection with prepayments of Term Loans made pursuant to
this Section 2.11 shall be applied to remaining installments of the Term Loans as directed by the Borrower. 
 SECTION
2.12 Mandatory Prepayments and Commitment Reductions. (a) If any Indebtedness shall be issued or incurred by the Borrower or any of its Restricted Subsidiaries (excluding any Indebtedness issued or incurred in accordance with
Section 7.2 (other than Section 7.2(h))), an amount equal to 100% of the Net Cash Proceeds thereof shall be applied within five Business Days after such receipt thereof toward the prepayment of the Term Loans as set forth in
Section 2.12(d). 
 (b)    If on any date the Borrower or any of its Restricted Subsidiaries shall receive Net Cash
Proceeds from any Asset Sale or Recovery Event then, in each case, in excess of $2,500,000 in any single transaction or series of related transactions, unless a Reinvestment Notice shall be delivered in respect thereof, such Net Cash Proceeds shall
be applied within five Business Days after such receipt toward the prepayment of the Term Loans as set forth in Section 2.12(d); provided, that, notwithstanding the foregoing, on each Reinvestment Prepayment Date, an amount equal to the
Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be applied toward the prepayment of the Term Loans as set forth in Section 2.12(d). 

(c)    [Reserved]. 

(d)     To the extent that at any time the aggregate outstanding principal amount of the Revolving Credit Loans and Letters
of Credit shall exceed the Total Revolving Credit Commitments then in effect, then the Borrower shall, within four Business Days, repay the Revolving Credit Loans to eliminate such excess. 

(e)    Amounts to be applied in connection with prepayments of Term Loans made pursuant to this Section 2.12 shall be
applied to remaining installments of the Term Loans as directed by the Borrower, or in the absence of such direction in the inverse order of maturity. Each prepayment of the Loans pursuant to this Section 2.12 shall be accompanied by accrued
interest to the date of such prepayment on the amount prepaid. 
 (f)    Notwithstanding any other provisions of this
Section 2.12, to the extent that any or all of the Net Cash Proceeds of any Asset Sale by a Foreign Subsidiary, the Net Cash Proceeds of any Recovery Event received by a Foreign Subsidiary attributable to a Foreign Subsidiary that is required
to be applied to prepay Term Loans pursuant to this Section 2.12 (i) would be prohibited or delayed by any applicable local law (including, without limitation, as a result of laws or regulations relating to financial assistance, corporate
benefit, restrictions on upstreaming of cash intragroup and fiduciary and statutory duties of directors of such Foreign Subsidiary) from being repatriated or passed on to or used for the benefit of the Borrower or any applicable Domestic Subsidiary
or conflict with the fiduciary duties of such Foreign Subsidiary’s directors, or result in, or could reasonably be expected to result in, a material 

  
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risk of personal or criminal liability for any officer, director, employee, manager, member of management or consultant of such Foreign Subsidiary (including on account of financial assistance,
corporate benefit, thin capitalization, capital maintenance or similar considerations) (provided that the Borrower shall take commercially reasonable actions available under local law to permit such repatriation) or (ii) repatriation of
such amount to the Borrower or any Subsidiary would result in material adverse tax consequences as determined in good faith by the Borrower (including, without limitation, as a result of any withholding of cash or the upstreaming of cash) with
respect to such amount, then in each case, the Borrower shall not be required to apply the portion of such Net Cash Proceeds so affected to prepay the Term Loans at the times provided in clause (b) of this Section 2.12 but may be retained
by the applicable Foreign Subsidiary so long as clause (i) or (ii) above is applicable, and once neither clause (i) nor clause (ii) above is applicable, such repatriation will be promptly effected and such repatriated Net Cash
Proceeds will be promptly (and in any event not later than five Business Days after such repatriation) applied (net of additional Taxes payable or reasonably estimated to be payable as a result thereof) to the prepayment of the Term Loans to the
extent required pursuant to this Section 2.12; provided that no such prepayment of the Term Loans pursuant to this Section 2.12 shall be required in the case of any such Net Cash Proceeds the repatriation of which the Borrower
believes in good faith would result in material adverse tax consequences, if on or before the date on which such Net Cash Proceeds so retained would otherwise have been required under this Section 2.12(f) to be applied to reinvestments or
prepayments pursuant to a Reinvestment Notice, the Borrower applies an amount equal to (x) the amount of such Net Cash Proceeds to such reinvestments or prepayments as if such Net Cash Proceeds had been received by the Borrower or a Domestic
Subsidiary rather than such Foreign Subsidiary, minus (y) the amount of additional Taxes that would have been payable or reserved against if such Net Cash Proceeds had been repatriated (or, if less, the Net Cash Proceeds that would be
calculated if received by such Foreign Subsidiary). 
 (g)    The Borrower shall notify the Administrative Agent in
writing of any mandatory prepayment of Term Loans required to be made pursuant to this Section 2.12 concurrently with or prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably
detailed calculation of the amount of such prepayment. The Administrative Agent will promptly notify each Lender holding Term Loans of the contents of such prepayment notice and of such Lender’s pro rata share of the prepayment. Each Term Loan
Lender may reject all (but not less than all) of its pro rata share of any mandatory prepayment other than any such mandatory prepayment made in accordance with Section 2.12(a) (such declined amounts, the “Declined
Proceeds”) of Term Loans required to be made pursuant to this Section 2.12 by providing written notice (each, a “Rejection Notice”) to the Administrative Agent no later than 5:00 p.m., Local Time two Business Days
after the date of such Lender’s receipt of notice from the Administrative Agent regarding such prepayment. If a Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above, any such failure will
be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans. Any Declined Proceeds shall be returned to the Borrower (at the Borrower’s expense) to be retained by the Borrower. 

SECTION 2.13 Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert LIBOR Loans denominated
in Dollars to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election; provided that any such conversion of LIBOR Loans may only be made on the last day of an Interest Period
with respect thereto. The Borrower may elect from time to time to convert ABR Loans to LIBOR Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the length
of the initial Interest Period therefor); provided that no ABR Loan under a particular Facility may be converted into a LIBOR Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the
Majority Facility Lenders in respect of such Facility have, determined in its or their sole discretion not to permit such conversions or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such
Facility. Upon receipt of any such notice, the Administrative Agent shall promptly notify each relevant Lender thereof. 

  
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 (b)    Any LIBOR Loan may be continued as such upon the expiration of
the then current Interest Period with respect thereto by the Borrower (on its own behalf) giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in
Section 1.1, of the length of the next Interest Period to be applicable to such Loans; provided that no LIBOR Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the
Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (ii) after the date that is one month prior to the final scheduled
termination or maturity date of such Facility; and provided, further, that if the Borrower (on its own behalf) shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted
pursuant to the preceding proviso such Loans shall be automatically continued as LIBOR Loans with an Interest Period of one month. Upon receipt of any such notice, the Administrative Agent shall promptly notify each relevant Lender thereof. 

SECTION 2.14 Limitations on LIBOR Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings,
conversions, continuations and optional prepayments of LIBOR Loans hereunder and all selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the
aggregate principal amount of the LIBOR Loans comprising each LIBOR Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more than 10 LIBOR Tranches shall be outstanding at any one time. 

SECTION 2.15 Interest Rates and Payment Dates. (a) Each LIBOR Loan shall bear interest for each day during each Interest
Period with respect thereto at a rate per annum equal to the Adjusted LIBOR Rate determined applicable to such LIBOR Loan plus the Applicable Margin. 

(b)    Each ABR Loan shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.

 (c)    (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when
due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the
foregoing provisions of this Section 2.15 plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to Revolving Credit Loans that are ABR Loans plus 2% and (ii) if all or a portion of any interest payable on any
Loan or Reimbursement Obligation or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to
the rate then applicable to ABR Loans under the relevant Facility plus 2% (in the case of overdue amounts in Dollars), in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid
in full (as well after as before judgment). 
 (d)    Interest shall be payable in arrears on each Interest Payment Date;
provided that interest accruing pursuant to paragraph (c) of this Section 2.15 shall be payable from time to time on demand. 

SECTION 2.16 Computation of Interest and Fees. (a) Interest, fees and commissions payable pursuant hereto shall be calculated on
the basis of a 360-day year for the actual days elapsed, except that, with respect to ABR Loans for which the rate of interest is calculated on the basis of the

  
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Prime Rate, interest shall be calculated on the basis of a 365/366-day year for the actual number of days elapsed. The Administrative Agent shall as soon
as practicable notify the Borrower and the relevant Lenders of each determination of a Adjusted LIBOR Rate. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the effective date and the amount of
each such change in interest rate. 
 (b)    Each determination of an interest rate by the Administrative Agent pursuant
to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the
quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.15(a) and the calculation of any Statutory Reserves. 

SECTION 2.17 Inability to Determine Interest Rate. If prior to the first day of any Interest Period for any LIBOR Loan in Dollars:

 (a)    the Administrative Agent shall have reasonably determined that adequate and reasonable means do not exist for
ascertaining the LIBOR Rate or the Adjusted LIBOR Rate, as applicable, for such LIBOR Loan in such currency for such Interest Period, or 

(b)    the Administrative Agent shall have received written notice from the Majority Facility Lenders in respect of a
Facility that the LIBOR Rate or the Adjusted LIBOR Rate, as applicable, determined or to be determined with respect to such LIBOR Loan under such Facility in such currency for such Interest Period will not adequately and fairly reflect the cost to
such Lenders of making or maintaining their respective Loans during such Interest Period; 
 then the Administrative Agent shall give notice thereof (which
may be by telephone confirmed in writing) to the Borrower and the relevant Lenders as soon as practicable thereafter. If such notice is given (w) any LIBOR Loans in Dollars under such Facility requested to be made on the first day of such
Interest Period shall be made as ABR Loans, after consultation with the Borrower and the applicable Lenders, to compensate the applicable Lenders for such Loan in such currency for the applicable period plus the Applicable Margin, (x) any Loans
in Dollars under such Facility that were to have been converted on the first day of such Interest Period to LIBOR Loans shall be continued as ABR Loans and (y) any outstanding LIBOR Loans in Dollars under such Facility shall be converted, on
the last day of the then-current Interest Period, to ABR Loans, after consultation with the Borrower and the applicable Lenders, to compensate the applicable Lenders for such Loan in such currency for the applicable period plus the Applicable
Margin. The Administrative Agent shall withdraw such notice as soon as adequate and reasonable means exist for ascertaining the LIBOR Rate or the Adjusted LIBOR Rate, as applicable. Until such notice has been withdrawn by the Administrative Agent,
no further LIBOR Loans under such Facility shall be made or continued as such, nor shall the Borrower have the right to convert Loans to LIBOR Loans under such Facility. 

SECTION 2.18 Pro Rata Treatment and Payments. (a) Each borrowing by the Borrower from the Lenders hereunder, each payment by the
Borrower on account of any commitment fee and any reduction of the Commitments of the Lenders shall be made pro rata according to the respective Tranche A Term Loan Percentages, Incremental Term Loan Percentages or Revolving Credit Percentages, as
the case may be, of the relevant Lenders. 
 (b)    Each payment (including each prepayment) by the Borrower on account
of principal of and interest on the Term Loans shall be made pro rata according to the respective outstanding principal amounts of the Term Loans then held by the Term Loan Lenders. The amount of each principal prepayment of the Term Loans shall be
applied to reduce the then remaining installments of the Tranche A Term Loans and Incremental Term Loans, as the case may be, pro rata based upon the respective then remaining principal amounts thereof. Amounts prepaid on account of the Term Loans
may not be reborrowed. 

  
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 (c)    Each payment (including each prepayment) by the Borrower on
account of principal of and interest on any Revolving Credit Loans shall be made pro rata according to the respective outstanding principal amounts of such Revolving Credit Loans then held by the Revolving Credit Lenders. 

(d)    All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal,
interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, Local Time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the applicable Funding Office, in
Dollars and in immediately available funds. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the LIBOR Loans) becomes due and
payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a LIBOR Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the
next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any
payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 

(e)    Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such
Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the
Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender
shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate equal to the greater of (i) the Federal Funds Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this
Section 2.18(e) shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days of such Borrowing Date, the
Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans under the relevant Facility, on demand, from the Borrower, and, if so recovered, such amount shall no longer be
deemed outstanding hereunder. 
 (f)    Unless the Administrative Agent shall have been notified in writing by the
Borrower prior to the date of any payment being made hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may,
but shall not be required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three Business
Days of such required date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum
equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 

  
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 (g)    If any Lender shall fail to make any payment required to be made
by it pursuant to Section 2.18(e), 2.18(f), 2.20(g), 2.20(h) 3.4(a) or 9.7, then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the
Administrative Agent for the account of such Lender for the benefit of the Administrative Agent or the Issuing Lender to satisfy such Lender’s obligations to it under such Sections until all such unsatisfied obligations are fully paid, and/or
(ii) hold any such amounts in a segregated account as Cash Collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as
determined by the Administrative Agent in its discretion. 
 SECTION 2.19 Requirements of Law. (a) If the adoption of or
any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made
subsequent to the date hereof: 
 (i)    shall subject any Lender to any Taxes (other than (A) Non-Excluded Taxes in respect of payments under any Loan Document, (B) Other Taxes, (C) Connection Income Taxes and (D) Taxes in respect of payments under any Loan Document for which a Loan
Party is not responsible for the payment of additional amounts under Section 2.20(a)) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto; 
 (ii)    shall impose, modify or hold applicable any reserve, special deposit, compulsory loan
or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included
in the determination of the Adjusted LIBOR Rate hereunder; or 
 (iii)    shall impose on such Lender any
other condition; 
 and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of
making, converting into, continuing or maintaining LIBOR Loans (or in the case of (i), any Loans) or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower
shall promptly pay (or shall cause the Borrower to pay) such Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable; provided that in the event of the adoption
of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority
described in Section 2.19(a)(i), the Borrower shall not be required to compensate a Lender pursuant to this paragraph for any amounts incurred more than six months prior to the date that such Lender notifies the Borrower of such Lender’s
intention to claim compensation therefor, and provided further that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period shall be extended to
include the period of such retroactive effect. If any Lender becomes entitled to claim any additional amounts pursuant to this Section 2.19, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason
of which it has become so entitled (and any related calculations). 
 (b)    If any Lender shall have determined that the
adoption of or any change in any Requirement of Law regarding capital adequacy or liquidity or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive

  
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regarding capital adequacy or liquidity (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of
return on such Lender’s or such corporation’s capital as a consequence of its obligations to lend hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but
for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy or liquidity) by an amount deemed by such Lender to be material, then from time to time, after
submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall pay (or shall cause the Borrower to pay) to such Lender such additional amount or amounts as will compensate such
Lender or such corporation for such reduction provided that the Borrower shall not be required to compensate a Lender pursuant to this paragraph for any amounts incurred more than six months prior to the date that such Lender notifies the Borrower
of such Lender’s intention to claim compensation therefor; and provided further that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period
shall be extended to include the period of such retroactive effect. 
 (c)    Notwithstanding anything herein to the
contrary, (i) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or by United States or foreign
regulatory authorities, in each case pursuant to Basel III, and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or
in implementation thereof, shall in each case be deemed to be a change in Requirements of Law, regardless of the date enacted, adopted, issued or implemented. Notwithstanding the foregoing, no Lender shall be entitled to seek compensation for costs
imposed pursuant to matters set forth in this clause (c) (x) unless it is generally seeking compensation for such costs from similarly situated borrowers under yield protection provisions in credit agreements with the Borrowers that provide for
such compensation and (y) in the case of a Change in Law, such Change in Law occurred after the date on which such Person became a Lender hereunder. 

(d)    If payment in respect of any Revolving Extension of Credit shall be due in a currency other than Dollars and/or at a
place of payment other than New York and if, by reason of any change in a Requirement of Law subsequent to the Closing Date, disruption of currency or foreign exchange markets, war or civil disturbance or similar event, payment of such Obligations
in such currency or such place of payment shall be impossible, then, at the election of any affected Lender, the Borrower shall make payment of such Revolving Extension of Credit in Dollars and/or in New York, and shall indemnify such Lender against
any currency exchange losses or reasonable out-of-pocket expenses that it shall sustain as a result of such alternative payment. 

(e)    A certificate as to any additional amounts payable pursuant to this Section 2.19 submitted by any Lender to the
Borrower (with a copy to the Administrative Agent) shall contain reasonable supporting calculations and an explanation in connection therewith and shall be conclusive in the absence of manifest error. The obligations of the Borrower pursuant to this
Section 2.19 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder, except to the extent provided for in Section 2.19(b). 

SECTION 2.20 Taxes. (a) All payments made by or on behalf of any Loan Party under this Agreement or any other Loan Document shall
be made free and clear of, and without deduction or withholding for or on account of, any Taxes, excluding (i) net income taxes, branch profits taxes and franchise taxes (imposed in lieu of net income taxes) imposed on a Recipient (x) as a
result of such Recipient being organized under the laws of, or having its principal office, or, in the case of any Lender, its applicable lending office located in the jurisdiction imposing such Tax (or any political subdivision thereof), or
(y) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal withholding 

  
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Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on
which (x) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.24), or (y) such Lender changes its lending office, except in each
case to the extent that, pursuant to this Section 2.20, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or
Commitment or to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Administrative Agent or Lender’s failure to comply with Section 2.20(d), and (iv) withholding Taxes imposed under
FATCA (all Taxes other than those described in preceding clauses (i) through (iv), collectively or individually, “Non-Excluded Taxes”); provided that, if any Taxes are required to
be deducted or withheld from any amounts payable to the Administrative Agent or any Lender, as determined in good faith by the applicable withholding agent, (x) such amounts shall be deducted or withheld and shall be paid to the relevant
Governmental Authority in accordance with applicable law, and (y) if such Tax is a Non-Excluded Tax, the amounts so payable by the applicable Loan Party to the Administrative Agent or such Lender shall be
increased to the extent necessary so that, after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.20), the amounts received with respect to this
Agreement equal the sum which would have been received had no such deduction or withholding been made. 
 (b)    In
addition, and without duplication of other amounts payable by the Borrower under this Section 2.20, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law, or at the option of the
Administrative Agent, timely reimburse it for, Other Taxes. 
 (c)    Whenever any
Non-Excluded Taxes or Other Taxes are payable by the Borrower, as soon as reasonably practicable thereafter, the Borrower shall send to the Administrative Agent, a certified copy of an original official
receipt received by the Borrower showing payment thereof or other evidence of such payment reasonably satisfactory to the Administrative Agent. If any Non-Excluded Taxes or Other Taxes are imposed directly
upon the Administrative Agent or any Lender (including Non-Excluded Taxes imposed or asserted on or attributable to amounts payable under this Section), the Borrower shall indemnify the Administrative Agent
and the Lenders for such amounts and any incremental Taxes that may become payable by the Administrative Agent or any Lender as a result of any such direct imposition within 10 days of written demand therefor specifying in reasonable detail the
nature and amount of such amounts. 
 (d)    Each Lender that is a “United States person” as defined in
Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed and duly signed copies of U.S. Internal Revenue Service
(“IRS”) Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal withholding tax. Each Lender (or Transferee) that is not a “United States person” as
defined in Section 7701(a)(30) of the Code (a “Non-U.S. Lender”) shall deliver to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from
which the related participation shall have been purchased) (i) two copies of properly completed and duly executed IRS Form W-8BEN, Form
W-8BEN-E, Form W-8ECI or Form W-8IMY, as applicable, (together with any applicable
underlying IRS forms and appropriate attachments), on which such Non-U.S. Lender shall claim any exemption from or reduction of U.S. federal withholding tax for which such
Non-U.S. Lender is eligible, (ii) in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the
Code with respect to payments of “portfolio interest,” a statement substantially in the form of Exhibit F and the applicable IRS Form W-8, or any subsequent versions thereof or successors thereto,
properly completed and duly executed by such Non-U.S. Lender, or (iii) any other form 

  
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prescribed by the applicable requirements of U.S. federal income tax law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax duly completed together with such
supplementary documentation as may be prescribed by applicable requirements of law to permit the Borrower and the Administrative Agent to determine the withholding or deduction required to be made or to satisfy any information reporting
requirements. Such forms shall be delivered by each Non-U.S. Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant
purchases the related participation) and from time to time thereafter upon the request of the Borrower or the Administrative Agent. In addition, each Non-U.S. Lender shall deliver such forms promptly on or
before the inaccuracy, obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall promptly notify the Borrower and
the Administrative Agent at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form of certification adopted by the U.S. taxing authorities for such purpose).
Notwithstanding any other provision of this Section 2.20, a Non-U.S. Lender, upon prompt written notice to the Borrower and the Administrative Agent, shall not be required to deliver any form pursuant to
this Section 2.20 that such Non-U.S. Lender is not legally able to deliver. Each Lender authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent any
documentation provided by such Lender to the Administrative Agent pursuant to this Section 2.20(d). 
 (e)    A
Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party,
with respect to payments under this Agreement 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; provided that such Lender is legally entitled to complete, execute and deliver such
documentation and in such Lender’s reasonable judgment such completion, execution or submission would not materially prejudice the legal or commercial position of such Lender. 

(f)    If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (f), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 (g)    Each Lender shall indemnify the Administrative Agent
for the full amount of any Taxes imposed by any Governmental Authority that are attributable to such Lender (but, in the case of Non-Excluded Taxes or Other Taxes for which the Borrower is responsible pursuant
to paragraphs (a) and (b) of this Section 2.20, only to the extent that the Borrower has not already indemnified the Administrative Agent for such Non-Excluded Taxes or Other Taxes and without
limiting the obligation of the Borrower to do so) and that are payable or paid by the Administrative Agent, together with all interest, penalties, reasonable costs and expenses arising therefrom or with respect thereto, as determined by the
Administrative Agent in good faith. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. 

  
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 (h)    If any party determines, in its sole discretion exercised in good
faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.20 (including by the payment of additional amounts pursuant to this Section 2.20), it shall pay to the indemnifying party an
amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.20 with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 2.20(h) (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.20(h), in no event will the indemnified party
be required to pay any amount to an indemnifying party pursuant to this Section 2.20(h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the
indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never
been paid. This Section 2.20(h) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 (i)    Each party’s obligations under this Section 2.20 shall survive the resignation or replacement of the
Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

SECTION 2.21 Indemnity. The Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or
expense (in each case as reasonably determined by such Lender) that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of LIBOR Loans after the Borrower has
given a notice requesting the same in accordance with the provisions of this Agreement (except as a result of a notice by the Administrative Agent pursuant to Section 2.17), (b) default by the Borrower in making any prepayment of or conversion
from LIBOR Loans after the Borrower has given a notice thereof in accordance with the provisions of this Agreement, (c) the making of a prepayment of LIBOR Loans on a day that is not the last day of an Interest Period with respect thereto
(including as a result of an Event of Default) or (d) the assignment of a LIBOR Loan on a day that is not the last day of an Interest Period with respect thereto as a result of a request by the Borrower pursuant to Section 2.24. Without
limiting the generality of the foregoing, such indemnification shall include the costs and expenses of each Lender that are attributable to the premature unwinding of any Hedging Agreement entered into by such Lender in respect of the foreign
currency exposure attributable to such actual or proposed LIBOR Loan. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed,
converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that
would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as
reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurocurrency market. A certificate as to any amounts payable
pursuant to this Section 2.21 submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable
hereunder. 

  
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 SECTION 2.22 Illegality. Notwithstanding any other provision herein, if the
adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain LIBOR Loans as contemplated by this Agreement, (a) the commitment of such Lender
hereunder to make LIBOR Loans, continue LIBOR Loans as such and convert ABR Loans to LIBOR Loans shall forthwith be cancelled and (b) each of such Lender’s Loans then outstanding as a LIBOR Loan, if any, shall if denominated in Dollars, be
converted automatically to an ABR Loan on the last day of the then current Interest Period with respect to such Loan or within such earlier period as required by law. If any such conversion or repayment of a LIBOR Loan occurs on a day which is not
the last day of the then current Interest Period with respect thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 2.21. 

SECTION 2.23 Mitigation. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of
Section 2.19 or 2.20 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to mitigate or reduce the additional amounts payable (or any similar
amount that may thereafter accrue), which reasonable efforts may include designating another lending office for any Loans affected by such event with the object of avoiding the consequences of such event, assigning such Lender’s rights and
obligations hereunder to another of its offices, branches or affiliates, or any other measures reasonably requested by the Borrower; provided that such designation is, assignment or other measures are; provided that such designation is
made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section 2.23 shall affect or
postpone any of the obligations of the Borrower or the rights of any Lender pursuant to Section 2.19 or 2.20. 
 SECTION
2.24 Replacement of Lenders under Certain Circumstances. The Borrower shall be permitted to replace any Lender which (a) requests payment of or reimbursement for amounts owing pursuant to Section 2.19 or 2.20, (b) becomes a
Defaulting Lender or (c) does not consent to any proposed amendment, supplement, modification, consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the
Lenders affected thereby (so long as the consent of the Required Lenders has been obtained), with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event
of Default shall have occurred and be continuing at the time of such replacement, (iii) prior to any such replacement, such Lender shall have taken no action under Section 2.23 so as to eliminate the continued need for payment of amounts
owing pursuant to Section 2.19 or 2.20, (iv) the replacement financial institution shall purchase, at par, all Loans and pay all other amounts owing to such replaced Lender on or prior to the date of replacement, (v) the Borrower shall be
liable to such replaced Lender under Section 2.21 if any LIBOR Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi) the replacement financial institution, if not
already a Lender, shall be reasonably satisfactory to the Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that the Borrower shall be
obligated to pay the registration and processing fee referred to therein), (viii) the Borrower or the replacement financial institution shall pay all amounts (if any) due pursuant to Section 2.19 or 2.20, as the case may be, incurred prior to
the date Borrower exercises its rights under this Section 2.24, and (ix) any such replacement shall not be deemed to be a waiver of any rights which the Borrower, the Administrative Agent or any other Lender shall have against the replaced
Lender. Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee, and that the Lender required to
make such assignment need not be a party thereto in order for such assignment to be effective. 
 SECTION 2.25 [Reserved]. 

  
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 SECTION 2.26 Refinancing Amendments. 

(a)    At any time after the Closing Date, the Borrower may obtain, from any Lender or any other bank, financial
institution or other lender or investor that agrees to provide any portion of Refinancing Term Loans or Refinancing Revolving Credit Commitments pursuant to a Refinancing Amendment in accordance with this Section 2.26 (each, an
“Additional Refinancing Lender”) (provided that solely with respect to Refinancing Revolving Credit Commitments, the Administrative Agent and the Issuing Lender, if applicable, shall have consented (such consent not to be
unreasonably withheld, conditioned or delayed) to such Additional Refinancing Lender’s providing such Refinancing Revolving Credit Commitments to the extent such consent, if any, would be required under Section 10.6(b) for an assignment of
Revolving Credit Commitments to such Additional Refinancing Lender), Credit Agreement Refinancing Indebtedness under this Agreement in respect of all or any portion of any Class, as selected by the Borrower, of Term Loans or Revolving Credit Loans
(or unused Commitments in respect thereof) then outstanding under this Agreement, in the form of Refinancing Term Loans Commitments, Refinancing Term Loans, Refinancing Revolving Credit Commitments, or Refinancing Revolving Credit Loans pursuant to
a Refinancing Amendment; provided that, notwithstanding anything to the contrary in this Section 2.26 or otherwise, (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Refinancing
Revolving Credit Commitments (and related outstandings), (B) repayments required upon the maturity date of the Refinancing Revolving Credit Commitments and (C) repayment made in connection with a permanent repayment and termination of
commitments (subject to clause (3) below)) of Loans with respect to Refinancing Revolving Credit Commitments after the date of obtaining any Refinancing Revolving Credit Commitments shall be made on a pro rata basis with all other Revolving
Credit Commitments, (2) subject to the provisions of Section 3.10, to the extent dealing with Letters of Credit which mature or expire after a maturity date when there exist Refinancing Revolving Credit Commitments with a longer maturity
date, all Letters of Credit shall be participated on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Commitments in respect of Revolving Credit Loans (and except as provided in Section 3.10, without
giving effect to changes thereto on an earlier maturity date with respect to Letters of Credit theretofore incurred or issued), (3) the permanent repayment of Revolving Credit Loans with respect to, and termination of, Refinancing Revolving Credit
Commitments after the date of obtaining any Refinancing Revolving Credit Commitments shall be made on a pro rata basis with all other Commitments in respect of Revolving Credit Loans, except that the Borrower shall be permitted to permanently repay
and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class, (4) assignments and participations of Refinancing Revolving Credit Commitments
and Refinancing Revolving Credit Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Credit Loans and (5) any Refinancing Term Loans meet the Permitted Other Debt
Conditions. 
 (b)    The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date
thereof of each of the conditions set forth in Section 5.2 and, to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of (i) customary legal opinions, board resolutions and officers’
certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent
and (ii) reaffirmation agreements and/or such amendments to the Security Documents as may be reasonably requested by the Administrative Agent in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of
the applicable Loan Documents. 

  
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 (c)    Each issuance of Credit Agreement Refinancing Indebtedness under
Section 2.26(a) shall be in an aggregate principal amount that is not less than $30,000,000 (or such lesser amount as may be approved by the Administrative Agent). 

(d)    Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to
a Refinancing Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and
(ii) make such other changes to this Agreement and the other Loan Documents and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent and the Borrower, to effect the provisions of this Section 2.26, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Amendment. 

(e)    This Section 2.26 shall supersede any provisions in Section 10.1 to the contrary. 

SECTION 2.27 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: 

(a)    fees shall cease to accrue on the unfunded portion of the Revolving Credit Commitment of such Defaulting Lender
pursuant to Section 2.9(a); 
 (b)    the Revolving Credit Commitment and Revolving Extensions of Credit 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 10.1); provided,
that this clause (b) 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 affected thereby; 

(c)    if any L/C Obligations exist at the time such Lender becomes a Defaulting Lender then: 

(i)    all or any part L/C Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Revolving Credit Percentages but only to the extent the sum of all non-Defaulting Lenders’ Revolving Extensions
of Credit plus such Defaulting Lender’s L/C Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving Credit Commitments; 

(ii)    if the reallocation described in clause (i) above cannot, or can only partially, be effected,
the Borrower shall within one Business Day following notice by the Administrative Agent Cash Collateralize for the benefit of the Issuing Lender only the Borrower’s obligations corresponding to such Defaulting Lender’s L/C Exposure (after
giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Article VIII for so long as such L/C Exposure is outstanding; 

(iii)    if the Borrower Cash Collateralizes any portion of such Defaulting Lender’s L/C Exposure
pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.3(a) with respect to such Defaulting Lender’s L/C Exposure during the period such Defaulting
Lender’s L/C Exposure is Cash Collateralized; 

  
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 (iv)    if the L/C Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 3.3(a) shall be adjusted in accordance with such
non-Defaulting Lenders’ Revolving Credit Percentages; and 

(v)    if all or any portion of such Defaulting Lender’s L/C Exposure is neither reallocated nor Cash
Collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all fees payable under Section 3.3(a) with respect to such Defaulting Lender’s
L/C Exposure shall be payable to the Issuing Lender until and to the extent that such L/C Exposure is reallocated and/or Cash Collateralized; and 

(d)    so long as such Lender is a Defaulting Lender, the Issuing Lender shall not be required to issue, amend or increase
any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding L/C Exposure will be 100% covered by the Revolving Credit Commitments of the
non-Defaulting Lenders, and participating interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner
consistent with Section 2.27(c)(i) (and such Defaulting Lender shall not participate therein). 
 In the event that the Administrative
Agent, the Borrower and the Issuing Lender each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then L/C Exposure of the Lenders shall be readjusted to reflect the inclusion of
such Lender’s Revolving Credit Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in
accordance with its Revolving Credit Percentage. 
 SECTION 2.28 Incremental Facilities. (a) The Borrower and any one or
more Lenders (including New Lenders) may from time to time agree that such Lenders shall make, obtain or increase the amount of their Incremental Term Loans (an “Incremental Term Loan Facility”) or Revolving Credit Commitments
(“Increased Revolving Credit Commitments”; together with any Incremental Term Loan Facility, the “Incremental Facilities”), as applicable, by executing and delivering to the Administrative Agent an Increased
Facility Activation Notice specifying (i) the amount of such increase, (ii) the applicable Increased Facility Closing Date, (iii) in the case of Incremental Term Loans, (x) the applicable Incremental Term Maturity Date,
(y) the amortization schedule for such Incremental Term Loans, and (z) the Applicable Margin for such Incremental Term Loans; provided that (i) subject to the Borrower’s right to make an LCA Election with respect to any
Limited Condition Acquisition, in which case, Section 1.3(b) shall apply, no Default or Event of Default exists or would exist after giving effect to such Incremental Facility and the incurrence of any Loans thereunder on the applicable
Increased Facility Closing Date, (ii) the maturity date and Weighted Average Life to Maturity of any such Incremental Term Loan Facility shall be no earlier than (or the same as) the maturity date and Weighted Average Life to Maturity,
respectively, of the Tranche A Term Loans, (iii) the interest rates and amortization schedule applicable to any Incremental Term Loan Facility shall be determined by the Borrower and the lenders thereunder, (iv) subject to the
Borrower’s right to make an LCA Election with respect to any Limited Condition Acquisition, in which case, Section 1.3(b) shall apply, the Borrower shall be in Pro Forma Compliance with the Financial Covenants (such calculation to be made
(I) assuming in the case of any Incremental Revolving Credit Commitments, that the full amount thereof is to be drawn and (II) any proceeds of any Incremental Facility shall be disregarded in any netting calculations in determination of
such Financial Covenants) and (v) any Increased Revolving Credit Commitments shall be on terms and pursuant to documentation applicable to the Revolving Credit Facility (including the maturity date in respect thereof) and any Incremental Term
Loan Facility shall be on terms and pursuant to documentation agreed to between the Borrower and the Person providing such Incremental Term Loan Facility; provided 

  
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that, (1) to the extent such terms are not consistent with, in the case of an Incremental Term Loan Facility, the Tranche A Term Loan Facility (except to the extent permitted by clause
(ii) and (iii) above), shall not be materially more restrictive to Borrower and its Restricted Subsidiaries, when taken as a whole, than those under the Tranche A Term Loan Facility (except if (x) such covenants or other provisions are
applicable only to periods after the latest final maturity date of the Tranche A Term Loan Facility, (y) the existing Lenders under the Tranche A Term Loan Facility receive the benefit of such terms or (z) such terms are reasonably
satisfactory to the Administrative Agent or are, in the reasonable judgment of the Borrower, generally customary for similarly situated borrowers in the current market conditions) and (2) to the extent such documentation is not consistent with
the documentation in respect of the Tranche A Term Loan Facility, it shall be reasonably satisfactory to the Administrative Agent. Notwithstanding the foregoing, (i) without the consent of the Required Lenders, the aggregate amount of
Incremental Term Loans and Increased Revolving Credit Commitments obtained after the Closing Date pursuant to this paragraph shall not exceed the Incremental Facilities Amount and (ii) without the consent of the Administrative Agent, each
increase effected pursuant to this paragraph shall be in a minimum amount of at least $15,000,000 (or such lesser amount of the Incremental Facilities Amount then unused). No Lender shall have any obligation to participate in any increase described
in this paragraph unless it agrees to do so in its sole discretion. 
 (b)    Any Lender and any additional bank,
financial institution or other entity that, with the consent of the Borrower and, to the extent such consent would be required for an assignment to such Person pursuant to Section 10.6, the Administrative Agent (which consent shall not be
unreasonably withheld, conditioned or delayed), elects to become a “Lender” under this Agreement in connection with any transaction described in Section 2.28(a) shall execute an Incremental Lender Supplement (each, an
“Incremental Lender Supplement”), substantially in the form of Exhibit H, whereupon such bank, financial institution or other entity (a “New Lender”) shall become a Lender for all purposes and to the same extent as
if originally a party hereto and shall be bound by and entitled to the benefits of this Agreement. 
 (c)    Unless
otherwise agreed by the Administrative Agent, on each Increased Facility Closing Date with respect to the Revolving Credit Facility, the Borrower shall borrow Revolving Credit Loans under the relevant increased Revolving Credit Commitments from each
Lender participating in the relevant increase in an amount determined by reference to the amount of each Type of Revolving Credit Loan (and, in the case of LIBOR Loans, of each LIBOR Tranche) which would then have been outstanding from such Lender
if (i) each such Type or LIBOR Tranche had been borrowed or effected on such Increased Facility Closing Date and (ii) the aggregate amount of each such Type or LIBOR Tranche requested to be so borrowed or effected had been proportionately
increased; provided that (i) in lieu of borrowings and repayments of Revolving Credit Loans, the Administrative Agent shall make sure notations on the Register as it reasonably determines are necessary to ensure that the Revolving Credit
Loans are held on a pro rata basis after giving effect to such Increased Facility, and (ii) each Lender (including any New Lender) hereby agrees to waive any amount that would otherwise be payable in connection therewith pursuant to
Section 2.21. The LIBOR Rate applicable to any LIBOR Loan borrowed pursuant to the preceding sentence shall equal the LIBOR Rate then applicable to the LIBOR Loans of the other Revolving Credit Lenders in the same LIBOR Tranche (or, until the
expiration of the then-current Interest Period, such other rate as shall be agreed upon between the Borrower and the relevant Revolving Credit Lender). 

(d)    Notwithstanding anything to the contrary in this Agreement, each of the parties hereto hereby agrees that, on each
Increased Facility Closing Date, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loans evidenced thereby. Any such deemed amendment may be effected in
writing by the Administrative Agent with the Borrower’s consent (not to be unreasonably withheld) and furnished to the other parties hereto. 

  
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 ARTICLE III. LETTERS OF CREDIT 

SECTION 3.1 L/C Commitment. (a) Subject to the terms and conditions hereof, the Issuing Lender, in reliance on the agreements of
the other Revolving Credit Lenders set forth in Section 3.4(a), agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrower on any Business Day during the Revolving Credit Commitment Period in such
form as may be approved from time to time by the Issuing Lender; provided that the Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations would exceed the
L/C Commitment or (ii) the aggregate amount of the Available Revolving Credit Commitments would be less than zero. Each Letter of Credit shall (i) be denominated in Dollars, AUD, Euro, Sterling or any other currency agreed to by the
Administrative Agent and the applicable Issuing Lender and (ii) expire no later than the earlier of (x) the first anniversary of its date of issuance unless consented to by the Issuing Lender and (y) the Letter of Credit Expiration
Date; provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend
beyond the date referred to in clause (y) above unless the Borrower agree to Cash Collateralize or backstop or provide other credit support for such Letter of Credit prior to the Letter of Credit Expiration Date in a manner reasonably
acceptable to the applicable Issuing Lender). 
 (b)    Unless otherwise expressly agreed by the Issuing Lender and the
Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, the Issuing
Lender shall not be responsible to the Borrower for, and the Issuing Lender’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the Issuing Lender required or permitted under any law, order, or
practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the applicable law or any order of a jurisdiction where the Issuing Lender or the beneficiary is located, the practice stated in the ISP or
UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the International Chamber of Commerce Banking Commission, the Bankers Association for Finance and Trade—International Financial Services
Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice. 

(c)    The Issuing Lender shall not at any time be obligated to issue any Letter of Credit hereunder if such issuance would
conflict with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 

SECTION 3.2 Procedure for Issuance of Letters of Credit. The Borrower (on its own behalf) may from time to time request that the
Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other
papers and information as the Issuing Lender may reasonably request. Upon receipt of any Application, the Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection
therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its
receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the
Issuing Lender and the Borrower. The Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. The Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn
promptly furnish to the Lenders, notice of the issuance of each Letter of Credit (including the amount thereof). 

  
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 SECTION 3.3 Commissions, Fees and Other Charges. (a) The Borrower will pay
a commission on all undrawn and unpaid Letters of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to LIBOR Loans under the Revolving Credit Facility, shared ratably among the Revolving Credit Lenders and payable
quarterly in arrears on each L/C Fee Payment Date after the issuance date. In addition, the Borrower shall pay to the Issuing Lender for its own account a fronting fee of 0.125% per annum on the undrawn and unexpired amount of each Letter of Credit,
payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. 
 (b)    In addition to the foregoing
fees and commissions, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise
administering any Letter of Credit. 
 SECTION 3.4 L/C Participations. (a) The Issuing Lender irrevocably agrees to grant
and hereby grants to each L/C Participant, and, to induce the Issuing Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms
and conditions hereinafter stated, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Revolving Credit Percentage in the Issuing Lender’s obligations and rights under each Letter of
Credit issued hereunder and the amount of each draft paid by the Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing
Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to the Issuing Lender upon demand at the Issuing Lender’s address for notices specified herein an amount equal to
such L/C Participant’s Revolving Credit Percentage of the amount of such draft, or any part thereof, which is not so reimbursed. 

(b)    If any amount required to be paid by any L/C Participant to the Issuing Lender pursuant to Section 3.4(a) in
respect of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit is paid to the Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall pay to the Issuing
Lender on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Rate during the period from and including the date such payment is required to the date on which such payment is immediately
available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to
Section 3.4(a) is not made available to the Issuing Lender by such L/C Participant within three Business Days after the date such payment is due, the Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount
with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans under the Revolving Credit Facility. A certificate of the Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this
Section 3.4 shall be conclusive in the absence of manifest error. 
 (c)    Whenever, at any time after the Issuing
Lender has made payment under any Letter of Credit and has received from any L/C Participant its pro rata share of such payment in accordance with Section 3.4(a), the Issuing Lender receives any payment related to such Letter of Credit (whether
directly from the Borrower or otherwise, including proceeds of collateral applied thereto by the Issuing Lender), or any payment of interest on account thereof, the Issuing Lender will distribute to such L/C Participant its pro rata share thereof;
provided that in the event that any such payment received by the Issuing Lender shall be required to be returned by the Issuing Lender, such L/C Participant shall return to the Issuing Lender the portion thereof previously distributed by the
Issuing Lender to it. 

  
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 SECTION 3.5 Reimbursement Obligation of the Borrower. The Borrower agrees
to reimburse the Issuing Lender on each date on which the Issuing Lender provides written notice to the Borrower of the date and amount of a draft presented under any Letter of Credit and paid by the Issuing Lender for the amount of (a) such
draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment; provided that if the Issuing Lender does not so notify the Borrower as provided for above earlier
than 9:30 a.m., Local Time on the date such draft is paid (or on any subsequent date on which notice is provided) then such reimbursement payment may be made two Business Days immediately subsequent to the date such notice is given. Each such
payment shall be made to the Issuing Lender at its address for notices specified herein or as it may otherwise direct in lawful money of the United States, as the case maybe, and in immediately available funds.    Each drawing
under any Letter of Credit shall constitute a request by the Borrower to the Administrative Agent for a borrowing pursuant to Section 2.5 of ABR Loans in the amount of such drawing, subject to the conditions to borrowing set forth in
Section 5.2. The Borrowing Date with respect to such borrowing shall be the date of such drawing. If any amounts under this Article III remain unpaid because the conditions set forth in Section 5.2 cannot be satisfied or for any other
reason, such amounts shall bear interest from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full at the rate set forth in Section 2.15(c). 

SECTION 3.6 Obligations Absolute. The Borrower’s obligations under this Article III shall be absolute and unconditional under
any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower may have or have had against the Issuing Lender, any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with
the Issuing Lender that the Issuing Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.5 shall not be affected by, among other things, the validity or genuineness of documents or of any
endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may
be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. The Issuing Lender shall not be liable for any error, omission, interruption or delay in transmission, dispatch or
delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the
Issuing Lender. The Borrower agrees that any action taken or omitted by the Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence or willful misconduct and in
accordance with the standards of care specified in the Uniform Commercial Code of the State of New York, shall be binding on the Borrower and shall not result in any liability of the Issuing Lender to the Borrower. 

SECTION 3.7 Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender
shall promptly notify the Borrower of the date and amount thereof. The responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation
expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are in conformity with such Letter of Credit. 

SECTION 3.8 Applications. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with
the provisions of this Article III, the provisions of this Article III shall apply. 

  
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 SECTION 3.9 Cash Collateralization. If on any date the L/C Obligations shall
exceed the L/C Commitment, then the Borrower shall within three Business Days after notice thereof from the Administrative Agent deposit in a cash collateral account opened by the Administrative Agent an amount equal to such excess plus accrued and
unpaid interest thereon. 
 SECTION 3.10 Provisions Related to Refinancing Revolving Credit Commitments. If the Letter of Credit
Expiration Date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i) if consented to by the Issuing Lender which issued such Letter of Credit, if one or more other tranches
of Revolving Credit Commitments in respect of which the Letter of Credit Expiration Date shall not have so occurred are then in effect, such Letters of Credit for which consent has been obtained shall automatically be deemed to have been issued
(including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to Sections 3.4 and 3.5) under (and ratably participated
in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate amount of the unutilized Revolving Credit
Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), the Borrower (x) shall
Cash Collateralize all such Letters of Credit in an amount not less than the Minimum Collateral Amount with respect to such Letters of Credit (it being understood that such Cash Collateral shall be released to the extent that the aggregate stated
amount of such Letters of Credit is reduced upon the expiration or termination of such Letters of Credit, so that the Cash Collateral shall not exceed the Minimum Collateral Amount with respect to such Letters of Credit outstanding at any particular
time) or (y) deliver to the Issuing Lender a standby letter of credit (other than a Letter of Credit) in favor of such Issuing Lender in a stated amount not less than the Minimum Collateral Amount with respect to such Letters of Credit, which
standby letter of credit shall be in form and substance, and issued by a financially sound financial institution, reasonably acceptable to such Issuing Lender and the Administrative Agent. Upon the maturity date of any tranche of Revolving Credit
Commitments, the L/C Commitment may be reduced as agreed between the Issuing Lender and the Borrower, without the consent of any other Person. 

ARTICLE IV. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters
of Credit, the Borrower hereby represents and warrants to the Administrative Agent and each Lender that: 
 SECTION 4.1 Financial
Condition. (a) The audited consolidated balance sheets of the Borrower and its Restricted Subsidiaries as at December 31, 2015, 2016 and 2017, and the related consolidated statements of income, stockholder’s equity and cash flows
for the fiscal years ended December 31, 2015, 2016 and 2017, reported on by and accompanied by reports thereon of PricewaterhouseCoopers LLP, present fairly in all material respects the consolidated financial position of the Borrower and its
Subsidiaries as at such dates, and the consolidated results of operations and consolidated cash flows of the Borrower and its Subsidiaries for the respective fiscal years then ended. The unaudited consolidated balance sheet of the Borrower and its
Subsidiaries as at March 31, 2018, June 30, 2018, and September 30, 2018, and the related consolidated statements of income and of cash flows for the respective fiscal quarters then ended, present fairly in all material respects the
consolidated financial position of the Borrower and its Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal quarters then ended. All such financial statements,
including the related schedules and any notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as disclosed therein, and, in the case of the unaudited financial statements, subject to
normal period-end adjustments and the absence of footnotes). 

  
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 (b)     The audited consolidated balance sheets of the Target and its
Subsidiaries as at March 31, 2016, 2017 and 2018 and the related consolidated statements of income, stockholder’s equity and cash flows for the fiscal years ended March 31, 2016 reported on by and accompanied by an unqualified report
from PricewaterhouseCoopers LLP and the related consolidated statements of income, stockholder’s equity and cash flows for the fiscal years ended March 31, 2017 and 2018, reported on by and accompanied by an unqualified report from
PricewaterhouseCoopers LLP, to the knowledge of the Borrower, present fairly in all material respects the consolidated financial position of the Target and its Subsidiaries as at such dates, and the consolidated results of its operations and its
consolidated cash flows for the respective fiscal years then ended. The unaudited consolidated balance sheets of the Target and its Subsidiaries as at June 30, 2018 and September 30, 2018 and the related consolidated statements of income,
stockholder’s equity and cash flows for the respective fiscal quarters then ended, present fairly in all material respects the consolidated financial position of the Target and its Subsidiaries as at such date, and the consolidated results of
its operations and its consolidated cash flows for the respective fiscal quarters then ended. All such financial statements, including the related schedules and any notes thereto, have been prepared in accordance with GAAP (except as disclosed
therein, and, in the case of the unaudited financial statements, subject to normal period-end adjustments and the absence of footnotes). 

SECTION 4.2 No Change. Since the Closing Date, there has been no development or event which has had or would reasonably be
expected to have a Material Adverse Effect. 
 SECTION 4.3 Existence; Compliance with Law. Each of the Borrower and its
Restricted Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the power and authority, and the legal right, to own and operate its Property, to lease
the Property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction where its ownership,
lease or operation of Property or the conduct of its business requires such qualification and (d) is in compliance with all Requirements of Law except in the case of clauses (a) (other than with respect to the Borrower and any Subsidiary
Guarantor), (b), (c) and (d) to the extent that the failure to so qualify and be in good standing or to so comply would not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

SECTION 4.4 Power; Authorization; Enforceable Obligations. Each Loan Party has the power and authority, and the legal right, to
make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to borrow hereunder. Each Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance of the Loan
Documents to which it is a party and, in the case of the Borrower, to authorize the borrowings on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental
Authority or any other Person is required in connection with the borrowings hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents, except (i) consents, authorizations,
filings and notices described in Schedule 4.4 and filings of Uniform Commercial Code filings and filings with respect to Intellectual Property, (ii) such as have been obtained or made and are in full force and effect, and (iii) such
consents, approvals, registrations, filings, or other actions the failure to obtain or make which would not be reasonably expected to have a Material Adverse Effect. Each Loan Document has been duly executed and delivered on behalf of each Loan
Party party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting the enforcement of creditors’ rights and to general equity principles
(whether enforcement is sought by proceedings in equity or at law). 

  
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 SECTION 4.5 No Legal Bar. The execution, delivery and performance of this
Agreement and the other Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law, any Organizational Document or any Contractual Obligation of the
Borrower or any of its Restricted Subsidiaries in any respect, except as would not be reasonably expected to have a Material Adverse Effect and will not result in, or require, the creation or imposition of any Lien on any of their respective
properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the Liens created by the Security Documents). 

SECTION 4.6 No Material Litigation. Except as set forth on Schedule 4.6, no litigation, investigation or proceeding of or before
any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower, threatened in writing by or against the Borrower or any of its Restricted Subsidiaries or against any of their respective properties or revenues (a) that,
as of the Closing Date only, challenges the validity or enforceability any of the Loan Documents or (b) that would reasonably be expected to have a Material Adverse Effect. 

SECTION 4.7 No Default.    No Default or Event of Default has occurred and is continuing. 

SECTION 4.8 Ownership of Property; Liens. Each of the Borrower and its Restricted Subsidiaries has title in, or a valid leasehold
interest in (or sub-leasehold interest in or other right to occupy), all its material real property owned or occupied by it (except insofar as marketability may be limited by any laws or regulations of any
Governmental Authority affecting such assets), and none of such Property is subject to any Lien except as not prohibited by this Agreement. 

SECTION 4.9 Intellectual Property. Except as set forth on Schedule 4.9, (a) the Borrower and each of its Subsidiaries owns, or is
licensed to use or otherwise possesses a legally enforceable right to use, all Intellectual Property that is reasonably necessary for the conduct of its business as currently conducted, except for those for which the failure to own or possess the
right to use would not reasonably be expected to have a Material Adverse Effect; (b) no material claim has been asserted and is pending by any Person against the Borrower or any of its Subsidiaries challenging the use of any Intellectual
Property by the Borrower or any of its Restricted Subsidiaries or the validity or effectiveness of any Intellectual Property owned by the Borrower or any of its Restricted Subsidiaries; and (c) the operation of the business of the Borrower and
each of its Restricted Subsidiaries does not, as currently conducted infringe, misappropriate or otherwise violate the Intellectual Property rights of any Person, and, to the Borrower’s knowledge, no Person is infringing, misappropriating or
otherwise violating the Intellectual Property of the Borrower or any of its Subsidiaries, in each case, except as would not reasonably be expected to have a Material Adverse Effect. 

SECTION 4.10 Taxes. Each of the Borrower and each of its Subsidiaries has filed or caused to be filed all U.S. federal, state and other
material Tax returns which are required to be filed and has paid all Taxes due and payable to any Governmental Authority (other than (a) any such Taxes, the amount or validity of which are currently being contested in good faith by appropriate
procedures and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or its Subsidiaries, as the case may be or (b) to the extent that the failure to do so would not reasonably be expected to
have a Material Adverse Effect); no Tax Lien has been filed, and, to the knowledge of the Borrower, no material claim is being asserted, with respect to any such Tax, except to the extent that such Lien or claim would not reasonably be expected to
have a Material Adverse Effect. 

  
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 SECTION 4.11 Federal Regulations. No part of the proceeds of any Loans, and no
other extensions of credit hereunder, will be used for any purpose which violates the provisions of the regulations of the Board. The Borrower is not principally engaged in the business of extending credit for “buying” or
“carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U for any purpose that violates the provisions of the regulations of the Board. 

SECTION 4.12 Labor Disputes. There are no strikes or other labor disputes against the Borrower or any of its Restricted
Subsidiaries pending or, to the knowledge of the Borrower, threatened in writing that (individually or in the aggregate) would reasonably be expected to have a Material Adverse Effect. 

SECTION 4.13 ERISA. During the five-year period prior to the date on which this
representation is made or deemed made with respect to any Plan, (A) each Plan has complied in all material respects with the applicable provisions of ERISA and the Code and no Single Employer Plan has failed to satisfy the minimum funding
standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Single Employer Plan and (B) except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, (i) a no Reportable Event with respect to a Single Employer Plan, whether or not waived has occurred, (ii) no termination of a Single Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan has arisen, (iii) the
present value of all accrued benefits under each Single Employer Plan did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such
accrued benefits by a material amount (determined in both cases using the assumptions applicable thereto promulgated under Section 430 of the Code), (iv) neither the Borrower nor any Commonly Controlled Entity has had a complete or partial
withdrawal from any Multiemployer Plan which has resulted or would reasonably be expected to result in a liability under ERISA, (v) neither the Borrower nor any Commonly Controlled Entity would become subject to any liability under ERISA if the
Borrower or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made and (vi) no such Multiemployer
Plan is Insolvent. 
 SECTION 4.14 Investment Company Act; Other Regulations. No Loan Party is an “investment
company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 

SECTION 4.15 Subsidiaries. (a) Schedule 4.15 sets forth as of the Closing Date the name and jurisdiction of incorporation of
each Subsidiary and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party. 

(b)    There are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other
than equity compensation granted to employees, consultants, officers or directors and directors’ qualifying shares) of any nature relating to the issuance of any Capital Stock of the Borrower or any Subsidiary, except not prohibited by the Loan
Documents. 
 SECTION 4.16 Use of Proceeds. The proceeds of the Tranche A Term Loans shall be used to finance in part the
Transactions. The proceeds of the Revolving Credit Loans may be used to finance in part the Transactions and may also be used for the general corporate purposes of the Borrower and its Restricted Subsidiaries, including for the financing of
Permitted Acquisitions and other Investments not prohibited hereunder. The proceeds of any Incremental Term Loans and Letters of Credit shall be used for the general corporate purposes of the Borrower and its Restricted Subsidiaries, including for
the financing of Permitted Acquisitions and other Investments not prohibited hereunder, and, in the case of Incremental Term Loans, as otherwise set forth in the applicable Increased Facility Activation Notice. 

  
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 SECTION 4.17 Environmental Matters. Except as individually or in the aggregate
would not reasonably be expected to result in a Material Adverse Effect: 
 (a)    the facilities and
properties owned, leased or operated by the Borrower or any of its Subsidiaries (the “Properties”) do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations or under
circumstances which (i) constitute or constituted a violation of, or (ii) would reasonably be expected to have given rise to a release or a threat of release, as regulated or defined, under any Environmental Law; 

(b)    the Properties and all operations at the Properties are in material compliance, and have in the last
five years been in material compliance, with all applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any Environmental Law with respect to the Properties or the business operated by the
Borrower or any of its Subsidiaries (the “Business”). Neither the Borrower nor any of its Subsidiaries has contractually assumed any liability of any other Person under Environmental Laws other than in the ordinary course of
business; 
 (c)    neither the Borrower nor any of its Subsidiaries has received or is aware of any
notice of violation, alleged violation, non-compliance, liability or potential liability, judicial proceeding or governmental or administrative action or consent decrees or other decrees, consent orders,
administrative orders or other orders, regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the Business, nor does the Borrower have knowledge or reason to believe that any such notice will be
received or is being threatened; 
 (d)    materials of Environmental Concern have not been transported
or disposed of from the Properties in violation of, or in a manner or to a location which would reasonably be expected to give rise to liability under, any Environmental Law, nor have any Materials of Environmental Concern been generated, treated,
stored or disposed of at, on or under any of the Properties in violation of, or in a manner that would reasonably be expected to give rise to liability under, any applicable Environmental Law; and 

(e)    there has been no release or threat of release of Materials of Environmental Concern at or from the
properties previously owned or operated by the Borrower or any Subsidiary (the “Former Properties”) during such period of ownership or operation, or arising from or related to the operations of the Borrower or any Subsidiary in
connection with the Former Properties or otherwise in connection with the Business, in violation of or in amounts or in a manner that would reasonably be expected to give rise to liability under Environmental Laws. 

SECTION 4.18 Accuracy of Information, etc. No written statement or written information (other than any projections, other
forward-looking information, information of a general economic or industry specified nature or reports prepared by third party consultants) contained in this Agreement, any other Loan Document, the Confidential Information Memorandum or any other
document, certificate or statement furnished to the Administrative Agent or the Lenders or any of them, by or on behalf of any Loan Party for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, taken
as a whole, contained as of the date such statement, information, document or certificate was so furnished (or, in the case of the Confidential Information Memorandum, as of the Closing Date), any untrue statement of a material fact or omitted to
state a material fact necessary in order to make the statements contained herein or therein not misleading in light 

  
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of the circumstances in which such information was provided. The projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates
and assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during
the period or periods covered by such financial information may differ from the projected results set forth therein by a material amount. 

SECTION 4.19 Security Documents. Subject to the terms of the last paragraph of Section 5.01, the Guarantee and Collateral
Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral described therein to the extent set forth therein. In the case of the Pledged
Stock described in the Guarantee and Collateral Agreement, when stock certificates representing such Pledged Stock are delivered to the Administrative Agent (together with a properly completed and signed stock power or endorsement), and in the case
of the other Collateral described in the Guarantee and Collateral Agreement, when financing statements in appropriate form are filed in the offices specified on Schedule 4.19, the Guarantee and Collateral Agreement shall constitute a fully
perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior
and superior in right to any other Person (except Liens permitted by Section 7.3) (to the extent such Liens are required to be perfected under the terms of the Loan Documents); provided that, notwithstanding anything to the contrary in
any of the Loan Documents, the Loan Parties shall not have any obligation to perfect any security interest or lien, or record any notice thereof, in any Intellectual Property included in the Collateral in any jurisdiction other than the United
States. 
 SECTION 4.20 Solvency. The Borrower and its Subsidiaries on a consolidated basis are Solvent as of the Closing Date.

 SECTION 4.21 Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in effect policies and procedures
reasonably designed to promote compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents (when acting for the Borrower or any of its Subsidiaries) with Anti-Corruption Laws and applicable Sanctions.
The Borrower, its Subsidiaries and their respective directors and, to the knowledge of the Borrower and its Subsidiaries, their respective officers, employees and agents are in compliance with Anti-Corruption Laws and applicable Sanctions in all
material respects and are not knowingly engaged in any activity that would reasonably be expected to result in the Borrower being designated as a Sanctioned Person. None of (a) the Borrower, any Subsidiary or, to the knowledge of the Borrower
or such Subsidiary, any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit
facility established hereby is a Sanctioned Person. Neither the Borrower nor any of its Subsidiaries will use the proceeds of any Loan or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment
or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any
Sanctioned Country, in each case, in violation of applicable Sanctions or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

SECTION 4.22 EEA Financial Institutions. No Loan Party is an EEA Financial Institution. 

  
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 ARTICLE V. CONDITIONS PRECEDENT 

SECTION 5.1 Conditions to the Effectiveness of this Agreement. The agreement of each Lender to make the extensions of credit
requested to be made by it is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Closing Date, of, subject to Section 6.11, the following conditions precedent: 

(a)    Credit Agreement. The Administrative Agent shall have received this Agreement executed and delivered
by the Administrative Agent, the Borrower and each Lender party hereto on the Closing Date. 

(b)    Acquisition. Substantially concurrently with the occurrence of the Closing Date and the making by
each Lender of its initial extension of credit hereunder, the Acquisition shall have been consummated in all material respects in accordance with the terms of the Acquisition Agreement. 

(c)    Historical Financial Statements. The Lenders and the Administrative Agent shall have received the
Historical Financial Statements. 
 (d)    Fees. The Lenders, the Administrative Agent and the Arrangers
shall have received (to the extent invoiced at least three Business Days prior to the Closing Date) all fees and reasonable and documented expenses required to be paid on or before the Closing Date (including the reasonable and documented fees and
expenses of one legal counsel) on or before the Closing Date. 
 (e)    Security Documents. The
Administrative Agent shall have received the Guarantee and Collateral Agreement, executed and delivered by an authorized officer of the Borrower and each other Loan Party that is party to the Guarantee and Collateral Agreement. 

(f)    Lien Searches. The Administrative Agent shall have received the results of a recent lien search in
each of the jurisdictions where assets of the Borrower and its Restricted Subsidiaries are located, and such search shall reveal no liens on any of the assets of the Borrower or any Restricted Subsidiary except for liens not prohibited by this
Agreement or Liens discharged on or prior to the Closing Date or with respect to which are to be discharged pursuant to documentation reasonably satisfactory to the Administrative Agent. 

(g)    Closing Certificate. The Administrative Agent shall have received (i) a certificate of each
Loan Party party hereto on the date hereof, dated the Closing Date, substantially in the form of Exhibit C-1, with appropriate insertions and attachments, (ii) a long form good standing certificate for
each Loan Party from its jurisdiction of organization, incorporation or other organization, as applicable, and (iii) a certificate from a Responsible Officer of the Borrower, substantially in the form of
Exhibit C-2. 
 (h)    Solvency Certificate. The
Administrative Agent shall have received a solvency certificate, dated as of the Closing Date and after giving effect to the Transactions, from an authorized officer of the Borrower, substantially in the form of Exhibit D. 

(i)    Legal Opinions. The Administrative Agent shall have received the legal opinion of Skadden, Arps,
Slate, Meagher & Flom, LLP, counsel to the Borrower and its Restricted Subsidiaries, in substance reasonably acceptable to the Administrative Agent. 

  
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 (j)    Specified Acquisition Agreement Representations.
Each of the Specified Acquisition Agreement Representations shall be true and correct in all material respects (or in all respects if qualified by materiality) on and as of the Closing Date, except to the extent any such Specified Acquisition
Agreement Representation expressly relates to an earlier date, in which case, each such Specified Acquisition Agreement Representation shall have been true and correct in all material respects (or in all respects if qualified by materiality) as of
the applicable earlier date. 
 (k)    Specified Representations. Each of the Specified Representations
made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects (or in all respects if qualified by materiality) on and as of the Closing Date as if made on and as of such date, except to the extent any
such Specified Representation expressly relates to an earlier date, in which case, each such Specified Representation shall have been true and correct in all material respects (or in all respects if qualified by materiality) as of the applicable
earlier date. 
 (l)    Pledged Stock; Stock Powers; Pledged Notes. The Administrative Agent shall have
received the certificates representing the shares of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the
pledgor thereof; provided that any such certificates representing shares Capital Stock of Foreign Subsidiaries or Subsidiaries of the Target required to be pledged on the Closing Date, and the related stock power, shall not be a condition to
the agreement of each Lender to make the initial extension of credit requested to be made by it (but shall be required to be satisfied within 60 days of the Closing Date (or such later date as the Administrative Agent may agree in its reasonable
discretion). 
 (m)    Filings, Registrations and Recordings. Each document (including any Uniform
Commercial Code financing statement) required by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the
benefit of the Lenders, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens not prohibited hereunder), shall be filed or be in proper form for filing, registration
or recordation; provided that if, notwithstanding the use by the Loan Parties of commercially reasonable efforts (without undue delay, burden or expense) to satisfy the requirement set forth in this Section 5.1(m), such requirement is
not satisfied as of the Closing Date, the satisfaction of such requirement (other than with respect to the filing of any Uniform Commercial Code financing statement) shall not be a condition to the agreement of each Lender to make the initial
extension of credit requested to be made by it (but shall be required to be satisfied within 60 days of the Closing Date (or such later date as the Administrative Agent may agree in its reasonable discretion)). 

(n)    PATRIOT Act, FinCen. (i) The Administrative Agent shall have received, at least three days
prior to the Closing Date, all such documentation and other information about the Borrower and the Guarantors as shall have been reasonably requested by the Administrative Agent at least ten Business Days prior to the Closing Date that is required
by U.S. regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act and (ii) to the extent the Borrower qualifies as a “legal entity
customer” under the Beneficial Ownership Regulation, at least three days prior to the Closing Date, if any Lender has requested the same in a written notice to the Borrower at least ten Business Days prior to the Closing Date, a Beneficial
Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification. 

  
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 (o)    Target Material Adverse Effect. Since the
Acquisition Signing Date, there shall not have occurred or be continuing a Target Material Adverse Effect. 
 For the purpose of determining
whether the conditions specified in this Section 5.1 have been satisfied on the Closing Date, each Lender that has signed this Agreement (or an Assignment and Assumption on the Closing Date) shall be deemed to have consented to, approved and/or
accepted, and to be satisfied with, each document or other matter required under this Section 5.1 unless the Administrative Agent and the Borrower shall have received written notice from such Lender prior to the proposed Closing Date specifying
its objection thereto. 
 Notwithstanding the foregoing, to the extent any Lien search or Collateral (including the creation or perfection
of any security interest) is not or cannot be provided on the Closing Date (other than, (i) a Lien on Collateral of any Loan Party that may be perfected solely by the filing of a financing statement under the UCC and (ii) a pledge of the
Capital Stock of the Borrower and the Subsidiary Guarantors to the extent certificated with respect to which a Lien may be perfected on the Closing Date by the delivery of a stock or equivalent certificate, together with a related stock or
equivalent power executed in blank) after the Borrower’s use of commercially reasonable efforts to do so without undue burden or expense (and with respect to the delivery of stock or equivalent certificates of subsidiaries of the Target, only
to the extent received after the Borrower’s use of commercially reasonable efforts to do so), then the provision of any such Lien search and/or the provision and/or perfection of such Collateral shall not constitute a condition precedent to the
availability and initial funding of the Loans on the Closing Date but may, if required, instead be delivered and/or perfected 60 days after the Closing Date pursuant to arrangements to be mutually agreed between the Borrower and the Administrative
Agent and subject to extensions as are agreed to by the Administrative Agent. 
 SECTION 5.2 Conditions to Each Extension of
Credit. The agreement of each Lender to make any extension of credit (which shall not include any conversion or continuation of Loans) requested to be made by it on any date ((i) other than its initial extension of credit on the Closing Date and
(ii) subject to the Borrower’s right to make an LCA Election with respect to any incurrence of an Incremental Facility in connection with a Limited Condition Acquisition, in which case, Section 1.3(b) shall apply) is subject to the
satisfaction of the following conditions precedent: 
 (a)    Representations and Warranties. Each of the
representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects (or in all respects if qualified by materiality) on and as of such date as if made on and as of such date,
except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects (or in all respects if qualified by materiality) as of
such earlier date. 
 (b)    No Default. No Default or Event of Default shall have occurred and be
continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 
 Each borrowing by and issuance of a Letter
of Credit on behalf of the Borrower hereunder (other than the initial extensions of credit on the Closing Date) shall constitute a representation and warranty by the Borrower as of the date of such extension of credit that the conditions contained
in this Section 5.2 have been satisfied. 

  
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 ARTICLE VI. AFFIRMATIVE COVENANTS 

The Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other
amount is owing to any Lender or the Administrative Agent hereunder, the Borrower shall and shall cause each of its Subsidiaries to: 

SECTION 6.1 Financial Statements. Furnish to the Administrative Agent and each Lender: 

(a)    as soon as available, but in any event within 90 days after the end of each fiscal year of the
Borrower and its Restricted Subsidiaries, a copy of the audited consolidated balance sheet of the Borrower and its Restricted Subsidiaries as at the end of such year and the related audited consolidated statements of income, stockholder’s
equity and cash flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of
the audit (other than, in each case, any qualification or exception solely with respect to, or resulting from the impending maturity of any Indebtedness or non-compliance with the covenant set forth in
Section 7.1 of this Agreement), by PricewaterhouseCoopers LLP or other independent certified public accountants of nationally recognized standing; and 

(b)    as soon as available, but in any event not later than 45 days after the end of each of the first
three quarterly periods of each fiscal year of the Borrower and its Restricted Subsidiaries, the unaudited consolidated balance sheet of the Borrower and its Restricted Subsidiaries as at the end of such quarter and the related unaudited
consolidated statements of income and cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous
year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments and the absence of footnotes); 

all such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP
applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein, and provided that the financial statements referred to in
Section 6.1(b) need not contain footnotes). 
 SECTION 6.2 Certificates; Other Information. Furnish to the Administrative
Agent for distribution to the relevant Lenders: 
 (a)    promptly following any written request
therefor, any information and documentation reasonably requested by the Administrative Agent or any Lender (which request shall be made through the Administrative Agent) for purposes of compliance with applicable “know your customer”
requirements under the PATRIOT Act, the Beneficial Ownership Regulation (if applicable) or other applicable anti-money laundering laws; 

(b)    concurrently with the delivery of any financial statements pursuant to Section 6.1, (i) a
certificate of a Responsible Officer stating that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and (ii) in the case of quarterly or annual financial statements,
(x) a Compliance Certificate, (y) to the extent not previously disclosed to the Administrative Agent, a listing of any applications or registrations of Intellectual Property (including any exclusive licenses of same) that were acquired by
any Loan Party since the date of the most recent list delivered pursuant to this clause (y) (or, in the case of the first such list so delivered, since the Closing Date) and (z) any change of jurisdiction of organization of any Loan Party; 

  
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 (c)    as soon as available, and in any event no later
than the date on which financial statements pursuant to Section 6.1(a) are required to be delivered, a consolidated budget for the following fiscal year (including a projected consolidated balance sheet of the Borrower and its Restricted
Subsidiaries as of the end of the following fiscal year, and the related projected income statement); 

(d)    within 45 days (and 90 days in the case of the end of a fiscal year) after the end of each of the
first three fiscal quarters of each fiscal year of the Borrower and its Restricted Subsidiaries, either (i) a Form 10-Q or 10-K for the Borrower and its Restricted
Subsidiaries for such fiscal quarter, which contains a narrative discussion and analysis of the financial condition and results of operations of the Borrower and its Restricted Subsidiaries for such fiscal quarter and for the period beginning of the
then current fiscal year to the end of such fiscal quarter, or (ii) such narrative discussion and analysis; 

(e)    within five days after the same are sent, copies of all financial statements and reports which the
Borrower sends to the holders of any class of its debt securities or public equity securities; and 

(f)    promptly, such additional financial and other information as any Lender may from time to time
reasonably request through the Administrative Agent; provided, however, that neither the Borrower nor any Restricted Subsidiary shall be required to disclose or provide any information (i) that constitutes non-financial trade secrets or non-financial proprietary information of the Borrower or any of its Subsidiaries or any of their respective customers and/or suppliers,
(ii) in respect of which disclosure to the Administrative Agent or any Lender (or any of their respective representatives) is prohibited by any applicable Requirement of Law, (iii) that is subject to attorney-client or similar privilege or
constitutes attorney work product or (iv) in respect of which he Borrower or any Subsidiary owes confidentiality obligations to any third party (such confidentiality obligations were not entered into solely in contemplation of the requirements
of this Section 6.2(e)). 
 The covenants required to be satisfied under clauses (a) through (e) this Section 6.2 may be satisfied if the
Borrower provides written notice (which may be in electronic form) of the making or filing of any such financial statements or reports and the same is continuously available on “EDGAR”, the Electronic Data Gathering Analysis and Retrieval
system of the SEC, or “http://www.sec.gov/edgarhp.htm” 
 SECTION 6.3 Payment of Obligations. (a) Pay, discharge or
otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate
procedures or reserves in conformity with GAAP with respect thereto have been provided on the books of the Borrower or its Subsidiaries, as the case may be, except to the extent such failure would not, in the aggregate, reasonably be expected to
have a Material Adverse Effect. 
 (b)    Each of the Loan Parties will pay and discharge or otherwise satisfy at or
before maturity or before they become delinquent, as the case may be, all material Taxes imposed upon the Collateral or in respect of income or profits therefrom, as well as all claims of any kind (including claims for labor, materials and supplies)
against or with respect to the Collateral, except that no such charge need be paid if the amount or validity thereof is currently being contested in good faith by appropriate procedures or reserves in conformity with GAAP with respect thereto have
been provided on the books of such Loan Party and such proceedings could not reasonably be expected to result in the sale, forfeiture or loss of any material portion of the Collateral or any interest therein. 

  
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 SECTION 6.4 Conduct of Business and Maintenance of Existence, etc. (a) (i)
Preserve, renew and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each
case, as otherwise not prohibited by this Agreement and except, in the case of clauses (i) (other than with respect to the Borrower) and (ii) above, to the extent that failure to do so would not reasonably be expected to have a Material Adverse
Effect; (b) comply with all Contractual Obligations and Requirements of Law except to the extent that failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect; and (c) maintain in
effect and enforce policies and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

SECTION 6.5 Maintenance of Property; Insurance. (a) Keep all tangible Property useful and necessary in its business in good
working order and condition, ordinary wear and tear, casualty and condemnation excepted; and (b) maintain with insurance companies that the Borrower believes (in the good faith judgment of the management of the Borrower) are financially sound
and responsible at the time the relevant coverage is placed or renewed, insurance in at least such amounts and against at least such risks (and with such risk retentions) as the Borrower believes (in the good faith judgment of management of the
Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis (all such insurance shall, to the extent available on
commercially reasonable terms without undue burden or expense, (A) provide that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least 30 days after receipt by the Administrative
Agent of written notice thereof, (B) name the Administrative Agent, on behalf of the Lenders, as loss payee, and (C) be reasonably satisfactory in all other respects to the Administrative Agent);. 

SECTION 6.6 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which
full, true and correct entries in conformity with GAAP in all material respected shall be made of all dealings and transactions in relation to its business and activities and (b) permit representatives of the Administrative Agent to visit and
inspect any of its properties at which the principal financial records and executive officers are located and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to
discuss the business, operations, properties and financial and other condition of the Borrower and its Restricted Subsidiaries with officers and employees of the Borrower and its Restricted Subsidiaries and with its independent certified public
accountants (provided that the Borrower (or any of its Subsidiaries or their respective representatives) may, if it so chooses, be present at or participate in any such discussion); provided that (i) only the Administrative Agent,
on behalf of the Lenders, shall have rights under this Section 6.6, (ii) the Administrative Agent shall not exercise such rights more often than one time during any calendar year absent an Event of Default, and (z) only one such time per
calendar year shall be at the expense of the Borrower; provided, however, that neither the Borrower nor any Restricted Subsidiary shall be required to disclose or provide any information (i) that constitutes non-financial trade secrets or non-financial proprietary information of the Borrower or any of its Subsidiaries or any of their respective customers and/or suppliers,
(ii) in respect of which disclosure to the Administrative Agent or any Lender (or any of their respective representatives) is prohibited by any applicable Requirement of Law, (iii) that is subject to attorney-client or similar privilege or
constitutes attorney work product or (iv) in respect of which he Borrower or any Subsidiary owes confidentiality obligations to any third party (such confidentiality obligations were not entered into solely in contemplation of the requirements
of this Section 6.6). 

  
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 SECTION 6.7 Notices. Promptly give notice to the Administrative Agent and each
Lender of: 
 (a)    the occurrence of any Default or Event of Default; 

(b)    any (i) default or event of default under any material Contractual Obligation of the Borrower
or any of its Restricted Subsidiaries or (ii) litigation, investigation or proceeding which may exist at any time between the Borrower or any of its Restricted Subsidiaries and any Governmental Authority, which in either case would reasonably
be expected to have a Material Adverse Effect; 
 (c)    any litigation or proceeding directly affecting
the Borrower or any of its Restricted Subsidiaries not disclosed in a filing made by a Loan Party with the SEC in which the amount sought from the Borrower and its Restricted Subsidiaries is $5,000,000 or more and not covered by insurance as to
which the Borrower or any of its Restricted Subsidiaries has knowledge; 
 (d)    the following events,
as soon as possible and in any event within 30 days after the Borrower knows or has reason to know thereof: (i) the occurrence of any Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan, the creation
of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the termination or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or the Borrower or any Commonly
Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination or Insolvency of, any Plan; and 

(e)    any development or event which has had or would reasonably be expected to have a Material Adverse
Effect. 
 Each notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible Officer setting forth details of the
occurrence referred to therein and stating what action the Borrower or the relevant Subsidiary proposes to take with respect thereto. 

SECTION 6.8 Environmental Laws. (a) Comply with, and make all reasonable efforts to ensure compliance by all tenants and
subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and make all reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals,
notifications, registrations or permits required by applicable Environmental Laws, except to the extent that any noncompliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b)    Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions
required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except to the extent that any noncompliance would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. 
 SECTION 6.9 Additional Collateral, etc. (a) Subject to any
applicable limitations set forth in the Security Documents, cause each direct or indirect Subsidiary (other than any Excluded Subsidiary) formed or otherwise purchased or acquired after the Closing Date (including pursuant to a Permitted
Acquisition), and each other Subsidiary that ceases to constitute an Excluded Subsidiary, within 60 days from the date of such formation, acquisition or cessation, as applicable (or such longer period as

  
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the Administrative Agent may agree in its reasonable discretion), and the Borrower may at its option cause any other Subsidiary, to execute a supplement to the Guarantee and Collateral Agreement
and any other applicable Security Document, as applicable, in order to become a Guarantor under the Guarantee and a grantor under such Security Documents and take all other action reasonably requested by the Administrative Agent to grant a perfected
security interest in its assets to substantially the same extent as created and perfected by the Loan Parties on the Closing Date and pursuant to Section 6.10(a) in the case of such Loan Parties. Neither the Borrower nor any Restricted
Subsidiary shall be required to take any action outside the United States to perfect any security interest in the Collateral (including the execution of any agreement, document or other instrument governed by the law of any jurisdiction other than
the United States or any state or political subdivision thereof or the District of Columbia). 
 (b)    Subject to
Section 5.1(l) and (m) and any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Borrower (as agreed to in writing), the cost or
other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Borrower in
consultation with the Administrative Agent, cause (i) all certificates representing Capital Stock of any Restricted Subsidiary (other than any Excluded Stock) held directly by the Borrower or any other Loan Party, (ii) all evidences of
Indebtedness in excess of $2,500,000, and (iii) any promissory notes executed after the Closing Date evidencing Indebtedness in excess of $2,500,000 of the Borrower or any Subsidiary that is owing to the Borrower or any other Loan Party, in
each case, to be delivered to the Administrative Agent as security for the Obligations accompanied by undated instruments of transfer executed in blank pursuant to the terms of the Security Documents. Notwithstanding the foregoing any promissory
note among the Borrower and/or its Subsidiaries need not be delivered to the Administrative Agent so long as a global intercompany note superseding such promissory note has been delivered to the Administrative Agent. 

SECTION 6.10 Additional Covenants Relating to Collateral. (a) Subject to the terms of Section 6.9 and this
Section 6.10 and the Security Documents, execute (if applicable) any and all further documents, financing statements, agreements, and instruments, and take all such further actions that may be required under any applicable law, or that the
Administrative Agent or the Required Lenders may reasonably request, in order to grant, preserve, protect, and perfect the validity and priority of the security interests created or intended to be created by the applicable Security Documents, all at
the expense of the Borrower and the Restricted Subsidiaries. 
 (b)    Subject to any applicable limitations set forth in
the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be
obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Borrower in consultation with the Administrative Agent, if any assets (other than Excluded
Property) (including any interest therein but excluding Capital Stock of any Subsidiary) are acquired by the Borrower or any other Loan Party after the Closing Date (other than assets constituting Collateral under a Security Document that become
subject to the Lien of the applicable Security Document upon acquisition thereof) that are of a nature secured by a Security Document, notify the Administrative Agent, and, if requested by the Administrative Agent, cause such assets to be subjected
to a Lien securing the Obligations and take, such actions as shall be necessary or reasonably requested by the Administrative Agent, as soon as commercially reasonable but in no event later than 60 days after such acquisition, unless waived or
extended by the Administrative Agent in its sole discretion, to grant and perfect such Liens consistent with the applicable requirements of the Security Documents, including actions described in clause (a) of this Section 6.10. 

(c)    [Reserved]. 

  
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 (d)    Provide the Administrative Agent with notice of (within 15 days
or such longer time as may be agreed by the Administrative Agent) any: 
 (i)    change in the location
of its chief executive office or sole place of business from that referred to in Section 4.4 of the Guarantee and Collateral Agreement; or 

(ii)    change in its name, identity or corporate structure to such an extent that any financing statement
filed by the Administrative Agent in connection with the Guarantee and Collateral Agreement would become misleading. 
 SECTION
6.11 Post-Closing Covenant. 
 Satisfy, to the extent not satisfied on the Closing Date, the requirements set forth in
Section 5.1(l) and (m) within the time period set forth in such Section. 
 SECTION 6.12 Designation of Subsidiaries.

 The Borrower may designate any Subsidiary of the Borrower (including any existing Subsidiary and any newly acquired or newly formed
Subsidiary) to be an Unrestricted Subsidiary, unless (i) such Subsidiary or any of its Subsidiaries owns any Capital Stock or Indebtedness of, or owns or holds any Lien on, any property of, the Borrower or any Subsidiary of the Borrower (other
than any Subsidiary of the Subsidiary to be so designated or an Unrestricted Subsidiary) (ii) such Subsidiary is a “Restricted Subsidiary” for the purpose of any other Indebtedness of the Borrower or any Restricted Subsidiary ;
provided that: 
 (a)    such designation complies with Sections 7.6 and 7.8; 

(b)    at the time of and immediately after giving effect to such designation, no Default or Event of Default shall have
occurred and be continuing; 
 (c)    the Borrower is in compliance on a Pro Forma Basis with the Financial Covenants;
and 
 (d)    in no event shall any material Intellectual Property be transferred directly or indirectly by the Borrower
or its Restricted Subsidiaries to an Unrestricted Subsidiary, 
 The Borrower may designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided that, immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute
(i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to the preceding
sentence in an amount equal to the fair market value at the date of such designation of the Borrower’s or its Subsidiary’s (as applicable) Investment in such Subsidiary; provided that upon a designation of any Unrestricted
Subsidiary as a Restricted Subsidiary, the Borrower or its Restricted Subsidiary shall be deemed to continue to have an Investment in the resulting Restricted Subsidiary in an amount (if positive) equal to (a) the amount of the Borrower’s
or its Restricted Subsidiary’s Investment in such Restricted Subsidiary at the time of such designation, less (b) the portion of the fair market value (as reasonably determined by the Borrower) of the assets of such Restricted Subsidiary
attributable to the Borrower’s or it’s Restricted Subsidiary’s equity therein at the time of such designation. 

  
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 Any such designation, other than on the Closing Date, by the Borrower shall be notified by
the Borrower to the Administrative Agent by written notice of such designation and a certificate of an Authorized Officer of the Borrower certifying that such designation complied with the foregoing provisions. 

ARTICLE VII. NEGATIVE COVENANTS 

The Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other
amount is owing to any Lender or the Administrative Agent hereunder, the Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 

SECTION 7.1 Financial Condition Covenants. 

(a)    Consolidated Total Leverage Ratio. Permit the Consolidated Total Leverage Ratio as at the last day of any Test
Period ending with any fiscal quarter set forth below to exceed the ratio set forth below opposite such fiscal quarter: 
  

			
	 Fiscal Quarter Ending
	  	
Consolidated Total Leverage
Ratio

	March 31, 2019	  	4.00 to 1.00
	June 30, 2019	  	4.00 to 1.00
	September 30, 2019	  	3.75 to 1.00
	December 31, 2019	  	3.50 to 1.00
	March 31, 2020	  	3.50 to 1.00
	June 30, 2020	  	3.25 to 1.00
	September 30, 2020	  	3.25 to 1.00
	December 31, 2020 and thereafter	  	3.00 to 1.00

 (b)    Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge
Coverage Ratio for any Test Period ending on or after March 31, 2019 to be less than 1.25 to 1.00. 
 SECTION 7.2 Limitation on
Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer to exist any Indebtedness, except: 

(a)    Indebtedness of any Loan Party pursuant to any Loan Document; 

(b)    Indebtedness of the Borrower to any Restricted Subsidiary and of any Subsidiary Guarantor to the
Borrower or any other Restricted Subsidiary; 
 (c)    Indebtedness secured by Liens permitted by
Section 7.3(g); provided that the Borrower shall be in compliance, on a Pro Forma Basis after giving effect to the incurrence of such Indebtedness, with the financial covenants contained in Section 7.1 recomputed as at the last day
of the most recently ended fiscal quarter of the Borrower and its Restricted Subsidiaries for which financial statements are available as if such Indebtedness had been incurred on the first day of each relevant period for testing such compliance;

 (d)    Capital Lease Obligations or purchase money indebtedness in an aggregate principal amount not
to exceed $10,000,000 at any one time outstanding; 

  
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 (e)    Indebtedness outstanding on the Closing Date and
listed on Schedule 7.2(e) and any refinancings, refundings, renewals or extensions thereof (without any increase in the principal amount thereof); 

(f)    guarantees made in the ordinary course of business by the Borrower or any of its Restricted
Subsidiaries of obligations of the Borrower or any Subsidiary Guarantor; 
 (g)    Indebtedness with
respect to letters of credit, in each case, obtained in the ordinary course of business in an aggregate principal amount for all such letters of credit not to exceed $2,000,000 at any time outstanding; 

(h)    Indebtedness in respect of Permitted First Priority Refinancing Debt, Permitted Junior Lien
Refinancing Debt, Permitted Unsecured Refinancing Debt and Permitted Other Indebtedness or other permitted refinancings thereof to the extent that the Net Cash Proceeds therefrom are applied to the prepayment of the Trance A Loans in accordance with
Section 2.12(a). 
 (i)    Indebtedness in respect of Comerica Letters of Credit; 

(j)    Indebtedness of any Restricted Subsidiary that is not a Loan Party to any other Restricted
Subsidiary that is not a Loan Party; 
 (k)    Indebtedness of any Foreign Subsidiary or CFC Holding
Company to the Borrower or any other Restricted Subsidiary (so long as no Default or Event of Default shall have occurred and be continuing at the time of the incurrence of such Indebtedness); provided that (x) the requirements of
Section 6.9 are satisfied and (y) the aggregate principal amount of such Indebtedness at any time outstanding shall not exceed the greater of (x) $2,500,000 and (y) 2.5% of Consolidated EBITDA; and provided, further, that any
Indebtedness permitted by this Section 7.2(k) shall be evidenced by a note or similar instrument and pledged in accordance with Section 6.9 and the Guarantee and Collateral Agreement; 

(l)    (i) Permitted Unsecured Indebtedness; provided that (x) at the time of, and after giving
effect to, the incurrence of such Indebtedness, no Default or Event of Default shall have occurred and be continuing and (y) the Borrower shall be in compliance, on a Pro Forma Basis after giving effect to the incurrence of such Indebtedness,
with the financial covenant contained in Section 7.1(a), in each case recomputed as at the last day of the most recently ended fiscal quarter of the Borrower and its Restricted Subsidiaries for which financial statements are available as if
such Indebtedness had been incurred on the first day of such period and (ii) any guarantee by any Restricted Subsidiary in respect of any Permitted Unsecured Indebtedness; provided that (x) no Subsidiary that is not a Loan Party
shall guarantee any Permitted Unsecured Indebtedness and (y) any such guarantee in respect of Permitted Unsecured Indebtedness shall be unsecured; 

(m)    Indebtedness arising from any agreement providing for indemnification, adjustment of purchase price
or similar obligations (including contingent earn-out obligations and working capital adjustments), or payment obligations in respect of any non-compete, consulting or
similar arrangements, in each case incurred in connection with any Disposition permitted hereunder, any acquisition or other Investment permitted hereunder or consummated on or prior to the Closing Date (including the Acquisition); 

  
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 (n)     (i) Permitted Subordinated Indebtedness;
provided that the Borrower shall be in compliance, on a Pro Forma Basis after giving effect to the incurrence of such Indebtedness, with the financial covenant contained in Section 7.1(a), recomputed on a Pro Forma Basis as at the last
day of the most recently ended fiscal quarter of the Borrower and its Restricted Subsidiaries for which financial statements are available as if such Indebtedness had been incurred on the first day of such period and (ii) any guarantee by any
Restricted Subsidiary in respect of any Permitted Subordinated Indebtedness; provided that (x) no Subsidiary that is not a Loan Party shall guarantee any Permitted Subordinated Indebtedness and (y) any such guarantee shall be
subordinated to the prior payment in full of the Obligations on the same basis as the related Permitted Subordinated Indebtedness; 

(o)    (i) unsecured Indebtedness not otherwise permitted by this Section 7.2 in an aggregate
principal amount not to exceed the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) and (ii) Indebtedness not otherwise permitted by this
Section 7.2 in an aggregate principal amount not to exceed the greater of (x) $3,000,000 and (y) 5% of Consolidated EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis); and 

(p)    (i) obligations under or in respect of interest rate Hedging Agreements up to an aggregate notional
principal amount not to exceed at any time an amount equal to the Commitments of all the Lenders in the aggregate at such time, (ii) obligations owing under other Hedging Agreements entered into in order to manage existing or anticipated
exchange rate or commodity price risks and not for speculative purposes and (iii) obligations owing with respect to cash management services, netting services, overdraft protections, automated clearinghouse arrangements and similar transactions
and otherwise in connection with deposit accounts; and 
 (q)    Indebtedness of the Borrower and the
Restricted Subsidiaries assumed or incurred in connection with Permitted Acquisitions so long as (i) if the aggregate principal amount of Indebtedness assumed or incurred under this clause exceeds $5,000,000, after giving effect to the
assumption or incurrence of such Indebtedness and such Permitted Acquisition on a Pro Forma Basis as of the last day of the most recent Test Period have been delivered, the Borrower shall be in compliance, on a Pro Forma Basis with the financial
covenant contained in Section 7.1(a), in each case recomputed as at the last day of the most recently ended fiscal quarter of the Borrower and its Restricted Subsidiaries for which financial statements are available as if such Indebtedness had
been incurred on the first day of such period, (ii) before and after giving effect thereto, no Event of Default shall have occurred and be continuing and (iii) any such Indebtedness shall be unsecured or secured only by a mortgage,
purchase money security interest, Capital Lease Obligation or similar arrangement on the Property acquired in connection with such Permitted Acquisition (and any ascensions thereto or improvements thereon), and no Lien shall extend to cover any
other Property of the Borrower or any Subsidiary Guarantor. 
 SECTION 7.3 Limitation on Liens. Create, incur, assume or suffer
to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired, except for: 

(a)    Liens for Taxes (including those arising under ERISA), assessments or charges not yet due, that are
not overdue for a period of more than sixty (60) days or which are being contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its
Subsidiaries, as the case may be, in conformity with GAAP; 

  
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 (b)    carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s, supplier’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith by appropriate
proceedings and Liens securing judgments to the extent not constituting an Event of Default pursuant to Section 8(h); 

(c)    pledges or deposits in connection with workers’ compensation, unemployment insurance and other
social security legislation; 
 (d)    deposits to secure the performance of bids, trade contracts (other
than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(e)    easements,
rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not substantial in amount and which
do not in any case materially detract from the value of the Property subject thereto or materially interfere with the ordinary conduct of the business of the Borrower or any of its Restricted Subsidiaries; 

(f)    Liens in existence on the Closing Date listed on Schedule 7.3(f) (and any replacements or extensions
thereof), securing Indebtedness permitted by Section 7.2(e); provided that no such Lien is spread to cover any additional Property after the Closing Date (other than improvements thereon) and that the amount of Indebtedness secured
thereby is not increased (other than in connection with a refinancing thereof, in which case, any such increase shall only finance any costs, fees (including prepayment premiums or penalties) and expenses incurred in connection therewith); 

(g)    Liens upon real and/or tangible personal Property acquired after the Closing Date (by purchase,
construction or otherwise) by the Borrower or any of its Restricted Subsidiaries, each of which Liens either (i) existed on such Property before the time of its acquisition and was not created in anticipation thereof or (ii) was created
solely for the purpose of securing Indebtedness representing, or incurred to finance, refinance or refund, the cost (including the cost of construction) of such Property and permitted by Section 7.2; provided that (A) no such Lien
shall extend to or cover any Property of the Borrower or such Subsidiary other than the Property so acquired or financed (and improvements thereon), and (B) the principal amount of Indebtedness secured by any such Lien shall at no time exceed
80% of the fair market value (as determined in good faith by a Responsible Officer) of such Property at the time it was acquired (by purchase, construction or otherwise); 

(h)    Liens created pursuant to the Security Documents; 

(i)    any interest or title of a lessor under any lease entered into by the Borrower or any other
Subsidiary in the ordinary course of its business and covering only the assets so leased; 
 (j)    Liens
arising from precautionary UCC financing statement filings regarding operating leases or consignment arrangements entered into by the Borrower or its Subsidiaries in the ordinary course of business; 

(k)    Liens in favor of banking institutions encumbering the deposits (including the right of setoff) held
by such banking institutions in the ordinary course of business and which are within the general parameters customary in the banking industry; 

  
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 (l)    Liens on the property or assets of a corporation
which becomes a Subsidiary after the Closing Date securing Indebtedness permitted by Section 7.2; provided that (i) such Liens existed at the time such corporation became a Subsidiary and were not created in anticipation thereof,
(ii) any such Lien is not spread to cover any additional property or assets of such corporation after the time such corporation becomes a Subsidiary (other than improvements thereon), and (iii) the amount of Indebtedness secured thereby is
not increased (other than in connection with a refinancing thereof, in which case, any such increase shall only finance any costs, fees (including prepayment premiums or penalties) and expenses incurred in connection therewith); 

(m)    Liens not otherwise permitted by this Section 7.3 so long as neither (i) the aggregate
outstanding principal amount of the obligations secured thereby nor (ii) the aggregate fair market value (determined as of the date such Lien is incurred) of the assets subject thereto exceeds (as to the Borrower and all Subsidiaries) the
greater of (x) $3,000,000 and (y) 5% of Consolidated EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at any one time; 

(n)    Liens on cash collateral (or on deposit accounts containing cash collateral) pledged to secure the
Comerica Letters of Credit; provided that such cash collateral does not exceed 103% of the face value of the Comerica Letters of Credit; 

(o)    licenses, sublicenses and other grants of rights with respect to Intellectual Property not
interfering in any material respect with the business of the Borrower or its Subsidiaries; and 

(p)    Liens in the nature of escrow arrangements for deferred payments to be made in connection with a
Permitted Acquisition to the extent such payments constitute amounts permitted under Section 7.8(k) and the rights of any beneficiary thereunder. 

SECTION 7.4 Limitation on Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or
dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its Property or business except: 

(a)    (i) any Restricted Subsidiary may be merged or consolidated with or into the Borrower (provided that
the Borrower shall be the continuing or surviving corporation), any Subsidiary Guarantor (provided that the Subsidiary Guarantor shall be the continuing or surviving corporation) or an entity that will become a Subsidiary Guarantor following a
Permitted Acquisition and (ii) any Restricted Subsidiary (other than a Subsidiary Guarantor) may be merged or consolidated with or into a Subsidiary Guarantor (provided that the Subsidiary Guarantor shall be the continuing or surviving
corporation); 
 (b)    (i) any Restricted Subsidiary may Dispose of any or all of its assets (upon
voluntary liquidation or otherwise) to the Borrower or any Subsidiary Guarantor in which the Borrower has an equal or higher direct or indirect ownership percentage and (ii) any Restricted Subsidiary that is not a Loan Party may Dispose of any
or all of its assets (upon voluntary liquidation or otherwise) to any other Restricted Subsidiary that is not a Loan Party in which the Borrower has an equal or higher direct or indirect ownership percentage or any Subsidiary Guarantor; 

(c)    any Foreign Subsidiary may be merged or consolidated with or into any other Foreign Subsidiary
(provided that (1) if any such Foreign Subsidiary is a Wholly-Owned Foreign Subsidiary, a Wholly-Owned Foreign Subsidiary shall be the continuing or surviving corporation, and (2) any such Foreign Subsidiary is not an Excluded Subsidiary,
the continuing or surviving corporation shall not be an Excluded Subsidiary); and 

  
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 (d)    to the extent permitted by Section 7.5. 

SECTION 7.5 Limitation on Sale of Assets. Dispose of any of its Property or business (including receivables and leasehold
interests), whether now owned or hereafter acquired, or, in the case of any Restricted Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except: 

(a)    the Disposition of obsolete or worn out property no longer useful in the business of the Borrower and its Restricted
Subsidiaries (including the abandonment or allowing to lapse of Intellectual Property that is not material to the business of the Borrower and its Subsidiaries); 

(b)    the sale or other Disposition of inventory in the ordinary course of business; 

(c)    Dispositions permitted by Section 7.4(b); 

(d)    the sale or issuance of the Capital Stock of (i) any Restricted Subsidiary to the Borrower or any Subsidiary
Guarantor, (ii) any Restricted Subsidiary (other than a Subsidiary Guarantor) to any Subsidiary Guarantor and (iii) any Restricted Subsidiary that is not a Loan Party to any other Restricted Subsidiary; 

(e)    the sale or transfer of any Capital Stock of any Restricted Subsidiary that is not a Loan Party acquired pursuant to
a Permitted Acquisition to any other Restricted Subsidiary; 
 (f)    Dispositions of other property; provided
that (i) not less than 75% of the consideration payable to the Borrower and the Restricted Subsidiaries in connection with such Disposition is in the form of Cash or Cash Equivalents; provided, further, that the amount of any
Indebtedness or other Indebtedness of a Restricted Subsidiary that is not a Loan Party (as shown on the Borrower’s or such Restricted Subsidiary’s most recent balance sheet or in the notes thereto) of the Borrower or any Restricted
Subsidiary of the Borrower that is assumed by the transferee of any such assets shall be deemed to be Cash, (as of the last day of the most recent Test Period for which financial statements have been made available (or were required to be made
available) pursuant to Section 6.11(a) or (b)) at such time, with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to
subsequent changes in value, shall be deemed to be Cash, (ii) the consideration payable to the Borrower and the Restricted Subsidiaries in connection with any such Disposition is equal to the fair market value of such property (as determined by
the Borrower in good faith),and (iii) such Disposition does not constitute all or substantially all of the assets of the Borrower and the Restricted Subsidiaries, taken as a whole; 

(g)    monetary payments made in the ordinary course of business and other dispositions of cash and Cash Equivalents; 

(h)    the sale or discount without recourse of accounts receivable arising in the ordinary course of business of the
Borrower or its Subsidiaries in connection with the compromise or collection thereof; 
 (i)    the sale or issuance of a
minimal number of any Foreign Subsidiary’s Capital Stock to a foreign national to the extent required by local law in a jurisdiction outside the United States; 

  
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 (j)    [Reserved]; 

(k)    [Reserved]; 

(l)    the sale, transfer, encumbrance or other disposition of securities or related ancillary rights and assets pursuant
to sales, marketing and distribution arrangements; 
 (m)     Dispositions of Property from the Borrower or a Subsidiary
Guarantor to the Borrower or another Subsidiary Guarantor; 
 (n)    Dispositions of Property from any Restricted
Subsidiary that is not a Loan Party to any other Restricted Subsidiary that is not a Loan Party; a 
 (o)    Dispositions
not constituting Asset Sales; and 
 (p)    to the extent constituting a Disposition, the incurrence or existence of
Liens on the Property of any Loan Party or Restricted Subsidiary thereof not otherwise prohibited by this Agreement. 
 Any Collateral which is sold,
transferred or otherwise conveyed pursuant to this Section 7.5 to a Person other than the Borrower and its Restricted Subsidiaries shall, upon the consummation of such sale in accordance with the terms of this Agreement and the other Loan
Documents, be released from the Liens granted pursuant to the Security Documents and each Lender hereby authorizes and instructs the Administrative Agent to take such action as the Borrower reasonably may request to evidence such release. 

SECTION 7.6 Limitation on Restricted Payments. Declare or pay any dividend (other than dividends payable solely in Capital
Stock of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any shares of any class of
Capital Stock of the Borrower or any Restricted Subsidiary or any warrants or options to purchase any such Capital Stock, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether
in cash or property or in obligations of the Borrower or any Restricted Subsidiary (collectively, “Restricted Payments”), except: 

(a)    that any Restricted Subsidiary may make Restricted Payments to the Borrower or any Subsidiary
Guarantor; 
 (b)    (i) repurchases of Capital Stock made in order to fulfill the obligations of the
Borrower or any Restricted Subsidiary under an employee or director stock purchase plan or similar plan covering employees of the Borrower or any Restricted Subsidiary as from time to time in effect and (ii) cash payments made in lieu of
issuing fractional shares of Borrower’s Capital Stock, in an aggregate amount for purposes of clauses (i) and (ii) not to exceed $2,000,000 per year; provided that unused amounts may be carried forward into subsequent fiscal years;

 (c)    Payment of withholding Taxes and similar liabilities in connection with the vesting of
restricted stock units and similar programs; 
 (d)    payments with respect to Indebtedness of the typed
described in Section 7.2(m) and other earn-outs and similar payments not constituting Indebtedness; and 

  
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 (e)    so long as (i) the Consolidated Fixed Charge
Coverage Ratio shall be greater than or equal to 1.25 to 1.00, (ii) the Consolidated Total Leverage Ratio of the Borrower and its Restricted Subsidiaries, computed on a Pro Forma Basis (giving effect to such Restricted Payment and any Indebtedness
incurred in connection therewith) as at the last day of the most recently ended fiscal quarter of the Borrower and its Restricted Subsidiaries for which financial statements are available, is no greater than the lesser of (x) 3.25:1.00 and
(y) the Consolidated Total Leverage Ratio that is 0.50 to 1.00 lower than the Consolidated Total Leverage Ratio in effect for such fiscal quarter under Section 7.1(a) and (iii) no Event of Default has occurred and is continuing or
would result therefrom, the Borrower may make Restricted Payments in an unlimited amount. 
 SECTION 7.7 [Reserved]. 

SECTION 7.8 Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit (by way of guaranty or
otherwise) or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting all or a material part of a business unit of, or make any other investment in, any Person (collectively,
“Investments”), except: 
 (a)    extensions of trade credit in the ordinary course of
business; 
 (b)    Investments in cash and Cash Equivalents; 

(c)    Guarantee Obligations permitted by Section 7.2; 

(d)    loans and advances to employees or directors of the Borrower or its Subsidiaries in the ordinary
course of business (including for travel, entertainment and relocation expenses) in an aggregate amount for the Borrower and its Restricted Subsidiaries not to exceed $2,000,000 at any one time outstanding; provided, however that this
provision shall not limit key man insurance; 
 (e)    Investments in Similar Businesses and joint
ventures in an aggregate amount not to exceed, the greater of (x) $20,000,000 and (y) 30% of Consolidated EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time such Investment is made; and 

(f)    Investments made by the Borrower or any of its Restricted Subsidiaries with the proceeds of any
Reinvestment Deferred Amount; 
 (g)    Investments (x) by the Borrower or any of its Restricted
Subsidiaries in the Borrower or any Subsidiary Guarantor in the ordinary course of business and (y) between and among Subsidiaries of the Borrower that are not Loan Parties; 

(h)    Investments (including debt obligations and Capital Stock) by the Borrower or its Subsidiaries
received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business; 

(i)    so long as no Default or Event of Default shall have occurred and be continuing, the Borrower or any
Restricted Subsidiary may make advances, loans or extensions of credit to any Foreign Subsidiary or CFC Holding Company; provided that the Indebtedness of such Foreign Subsidiary or CFC Holding Company is permitted under Section 7.2(k);

  
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 (j)    Investments not otherwise permitted by this
Section 7.8 in an aggregate principal amount not to exceed the greater of (x) $2,500,000 and (y) 5% of Consolidated EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis); provided that any Investment made under
this clause (j) shall reduce the amount available to make Investments in Similar Business permitted under clause (e) 

(k)    any Investment or series of Investments by the Borrower or any Restricted Subsidiary in a Person
that is engaged in a Similar Business if as a result of such Investment (a “Permitted Acquisition”), (1) such Person becomes a Restricted Subsidiary (and, if such entity does not constitute an Excluded Subsidiary, a Guarantor) or
(2) if such Person does not become a Guarantor, the aggregate amount of Investments made under this clause (k) in respect of such Persons who do not become Guarantors does not exceed $20,000,000 (which outstanding amount shall be reduced
if such Person later becomes a Guarantor), and, in each case, any Investment held by such Person (not acquired by such person in contemplation of such Permitted Acquisition); provided that, subject to the Borrower’s right to make an LCA
Election with respect to any Limited Condition Acquisition, in which case, Section 1.3(b) shall apply, (i) no Event of Default under clauses (a) or (f) of Article VIII shall have occurred and be continuing, (ii) (A) the
Consolidated Fixed Charge Coverage Ratio shall be greater than or equal to 1.25 to 1.00 and (B) the Consolidated Total Leverage Ratio of the Borrower and its Restricted Subsidiaries, computed on a Pro Forma Basis (giving effect to such
Permitted Acquisition and any Indebtedness incurred in connection therewith) as at the last day of the most recently ended fiscal quarter of the Borrower and its Restricted Subsidiaries for which financial statements are available, is no greater
than the lesser of (x) 3.50:1.00 and (y) the Consolidated Total Leverage Ratio that is 0.25 to 1.00 lower than the Consolidated Total Leverage Ratio in effect for such fiscal quarter under Section 7.1(a) and (iii) such Investment was
not effected pursuant to a hostile offer; 
 (l)    [Reserved]; and 

(m)    Investments in Unrestricted Subsidiaries in an aggregate amount not to exceed, the greater of
(x) $20,000,000 and (y) 30% of Consolidated EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time such Investment is made. 

SECTION 7.9 Limitation on Optional Payments and Modifications of Organizational Documents. (a) Make or offer to make
any payment, prepayment, repurchase or redemption of or otherwise defease or segregate funds (any such action, a “Prepayment”) with respect to Permitted Subordinated Indebtedness or Permitted Unsecured Indebtedness, unless
(i) both immediately prior to and immediately after giving effect to any such Prepayment, no Default or Event of Default shall have occurred and be continuing and (ii) the Borrower and the Subsidiaries are in compliance, on a Pro Forma
Basis after giving effect to such Prepayment, with the financial covenants contained in Section 7.1, recomputed as at the last day of the most recently ended Test Period; or 

(b)    amend its Organizational Documents in any manner materially adverse to the Lenders without the prior written consent
of the Required Lenders. 
 SECTION 7.10 Limitation on Transactions with Affiliates. Enter into any transaction, including any
purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than transactions between or among the Borrower and the Subsidiary Guarantors) unless
such transaction is (a) not otherwise prohibited under this Agreement and (b) upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary, as the case may be, than it would obtain in a comparable arm’s length
transaction with a Person which is not an Affiliate, except that this Section 7.10 shall not prohibit (i) overhead and other 

  
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ordinary course allocations of costs and services on a reasonable basis, (ii) allocations of tax liabilities and other tax-related items among the
Borrower and its Affiliates based principally upon the financial income, taxable income, credits and other amounts directly related to the respective parties, (iii) any incurrence of Indebtedness not prohibited by Section 7.2, (iv) any
Restricted Payment not prohibited by Section 7.6, (v) any Investment permitted by Section 7.8 specifically contemplated by Section 7.8 to be made among Affiliates or (vi) transactions between or among the Borrower and its
Restricted Subsidiaries in the ordinary course of business which are pursuant to customary transfer pricing arrangements or for the achievement of operating efficiencies (but not involving (x) an Investment not specifically contemplated by
Section 7.8 to be made among Affiliates or (y) an Asset Sale not otherwise permitted under this Agreement). 
 SECTION
7.11 [Reserved]. 
 SECTION 7.12 Limitation on Changes in Fiscal Periods.Change the Borrower’s or any
Restricted Subsidiary’s method of determining fiscal quarters or fiscal years; provided that any Restricted Subsidiary may change its method of determining fiscal quarters or fiscal years to match the method used by the Borrower. 

SECTION 7.13 Limitation on Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement which
prohibits or limits the ability of the Borrower or any of its Restricted Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired, to secure the Obligations or,
in the case of any Subsidiary Guarantor, its obligations under the Guarantee and Collateral Agreement, other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens, Capital Lease
Obligations otherwise permitted hereby or Liens permitted by Sections 7.3(f) or (l) (in which case, any prohibition or limitation shall only be effective against the assets financed thereby) and (c) Permitted Restrictions. 

SECTION 7.14 Limitation on Restrictions on Subsidiary Distributions. Enter into or suffer to exist or become effective any
consensual encumbrance or restriction on the ability of any Restricted Subsidiary to (a) pay dividends or make any other distributions in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, the Borrower or
any other Subsidiary, (b) make loans or advances to, or other Investments in, the Borrower or any other Subsidiary or (c) transfer any of its assets to the Borrower or any other Subsidiary, except for such encumbrances or restrictions
existing under or by reason of (i) any restrictions existing under the Loan Documents and (ii) any restrictions with respect to a Subsidiary imposed pursuant to an agreement which has been entered into in connection with the Disposition of
all or substantially all of the Capital Stock or assets of such Subsidiary and (iii) Permitted Restrictions. 
 SECTION
7.15 Limitation on Lines of Business. Enter into any business, either directly or through any Restricted Subsidiary, except for Similar Businesses. 

SECTION 7.16 Limitation on Use of Proceeds. Request any Loan or Letter of Credit, and the Borrower shall not use, shall procure
that its Subsidiaries shall not use, and shall procure that its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (a) in furtherance of an offer, payment, promise to pay,
or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with
any Sanctioned Person, or in any Sanctioned Country, in each case, in violation of applicable Sanctions or (c) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

  
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 ARTICLE VIII. EVENTS OF DEFAULT 

If any of the following events shall occur and be continuing: 

(a)    the Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in
accordance with the terms hereof; or the Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation or any other amount payable hereunder or under any other Loan Document within five days after any such interest or other amount
becomes due in accordance with the terms hereof; or 
 (b)    any representation or warranty made or
deemed made by any Loan Party herein or in any other Loan Document or which is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan
Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed made; or 

(c)    any Loan Party shall default in the observance or performance of any agreement contained in clause
(i) of Section 6.4(a) (with respect to the Borrower only), Section 6.7(a) or Article VII; or 

(d)    any Loan Party shall default in the observance or performance of any other agreement contained in
this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Article VIII), and such default shall continue unremedied for a period of 30 days; or 

(e)    the Borrower or any of its Restricted Subsidiaries shall (i) default in making any payment of
any principal of any Indebtedness (including any Guarantee Obligation, but excluding the Loan Document Obligations) beyond the period of grace and following all required notices, if any, provided in the instrument or agreement under which such
Indebtedness was created; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or
(iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or
condition exist (after giving effect to all applicable grace period and delivery of all required notices) (other than, with respect to Indebtedness consisting of any Hedging Agreements, termination events or equivalent events pursuant to the terms
of such Hedging Agreements (it being understood that clause (i) shall apply to any failure to make any payment in excess of $7,500,000 in the aggregate that is required as a result of any such termination or similar event and that is not
otherwise being contested in good faith)), the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause,
with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided that a default event or condition described
in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this
paragraph (e) shall have occurred and be continuing with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate $7,500,000; provided that this clause (e) shall not apply to (x) (i) secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of, or a casualty event with respect to, the property or assets securing such Indebtedness, if, in the case of a sale or transfer, such sale or transfer is permitted
hereunder and under the 

  
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documents providing for such Indebtedness or (ii) Indebtedness under customary high-yield bridge facilities that becomes due as the result of the issuance or obtaining of replacement
financing, including equity issuances, proceeds of asset dispositions or the commitments with respect to which are cancelled, (y) Indebtedness which is convertible into common stock of the Borrower and converts to such common stock in
accordance with its terms and such conversion is not prohibited hereunder, or (z) any breach or default that is (I) remedied by the Borrower or the applicable Restricted Subsidiary or (II) waived (including in the form of amendment)
by the required holders of the applicable item of Indebtedness, in either case, prior to the acceleration of Loans pursuant to this Article VIII; or 

(f)    (i) the Borrower or any of its Restricted Subsidiaries shall commence or consent to any case,
proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it,
or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or
(B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Borrower or any of its Restricted Subsidiaries shall make a general assignment for
the benefit of its creditors; or (ii) there shall be commenced against the Borrower or any of its Restricted Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry
of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against the Borrower or any of its Restricted Subsidiaries any
case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have
been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) the Borrower or any of its Restricted Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability
to, pay its debts as they become due; or 
 (g)    (i) any Person shall engage in any “prohibited
transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any Single Employer Plan shall fail to satisfy the minimum funding standards (within the meaning of Section 412 of the
Code or Section 302 of ERISA) applicable to such Single Employer Plan, whether or not waived, or any Lien in favor of the PBGC or a Plan shall arise on the assets of the Borrower or any Commonly Controlled Entity, (iii) a Reportable Event
shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of
a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) the
Borrower or any Commonly Controlled Entity shall, or in the reasonable opinion of the Required Lenders is likely to, incur any liability in connection with a withdrawal from, or the Insolvency of, a Multiemployer Plan, or (vi) any other event
or condition which shall occur or exist with respect to a Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, would, in the reasonable judgment of the
Required Lenders, reasonably be expected to have a Material Adverse Effect; or 
 (h)    one or more
judgments or decrees shall be entered against the Borrower or any of its Restricted Subsidiaries involving in the aggregate a liability (not covered by insurance as to which the relevant insurance company has acknowledged coverage) of $7,500,000 or
more, and all such judgments or decrees shall not have been paid, vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof; or 

  
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 (i)    any of the Security Documents shall cease, for
any reason, to be in full force and effect (other than pursuant to the terms hereof or thereof, solely as a result of acts or omissions of the Administrative Agent in respect of certificates, promissory notes or instruments actually delivered to it
(including as a result of the Administrative Agent’s failure to file a Uniform Commercial Code continuation statement)), or any Loan Party or any Affiliate of any Loan Party shall so assert, or any Lien created by any of the Security Documents
in respect of material assets shall cease to be enforceable and of the same effect and priority purported to be created thereby; or 

(j)    the guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall cease, for
any reason, to be in full force and effect (other than pursuant to the terms hereof and thereof) or any Loan Party or any Affiliate of any Loan Party shall so assert; or 

(k)    (i) any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), (x) shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules
13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of more than 35% of the outstanding common stock of the Borrower (provided that no Event of Default
shall occur under this clause (k) as a result of a merger agreement or stock purchase agreement prior to the consummation of such merger or stock purchase) or (y) shall obtain the power (whether or not exercised) to elect a majority of the
Borrower’s directors, in each case other than any Permitted Holder or any “group” controlled by one or more Permitted Holders or (ii) any “change of control” occurs with respect to Indebtedness the outstanding principal
amount of which exceeds in the aggregate $7,500,000; or 
 (l) Any Permitted Subordinated Indebtedness or any guarantee
thereof shall cease, for any reason, to be validly subordinated to the Obligations or the obligations of the Subsidiary Guarantors under the Guarantee and Collateral Agreement, as the case may be, as provided in the documents evidencing such
Permitted Subordinated Indebtedness, or any Loan Party shall so assert; 
 then, and in any such event, (A) if such event is an Event of Default
specified in clause (i) or (ii) of paragraph (f) above with respect to the Borrower, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this
Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and
payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Majority Facility Lenders, the Administrative Agent may, or upon the request of the Majority
Facility Lenders, the Administrative Agent shall, by notice to the Borrower declare the Revolving Credit Commitments to be terminated forthwith, whereupon the Revolving Credit Commitments shall immediately terminate; and (ii) with the consent
of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing
under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) to be due and payable
forthwith, whereupon the same shall immediately become due and payable. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an 

  
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acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and
unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters
of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon,
all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to
the Borrower (or such other Person as may be lawfully entitled thereto). Except as expressly provided above in this Article VIII, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower. 

ARTICLE IX. THE ADMINISTRATIVE AGENT 

SECTION 9.1 Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such
Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents
and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto.
Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against any Administrative Agent. 

SECTION 9.2 Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Loan
Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent
shall not be responsible for the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable care. 

SECTION 9.3 Exculpatory Provisions. Neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement
or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful
misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any
certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any
Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 

SECTION 9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in
relying, upon any instrument, writing, resolution, notice, 

  
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consent, certificate, affidavit, letter, facsimile, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Loan Parties), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem
and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in
failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems appropriate or
it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 
 SECTION 9.5 Notice of
Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received notice from a Lender or the Borrower referring to this
Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the
Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and
until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem
advisable in the best interests of the Lenders. 
 SECTION 9.6 Non-Reliance on
Administrative Agent and Other Lenders. Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents,
attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by the Administrative Agent hereinafter taken, including any review of
the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and
without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, financial and other
condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the
Administrative Agent 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 analysis, appraisals and decisions in taking or not taking action under this Agreement
and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for
notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party which may come into the possession of the Administrative Agent or any of
its officers, directors, employees, agents, attorneys-in-fact or affiliates. 

  
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 SECTION 9.7 Indemnification. The Lenders agree to indemnify the Administrative
Agent in its capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Aggregate Exposure Percentages in effect on the date on which
indemnification is sought under this Section 9.7 (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Aggregate Exposure
Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including at
any time following the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents
contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; provided that no Lender shall be
liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements which are found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from the Administrative Agent’s gross negligence or willful misconduct. The agreements in this Section 9.7 shall survive the payment of the Loans and all other amounts payable hereunder. 

SECTION 9.8 Administrative Agent in Its Individual Capacity. The Administrative Agent and its affiliates may make loans to, accept
deposits from and generally engage in any kind of business with any Loan Party as though the Administrative Agent was not an Administrative Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or
participated in by it, the Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Administrative Agent, and the terms
“Lender” and “Lenders” shall include the Administrative Agent in its individual capacity. 
 SECTION
9.9 Successor Administrative Agents. The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under
this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8(a) or Section 8(f) with
respect to the Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of
the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall
be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by
the date that is 30 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the
duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. 

SECTION 9.10 Authorization to Release Liens. The Administrative Agent is hereby irrevocably authorized by each of the Lenders to
release any Lien covering any Property of the Borrower or any of its Restricted Subsidiaries that is the subject of a Disposition which is permitted by this Agreement, which has been consented to in accordance with Section 10.1 or in accordance
with Section 10.17. In furtherance of the foregoing and not in limitation thereof, no Hedging Agreement or Cash 

  
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Management Agreement the obligations under which constitute Secured Hedging Obligations or Secured Cash Management Obligations, respectively, will create (or be deemed to create) in favor of any
Secured Party that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under this Agreement or any other Loan Document. By accepting the benefits of the Collateral,
each Secured Party that is a party to any such Hedging Agreement or Cash Management Agreement shall be deemed to have appointed the Administrative Agent to serve as administrative agent and collateral agent under the Loan Documents and agreed to be
bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this Section. 
 SECTION 9.11 No
Other Duties. Notwithstanding anything herein to the contrary, none of the Arrangers, the Lead Arranger, or the syndication agent shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except
in its capacity, as applicable, as a Lender hereunder. 
 ARTICLE X. MISCELLANEOUS 

SECTION 10.1 Amendments and Waivers. Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be
amended, supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or (with the written consent of the Required Lenders) the
Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions
to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders, or the Administrative Agent, as
the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided that no such waiver and no such amendment, supplement or
modification shall (i) forgive all or any portion of the principal amount or any accrued but unpaid interest, or extend the final scheduled date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of any
Term Loan, reduce the stated rate of any interest, fee or letter of credit commission payable hereunder or extend the scheduled date of any payment thereof, permit the duration of any Interest Period to be beyond six months, or increase the amount
or extend the expiration date of any Revolving Credit Lender’s Commitment in each case without the written consent of each Lender directly affected thereby; (ii) eliminate or reduce the voting rights of any Lender under this
Section 10.1, reduce any percentage specified in the definition of Required Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or
substantially all of the Collateral or release all or substantially all of the Subsidiary Guarantor from their obligations under the Guarantee and Collateral Agreement, in each case without the written consent of all Lenders; (iii) reduce the
percentage specified in the definition of Majority Facility Lenders without the written consent of all Lenders under each affected Facility; (iv) amend, modify or waive any provision of Section 2.18 without the written consent of the each
Lender in respect of each Facility directly affected thereby; (v) reduce the amount of Net Cash Proceeds required to be applied to prepay Term Loans under this Agreement without the written consent of the Majority Facility Lenders with respect
to each affected Term Loan Facility; (vi) amend, modify or waive any provision of Article IX without the written consent of the Administrative Agent; or (vii) amend, modify or waive any provision of Article III without the written consent
of the Issuing Lenders. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of the
Loans. In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be
deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. 

  
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 Notwithstanding the foregoing, this Agreement may be amended with the written consent of the
Borrower, the Administrative Agent and the Revolving Credit Lenders providing Extended Revolving Credit Commitments (as defined below) under the Extended Revolving Credit Facility (as defined below) to permit the extension of the Revolving Credit
Facility beyond the original Revolving Credit Termination Date (as extended, the “Extended Revolving Credit Facility”) and the Loans thereunder (“Extended Revolving Credit Loans” and the commitments thereunder,
“Extended Revolving Credit Commitments”); provided that (a) no Default or Event of Default has occurred and is continuing or would result from any such extension of the Revolving Credit Termination Date, (b) the
aggregate Extended Revolving Credit Commitment shall not exceed the Total Revolving Credit Commitments in effect immediately prior to any such extension without the consent of the Required Lenders, (c) no Revolving Credit Lender shall have any
obligation to participate in any extension described in this paragraph unless it agrees to do so in its sole discretion, (d) the Revolving Credit Commitments of any nonparticipating Revolving Credit Lender shall terminate and the Revolving
Credit Loans of such Lender shall be due and payable on the original Revolving Credit Termination Date or such other date specified by Article VIII and (e) all other terms applicable to such Extended Revolving Credit Loans (other than terms
relating to pricing) shall be substantially identical to those applicable to the Revolving Credit Loans. 
 Furthermore, notwithstanding the
foregoing, the Administrative Agent, with the consent of the Borrower, may amend, modify or supplement any Loan Document without the consent of any Lender or the Required Lenders in order to correct, amend or cure any ambiguity, inconsistency or
defect or correct any typographical error or other manifest error in any Loan Document. 
 Notwithstanding anything in this Agreement
(including, without limitation, this Section 10.1) or any other Loan Document to the contrary, (i) this Agreement and the other Loan Documents may be amended to effect an incremental facility or refinancing facility pursuant to
Section 2.28 or Section 2.26, as applicable (and the Administrative Agent and the Borrower may effect such amendments to this Agreement and the other Loan Documents without the consent of any other party as may be necessary or appropriate,
in the reasonable opinion of the Administrative Agent and the Borrower, to effect the terms of any such incremental facility or refinancing facility); (ii) no Lender consent is required to effect any amendment or supplement to any intercreditor
agreement or arrangement permitted under this Agreement that is for the purpose of adding the holders of any Indebtedness as expressly contemplated by the terms of such other intercreditor agreement or arrangement permitted under this Agreement, as
applicable (it being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent in consultation with the Borrower, are
required to effectuate the foregoing; provided that such other changes are not adverse, in any material respect, to the interests of the Lenders taken as a whole); provided, further, that no such agreement shall amend, modify or
otherwise directly and adversely affect the rights or duties of the Administrative Agent hereunder or under any other Loan Document without the prior written consent of the Administrative Agent; (iii) any provision of this Agreement or any
other Loan Document may be amended by an agreement in writing entered into by the Borrower and the Administrative Agent to (x) cure any ambiguity, omission, mistake, defect or inconsistency (as determined by the Administrative Agent and the
Borrower) or (y) effect administrative changes of a technical or immaterial nature (including to effect changes to the terms and conditions applicable solely to the Issuing Lender in respect of issuances of Letters of Credit) and such amendment
shall be deemed approved by the Lenders if the Lenders shall have received at least five Business Days’ prior written notice of such change and the Administrative Agent shall not have received, within five Business Days of the date of such
notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such 

  
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amendment; and (iv) guarantees, collateral documents and related documents executed by Loan Parties in connection with this Agreement may be in a form reasonably determined by the
Administrative Agent and may be, together with any other Loan Document, entered into, amended, supplemented or waived, without the consent of any other Person, by the applicable Loan Party or Loan Parties and the Administrative Agent in its or their
respective sole discretion, to (A) effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, (B) as
required by local law or advice of counsel to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable requirements of law, or
(C) to cure ambiguities, omissions, mistakes or defects (as reasonably determined by the Administrative Agent and the Borrower) or to cause such guarantee, collateral security document or other document to be consistent with this Agreement and
the other Loan Documents. 
 Notwithstanding anything in this Agreement or any Security Document to the contrary, the Administrative Agent
may, in its sole discretion, grant extensions of time for the satisfaction of any of the requirements under Sections 6.9, 6.10 and 6.11 or any Security Documents in respect of any particular Collateral or any particular Subsidiary if it determines
that the satisfaction thereof with respect to such Collateral or such Subsidiary cannot be accomplished without undue expense or unreasonable effort or due to factors beyond the control of the Borrower and the Restricted Subsidiaries by the time or
times at which it would otherwise be required to be satisfied under this Agreement or any Security Document. 
 SECTION
10.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile or electronic mail), and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of facsimile or electronic mail notice, when received, addressed as follows in the case of the Borrower and the
Administrative Agent, as set forth in an administrative questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified by the respective parties hereto: 

 

			
	The Borrower:        	  	 Forrester Research, Inc.
 60 Acorn Park
Drive
 Cambridge, MA 02140
 Attention: Michael Doyle

Facsimile: 617-613-7139
Telephone: 617-613-6181

E-mail: mdoyle@forrester.com

		
	 The Administrative

    Agent:
	  	 JPMorgan Chase Bank, N.A.
Agent Bank Services Group

10 So. Dearborn, Floor L2S
 Chicago, IL 60603-2300

Attention: Yuvette Owens
 Facsimile: 844-490-5663
 Telephone: 312-385-7021
 Email: yuvette.owens@jpmorgan.com

  
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	with a copy to:        	  	 JPMorgan Chase Bank, N.A.
50 Rowes Wharf, 2nd Floor,

Boston, MA 02110
 Attention: Stacy Benham

Telephone: 617-428-2172

Email: stacy.c.benham@chase.com

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders shall not be effective until
received. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant
to procedures approved by the Administrative Agent. 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. 
 SECTION 10.3 No Waiver;
Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges
herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 SECTION
10.4 Survival of Representations and Warranties. All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall
survive the execution and delivery of this Agreement and the making of the Loans and any other extensions of credit hereunder. 
 SECTION
10.5 Payment of Expenses. The Borrower agrees (a) to pay or reimburse the Administrative Agent, the Arrangers and the Lead Arranger for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and
any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable and documented fees and disbursements of counsel to the
Administrative Agent, the Arrangers and the Lead Arranger and filing and recording fees and expenses, with statements with respect to the foregoing to be submitted to the Borrower at least two Business Days prior to the Closing Date (in the case of
amounts to be paid on the Closing Date) and from time to time thereafter on a quarterly basis or such other periodic basis as the Administrative Agent shall deem appropriate, (b) to pay or reimburse each Lender and the Administrative Agent for
all its reasonable and documented costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the reasonable and documented fees
and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Lender and of counsel to the Administrative Agent, (c) to pay, indemnify, and hold each Lender and the
Administrative Agent harmless from, any and all recording and filing fees or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other documents, and
(d) to pay, indemnify, and hold each Lender, the Administrative Agent and their respective officers, directors, trustees, employees, affiliates, agents and controlling persons (each, an “indemnitee”) harmless from and against
any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever 

  
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(other than for loss of profits) with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents and any such other documents,
including any of the foregoing relating to the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of the Borrower, any of its Subsidiaries or any of the
Properties and the reasonable and documented fees and expenses of legal counsel in connection with claims, actions or proceedings by any indemnitee against any Loan Party under any Loan Document (all the foregoing in this clause (d), collectively,
the “indemnified liabilities”); provided, that the Borrower shall have no obligation hereunder to any indemnitee with respect to indemnified liabilities to the extent such indemnified liabilities arise from (x) to the
extent they are found by a final, nonappealable judgment of a court of competent jurisdiction, the gross negligence or willful misconduct of such indemnitee, (y) to the extent they are found by a final, nonappealable judgment of a court of
competent jurisdiction, the breach of an indemnified person’s funding obligations or any other material breach by the relevant indemnitee of its obligations under the Loan Documents or (z) any dispute brought by an indemnitee against any
other indemnitee that does not involve an act or omission by the Borrower or any of its Affiliates (other than any disputes against any indemnitee in its capacity as the Administrative Agent or Lead Arranger). Without limiting the foregoing, and to
the extent permitted by applicable law, the Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries to so waive, all rights for contribution or any other rights of recovery
with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any
indemnitee. All amounts due under this Section 10.5 shall be payable not later than 10 days after written demand therefor. The agreements in this Article X shall survive repayment of the Loans and all other amounts payable hereunder. 

SECTION 10.6 Successors and Assigns; Participations and Assignments. (a) 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 (including any affiliate of the Issuing Lender that issues any Letter of Credit), except that (i) the Borrower may not assign or
otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void); provided that a merger,
consolidation, amalgamation or similar transaction not prohibited by this Agreement shall not constitute and assignment or transfer by the Borrower, and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except
in accordance with this Section 10.6. 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 (including any
affiliate of the Issuing Lender that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section 10.6) and, to the extent expressly contemplated hereby, the affiliates of each of the Administrative
Agent, the Issuing Lender and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)    (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees
(other than (A) a natural person (or any holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person), (B) a Defaulting Lender, a subsidiary of a Defaulting Lender or a Person who, upon
becoming a Lender hereunder, would constitute a Defaulting Lender or a subsidiary of a Defaulting Lender, (C) a Disqualified Lender or (D) the Borrower or any of its Subsidiaries) (each, an “Assignee”) all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of: 

(A)    the Borrower; provided that no consent of the Borrower shall be required for (1) an assignment
of Term Loans to a Lender, an affiliate of a Lender, an Approved Fund, (2) an assignment of Revolving Credit Commitments (and associated Revolving Loans) to a Revolving Credit Lender or (3) if an Event of Default under Section 7(a) or
7(f) (with respect to the Borrower) has occurred and is continuing, any other Person; provided further that the Borrower shall be deemed to have consented to any assignment of Term Loans unless the Borrower shall object thereto by
written notice to the Administrative Agent within 10 Business Days after having received notice thereof; 

  
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 (B)    the Administrative Agent; provided that no
consent of the Administrative Agent shall be required for an assignment of (x) any Revolving Credit Commitment to an Assignee that is a Revolving Credit Lender immediately prior to giving effect to such assignment or (y) all or any portion
of a Term Loan to a Lender, an affiliate of a Lender or an Approved Fund; and 
 (C)    the Issuing
Lender; provided that no consent of the Issuing Lender shall be required for an assignment of (x) any Revolving Credit Commitment to an Assignee that is a Revolving Credit Lender immediately prior to giving effect to such assignment or
(y) all or any portion of a Term Loan. 
 (ii) Assignments shall be subject to the following additional conditions: 

(D)    except in the case of an assignment to a Lender, an affiliate of a Lender or an Approved Fund or an
assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans under any Facility, the amount of the Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 with respect to the Revolving Credit Commitments and the Revolving Credit Loans or $1,000,000 with respect to the
Term Loans (in each case, other than in the case of an assignment of all of a Lender’s interests under this Agreement), unless each of the Borrower and the Administrative Agent otherwise consent; provided that (1) no such consent of
the Borrower shall be required if an Event of Default has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any; 

(E)    each partial assignment shall be made as an assignment of a proportionate part of each of the
assigning Lender’s rights and obligations under this Agreement; provided that this clause shall not be construed to prohibit the assignment of a proportionate part of the assigning Lender’s rights and obligations in respect of the
Revolving Credit Commitments or Term Loans; 
 (F)    the parties to each assignment shall execute and
deliver to the Administrative Agent an Assignment and Assumption, together 

  
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with a processing and recordation fee of $3,500 (with only one such fee payable in connection with the simultaneous assignments to or by two or more Approved Funds that are administered or
managed by the same entity or affiliated entities), unless the Administrative Agent agrees to waive such fee in its sole discretion; and 

(G)    the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its
Affiliates and their related parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities
laws. 
 (iii)    Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after
the effective date specified in each Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.19, 2.20, 2.21 and 10.5, except as provided in
Section 2.24) with respect to facts and circumstances occurring prior to the effective date of such assignment; provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender
will constitute a waiver or release of any claim against any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this Section 10.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section 10.6. 

(iv)    The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices
in New York a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount (and stated interest) of the Loans and L/C Obligations
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive (absent manifest error), and the Borrower, the Administrative Agent, the Issuing Lender and the
Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by
the Borrower, the Issuing Lender and any Lender, at any reasonable time and from time to time upon reasonable prior notice. This Section 10.06(b)(iv) shall be construed so that all Loans are at all times maintained in “registered
form” within the meaning of Section 163(f), 871(h)(2) and 881(c)(2) of the Code and any related United States Treasury Regulations (or any other relevant or successor provisions of the Code or of such United States Treasury Regulations). 

(v)    Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the
Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section 10.6 and any written consent to such
assignment required by paragraph (b) of this Section 10.6, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of
this Agreement unless it has been recorded in the Register as provided in this paragraph. 

  
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 (c)    (i) Any Lender may, without the consent of the Borrower or the
Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments
and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (C) the Borrower, the Administrative Agent, the Issuing Lender and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.
Any agreement 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 may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to
the proviso to the second sentence of Section 10.1 and (2) directly affects such Participant. Subject to paragraph (c)(ii) of this Section 10.6, the Borrower agrees that each Participant shall be entitled to the benefits of, and
subject to the limitations of, Sections 2.19, 2.20 and 2.21 to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections (including Section 2.20(d)) applying to each Participant as if it were a
Lender, and it being understood that the documentation required under Section 2.20(d) shall be delivered to the participating Lender) and had acquired its interest by assignment pursuant to paragraph (b) of this Section 10.6, but to
no greater extent than such Lender. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.7(b) as though it were a Lender, but to no greater extent than such Lender; provided that such
Participant shall be subject to Section 10.7(a) as though it were a Lender. Each Lender that sells a participation, acting solely for this purpose as an agent of the Borrower, shall maintain a register on which it enters the name and address of
each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any
obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other
obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive, and such Lender, each Loan Party and the Administrative Agent shall treat each
person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary. 

(ii)    A Participant (x) shall agree to be subject to the provisions of Section 2.23 and Section 2.24 as if
it were an assignee under paragraph (b) of this Section 10.6 and (y) shall not be entitled to receive any greater payment under Sections 2.19 or 2.20 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant. No Participant shall be entitled to the benefits of Section 2.20 unless such Participant complies with Section 2.20(d), (e), (f) and (h) as if it were a Lender. Each Lender that sells a participation
agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.24 with respect to any Participant. 

(d)    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, and this Section 10.6 shall not apply to any such pledge or assignment of a security interest; provided
that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. 

  
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 (e)    The Borrower, upon receipt of written notice from the relevant
Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (d) above. 

(f)    The list of Persons identified in writing by the Borrower to the Lead Arranger as “Disqualified Lenders”
(i) shall be made available to the Lenders by posting on Intralinks/IntraAgency or another relevant Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or
whether sponsored by the Administrative Agent) and (ii) shall be provided to any Lender upon request by such Lender to the Administrative Agent. 

SECTION 10.7 Adjustments; Set-off. (a) Except as otherwise provided in this Agreement
with respect to a particular Facility, if any Lender (a “Benefitted Lender”) shall at any time receive any payment of all or part of its Loans or the Reimbursement Obligations owing to it, or interest thereon, or receive any
collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 8(f), or otherwise), in a greater proportion than
any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Loans or the Reimbursement Obligations owing to such other Lender, or interest thereon, such Benefitted Lender shall purchase for cash
from the other Lenders a participating interest in such portion of each such other Lender’s Loan and/or of the Reimbursement Obligations owing to each such other Lender, or shall provide such other Lenders with the benefits of any such
collateral, or the proceeds thereof, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided, however, that if all or any
portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest; provided
further, that to the extent prohibited by applicable law as described in the definition of “Excluded Swap Obligation”, no amounts received from, or set-off with respect to, any Subsidiary
Guarantor shall be applied to any Excluded Swap Obligations of such Subsidiary Guarantor. 
 (b)    In addition to any
rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, upon any amount becoming
due and payable by the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time
or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any
branch or agency thereof to or for the credit or the account of the Borrower. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender; provided that the failure to
give such notice shall not affect the validity of such setoff and application. 
 SECTION 10.8 Counterparts. This Agreement may
be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this
Agreement by facsimile or other electronic transmission shall be as effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the
Administrative Agent. 

  
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 SECTION 10.9 Severability. Any provision of this Agreement which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION
10.10 Integration. This Agreement and the other Loan Documents represent the agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings,
representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 

SECTION 10.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; PROVIDED THAT (I) THE DETERMINATION OF THE ACCURACY OF ANY SPECIFIED ACQUISITION AGREEMENT REPRESENTATION AND
WHETHER AS A RESULT OF THE INACCURACY THEREOF THE BORROWER (OR ITS AFFILIATE) HAS THE RIGHT TO TERMINATE ITS (OR ITS AFFILIATE’S) OBLIGATIONS UNDER THE ACQUISITION AGREEMENT, OR DECLINE TO CONSUMMATE THE TRANSACTIONS CONTEMPLATED
BY THE ACQUISITION AGREEMENT, (II) THE INTERPRETATION OF THE DEFINITION OF “TARGET MATERIAL ADVERSE EFFECT” AND WHETHER A “TARGET MATERIAL ADVERSE EFFECT”
HAS OCCURRED AND (III) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF DELAWARE, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN
THE LAWS OF THE STATE OF DELAWARE. 
 SECTION 10.12 Submission To Jurisdiction; Waivers. The Borrower, the Administrative
Agent and each Lender hereby irrevocably and unconditionally: 
 (a)    submits for itself and its
Property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts of the
State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof, and, to the extent necessary to enforce the Administrative Agent’s or the Lenders’ rights under the
Security Documents, courts where Collateral may be located or deemed to be located; 
 (b)    consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an
inconvenient court and agrees not to plead or claim the same; 
 (c)    agrees that service of process in
any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid at its address set forth in Section 10.2 or at such other address of which the
Administrative Agent shall have been notified pursuant thereto; 

  
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 (d)    agrees that nothing herein shall affect the right
to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e)    waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in
any legal action or proceeding referred to in this Section 10.12 any special, exemplary, punitive or consequential damages; provided the waiver set forth in this clause (e) shall not affect or limit the Borrower’s obligations
under Section 10.5. 
 SECTION 10.13 Acknowledgements. The Borrower hereby acknowledges that: 

(a)    it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the
other Loan Documents; 
 (b)    [reserved]; and 

(c)    no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of
the transactions contemplated hereby among the Lenders or among the Borrower and the Lenders. 
 SECTION 10.14 No Advisory or
Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and
agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one
hand, and the Lenders, on the other hand, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party is capable of evaluating, and understands
and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the
relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) no Lender has any obligation to the Borrower or any of its Affiliates with
respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions
that involve interests that differ from those of the Borrower and its Affiliates, and no Lender has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, each Loan Party
hereby waives and releases any claims that it may have against each of the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

SECTION 10.15 WAIVERS OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

SECTION 10.16 PATRIOT Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act, it is
required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act.

  
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 SECTION 10.17 Confidentiality. Each of the Administrative Agent, the Issuing
Lender and each Lender agrees to keep confidential all Information (as defined below); provided that nothing herein shall prevent the Administrative Agent, the Issuing Lender or any Lender from disclosing any such Information (i) to the
Administrative Agent, the Issuing Lender or any other Lender or any affiliate thereof in each case which is bound by this Section 10.16, (ii) to any Participant or Assignee (each, a “Transferee”) or any prospective Transferee
or any direct or indirect counterparty to any Hedging Agreement (or any professional advisor to such counterparty), in each case, which agrees to comply with the provisions of this Section 10.16, (iii) to its employees, directors, agents,
attorneys, accountants and other professional advisors or those of any of its affiliates who have been advised with respect to the confidentiality obligations hereof, (iv) upon the request or demand of any Governmental Authority having
jurisdiction over the Administrative Agent, the Issuing Lender or such Lender, (v) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (vi) if required
to do so under applicable law in connection with any litigation or similar proceeding or in litigation to enforce this Agreement, (vii) which has been publicly disclosed other than in breach of this Section 10.16, (viii) to the National
Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such
Lender, (ix) in connection with the exercise of any remedy hereunder or under any other Loan Document, (x) if agreed by the Borrower in its sole discretion, (xi) to data service providers, including league table providers, that serve
the lending industry (but, in the case of this clause (xi), solely to the extent that (a) such Information is information about the terms of the financing contemplated hereby routinely provided by arrangers to data services providers and
(b) such Information is provided to such data service providers no earlier than the fifth Business Day after the Closing Date) or (xii) any actual or prospective counterparty to any Hedging Agreement relating to the Borrower or any
Subsidiary and its obligations hereunder or under any other Loan Document; provided that, if reasonably requested by the Borrower, the Administrative Agent, the Issuing Lender and the Lenders shall make commercially reasonable efforts to
determine, and inform the Borrower of, the Persons who received such Information. “Information” means all information received from a Loan Party, other than any such information that is available to the Administrative Agent, the
Issuing Lender or any Lender on a non-confidential basis prior to disclosure by such Loan Party; provided that in the case of Information received from a Loan Party after the date hereof, such
Information is clearly identified at the time of delivery as confidential. 
 Each Lender acknowledges that information furnished to it
pursuant to this Agreement may include material non-public information concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it has developed
compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in accordance with those
procedures and applicable law, including Federal and state securities laws. 
 All information, including requests for waivers and
amendments, furnished by the Borrower or the Administrative Agent pursuant to, or in the course of administering, this Agreement will be syndicate-level information, which may contain material non-public
information about the Borrower and its Affiliates and their related parties or their respective securities. Accordingly, each Lender represents to the Borrower and the Administrative Agent that it has identified in its administrative questionnaire a
credit contact who may receive information that may contain material non-public information in accordance with its compliance procedures and applicable law. 

The Loan Parties consent to the publication by the Administrative Agent or any Lender of customary “tombstone” advertising material
relating to the transactions contemplated hereby using the 

  
 105 

 
name, product photographs, logo or trademark of the Loan Parties; provided that such name, product photographs, logo and trademark are used solely in a manner that is neither intended to nor
reasonably likely to harm or disparage the Loan Parties or their Subsidiaries or their respective reputations, goodwill or marks. 
 SECTION
10.18 Releases. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of
any Lender except as expressly required by Section 10.1) to take any action requested by the Borrower having the effect of releasing any Collateral or guarantee obligations (i) to the extent necessary to permit consummation of any
transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 10.1 or (ii) under the circumstances described in paragraph (b) below. 

(b)    At such time as the Loans, the Reimbursement Obligations and the other Obligations shall have been paid in full,
the Commitments have been terminated and no Letters of Credit shall be outstanding, the Collateral shall be released from the Liens created by the Security Documents, and the Security Documents and all obligations (other than those expressly stated
to survive such termination) of the Administrative Agent and the Borrower or Subsidiary thereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the
Borrower and Subsidiaries. At the request and sole expense of the Borrower or Subsidiary following any such termination, the Administrative Agent shall deliver to the Borrower or Subsidiary any Collateral held by the Administrative Agent thereunder,
and execute and deliver to the Borrower or Subsidiary such documents as the Borrower or Subsidiary shall reasonably request to evidence such termination. 

SECTION 10.19 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any
Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b)    the
effects of any Bail-In Action on any such liability, including, if applicable: 

(i)    a reduction in full or in part or cancellation of any such liability; 

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to
any such liability under this Agreement or any other Loan Document; or 
 (iii)    the variation of the
terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 

  
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 SECTION 10.20 ERISA Matters.  

(a)    Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Joint Lead Arrangers and their respective Affiliates, and not
to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 

(i)    such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) of one or more Benefit Plans in connection with the Loans or the Commitments; 

(ii)    the prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable so as to exempt from the prohibitions of Section 406 of ERISA and Section 4975 of the Code such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments
and this Agreement; 
 (iii)    (A) such Lender is an investment fund managed by a “Qualified
Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in,
administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement; or 

(iv)    such other representation, warranty and covenant as may be agreed in writing between the
Administrative Agent, in its sole discretion, and such Lender. 
 (b)    In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Lead Arrangers and their respective Affiliates, and not to or for the benefit of the Borrower
or any other Loan Party, that none of the Administrative Agent or the Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in the Loans, the Commitments and this Agreement (including in
connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto). 

[Remainder of this page intentionally left blank.] 

  
 107 

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

			
	 FORRESTER RESEARCH INC.,
 as the
Borrower

		
	By:	 	    /s/ Michael A. Doyle
		 	Name:  Michael A. Doyle
		 	Title:    Chief Financial Officer

  
 [Signature Page to
Forrester Credit Agreement] 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as
Administrative Agent and as a Lender

		
	By:	 	    /s/ Amy U. Lessner
		 	Name:  Amy U. Lessner
		 	Title:    Authorized Officer

  
 [Signature Page to
Forrester Credit Agreement] 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	    /s/ Robert C. Megan
		 	Name:  Robert C. Megan
		 	Title:    Senior Vice President

  
 [Signature Page to
Forrester Credit Agreement] 

 
			
	CITIZENS BANK, N.A., as a Lender
		
	By:	 	    /s/ Sean Riordan
		 	Name:  Sean Riordan
		 	Title:    Assistant Vice President

  
 [Signature Page to
Forrester Credit Agreement]

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