Document:

EX-10.19

 Exhibit 10.19 

LEASE 
 THE COVE
AT OYSTER POINT 
 HCP OYSTER POINT III LLC, 

a Delaware limited liability company 

as Landlord, 
 and 

HARPOON THERAPEUTICS, INC., 
 a
Delaware corporation, 
 as Tenant. 

HCP, INC. 
 [The Cove at Oyster
Point] 
 [Harpoon Therapeutics, Inc.] 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	PREMISES, BUILDING, PROJECT, AND COMMON AREAS	  	 	5	 
	 2.
	 	LEASE TERM; OPTION TERM	  	 	6	 
	 3.
	 	BASE RENT	  	 	8	 
	 4.
	 	ADDITIONAL RENT	  	 	9	 
	 5.
	 	USE OF PREMISES	  	 	14	 
	 6.
	 	SERVICES AND UTILITIES	  	 	19	 
	 7.
	 	REPAIRS	  	 	20	 
	 8.
	 	ADDITIONS AND ALTERATIONS	  	 	22	 
	 9.
	 	COVENANT AGAINST LIENS	  	 	23	 
	 10.
	 	INSURANCE	  	 	23	 
	 11.
	 	DAMAGE AND DESTRUCTION	  	 	26	 
	 12.
	 	NONWAIVER	  	 	27	 
	 13.
	 	CONDEMNATION	  	 	27	 
	 14.
	 	ASSIGNMENT AND SUBLETTING	  	 	28	 
	 15.
	 	SURRENDER OF PREMISES; OWNERSHIP AND REMOVAL OF TRADE FIXTURES	  	 	30	 
	 16.
	 	HOLDING OVER	  	 	31	 
	 17.
	 	ESTOPPEL CERTIFICATES	  	 	32	 
	 18.
	 	SUBORDINATION	  	 	32	 
	 19.
	 	DEFAULTS; REMEDIES	  	 	32	 
	 20.
	 	COVENANT OF QUIET ENJOYMENT	  	 	34	 
	 21.
	 	LETTER OF CREDIT	  	 	34	 
	 22.
	 	COMMUNICATIONS AND COMPUTER LINE	  	 	37	 
	 23.
	 	SIGNS	  	 	37	 
	 24.
	 	COMPLIANCE WITH LAW	  	 	38	 
	 25.
	 	LATE CHARGES	  	 	38	 
	 26.
	 	LANDLORD’S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT	  	 	38	 
	 27.
	 	ENTRY BY LANDLORD	  	 	39	 
	 28.
	 	TENANT PARKING	  	 	39	 
	 29.
	 	MISCELLANEOUS PROVISIONS	  	 	39	 

 EXHIBITS 
  

			
	A	  	OUTLINE OF PREMISES
	B	  	TENANT WORK LETTER
	C	  	FORM OF NOTICE OF LEASE TERM DATES
	D	  	FORM OF TENANT’S ESTOPPEL CERTIFICATE
	E	  	ENVIRONMENTAL QUESTIONNAIRE
	F	  	TENANT’S PROPERTY
	G	  	FORM OF AMENDMENT RE: ADDITIONAL MONTHLY BASE RENT
	H	  	FORM OF LETTER OF CREDIT

  
 (i) 

 INDEX 

 

					
	 	  	Page(s)	 
	 Accountant
	  	 	14	 
	 Additional Base Building Items
	  	 	25	 
	 Additional Rent
	  	 	9	 
	 Advocate Arbitrators
	  	 	8	 
	 Alterations
	  	 	22	 
	 as built
	  	 	23	 
	 Bank
	  	 	35	 
	 Bank’s Credit Rating Threshold
	  	 	35	 
	 Bankruptcy Code
	  	 	35	 
	 Base Building
	  	 	21	 
	 Base Rent
	  	 	9	 
	 BOMA Standard
	  	 	6	 
	 Brokers
	  	 	44	 
	 Builder’s All Risk
	  	 	23	 
	 Building
	  	 	5	 
	 Building Systems
	  	 	21	 
	 Chemical Storage Room
	  	 	20	 
	 Clean-up
	  	 	18	 
	 Closure Letter
	  	 	18	 
	 Common Areas
	  	 	6	 
	 Comparable Buildings
	  	 	7	 
	 Comparable Transactions
	  	 	7	 
	 Concessions
	  	 	7	 
	 Construction Period
	  	 	25	 
	 Contemplated Effective Date
	  	 	29	 
	 Contemplated Transfer Space
	  	 	29	 
	 Control
	  	 	31	 
	 Direct Expenses
	  	 	9	 
	 Disputed Amounts
	  	 	41	 
	 Emergency
	  	 	22	 
	 Energy Disclosure Information
	  	 	20	 
	 Energy Disclosure Requirements
	  	 	20	 
	 Environmental Assessment
	  	 	17	 
	 Environmental Laws
	  	 	16	 
	 Environmental Questionnaire
	  	 	15	 
	 Environmental Report
	  	 	18	 
	 Estimate
	  	 	13	 
	 Estimate Statement
	  	 	13	 
	 Estimated Direct Expenses
	  	 	13	 
	 Excepted Matters
	  	 	44	 
	 Expense Year
	  	 	9	 
	 Fair Rental Value
	  	 	7	 
	 First Class Life Sciences Projects
	  	 	3	 
	 Force Majeure
	  	 	42	 
	 Force Majeure Costs
	  	 	26	 
	 Generator
	  	 	20	 
	 Hazardous Materials
	  	 	15	 
	 Hazardous Materials Claims
	  	 	16	 
	 Intention to Transfer Notice
	  	 	29	 
	 Landlord
	  	 	1, 40, 1	 

  
 (ii) 

					
	 	  	Page(s)	 
	 Landlord Parties
	  	 	24, 26	 
	 Landlord Repair Obligations
	  	 	21	 
	 Landlord’s Project Costs
	  	 	26	 
	 L-C
	  	 	35	 
	 L-C Amount
	  	 	35	 
	 L-C Draw Event
	  	 	35	 
	 L-C Expiration Date
	  	 	35	 
	 L-C FDIC Replacement Notice
	  	 	36	 
	 Lease
	  	 	1	 
	 Lease Commencement Date
	  	 	6	 
	 Lease Expiration Date
	  	 	6	 
	 Lease Term
	  	 	6	 
	 Lease Year
	  	 	6	 
	 Lines
	  	 	38	 
	 Mail
	  	 	42	 
	 Net Worth
	  	 	31	 
	 Neutral Arbitrator
	  	 	8	 
	 Nine Month Period
	  	 	30	 
	 Notices
	  	 	42	 
	 Objectionable Name
	  	 	38	 
	 Operating Expenses
	  	 	9, 10	 
	 Option Conditions
	  	 	7	 
	 Option Rent
	  	 	7	 
	 Option Term
	  	 	7	 
	 Outside Agreement Date
	  	 	8	 
	 PCBs
	  	 	15	 
	 Permitted Assignee
	  	 	31	 
	 Permitted Transferee
	  	 	31	 
	 Premises
	  	 	5	 
	 Project,
	  	 	5	 
	 Release
	  	 	15	 
	 Released
	  	 	15	 
	 Releases
	  	 	15	 
	 rent
	  	 	34	 
	 Rent
	  	 	9	 
	 RSF
	  	 	1	 
	 Security Deposit Laws
	  	 	37	 
	 Sign Specifications
	  	 	38	 
	 Statement
	  	 	13	 
	 Subject Space
	  	 	28	 
	 Summary
	  	 	1	 
	 Tax Expenses
	  	 	9, 12	 
	 Tenant
	  	 	1, 40, 1	 
	 Tenant Damage
	  	 	5	 
	 Tenant Energy Use Disclosure
	  	 	20	 
	 Tenant Signage
	  	 	38	 
	 Tenant Work Letter
	  	 	5	 
	 Tenant’s Accountant
	  	 	14	 
	 Tenant’s Agents
	  	 	15	 
	 Tenant’s Property
	  	 	23	 
	 Tenant’s Repair Obligations
	  	 	21	 
	 Tenant’s Share
	  	 	9, 13	 

  
 (iii) 

					
	 	  	Page(s)	 
	 Transfer
	  	 	30	 
	 Transfer Notice
	  	 	28	 
	 Transfer Premium
	  	 	28, 29	 
	 Transferee
	  	 	28	 
	 Transfers
	  	 	28	 
	 Triple Net
	  	 	9	 
	 Underlying Documents
	  	 	10	 
	 Warranty Period
	  	 	5	 
	 worth at the time of award
	  	 	34	 

  
 (iv) 

 THE COVE AT OYSTER POINT 

LEASE 
 This Lease
(the “Lease”), dated as of the date set forth in Section 1 of the Summary of Basic Lease Information (the “Summary”), below, is made by and between HCP OYSTER POINT III LLC, a Delaware
limited liability company (“Landlord”), and HARPOON THERAPEUTICS, INC., a Delaware corporation (“Tenant”). 

SUMMARY OF BASIC LEASE INFORMATION 
  

							
	TERMS OF LEASE	  	DESCRIPTION
		
	 1.  Date:
	  	July ____, 2018
		
	 2.  Premises

     (Article 1).
	  	
		
	 2.1  Building:
	  	 That certain five-story building containing approximately 175,830 rentable square feet of space (“RSF”) located
at:
  
 131 Oyster Point Boulevard

South San Francisco, California 94080

		
	 2.2  Premises:
	  	Approximately 34,988 RSF in the aggregate, comprised of all of the rentable area on the third (3rd) floor of the Building, as further set forth in Exhibit A to the Lease.
	 3.  Lease Term
	  	
	      (Article 2).
	  	
		
	 3.1  Length of Term:
	  	Eight (8) years.
		
	 3.2  Lease Commencement Date:
	  	The date that is the later of (i) the date the Premises are “Ready for Occupancy” as defined in the Tenant Work Letter attached hereto as Exhibit B, and (ii) July 1,
2019.
		
	 3.3  Lease Expiration Date:
	  	The day prior to the eighth (8th) anniversary of the Lease Commencement Date.

  

	4.	 Base Rent (Article 3): 

 

													
	 Lease Year
	  	Annualized
Base Rent	 	  	Monthly
Installment
of Base Rent	 	  	Monthly
Base
Rent per
RSF	 
	 1
	  	$	2,204,244.00	 	  	$	183,687.00	 	  	$	5.250	 
	 2
	  	$	2,281,392.54	 	  	$	190,116.05	 	  	$	5.434	 
	 3
	  	$	2,361,241.28	 	  	$	196,770.11	 	  	$	5.624	 

  
 -1- 

													
	 4
	  	$	2,443,884.72	 	  	$	203,657.06	 	  	$	5.821	 
	 5
	  	$	2,529,420.69	 	  	$	210,785.06	 	  	$	6.024	 
	 6
	  	$	2,617,950.41	 	  	$	218,162.53	 	  	$	6.235	 
	 7
	  	$	2,709,578.68	 	  	$	225,798.22	 	  	$	6.454	 
	 8
	  	$	2,804,413.93	 	  	$	233,701.16	 	  	$	6.679	 

  

	*	 Note that provided Tenant is not in default of this Lease, after expiration of any applicable notice and cure
period, Tenant shall have no obligation to pay any Base Rent attributable to the first four (4) full months of the Lease Term (the “Rent Abatement Period”). 

Address for Payment of Rent: 

If by check, remittances should be mailed to: 

HCP Life Sciences REIT 
 File
51142 
 Los Angeles, CA 90074-1142 

If by ACH, remit to: 
 HCP
Life Sciences REIT Bank of America 
 ABA: 121000358 

Acct: 1235928034 
 If by Wire,
remit to: 
 HCP Life Sciences REIT Bank of America 

ABA: 026009593 
 Acct: 1235928034

 If by overnight mail, remit to: 

Bank of America Lockbox Services 

Lockbox 51142 
 2706 Media Center
Drive 
 Los Angeles, CA 90065-1733 
  

			
	 5.  Tenant Improvement Allowance

     (Exhibit B):
	  	$150.00 per RSF of the Premises (i.e., $5,248,200.00 for the 34,988 RSF of the Premises).
		
	 6.  Tenant’s Share

     (Article 4):
	  	19.90%.

  
 -2- 

			
	 7.  Permitted Use

     (Article 5):
	  	The Premises shall be used only for general office, research and development, engineering, lab scale manufacturing and laboratory and vivarium uses, including, but not limited to, administrative offices and other lawful uses
reasonably related to or incidental to such specified uses, all (i) consistent with first class life sciences projects in South San Francisco, California (“First Class Life Sciences Projects”), and
(ii) in compliance with, and subject to, applicable laws and the terms of this Lease.
		
	 8.  Letter of Credit

     (Article 21):
	  	$467,402.32.
		
	 9.  Parking

     (Article 28):
	  	The right to use up to 89 on-site parking spaces at the Project, on an unreserved basis, subject to the terms of Article 28 of the Lease.
		
	 10.  Address of Tenant

     (Section 29.18):
	  	 Before the commencement of the Lease:
  

Harpoon Therapeutics, Inc.
 4000 Shoreline Court, Suite 250

South San Francisco, California 94080
 Attention: Chief Financial
Officer
  
 With a digital copy to:

 
 wpicht@harpoontx.com

 
 and
  

AP@harpoontx.com
  

After the commencement of the Lease:
  

Harpoon Therapeutics, Inc.
 131 Oyster Point Boulevard, 3rd
Floor
 South San Francisco, California 94080
 Attention: Chief
Financial Officer
  
 with a digital copy to:

 
 wpicht@harpoontx.com

 
 and
  

AP@harpoontx.com

  
 -3- 

			
	 11.  Address of Landlord

     (Section 29.18):
	  	See Section 29.18 of the Lease.
		
	 12.  Broker(s)

     (Section 29.24):
	  	CBRE, Inc.

  
 -4- 

 1. PREMISES, BUILDING, PROJECT, AND COMMON AREAS. 

1.1 Premises, Building, Project and Common Areas. 

1.1.1 The Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the premises set forth in
Section 2.2 of the Summary (the “Premises”). The outline of the Premises is set forth in Exhibit A attached hereto. The outline of the “Building” and
the “Project,” as those terms are defined in Section 1.1.2 below, are further depicted on the Site Plan attached hereto as Exhibit A. The parties hereto agree that the lease of the Premises is upon
and subject to the terms, covenants and conditions herein set forth, and Tenant covenants as a material part of the consideration for this Lease to keep and perform each and all of such terms, covenants and conditions by it to be kept and performed.
The parties hereto hereby acknowledge that the purpose of Exhibit A is to show the approximate location of the Premises only, and such Exhibit is not meant to constitute an agreement, representation or
warranty as to the construction of the Premises, the precise area thereof or the specific location of the “Common Areas,” as that term is defined in Section 1.1.3, below, or the elements thereof or of the
accessways to the Premises or the “Project,” as that term is defined in Section 1.1.2, below, and that the square footage of the Premises shall be as set forth in Section 2.1 of the
Summary of Basic Lease Information. Except as specifically set forth in this Lease and in the Tenant Work Letter attached hereto as Exhibit B (the “Tenant Work Letter”), Landlord shall
not be obligated to provide or pay for any improvement work or services related to the improvement of the Premises. Tenant also acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty regarding the
condition of the Premises, the Building or the Project or with respect to the suitability of any of the foregoing for the conduct of Tenant’s business, except as specifically set forth in this Lease and the Tenant Work Letter. Landlord shall
deliver the Premises to Tenant in good, vacant, broom clean condition, in compliance with all laws, with the roof water-tight and shall cause the plumbing, electrical systems, fire sprinkler system, lighting, and all other building systems serving
the Premises, including the Generator, in good operating condition and repair on or before the Lease Commencement Date, or such earlier date as Landlord and Tenant mutually agree. Landlord will be responsible for causing the exterior of the
Building, the existing Building entrances, and all exterior Common Areas (including required striping and handicapped spaces in the parking areas) to be in compliance with ADA and parking requirements, to the extent required to allow the legal
occupancy of the Premises or completion of the Tenant Improvements. Notwithstanding anything in this Lease to the contrary, in connection with the foregoing Landlord shall, at Landlord’s sole cost and expense (which shall not be deemed an
“Operating Expense,” as that term is defined in Section 4.2.4), repair or replace any failed or inoperable portion of the HVAC and other mechanical, plumbing, electrical or other building systems serving the Premises during the first
twelve (12) months of the initial Lease Term (“Warranty Period”), provided that the need to repair or replace was not caused by the misuse, misconduct, damage, destruction, omissions, and/or negligence of Tenant, its subtenants
and/or assignees, if any, or any company which is acquired, sold or merged with Tenant (collectively, “Tenant Damage”), or by any modifications, Alterations or improvements constructed by or on behalf of Tenant (which shall not
include the Tenant Improvements). Landlord shall coordinate such work with Tenant and shall utilize commercially reasonable efforts to perform the same in a manner designed to minimize interference with Tenant’s use of the Premises. To the
extent repairs which Landlord is required to make pursuant to this Section 1.1.1 are necessitated in part by Tenant Damage, then Tenant shall reimburse Landlord for an equitable proportion of the cost of such repair. 

1.1.2 The Building and The Project. The Premises constitutes the space set forth in Section 2.1 of the
Summary (the “Building”). The Building is part of an office/laboratory project currently known as “The Cove at Oyster Point.” The term “Project,” as used in this Lease, shall mean (i) the Building and
the Common Areas, (ii) the land (which is improved with landscaping, parking facilities and other improvements) upon which the Building and the Common Areas are located, (iii) the other office/laboratory buildings located at The Cove at
Oyster Point, and the land upon which such adjacent office/laboratory buildings are located, and (iv) at Landlord’s discretion, any additional real property, areas, land, buildings or other improvements added thereto outside of the Project
(provided that any such additions do not increase Tenant’s obligations under this Lease). 

  
 -5- 

 1.1.3 Common Areas. Tenant shall have the
non-exclusive right to use in common with other tenants in the Project, and subject to the rules and regulations referred to in Article 5 of this Lease, those portions of the Project which are provided,
from time to time, for use in common by Landlord, Tenant and any other tenants of the Project, which shall include the shipping and receiving area in the Building (such areas, together with such other portions of the Project designated by Landlord,
in its discretion, are collectively referred to herein as the “Common Areas”). Landlord shall maintain and operate the Common Areas, including all sprinkler and other systems serving the Common Areas, in a first class manner, and
the use thereof shall be subject to such rules, regulations and restrictions as Landlord may reasonably make from time to time. Landlord reserves the right to close temporarily, make alterations or additions to, or change the location of elements of
the Project and the Common Areas, provided that in connection therewith Landlord will use commercially reasonable efforts to minimize any interference with Tenant’s use of and access to the Premises and parking areas. Landlord hereby
acknowledges that as of the date of this Lease Landlord is planning to operate an amenities center in the Project for use by the tenants of the Project during the Lease Term, and in connection therewith Landlord agrees to utilize commercially
reasonable efforts to operate and maintain such amenities center (which amenities center shall include a café) throughout the Lease Term; provided, however, Tenant nevertheless acknowledges herby that if despite such commercially reasonable
efforts Landlord is unable for any reason to maintain continuous operation of the amenities center during the Lease Term, in no event shall such failure be deemed a default of the Lease, nor shall such failure impact the validity of this Lease and
Landlord shall not be subject to any liability for such failure, provided that in such event Landlord shall utilize commercially reasonable efforts to provide replacement food services to Tenant (e.g., an
on-site café in a different location or the routine scheduling of food trucks to the Project). 

1.2 Rentable Square Feet of Premises. Tenant hereby acknowledges and agrees that Landlord shall have the one-time right during the Lease Term to remeasure the rentable square footage of the Premises and/or Building in accordance with the terms of this Section 1.2. Any such remeasurement shall
be determined in accordance with the standards set forth in ANSI Z65.1-2010, as promulgated by the Building Owners and Managers Association (the “BOMA Standard”), and subject to related
guidelines applicable thereto. Landlord’s space planner/architect shall certify any such remeasurement and shall provide reasonable documentation to Tenant for Tenant’s review following such remeasurement. In the event that Landlord’s
space planner/architect determines that the rentable square footage of the Premises and/or Building are different from those set forth in this Lease, all amounts, percentages and figures appearing or referred to in this Lease based upon such amounts
(including, without limitation, the amount of the Base Rent, Tenant Improvement Allowance, Additional Tenant Improvement Allowance, and Tenant’s Share) shall be modified in accordance with such determination, provided that Landlord and Tenant
hereby acknowledge and agree that the rentable square footage of the Premises shall not increase by more than one percent (1%) from the rentable square footage set forth in Section 2.2 of the Summary. If such determination is made, it will be
confirmed in writing by Landlord to Tenant. 
 2. LEASE TERM; OPTION TERM. 

2.1 Lease Term. The terms and provisions of this Lease shall be effective as of the date of this Lease. The term of this Lease
(the “Lease Term”) shall be as set forth in Section 3.1 of the Summary, shall commence on the date set forth in Section 3.2 of the Summary (the “Lease Commencement
Date”), and shall terminate on the date set forth in Section 3.3 of the Summary (the “Lease Expiration Date”) unless this Lease is sooner terminated as hereinafter provided. For purposes of this
Lease, the term “Lease Year” shall mean each consecutive twelve (12) month period during the Lease Term. At any time during the Lease Term, Landlord may deliver to Tenant a notice in the form as set forth in
Exhibit C, attached hereto, as a confirmation only of the information set forth therein, which Tenant shall execute and return to Landlord within five (5) days of receipt thereof. Notwithstanding
the foregoing, if Landlord has not delivered possession of the Premises in the condition required by Section 1.1.1, above, (1) on or before October 1, 2019, then, as Tenant’s sole remedy for such delay, the
date Tenant is otherwise obligated to commence payment of rent shall be delayed by one day for each day that the delivery date is delayed beyond such date, or (2) January 1, 2020, then, Tenant shall also have the right to terminate this Lease
by written notice thereof to Landlord, whereupon any monies previously paid by Tenant to Landlord shall be reimbursed to Tenant. The foregoing dates shall be extended to the extent of any delays in delivery of possession caused by (i) Tenant
Delay, as provided in Section 1(j) of the Tenant Work Letter, or (ii) war, terrorism, acts of God, natural disaster, civil unrest, governmental strike or area-wide or industry-wide labor disputes, inability to obtain
services, labor, or materials or reasonable substitutes therefor, or delays due to utility companies that are not the result of any action or inaction of Landlord (provided that any such delay in this item (ii) shall not extend any such date by
more than ninety (90) days). 

  
 -6- 

 2.2 Option Term. 

2.2.1 Option Right. Landlord hereby grants to the Original Tenant, and its “Permitted Assignees”, as that term is
defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of eight (8) years (the “Option Term”), which option shall be irrevocably exercised only by written notice
delivered by Tenant to Landlord not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the “Option Conditions”) are
satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; (ii) Tenant has not previously been in default under this Lease, after the
expiration of any applicable notice and cure period, more than twice in the twelve (12) month period prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in full force and effect. Landlord may, at
Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper
exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of eight
(8) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any assignee,
sublessee or other “Transferee,” as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this Lease). 

2.2.2 Option Rent. The annual Rent payable by Tenant during the Option Term (the “Option Rent”) shall be equal
to the “Fair Rental Value,” as that term is defined below, for the Premises as of the commencement date of the Option Term. The “Fair Rental Value,” as used in this Lease, shall be equal to the annual rent per rentable
square foot (including additional rent and considering any “base year” or “expense stop” applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve (12) month period
preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not
significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term,
in an arm’s length transaction, which comparable space is located in the “Comparable Buildings,” as that term is defined in this Section 2.2.2, below (transactions satisfying the foregoing criteria shall be
known as the “Comparable Transactions”), taking into consideration the following concessions (the “Concessions”): (a) rental abatement concessions, if any, being granted such tenants in connection with such
comparable space; (b) tenant improvements or allowances provided or to be provided for such comparable space, and taking into account the value, if any, of the existing improvements in the subject space, such value to be based upon the age,
condition, design, quality of finishes and layout of the improvements and the extent to which the same can be utilized by a general office/lab user other than Tenant; and (c) other reasonable monetary concessions being granted such tenants in
connection with such comparable space; provided, however, that in calculating the Fair Rental Value, no consideration shall be given to the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with
Tenant’s exercise of its right to extend the Lease Term, or the fact that landlords are or are not paying real estate brokerage commissions in connection with such comparable space. The Concessions shall be reflected in the effective rental
rate (which effective rental rate shall take into consideration the total dollar value of such Concessions as amortized on a straight-line basis over the applicable term of the Comparable Transaction (in which case such Concessions evidenced in the
effective rental rate shall not be granted to Tenant)) payable by Tenant. The term “Comparable Buildings” shall mean the Building and those other life sciences buildings which are comparable to the Building in terms of age (based
upon the date of completion of construction or major renovation of to the building), quality of construction, level of services and amenities, size and appearance, and are located in South San Francisco, California and the surrounding commercial
area. 
 2.2.3 Determination of Option Rent. In the event Tenant timely and appropriately exercises an option to extend the
Lease Term, Landlord shall notify Tenant of Landlord’s determination of the Option Rent within thirty (30) days thereafter. If Tenant, on or before the date which is ten (10) days following the date upon which Tenant receives
Landlord’s determination of the Option Rent, in good faith objects to Landlord’s determination of the Option Rent, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and
Tenant fail to reach agreement within ten (10) days following Tenant’s objection to the Option Rent (the “Outside Agreement Date”), then Tenant shall have the right to withdraw its exercise of the option by delivering
written notice thereof to Landlord within five (5) days thereafter, in which event Tenant’s right to extend the Lease pursuant to this Section 2.2 shall be of no further force or effect. If Tenant does

  
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not withdraw its exercise of the extension option, each party shall make a separate determination of the Option Rent, as the case may be, within ten (10) days after the Outside Agreement
Date, and such determinations shall be submitted to arbitration in accordance with Sections 2.2.3.1 through 2.2.3.7, below. If Tenant fails to object to Landlord’s determination of the Option Rent within the
time period set forth herein, then Tenant shall be deemed to have objected to Landlord’s determination of Option Rent. 
 2.2.3.1
Landlord and Tenant shall each appoint one arbitrator who shall be a real estate appraiser who shall have been active over the five (5) year period ending on the date of such appointment in the appraisal of other class A life sciences buildings
located in the South San Francisco market area. The determination of the arbitrators shall be limited solely to the issue of whether Landlord’s or Tenant’s submitted Option Rent is the closest to the actual Option Rent, taking into account
the requirements of Section 2.2.2 of this Lease, as determined by the arbitrators. Each such arbitrator shall be appointed within fifteen (15) days after the Outside Agreement Date. Landlord and Tenant may consult with
their selected arbitrators prior to appointment and may select an arbitrator who is favorable to their respective positions. The arbitrators so selected by Landlord and Tenant shall be deemed “Advocate Arbitrators.” 

2.2.3.2 The two (2) Advocate Arbitrators so appointed shall be specifically required pursuant to an engagement letter within ten
(10) days of the date of the appointment of the last appointed Advocate Arbitrator to agree upon and appoint a third arbitrator (“Neutral Arbitrator”) who shall be qualified under the same criteria set forth hereinabove for
qualification of the two Advocate Arbitrators, except that neither the Landlord or Tenant or either parties’ Advocate Arbitrator may, directly or indirectly, consult with the Neutral Arbitrator prior or subsequent to his or her appearance. The
Neutral Arbitrator shall be retained via an engagement letter jointly prepared by Landlord’s counsel and Tenant’s counsel. 

2.2.3.3 The three arbitrators shall, within thirty (30) days of the appointment of the Neutral Arbitrator, reach a decision as to whether
the parties shall use Landlord’s or Tenant’s submitted Option Rent, and shall notify Landlord and Tenant thereof. 
 2.2.3.4 The
decision of the majority of the three arbitrators shall be binding upon Landlord and Tenant. 
 2.2.3.5 If either Landlord or Tenant fails
to appoint an Advocate Arbitrator within fifteen (15) days after the Outside Agreement Date, then either party may petition the presiding judge of the Superior Court of San Mateo County to appoint such Advocate Arbitrator subject to the
criteria in Section 2.2.3.1 of this Lease, or if he or she refuses to act, either party may petition any judge having jurisdiction over the parties to appoint such Advocate Arbitrator. 

2.2.3.6 If the two (2) Advocate Arbitrators fail to agree upon and appoint the Neutral Arbitrator, then either party may petition the
presiding judge of the Superior Court of San Mateo County to appoint the Neutral Arbitrator, subject to criteria in Section 2.2.3.1 of this Lease, or if he or she refuses to act, either party may petition any judge having
jurisdiction over the parties to appoint such arbitrator. 
 2.2.3.7 The cost of the arbitration shall be paid by Landlord and Tenant
equally. 
 2.2.3.8 In the event that the Option Rent shall not have been determined pursuant to the terms hereof prior to the commencement
of the Option Term, Tenant shall be required to pay the Option Rent initially provided by Landlord to Tenant, and upon the final determination of the Option Rent, the payments made by Tenant shall be reconciled with the actual amounts of Option Rent
due, and the appropriate party shall make any corresponding payment to the other party. 
 3. BASE RENT. Tenant shall pay, without prior
notice or demand, to Landlord at the address set forth in Section 4 of the Summary, or, at Landlord’s option, at such other place as Landlord may from time to time designate in writing, by a check for currency which,
at the time of payment, is legal tender for private or public debts in the United States of America, base rent (“Base Rent”) as set forth in Section 4 of the Summary, payable in equal monthly installments
as set forth in Section 4 of the Summary in advance on or before the first day of each and 

  
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every calendar month during the Lease Term, without any setoff or deduction whatsoever. The Base Rent for the first full month of the Lease Term after the Rent Abatement Period shall be paid at
the time of Tenant’s execution of this Lease. If any Rent payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than
one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable
annual Rent. All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated on the same basis. 

4. ADDITIONAL RENT. 
 4.1 General
Terms. 
 4.1.1 Direct Expenses; Additional Rent. In addition to paying the Base Rent specified in Article 3 of
this Lease, Tenant shall pay “Tenant’s Share” of the annual “Direct Expenses,” as those terms are defined in Sections 4.2.6 and 4.2.2 of this Lease, respectively, allocable to the Building as described
in Section 4.3. Such payments by Tenant, together with any and all other amounts payable by Tenant to Landlord pursuant to the terms of this Lease, are hereinafter collectively referred to as the “Additional
Rent”, and the Base Rent and the Additional Rent are herein collectively referred to as “Rent.” All amounts due under this Article 4 as Additional Rent shall be payable for the same periods and in the same manner as
the Base Rent. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay the Additional Rent provided for in this Article 4 shall survive the expiration of the Lease
Term. 
 4.1.2 Triple Net Lease. Landlord and Tenant acknowledge that, to the extent provided in this Lease, it is their intent
and agreement that this Lease be a “TRIPLE NET” lease and that as such, the provisions contained in this Lease are intended to pass on to Tenant or reimburse Landlord for the costs and expenses reasonably associated with this
Lease, the Building and the Project, and Tenant’s operation therefrom to the extent provided in this Lease. To the extent such costs and expenses payable by Tenant cannot be charged directly to, and paid by, Tenant, such costs and expenses
shall be paid by Landlord but reimbursed by Tenant as Additional Rent. 
 4.2 Definitions of Key Terms Relating to Additional
Rent. As used in this Article 4, the following terms shall have the meanings hereinafter set forth: 

4.2.1 Intentionally Deleted. 

4.2.2 “Direct Expenses” shall mean “Operating Expenses” and “Tax Expenses.” 

4.2.3 “Expense Year” shall mean each calendar year in which any portion of the Lease Term falls, through and including the
calendar year in which the Lease Term expires, provided that Landlord, upon notice to Tenant, may change the Expense Year from time to time to any other twelve (12) consecutive month period, and, in the event of any such change, Tenant’s
Share of Direct Expenses shall be equitably adjusted for any Expense Year involved in any such change. 
 4.2.4 “Operating
Expenses” shall mean all expenses, costs and amounts of every kind and nature which Landlord pays or accrues during any Expense Year because of or in connection with the ownership, management, maintenance, security, repair, replacement,
restoration or operation of the Project, or any portion thereof. Without limiting the generality of the foregoing, Operating Expenses shall specifically include any and all of the following: (i) the cost of supplying all utilities, the cost of
operating, repairing and maintaining the utility, telephone, mechanical, sanitary, storm drainage, and elevator systems, and the cost of maintenance and service contracts in connection therewith; (ii) the cost of licenses, certificates, permits
and inspections and the cost of contesting any governmental enactments which are reasonably likely to increase Operating Expenses during the Lease Term, and the costs incurred in connection with a governmentally mandated transportation system
management program or similar program; (iii) the cost of all insurance carried by Landlord in connection with the Project and Premises as reasonably determined by Landlord; (iv) the cost of landscaping, relamping, and all supplies, tools,
equipment and materials used in the operation, repair and maintenance of the Project, or any portion 

  
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thereof; (v) the cost of parking area operation, repair, restoration, and maintenance; (vi) management and/or incentive fees, consulting fees, legal fees and accounting fees, of all
contractors and consultants in connection with the management, operation, maintenance and repair of the Project; (vii) payments under any equipment rental agreements; (viii) subject to item (f), below, wages, salaries and other
compensation and benefits, including taxes levied thereon, of all persons engaged in the operation, maintenance and security of the Project; (ix) costs under any easement pertaining to the sharing of costs by the Project; (x) operation,
repair, maintenance and replacement of all systems and equipment and components thereof of the Project; (xi) the cost of janitorial, alarm, security and other services, replacement of wall and floor coverings, ceiling tiles and fixtures in
Common Areas, maintenance and replacement of curbs and walkways, repair to roofs and re-roofing; (xii) amortization (including interest on the unamortized cost) over such period of time as Landlord shall
reasonably determine, of the cost of acquiring or the rental expense of personal property used in the maintenance, operation and repair of the Project, or any portion thereof; (xiii) the cost of capital improvements or other costs incurred in
connection with the Project (A) which are intended to effect economies in the operation or maintenance of the Project, or any portion thereof, or to reduce current or future Operating Expenses or to enhance the safety or security of the Project
or its occupants, (B) which are required to comply with present or anticipated conservation programs, (C) which are replacements or modifications of nonstructural items located in the Common Areas required to keep the Common Areas in good
order or condition, or (D) which are required under any governmental law or regulation; provided, however, that any capital expenditure shall be amortized (including reasonable interest on the amortized cost) over the reasonable useful life of
such capital item; and (xiv) costs, fees, charges or assessments imposed by, or resulting from any mandate imposed on Landlord by, any federal, state or local government for fire and police protection, trash removal, community services, or
other services which do not constitute “Tax Expenses” as that term is defined in Section 4.2.5, below, and (xv) payments under any easement, license, operating agreement, declaration, restrictive covenant, or
instrument pertaining to the sharing of costs by the Building, including, without limitation, any covenants, conditions and restrictions affecting the property, and reciprocal easement agreements affecting the property, any parking licenses, and any
agreements with transit agencies affecting the Property (collectively, “Underlying Documents”). Notwithstanding the foregoing, for purposes of this Lease, Operating Expenses shall not, however, include: 

(a) costs, including legal fees, space planners’ fees, advertising and promotional expenses (except as otherwise set forth
above), and brokerage fees incurred in connection with the original construction or development, or original or future leasing of the Project, and costs, including permit, license and inspection costs, incurred with respect to the installation of
tenant improvements made for new tenants initially occupying space in the Project after the Lease Commencement Date or incurred in renovating or otherwise improving, decorating, painting or redecorating vacant space for tenants or other occupants of
the Project (excluding, however, such costs relating to any common areas of the Project or parking facilities); 
 (b) except
as set forth in items (xii), (xiii), and (xiv) above, depreciation, interest and principal payments on mortgages and other debt costs, if any, penalties and interest; 

(c) costs for which the Landlord is reimbursed by any tenant or occupant of the Project or by insurance by its carrier or any
tenant’s carrier or by anyone else, electric power costs for which any tenant directly contracts with the local public service company and costs of utilities and services provided to other tenants that are not provided to Tenant; 

(d) any bad debt loss, rent loss, or reserves for bad debts or rent loss or other reserves to the extent not used in the same
year; 
 (e) costs associated with the operation of the business of the partnership or entity which constitutes the Landlord,
as the same are distinguished from the costs of operation of the Project (which shall specifically include, but not be limited to, accounting costs associated with the operation of the Project). Costs associated with the operation of the business of
the partnership or entity which constitutes the Landlord include costs of partnership accounting and legal matters, costs of defending any lawsuits with any mortgagee (except as the actions of the Tenant may be in issue), costs of selling,
syndicating, financing, mortgaging or hypothecating any of the Landlord’s interest in the Project, and costs incurred in connection with any disputes between Landlord and its employees, between Landlord and Project management, or between
Landlord and other tenants or occupants; 

  
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 (f) the wages and benefits of any employee who does not devote substantially
all of his or her employed time to the Project unless such wages and benefits are prorated to reflect time spent on operating and managing the Project vis-a-vis time
spent on matters unrelated to operating and managing the Project; provided, that in no event shall Operating Expenses for purposes of this Lease include wages and/or benefits attributable to personnel above the level of Project manager; 

(g) amount paid as ground rental for the Project by the Landlord; 

(h) except for a property management fee not to exceed three percent (3%) of gross revenues, overhead and profit increment paid
to the Landlord, and any amounts paid to the Landlord or to subsidiaries or affiliates of the Landlord for services in the Project to the extent the same exceeds the costs of such services rendered by qualified, first-class unaffiliated third
parties on a competitive basis; 
 (i) any compensation paid to clerks, attendants or other persons in commercial concessions
operated by the Landlord (other than as direct reimbursement for costs which, if incurred directly by Landlord, would properly be included in Operating Expenses); 

(j) rentals and other related expenses incurred in leasing air conditioning systems, elevators or other equipment which if
purchased the cost of which would be excluded from Operating Expenses as a capital cost, except equipment not affixed to the Project which is used in providing engineering, janitorial or similar services and, further excepting from this exclusion
such equipment rented or leased to remedy or ameliorate an emergency condition in the Project; 
 (k) all items and services
for which Tenant or any other tenant in the Project reimburses Landlord or which Landlord provides selectively to one or more tenants (other than Tenant) without reimbursement; 

(l) any costs expressly excluded from Operating Expenses elsewhere in this Lease; 

(m) rent for the amenities center or for any office space occupied by Project management personnel; 

(n) costs arising from the gross negligence or willful misconduct of Landlord or its agents, employees or contractors in
connection with this Lease; 
 (o) costs incurred to comply with laws relating to the removal or remediation of hazardous
material (as defined under applicable law), and any costs of fines or penalties relating to the presence of hazardous material, in each case to the extent not brought into the Building or Premises by Tenant or any Tenant Parties; 

(p) costs to correct any construction defect in the Project or to remedy any violation of a covenant, condition, restriction,
underwriter’s requirement or law that exists as of the Lease Commencement Date; 
 (q) capital costs occasioned by
casualties or condemnation. 
 (r) legal fees, accountants’ fees (other than normal bookkeeping expenses) and other
expenses incurred in connection with disputes of tenants or other occupants of the Project or associated with the enforcement of the terms of any leases with tenants or the defense of Landlord’s title to or interest in the Project or any part
thereof; 

  
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 (s) costs incurred due to a violation by Landlord or any other tenant of the
Project of the terms and conditions of a lease; and 
 (t) self-insurance retentions 

4.2.5 Taxes. 

4.2.5.1 “Tax Expenses” shall mean all federal, state, county, or local governmental or municipal taxes, fees, charges or
other impositions of every kind and nature, whether general, special, ordinary or extraordinary (including, without limitation, real estate taxes, general and special assessments, transit taxes, leasehold taxes or taxes based upon the receipt of
rent, including gross receipts or sales taxes applicable to the receipt of rent, unless required to be paid by Tenant, personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems and equipment, appurtenances,
furniture and other personal property used in connection with the Project, or any portion thereof), which shall be paid or accrued during any Expense Year (without regard to any different fiscal year used by such governmental or municipal authority)
because of or in connection with the ownership, leasing and operation of the Project, or any portion thereof. 
 4.2.5.2 Tax Expenses shall
include, without limitation: (i) Any tax on the rent, right to rent or other income from the Project, or any portion thereof, or as against the business of leasing the Project, or any portion thereof; (ii) Any assessment, tax, fee, levy or
charge in addition to, or in substitution, partially or totally, of any assessment, tax, fee, levy or charge previously included within the definition of real property tax; (iii) Any assessment, tax, fee, levy, or charge allocable to or
measured by the area of the Premises or the Rent payable hereunder, including, without limitation, any business or gross income tax or excise tax with respect to the receipt of such rent, or upon or with respect to the possession, leasing,
operating, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises, or any portion thereof; and (iv) Any assessment, tax, fee, levy or charge, upon this transaction or any document to which Tenant is a party,
creating or transferring an interest or an estate in the Premises or the improvements thereon. 
 4.2.5.3 Any costs and expenses (including,
without limitation, reasonable attorneys’ and consultants’ fees) incurred in attempting to protest, reduce or minimize Tax Expenses shall be included in Tax Expenses in the Expense Year such expenses are incurred. Tax refunds shall be
credited against Tax Expenses and refunded to Tenant regardless of when received, based on the Expense Year to which the refund is applicable, provided that in no event shall the amount to be refunded to Tenant for any such Expense Year exceed the
total amount paid by Tenant as Additional Rent under this Article 4 for such Expense Year. If Tax Expenses for any period during the Lease Term or any extension thereof are increased after payment thereof for any reason, including, without
limitation, error or reassessment by applicable governmental or municipal authorities, Tenant shall pay Landlord upon demand Tenant’s Share of any such increased Tax Expenses. Notwithstanding anything to the contrary contained in this
Section 4.2.5, there shall be excluded from Tax Expenses (i) all excess profits taxes, franchise taxes, gift taxes, capital stock taxes, inheritance and succession taxes, transfer taxes, estate taxes, federal and state
income taxes, and other taxes to the extent applicable to Landlord’s net income (as opposed to rents, receipts or income attributable to operations at the Project), (ii) any items included as Operating Expenses, (iii) any items paid by
Tenant under Section 4.5 of this Lease, (iv) assessments in excess of the amount which would be payable if such assessment expense were paid in installments over the longest permitted term; (v) taxes imposed on
land and improvements other than the Project; and (vi) tax increases resulting from the improvement of any of the Project for the sole use of other occupants. 

4.2.6 “Tenant’s Share” shall mean the percentage set forth in Section 6 of the Summary. 

4.3 Allocation of Direct Expenses. The parties acknowledge that the Building is a part of a multi-building project and that the
costs and expenses incurred in connection with the Project (i.e., the Direct Expenses) should be shared between the Building and the other buildings in the Project. Accordingly, as set forth in Section 4.2 above, Direct
Expenses (which consist of Operating Expenses and Tax Expenses) are determined annually for the Project as a whole, and a portion of the Direct Expenses, which portion shall be determined by Landlord on an equitable basis, shall be allocated to the
Building (as opposed to other buildings in the Project). Such portion of Direct Expenses allocated to the Building shall include all Direct Expenses attributable solely to the Building and a pro rata portion of the Direct Expenses attributable to
the Project as a whole, and shall not include Direct Expenses attributable solely to other buildings in the Project. 

  
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 4.4 Calculation and Payment of Additional Rent. Commencing on the Lease
Commencement Date, Tenant shall pay to Landlord, in the manner set forth in Section 4.4.1, below, and as Additional Rent, Tenant’s Share of Direct Expenses for each Expense Year during the Lease Term. 

4.4.1 Statement of Actual Direct Expenses and Payment by Tenant. Landlord shall give to Tenant within five (5) months
following the end of each Expense Year, a statement (the “Statement”) which shall state the Direct Expenses incurred or accrued for such preceding Expense Year, and which shall indicate the amount of Tenant’s Share of Direct
Expenses. Upon receipt of the Statement for each Expense Year commencing or ending during the Lease Term, Tenant shall pay, with its next installment of Base Rent due that is at least thirty (30) days thereafter, the full amount of
Tenant’s Share of Direct Expenses for such Expense Year, less the amounts, if any, paid during such Expense Year as “Estimated Direct Expenses,” as that term is defined in Section 4.4.2, below, and if
Tenant paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct Expenses, Tenant shall receive a credit in the amount of Tenant’s overpayment against Rent next due under this Lease. The failure of Landlord to timely
furnish the Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this Article 4. Even though the Lease Term has expired and Tenant has vacated the Premises, when the final determination is made
of Tenant’s Share of Direct Expenses for the Expense Year in which this Lease terminates, Tenant shall immediately pay to Landlord such amount, and if Tenant paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct
Expenses, Landlord shall, within thirty (30) days, deliver a check payable to Tenant in the amount of the overpayment. The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the
Lease Term. Notwithstanding the immediately preceding sentence, Tenant shall not be responsible for Tenant’s Share of any Direct Expenses attributable to any Expense Year which are first billed to Tenant more than two (2) calendar years
after the earlier of the expiration of the applicable Expense Year or the Lease Expiration Date, provided that in any event Tenant shall be responsible for Tenant’s Share of Direct Expenses levied by any governmental authority or by any public
utility companies at any time following the Lease Expiration Date which are attributable to any Expense Year (provided that Landlord delivers Tenant a bill for such amounts within two (2) years following Landlord’s receipt of the bill
therefor). 
 4.4.2 Statement of Estimated Direct Expenses. In addition, Landlord shall give Tenant a yearly expense estimate
statement (the “Estimate Statement”) which shall set forth Landlord’s reasonable estimate (the “Estimate”) of what the total amount of Direct Expenses for the then-current Expense Year shall be and the
estimated Tenant’s Share of Direct Expenses (the “Estimated Direct Expenses”). The failure of Landlord to timely furnish the Estimate Statement for any Expense Year shall not preclude Landlord from enforcing its rights to
collect any Estimated Direct Expenses under this Article 4, nor shall Landlord be prohibited from revising any Estimate Statement or Estimated Direct Expenses theretofore delivered to the extent necessary. Thereafter, Tenant shall pay, with
its next installment of Base Rent due that is at least thirty (30) days thereafter, a fraction of the Estimated Direct Expenses for the then-current Expense Year (reduced by any amounts paid pursuant to the last sentence of this
Section 4.4.2). Such fraction shall have as its numerator the number of months which have elapsed in such current Expense Year, including the month of such payment, and twelve (12) as its denominator. Until a new
Estimate Statement is furnished (which Landlord shall have the right to deliver to Tenant at any time), Tenant shall pay monthly, with the monthly Base Rent installments, an amount equal to one-twelfth (1/12)
of the total Estimated Direct Expenses set forth in the previous Estimate Statement delivered by Landlord to Tenant. 
 4.5 Taxes and
Other Charges for Which Tenant Is Directly Responsible. Tenant shall be liable for and shall pay ten (10) days before delinquency, taxes levied against Tenant’s equipment, furniture, fixtures and any other personal property located
in or about the Premises. If any such taxes on Tenant’s equipment, furniture, fixtures and any other personal property are levied against Landlord or Landlord’s property or if the assessed value of Landlord’s property is increased by
the inclusion therein of a value placed upon such equipment, furniture, fixtures or any other personal property and if Landlord pays the taxes based upon such increased assessment, which Landlord shall have the right to do regardless of the validity
thereof but only under proper protest if requested by Tenant, Tenant shall upon demand repay to Landlord the taxes so levied against Landlord or the proportion of such taxes resulting from such increase in the assessment, as the case may be. 

  
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 4.6 Landlord’s Books and Records. Within one hundred twenty
(120) days after receipt by Tenant of a Statement, if Tenant disputes the amount of Additional Rent set forth in the Statement, a member of Tenant’s finance department, or an independent certified public accountant (which accountant is a
member of a nationally recognized accounting firm and is not working on a contingency fee basis) (“Tenant’s Accountant”), designated and paid for by Tenant, may, after reasonable notice to Landlord and at reasonable times,
inspect Landlord’s records with respect to the Statement at Landlord’s offices, provided that there is no existing Event of Default and Tenant has paid all amounts required to be paid under the applicable Estimate Statement and Statement,
as the case may be. In connection with such inspection, Tenant and Tenant’s agents must agree in advance to follow Landlord’s reasonable rules and procedures regarding inspections of Landlord’s records, and shall execute a
commercially reasonable confidentiality agreement regarding such inspection. Tenant’s failure to dispute the amount of Additional Rent set forth in any Statement within one hundred twenty (120) days of Tenant’s receipt of such
Statement shall be deemed to be Tenant’s approval of such Statement and Tenant, thereafter, waives the right or ability to dispute the amounts set forth in such Statement. If after such inspection, Tenant still disputes such Additional Rent, a
determination as to the proper amount shall be made, at Tenant’s expense, by an independent certified public accountant (the “Accountant”) selected by Landlord and subject to Tenant’s reasonable approval; provided that if
such Accountant determines that Direct Expenses were overstated by more than five percent (5%), then the cost of the Accountant and the cost of such determination shall be paid for by Landlord, and Landlord shall reimburse Tenant’s the cost of
the Tenant’s Accountant (provided that such cost shall be a reasonable market cost for such services). Tenant hereby acknowledges that Tenant’s sole right to inspect Landlord’s books and records and to contest the amount of Direct
Expenses payable by Tenant shall be as set forth in this Section 4.6, and Tenant hereby waives any and all other rights pursuant to applicable law to inspect such books and records and/or to contest the amount of Direct
Expenses payable by Tenant. 
 5. USE OF PREMISES. 

5.1 Permitted Use. Tenant shall use the Premises solely for the Permitted Use set forth in Section 7 of
the Summary and Tenant shall not use or permit the Premises or the Project to be used for any other purpose or purposes whatsoever without the prior written consent of Landlord, which may be withheld in Landlord’s sole discretion. 

5.2 Prohibited Uses. Tenant further covenants and agrees that Tenant shall not use or permit any person or persons to use, the
Premises or any part thereof for any use or purpose in violation of the laws of the United States of America, the State of California, or the ordinances, regulations or requirements of the local municipal or county governing body or other lawful
authorities having jurisdiction over the Project) including, without limitation, any such laws, ordinances, regulations or requirements relating to hazardous materials or substances, as those terms are defined by applicable laws now or hereafter in
effect. Landlord shall have the right to impose reasonable, nondiscriminatory and customary rules and regulations regarding the use of the Project that do not unreasonably interfere with Tenant’s use of the Premises, as reasonably deemed
necessary by Landlord with respect to the orderly operation of the Project, and Tenant shall comply with such reasonable rules and regulations. Tenant shall not do or permit anything to be done in or about the Premises which will in any way obstruct
or interfere with the rights of other tenants or occupants of the Building, or injure or annoy them or use or allow the Premises to be used for any improper, unlawful or objectionable purpose, nor shall Tenant cause, maintain or permit any nuisance
in, on or about the Premises. Tenant shall comply with, and Tenant’s rights and obligations under the Lease and Tenant’s use of the Premises shall be subject and subordinate to, all recorded easements, covenants, conditions, and
restrictions now or hereafter affecting the Project, so long as the same do not unreasonably interfere with Tenant’s use of the Premises or parking rights or materially increase Tenant’s obligations or decrease Tenant’s rights under
this Lease. 

  
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 5.3 Hazardous Materials. 

5.3.1 Tenant’s Obligations. 

5.3.1.1 Prohibitions. As a material inducement to Landlord to enter into this Lease with Tenant, Tenant has fully and accurately
completed Landlord’s Pre-Leasing Environmental Exposure Questionnaire (the “Environmental Questionnaire”), which is attached as Exhibit E. Tenant agrees that except for
those chemicals or materials, and their respective quantities, specifically listed on the Environmental Questionnaire (as the same may be updated from time to time as provided below), neither Tenant nor Tenant’s employees, contractors and
subcontractors of any tier, entities with a contractual relationship with Tenant (other than Landlord), or any entity acting as an agent or sub-agent of Tenant (collectively, “Tenant’s
Agents”) will produce, use, store or generate any “Hazardous Materials,” as that term is defined below, on, under or about the Premises, nor cause any Hazardous Material to be brought upon, placed, stored, manufactured, generated,
blended, handled, recycled, used or “Released,” as that term is defined below, on, in, under or about the Premises. If any information provided to Landlord by Tenant on the Environmental Questionnaire, or otherwise relating to information
concerning Hazardous Materials is intentionally false, incomplete, or misleading in any material respect, the same shall be deemed a default by Tenant under this Lease. Upon Landlord’s request, or in the event of any material change in
Tenant’s use of Hazardous Materials in the Premises, Tenant shall deliver to Landlord an updated Environmental Questionnaire at least once a year. Tenant shall notify Landlord prior to using any Hazardous Materials in the Premises not described
on the initial Environmental Questionnaire, and, to the extent such use would, in Landlord’s reasonable judgment, cause a material increase in the risk of liability compared to the uses previously allowed in the Premises, such additional use
shall be subject to Landlord’s prior consent, which may be withheld in Landlord’s reasonable discretion. Tenant shall not install or permit Tenant’s Agents to install any underground storage tank on the Premises. For purposes of this
Lease, “Hazardous Materials” means all flammable explosives, petroleum and petroleum products, waste oil, radon, radioactive materials, toxic pollutants, asbestos, polychlorinated biphenyls (“PCBs”), medical waste,
chemicals known to cause cancer or reproductive toxicity, pollutants, contaminants, hazardous wastes, toxic substances or related materials, including without limitation any chemical, element, compound, mixture, solution, substance, object, waste or
any combination thereof, which is or may be hazardous to human health, safety or to the environment due to its radioactivity, ignitability, corrosiveness, reactivity, explosiveness, toxicity, carcinogenicity, infectiousness or other harmful or
potentially harmful properties or effects, or defined as, regulated as or included in, the definition of “hazardous substances,” “hazardous wastes,” “hazardous materials,” or “toxic substances” under any
Environmental Laws. For purposes of this Lease, “Release” or “Released” or “Releases” shall mean any release, deposit, discharge, emission, leaking, spilling, seeping, migrating, injecting, pumping,
pouring, emptying, escaping, dumping, disposing, or other movement of Hazardous Materials into the environment. Landlord acknowledges that Tenant will be installing and using fume hoods in the Premises and that emissions of Hazardous Materials into
the air in compliance with all Environmental Laws shall not be considered Releases. 
 5.3.1.2 Notices to Landlord. Tenant
shall notify Landlord in writing as soon as possible but in no event later than five (5) days after (i) the occurrence of any actual, alleged or threatened Release of any Hazardous Material in, on, under, from, about or in the vicinity of
the Premises (whether past or present), regardless of the source or quantity of any such Release, or (ii) Tenant becomes aware of any regulatory actions, inquiries, inspections, investigations, directives, or any cleanup, compliance,
enforcement or abatement proceedings (including any threatened or contemplated investigations or proceedings) relating to or potentially affecting the Premises, or (iii) Tenant becomes aware of any claims by any person or entity relating to any
Hazardous Materials in, on, under, from, about or in the vicinity of the Premises, whether relating to damage, contribution, cost recovery, compensation, loss or injury. Collectively, the matters set forth in clauses (i), (ii) and
(iii) above are hereinafter referred to as “Hazardous Materials Claims”. Tenant shall promptly forward to Landlord copies of all orders, notices, permits, applications and other communications and reports in connection with any
Hazardous Materials Claims. Additionally, Tenant shall promptly advise Landlord in writing of Tenant’s discovery of any occurrence or condition on, in, under or about the Premises that could subject Tenant or Landlord to any liability, or
restrictions on ownership, occupancy, transferability or use of the Premises under any “Environmental Laws,” as that term is defined below. Tenant shall not enter into any legal proceeding or other action, settlement, consent decree or
other compromise with respect to any Hazardous Materials Claims without first notifying Landlord of Tenant’s intention to do so and affording Landlord the opportunity to join and participate, as a party if Landlord so elects, in such
proceedings and in no event shall Tenant enter into any agreements which are binding on Landlord or the Premises without Landlord’s prior written consent. Landlord shall have the right to appear at and participate in, any and all legal or other
administrative proceedings concerning any Hazardous Materials Claim. For purposes of this Lease, “Environmental Laws” means all applicable present and future laws relating to the protection of human health, safety, wildlife or the
environment, including, without limitation, (i) all requirements pertaining to reporting, licensing, permitting, investigation and/or remediation of emissions, discharges, Releases, or threatened Releases of Hazardous Materials, whether solid,
liquid, or gaseous in nature, into the air, surface water, groundwater, or land, or relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling of

  
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Hazardous Materials; and (ii) all requirements pertaining to the health and safety of employees or the public. Environmental Laws include, but are not limited to, the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, 42 USC § 9601, et seq., the Hazardous Materials Transportation Authorization Act of 1994, 49 USC § 5101, et seq., the Solid Waste Disposal Act, as amended
by the Resource Conservation and Recovery Act of 1976, and Hazardous and Solid Waste Amendments of 1984, 42 USC § 6901, et seq., the Federal Water Pollution Control Act, as amended by the Clean Water Act of 1977, 33 USC
§ 1251, et seq., the Clean Air Act of 1966, 42 USC § 7401, et seq., the Toxic Substances Control Act of 1976, 15 USC § 2601, et seq., the Safe Drinking Water Act of 1974, 42 USC §§ 300f
through 300j, the Occupational Safety and Health Act of 1970, as amended, 29 USC § 651 et seq., the Oil Pollution Act of 1990, 33 USC § 2701 et seq., the Emergency Planning and Community
Right-To-Know Act of 1986, 42 USC § 11001 et seq., the National Environmental Policy Act of 1969, 42 USC § 4321 et seq., the Federal
Insecticide, Fungicide and Rodenticide Act of 1947, 7 USC § 136 et seq., California Carpenter-Presley-Tanner Hazardous Substance Account Act, California Health & Safety Code §§ 25300 et seq., Hazardous Materials
Release Response Plans and Inventory Act, California Health & Safety Code, §§ 25500 et seq., Underground Storage of Hazardous Substances provisions, California Health & Safety Code, §§ 25280 et seq., California
Hazardous Waste Control Law, California Health & Safety Code, §§ 25100 et seq., and any other state or local law counterparts, as amended, as such applicable laws, are in effect as of the Lease Commencement Date, or thereafter
adopted, published, or promulgated. 
 5.3.1.3 Releases of Hazardous Materials. If any Release of any Hazardous Material in,
on, under, from or about the Premises shall occur at any time during the Lease by Tenant or Tenant’s Agents, in addition to notifying Landlord as specified above, Tenant, at its own sole cost and expense, shall (i) immediately comply with
any and all reporting requirements imposed pursuant to any and all Environmental Laws, (ii) provide a written certification to Landlord indicating that Tenant has complied with all applicable reporting requirements, (iii) take any and all
necessary investigation, corrective and remedial action in accordance with any and all applicable Environmental Laws, utilizing an environmental consultant approved by Landlord, all in accordance with the provisions and requirements of this
Section 5.3, including, without limitation, Section 5.3.4, and (iv) take any such additional investigative, remedial and corrective actions as
Landlord shall in its reasonable discretion deem necessary such that the Premises are remediated to the condition existing prior to such Release. 

5.3.1.4 Indemnification. 

5.3.1.4.1 In General. Without limiting in any way Tenant’s obligations under any other provision of this
Lease, Tenant shall be solely responsible for and shall protect, defend, indemnify and hold the Landlord Parties harmless from and against any and all claims, judgments, losses, damages, costs, expenses, penalties, enforcement actions, taxes, fines,
remedial actions, liabilities (including, without limitation, actual attorneys’ fees, litigation, arbitration and administrative proceeding costs, expert and consultant fees and laboratory costs) including, without limitation, consequential
damages and sums paid in settlement of claims, which arise during or after the Lease Term, whether foreseeable or unforeseeable, that arise during or after the Lease Term in whole or in part, foreseeable or unforeseeable, directly or indirectly
arising out of or attributable to the Release of Hazardous Materials in, on, under or about the Premises by Tenant or Tenant’s Agents. 

5.3.1.4.2 Limitations. Notwithstanding anything in
Section 5.3.1.4, above, to the contrary, Tenant’s indemnity of Landlord as set forth in Section 5.3.1.4, above, shall not be applicable to claims
based upon Hazardous Materials not Released by Tenant or Tenant’s Agents. 
 5.3.1.4.3 Landlord
Indemnity. Under no circumstance shall Tenant be liable for, and Landlord shall indemnify, defend, protect and hold harmless Tenant and Tenant’s Agents from and against, all losses, costs, claims, liabilities and damages (including
attorneys’ and consultants’ fees) arising out of any Hazardous Materials that exist in, on or about the Project as of the date hereof, or Hazardous Material Released by Landlord or any Landlord Parties. Landlord will provide Tenant with
any Hazardous Material reports relating to the Building that Landlord has in its immediate possession. The provision of such reports shall be for informational purposes only, and Landlord does not make any representation or warranty as to the
correctness or completeness of any such reports. 

  
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 5.3.1.5 Compliance with Environmental Laws. Without limiting the generality
of Tenant’s obligation to comply with applicable laws as otherwise provided in this Lease, Tenant shall, at its sole cost and expense, comply with all Environmental Laws related to the use of Hazardous Materials by Tenant and Tenant’s
Agents. Tenant shall obtain and maintain any and all necessary permits, licenses, certifications and approvals appropriate or required for the use, handling, storage, and disposal of any Hazardous Materials used, stored, generated, transported,
handled, blended, or recycled by Tenant on the Premises. Landlord shall have a continuing right, without obligation, to require Tenant to obtain, and to review and inspect any and all such permits, licenses, certifications and approvals, together
with copies of any and all Hazardous Materials management plans and programs, any and all Hazardous Materials risk management and pollution prevention programs, and any and all Hazardous Materials emergency response and employee training programs
respecting Tenant’s use of Hazardous Materials. Upon request of Landlord, Tenant shall deliver to Landlord a narrative description explaining the nature and scope of Tenant’s activities involving Hazardous Materials and showing to
Landlord’s satisfaction compliance with all Environmental Laws and the terms of this Lease. 
 5.3.2 Assurance of
Performance. 
 5.3.2.1 Environmental Assessments In General. Landlord may, but shall not be required to, engage from
time to time such contractors as Landlord determines to be appropriate (and which are reasonably acceptable to Tenant) to perform environmental assessments of a scope reasonably determined by Landlord (an “Environmental Assessment”)
to ensure Tenant’s compliance with the requirements of this Lease with respect to Hazardous Materials. 
 5.3.2.2 Costs of
Environmental Assessments. All costs and expenses incurred by Landlord in connection with any such Environmental Assessment initially shall be paid by Landlord; provided that if any such Environmental Assessment shows that Tenant has failed
to comply with the provisions of this Section 5.3, then all of the costs and expenses of such Environmental Assessment shall be reimbursed by Tenant as Additional Rent within thirty (30) days after
receipt of written demand therefor. 
 5.3.3 Tenant’s Obligations upon Surrender. At the expiration or earlier termination
of the Lease Term, Tenant, at Tenant’s sole cost and expense, shall: (i) cause an Environmental Assessment of the Premises to be conducted in accordance with Section 15.3; (ii) cause all
Hazardous Materials brought onto the Premises by Tenant or Tenant’s Agents to be removed from the Premises and disposed of in accordance with all Environmental Laws and as necessary to allow the Premises to be used for the purposes allowed as
of the date of this Lease; and (iii) cause to be removed all containers installed or used by Tenant or Tenant’s Agents to store any Hazardous Materials on the Premises, and cause to be repaired any damage to the Premises caused by such
removal. 
 5.3.4 Clean-up. 

5.3.4.1 Environmental Reports; Clean-Up. If any written report, including any report
containing results of any Environmental Assessment (an “Environmental Report”) shall indicate (i) the presence of any Hazardous Materials as to which Tenant has a removal or remediation obligation under this
Section 5.3, and (ii) that as a result of same, the investigation, characterization, monitoring, assessment, repair, closure, remediation, removal, or other
clean-up (the “Clean-up”) of any Hazardous Materials is required, Tenant shall immediately prepare and submit to Landlord within thirty (30) days
after receipt of the Environmental Report a comprehensive plan, subject to Landlord’s written approval, specifying the actions to be taken by Tenant to perform the Clean-up so that the Premises are
restored to the conditions required by this Lease. Upon Landlord’s approval of the Clean-up plan, Tenant shall, at Tenant’s sole cost and expense, without limitation on any rights and remedies of
Landlord under this Lease, immediately implement such plan with a consultant reasonably acceptable to Landlord and proceed to Clean-Up Hazardous Materials in accordance with all applicable laws. If, within
thirty (30) days after receiving a copy of such Environmental Report, Tenant fails either (a) to complete such Clean-up, or (b) with respect to any
Clean-up that cannot be completed within such thirty-day period, fails to proceed with diligence to prepare the Clean-up plan and
complete the Clean-up as promptly as practicable, then Landlord shall have the right, but not the obligation, and without waiving any other rights under this Lease, to carry out any Clean-up recommended by the Environmental Report or required by any governmental authority having jurisdiction over the Premises, and recover all of the costs and expenses thereof from Tenant as Additional Rent,
payable within ten (10) days after receipt of written demand therefor. 

  
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 5.3.4.2 No Rent Abatement. Tenant shall continue to pay all Rent due or
accruing under this Lease during any Clean-up, and shall not be entitled to any reduction, offset or deferral of any Base Rent or Additional Rent due or accruing under this Lease during any such Clean-up. 
 5.3.4.3 Surrender of Premises. Tenant shall complete any Clean-up prior to surrender of the Premises upon the expiration or earlier termination of this Lease. Tenant shall obtain and deliver to Landlord a letter or other written determination from the overseeing
governmental authority confirming that the Clean-up has been completed in accordance with all requirements of such governmental authority and that no further response action of any kind is required for the
unrestricted use of the Premises (“Closure Letter”). Upon the expiration or earlier termination of this Lease, Tenant shall also be obligated to close all permits obtained in connection with Hazardous Materials used by Tenant or
Tenant’s Agents in accordance with applicable laws. 
 5.3.4.4 Failure to Timely
Clean-Up. Should any Clean-up for which Tenant is responsible not be completed, or should Tenant not receive the Closure Letter and any governmental approvals
required under Environmental Laws in conjunction with such Clean-up prior to the expiration or earlier termination of this Lease, then, commencing on the later of the termination of this Lease and three
(3) business days after Landlord’s delivery of notice of such failure and that it elects to treat such failure as a holdover, Tenant shall be liable to Landlord as a holdover tenant (as more particularly provided in
Article 16) until Tenant has fully complied with its obligations under this Section 5.3. 

5.3.5 Confidentiality. Unless compelled to do so by applicable law, Tenant agrees that Tenant shall not disclose, discuss,
disseminate or copy any information, data, findings, communications, conclusions and reports regarding the environmental condition of the Premises to any Person (other than Tenant’s consultants, attorneys, property managers, employees,
shareholders and potential and actual investors, lenders, business and merger partners, subtenants and assignees that have a need to know such information), including any governmental authority, without the prior written consent of Landlord. In the
event Tenant reasonably believes that disclosure is compelled by applicable law, it shall provide Landlord ten (10) days’ advance notice of disclosure of confidential information so that Landlord may attempt to obtain a protective order.
Tenant may additionally release such information to bona fide prospective purchasers or lenders, subject to any such parties’ written agreement to be bound by the terms of this Section 5.3. 

5.3.6 Copies of Environmental Reports. Within thirty (30) days of receipt thereof, Tenant shall provide Landlord with a copy
of any and all environmental assessments, audits, studies and reports regarding Tenant’s activities with respect to the Premises, or ground water beneath the Land, or the environmental condition or
Clean-up thereof. Tenant shall be obligated to provide Landlord with a copy of such materials without regard to whether such materials are generated by Tenant or prepared for Tenant, or how Tenant comes into
possession of such materials. 
 5.3.7 Signs, Response Plans, Etc. Tenant shall be responsible for posting on the Premises any
signs required under applicable Environmental Laws with respect to the use of Hazardous Materials by Tenant or Tenant’s Agents. Tenant shall also complete and file any business response plans or inventories required by any applicable laws.
Tenant shall concurrently file a copy of any such business response plan or inventory with Landlord. 
 5.3.8 Survival. Each
covenant, agreement, representation, warranty and indemnification made by Tenant set forth in this Section 5.3 shall survive the expiration or earlier termination of this Lease and shall remain
effective until all of Tenant’s obligations under this Section 5.3 have been completely performed and satisfied. 

  
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 6. SERVICES AND UTILITIES. 

6.1 In General. Landlord will be responsible, at Tenant’s sole cost and expense (subject to the terms of
Section 4.2.4, above), for the furnishing of heating, ventilation and air-conditioning, electricity, water, and interior Building security services to the Premises. Landlord shall not
provide janitorial or telephone services for the Premises. Tenant shall be solely responsible for performing all janitorial services and other cleaning of the Premises, all in compliance with applicable laws. The janitorial and cleaning of the
Premises shall be adequate to maintain the Premises in a manner consistent with First Class Life Sciences Projects. 
 Tenant shall
cooperate fully with Landlord at all times and abide by all reasonable regulations and requirements that Landlord may reasonably prescribe for the proper functioning and protection of the HVAC, electrical, mechanical and plumbing systems. Provided
that Landlord agrees to provide and maintain and keep in continuous service utility connections to the Project, including electricity, water and sewage connections, Landlord shall have no obligation to provide any services or utilities to the
Building, including, but not limited to heating, ventilation and air-conditioning, electricity, water, telephone, janitorial and interior Building security services, except as set forth in this
Section 6.1, above. 
 6.2 Tenant Payment of Utilities Costs. After the Lease Commencement Date to
the extent that any utilities (including without limitation, electricity, gas, sewer and water) to the Building are separately metered or sub-metered to the Premises, such utilities shall either be contracted
for and paid directly by Tenant to the applicable utility provider, or reimbursed by Tenant to Landlord within thirty (30) days after billing. After the Lease Commencement Date, to the extent that any utilities (including without limitation,
electricity, gas, sewer and water) to the Building are not separately metered to the Premises, then Tenant shall pay to Landlord, within thirty (30) days after billing, an equitable portion of the Building utility costs, based on Tenant’s
proportionate use thereof. 
 6.3 Interruption of Use. Tenant agrees that Landlord shall not be liable for damages, by
abatement of Rent or otherwise, for failure to furnish or delay in furnishing any service or utility (including, without limitation, telephone and telecommunication services, UPS services, or other laboratory services or utilities), or for any
diminution in the quality or quantity thereof, when such failure or delay or diminution is occasioned, in whole or in part, by breakage, repairs, replacements, or improvements, by any strike, lockout or other labor trouble, by inability to secure
electricity, gas, water, or other fuel at the Building or Project after reasonable effort to do so, by any riot or other dangerous condition, emergency, accident or casualty whatsoever, by act or default of Tenant or other parties, or by any other
cause; and such failures or delays or diminution shall never be deemed to constitute an eviction or disturbance of Tenant’s use and possession of the Premises or relieve Tenant from paying Rent or performing any of its obligations under this
Lease. Notwithstanding the foregoing, Landlord may be liable for damages to the extent caused by the negligence or willful misconduct of Landlord or the Landlord Parties, provided that Landlord shall not be liable under any circumstances for injury
to, or interference with, Tenant’s business, including, without limitation, loss of profits, however occurring, through or in connection with or incidental to a failure to furnish any of the services or utilities as set forth in this Article
6. 
 6.4 Energy Performance Disclosure Information. Tenant hereby acknowledges that Landlord may be required to disclose
certain information concerning the energy performance of the Building pursuant to California Public Resources Code Section 25402.10 and the regulations adopted pursuant thereto (collectively the “Energy Disclosure
Requirements”). Tenant hereby acknowledges prior receipt of the Data Verification Checklist, as defined in the Energy Disclosure Requirements (the “Energy Disclosure Information”), and agrees that Landlord has timely
complied in full with Landlord’s obligations under the Energy Disclosure Requirements. Tenant acknowledges and agrees that (i) Landlord makes no representation or warranty regarding the energy performance of the Building or the accuracy or
completeness of the Energy Disclosure Information, (ii) the Energy Disclosure Information is for the current occupancy and use of the Building and that the energy performance of the Building may vary depending on future occupancy and/or use of
the Building, and (iii) Landlord shall have no liability to Tenant for any errors or omissions in the Energy Disclosure Information. If and to the extent not prohibited by applicable laws, Tenant hereby waives any right Tenant may have to
receive the Energy Disclosure Information, including, without limitation, any right Tenant may have to terminate this Lease as a result of Landlord’s failure to disclose such information. Further, Tenant hereby releases Landlord from any and
all losses, costs, damages, expenses and/or liabilities relating to, arising out of and/or resulting from the Energy Disclosure Requirements, 

  
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including, without limitation, any liabilities arising as a result of Landlord’s failure to disclose the Energy Disclosure Information to Tenant prior to the execution of this Lease.
Tenant’s acknowledgment of the AS-IS condition of the Premises pursuant to the terms of this Lease shall be deemed to include the energy performance of the Building. Tenant further acknowledges that
pursuant to the Energy Disclosure Requirements, Landlord may be required in the future to disclose information concerning Tenant’s energy usage to certain third parties, including, without limitation, prospective purchasers, lenders and tenants
of the Building (the “Tenant Energy Use Disclosure”). Tenant hereby (A) consents to all such Tenant Energy Use Disclosures, and (B) acknowledges that Landlord shall not be required to notify Tenant of any Tenant Energy Use
Disclosure. Further, Tenant hereby releases Landlord from any and all losses, costs, damages, expenses and liabilities relating to, arising out of and/or resulting from any Tenant Energy Use Disclosure. The terms of this
Section 6.3 shall survive the expiration or earlier termination of this Lease. 
 6.5
Generator. Commencing on the Lease Commencement Date, Tenant shall have the right to connect to the Building back-up generator, which Landlord shall install as part of Landlord’s Work
(the “Generator”), for Tenant’s Share of the Generator’s available capacity to provide back-up generator services to the Premises. During the Lease Term, Landlord shall maintain the
Generator in good condition and repair, and Tenant shall be responsible for a share of the costs of such maintenance and repair based on the proportion of the Generator capacity allocated to the Premises. Notwithstanding the foregoing, Landlord
shall not be liable for any damages whatsoever resulting from any failure in operation of the Generator, or the failure of the Generator to provide suitable or adequate back-up power to the Premises, including
but not limited to, loss of profits, loss of rents or other revenues, loss of business opportunity, loss of goodwill or loss of use, in each case, however occurring, or loss to inventory, scientific research, scientific experiments, laboratory
animals, products, specimens, samples, and/or scientific, business, accounting and other records of every kind and description kept at the Premises and any and all income derived or derivable therefrom. 

6.6 Chemical Storage Room. Tenant shall have the right to utilize storage space in the chemical storage room to be constructed by
Landlord in the Building pursuant to Schedule 1 to Exhibit B (the “Chemical Storage Room”), for up to Tenant’s Share of the Chemical Storage Room’s storage capacity, provided that Tenant shall be responsible for
providing any equipment or modifications (e.g., (self-contained bunkers, dedicated exhaust, additional fire rating, etc.) to support Tenant’s specific usage and Landlord shall demise by chain link fence Tenant’s Share of the usable space
of the Chemical Storage Room. During the Lease Term, Landlord shall maintain the Chemical Storage Room in good condition and repair, and Tenant shall be responsible for a share of the costs of such maintenance and repair based on the proportion of
the capacity of the Chemical Storage Room allocated to Tenant’s use (subject to the provisions of Section 4.2.4 above). Notwithstanding the foregoing, Landlord shall not be liable for any damages whatsoever resulting
from any failure in operation of the Chemical Storage Room, or the failure of the Chemical Storage Room to provide suitable or adequate storage of Tenant’s chemicals, including but not limited to, loss of profits, loss of rents or other
revenues, loss of business opportunity, loss of goodwill or loss of use, in each case, however occurring, or loss to inventory, scientific research, scientific experiments, laboratory animals, products, specimens, samples, and/or scientific,
business, accounting and other records of every kind and description kept at the Chemical Storage Room or the Premises and any and all income derived or derivable therefrom. 

7. REPAIRS. 
 7.1 Tenant Repair
Obligations. Tenant shall, throughout the Term, at its sole cost and expense, maintain, repair or replace as required, the Premises in a good standard of maintenance, repair and replacement as required, and in good and sanitary condition,
all in accordance with the standards of First Class Life Sciences Projects, except for the Landlord Repair Obligations, whether or not such maintenance, repair, replacement or improvement is required in order to comply with applicable Laws
(“Tenant’s Repair Obligations”), including without limitation, all electrical facilities and equipment, including lighting fixtures, lamps, fans and any exhaust equipment and systems, electrical motors and all other appliances
and equipment of every kind and nature located in the Premises; all communications systems serving the Premises; all of Tenant’s security systems in or about or serving the Premises; Tenant’s signage; interior demising walls and partitions
(including painting and wall coverings), equipment, floors. Tenant shall additionally be responsible, at Tenant’s sole cost and expense, to furnish all expendables, including light bulbs, paper goods and soaps, used in the Premises. 

  
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 7.2 Landlord Repair Obligations. Landlord shall be responsible, as a part of
Operating Expenses, for repairs to and routine maintenance of the Building including without limitation: (1) exterior windows, window frames, window casements (including the repairing, resealing, cleaning and replacing of exterior windows); (2)
exterior doors, door frames and door closers; (3) the Building (as opposed to the Premises) and Project plumbing, sewer, drainage, electrical, fire protection, life safety and security systems and equipment, existing heating, ventilation and air-conditioning systems, and all other mechanical and HVAC systems and equipment (collectively, the “Building Systems”), (4) the exterior glass, exterior walls, foundation and roof of the
Building, the structural portions of the floors of the Building, including, without limitation, any painting, sealing, patching and waterproofing of exterior walls, and (5) repairs to the elevator in the Building and underground utilities,
except to the extent that any such repairs are required due to the negligence or willful misconduct of Tenant (the “Landlord Repair Obligations”); provided, however, that if such repairs are due to the negligence or willful
misconduct of Tenant, Landlord shall nevertheless make such repairs at Tenant’s expense, or, if covered by Landlord’s insurance, Tenant shall only be obligated to pay any deductible in connection therewith. Costs expended by Landlord in
connection with the Landlord Repair Obligations shall be included in Operating Expenses to the extent allowed pursuant to the terms of Article 4, above. Landlord shall cooperate with Tenant to enforce any warranties that Landlord holds that
could reduce Tenant’s maintenance obligations under this Lease. 
 7.3 Tenant’s Right to Make Repairs.
Notwithstanding any provision to the contrary contained in this Lease, if Tenant provides written notice to Landlord of an event or circumstance which requires the action of Landlord under this Lease with respect to repair and/or maintenance
required in the Premises, including repairs to the portions of the Building located within the Premises that are Landlord’s responsibility under Section 7.4 (the “Base Building”), which event or
circumstance with respect to the Base Building materially and adversely affects the conduct of Tenant’s business from the Premises, and Landlord fails to commence corrective action within a reasonable period of time, given the circumstances,
after the receipt of such notice, but in any event not later than thirty (30) days after receipt of said notice (unless Landlord’s obligation cannot reasonably be performed within thirty (30) days, in which event Landlord shall be
allowed additional time as is reasonably necessary to perform the obligation so long as Landlord begins performance within the initial thirty (30) days and diligently pursues performance to completion), or, in the event of an Emergency (as
defined below), not later than five (5) business days after receipt of such notice, then Tenant shall have the right to undertake such actions as may be reasonably necessary to make such repairs if Landlord thereafter fails to commence
corrective action within five (5) business days following Landlord’s receipt of a second written notice from Tenant specifying that Tenant will undertake such actions if Landlord fails to timely do so (provided that such notice shall
include the following language in bold, capitalized text: “IF LANDLORD FAILS TO COMMENCE THE REPAIRS DESCRIBED IN THIS LETTER WITHIN FIVE (5) BUSINESS DAYS FROM LANDLORD’S RECEIPT OF THIS LETTER, TENANT WILL PERFORM
SUCH REPAIRS AT LANDLORD’S EXPENSE”; provided, however, that in no event shall Tenant undertake any actions that could materially or adversely affect the Base Building. Notwithstanding the foregoing, in the event of an Emergency, no
second written notice shall be required as long as Tenant advises Landlord in the first written notice of Tenant’s intent to perform such Emergency repairs if Landlord does not commence the same within such five (5) business day period,
utilizing the language required in second notices. If such action was required under the terms of this Lease to be taken by Landlord and was not commenced by Landlord within such five (5) business day period and thereafter diligently pursued to
completion, then Tenant shall be entitled to prompt reimbursement by Landlord of the reasonable out-of-pocket third-party costs and expenses actually incurred by Tenant
in taking such action. If Tenant undertakes such corrective actions pursuant to this Section 7.3, then (a) the insurance and indemnity provisions set forth in this Lease shall apply to Tenant’s performance of such
corrective actions, (b) Tenant shall proceed in accordance with all applicable laws, (c) Tenant shall retain to perform such corrective actions only such reputable contractors and suppliers as are duly licensed and qualified,
(d) Tenant shall effect such repairs in a good and workmanlike and commercially reasonable manner, (e) Tenant shall use new or like new materials, and (f) Tenant shall take reasonable efforts to minimize any material interference or
impact on the other tenants and occupants of the Building. Promptly following completion of any work taken by Tenant pursuant to the terms of this Section 7.5, Tenant shall deliver a detailed invoice of the work completed, the materials used
and the costs relating thereto, and Landlord shall reimburse Tenant the amounts expended by Tenant in connection with such work, provided that Landlord shall have the right to object if Landlord claims that such action did not have to be taken by
Landlord pursuant to the terms of this Lease or that the charges are excessive (in which case Landlord shall pay the amount it contends would not have been excessive). For purposes of this Section 7.5, an
“Emergency” shall mean an event threatening immediate and material danger to people located in the Building or immediate, material damage to the Building, Base Building, or creating a realistic possibility of an immediate and
material interference with, or immediate and material interruption of a material aspect of Tenant’s business operations. 

  
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 8. ADDITIONS AND ALTERATIONS. 

8.1 Landlord’s Consent to Alterations. Tenant may not make any improvements, alterations, additions or changes to the
Premises or any mechanical, plumbing or HVAC facilities or systems pertaining to the Premises (collectively, the “Alterations”) without first procuring the prior written consent of Landlord to such Alterations, which consent shall
be requested by Tenant not less than ten (10) business days prior to the commencement thereof, and which consent shall not be unreasonably withheld by Landlord, provided it shall be deemed reasonable for Landlord to withhold its consent to any
Alteration which adversely affects the structural portions or the systems or equipment of the Building or is visible from the exterior of the Building. Notwithstanding the foregoing, Tenant shall be permitted to make Alterations following ten
(10) business days’ notice to Landlord (as to Alterations costing more than $10,000 only), but without Landlord’s prior consent, to the extent that such Alterations (i) do not affect the building systems or equipment (other than
minor changes such as adding or relocating electrical outlets and thermostats), (ii) are not visible from the exterior of the Building, and (iii) cost less than $100,000.00 for a particular job of work. The construction of the Tenant
Improvements to the Premises shall be governed by the terms of the Tenant Work Letter and not the terms of this Article 8. 
 8.2
Manner of Construction. Landlord may impose, as a condition of its consent to any and all Alterations or repairs of the Premises or about the Premises, such requirements as Landlord in its reasonable discretion may deem desirable,
including, but not limited to, the requirement that upon Landlord’s request, Tenant shall, at Tenant’s expense, remove such Alterations upon the expiration or any early termination of the Lease Term. Tenant shall construct such Alterations
and perform such repairs in a good and workmanlike manner, in conformance with any and all applicable federal, state, county or municipal laws, rules and regulations and pursuant to a valid building permit, issued by the city in which the Building
is located (or other applicable governmental authority). Tenant shall not use (and upon notice from Landlord shall cease using) contractors, services, workmen, labor, materials or equipment that, in Landlord’s reasonable judgment, would disturb
labor harmony with the workforce or trades engaged in performing other work, labor or services in or about the Building or the Common Areas. Upon completion of any Alterations, Tenant shall deliver to Landlord final lien waivers from all
contractors, subcontractors and materialmen who performed such work. In addition to Tenant’s obligations under Article 9 of this Lease, upon completion of any Alterations, Tenant agrees to cause a Notice of Completion to be recorded in
the office of the Recorder of the County of San Mateo in accordance with Section 3093 of the Civil Code of the State of California or any successor statute, and Tenant shall deliver to the Project construction manager a reproducible copy of the
“as built” drawings of the Alterations as well as all permits, approvals and other documents issued by any governmental agency in connection with the Alterations. 

8.3 Payment for Improvements. In connection with any Alterations that affect the Building systems (other than minor changes such
as adding or relocating electrical outlets and thermostats), or which have a cost in excess of $100,000, Tenant shall reimburse Landlord for Landlord’s reasonable, actual,
out-of-pocket costs and expenses actually incurred in connection with Landlord’s review of such work. 

8.4 Construction Insurance. In addition to the requirements of Article 10 of this Lease, in the event that Tenant makes
any Alterations, prior to the commencement of such Alterations, Tenant shall provide Landlord with evidence that Tenant or Tenant’s contractor carries “Builder’s All Risk” insurance (to the extent that the cost of such
work shall exceed $100,000) in an amount approved by Landlord covering the construction of such Alterations, and such other insurance as Landlord may reasonably require, it being understood and agreed that all of such Alterations shall be insured by
Landlord pursuant to Article 10 of this Lease immediately upon completion thereof. In addition, Tenant’s contractors and subcontractors shall be required to carry Commercial General Liability Insurance in an amount approved by Landlord
and otherwise in accordance with the requirements of Article 10 of this Lease. In connection with Alterations with a cost in excess of $250,000, Landlord may, in its reasonable discretion, require Tenant to obtain a lien and completion bond or some
alternate form of security satisfactory to Landlord in an amount sufficient to ensure the lien-free completion of such Alterations and naming Landlord as a co-obligee. 

  
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 8.5 Landlord’s Property. All Alterations, improvements, fixtures,
equipment and/or appurtenances which may be installed or placed in or about the Premises, from time to time, shall be at the sole cost of Tenant and all Alterations and improvements, shall be and become the property of Landlord and remain in place
at the Premises following the expiration or earlier termination of this Lease. Notwithstanding the foregoing, Landlord may, by written notice to Tenant given at the time it consents to an Alteration, require Tenant, at Tenant’s expense, to
remove any Alterations within the Premises and to repair any damage to the Premises and Building caused by such removal. If Tenant fails to complete such removal and/or to repair any damage caused by the removal of any Alterations, Landlord may do
so and may charge the cost thereof to Tenant. Tenant hereby protects, defends, indemnifies and holds Landlord harmless from any liability, cost, obligation, expense or claim of lien in any manner relating to the installation, placement, removal or
financing of any such Alterations, improvements, fixtures and/or equipment in, on or about the Premises, which obligations of Tenant shall survive the expiration or earlier termination of this Lease. Notwithstanding the foregoing, except to the
extent the same are paid for by the Tenant Improvement Allowance, the items set forth in Exhibit F attached hereto (the “Tenant’s Property”) shall at all times be and remain Tenant’s property. Exhibit
F may be updated from time to time by agreement of the parties. Tenant may remove the Tenant’s Property from the Premises at any time, provided that Tenant repairs all damage caused by such removal. Landlord shall have no lien or other
interest in the Tenant’s Property. 
 9. COVENANT AGAINST LIENS. Tenant shall keep the Project and Premises free from any liens or
encumbrances arising out of the work performed, materials furnished or obligations incurred by or on behalf of Tenant, and shall protect, defend, indemnify and hold Landlord harmless from and against any claims, liabilities, judgments or costs
(including, without limitation, reasonable attorneys’ fees and costs) arising out of same or in connection therewith. Except as to Alterations as to which no notice is required under the second sentence of Section 8.1,
Tenant shall give Landlord notice at least ten (10) business days prior to the commencement of any such work on the Premises (or such additional time as may be necessary under applicable laws) to afford Landlord the opportunity of posting and
recording appropriate notices of non-responsibility (to the extent applicable pursuant to then applicable laws). Tenant shall remove any such lien or encumbrance by bond or otherwise within ten
(10) business days after notice by Landlord, and if Tenant shall fail to do so, Landlord may pay the amount necessary to remove such lien or encumbrance, without being responsible for investigating the validity thereof. 

10. INSURANCE. 
 10.1
Indemnification and Waiver. Except as provided in Section 10.5 or to the extent due to the negligence, willful misconduct or violation of this Lease by Landlord or the Landlord Parties, Tenant hereby assumes
all risk of damage to property in, upon or about the Premises from any cause whatsoever (including, but not limited to, any personal injuries resulting from a slip and fall in, upon or about the Premises) and agrees that Landlord, its partners,
subpartners and their respective officers, agents, servants, employees, and independent contractors (collectively, “Landlord Parties”) shall not be liable for, and are hereby released from any responsibility for, any damage either
to person or property or resulting from the loss of use thereof, which damage is sustained by Tenant or by other persons claiming through Tenant. Tenant shall indemnify, defend, protect, and hold harmless the Landlord Parties from any and all loss,
cost, damage, expense and liability (including without limitation court costs and reasonable attorneys’ fees) incurred in connection with or arising from any cause in, on or about the Premises (including, but not limited to, a slip and fall),
any acts, omissions or negligence of Tenant or of any person claiming by, through or under Tenant, or of the contractors, agents, servants, employees, invitees, guests or licensees of Tenant or any such person, in, on or about the Project or any
breach of the terms of this Lease, either prior to, during, or after the expiration of the Lease Term, provided that the terms of the foregoing indemnity and release shall not apply to the negligence or willful misconduct of Landlord or its agents,
employees, contractors, licensees or invitees, or Landlord’s violation of this Lease. Should Landlord be named as a defendant in any suit brought against Tenant in connection with or arising out of Tenant’s occupancy of the Premises,
Tenant shall pay to Landlord its costs and expenses incurred in such suit, including without limitation, its actual professional fees such as reasonable appraisers’, accountants’ and attorneys’ fees. Notwithstanding anything to the
contrary in this Lease, Landlord shall not be released or indemnified from, and shall indemnify, defend, protect and hold harmless Tenant from, all losses, damages, liabilities, claims, attorneys’ fees, costs and expenses arising from the gross
negligence or willful misconduct of Landlord or its agents, contractors, licensees or invitees, or a violation of Landlord’s obligations or representations under this Lease. The provisions of this Section 10.1 shall
survive the expiration or sooner termination of this Lease with respect to any claims or liability arising in connection with any event occurring prior to such expiration or termination. 

  
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 10.2 Tenant’s Compliance With Landlord’s Property Insurance.
Landlord shall insure the Building, Tenant Improvements and any Alterations during the Lease Term against loss or damage under an “all risk” property insurance policy. Such coverage shall be in such amounts, from such companies, and on
such other terms and conditions, as Landlord may from time to time reasonably determine. Additionally, at the option of Landlord, such insurance coverage may include the risks of earthquakes and/or flood damage and additional hazards, a rental loss
endorsement and one or more loss payee endorsements in favor of the holders of any mortgages or deeds of trust encumbering the interest of Landlord in the Building or the ground or underlying lessors of the Building, or any portion thereof. The
costs of such insurance shall be included in Operating Expenses, subject to the terms of Section 4.2.4. Tenant shall, at Tenant’s expense, comply with all insurance company requirements pertaining to the use of the
Premises. If Tenant’s conduct or use of the Premises causes any increase in the premium for such insurance policies then Tenant shall reimburse Landlord for any such increase. Tenant, at Tenant’s expense, shall comply with all rules,
orders, regulations or requirements of the American Insurance Association (formerly the National Board of Fire Underwriters) and with any similar body. Notwithstanding anything to the contrary in this Lease, Tenant shall not be required to comply
with or cause the Premises to comply with any laws, rules, regulations or insurance requirements requiring the construction of alterations unless such compliance is necessitated solely due to Tenant’s particular use of the Premises. 

10.3 Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts during the Lease Term
(except Tenant shall carry the insurance described in Section 10.3.1 during any period in which it enters the Premises). 
 10.3.1
Commercial General Liability Insurance on an occurrence form covering the insured against claims of bodily injury and property damage (including loss of use thereof) arising out of Tenant’s operations, and contractual liabilities including a
contractual coverage for limits of liability (which limits may be met together with umbrella liability insurance) of not less than: 
  

					
	 Bodily Injury and
	  	$	 4,000,000 each occurrence	 
	 Property Damage Liability
	  	$	4,000,000 annual aggregate	 
	 Personal Injury Liability
	  	$	4,000,000 annual aggregate	 

 10.3.2 Property Insurance covering all office furniture, business and trade fixtures, office and lab
equipment, free-standing cabinet work, movable partitions, merchandise and all other items of Tenant’s property on the Premises installed by, for, or at the expense of Tenant. Such insurance shall be written on a special form causes of loss
form, for the full replacement cost value (subject to reasonable deductible amounts) new without deduction for depreciation of the covered items and in amounts that meet any co-insurance clauses of the
policies of insurance and shall include coverage for damage or other loss caused by fire or other peril including, but not limited to, vandalism and malicious mischief, theft, water damage (excluding flood), including sprinkler leakage, bursting or
stoppage of pipes, and explosion, and providing business interruption coverage for a period of ninety (90) days. 
 10.3.3 Business
Income Interruption for ninety (90) days plus Extra Expense insurance in such amounts as will reimburse Tenant for actual direct or indirect loss of earnings attributable to the risks outlined in Section 10.3.2 above.

 10.3.4 Worker’s Compensation and Employer’s Liability or other similar insurance pursuant to all applicable state and local
statutes and regulations. The policy shall include a waiver of subrogation in favor of Landlord, its employees, Lenders and any property manager or partners. 

10.4 Form of Policies. The minimum limits of policies of insurance required of Tenant under this Lease shall in no event limit
the liability of Tenant under this Lease. Such insurance shall (i) name Landlord, its subsidiaries and affiliates, its property manager (if any) and any other party the Landlord so specifies, as an additional insured on the liability insurance,
including Landlord’s managing agent, if any; (ii) be issued by an insurance company having a rating of not less than A-:VII in Best’s Insurance Guide or which is otherwise acceptable to Landlord
and authorized to do business in the State of California; and (iv) be primary insurance as to 

  
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all claims thereunder and provide that any insurance carried by Landlord is excess and is non-contributing with any insurance required of Tenant. Tenant
shall not cause said insurance to be canceled unless thirty (30) days’ prior written notice shall have been given to Landlord and any mortgagee of Landlord (unless such cancellation is the result of
non-payment of premiums, in which case note less than five (5) days’ notice shall be provided). Tenant shall deliver said policy or policies or certificates thereof to Landlord on or before the Lease
Commencement Date and at least ten (10) days before the expiration dates thereof. In the event Tenant shall fail to procure such insurance, or to deliver such policies or certificate, Landlord may, at its option, procure such policies for the
account of Tenant, and the cost thereof shall be paid to Landlord within five (5) days after delivery to Tenant of bills therefor. 

10.5 Subrogation. Landlord and Tenant hereby agree to look solely to, and seek recovery only from, their respective insurance
carriers in the event of a property or business interruption loss to the extent that such coverage is agreed to be provided hereunder, notwithstanding the negligence of either party. Notwithstanding anything to the contrary in this Lease, the
parties each hereby waive all rights and claims against each other for such losses, and waive all rights of subrogation of their respective insurers. The parties agree that their respective insurance policies do now, or shall, contain the waiver of
subrogation. 
 10.6 Additional Insurance Obligations. Tenant shall carry and maintain during the entire Lease Term, at
Tenant’s sole cost and expense, increased amounts of the insurance required to be carried by Tenant pursuant to this Article 10 and such other reasonable types of insurance coverage and in such reasonable amounts covering the Premises
and Tenant’s operations therein, as may be reasonably requested by Landlord or Landlord’s lender, but in no event in excess of the amounts and types of insurance then being required by landlords of buildings comparable to and in the
vicinity of the Building. 
 10.7 Construction Period. The term “Construction Period” shall mean the period
from the date of this Lease to the date that Landlord completes construction of the Landlord’s Work (including any “Additional Base Building Items”, as defined in Section 3(f) of the Tenant Work Letter), and Common Areas,
regardless of the occurrence of any Tenant Delay and without regard to the effect of any provision of this Lease pursuant to which the Premises are deemed to be Ready for Occupancy in advance of its actual occurrence. Notwithstanding any provision
of this Lease to the contrary (including Exhibit B), during the Construction Period only, the following provisions shall be applicable: 

10.7.1 with respect to any indemnity obligation of Tenant arising at any time during the Construction Period only, (A) the term
“Landlord Parties” shall mean and shall be limited to HCP Oyster Point III LLC, a Delaware limited liability company (or any entity that that succeeds to HCP Oyster Point III LLC’s interest as Landlord under the Lease) and
shall not include any other person or entity; provided, however, that Landlord may include in any claim owed by Tenant to it any amount which Landlord shall pay or be obligated to indemnify any other person or entity, and (B) any indemnity
obligation shall be limited to losses caused by, or arising as a result of any act or failure to act of, Tenant or Tenant’s employees, agents or contractors; and 

10.7.2 during the Construction Period only, Tenant’s liability under this Lease for Tenant’s actions or failures to act under the
Lease during the Construction Period, including, without limitation, (A) Tenant’s indemnity obligations, plus (B) Base Rent and Additional Rent (as a consequence of Tenant Delay), plus (C) any and all other costs payable to
Landlord or otherwise payable by Tenant under this Lease, which amount shall calculated to include (i) the accreted value of any payments previously made by Tenant plus (ii) the present value of the maximum amount that Tenant could be
required to pay as of that point in time (whether or not construction is completed) discounted at Tenant’s incremental borrowing rate used to classify the Lease under ASC 840 (FAS 13), shall be limited to 89.9% of Landlord’s Project Costs
determined as of the date of Landlord’s claim for such amount owed by Tenant. As used herein, “Landlord’s Project Costs” shall mean the amount capitalized in the Project by Landlord in accordance with GAAP, plus other
costs related to the Project (including related site improvements and other Project costs) paid by Landlord to third parties other than lenders or owners of Landlord (excluding land acquisition costs and “Force Majeure Costs,” as that term
is defined below, but including land carrying costs, such as interest or ground rent incurred during the Construction Period, and including all other costs incurred by Landlord in connection with the development and construction of the Project);

  
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 10.7.3 “Force Majeure Costs” means the sum of (a) all costs and
expenses that are incurred because the Building is damaged by a fire or other casualty event (including capitalized interest on such costs and expenses), less the amount of all insurance proceeds applied to restore the Building, and (b) any
loss in fair market value of the Premises to the extent the same are not restored following a fire or other casualty event; and 
 10.7.4 the
provisions of Section 21.1(H) of the Lease shall not apply during the Construction Period. 
 10.8 For the
avoidance of doubt, Landlord and Tenant agree that: 
 10.8.1 no claim by Landlord for Tenant’s repudiation of this Lease at any time
shall be limited under this section; and 
 10.8.2 for any claim other than under Section 10.8.1 above, if during
the Construction Period Landlord makes any claim for any anticipatory breach by Tenant of any obligation under this Lease owed to Landlord for any period after the Construction Period and the amount payable by Tenant for such claim is limited by the
provisions of Section 10.7.2 above, the entire amount (to the extent not theretofore paid) shall be payable promptly after the Construction Period; and 

10.8.3 following the end of the Construction Period, the terms of Section 10.7 shall be of no further force or
effect. 
 11. DAMAGE AND DESTRUCTION. 

11.1 Repair of Damage to Premises by Landlord. Tenant shall promptly notify Landlord of any damage to the Premises resulting from
fire or any other casualty. If the Premises or any Common Areas serving or providing access to the Premises shall be damaged by fire or other casualty, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or
other matters beyond Landlord’s reasonable control, and subject to all other terms of this Article 11, restore the Premises and such Common Areas. Such restoration shall be to substantially the same condition of the Premises and the
Common Areas prior to the casualty, except for modifications required by zoning and building codes and other laws or any other modifications to the Common Areas deemed desirable by Landlord, which are consistent with the character of the Project,
provided that access to the Premises shall not be materially impaired. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from such damage or the repair
thereof; provided however, that if such fire or other casualty shall have damaged the Premises or Common Areas necessary to Tenant’s occupancy, and the damaged portions of the Premises are not occupied by Tenant as a result thereof, then during
the time and to the extent the Premises are unfit for occupancy, the Rent shall be abated in proportion to the ratio that the amount of rentable square feet of the Premises which is unfit for occupancy for the purposes permitted under this Lease
bears to the total rentable square feet of the Premises. 
 11.2 Landlord’s Option to Repair. Notwithstanding the terms of
Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty
(60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty
or cause, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery of the damage (when such repairs are made
without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the replacement cost of the Building (unless
Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty (60) days to restore; provided, however,
that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within seven (7) months days after the date of
discovery of the damage (or are not in fact completed within eight (8) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety
(90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not
be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. 

  
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 11.3 Waiver of Statutory Provisions. The provisions of this Lease, including
this Article 11, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, the Building or the Project, and any statute or regulation of the State of
California, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and
any other statute or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or the Project. 

12. NONWAIVER. No provision of this Lease shall be deemed waived by either party hereto unless expressly waived in a writing signed thereby. The
waiver by either party hereto of any breach of any term, covenant or condition herein contained shall not be deemed to be a waiver of any subsequent breach of same or any other term, covenant or condition herein contained. The subsequent acceptance
of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant or condition of this Lease, other than the failure of Tenant to pay the particular Rent so accepted, regardless of
Landlord’s knowledge of such preceding breach at the time of acceptance of such Rent. No acceptance of a lesser amount than the Rent herein stipulated shall be deemed a waiver of Landlord’s right to receive the full amount due, nor shall
any endorsement or statement on any check or payment or any letter accompanying such check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the full
amount due. No receipt of monies by Landlord from Tenant after the termination of this Lease shall in any way alter the length of the Lease Term or of Tenant’s right of possession hereunder, or after the giving of any notice shall reinstate,
continue or extend the Lease Term or affect any notice given Tenant prior to the receipt of such monies, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of the Premises, Landlord
may receive and collect any Rent due, and the payment of said Rent shall not waive or affect said notice, suit or judgment. 
 13. CONDEMNATION.
If the whole or any part of the Premises shall be taken by power of eminent domain or condemned by any competent authority for any public or quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned, or
reconfigured or vacated by such authority in such manner as to require the use or reconstruction of any part of the Premises, or if Landlord shall grant a deed or other instrument in lieu of such taking by eminent domain or condemnation, Landlord
shall have the option to terminate this Lease effective as of the date possession is required to be surrendered to the authority. Tenant shall not because of such taking assert any claim against Landlord or the authority for any compensation because
of such taking and Landlord shall be entitled to the entire award or payment in connection therewith, except that Tenant shall have the right to file any separate claim available to Tenant for any taking of Tenant’s personal property and
fixtures belonging to Tenant and removable by Tenant upon expiration of the Lease Term pursuant to the terms of this Lease, for moving expenses, for the unamortized value of any improvements paid for by Tenant and for the Lease “bonus
value”, so long as such claims are payable separately to Tenant. All Rent shall be apportioned as of the date of such termination. If any part of the Premises shall be taken, and this Lease shall not be so terminated, the Rent shall be
proportionately abated. Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of The California Code of Civil Procedure. Notwithstanding anything to the contrary contained in this Article 13, in the event
of a temporary taking of all or any portion of the Premises for a period of one hundred and eighty (180) days or less, then this Lease shall not terminate but the Base Rent and the Additional Rent shall be abated for the period of such taking
in proportion to the ratio that the amount of rentable square feet of the Premises taken bears to the total rentable square feet of the Premises. Landlord shall be entitled to receive the entire award made in connection with any such temporary
taking. 

  
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 14. ASSIGNMENT AND SUBLETTING. 

14.1 Transfers. Tenant shall not, without the prior written consent of Landlord, assign, mortgage, pledge, hypothecate, encumber,
or permit any lien to attach to, or otherwise transfer, this Lease or any interest hereunder, permit any assignment, or other transfer of this Lease or any interest hereunder by operation of law, sublet the Premises or any part thereof, or enter
into any license or concession agreements or otherwise permit the occupancy or use of the Premises or any part thereof by any persons other than Tenant and its employees and contractors (all of the foregoing are hereinafter sometimes referred to
collectively as “Transfers” and any person to whom any Transfer is made or sought to be made is hereinafter sometimes referred to as a “Transferee”). If Tenant desires Landlord’s consent to any Transfer, Tenant
shall notify Landlord in writing, which notice (the “Transfer Notice”) shall include (i) the proposed effective date of the Transfer, which shall not be less than thirty (30) days nor more than one hundred eighty
(180) days after the date of delivery of the Transfer Notice, (ii) a description of the portion of the Premises to be transferred (the “Subject Space”), (iii) all of the terms of the proposed Transfer and the consideration
therefor, including calculation of the “Transfer Premium”, as that term is defined in Section 14.3 below, in connection with such Transfer, the name and address of the proposed Transferee, and a copy of all
existing executed and/or proposed documentation pertaining to the proposed Transfer, and (iv) current financial statements of the proposed Transferee certified by an officer, partner or owner thereof, and any other information reasonably
required by Landlord which will enable Landlord to determine the financial responsibility, character, and reputation of the proposed Transferee, nature of such Transferee’s business and proposed use of the Subject Space. Any Transfer made
without Landlord’s prior written consent shall, at Landlord’s option, be null, void and of no effect, and shall, at Landlord’s option, constitute a default by Tenant under this Lease. Whether or not Landlord consents to any proposed
Transfer, Tenant shall pay Landlord’s reasonable review and processing fees, as well as any reasonable professional fees (including, without limitation, attorneys’, accountants’, architects’, engineers’ and consultants’
fees) incurred by Landlord (not to exceed $3,500 in the aggregate for any particular Transfer), within thirty (30) days after written request by Landlord. 

14.2 Landlord’s Consent. Landlord shall not unreasonably withhold or delay its consent to any proposed Transfer of the
Subject Space to the Transferee on the terms specified in the Transfer Notice. Without limitation as to other reasonable grounds for withholding consent, the parties hereby agree that it shall be reasonable under this Lease and under any applicable
law for Landlord to withhold consent to any proposed Transfer where one or more of the following apply: 
 14.2.1 The Transferee is of a
character or reputation or engaged in a business which is not consistent with the quality of the Building or the Project; 
 14.2.2 The
Transferee is either a governmental agency or instrumentality thereof; 
 14.2.3 The Transferee is not a party of reasonable financial worth
and/or financial stability in light of the responsibilities to be undertaken in connection with the Transfer on the date consent is requested; or 

14.2.4 The proposed Transfer would cause a violation of another lease for space in the Project, or would give an occupant of the Project a
right to cancel its lease. 
 If Landlord consents to any Transfer pursuant to the terms of this Section 14.2 (and
does not exercise any recapture rights Landlord may have under Section 14.4 of this Lease), Tenant may within six (6) months after Landlord’s consent, but not later than the expiration of said six-month period, enter into such Transfer of the Premises or portion thereof, upon substantially the same terms and conditions as are set forth in the Transfer Notice furnished by Tenant to Landlord pursuant to
Section 14.1 of this Lease, provided that if there are any changes in the terms and conditions from those specified in the Transfer Notice such that Landlord would initially have been entitled to refuse its consent to such
Transfer under this Section 14.2, Tenant shall again submit the Transfer to Landlord for its approval and other action under this Article 14 (including Landlord’s right of recapture, if any, under
Section 14.4 of this Lease). Notwithstanding anything to the contrary in this Lease, if Tenant or any proposed Transferee claims that Landlord has unreasonably withheld or delayed its consent under
Section 14.2 or otherwise has breached or acted unreasonably under this Article 14, their sole remedies shall be a suit for contract damages (other than damages for injury to, or interference with, Tenant’s
business including, without limitation, loss of profits, however occurring) or declaratory judgment and an injunction for the relief sought, and Tenant hereby waives all other remedies, including, without limitation, any right at law or equity to
terminate this Lease, on its own behalf and, to the extent permitted under all applicable laws, on behalf of the proposed Transferee. 

  
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 14.3 Transfer Premium. If Landlord consents to a Transfer, as a condition
thereto which the parties hereby agree is reasonable, Tenant shall pay to Landlord fifty percent (50%) of any “Transfer Premium,” as that term is defined in this Section 14.3, received by Tenant from such
Transferee. “Transfer Premium” shall mean all rent, additional rent or other consideration payable by such Transferee in connection with the Transfer in excess of the Rent and Additional Rent payable by Tenant under this Lease
(including any Additional Tenant Improvement Allowance Payment) during the term of the Transfer on a per rentable square foot basis if less than all of the Premises is transferred, and after deduction of (i) any costs of improvements made to
the Subject Space in connection with such Transfer (which may include the unamortized cost of the Tenant Improvements to the extent paid for by Tenant directly rather than through the Additional TI Allowance), (ii) brokerage commissions paid in
connection with such Transfer, and (iii) reasonable legal fees incurred in connection with such Transfer. “Transfer Premium” shall also include, but not be limited to, key money, bonus money or other cash consideration paid by
Transferee to Tenant in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee in
connection with such Transfer. The determination of the amount of Landlord’s applicable share of the Transfer Premium shall be made on a monthly basis as rent or other consideration is received by Tenant under the Transfer. 

14.4 Landlord’s Option as to Subject Space. Notwithstanding anything to the contrary contained in this Article 14, in
the event Tenant contemplates a Transfer other than to a Permitted Transferee which, together with all prior Transfers then remaining in effect, would cause fifty percent (50%) or more of the Premises to be Transferred for more than fifty
percent (50%) of the then remaining Lease Term (taking into account any extension of the Lease Term which has irrevocably exercised by Tenant), Tenant shall give Landlord notice (the “Intention to Transfer Notice”) of such
contemplated Transfer (whether or not the contemplated Transferee or the terms of such contemplated Transfer have been determined). The Intention to Transfer Notice shall specify the portion of and amount of rentable square feet of the Premises
which Tenant intends to Transfer in the subject Transfer (the “Contemplated Transfer Space”), the contemplated date of commencement of the Contemplated Transfer (the “Contemplated Effective Date”), and the
contemplated length of the term of such contemplated Transfer. Thereafter, Landlord shall have the option, by giving written notice to Tenant within thirty (30) days after receipt of any Intention to Transfer Notice, to recapture the
Contemplated Transfer Space. Such recapture shall cancel and terminate this Lease with respect to such Contemplated Transfer Space as of the Contemplated Effective Date. In the event of a recapture by Landlord, if this Lease shall be canceled with
respect to less than the entire Premises, the Rent reserved herein shall be prorated on the basis of the number of rentable square feet retained by Tenant in proportion to the number of rentable square feet contained in the Premises, and this Lease
as so amended shall continue thereafter in full force and effect, and upon request of either party, the parties shall execute written confirmation of the same. If Landlord declines, or fails to elect in a timely manner, to recapture such
Contemplated Transfer Space under this Section 14.4, then, subject to the other terms of this Article 14, for a period of nine (9) months (the “Nine Month Period”) commencing on the last day of
such thirty (30) day period, Landlord shall not have any right to recapture the Contemplated Transfer Space with respect to any Transfer made during the Nine Month Period, provided that any such Transfer is substantially on the terms set forth
in the Intention to Transfer Notice, and provided further that any such Transfer shall be subject to the remaining terms of this Article 14. If such a Transfer is not so consummated within the Nine Month Period (or if a Transfer is so
consummated, then upon the expiration of the term of any Transfer of such Contemplated Transfer Space consummated within such Nine Month Period), Tenant shall again be required to submit a new Intention to Transfer Notice to Landlord with respect
any contemplated Transfer, as provided above in this Section 14.4. Tenant shall not be required to provide a separate Intention to Transfer Notice and Tenant’s request for Landlord’s consent to a Transfer shall
satisfy Tenant’s obligations in this Section 14.4. 
 14.5 Effect of Transfer. If Landlord
consents to a Transfer, (i) the terms and conditions of this Lease shall in no way be deemed to have been waived or modified, (ii) such consent shall not be deemed consent to any further Transfer by either Tenant or a Transferee,
(iii) Tenant shall deliver to Landlord, promptly after execution, an original executed copy of all documentation pertaining to the Transfer in form reasonably acceptable to Landlord, (iv) Tenant shall furnish upon Landlord’s request a
complete statement, certified by an independent certified public accountant, or Tenant’s chief financial officer, setting forth in detail the computation of any Transfer Premium Tenant has derived and shall derive from such Transfer, and
(v) no Transfer relating to this Lease or agreement entered into with respect thereto, whether with or without Landlord’s consent, shall relieve Tenant or any guarantor of the Lease from any liability under this Lease, including, without
limitation, in connection with the Subject Space. Landlord or its authorized representatives shall have the right at all reasonable times to audit the books, records and papers of Tenant relating to any Transfer, and shall have the right to make
copies thereof. If the Transfer Premium respecting any Transfer shall be found understated, Tenant shall, within thirty (30) days after demand, pay the deficiency, and if understated by more than two percent (2%), Tenant shall pay
Landlord’s costs of such audit. 

  
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 14.6 Additional Transfers. For purposes of this Lease, the term
“Transfer” shall also include if Tenant is a partnership, the withdrawal or change, voluntary, involuntary or by operation of law, of fifty percent (50%) or more of the partners, or transfer of fifty percent (50%) or more of
partnership interests, within a twelve (12)-month period, or the dissolution of the partnership without immediate reconstitution thereof. 

14.7 Occurrence of Default. Any Transfer hereunder shall be subordinate and subject to the provisions of this Lease, and if this
Lease shall be terminated during the term of any Transfer, Landlord shall have the right to: (i) treat such Transfer as cancelled and repossess the Subject Space by any lawful means, or (ii) require that such Transferee attorn to and
recognize Landlord as its landlord under any such Transfer. If Tenant shall be in default under this Lease, Landlord is hereby irrevocably authorized, as Tenant’s agent and
attorney-in-fact, to direct any Transferee to make all payments under or in connection with the Transfer directly to Landlord (which Landlord shall apply towards
Tenant’s obligations under this Lease) until such default is cured. Such Transferee shall rely on any representation by Landlord that Tenant is in default hereunder, without any need for confirmation thereof by Tenant. Upon any assignment, the
assignee shall assume in writing all obligations and covenants of Tenant thereafter to be performed or observed under this Lease. No collection or acceptance of rent by Landlord from any Transferee shall be deemed a waiver of any provision of this
Article 14 or the approval of any Transferee or a release of Tenant from any obligation under this Lease, whether theretofore or thereafter accruing. In no event shall Landlord’s enforcement of any provision of this Lease against any
Transferee be deemed a waiver of Landlord’s right to enforce any term of this Lease against Tenant or any other person. If Tenant’s obligations hereunder have been guaranteed, Landlord’s consent to any Transfer shall not be effective
unless the guarantor also consents to such Transfer. 
 14.8 Non-Transfers.
Notwithstanding anything to the contrary contained in this Article 14, (i) an assignment or subletting of all or a portion of the Premises to an affiliate of Tenant (an entity which is controlled by, controls, or is under
common control with, Tenant), (ii) an assignment of the Premises to an entity which acquires all or substantially all of the assets or interests (partnership, stock or other) of Tenant, (iii) an assignment of the Premises to an entity
which is the resulting entity of a merger or consolidation of Tenant with another entity, or (iv) a sale of corporate shares of capital stock in Tenant in connection with an initial public offering of Tenant’s stock on a
nationally-recognized stock exchange (collectively, a “Permitted Transferee”), shall not be deemed a Transfer under this Article 14, provided that (A) Tenant notifies Landlord of any such assignment or sublease and
promptly supplies Landlord with any documents or information requested by Landlord regarding such assignment or sublease or such affiliate, (B) such assignment or sublease is not a subterfuge by Tenant to avoid its obligations under this Lease,
(C) such Permitted Transferee shall be of a character and reputation consistent with the quality of the Building, and (D) such Permitted Transferee described in subpart (ii) or (iii) above shall have a tangible net worth (not
including goodwill as an asset) computed in accordance with generally accepted accounting principles (“Net Worth”) at least equal to the Net Worth of Tenant on the day immediately preceding the effective date of such assignment or
sublease. An assignee of Tenant’s entire interest that is also a Permitted Transferee may also be known as a “Permitted Assignee”. “Control,” as used in this Section 14.8, shall mean
the ownership, directly or indirectly, of at least fifty-one percent (51%) of the voting securities of, or possession of the right to vote, in the ordinary direction of its affairs, of at least fifty-one percent (51%) of the voting interest in, any person or entity. No such permitted assignment or subletting shall serve to release Tenant from any of its obligations under this Lease. 

15. SURRENDER OF PREMISES; OWNERSHIP AND REMOVAL OF TRADE FIXTURES. 

15.1 Surrender of Premises. No act or thing done by Landlord or any agent or employee of Landlord during the Lease Term shall be
deemed to constitute an acceptance by Landlord of a surrender of the Premises unless such intent is specifically acknowledged in writing by Landlord. The delivery of keys to the Premises to Landlord or any agent or employee of Landlord shall not
constitute a surrender of the Premises or effect a termination of this Lease, whether or not the keys are thereafter retained by Landlord, and notwithstanding such delivery Tenant shall be entitled to the return of such keys at any reasonable time
upon request until this Lease shall 

  
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have been properly terminated. The voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a mutual termination hereof, shall not work a merger, and at the
option of Landlord shall operate as an assignment to Landlord of all subleases or subtenancies affecting the Premises or terminate any or all such sublessees or subtenancies. 

15.2 Removal of Tenant Property by Tenant. Upon the expiration of the Lease Term, or upon any earlier termination of this Lease,
Tenant shall, subject to the provisions of this Article 15, quit and surrender possession of the Premises to Landlord in as good order and condition as when Tenant took possession and as thereafter improved by Landlord and/or Tenant,
reasonable wear and tear, damage caused by casualty, repairs required as a result of condemnation, and repairs which are specifically made the responsibility of Landlord hereunder excepted. Upon such expiration or termination, Tenant shall, without
expense to Landlord, remove or cause to be removed from the Premises all debris and rubbish, and such items of furniture, equipment, free-standing cabinet work, movable partitions (but not demountable walls) and other articles of personal property
owned by Tenant or installed or placed by Tenant at its expense in the Premises, and such similar articles of any other persons claiming under Tenant, as Landlord may, in its sole discretion, require to be removed, and Tenant shall repair at its own
expense all damage to the Premises and Building resulting from such removal. 
 15.3 Environmental Assessment. In connection
with its surrender of the Premises, Tenant shall submit to Landlord, at least fifteen (15) days prior to the expiration date of this Lease (or in the event of an earlier termination of this Lease, as soon as reasonably possible following such
termination), an environmental Assessment of the Premises by a competent and experienced environmental engineer or engineering firm reasonably satisfactory to Landlord (pursuant to a contract approved by Landlord and providing that Landlord can rely
on the Environmental Assessment). If such Environmental Assessment reveals that remediation or Clean-up is required under any Environmental Laws that Tenant is responsible for under this Lease, Tenant shall
submit a remediation plan prepared by a recognized environmental consultant and shall be responsible for all costs of remediation and Clean-up, as more particularly provided in
Section 5.3, above. 
 15.4 Condition of the Building and Premises Upon Surrender. In addition to the
above requirements of this Article 15, upon the expiration of the Lease Term, or upon any earlier termination of this Lease, Tenant shall, surrender the Premises and Building with Tenant having complied with all of
Tenant’s obligations under this Lease, including those relating to improvement, repair, maintenance, compliance with law, testing and other related obligations of Tenant set forth in Article 7 of this Lease. In the
event that the Building and Premises shall be surrendered in a condition which does not comply with the terms of this Section 15.4, because Tenant failed to comply with its obligations set forth in Lease, then following
thirty (30) days’ notice to Tenant, during which thirty (30) day period Tenant shall have the right to cure such noncompliance, Landlord shall be entitled to expend all reasonable costs in order to cause the same to comply with the
required condition upon surrender and Tenant shall immediately reimburse Landlord for all such costs upon notice and, commencing on the later of the termination of this Lease and three (3) business days after Landlord’s delivery of notice
of such failure and that it elects to treat such failure as a holdover, Tenant shall be deemed during the period that Tenant or Landlord, as the case may be, perform obligations relating to the Surrender Improvements to be in holdover under
Article 16 of this Lease. 
 16. HOLDING OVER. If Tenant holds over after the expiration of the Lease Term or
earlier termination thereof, with the express or implied consent of Landlord, such tenancy shall be from month-to-month only, and shall not constitute a renewal hereof
or an extension for any further term. If Tenant holds over after the expiration of the Lease Term of earlier termination thereof, without the express or implied consent of Landlord, such tenancy shall be deemed to be a tenancy by sufferance only,
and shall not constitute a renewal hereof or an extension for any further term. In either case, Base Rent shall be payable at a monthly rate equal to one hundred fifty percent (150%) of the Base Rent applicable during the last rental period of the
Lease Term under this Lease. Such month-to-month tenancy or tenancy by sufferance, as the case may be, shall be subject to every other applicable term, covenant and
agreement contained herein. Nothing contained in this Article 16 shall be construed as consent by Landlord to any holding over by Tenant, and Landlord expressly reserves the right to require Tenant to surrender possession of the Premises to Landlord
as provided in this Lease upon the expiration or other termination of this Lease. The provisions of this Article 16 shall not be deemed to limit or constitute a waiver of any other rights or remedies of Landlord provided herein or at law. If Tenant
fails to surrender the Premises upon the termination or expiration of this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including
reasonable attorneys’ fees) and liability resulting from such failure, including, without limiting the generality of the foregoing, any claims made by any succeeding tenant founded upon such failure to surrender and any lost profits to Landlord
resulting therefrom. 

  
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 17. ESTOPPEL CERTIFICATES. Within ten (10) business days following a request in writing
by Landlord, Tenant shall execute, acknowledge and deliver to Landlord an estoppel certificate, which, as submitted by Landlord, shall be substantially in the form of Exhibit D, attached hereto (or such
other form as may be reasonably required by any prospective mortgagee or purchaser of the Project, or any portion thereof), indicating therein any exceptions thereto that may exist at that time, and shall also contain any other information
reasonably requested by Landlord or Landlord’s mortgagee or prospective mortgagee. Any such certificate may be relied upon by any prospective mortgagee or purchaser of all or any portion of the Project. Tenant shall execute and deliver whatever
other instruments may be reasonably required for such purposes. At any time during the Lease Term, in connection with a sale or financing of the Building by Landlord, Landlord may require Tenant to provide Landlord with its most recent annual
financial statement and annual financial statements of the preceding two (2) years. Such statements shall be prepared in accordance with generally accepted accounting principles and, if such is the normal practice of Tenant, shall be audited by
an independent certified public accountant. Landlord shall hold such statements confidential. Failure of Tenant to timely execute, acknowledge and deliver such estoppel certificate or other instruments shall constitute an acceptance of the Premises
and an acknowledgment by Tenant that statements included in the estoppel certificate are true and correct, without exception. 
 18.
SUBORDINATION. Landlord hereby represents and warrants to Tenant that the Project is not currently subject to any ground lease, or to the lien of any mortgage or deed of trust. This Lease shall be subject and subordinate to all future ground
or underlying leases of the Building or Project and to the lien of any mortgage, trust deed or other encumbrances now or hereafter in force against the Building or Project or any part thereof, if any, and to all renewals, extensions, modifications,
consolidations and replacements thereof, and to all advances made or hereafter to be made upon the security of such mortgages or trust deeds, unless the holders of such mortgages, trust deeds or other encumbrances, or the lessors under such ground
lease or underlying leases, require in writing that this Lease be superior thereto. The subordination of this Lease to any such future ground or underlying leases of the Building or Project or to the lien of any mortgage, trust deed or other
encumbrances, shall be subject to Tenant’s receipt of a commercially reasonable subordination, non-disturbance, and attornment agreement in favor of Tenant. Tenant covenants and agrees in the event any
proceedings are brought for the foreclosure of any such mortgage or deed in lieu thereof (or if any ground lease is terminated), to attorn, without any deductions or set-offs whatsoever, to the lienholder or
purchaser or any successors thereto upon any such foreclosure sale or deed in lieu thereof (or to the ground lessor), if so requested to do so by such purchaser or lienholder or ground lessor, and to recognize such purchaser or lienholder or ground
lessor as the lessor under this Lease, provided such lienholder or purchaser or ground lessor shall agree to accept this Lease and not disturb Tenant’s occupancy, so long as Tenant timely pays the rent and observes and performs the terms,
covenants and conditions of this Lease to be observed and performed by Tenant. Landlord’s interest herein may be assigned as security at any time to any lienholder. Tenant shall, within ten (10) days of request by Landlord, execute such
further instruments or assurances as Landlord may reasonably deem necessary to evidence or confirm the subordination or superiority of this Lease to any such mortgages, trust deeds, ground leases or underlying leases. Tenant waives the provisions of
any current or future statute, rule or law which may give or purport to give Tenant any right or election to terminate or otherwise adversely affect this Lease and the obligations of the Tenant hereunder in the event of any foreclosure proceeding or
sale. 
 19. DEFAULTS; REMEDIES. 
 19.1
Events of Default. The occurrence of any of the following shall constitute a default of this Lease by Tenant: 
 19.1.1 Any
failure by Tenant to pay any Rent or any other charge required to be paid under this Lease, or any part thereof, when due unless such failure is cured within five (5) business days after notice; or 

19.1.2 Except where a specific time period is otherwise set forth for Tenant’s performance in this Lease, in which event the failure to
perform by Tenant within such time period shall be a default by Tenant under this Section 19.1.2, any failure by Tenant to observe or perform any other provision, covenant or condition of this Lease to be observed or
performed by Tenant where such failure continues for thirty (30) days after written notice thereof from Landlord to Tenant; provided that if the nature of such default is such that the same cannot reasonably be cured within a thirty
(30) day period, Tenant shall not be deemed to be in default if it diligently commences such cure within such period and thereafter diligently proceeds to rectify and cure such default; or 

  
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 19.1.3 Abandonment or vacation of all or a substantial portion of the Premises by Tenant
while Tenant is in default under the Lease; or 
 19.1.4 The failure by Tenant to observe or perform according to the provisions of
Articles 5, 14, 17 or 18 of this Lease where such failure continues for more than five (5) business days after notice from Landlord. 

19.2 Remedies Upon Default. Upon the occurrence of any event of default by Tenant, Landlord shall have, in addition to any other
remedies available to Landlord at law or in equity (all of which remedies shall be distinct, separate and cumulative), the option to pursue any one or more of the following remedies, each and all of which shall be cumulative and nonexclusive,
without any notice or demand whatsoever. 
 19.2.1 Terminate this Lease, in which event Tenant shall immediately surrender the Premises to
Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Premises and expel or remove Tenant and any other person who
may be occupying the Premises or any part thereof, without being liable for prosecution or any claim or damages therefor; and Landlord may recover from Tenant the following: 

(i) The worth at the time of award of the unpaid rent which has been earned at the time of such termination; plus 

(ii) The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until
the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 
 (iii)
The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 

(iv) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to
perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, specifically including but not limited to, in each case to the extent allocable to the remaining Lease Term, brokerage
commissions and advertising expenses incurred to obtain a new tenant, expenses of remodeling the Premises or any portion thereof for a new tenant, whether for the same or a different use, and any special concessions made to obtain a new tenant; and

 (v) At Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be permitted from
time to time by applicable law. 
 The term “rent” as used in this Section 19.2 shall be deemed
to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in Sections 19.2.1(i) and (ii), above, the “worth at the time of award”
shall be computed by allowing interest at the rate set forth in Article 25 of this Lease, but in no case greater than the maximum amount of such interest permitted by law. As used in Section 19.2.1(iii) above, the
“worth at the time of award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). 

19.2.2 Landlord shall have the remedy described in California Civil Code Section 1951.4 (lessor may continue lease in effect after
lessee’s breach and abandonment and recover rent as it becomes due, if lessee has the right to sublet or assign, subject only to reasonable limitations). Accordingly, if Landlord does not elect to terminate this Lease on account of any default
by Tenant, Landlord may, from time to time, without terminating this Lease, enforce all of its rights and remedies under this Lease, including the right to recover all rent as it becomes due. 

  
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 19.2.3 Landlord shall at all times have the rights and remedies (which shall be cumulative
with each other and cumulative and in addition to those rights and remedies available under Sections 19.2.1 and 19.2.2, above, or any law or other provision of this Lease), without prior demand or notice except as required by
applicable law, to seek any declaratory, injunctive or other equitable relief, and specifically enforce this Lease, or restrain or enjoin a violation or breach of any provision hereof. 

19.3 Subleases of Tenant. If Landlord elects to terminate this Lease on account of any default by Tenant, as set forth in this
Article 19, Landlord shall have the right to terminate any and all subleases, licenses, concessions or other consensual arrangements for possession entered into by Tenant and affecting the Premises or may, in Landlord’s sole discretion,
succeed to Tenant’s interest in such subleases, licenses, concessions or arrangements. In the event of Landlord’s election to succeed to Tenant’s interest in any such subleases, licenses, concessions or arrangements, Tenant shall, as
of the date of notice by Landlord of such election, have no further right to or interest in the rent or other consideration receivable thereunder. 

19.4 Efforts to Relet. No re-entry, repairs, maintenance, changes, alterations and
additions, appointment of a receiver to protect Landlord’s interests hereunder, or any other action or omission by Landlord shall be construed as an election by Landlord to terminate this Lease or Tenant’s right to possession, or to accept
a surrender of the Premises, nor shall same operate to release Tenant in whole or in part from any of Tenant’s obligations hereunder, unless express written notice of such intention is sent by Landlord to Tenant. 

20. COVENANT OF QUIET ENJOYMENT. Landlord covenants that Tenant, on paying the Rent, charges for services and other payments herein reserved and
on keeping, observing and performing all the other terms, covenants, conditions, provisions and agreements herein contained on the part of Tenant to be kept, observed and performed, shall, during the Lease Term, peaceably and quietly have, hold and
enjoy the Premises subject to the terms, covenants, conditions, provisions and agreements hereof without interference by any persons lawfully claiming by or through Landlord. The foregoing covenant is in lieu of any other covenant express or
implied. 
 21. LETTER OF CREDIT. 
 21.1
Delivery of Letter of Credit. Tenant shall deliver to Landlord, within five (5) business days after Tenant’s execution of this Lease, an unconditional, clean, irrevocable letter of credit (the “L-C”) in the amount set forth in Section 8 of the Lease Summary (the “L-C Amount”), which
L-C shall be issued by a money-center, solvent and nationally recognized bank (a bank which accepts deposits, maintains accounts, has a local San Francisco Bay Area office which will negotiate a letter of
credit, and whose deposits are insured by the FDIC) reasonably acceptable to Landlord (such approved, issuing bank being referred to herein as the “Bank”), which Bank must have a rating from Standard and Poors Corporation of A- or better (or any equivalent rating thereto from any successor or substitute rating service selected by Lessor) and a letter of credit issuer rating from Moody’s Investor Service of A3 or better (or any
equivalent rating thereto from any successor rating agency thereto)) (collectively, the “Bank’s Credit Rating Threshold”), and which L-C shall be in the form of
Exhibit H, attached hereto. Landlord hereby approves Silicon Valley Bank as the Bank for the provision of the initial L-C hereunder. Tenant shall pay all expenses, points and/or fees
incurred by Tenant in obtaining the L-C. The L-C shall (i) be “callable” at sight, irrevocable and unconditional, (ii) be maintained in effect,
whether through renewal or extension, for the period commencing on the date of this Lease and continuing until the date (the “L-C Expiration Date”) that is no less
than sixty (60) days after the expiration of the Lease Term as the same may be extended, and Tenant shall deliver a new L-C or certificate of renewal or extension to Landlord at least thirty
(30) days prior to the expiration of the L-C then held by Landlord, without any action whatsoever on the part of Landlord, (iii) be fully assignable by Landlord, its successors and assigns,
(iv) permit partial draws and multiple presentations and drawings, and (v) be otherwise subject to the Uniform Customs and Practices for Documentary Credits (1993-Rev), International Chamber of
Commerce Publication #500, or the International Standby Practices-ISP 98, International Chamber of Commerce Publication #590. Landlord, or its then managing agent, shall have the right to draw down an amount
up to the face amount of the L-C if any of the following shall have occurred or be applicable: (A) such amount is due to Landlord under the terms and conditions of this Lease, and has not been paid within
applicable notice and cure 

  
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periods (or, if Landlord is prevented by law from providing notice, within the period for payment set forth in the Lease), or (B) Tenant has filed a voluntary petition under the
U. S. Bankruptcy Code or any state bankruptcy code (collectively, “Bankruptcy Code”), or (C) an involuntary petition has been filed against Tenant under the Bankruptcy Code that is not dismissed within thirty
(30) days, or (D) the Lease has been rejected, or is deemed rejected, under Section 365 of the U.S. Bankruptcy Code, following the filing of a voluntary petition by Tenant under the Bankruptcy Code, or the filing of an involuntary
petition against Tenant under the Bankruptcy Code, or (E) the Bank has notified Landlord that the L-C will not be renewed or extended through the L-C Expiration
Date, and Tenant has not provided a replacement L-C that satisfies the requirements of this Lease at least thirty (30) days prior to such expiration, or (F) Tenant is placed into receivership or
conservatorship, or becomes subject to similar proceedings under Federal or State law, or (G) Tenant executes an assignment for the benefit of creditors, or (H) if (1) any of the Bank’s (other than Silicon Valley Bank) Fitch
Ratings (or other comparable ratings to the extent the Fitch Ratings are no longer available) have been reduced below the Bank’s Credit Rating Threshold, or (2) there is otherwise a material adverse change in the financial condition of the
Bank, and Tenant has failed to provide Landlord with a replacement letter of credit, conforming in all respects to the requirements of this Article 21 (including, but not limited to, the requirements placed on the issuing Bank more
particularly set forth in this Section 21.1 above), in the amount of the applicable L-C Amount, within ten (10) days following Landlord’s written demand therefor (with no other notice or
cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) (each of the foregoing being an “L-C Draw Event”). The L-C shall be honored by the Bank regardless of whether Tenant disputes Landlord’s right to draw upon the L-C. In addition, in the event the Bank is placed into
receivership or conservatorship by the Federal Deposit Insurance Corporation or any successor or similar entity, then, effective as of the date such receivership or conservatorship occurs, said L-C shall be
deemed to fail to meet the requirements of this Article 21, and, within ten (10) days following Landlord’s notice to Tenant of such receivership or conservatorship (the
“L-C FDIC Replacement Notice”), Tenant shall replace such L-C with a substitute letter of credit from a different issuer (which issuer shall meet
or exceed the Bank’s Credit Rating Threshold and shall otherwise be acceptable to Landlord in its reasonable discretion) and that complies in all respects with the requirements of this Article 21. If Tenant fails to replace such L-C with such conforming, substitute letter of credit pursuant to the terms and conditions of this Section 21.1, then, notwithstanding anything in this Lease to the contrary, Landlord shall have the
right to declare Tenant in default of this Lease for which there shall be no notice or grace or cure periods being applicable thereto (other than the aforesaid ten (10) day period). Tenant shall be responsible for the payment of any and all
Tenant’s and Bank’s costs incurred with the review of any replacement L-C, which replacement is required pursuant to this Section or is otherwise requested by Tenant. In the event of an assignment by
Tenant of its interest in the Lease (and irrespective of whether Landlord’s consent is required for such assignment), the acceptance of any replacement or substitute letter of credit by Landlord from the assignee shall be subject to
Landlord’s prior written approval, in Landlord’s reasonable discretion, and the actual and reasonable attorney’s fees incurred by Landlord in connection with such determination shall be payable by Tenant to Landlord within ten
(10) days of billing. 
 21.2 Application of L-C. Tenant hereby acknowledges and
agrees that Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the L-C upon the occurrence of any L-C Draw Event. In the
event of any L-C Draw Event, Landlord may, but without obligation to do so, and without notice to Tenant (except in connection with an L-C Draw Event under
Section 21.1(H) above), draw upon the L-C, in part or in whole, in the amount necessary to cure any such L-C Draw Event and/or to compensate Landlord for any
and all damages of any kind or nature sustained or which Landlord reasonably estimates that it will sustain resulting from Tenant’s breach or default of the Lease or other L-C Draw Event and/or to
compensate Landlord for any and all damages arising out of, or incurred in connection with, the termination of this Lease, including, without limitation, those specifically identified in Section 1951.2 of the California Civil Code. The use,
application or retention of the L-C, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by any applicable law, it being intended
that Landlord shall not first be required to proceed against the L-C, and such L-C shall not operate as a limitation on any recovery to which Landlord may otherwise be
entitled. Tenant agrees and acknowledges that (i) the L-C constitutes a separate and independent contract between Landlord and the Bank, (ii) Tenant is not a third party beneficiary of such contract,
(iii) Tenant has no property interest whatsoever in the L-C or the proceeds thereof, and (iv) in the event Tenant becomes a debtor under any chapter of the Bankruptcy Code, Tenant is placed into
receivership or conservatorship, and/or there is an event of a receivership, conservatorship or a bankruptcy filing by, or on behalf of, Tenant, neither Tenant, any trustee, nor Tenant’s bankruptcy estate shall have any right to restrict or
limit Landlord’s claim and/or rights to the L-C and/or the proceeds thereof by application of Section 502(b)(6) of the U. S. Bankruptcy Code or otherwise. 

  
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 21.3 Maintenance of L-C by Tenant. If,
as a result of any drawing by Landlord of all or any portion of the L-C, the amount of the L-C shall be less than the L-C Amount,
Tenant shall, within five (5) days thereafter, provide Landlord with additional letter(s) of credit in an amount equal to the deficiency, and any such additional letter(s) of credit shall comply with all of the provisions of this Article
21. Tenant further covenants and warrants that it will neither assign nor encumber the L-C or any part thereof and that neither Landlord nor its successors or assigns will be bound by any such assignment,
encumbrance, attempted assignment or attempted encumbrance. Without limiting the generality of the foregoing, if the L-C expires earlier than the L-C Expiration Date,
Landlord will accept a renewal thereof (such renewal letter of credit to be in effect and delivered to Landlord, as applicable, not later than thirty (30) days prior to the expiration of the L-C), which
shall be irrevocable and automatically renewable as above provided through the L-C Expiration Date upon the same terms as the expiring L-C or such other terms as may be
acceptable to Landlord in its sole discretion. If Tenant exercises its option to extend the Lease Term pursuant to Section 2.2 of this Lease then, not later than thirty (30) days prior to the commencement of the Option
Term, Tenant shall deliver to Landlord a new L C or certificate of renewal or extension evidencing the L-C Expiration Date as thirty (30) days after the expiration of the Option Term. However, if the
L-C is not timely renewed, or if Tenant fails to maintain the L-C in the amount and in accordance with the terms set forth in this Article 21,
Landlord shall have the right to present the L-C to the Bank in accordance with the terms of this Article 21, and the proceeds of the L-C may
be applied by Landlord against any Rent payable by Tenant under this Lease that is not paid when due and/or to pay for all losses and damages that Landlord has suffered or that Landlord reasonably estimates that it will suffer as a result of any
breach or default by Tenant under this Lease. In the event Landlord elects to exercise its rights as provided above, (I) any unused proceeds shall constitute the property of Landlord (and not Tenant’s property or, in the event of a
receivership, conservatorship, or a bankruptcy filing by, or on behalf of, Tenant, property of such receivership, conservatorship or Tenant’s bankruptcy estate) and need not be segregated from Landlord’s other assets, and
(II) Landlord agrees to pay to Tenant within thirty (30) days after the L-C Expiration Date the amount of any proceeds of the L-C received by Landlord and not
applied against any Rent payable by Tenant under this Lease that was not paid when due or used to pay for any losses and/or damages suffered by Landlord (or reasonably estimated by Landlord that it will suffer) as a result of any breach or default
by Tenant under this Lease; provided, however, that if prior to the L-C Expiration Date a voluntary petition is filed by Tenant, or an involuntary petition is filed against Tenant by any of Tenant’s
creditors, under the Bankruptcy Code, then Landlord shall not be obligated to make such payment in the amount of the unused L-C proceeds until either all preference issues relating to payments under this Lease
have been resolved in such bankruptcy or reorganization case or such bankruptcy or reorganization case has been dismissed. If Landlord draws on the L-C due to Tenant’s failure to timely renew or provide a
replacement L-C, such failure shall not be considered a default under this Lease and Landlord shall return such cash proceeds upon Tenant’s presentation of a replacement
L-C that satisfies the requirements of this Lease, subject to reasonable satisfaction of any preference risk to Landlord. 

21.4 Transfer and Encumbrance. The L-C shall also provide that Landlord may, at any time
and without notice to Tenant and without first obtaining Tenant’s consent thereto, transfer (one or more times) all or any portion of its interest in and to the L-C to another party, person or entity,
regardless of whether or not such transfer is from or as a part of the assignment by Landlord of its rights and interests in and to this Lease. In the event of a transfer of Landlord’s interest in under this Lease, Landlord shall transfer the L-C, in whole or in part, to the transferee and thereupon Landlord shall, without any further agreement between the parties, be released by Tenant from all liability therefor, and it is agreed that the provisions
hereof shall apply to every transfer or assignment of the whole of said L-C to a new landlord. In connection with any such transfer of the L-C by Landlord, Tenant shall,
at Tenant’s sole cost and expense, execute and submit to the Bank such applications, documents and instruments as may be necessary to effectuate such transfer and, Tenant shall be responsible for paying the Bank’s transfer and processing
fees in connection therewith; provided that, Landlord shall have the right (in its sole discretion), but not the obligation, to pay such fees on behalf of Tenant, in which case Tenant shall reimburse Landlord within ten (10) days after
Tenant’s receipt of an invoice from Landlord therefor. 
 21.5 L-C Not a Security
Deposit. Landlord and Tenant (1) acknowledge and agree that in no event or circumstance shall the L-C or any renewal thereof or substitute therefor or any proceeds thereof be deemed to be or
treated as a “security deposit” under any law applicable to security deposits in the commercial context, including, but not limited to, Section 1950.7 of the California Civil Code, as such Section now exists or as it may be hereafter
amended or succeeded (the “Security Deposit Laws”), (2) acknowledge and agree that the L-C (including any renewal thereof or substitute therefor or any proceeds thereof) is not intended
to serve as a security deposit, and the Security Deposit Laws shall have no applicability or relevancy thereto, and (3) waive any and all rights, duties and 

  
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obligations that any such party may now, or in the future will, have relating to or arising from the Security Deposit Laws. Tenant hereby irrevocably waives and relinquishes the provisions of
Section 1950.7 of the California Civil Code and any successor statute, and all other provisions of law, now or hereafter in effect, which (x) establish the time frame by which a landlord must refund a security deposit under a lease, and/or
(y) provide that a landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by a tenant or to clean the premises, it being agreed that Landlord may, in
addition, claim those sums specified in this Article 21 and/or those sums reasonably necessary to (a) compensate Landlord for any loss or damage caused by Tenant’s breach of this Lease, including any damages
Landlord suffers following termination of this Lease, and/or (b) compensate Landlord for any and all damages arising out of, or incurred in connection with, the termination of this Lease, including, without limitation, those specifically
identified in Section 1951.2 of the California Civil Code. Tenant agrees not to interfere in any way with any payment to Landlord of the proceeds of the L-C, either prior to or following a
“draw” by Landlord of all or any portion of the L-C, regardless of whether any dispute exists between Tenant and Landlord as to Landlord’s right to draw down all or any portion of the L-C. No condition or term of this Lease shall be deemed to render the L-C conditional and thereby afford the Bank a justification for failing to honor a drawing upon such L-C in a timely manner. Tenant shall not request or instruct the Bank of any L-C to refrain from paying sight draft(s) drawn under such
L-C. 
 21.6 Remedy for Improper Drafts. Tenant’s sole remedy in connection with
the improper presentment or payment of sight drafts drawn under any L-C shall be the right to obtain from Landlord a refund of the amount of any sight draft(s) that were improperly presented or the proceeds of
which were misapplied, and reasonable actual out-of-pocket attorneys’ fees, provided that at the time of such refund, Tenant increases the amount of such L-C to the amount (if any) then required under the applicable provisions of this Lease. Tenant acknowledges that the presentment of sight drafts drawn under any L-C, or the
Bank’s payment of sight drafts drawn under such L-C, could not under any circumstances cause Tenant injury that could not be remedied by an award of money damages, and that the recovery of money damages
would be an adequate remedy therefor. In the event Tenant shall be entitled to a refund as aforesaid and Landlord shall fail to make such payment within ten (10) business days after demand, Tenant shall have the right to deduct the amount
thereof from the next installment(s) of Base Rent. 
 22. COMMUNICATIONS AND COMPUTER LINE. Tenant may install, maintain, replace,
remove or use any communications or computer wires and cables serving the Premises (collectively, the “Lines”), provided that Tenant shall obtain Landlord’s prior written consent, use an experienced and qualified contractor
approved in writing by Landlord, and comply with all of the other provisions of Articles 7 and 8 of this Lease. Tenant shall pay all costs in connection therewith. Landlord reserves the right, upon notice to Tenant prior to the expiration or earlier
termination of this Lease, to require that Tenant, at Tenant’s sole cost and expense, remove any Lines located in or serving the Premises prior to the expiration or earlier termination of this Lease. 

 

	23.	 SIGNS. 

23.1 Exterior Signage. Subject to Landlord’s prior written approval, which shall not be unreasonably withheld, conditioned
or delayed, and provided all signs are in keeping with the quality, design and style of the Building and Project, Tenant, at its sole cost and expense, may install (i) identification signage on the monument sign outside the front entrance to
the Building (which Landlord shall install at its sole cost prior to the Lease Commencement Date), (ii) internal directional and lobby identification signage, and (iii) signage in the elevator lobby on the floor containing the Premises
(collectively, “Tenant Signage”); provided, however, in no event shall Tenant’s Signage include an “Objectionable Name,” as that term is defined in Section 23.3, of this Lease. All such
signage shall be subject to Tenant’s obtaining all required governmental approvals. All permitted signs shall be maintained by Tenant at its expense in a first-class and safe condition and appearance. Upon the expiration or earlier termination
of this Lease, Tenant shall remove all of its signs at Tenant’s sole cost and expense. The graphics, materials, color, design, lettering, lighting, size, illumination, specifications and exact location of Tenant’s Signage (collectively,
the “Sign Specifications”) shall be subject to the prior written approval of Landlord, which approval shall not be unreasonably withheld, conditioned or delayed, and shall be consistent and compatible with the quality and nature of
the Project. Tenant hereby acknowledges that, notwithstanding Landlord’s approval of Tenant’s Signage, Landlord has made no representation or warranty to Tenant with respect to the probability of obtaining all necessary governmental
approvals and permits for Tenant’s Signage. In the event Tenant does not receive the necessary governmental approvals and permits for Tenant’s Signage, Tenant’s and Landlord’s rights and

  
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obligations under the remaining terms of this Lease shall be unaffected. Except as required by applicable law, Landlord shall not install any other signage on the Building. If Landlord elects to
install a multi-tenant identification sign at the entrance to the Project, Tenant shall be entitled to install its name on such sign (subject to availability on a pro-rata basis based on the relative square
footages leased by the tenants of the Project), at Tenant’s sole cost and expense. 
 23.2 Objectionable Name.
Tenant’s Signage shall not include a name or logo which relates to an entity which is of a character or reputation, or is associated with a political faction or orientation, which is inconsistent with the quality of the Project, or which would
otherwise reasonably offend a landlord of the Comparable Buildings (an “Objectionable Name”). Landlord agrees that “Harpoon Therapeutics, Inc.” is not an Objectionable Name. 

23.3 Prohibited Signage and Other Items. Any signs, notices, logos, pictures, names or advertisements which are installed and
that have not been separately approved by Landlord may be removed without notice by Landlord at the sole expense of Tenant. Any signs, window coverings, or blinds (even if the same are located behind the Landlord-approved window coverings for the
Building), or other items visible from the exterior of the Premises or Building, shall be subject to the prior approval of Landlord, in its sole discretion. 

24. COMPLIANCE WITH LAW. Tenant shall not do anything or suffer anything to be done in or about the Premises or the Project which will in any
way conflict with any law, statute, ordinance or other governmental rule, regulation or requirement now in force or which may hereafter be enacted or promulgated. At its sole cost and expense, Tenant shall promptly comply with all such governmental
measures. Should any standard or regulation now or hereafter be imposed on Landlord or Tenant by a state, federal or local governmental body charged with the establishment, regulation and enforcement of occupational, health or safety standards for
employers, employees, landlords or tenants, then Tenant agrees, at its sole cost and expense, to comply promptly with such standards or regulations. Tenant shall be responsible, at its sole cost and expense, to make all alterations to the Building
and Premises as are required to comply with the governmental rules, regulations, requirements or standards described in this Article 24. The judgment of any court of competent jurisdiction or the admission of Tenant in any judicial action,
regardless of whether Landlord is a party thereto, that Tenant has violated any of said governmental measures, shall be conclusive of that fact as between Landlord and Tenant. Tenant’s obligations under this Article 24
are subject to the limitation in Section 10.2, above. 
 25. LATE CHARGES. If any installment of Rent or any other
sum due from Tenant shall not be received by Landlord or Landlord’s designee within five (5) business days after Tenant’s receipt of written notice from Landlord that said amount is delinquent, then Tenant shall pay to Landlord a late
charge equal to five percent (5%) of the overdue amount plus any reasonable attorneys’ fees incurred by Landlord by reason of Tenant’s failure to pay Rent and/or other charges when due hereunder. The late charge shall be deemed Additional
Rent and the right to require it shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as liquidated damages or as limiting Landlord’s remedies in any manner. In addition to the
late charge described above, any Rent or other amounts owing hereunder which are not paid within ten (10) days after Tenant’s receipt of written notice that said amount is delinquent shall bear interest from the date when due until paid at
a rate per annum equal to the lesser of (i) the annual “Bank Prime Loan” rate cited in the Federal Reserve Statistical Release Publication G.13(415), published on the first Tuesday of each calendar month (or such other comparable
index as Landlord and Tenant shall reasonably agree upon if such rate ceases to be published) plus four (4) percentage points, and (ii) the highest rate permitted by applicable law. 

26. LANDLORD’S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT. 

26.1 Landlord’s Cure. All covenants and agreements to be kept or performed by Tenant under this Lease shall be performed by
Tenant at Tenant’s sole cost and expense and without any reduction of Rent, except to the extent, if any, otherwise expressly provided herein. If Tenant shall fail to perform any obligation under this Lease, and such failure shall continue in
excess of the time allowed under Section 19.1.2, above, unless a specific time period is otherwise stated in this Lease, Landlord may, but shall not be obligated to, make any such payment or perform any such act on
Tenant’s part without waiving its rights based upon any default of Tenant and without releasing Tenant from any obligations hereunder. 

  
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 26.2 Tenant’s Reimbursement. Except as may be specifically provided to
the contrary in this Lease, Tenant shall pay to Landlord, upon delivery by Landlord to Tenant of statements therefor: (i) sums equal to expenditures reasonably made and obligations incurred by Landlord in connection with the remedying by
Landlord of Tenant’s defaults pursuant to the provisions of Section 26.1; (ii) sums equal to all losses, costs, liabilities, damages and expenses referred to in Article 10 of this Lease; and (iii) subject
to Section 29.21, sums equal to all expenditures made and obligations incurred by Landlord in collecting or attempting to collect the Rent or in enforcing or attempting to enforce any rights of Landlord under this Lease or
pursuant to law, including, without limitation, all reasonable legal fees and other amounts so expended. Tenant’s obligations under this Section 26.2 shall survive the expiration or sooner termination of the Lease
Term. 
 27. ENTRY BY LANDLORD. Landlord reserves the right at all reasonable times and upon reasonable notice to Tenant (except in the case
of an Emergency) to enter the Premises to (i) inspect them; (ii) show the Premises to prospective purchasers, or to current or prospective mortgagees, ground or underlying lessors or insurers or, during the last nine (9) months of the
Lease Term, to prospective tenants; (iii) post notices of nonresponsibility (to the extent applicable pursuant to then applicable law); or (iv) repair the Premises or the Building, or for structural repairs to the Building or the
Building’s systems and equipment as provided under the Lease. Landlord may make any such entries without the abatement of Rent, except as otherwise provided in this Lease, and may take such reasonable steps as required to accomplish the stated
purposes. In an Emergency, Landlord shall have the right to use any means that Landlord may deem proper to open the doors in and to the Premises. Any entry into the Premises by Landlord in the manner hereinbefore described shall not be deemed to be
a forcible or unlawful entry into, or a detainer of, the Premises, or an actual or constructive eviction of Tenant from any portion of the Premises. Landlord shall use commercially reasonable efforts to minimize any interference with Tenant’s
use of or access to the Premises in connection with any such entry, and shall comply with Tenant’s reasonable security measures. Landlord shall hold confidential any information regarding Tenant’s business that it may learn as a result of
such entry. 
 28. TENANT PARKING. Tenant shall have the right, without the payment of any parking charge or fee (other than as a
reimbursement of operating expenses to the extent allowed pursuant to the terms or Article 4 of this Lease, above), commencing on the Lease Commencement Date, to use the amount of parking set forth in Section 9 of the
Summary, in the on-site parking lot and garage which serves the Building. Tenant shall abide by all reasonable rules and regulations which are prescribed from time to time for the orderly operation and use of
the parking facility where the parking passes are located (including any sticker or other identification system established by Landlord and the prohibition of vehicle repair and maintenance activities in the parking facilities), and shall cooperate
in seeing that Tenant’s employees and visitors also comply with such rules and regulations. Tenant’s use of the Project parking facility shall be at Tenant’s sole risk and Tenant acknowledges and agrees that Landlord shall have no
liability whatsoever for damage to the vehicles of Tenant, its employees and/or visitors, or for other personal injury or property damage or theft relating to or connected with the parking rights granted herein or any of Tenant’s, its
employees’ and/or visitors’ use of the parking facilities. 
 29. MISCELLANEOUS PROVISIONS. 

29.1 Terms; Captions. The words “Landlord” and “Tenant” as used herein shall include the plural
as well as the singular. The necessary grammatical changes required to make the provisions hereof apply either to corporations or partnerships or individuals, men or women, as the case may require, shall in all cases be assumed as though in each
case fully expressed. The captions of Articles and Sections are for convenience only and shall not be deemed to limit, construe, affect or alter the meaning of such Articles and Sections. 

29.2 Binding Effect. Subject to all other provisions of this Lease, each of the covenants, conditions and provisions of this
Lease shall extend to and shall, as the case may require, bind or inure to the benefit not only of Landlord and of Tenant, but also of their respective heirs, personal representatives, successors or assigns, provided this clause shall not permit any
assignment by Tenant contrary to the provisions of Article 14 of this Lease. 
 29.3 No Air Rights. No rights to any
view or to light or air over any property, whether belonging to Landlord or any other person, are granted to Tenant by this Lease. If at any time any windows of the Premises are temporarily darkened or the light or view therefrom is obstructed by
reason of any repairs, improvements, maintenance or cleaning in or about the Project, the same shall be without liability to Landlord and without any reduction or diminution of Tenant’s obligations under this Lease. 

  
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 29.4 Modification of Lease. Should any current or prospective mortgagee or
ground lessor for the Building or Project require a modification of this Lease, which modification will not cause an increased cost or expense to Tenant or in any other way materially and adversely change the rights and obligations of Tenant
hereunder or interfere with Tenant’s use of the Premises, then and in such event, Tenant agrees that this Lease may be so modified and agrees to execute whatever documents are reasonably required therefor and to deliver the same to Landlord
within ten (10) business days following a request therefor. At the request of Landlord or any mortgagee or ground lessor, Tenant agrees to execute a short form of Lease and deliver the same to Landlord within ten (10) business days
following the request therefor. 
 29.5 Transfer of Landlord’s Interest. Tenant acknowledges that Landlord has the right
to transfer all or any portion of its interest in the Project or Building and in this Lease, and Tenant agrees that in the event of any such transfer, Landlord shall automatically be released from all liability under this Lease and Tenant agrees to
look solely to such transferee for the performance of Landlord’s obligations hereunder accruing after the date of transfer provided such transferee shall have fully assumed and agreed in writing to be liable for all obligations of this Lease to
be performed by Landlord, including the return of any security deposit or L-C, and Tenant shall attorn to such transferee. 

29.6 Prohibition Against Recording. Except as provided in Section 29.4 of this Lease, neither this
Lease, nor any memorandum, affidavit or other writing with respect thereto, shall be recorded by Tenant or by anyone acting through, under or on behalf of Tenant. 

29.7 Landlord’s Title. Landlord’s title is and always shall be paramount to the title of Tenant. Nothing herein
contained shall empower Tenant to do any act which can, shall or may encumber the title of Landlord. 
 29.8 Relationship of
Parties. Nothing contained in this Lease shall be deemed or construed by the parties hereto or by any third party to create the relationship of principal and agent, partnership, joint venturer or any association between Landlord and Tenant.

 29.9 Payment under Protest. If Tenant in good faith disputes any amounts billed by Landlord, other than (i) Base Rent,
(ii) Tenant’s Share of Direct Expenses (as to which Tenant may exercise its rights under Section 4.6, above), Tenant may make payment of such amounts under protest, and reserve all of its rights with respect to
such amounts (the “Disputed Amounts”). Landlord and Tenant shall meet and confer to discuss the Disputed Amounts and attempt, in good faith, to resolve the particular dispute. If, despite such good faith efforts, Landlord and Tenant
are unable to reach agreement regarding the Disputed Amounts, either party may submit the matter to binding arbitration under the JAMS Streamlined Arbitration Rules & Procedures. The non-prevailing
party, as determined by JAMS, will be responsible to pay all fees and costs incurred in connection with the JAMS procedure, as well as all other costs and expenses, including reasonable attorneys’ fees, incurred by the prevailing party. This
Section 29.9 shall not apply to claims relating to Landlord’s exercise of any unlawful detainer rights pursuant to California law or rights or remedies used by Landlord to gain possession of the Premises or terminate
Lessee’s right of possession to the Premises. 
 29.10 Time of Essence. Time is of the essence with respect to the
performance of every provision of this Lease in which time of performance is a factor. 
 29.11 Partial Invalidity. If any
term, provision or condition contained in this Lease shall, to any extent, be invalid or unenforceable, the remainder of this Lease, or the application of such term, provision or condition to persons or circumstances other than those with respect to
which it is invalid or unenforceable, shall not be affected thereby, and each and every other term, provision and condition of this Lease shall be valid and enforceable to the fullest extent possible permitted by law. 

  
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 29.12 No Warranty. In executing and delivering this Lease, Tenant has not
relied on any representations, including, but not limited to, any representation as to the amount of any item comprising Additional Rent or the amount of the Additional Rent in the aggregate or that Landlord is furnishing the same services to other
tenants, at all, on the same level or on the same basis, or any warranty or any statement of Landlord which is not set forth herein or in one or more of the exhibits attached hereto. 

29.13 Landlord Exculpation. The liability of Landlord or the Landlord Parties to Tenant for any default by Landlord under this
Lease or arising in connection herewith or with Landlord’s operation, management, leasing, repair, renovation, alteration or any other matter relating to the Project or the Premises shall be limited solely and exclusively to an amount which is
equal to the lesser of (a) the interest of Landlord in the Project or (b) the equity interest Landlord would have in the Project if the Project were encumbered by third-party debt in an amount equal to eighty percent (80%) of the value of
the Project (as such value is determined by Landlord), including any rental, condemnation, sales and insurance proceeds received by Landlord or the Landlord Parties in connection with the Project, Building or Premises. No Landlord Parties (other
than Landlord) shall have any personal liability therefor, and Tenant hereby expressly waives and releases such liability on behalf of itself and all persons claiming by, through or under Tenant. The limitations of liability contained in this
Section 29.13 shall inure to the benefit of Landlord’s and the Landlord Parties’ present and future partners, beneficiaries, officers, directors, trustees, shareholders, agents and employees, and their respective
partners, heirs, successors and assigns. Under no circumstances shall any present or future partner of Landlord (if Landlord is a partnership), or trustee or beneficiary (if Landlord or any partner of Landlord is a trust), have any liability for the
performance of Landlord’s obligations under this Lease. Notwithstanding any contrary provision herein, neither Landlord nor the Landlord Parties shall be liable under any circumstances for injury or damage to, or interference with,
Tenant’s business, including but not limited to, loss of profits, loss of rents or other revenues, loss of business opportunity, loss of goodwill or loss of use, in each case, however occurring, or loss to inventory, scientific research,
scientific experiments, laboratory animals, products, specimens, samples, and/or scientific, business, accounting and other records of every kind and description kept at the premises and any and all income derived or derivable therefrom. 

29.14 Entire Agreement. It is understood and acknowledged that there are no oral agreements between the parties hereto affecting
this Lease and this Lease constitutes the parties’ entire agreement with respect to the leasing of the Premises and supersedes and cancels any and all previous negotiations, arrangements, brochures, agreements and understandings, if any,
between the parties hereto or displayed by Landlord to Tenant with respect to the subject matter thereof, and none thereof shall be used to interpret or construe this Lease. None of the terms, covenants, conditions or provisions of this Lease can be
modified, deleted or added to except in writing signed by the parties hereto. 
 29.15 Right to Lease. Landlord reserves the
absolute right to effect such other tenancies in the Project as Landlord in the exercise of its sole business judgment shall determine to best promote the interests of the Building or Project. Tenant does not rely on the fact, nor does Landlord
represent, that any specific tenant or type or number of tenants shall, during the Lease Term, occupy any space in the Building or Project. 

29.16 Force Majeure. Any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, acts of war,
terrorist acts, inability to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, civil commotions, fire or other casualty, and other causes beyond the reasonable control of the party obligated to perform,
except with respect to the obligations imposed with regard to Rent and other charges to be paid by Tenant pursuant to this Lease (collectively, a “Force Majeure”), notwithstanding anything to the contrary contained in this Lease,
shall excuse the performance of such party for a period equal to any such prevention, delay or stoppage and, therefore, if this Lease specifies a time period for performance of an obligation of either party, that time period shall be extended by the
period of any delay in such party’s performance caused by a Force Majeure, provided, however, the foregoing delays shall not apply to Tenant’s termination rights hereunder. 

  
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 29.17 Intentionally Omitted. 

29.18 Notices. All notices, demands, statements, designations, approvals or other communications (collectively,
“Notices”) given or required to be given by either party to the other hereunder or by law shall be in writing, shall be (A) sent by United States certified or registered mail, postage prepaid, return receipt requested
(“Mail”), (B) delivered by a nationally recognized overnight courier, or (C) delivered personally. Any Notice shall be sent, transmitted, or delivered, as the case may be, to Tenant at the appropriate address set forth in
Section 10 of the Summary, or to such other place as Tenant may from time to time designate in a Notice to Landlord, or to Landlord at the addresses set forth below, or to such other places as Landlord may from time to time designate in a
Notice to Tenant. Landlord will provide courtesy copies of such Notices to Tenant via e-mail to the e-mail addresses set forth in Section 10 of the Summary. Any
Notice will be deemed given (i) three (3) business days after the date it is posted if sent by Mail, (ii) the date the overnight courier delivery is made, or (iii) the date personal delivery is made. As of the date of this Lease, any
Notices to Landlord must be sent, transmitted, or delivered, as the case may be, to the following addresses: 
 HCP, Inc. 

1920 Main Street, Suite 1200 

Irvine, CA 92614 
 Attention:
Legal Department 
 with a copy to: 

HCP Life Science Estates 
 950
Tower Lane, Suite 1650 
 Foster City, CA 94404 

Attention: Scott Bohn 
 and 

Allen Matkins Leck Gamble Mallory & Natsis LLP 

1901 Avenue of the Stars, Suite 1800 

Los Angeles, California 90067 

Attention: Anton N. Natsis, Esq. 

29.19 Joint and Several. If there is more than one tenant, the obligations imposed upon Tenant under this Lease shall be joint
and several. 
 29.20 Authority. If Tenant is a corporation, trust or partnership, Tenant hereby represents and warrants that
Tenant is a duly formed and existing entity qualified to do business in the State of California and that Tenant has full right and authority to execute and deliver this Lease and that each person signing on behalf of Tenant is authorized to do so.

 29.21 Attorneys’ Fees. In the event that either Landlord or Tenant should bring suit for the possession of the
Premises, for the recovery of any sum due under this Lease, or because of the breach of any provision of this Lease or for any other relief against the other, then all costs and expenses, including reasonable attorneys’ fees, incurred by the
prevailing party therein shall be paid by the other party, which obligation on the part of the other party shall be deemed to have accrued on the date of the commencement of such action and shall be enforceable whether or not the action is
prosecuted to judgment. 
 29.22 Governing Law; WAIVER OF TRIAL BY JURY. This Lease shall be construed and enforced in
accordance with the laws of the State of California. IN ANY ACTION OR PROCEEDING ARISING HEREFROM, LANDLORD AND TENANT HEREBY CONSENT TO (I) THE JURISDICTION OF ANY COMPETENT COURT WITHIN THE STATE OF CALIFORNIA, (II) SERVICE OF PROCESS BY
ANY MEANS AUTHORIZED BY CALIFORNIA LAW, AND (III) IN THE INTEREST OF SAVING TIME AND EXPENSE, TRIAL WITHOUT A JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER OR THEIR SUCCESSORS IN
RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM FOR INJURY OR DAMAGE, OR ANY EMERGENCY OR STATUTORY REMEDY. IN THE EVENT
LANDLORD COMMENCES ANY SUMMARY PROCEEDINGS OR ACTION FOR NONPAYMENT OF BASE RENT OR ADDITIONAL RENT, TENANT SHALL NOT INTERPOSE ANY COUNTERCLAIM OF ANY NATURE OR DESCRIPTION (UNLESS SUCH COUNTERCLAIM SHALL BE MANDATORY) IN ANY SUCH PROCEEDING OR
ACTION, BUT SHALL BE RELEGATED TO AN INDEPENDENT ACTION AT LAW. 

  
 -42- 

 29.23 Submission of Lease. Submission of this instrument for examination or
signature by Tenant does not constitute a reservation of, option for or option to lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant. 

29.24 Brokers. Landlord and Tenant hereby warrant to each other that they have had no dealings with any real estate broker or
agent in connection with the negotiation of this Lease, excepting only the real estate brokers or agents specified in Section 12 of the Summary (the “Brokers”), and that they know of no other real estate
broker or agent who is entitled to a commission in connection with this Lease. Each party agrees to indemnify and defend the other party against and hold the other party harmless from any and all claims, demands, losses, liabilities, lawsuits,
judgments, costs and expenses (including without limitation reasonable attorneys’ fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of any dealings with any real estate broker or agent, other
than the Brokers, occurring by, through, or under the indemnifying party. The terms of this Section 29.24 shall survive the expiration or earlier termination of the Lease Term. 

29.25 Independent Covenants. This Lease shall be construed as though the covenants herein between Landlord and Tenant are
independent and not dependent and Tenant hereby expressly waives the benefit of any statute to the contrary and agrees that if Landlord fails to perform its obligations set forth herein, Tenant shall not be entitled to make any repairs or perform
any acts hereunder at Landlord’s expense or to any setoff of the Rent or other amounts owing hereunder against Landlord. 
 29.26
Project or Building Name, Address and Signage. Landlord shall have the right at any time to change the name and/or address of the Project or Building (and Landlord shall reimburse Tenant its actual, reasonable costs incurred as a
result of such change, if any) and, subject to Section 23.1, to install, affix and maintain any and all signs on the exterior and on the interior of the Project or Building as Landlord may, in Landlord’s sole
discretion, desire. Tenant shall not use the name of the Project or Building or use pictures or illustrations of the Project or Building in advertising or other publicity or for any purpose other than as the address of the business to be conducted
by Tenant in the Premises, without the prior written consent of Landlord. 
 29.27 Counterparts. This Lease may be executed in
counterparts with the same effect as if both parties hereto had executed the same document. Both counterparts shall be construed together and shall constitute a single lease. 

29.28 Good Faith. Except (i) for matters for which there is a standard of consent or discretion specifically set forth in
this Lease; (ii) matters which could have an adverse effect on the Building Structure or the Building Systems, or which could affect the exterior appearance of the Building, or (iii) matters covered by Article 4 (Additional Rent), or
Article 19 (Defaults; Remedies) of this Lease (collectively, the “Excepted Matters”), any time the consent of Landlord or Tenant is required, such consent shall not be unreasonably withheld or delayed, and, except with regard
to the Excepted Matters, whenever this Lease grants Landlord or Tenant the right to take action, exercise discretion, establish rules and regulations or make an allocation or other determination, Landlord and Tenant shall act reasonably and in good
faith. 
 29.29 Development of the Project. 

29.29.1 Subdivision. Landlord reserves the right to subdivide all or a portion of the buildings and Common Areas, so long as the
same does not interfere with Tenant’s use of or access to the Premises or Tenant’s parking rights. Tenant agrees to execute and deliver, upon demand by Landlord and in the form requested by Landlord, any additional documents needed to
conform this Lease to the circumstances resulting from a subdivision and any all maps in connection therewith, so long as the same does not increase Tenant’s obligations or decrease Tenant’s rights under this Lease. Notwithstanding
anything to the contrary set forth in this Lease, the separate ownership of any buildings and/or Common Areas by an entity other than Landlord shall not affect the calculation of Direct Expenses or Tenant’s payment of Tenant’s Share of
Direct Expenses. 

  
 -43- 

 29.29.2 Construction of Property and Other Improvements. Tenant acknowledges
that portions of the Project may be under construction following Tenant’s occupancy of the Premises, and that such construction may result in levels of noise, dust, obstruction of access, etc. which are in excess of that present in a fully
constructed project. Tenant hereby waives any and all rent offsets or claims of constructive eviction which may arise in connection with such construction, so long as the same does not interfere with Tenant’s use of or access to the Premises or
Tenant’s parking rights. 
 29.30 No Violation. Tenant hereby warrants and represents that neither its execution of nor
performance under this Lease shall cause Tenant to be in violation of any agreement, instrument, contract, law, rule or regulation by which Tenant is bound, and Tenant shall protect, defend, indemnify and hold Landlord harmless against any claims,
demands, losses, damages, liabilities, costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, arising from Tenant’s breach of this warranty and representation. 

29.31 Transportation Management. Tenant shall fully comply with all present or future government-mandated programs intended to
manage parking, transportation or traffic in and around the Project and/or the Building, and in connection therewith, Tenant shall take responsible action for the transportation planning and management of all employees located at the Premises by
working directly with Landlord, any governmental transportation management organization or any other transportation-related committees or entities. Such programs may include, without limitation: (i) restrictions on the number of peak-hour
vehicle trips generated by Tenant; (ii) increased vehicle occupancy; (iii) implementation of an in-house ridesharing program and an employee transportation coordinator; (iv) working with
employees and any Project, Building or area-wide ridesharing program manager; (v) instituting employer-sponsored incentives (financial or in-kind) to encourage employees to rideshare; and
(vi) utilizing flexible work shifts for employees. 

  
 -44- 

 IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be executed the day and
date first above written. 
  

											
	LANDLORD:	  		  	TENANT:
			
	HCP OYSTER POINT III LLC,	  		  	HARPOON THERAPEUTICS, INC.,
	a Delaware limited liability company	  		  	a Delaware corporation
					
	By:	 	 /s/ Scott Bohn
	  	                	  	By:	  	 /s/ William E. Picht, Jr.

						
		 	Name: Scott Bohn	  		  		  	Name:	  	 William E. Picht, Jr.

						
		 	Its: Vice President	  		  		  	Its:	  	 CFO

						
		 		  		  		  	By:	  	  

						
		 		  		  		  	Name:	  	  

						
		 		  		  		  	Its:	  	  

					
		 		  		  		  	01 Aug 2018

  
 -45-Exhibit 10.1

 

Execution Version

 

	 

 

CREDIT AGREEMENT

 

among

 

BRPI ACQUISITION CO LLC,

UNITED ONLINE, INC.,

and

YMAX CORPORATION,

as the Borrowers,

 

THE SUBSIDIARIES OF THE BORROWER FROM
TIME TO TIME PARTY HERETO,

as the Secured Guarantors,

 

BANC OF CALIFORNIA, N.A.,

as Sole Lead Arranger, Sole Book Manager

and Administrative Agent,

 

and

 

THE LENDERS PARTY HERETO

 

Dated as of December 19, 2018

	 

 

     

     

    

 

TABLE OF
CONTENTS

 

Page

 

	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	1
	 	 
	1.01	 	Defined Terms	1
	1.02	 	Other Interpretive Provisions	34
	1.03	 	Accounting Terms	35
	1.04	 	Rounding	36
	1.05	 	Times of Day	37
	1.06	 	UCC Terms	37
	1.07	 	Rates	37
	 	 	 	 
	ARTICLE II COMMITMENTS AND CREDIT EXTENSIONS	37
	 	 
	2.01	 	Term Loans; Term Loan Commitments	37
	2.02	 	[Reserved]	38
	2.03	 	Interest Periods	39
	2.04	 	[Reserved]	39
	2.05	 	[Reserved]	39
	2.06	 	Optional Prepayments	39
	2.07	 	Mandatory Prepayments	40
	2.08	 	[Reserved]	41
	2.09	 	Repayment of Term Loans	41
	2.10	 	Interest and Default Rate	41
	2.11	 	Fees	42
	2.12	 	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	42
	2.13	 	Evidence of Debt	42
	2.14	 	Payments Generally; Administrative Agent’s Clawback	43
	2.15	 	Sharing of Payments by Lenders	44
	2.16	 	Optional Loans	45
	2.17	 	Defaulting Lenders	47
	2.18	 	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	48
	 	 	 	 
	ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY	48
	 	 
	3.01	 	Taxes	48
	3.02	 	Illegality	52
	3.03	 	Inability to Determine Rates	53
	3.04	 	Increased Costs; Reserves on Eurodollar Rate Loans	54
	3.05	 	Compensation for Losses	55
	3.06	 	Designation of a Different Lending Office	56
	3.07	 	Survival	56
	 	 	 	 
	ARTICLE IV CONDITIONS PRECEDENT	56
	 	 
	4.01	 	Conditions of Initial Credit Extension	56
	 	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES	59
	 	 
	5.01	 	Existence, Qualification and Power	59
	5.02	 	Authorization; No Contravention	60
	5.03	 	Governmental Authorization; Other Consents	60

 

    i 

     

    

 

TABLE OF CONTENTS

(continued)

 

Page

 

	5.04	 	Binding Effect	60
	5.05	 	Financial Statements; No Material Adverse Effect	60
	5.06	 	Litigation	61
	5.07	 	No Default	61
	5.08	 	Ownership of Property	61
	5.09	 	Environmental Compliance	61
	5.10	 	Insurance	62
	5.11	 	Taxes	62
	5.12	 	ERISA Compliance	62
	5.13	 	Margin Regulations; Investment Company Act	63
	5.14	 	Disclosure	64
	5.15	 	Compliance with Laws	64
	5.16	 	Solvency	64
	5.17	 	Casualty, Etc	64
	5.18	 	Sanctions Concerns	64
	5.19	 	Responsible Officers	64
	5.20	 	Subsidiaries; Equity Interests; Loan Parties	65
	5.21	 	Collateral Representations	65
	5.22	 	Beneficial Ownership Certification	67
	5.23	 	[Reserved]	67
	5.24	 	Intellectual Property; Licenses, Etc	67
	5.25	 	Labor Matters	67
	 	 	 	 
	ARTICLE VI AFFIRMATIVE COVENANTS	67
	 	 
	6.01	 	Financial Statements	67
	6.02	 	Certificates; Other Information	69
	6.03	 	Notices	71
	6.04	 	Payment of Obligations	72
	6.05	 	Preservation of Existence, Etc	72
	6.06	 	Maintenance of Properties	72
	6.07	 	Maintenance of Insurance	73
	6.08	 	Compliance with Laws	73
	6.09	 	Books and Records	73
	6.10	 	Inspection Rights	73
	6.11	 	Use of Proceeds	74
	6.12	 	Material Contracts	74
	6.13	 	Covenant to Guarantee Obligations	74
	6.14	 	Covenant to Give Security	75
	6.15	 	Further Assurances	76
	6.16	 	[Reserved]	76
	6.17	 	Compliance with Terms of Leaseholds	76
	6.18	 	Compliance with Environmental Laws	76
	 	 	 	 
	ARTICLE VII NEGATIVE COVENANTS	77
	 	 
	7.01	 	Liens	77

 

    ii 

     

    

 

 

TABLE OF CONTENTS

(continued)

 

Page

 

	7.02	 	Indebtedness	78
	7.03	 	Investments	80
	7.04	 	Fundamental Changes	81
	7.05	 	Dispositions	81
	7.06	 	Restricted Payments	82
	7.07	 	Change in Nature of Business	83
	7.08	 	Transactions with Affiliates	83
	7.09	 	Burdensome Agreements	83
	7.10	 	Use of Proceeds	83
	7.11	 	Financial Covenants	84
	7.12	 	[Reserved]	85
	7.13	 	Amendments of Organization Documents; Fiscal
Year; Legal Name, State of Formation; Form of Entity and Accounting Changes	85
	7.14	 	Sale and Leaseback Transactions	85
	7.15	 	Prepayments, Etc. of Indebtedness	86
	7.16	 	[Reserved]	86
	7.17	 	[Reserved]	86
	7.18	 	Sanctions	86
	 	 	 	 
	ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES	86
	 	 
	8.01	 	Events of Default	86
	8.02	 	Remedies upon Event of Default	88
	8.03	 	Application of Funds	89
	 	 	 	 
	ARTICLE IX ADMINISTRATIVE AGENT	90
	 	 
	9.01	 	Appointment and Authority	90
	9.02	 	Rights as a Lender	90
	9.03	 	Exculpatory Provisions	91
	9.04	 	Reliance by Administrative Agent	92
	9.05	 	Delegation of Duties.	92
	9.06	 	Resignation of Administrative Agent	92
	9.07	 	Non-Reliance on Administrative Agent and Other Lenders	93
	9.08	 	No Other Duties, Etc	94
	9.09	 	Administrative Agent May File Proofs of Claim; Credit Bidding	94
	9.10	 	Collateral and Guaranty Matters	95
	9.11	 	Secured Cash Management Agreements and Secured Hedge Agreements	96
	9.12	 	Certain ERISA Matters	96
	 	 	 	 
	ARTICLE X CONTINUING GUARANTY	97
	 	 
	10.01	 	Guaranty	97
	10.02	 	Rights of Lenders	97
	10.03	 	Certain Waivers	98
	10.04	 	Obligations Independent	98
	10.05	 	Subrogation	98
	10.06	 	Termination; Reinstatement	99

 

    iii 

     

    

 

TABLE OF CONTENTS

(continued)

 

Page

 

	10.07	 	Stay of Acceleration	99
	10.08	 	Condition of Borrowers	99
	10.09	 	Appointment of Borrowers	99
	10.10	 	Right of Contribution	100
	10.11	 	Keepwell	100
	 	 	 	 
	ARTICLE XI MISCELLANEOUS	100
	 	 
	11.01	 	Amendments, Etc	100
	11.02	 	Notices; Effectiveness; Electronic Communications	102
	11.03	 	No Waiver; Cumulative Remedies; Enforcement	104
	11.04	 	Expenses; Indemnity; Damage Waiver	105
	11.05	 	Payments Set Aside	107
	11.06	 	Successors and Assigns	107
	11.07	 	Treatment of Certain Information; Confidentiality	111
	11.08	 	Right of Setoff	112
	11.09	 	Interest Rate Limitation	112
	11.10	 	Counterparts; Integration; Effectiveness	113
	11.11	 	Survival of Representations and Warranties	113
	11.12	 	Severability	113
	11.13	 	Replacement of Lenders	114
	11.14	 	Governing Law; Jurisdiction; Etc	114
	11.15	 	Waiver of Jury Trial	115
	11.16	 	Subordination	117
	11.17	 	No Advisory or Fiduciary Responsibility	118
	11.18	 	Electronic Execution of Assignments and Certain Other Documents	118
	11.19	 	USA PATRIOT Act Notice	118
	11.20	 	Borrowing Agency Provisions	119
	11.21	 	Waiver of Subrogation	119

 

    iv 

     

    

 

TABLE OF CONTENTS

(continued)

 

Page

 

	BORROWER PREPARED SCHEDULES
	 
	Schedule 1.01(c)	Responsible Officers
	Schedule 1.01(d)	Schedule of Insurance Related Consolidated EBITDA Add-Backs
	Schedule 5.06	Litigation
	Schedule 5.10	Insurance
	Schedule 5.11	Tax Matters
	Schedule 5.12	Pension Plans
	Schedule 5.20(a)	Subsidiaries, Joint Ventures, Partnerships and Other Equity Investments
	Schedule 5.20(b)	Loan Parties
	Schedule 5.21(b)(i)	Intellectual Property
	Schedule 5.21(b)(ii)	Permitted Transfers of Property
	Schedule 5.21(c)	Documents, Instrument, and Tangible Chattel Paper
	Schedule 5.21(d)(i)	Deposit Accounts & Securities Accounts
	Schedule 5.21(d)(ii)	Electronic Chattel Paper & Letter-of-Credit Rights
	Schedule 5.21(e)	Commercial Tort Claims
	Schedule 5.21(f)	Pledged Equity Interests
	Schedule 5.21(g)(i)	Other Properties
	Schedule 5.21(h)	Material Contracts
	Schedule 7.01	Existing Liens
	Schedule 7.02	Existing Indebtedness
	Schedule 7.03	Existing Investments
	Schedule 7.05(j)	Dormant or Immaterial Subsidiaries
	Schedule 7.05(k)	Domain Names Subject to Disposition
	Schedule 7.08	Affiliate Transactions
	Schedule 11.06(b)	Non-Assignment Persons
	 	 
	ADMINISTRATIVE AGENT PREPARED SCHEDULES
	 
	Schedule 1.01(a)	Certain Addresses for Notices
	Schedule 1.01(b)	Initial Commitments and Applicable Percentages
	 	 
	EXHIBITS	 
	 	 
	Exhibit A	Form of Administrative Questionnaire
	Exhibit B	Form of Assignment and Assumption
	Exhibit C	Form of Compliance Certificate
	Exhibit D	Form of Joinder Agreement
	Exhibit E	Form of Loan Notice
	Exhibit F	Form of Term Note
	Exhibit G	Form of Secured Party Designation Notice
	Exhibit H	Form of Solvency Certificate
	Exhibit I	Form of Officer’s Certificate
	Exhibit J	Forms of U.S. Tax Compliance Certificates
	Exhibit K	Form of Funding Indemnity Letter
	Exhibit L	Form of Landlord Waiver
	Exhibit M	Form of Financial Condition Certificate
	Exhibit N	Form of Authorization to Share Insurance Information
	Exhibit O	Form of Notice of Loan Prepayment

 

    v 

     

    

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT,
dated as of December 19, 2018, is entered into by and among BRPI ACQUISITION CO LLC, a Delaware limited liability company (“Holdco”),
UNITED ONLINE, INC., a Delaware corporation (“United Online”), and YMAX CORPORATION, a Delaware corporation
(“YMax”, and together with Holdco and United Online, each, a “Borrower” and collectively,
the “Borrowers”), jointly and severally, the Secured Guarantors (defined herein), the Lenders (defined herein),
and BANC OF CALIFORNIA, N.A., as the Administrative Agent.

 

PRELIMINARY STATEMENTS

 

WHEREAS, the
Borrowers have requested that the Lenders make term loans to the Borrowers in an aggregate original principal amount of up to $80,000,000
and allow the Borrowers to request additional optional term loans in an aggregate principal amount of up to $10,000,000 at any
time prior to the first anniversary of the Closing Date.

 

WHEREAS, the
Lenders have agreed to make such term loans to the Borrowers and to permit the Borrowers to request such additional optional term
loans on the terms and subject to the conditions set forth herein.

 

NOW THEREFORE,
in consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS

 

		1.01	Defined Terms.

 

As used in this Agreement,
the following terms shall have the respective meanings set forth below:

 

“Acquired
EBITDA” means, with respect to any acquired entity or business (any of the foregoing, a “Pro Forma Entity”)
for any period prior to the applicable acquisition or conversion, the amount for such period of Consolidated Adjusted EBITDA of
such Pro Forma Entity (determined as if references to the Borrowers and the Subsidiaries in the definition of the term “Consolidated
Adjusted EBITDA” (and in the component definitions used therein) were references to such Pro Forma Entity and its subsidiaries
which will become Subsidiaries), all as determined on a consolidated basis for such Pro Forma Entity.

 

“Acquisition”
means the acquisition, whether through a single transaction or a series of related transactions, of (a) a majority of the Voting
Stock or other controlling ownership interest in another Person (including the purchase of an option, warrant or convertible or
similar type security to acquire such a controlling interest at the time it becomes exercisable by the holder thereof), whether
by purchase of such equity or other ownership interest or upon the exercise of an option or warrant for, or conversion of securities
into, such equity or other ownership interest, or (b) assets of another Person which constitute all or substantially all of the
assets of such Person or of a division, line of business or other business unit of such Person.

 

    1

     

    

 

“Additional
Secured Obligations” means (a) all obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
and (b) all reasonable and documented out-of-pocket costs and expenses incurred in connection with enforcement and collection of
the foregoing, including the reasonable and documented fees, charges and disbursements of external counsel, in each case whether
direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof
of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding; provided that Additional Secured Obligations of a Loan Party shall
exclude any Excluded Swap Obligations with respect to such Loan Party.

 

“Administrative
Agent” means Banc of California in its capacity as administrative agent under any of the Loan Documents, or any successor
administrative agent.

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule
1.01(a), or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit A or any other form
approved by the Administrative Agent.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

“Aggregate
Commitments” means the Commitments of all the Lenders.

 

“Agreement”
means this Credit Agreement, as the same may be amended, amended and restated, or supplemented from time to time.

 

“Applicable
Margin” means, for any day, the interest rate margin per annum set forth below opposite the applicable Level then in
effect (based on the Consolidated Total Funded Debt Ratio) to be added to the Eurodollar Adjusted Rate:

 

	Level	Consolidated Total 

Funded Debt Ratio	Applicable Margin
	1	> 1.50:1.00	3.00%
	2	> 1.00:1.00 and ≤ 1.50:1.00	2.75%
	3	≤ 1.00:1.00	2.50%

 

Any increase or decrease
in the Applicable Margin resulting from a change in the Consolidated Total Funded Debt Ratio shall become effective as of the first
Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b); provided,
however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request
of the Required Lenders, Pricing Level 1 shall apply, in each case as of the first Business Day after the date on which such Compliance
Certificate was required to have been delivered and in each case shall remain in effect until the first Business Day following
the date on which such Compliance Certificate is delivered.

 

    2

     

    

 

Notwithstanding anything
to the contrary contained in this definition, (a) the determination of the Applicable Margin for any period shall be subject to
the provisions of Section 2.10(b) and (b) the initial Applicable Margin shall be set forth in Level 1 until the first Business
Day immediately following the date a Compliance Certificate is delivered to the Administrative Agent pursuant to Section 6.02(b)
for the second full fiscal quarter to occur following the Closing Date. Any adjustment in the Applicable Margin shall be applicable
to all Credit Extensions then existing or subsequently made or issued.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or
an Affiliate of an entity that administers or manages a Lender.

 

“Arranger”
means Banc of California, in its capacity as sole lead arranger and sole book manager.

 

“Asset Disposition”
means the sale, sale and leaseback, transfer, conveyance, exchange, license, lease or other disposition (including by means of
a merger, consolidation, amalgamation or joint venture) of any of the properties, business or assets (other than cash and Cash
Equivalents disposed of in the ordinary course of business) of any Borrower or any Subsidiary Guarantor to any Person or Persons;
provided that Asset Dispositions shall not include any of the following:

 

(a)           the
sale of inventory or performance of services in the ordinary course of business;

 

(b)           dispositions
of assets or property between or among the Loan Parties;

 

(c)           dispositions
in the ordinary course of business constituting the sale or discount of customer accounts reasonably deemed by any Borrower or
Subsidiary Guarantor to be uncollectible;

 

(d)           the
non-exclusive license (as licensor or sublicensor) of intellectual property in the ordinary course of business, and the license,
transfer and other dispositions of intellectual property rights (including by allowing such intellectual property rights to lapse)
if in the exercise of the applicable Borrower’s or Subsidiary Guarantor’s reasonable business judgment it shall have
determined that such intellectual property rights are no longer useful in its business;

 

(e)           the
disposition of obsolete or worn-out assets in an aggregate amount not exceeding $500,000 in any Fiscal Year;

 

(f)            subject
to Section 2.07(e), dispositions that constitute a casualty, taking or condemnation;

 

(g)           the
termination of leases or subleases and surrender or sublease of real or personal property in the ordinary course of business; and

 

(h)           dispositions
of the type described in clauses (h) and (i) of the definition of Permitted Transfers.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit B or any other form (including electronic documentation generated by MarkitClear or other electronic
platform) approved by the Administrative Agent.

 

    3

     

    

 

“Attributable
Indebtedness” means, on any date, subject to Section 1.03(a) regarding the treatment of leases, (a) in respect
of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared
as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining
lease or similar payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet
of such Person prepared as of such date in accordance with GAAP if such lease or other agreement or instrument were accounted for
as a Capitalized Lease.

 

“Audited Financial
Statements” means, collectively, (a) the audited Consolidated balance sheet of United Online and its Subsidiaries for
the fiscal year ended December 31, 2017, and the related Consolidated statements of income or operations, shareholders’ equity
and cash flows for such fiscal year of United Online and its Subsidiaries, including the notes thereto and (b) the audited Consolidated
balance sheet of MagicJack and its Subsidiaries for the fiscal year ended December 31, 2017, and the related Consolidated statements
of income or operations, shareholders’ equity and cash flows for such fiscal year of MagicJack and its Subsidiaries, including
the notes thereto.

 

“Authorization
to Share Insurance Information” means the authorization substantially in the form of Exhibit N (or such other
form as required by each of the Loan Party’s insurance companies).

 

“Bail-In Action”
means 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”
means, 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.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation,
which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners
of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry
and Financial Markets Association.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a
“plan” as defined in and subject to Section 4975 of the ode or (c) any Person whose assets include (for purposes
of ERISA) Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee
benefit plan” or “plan.”

 

“Banc of California”
means Banc of California, N.A., and its successors and assigns.

 

“Bankruptcy
Code” means Title II of the United States Code entitled “Bankruptcy” as now and hereafter in effect,
or any successor statute.

 

    4

     

    

 

“Base Rate”
for any day, a rate per annum equal to the greater of (x) the Federal Funds Effective Rate in effect on such day plus 1⁄2
of 1% per annum, and (y) the rate of interest per annum as published as the “Prime Rate” for U.S. banks in The Wall
Street Journal as of such date; provided that, if the Base Rate shall be less than zero, such rate shall be deemed to
be zero for the purposes of this Agreement. The Base Rate is a reference rate and does not necessarily represent the lowest or
best rate actually charged to any customer. The Lenders may make commercial loans or other loans at rates of interest at, above
or below the Base Rate. If, for any reason, the Administrative Agent shall have determined (which determination shall be conclusive
absent manifest error) that it is unable to ascertain the Federal Funds Rate for any reason, including the inability or failure
of the Administrative Agent to obtain sufficient quotations in accordance with the terms hereof, the Base Rate shall be determined
without regard to clause (x) of the first sentence of this definition until the circumstances giving rise to such inability no
longer exist. Any change in the Base Rate due to a change in the Federal Funds Rate or the “Prime Rate,” as the case
may be, shall be effective on the effective date of such change in the Federal Funds Rate or the “Prime Rate,” as applicable.

 

“Board of
Directors” means, as to any Person, the board of directors (or comparable managers) of such Person, or any committee
thereof duly authorized to act on behalf of the board of directors (or comparable managers).

 

“Borrower”
and “Borrowers” have the respective meanings specified in the introductory paragraph hereto.

 

“Borrowers
Materials” has the meaning specified in Section 6.02.

 

“Borrowing
Agent” means Holdco.

 

“BroadSmart”
means, individually and collectively, BroadSmart Global, Inc., a Florida corporation and Broadsmart Holding Co Inc., a Delaware
corporation.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, the state of California and any such day that is also a London Banking Day.

 

“Capital Expenditures”
means, with respect to any Person for any period, any expenditure in respect of the purchase or other acquisition of any fixed
or capital asset (excluding normal replacements and maintenance which are properly charged to current operations).

 

“Capitalized
Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases; provided,
that notwithstanding any change in GAAP after the Closing Date that would require lease obligations that would be treated as operating
leases as of the Closing Date to be classified and accounted for as capital leases or otherwise reflected on any Person’s
balance sheet, such obligations shall be treated in the same manner as operating leases are treated as of the Closing Date.

 

“Cash at Bank”
means the amount of unrestricted cash and Cash Equivalents held by the Borrowers at Banc of California or any of its Affiliates.

 

    5

     

    

 

“Cash Equivalents”
means any of the following types of Investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear
of all Liens (other than Permitted Liens):

 

(a)           readily
marketable securities issued by or directly, unconditionally and fully guaranteed or insured by the United States or any agency
or instrumentality thereof having maturities of not more than three hundred sixty-five days (365) days from the date of acquisition
thereof; provided that the full faith and credit of the United States is pledged in support thereof;

 

(b)           any
readily marketable direct obligations issued by any other agency of the United States, any state of the United States or any political
subdivision of any such state or any public instrumentality thereof having maturities of not more than three hundred sixty-five
days (365) from the date of acquisition thereof, in each case having a rating of at least “A-1” from S&P
or at least “P-1” from Moody’s;

 

(c)           any
dollar-denominated time deposits, insured certificates of deposit, overnight bank deposits or bankers’ acceptances of, any
(i) Lender or commercial bank that is (x) organized under the laws of the United States, any state thereof or the District of Columbia,
(y) “adequately capitalized” (as defined in the regulations of its primary federal banking regulators) and (z)
has Tier 1 capital (as defined in such regulations) in excess of $250,000,000 (ii) having maturities of not more than three hundred
sixty-five (365) days;

 

(d)           commercial
paper issued by any Person organized under the laws of any state of the United States and rated at least “P-1”
(or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P,
in each case with maturities of not more than one hundred eighty (180) days from the date of acquisition thereof; and

 

(e)           Investments,
classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs
registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating
obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character,
quality and maturity described in clauses (a), (b), (c) and (d) of this definition.

 

“Cash Management
Agreement” means any agreement that is not prohibited by the terms hereof to provide treasury or cash management services,
including deposit accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards),
funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox,
account reconciliation and reporting and trade finance services and other cash management services.

 

“Cash Management
Bank” means Banc of California or one of its Affiliates.

 

“CFC”
means a Person that is a controlled foreign corporation under Section 957 of the Code.

 

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

 

    6

     

    

 

“Change of
Control” means an event or series of events by which:

 

(a)           during
any period of 24 consecutive months commencing on or after the Closing Date, the occurrence of a change in the composition of the
Board of Directors of any Loan Party such that a majority of the members of such Board of Directors of such Loan Party are not
Continuing Directors;

 

(b)           Ultimate
Parent fails to own and control, directly or indirectly, 100% of the Equity Interests of Parent;

 

(c)           Parent
fails to own and control, directly or indirectly, 100% of the Equity Interests of any Borrower; or

 

(d)           Except
as permitted by the terms of Section 7.04 of this Agreement, any Borrower fails to own and control, directly or indirectly,
100% of the Equity Interests of any of its Subsidiaries that is a Loan Party.

 

“Closing Date”
means the date hereof.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral”
means all of the “Collateral” referred to in the Collateral Documents and all of the other property that is
or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the
benefit of the Secured Parties; provided, however, that Collateral shall not include any Excluded Property.

 

“Collateral
Documents” means, collectively, the Security Agreement, each Joinder Agreement, each of the security agreements, pledge
agreements or other similar agreements delivered to the Administrative Agent pursuant to Section 6.14, and each of the other
agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the benefit
of the Secured Parties.

 

“Commercial
Tort Claims” has the meaning ascribed to the term “Commercial tort claims” in such term in Section 9-102(a)(13)
of the UCC.

 

“Commitment”
means a Term Commitment.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.) as amended from time to time, or any
successor statute.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit C.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes.

 

    7

     

    

 

“Consolidated”
means, when used with reference to financial statements or financial statement items of Holdco and its Subsidiaries or any other
Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP.

 

“Consolidated
Adjusted EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without duplication,
for Holdco and its Subsidiaries in accordance with GAAP,

 

(a)           net
income for the most recently completed Measurement Period, plus

 

(b)           the
following for the most recently completed Measurement Period to the extent deducted in calculating such net income (without duplication):

 

(i)          Consolidated
Interest Charges,

 

(ii)         the
provision for federal, state, local and foreign income taxes paid or accrued during such period (including in respect of repatriated
funds), tax settlements, fees and penalties and any amounts distributed for the payment of any taxes by, or on behalf of, any direct
or indirect parent of Holdco,

 

(iii)        depreciation
and amortization expense,

 

(iv)        non-cash
charges, expenses, write-downs and losses (excluding any such non-cash charges, expenses, write-downs or losses to the extent (A)
there were cash charges with respect to such charges, expenses, write-downs and losses in past accounting periods or (B) there
is a reasonable expectation that there will be cash charges with respect to such charges, expenses, write-downs and losses in future
accounting periods), including, without limitation, impairment charges or the impact of purchase or recapitalization accounting
adjustments and any non-cash compensation, non-cash translation (gain) loss, non-cash foreign exchange loss and non-cash expense
relating to the vesting of warrants and any impairment charge or asset write-off and any amortization of intangibles pursuant to
FASB ASC 805,

 

(v)         (i)
costs and expenses for Directors and Officers and cyber-insurance tails as described on Schedule 1.01(d) related to the
MagicJack Acquisition, plus (ii) up to $500,000 in the aggregate of other MagicJack Acquisition-Related Costs incurred prior to
the first anniversary of the Closing Date in connection with the closing of the MagicJack Acquisition, plus (iii) up to $2,000,000
in the aggregate in restructuring, severance and integration expenses incurred prior to the first anniversary of the Closing Date
in connection with the MagicJack Acquisition,

 

(vi)       any
other contingent or deferred payment obligations (including, without limitation, severance (other than severance payments of the
type described in clause (iii) of subsection (v) above), retention, non-compete payments and consulting payments)
in an amount not to exceed $2,000,000 in the aggregate;

 

(vii)      any
other Transaction-Related Costs in an amount not to exceed $1,000,000 in the aggregate,

 

    8

     

    

 

(viii)     up
to $845,500 in the aggregate of fees, costs, and expenses incurred prior to the first anniversary of the Closing Date in connection
with the negotiation, documentation or closing of this Agreement,

 

(ix)        stock-based
compensation expense and other non-cash compensation expense (including deferred non-cash compensation expenses),

 

(x)         unrealized
losses on Master Agreements and swaps,

 

(xi)        Litigation
or Dispute Settlement Charges or Gains in an amount not to exceed $1,000,000 in the aggregate;

 

(xii)       the
amount of all fees, costs and expenses incurred in connection with any amendment, modification or supplement of any Loan Document,
including, without limitation, any consent or waiver fees payable in connection therewith in an amount not to exceed $750,000 in
the aggregate,

 

(xiii)      proceeds
of business interruption insurance (to the extent actually received),

 

(xiv)      charges,
losses or expenses to the extent indemnified or reimbursed by a third party in connection with the MagicJack Acquisition or a Permitted
Acquisition,

 

(xv)       losses
and expenses from (or incurred in connection with) discontinued operations, divested joint ventures and other divested investments,

 

(xvi)      contingent
or deferred payments (including non-compete payments and other consulting payments) incurred in connection with the Permitted Acquisitions,
Investments and other transactions not prohibited by the Loan Documents, and earn-out obligation expense (including adjustments
thereto), to the extend incurred, paid or accrued during such period, in an amount not to exceed $1,000,000 in the aggregate,

 

(xvii)     non-cash
charges incurred pursuant to any management equity plan, profits interest or stock option plan or any other management or employee
benefit plan or agreement, pension plan, any stock subscription or shareholder agreement or any distributor equity plan or agreement,
or any similar equity plan or agreement, but excluding any compensation (including bonuses) paid in the ordinary course of business,
and charges in connection with the rollover, acceleration or payout of Equity Interests held by management of Holdco (or any direct
or indirect parent company), the Borrowers and/or any Subsidiary, in each case, to the extent that any such charge is funded with
Net Proceeds contributed by the relevant person as a capital contribution or as a result of the sale or issuance of Equity Interests,
and

 

(xviii)    non-cash losses
or charges attributable to the capitalization of labor and personnel costs for any measurement period ending on or prior to the
date that is 18 months after the Closing Date,

 

less

 

    9

     

    

 

(c)           without
duplication and to the extent reflected as a gain or otherwise included in the calculation of net income for such period (i) non-cash
gains (excluding any such non-cash gains to the extent (A) there were cash gains with respect to such gains in past accounting
periods or (B) there is a reasonable expectation that there will be cash gains with respect to such gains in future accounting
periods).

 

Notwithstanding the foregoing there shall
be included in determining Consolidated Adjusted EBITDA for any period or measurement, without duplication, to the extent not included
in net income, the Acquired EBITDA of any Person, property, business or asset acquired by the Borrowers or any Subsidiary during
such period to the extent not subsequently sold, transferred or otherwise disposed of (but not including the Acquired EBITDA of
any related Person, property, business or assets to the extent not so acquired) (each such Person, property, business or asset
acquired, including pursuant to a transaction consummated prior to the Closing Date, and not subsequently so disposed of, an “Acquired
Entity or Business”), in each case, based on the Acquired EBITDA of such Pro Forma Entity for such period (including
the portion thereof occurring prior to such acquisition or conversion) determined on a historical Pro Forma Basis, in an amount
not to exceed 10% of Consolidated Adjusted EBITDA.

 

Consolidated Adjusted EBITDA shall be calculated
as follows: (i) for the financial covenant test date of March 31, 2019, Consolidated Adjusted EBITDA for the Measurement Period
then ending shall be multiplied by four (4); (ii) for the financial covenant test date of June 30, 2019, Consolidated Adjusted
EBITDA for the Measurement Period then ending shall be multiplied by two (2); (iii) for the financial covenant test date
of September 30, 2019, Consolidated Adjusted EBITDA for the Measurement Period then ending shall be multiplied by four-thirds
(4/3); and (iv) for the financial covenant test date of December 31, 2019 and for each financial covenant test date thereafter,
Consolidated Adjusted EBITDA for the Measurement Period then ending shall be multiplied by one (1).

 

“Consolidated
Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) (i) Consolidated Adjusted EBITDA
less (ii) the aggregate amount of all non-financed cash Capital Expenditures, less (iii) the aggregate amount of federal, state,
local and foreign income taxes paid in cash, less (iv) the aggregate amount of cash distributions or dividends, in each case, of
or by Holdco and its Subsidiaries for the most recently completed Measurement Period, excluding any distribution or dividend
of the type described in clause (ii) of the definition of “Permitted Distributions” to (b) the sum of
(i) Consolidated Interest Charges to the extent paid in cash, but excluding any such payments to the extent refinanced through
the incurrence of additional Indebtedness otherwise expressly permitted under Section 7.02, plus (ii) the current portion
of Capitalized Lease obligations, plus (iii) the Term Loan Reduction Installment, in each case for the most recently completed
Measurement Period.

 

“Consolidated
Funded Indebtedness” means, as of any date of determination, for Holdco and its Subsidiaries on a Consolidated basis,
the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including
Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments;
(b) all purchase money Indebtedness; (c) the maximum amount available to be drawn under issued and outstanding letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; (d) all
obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary
course of business); (e) all Attributable Indebtedness; (f) all obligations to purchase, redeem, retire, defease or otherwise make
any payment prior to the Maturity Date in respect of any Equity Interests or any warrant, right or option to acquire such Equity
Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference
plus accrued and unpaid dividends; (g) without duplication, all Guarantees with respect to outstanding Indebtedness of the types
specified in clauses (a) through (f) above of Persons other than Holdco or any Subsidiary; and (h) all Indebtedness of the types
referred to in clauses (a) through (g) above of any partnership or joint venture (other than a joint venture that is itself a corporation
or limited liability company) in which Holdco or a Subsidiary is a general partner or joint venturer, unless such Indebtedness
is expressly made non-recourse to Holdco or such Subsidiary.

 

    10

     

    

 

“Consolidated
Interest Charges” means, for any Measurement Period, the sum of (a) all interest, premium payments, debt discount, fees,
charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred
purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, (b) all interest paid or payable
with respect to discontinued operations and (c) the portion of rent expense under Capitalized Leases that is treated as interest
in accordance with GAAP, in each case, of or by Holdco and its Subsidiaries on a Consolidated basis for the most recently completed
Measurement Period.

 

“Consolidated
Total Funded Debt Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as
of such date to (b) Consolidated Adjusted EBITDA for the most recently completed Measurement Period.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Continuing
Director” means (a) any member of the Board of Directors who was a director (or comparable manager) of a Loan Party on
the Closing Date, and (b) any individual who becomes a member of the Board of Directors after the Closing Date if such individual
was approved, appointed or nominated for election to the Board of Directors by a majority of the Continuing Directors, but excluding
any such individual originally proposed for election in opposition to the Board of Directors in office at the Closing Date in an
actual or threatened election contest relating to the election of the directors (or comparable managers) of the applicable Loan
Party and whose initial assumption of office resulted from such contest or the settlement thereof.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto. Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled
by another Person if such other Person possesses, directly or indirectly, power to vote ten percent (10%) or more of the securities
having ordinary voting power for the election of directors, managing general partners or the equivalent.

 

“Cost of Acquisition”
means, with respect to any Acquisition, as at the date of entering into any agreement therefor, the sum of the following (without
duplication): (a) the value of the Equity Interests of Holdco or any Subsidiary to be transferred in connection with such Acquisition,
(b) the amount of any cash and fair market value of other property (excluding property described in clause (a) and the unpaid principal
amount of any debt instrument) given as consideration in connection with such Acquisition, (c) the amount (determined by using
the face amount or the amount payable at maturity, whichever is greater) of any Indebtedness incurred, assumed or acquired by Holdco
or any Subsidiary in connection with such Acquisition, (d) all additional purchase price amounts in the form of earnouts and other
contingent obligations that should be recorded on the financial statements of Ultimate Parent and its Subsidiaries in accordance
with GAAP in connection with such Acquisition, (e) all amounts paid in respect of covenants not to compete and consulting agreements
that should be recorded on the financial statements of Holdco and its Subsidiaries in accordance with GAAP, and other affiliated
contracts in connection with such Acquisition, and (f) the aggregate fair market value of all other consideration given by Ultimate
Parent or any Subsidiary in connection with such Acquisition. For purposes of determining the Cost of Acquisition for any transaction,
the Equity Interests of Holdco shall be valued in accordance with GAAP.

 

    11

     

    

 

“Cure Notice”
has the meaning given to such term in Section 7.11(c)(i).

 

“Debt Offering”
means the incurrence, sale or issuance by any Loan Party of any debt securities or other Indebtedness (other than Indebtedness
permitted by Section 7.02).

 

“Debtor Relief
Laws” means the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States
or other applicable jurisdictions from time to time in effect.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default.

 

“Default Rate”
means with respect to any Obligation, a rate per annum equal to two percent (2%) in excess of the rate otherwise applicable thereto.

 

“Defaulting
Lender” means, subject to Section 2.17(b), any Lender that (a) has failed to (i) fund all or any portion of its
Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the
Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s determination that one
or more conditions precedent to funding (each of which conditions precedent, together with any applicable Event of Default, shall
be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender
any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the Borrowers
or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a
public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan
hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which
condition precedent, together with any applicable Event of Default, shall be specifically identified in such writing or public
statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent
or the Borrowers, to confirm in writing to the Administrative Agent and the Borrowers that it will comply with its prospective
funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by the Administrative Agent and the Borrower), (d) has become the subject of a Bail-in-Action,
or (e) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief
Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors
or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance
Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not
be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or
indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such
Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender
under any one or more of clauses (a) through (d) above, and the effective date of such status, shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(b)) as of the
date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the
Administrative Agent to the Borrowers and each other Lender promptly following such determination.

 

    12

     

    

 

“Designated
Jurisdiction” means any country or territory to the extent that such country or territory is the subject of any Sanction.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback
Transaction) of any property by any Loan Party or Subsidiary (or the granting of any option or other right to do any of the foregoing),
including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any
rights and claims associated therewith, but excluding any Involuntary Disposition.

 

“Disqualified
Capital Stock” means, with respect to any Person, any Equity Interest issued by such Person that by its terms (or by
the terms of any security into which it is convertible or for which it is exchangeable, either mandatorily or at the option of
the holder thereof), or upon the happening of any event or condition:

 

(a)           matures
or is mandatorily redeemable (other than solely for Equity Interests issued by such Person that do not constitute Disqualified
Capital Stock and cash in lieu of fractional shares of such Equity Interests), whether pursuant to a sinking fund obligation or
otherwise;

 

(b)           is
convertible or exchangeable, either mandatorily or at the option of the holder thereof, for Indebtedness or Equity Interests (other
than solely for Equity Interests issued by such Person that do not constitute Disqualified Capital Stock and cash in lieu of fractional
shares of such Equity Interests); or

 

(c)           is
redeemable (other than solely for Equity Interests issued by such Person that do not constitute Disqualified Capital Stock and
cash in lieu of fractional shares of such Equity Interests) or is required to be repurchased by such Person, in whole or in part,
at the option of the holder thereof;

 

in each case, on or prior to the date 91
days after the Latest Maturity Date (determined at the time of the issuance of such Equity Interests); provided, that (i)
an Equity Interest issued by any Person that would not constitute a Disqualified Capital Stock but for terms thereof giving holders
thereof the right to require such Person to redeem or purchase such Equity Interest upon the occurrence of an “asset sale”
or a “change of control” (or a similar transaction) shall not constitute a Disqualified Capital Stock if any such requirement
is subject to the prior occurrence of the Facility Termination Date and (ii) if an Equity Interest issued by any Person is issued
pursuant to any plan for the benefit of employees, officers, directors, managers, members of management or consultants of Holdco
(or any direct or indirect parent thereof) or any of its subsidiaries or by any such plan to such Persons, such Equity Interest
shall not constitute a Disqualified Capital Stock solely because it may be required to be repurchased by Holdco (or any direct
or indirect parent company thereof) or any of its subsidiaries in order to satisfy applicable statutory or regulatory obligations
of such Person.

 

“Dollar”
and “$” mean lawful money of the United States.

 

    13

     

    

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

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

 

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

 

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

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 11.06 (subject to such
consents, if any, as may be required under Section 11.06(b)(iii)).

 

“Environmental
Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution
and the protection of the environment or the release of any materials into the environment, including those related to hazardous
substances or wastes, air emissions and discharges to waste or public systems.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of any Borrower, any other Loan Party or any of their respective Subsidiaries directly
or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened
release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant
to which liability is assumed or imposed with respect to any of the foregoing.

 

“Environmental
Permit” means any permit, approval, identification number, license or other authorization required under any Environmental
Law.

 

“Equity Cure
Investment” has the meaning given to such term in Section 7.11(c)(ii).

 

“Equity Cure
Right” has the meaning given to such term in Section 7.11(c).

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital
stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.

 

    14

     

    

 

“Equity Issuance”
means, any issuance by any Loan Party or any Subsidiary to any Person of its Equity Interests, other than (a) any issuance of its
Equity Interests pursuant to the exercise of options or warrants, (b) any issuance of its Equity Interests pursuant to the conversion
of any debt securities to equity or the conversion of any class of equity securities to any other class of equity securities, and
(c) any issuance of options or warrants relating to its Equity Interests. The term “Equity Issuance” shall not
be deemed to include any Disposition.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with any Borrower within the meaning of Section
414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of any Borrower or any ERISA Affiliate from a Pension
Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as
defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e)
of ERISA; (c) a complete withdrawal, within the meaning of Section 4203 of ERISA, or a partial withdrawal, within the meaning of
Section 4205 of ERISA, by any Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan
is in reorganization; (d) the filing with the PBGC of a notice of intent to terminate under Section 4041(c) of ERISA by any Borrower
or any ERISA Affiliate; (e) the institution by the PBGC of proceedings to terminate a Pension Plan but only if the PBGC has notified
the Borrower or ERISA Affiliate, as applicable, of the same; (f) the receipt by any Borrower or any ERISA Affiliate from the PBGC
of written notice relating to an intention to terminate any Pension Plan; (g) the determination that any Pension Plan is considered
an at-risk plan (within the meaning of Section 430 of the Code or Section 303 of ERISA) or a plan in endangered or critical status
(within the meaning of Section 432 of the Code or Section305 of ERISA); (h) the imposition of any liability under Title IV of ERISA
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Borrower or any ERISA Affiliate; or (i)
with respect to any Multiple Employer Plan the provisions of Section 4064 of ERISA apply.

 

“Eurodollar
Rate” means, with respect to the Term Loans (or any portion thereof) for any Interest Period, the rate per annum equal
to the rate determined by the Administrative Agent and equal to the rate (rounded upwards, if necessary, to the nearest 1/100 of
1%) quoted as (i) the “LIBOR Rate” set forth in the money rates section of The Wall Street Journal for
the date that is two (2) Business Days prior to the first day in such Interest Period or (ii) (A) in the event the rate referenced
in the preceding clause (i) does not appear on such page or such page shall cease to be available, the rate per annum determined
as of approximately 9:00 a.m. two (2) Business Days prior to the first day in such Interest Period by reference to the Intercontinental
Exchange Benchmark Administration Ltd. Interest Settlement Rates for deposits in Dollars (as set forth by any service selected
by the Administrative Agent that has been nominated by the Intercontinental Exchange Benchmark Administration Ltd. (or any successor
or substitute agency determined by the Administrative Agent) as an authorized information vendor for the purpose of displaying
such rates) with a term equivalent to the applicable Interest Period or (B) if the LIBOR Rate is unascertainable as set forth in
Section 3.03(a), a comparable replacement rate determined in accordance with Section 3.03(b); provided that
if the LIBOR Rate shall be less than zero, such rate shall be deemed to be zero for all purposes under this Agreement. Each determination
of the LIBOR Rate by the Administrative Agent shall be conclusive and binding upon the parties hereto, absent manifest error.

 

    15

     

    

 

“Eurodollar
Adjusted Rate” means, with respect to each day during each Interest Period pertaining to the Term Loans (or any portion
thereof), the rate per annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th
of 1%):

 

	Eurodollar Rate
	1.00 - Eurodollar Reserve Requirements

 

“Eurodollar
Reserve Requirements” means, for any day as applied to the Term Loans (or any portion thereof), the aggregate (without
duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic,
supplemental, marginal and emergency reserves under any regulations of the Board of Governors of the Federal Reserve System or
other Governmental Authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for eurocurrency
funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of such Board) maintained by a member
bank of such Federal Reserve System.

 

“Event of
Default” has the meaning specified in Section 8.01.

 

“Excluded
Account” has the meaning specified in Section 6.13.

 

“Excluded
Property” means, with respect to any Loan Party, (a) any owned or leased real property which is located outside of the
United States, (b) any Intellectual Property for which a perfected Lien thereon is not effected either by filing of a Uniform Commercial
Code financing statement or by appropriate evidence of such Lien being filed in either the United States Copyright Office or the
United States Patent and Trademark Office, (c) (i) voting Equity Interests in and to any Excluded Subsidiary and any and all assets,
property or Equity Interests owned by any Excluded Subsidiary; and (ii) voting Equity Interests of any CFC, solely to the extent
that such Equity Interests represent more than 65% of the outstanding voting Equity Interests of such CFC; (d) any lease, license,
franchise, charter or other governmental authorization, or any other contract or agreement to which any Loan Party is a party,
and any of its rights or interests thereunder or assets subject thereto, if and to the extent that a Lien in favor of the Administrative
Agent is prohibited by (i) any applicable Law, or (ii) a term, provision or condition of any such lease, license, charter, governmental
authorization, contract or agreement and such prohibition or restriction has not been waived or the consent of the other party
to such contract, lease, permit, license, or license agreement has not been obtained; provided, that, in each case, (A) the foregoing
exclusions of this clause (d) shall in no way be construed (1) to apply to the extent that any described prohibition or restriction
is ineffective under Section 9-406, 9-407, 9-408, or 9-409 of the Uniform Commercial Code or other applicable Law (including the
Debtor Relief Laws), or (2) to apply to the extent that any consent or waiver has been obtained that would permit Administrative
Agent’s security interest or lien to attach notwithstanding the prohibition or restriction on the pledge of such contract,
lease, permit, license, or license agreement and (B) the foregoing exclusions of clauses (a) through (d) shall in no way be construed
to limit, impair, or otherwise affect any of Administrative Agent’s, any Lender’s continuing security interests in
and liens upon any rights or interests of any grantor in or to (1) monies due or to become due under or in connection with any
described contract, lease, permit, license, license agreement, or Equity Interests (including any accounts or Equity Interests),
or (2) any proceeds from the sale, license, lease, or other dispositions of any such contract, lease, permit, license, license
agreement, or Equity Interests); (e) “intent-to-use” United States trademark applications to the extent that
an amendment to allege use or statement of use has not been filed under 15 U.S.C. §1051(c) or 15 U.S.C. §1051(d), respectively,
or if filed, has not been deemed in conformity with 15 U.S.C. §1051(a) or (c), it being agreed that for purposes of this Agreement
and the Loan Documents, no Lien granted to Administrative Agent on any “intent-to-use” United States trademark
applications is intended to be a present assignment thereof; provided that upon submission and acceptance of an amendment to allege
use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark application shall be considered
Collateral; provided, in each case, that Excluded Property shall not include any Loan Parties’ rights to proceeds (or right
to receive proceeds) of any of the assets described in the foregoing clauses (a) – (i) or any goodwill of any Loan Party’s
business associated therewith or attributable thereto.

 

    16

     

    

 

“Excluded
Subsidiary” means YMax Communications, Corp., a Delaware corporation.

 

“Excluded
Swap Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion
of the Guaranty of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Obligation (or any Guarantee
thereof) is or becomes illegal under the Commodity Exchange Act (or the application or official interpretation thereof) by virtue
of such Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined
in the Commodity Exchange Act (determined after giving effect to Section 10.11 and any other “keepwell,”
support or other agreement for the benefit of such Loan Party and any and all guarantees of such Loan Party’s Swap Obligations
by other Loan Parties) at the time the Guaranty of such Loan Party, or grant by such Loan Party of a Lien, becomes effective with
respect to such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more than one Swap Contract, such
exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swap Contracts for which such Guaranty
or Lien is or becomes excluded in accordance with the first sentence of this definition.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in
effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment
request by the Borrower under Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the
extent that, pursuant to Section 3.01(a)(ii), Section 3.01(a)(iii) or Section 3.01(c), amounts with respect
to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such
Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with
Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

 

“Existing
Letter of Credit Obligations” means the irrevocable standby letters of credit described on Schedule 7.02.

 

“Facility
Termination Date” means the date on which all Obligations (other than contingent indemnification obligations) have been
paid in full.

 

“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

    17

     

    

 

“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions
with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank
of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds
Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding
Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day
shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Banc of California on such
day on such transactions as determined by the Administrative Agent.

 

“Fee Letter”
means the letter agreement, dated as of the Closing Date, between the Borrowers and the Administrative Agent.

 

“Financed
Capital Expenditures” all Capital Expenditures not financed using cash from operations, including all Capital Expenditures
(a) financed with the proceeds of long term debt (other than the Term Loans); (b) made (i) from insurance proceeds (or other similar
recoveries) paid on account of the loss of or damage to the assets being replaced or restored, (ii) with awards of compensation
arising from the taking by eminent domain or condemnation of the assets being replaced, (iii) with the proceeds of Asset Dispositions
that are not applied to prepay the Term Loans pursuant to Section 2.7, or (iv) from the proceeds of an Equity Issuance;
(c) representing the purchase price of equipment that is purchased simultaneously with the trade in of existing equipment to the
extent that the gross amount of such purchase price is reduced by the credit granted by the seller of such equipment for the equipment
being traded in at such time, or (d) representing any capitalized interest expense reflected as additions to property, plant, or
equipment in the consolidated balance sheet of Holdco.

 

“Financial
Covenant Cure Amount” has the meaning given to such term in Section 7.11(c)(i).

 

“Financial
Covenant Default” has the meaning given to such term in Section 7.11(c).

 

“Foreign Lender”
means (a) if the Borrowers are U.S. Persons, a Lender that is not a U.S. Person, and (b) if the Borrowers are not U.S. Persons,
a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrowers are resident for
tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed
to constitute a single jurisdiction.

 

“Foreign Subsidiary”
means any Subsidiary that is not a Domestic Subsidiary.

 

“FRB”
means the Board of Governors of the Federal Reserve System of the United States.

 

“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“Funding Indemnity
Letter” means a funding indemnity letter, substantially in the form of Exhibit K.

 

    18

     

    

 

“GAAP”
means generally accepted accounting principles in the United States set forth from time to time in the opinions and pronouncements
of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the
accounting profession) including, without limitation, the FASB Accounting Standards Codification, that are applicable to the circumstances
as of the date of determination, consistently applied and subject to Section 1.03.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including, without
limitation, and any supra-national bodies such as the European Union or the European Central Bank).

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any Indebtedness of the kind described in clauses (a) through (h) of the definition thereof or other obligation
payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly,
and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose
of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness
or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity
or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation,
or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation
of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b)
any Lien on any assets of such Person securing any Indebtedness of the kind described in clauses (a) through (h) of the definition
thereof or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed or expressly undertaken
by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount
of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation,
or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as
a verb has a corresponding meaning.

 

“Guaranteed
Obligations” has the meaning set forth in Section 10.01.

 

“Guarantors”
means, collectively, (a) Ultimate Parent, (b) Parent, (c) the Domestic Subsidiaries of each Borrower (other than any Excluded Subsidiary)
as are or may from time to time become parties to this Agreement pursuant to Section 6.13, (d) with respect to Additional
Secured Obligations owing by any Loan Party or any of its Subsidiaries and any Swap Obligation of a Specified Loan Party (determined
before giving effect to Section 10.01 and Section 10.11) under the Guaranty, the Borrowers, and (e) with respect
to the Obligations of any Borrower hereunder, each of the other Borrowers.

 

“Guaranty”
means, collectively, (a) the Guarantee made by the Secured Guarantors under Article X in favor of the Secured Parties, (b) the
Guarantee made by each Borrower under Article XII in favor of the Secured Parties, (c) the Ultimate Parent Guaranty, (d)
the Parent Guaranty and (e) each other guaranty delivered pursuant to Section 6.13.

 

    19

     

    

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.

 

“Hedge Bank”
means any Person in its capacity as a party to a Swap Contract that, at the time it enters into a Swap Contract not prohibited
under Article VI or VII, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Swap Contract
(even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender); provided, in the case of a
Secured Hedge Agreement with a Person who is no longer a Lender (or Affiliate of a Lender), such Person shall be considered a Hedge
Bank only through the stated termination date (without extension or renewal) of such Secured Hedge Agreement and provided further
that for any of the foregoing to be included as a “Secured Hedge Agreement” on any date of determination by
the Administrative Agent, the applicable Hedge Bank (other than the Administrative Agent or an Affiliate of the Administrative
Agent) must have delivered a Secured Party Designation Notice to the Administrative Agent prior to such date of determination.

 

“Holdco”
has the meaning specified in the introductory paragraph hereto.

 

“Holdco Note”
means that certain unsecured promissory note payable by Holdco to MagicJack in the original principal amount of $117,300,000 relating
to the MagicJack Acquisition.

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, if and to the extent (other than with
respect to clause (h)) the same would be included as indebtedness or liabilities in accordance with GAAP:

 

(a)           all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)           the
maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties and similar instruments;

 

(c)           net
obligations of such Person under any Swap Contract;

 

(d)           all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business and not past due for more than sixty (60) days after the date on which such trade account was created);

 

(e)           indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness
arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed
by such Person or is limited in recourse;

 

(f)           all
Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person and all Synthetic Debt
of such Person;

 

(g)          all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest
in such Person or any other Person or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable
preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and

 

    20

     

    

 

(h)           all
Guarantees of such Person in respect of any of the foregoing;

 

provided, however,
that the term “Indebtedness” shall exclude and shall be calculated without giving effect to (A) deferred or prepaid
revenue, (B) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty, indemnity
or other unperformed obligations of the respective seller, (C) deferred compensation under customary employment or consulting agreements,
(D) any obligations attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual,
contingent or potential) with respect thereto, (E) any non-compete or consulting obligations incurred in connection with a transaction
not prohibited by the Loan Documents, (F) any reimbursement obligations under pre-paid contracts entered into with clients in the
ordinary course of business, (G) trade accounts payable in the ordinary course of business and accrued expenses and other accrued
obligations incurred in the ordinary course of business, (H) any obligations in respect of any Equity Interests that do not constitute
Disqualified Capital Stock, (I) liabilities under vendor agreements to the extent such liabilities may be satisfied exclusively
through non-cash means such as purchase volume earning credit, (J) amounts reserved for deferred taxes, (K) obligations incurred
under ERISA, (L) any portion of any contingent deferred consideration until such obligation becomes a non-contingent liability
on the balance sheet of such Person in accordance with GAAP and/or such consideration becomes due and payable and has not yet been
paid, (M) deferred fees that are not permitted to be paid by operation of any provision of the Loan Documents, and (N) intercompany
Indebtedness between or among the Loan Parties and the Subsidiaries. For all purposes hereof, the Indebtedness of any Person shall
include the Indebtedness of any partnership or any joint venture (other than any joint venture that is itself a corporation or
limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s
liability for such Indebtedness is otherwise limited or made non-recourse to such Person and only to the extent such Indebtedness
would otherwise be included in the calculation of Consolidated Funded Indebtedness. The amount of Indebtedness of any Person for
purposes of clause (e) above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser
of (A) the aggregate unpaid amount of such Indebtedness and (B) the fair market value of the property or asset encumbered thereby
as determined by such Person in good faith. The amount of Guarantees by such Person of Indebtedness of others for clause (h) above
shall be deemed to be an amount equal to the lesser of (A) the principal amount of the obligations guaranteed and outstanding and
(B) the maximum amount for which the guaranteeing Person may be liable in respect of such obligations under applicable law. The
amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of
such date.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

 

“Indemnitees”
has the meaning specified in Section 11.04(b).

 

“India Subsidiary”
means United Online Software Development (India) Private Limited, a private limited company organized under the laws of India.

 

“Information”
has the meaning specified in Section 11.07.

 

“Intellectual
Property” has the meaning set forth in the Security Agreement.

 

    21

     

    

 

“Intercompany
Debt” has the meaning specified in Section 7.02.

 

“Interest
Payment Date” means, as to the Term Loans (or any applicable portion thereof), the last day of each Interest Period applicable
thereto and the Maturity Date; provided, however, that (a) the initial Interest Payment Date for each Term Loan funded
on the Closing Date shall be December 31, 2018, and (b) if any Interest Period for the Term Loans (or any applicable portion thereof)
exceeds three (3) months, each day that is at the end of each three-month period within such Interest Period after the first day
of such Interest Period and the last day of such Interest Period shall also be Interest Payment Dates.

 

“Interest
Period” means, as to the Term Loans (or applicable portion thereof),

 

(a)           initially,
the period commencing on the Closing Date and ending on the date one (1), three (3) or six (6) months thereafter (in each case,
subject to availability), as selected by the Borrowers in their Loan Notice; and

 

(b)           thereafter,
each period commencing on the last day of the next preceding Interest Period applicable to the Term Loans (or the applicable portion
thereof) and ending one (1), three (3) or six (6) months thereafter as available, as selected by the Borrowers in their Loan Notice;

 

provided, in
each case, that:

 

(i)          any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the immediately preceding
Business Day;

 

(ii)         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

 

(iii)        no
Interest Period shall extend beyond the Term Loan Maturity Date.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption
of debt of, or purchase or other acquisition of any other debt or interest in, another Person (including any partnership or joint
venture interest in such other Person and any arrangement pursuant to which the investor guaranties Indebtedness of such other
Person), or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person
which constitute all or substantially all of the assets of such Person or of a division, line of business or other business unit
of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment.

 

“Involuntary
Disposition” means any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any
property of any Loan Party or any Subsidiary.

 

“IRS”
means the United States Internal Revenue Service.

 

    22

     

    

 

“Joinder Agreement”
means a joinder agreement substantially in the form of Exhibit D executed and delivered in accordance with the provisions
of Sections 6.13 and 6.14.

 

“Landlord
Waiver” means a landlord or warehouse waiver substantially in the form of Exhibit L.

 

“Laws”
means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether
or not having the force of law.

 

“Lender”
means each of the Persons identified as a “Lender” on the signature pages hereto, each other Person that becomes a
“Lender” in accordance with this Agreement and, their successors and assigns.

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire,
or such other office or offices as a Lender may from time to time notify the Borrowers and the Administrative Agent.

 

“LIBOR Rate”
has the meaning specified in the definition of Eurodollar Rate.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge,
or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind
or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance
on title to real property and any financing lease having substantially the same economic effect as any of the foregoing).

 

“Litigation
or Dispute Settlement Charges or Gains” means charges or gains that include estimated losses for which the Loan Parties
have established a reserve in accordance with GAAP, as well as actual settlements, judgments, fines, penalties, assessments or
other resolutions against, or in favor of, the Loan Parties related to litigation, arbitration, investigations, disputes or similar
matters. Insurance recoveries received by the Loan Parties related to such matters are also included in these adjustments.

 

“Loan Documents”
means, collectively, (a) this Agreement, (b) the Notes, (c) each Guaranty, (d) the Collateral Documents, (e) the Fee Letter and
(f) each Joinder Agreement.

 

“Loan Notice”
means a notice of (a) a Borrowing or (b) an election of an applicable Interest Period for the Term Loans (or any portion thereof),
which shall be substantially in the form of Exhibit E.

 

“Loan Parties”
means, collectively, each Borrower and each Secured Guarantor.

 

“London Banking
Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar
market.

 

“MagicJack”
or “magicJack” means magicJack VocalTec LTD, a limited company organized under the laws of Israel.

 

    23

     

    

 

“MagicJack
Acquisition” means the Acquisition by Holdco prior to the Closing Date of all of the Equity Interests of magicJack and
its Subsidiaries.

 

“MagicJack
Acquisition-Related Costs” means fees, costs and expenses resulting from the consummation of the MagicJack Acquisition,
including, without limitation, in each case, fees, costs and expenses for advisors and representatives such as investment bankers,
consultants, attorneys, brokers, and accounting firms. MagicJack Acquisition-Related Costs may also include, without limitation,
transition and integration costs such as earn-out payments, retention bonuses and acquisition-related milestone payments to acquired
employees.

 

“Master Agreement”
has the meaning set forth in the definition of “Swap Contract.”

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business,
properties, liabilities (actual or contingent), or condition (financial or otherwise) of the Borrowers and their Subsidiaries taken
as a whole; (b) a material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan Document,
or of the ability of any Loan Party to perform any of its material obligations under any Loan Document to which it is a party;
or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan
Document to which it is a party.

 

“Material
Contract” means, with respect to any Person, each contract or agreement (a) to which such Person is a party involving
aggregate consideration payable to or by such Person of $1,500,000 or more per fiscal year or (b) otherwise material to the business,
condition (financial or otherwise), operations, performance or properties of such Person or (c) any other contract, agreement,
permit or license, written or oral, of any Borrower or any Subsidiary of a Borrower as to which the breach, nonperformance, cancellation
or failure to renew by any party thereto, individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect.

 

“Measurement
Period” means, in respect of a financial covenant test date, as applicable: (i) for the financial covenant test date
of March 31, 2019, the fiscal quarter of the Borrowers ending on such date; (ii) for the financial covenant test date of June 30,
2019, the period of the two (2) immediately preceding fiscal quarters of the Borrowers ending on such date, (iii) for the financial
covenant test date of September 30, 2019, the period of the three (3) immediately preceding fiscal quarters of the Borrowers ending
on such date; and (iv) for the financial covenant test date of December 31, 2019 and for any subsequent financial covenant test
date, the period of the four (4) consecutive fiscal quarters of the Borrowers ending on such date.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Multiemployer
Plan” means a Plan which is a multiemployer plan as described in Section 4001(a)(3) of ERISA, to which any Borrower or
any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been
obligated to make contributions.

 

“Multiple
Employer Plan” means a Plan which has two or more contributing sponsors (including any Borrower or any ERISA Affiliate)
at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

 

    24

     

    

 

“Net Proceeds”
means: (A) with respect to any Asset Disposition, the net amount equal to the aggregate amount received in cash (including any
cash received by way of deferred payment pursuant to a note receivable, other non-cash consideration or otherwise, but only as
and when such cash is so received) in connection with such Asset Disposition minus the sum of (a) the reasonable attorneys’,
accountants’, investment banking, financial advisory and other customary fees, commissions and expenses reasonably incurred
by the applicable Loan Party in connection with such Asset Disposition (excluding any such fees, commissions and expenses payable
to an Affiliate of a Loan Party), (b) Indebtedness, other than the Loans, required to be paid as a result of such Asset Disposition
and (c) federal, state and local taxes paid or reasonably estimated to be payable as a result of such Asset Disposition; and (B)
with respect to any Equity Issuance or Debt Offering, the net amount equal to the aggregate amount received in cash (including
any cash received by way of deferred payment pursuant to a note receivable, other non-cash consideration or otherwise, but only
as and when such cash is so received) in connection with such Equity Issuance or Debt Offering minus the reasonable attorneys’,
accountants’, investment banking, financial advisory and other customary fees, commissions and expenses reasonably incurred
by the applicable Loan Party in connection with such Equity Issuance or Debt Offering (excluding such fees, commissions and expenses
payable to an Affiliate of such Loan Party).

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all
Lenders or all affected Lenders in accordance with the terms of Section 11.01 and (b) has been approved by the Required
Lenders.

 

“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Note”
means a Term Note.

 

“Notice of
Loan Prepayment” means a certificate substantially the form of Exhibit O or any other form approved by the Administrative
Agent.

 

“Obligations”
means (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan
Document or otherwise with respect to any Loan, or Letter of Credit and (b) all reasonable and documented out-of-pocket costs and
expenses incurred in connection with enforcement and collection of the foregoing, including the reasonable and documented fees,
charges and disbursements of external counsel, in each case whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after
the commencement by or against any Loan Party or any Affiliate thereof pursuant to any proceeding under any Debtor Relief Laws
naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding;
provided that Obligations of a Loan Party shall exclude any Excluded Swap Obligations with respect to such Loan Party.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Officer’s
Certificate” means a certificate substantially the form of Exhibit I or any other form approved by the Administrative
Agent.

 

“Optional
Loans” has the meaning specified in Section 2.16(a).

 

“Optional
Loans Effective Date” has the meaning specified in Section 2.16(d).

 

    25

     

    

 

“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or
equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or organization and operating agreement or limited liability company agreement
(or equivalent or comparable documents with respect to any non-U.S. jurisdiction); (c) with respect to any partnership, joint venture,
trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization
(or equivalent or comparable documents with respect to any non-U.S. jurisdiction) and (d) with respect to all entities, 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 (or equivalent or comparable documents with respect to any non-U.S.
jurisdiction).

 

“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such
Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 3.06).

 

“Parent”
means B. Riley Principal Investments, LLC, a Delaware limited liability company.

 

“Parent Guaranty”
means that certain Guaranty and Pledge Agreement dated as of the date hereof executed by Parent in favor of the Administrative
Agent, for the benefit of the Secured Parties, in form and substance reasonably satisfactory to the Administrative Agent.

 

“Participant”
has the meaning specified in Section 11.06(d).

 

“Participant
Register” has the meaning specified in Section 11.06(d).

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment
thereof) to Pension Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of
ERISA.

 

“Pension Plan”
means any Plan (other than a Multiple Employer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code
and in respect of which any Borrower and any ERISA Affiliate is an “employer” as defined in Section 3(5) of ERISA.

 

“Permitted
Acquisition” means an Acquisition by a Loan Party (the Person or division, line of business or other business unit of
the Person to be acquired in such Acquisition shall be referred to herein as the “Target”), in each case that
is a type of business (or assets used in a type of business) permitted to be engaged in by the Borrowers and their Subsidiaries
pursuant to the terms of this Agreement, in each case so long as:

 

(a)           no
Default shall then exist or would exist after giving effect thereto;

 

    26

     

    

 

(b)           the
Borrowers shall demonstrate to the reasonable satisfaction of the Administrative Agent that, after giving effect to the Acquisition
on a Pro Forma Basis, (i) the Borrowers are in Pro Forma Compliance and with the financial covenants set forth in Sections 7.11(a)
and 7.11(b);

 

(c)           the
Administrative Agent, on behalf of the Secured Parties, shall have received (or shall receive in connection with the closing of
such Acquisition) a first priority perfected security interest in all property (including, without limitation, Equity Interests)
acquired with respect to the target in accordance with the terms of Section 6.14 and the Target, if a Person, shall have
executed a Joinder Agreement in accordance with the terms of Section 6.13;

 

(d)           if
the Cost of Acquisition is greater than $5,000,000, the Administrative Agent and the Lenders shall have received not less than
thirty (30) days prior to the consummation of any such Acquisition: (i) a description of the material terms of such Acquisition;
(ii) audited financial statements (or, if unavailable, management-prepared financial statements) of the Target for its two most
recent fiscal years and for any fiscal quarters ended within the fiscal year to date; (iii) consolidated projected income statements
of the Borrowers and their Subsidiaries (giving effect to such Acquisition); and (iv) not less than one (1) Business Day prior
to the consummation thereof, a certificate, executed by a Responsible Officer of the Borrowers certifying that such Permitted Acquisition
complies with the requirements of this Agreement;

 

(e)           the
acquired business has its primary operations in the United States and the Target shall be organized under the laws of a political
subdivision of the United States;

 

(f)            if
the Cost of Acquisition is greater than $1,000,000, the Target shall have Consolidated Adjusted EBITDA for the four (4) fiscal
quarter period prior to the acquisition date (determined on a pro forma basis, and with adjustments thereto as to cost synergies,
expense reductions and similar benefits) in an amount greater than $0;

 

(g)           such
Acquisition shall not be a “hostile” Acquisition and shall have been approved by the board of directors (or
equivalent) and/or shareholders (or equivalent) of the applicable Loan Party and the Target;

 

(h)           after
giving effect to such Acquisition and any Borrowings made in connection therewith, the Borrowers shall have Qualified Cash of at
least $2,000,000; and

 

(i)            the
Cost of Acquisition paid by the Loan Parties and their Subsidiaries for all Acquisitions made during the term of this Agreement
shall not exceed $20,000,000 in the aggregate.

 

“Permitted
BroadSmart Reorganization” means, collectively, (a) the sale of the BroadSmart segment of the business, including, without
limitation, in a single transaction or in a series of related transactions, the sale of all or a substantial portion of the property
of BroadSmart and/or the sale of the Equity Interests in and to BroadSmart and (b) any steps or actions determined by the Borrowers
in good faith to be necessary or appropriate in connection with any transaction described in clause (a).

 

“Permitted
Liens” has the meaning set forth in Section 7.01.

 

    27

     

    

 

“Permitted
Distributions” means, the aggregate cash distributions or dividends by the Borrowers to Parent and/or Ultimate Parent
being made:

 

(i)            on
the Closing Date in accordance with Section 6.11;

 

(ii)           with
the proceeds of any Optional Loans borrowed after the Closing Date in accordance with Section 6.11; and

 

(iii)          otherwise
from time to time but, in the case of this clause (iii) only, also subject to all of the following additional requirements, (a)
in no event prior to the first anniversary of the Closing Date and (b) in no event in an aggregate amount in excess of $10,000,000
in any year of the term of this Agreement, which are, in turn, distributed to the holders of Parent’s and/or Ultimate Parent’s
Equity Interests so long as the Borrowers shall have delivered to Administrative Agent, in form and substance reasonably satisfactory
to the Administrative Agent, (x) the audited financial statements required by Section 6.01(b) for Borrowers’ fiscal
year ending December 31, 2018 and (y) evidence that immediately before and after giving effect to such dividends or distributions
(A) no Event of Default shall have occurred and be continuing at the time thereof or result therefrom, (B) the Loan Parties are
in Pro Forma Compliance with each of the financial covenants set forth in Section 7.11 and (C) the Borrowers have aggregate
balance sheet cash at least $10,000,000.

 

“Permitted
Tax Distribution” means for any taxable year (or portion thereof), the payment of dividends or other distributions by
the Borrowers to enable the Parent or the Ultimate Parent to pay (1) the Tax liability for each relevant jurisdiction in respect
of consolidated, combined, unitary, or affiliated returns filed by or on behalf of the Parent or the Ultimate Parent, provided
that such proceeds are limited to the portion of such tax liability attributable to the operations and activities of the Borrowers
and/or their applicable Subsidiaries or (2) franchise taxes and other fees, Taxes, and expenses required to maintain the corporate
existence of the Parent or the Ultimate Parent.

 

“Permitted
Transfers” means (a) Dispositions of inventory in the ordinary course of business; (b) Dispositions of property to any
Borrower or any Subsidiary; provided, that if the transferor of such property is a Loan Party then the transferee thereof
must be a Loan Party; (c) Dispositions of accounts receivable in connection with the collection or compromise thereof; (d) licenses,
sublicenses, leases or subleases granted to others not interfering in any material respect with the business of any Borrower or
any Subsidiary of a Borrower; (e) the sale or disposition of Cash Equivalents for fair market value; (f) dispositions of worn-out,
obsolete of damaged property no longer used or useful in the business; (g) Restricted Payments permitted by this Agreement; (h)
dispositions of the property (i.e., the “IP Block”) set forth on Schedule 5.21(b)(ii) of up to $1,000,000 in
the aggregate and (i) other Dispositions of property of any Borrower or any Subsidiary of a Borrower of up to $1,000,000 in the
aggregate in any calendar year.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means any “employee benefit plan” within the meaning of Section 3(3) of ERISA (including a Pension Plan) maintained
for employees of any Borrower or any ERISA Affiliate or any such Plan to which any Borrower or any ERISA Affiliate is required
to contribute on behalf of any of its employees.

 

“Platform”
has the meaning specified in Section 6.02.

 

    28

     

    

 

“Pledged Equity”
has the meaning specified in the Security Agreement; provided, however, that Equity Interests constituting Excluded
Property shall not constitute Pledged Equity; provided, however, further that with respect to (a) Equity Interests
issued by a Foreign Subsidiary, no more than 65% of such Equity Interests entitled to vote (within the meaning of Treas. Reg. Section
1.956-2(c)(2)) and (b) Equity Interests issued by a disregarded entity that owns a 65% (or higher) voting interest in a CFC, no
more than 65% of such Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) shall be Pledged
Equity.

 

“Pro Forma
Compliance” means, with respect to any transaction, that such transaction does not cause, create or result in a Default
after giving Pro Forma Effect, based upon the results of operations for the most recently completed Measurement Period to (a) such
transaction and (b) all other transactions which are contemplated or required to be given Pro Forma Effect hereunder that have
occurred on or after the first day of the relevant Measurement Period.

 

“Pro Forma
Effect” means, for any Permitted Distribution, Disposition of all or substantially all of a division or a line of business
or for any Acquisition, whether actual or proposed, for purposes of determining compliance with the financial covenants set forth
in Section 7.11, each such transaction or proposed transaction shall be deemed to have occurred on and as of the first day
of the relevant Measurement Period, and the following pro forma adjustments shall be made:

 

(a)           in
the case of an actual or proposed Disposition, all income statement items (whether positive or negative) attributable to the line
of business or the Person subject to such Disposition shall be excluded from the results of the Borrowers and their Subsidiaries
for such Measurement Period;

 

(b)           in
the case of an actual or proposed Acquisition, income statement items (whether positive or negative) attributable to the property,
line of business or the Person subject to such Acquisition shall be included in the results of the Borrowers and their Subsidiaries
for such Measurement Period;

 

(c)           interest
accrued during the relevant Measurement Period on, and the principal of, any Indebtedness repaid or to be repaid or refinanced
in such transaction shall be excluded from the results of the Borrowers and their Subsidiaries for such Measurement Period; and

 

(d)           any
Indebtedness actually or proposed to be incurred or assumed in such transaction shall be deemed to have been incurred as of the
first day of the applicable Measurement Period, and interest thereon shall be deemed to have accrued from such day on such Indebtedness
at the applicable rates provided therefor (and in the case of interest that does or would accrue at a formula or floating rate,
at the rate in effect at the time of determination) and shall be included in the results of the Borrowers and their Subsidiaries
for such Measurement Period.

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

 

“Public Lender”
has the meaning specified in Section 6.02.

 

“Qualified
Cash” means the amount of unrestricted cash and Cash Equivalents of the Loan Parties held in deposit accounts or securities
accounts, as of any date of determination after the date that is after the date referenced in Section 6.14(d), are subject
to the perfected first-priority Lien of Administrative Agent.

 

    29

     

    

 

“Qualified
ECP Guarantor” means, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such
time as an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify
as an “eligible contract participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Qualifying
Control Agreement” means an agreement among a Loan Party, a depository institution or securities intermediary and the
Administrative Agent, which agreement is in form and substance reasonably acceptable to the Administrative Agent and which provides
the Administrative Agent with “control” (as such term is used in Article 9 of the UCC) over the deposit account(s)
or securities account(s) described therein.

 

“Recipient”
means the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation
of any Loan Party hereunder.

 

“Register”
has the meaning specified in Section 11.06(c).

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Removal Effective
Date” has the meaning specified in Section 9.06(b).

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30) day
notice period has been waived.

 

“Required
Lenders” means, at any time, Lenders having Commitments representing more than 66-2/3% of the total Commitments of all
Lenders. The Commitment of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

 

“Resignation
Effective Date” has the meaning set forth in Section 9.06(a).

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller
of a Loan Party, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary
or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer
of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent. Any document
delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized
by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Loan Party. To the extent requested by the Administrative Agent, each Responsible
Officer will provide an incumbency certificate, in form and substance satisfactory to the Administrative Agent.

 

“Restricted
Payment” means (a) any dividend or other distribution (including, without limitation, Permitted Tax Distributions), direct
or indirect, on account of any shares (or equivalent) of any class of Equity Interests of any Borrower or any Subsidiary of a Borrower,
now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for
value, direct or indirect, of any shares (or equivalent) of any class of Equity Interests of any Borrower or any Subsidiary of
a Borrower, now or hereafter outstanding, and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants,
options or other rights to acquire shares of any class of Equity Interests of any Loan Party or any of its Subsidiaries, now or
hereafter outstanding.

 

    30

     

    

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto.

 

“Sale and
Leaseback Transaction” means, with respect to any Loan Party or any Subsidiary, any arrangement, directly or indirectly,
with any Person whereby such Loan Party or such Subsidiary shall sell or transfer any property used or useful in its business,
whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for
substantially the same purpose or purposes as the property being sold or transferred.

 

“Sanction(s)”
means any international economic sanction administered or enforced by the United States Government (including, without limitation,
OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured Cash
Management Agreement” means any Cash Management Agreement between any Loan Party and any of its Subsidiaries and any
Cash Management Bank.

 

“Secured Guarantors”
means each Guarantor other than Parent and Ultimate Parent.

 

“Secured Hedge
Agreement” means any interest rate, currency, foreign exchange, or commodity Swap Contract permitted under Article
VI or VII between any Loan Party and any of its Subsidiaries and any Hedge Bank.

 

“Secured Obligations”
means all Obligations and all Additional Secured Obligations.

 

“Secured Parties”
means, collectively, the Administrative Agent, the Lenders, the Hedge Banks, the Cash Management Banks, the Indemnitees and each
co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05.

 

“Secured Party
Designation Notice” means a notice from any Lender or an Affiliate of a Lender substantially in the form of Exhibit
G.

 

“Securities
Act” means the Securities Act of 1933, including all amendments thereto and regulations promulgated thereunder.

 

“Security
Agreement” means the security and pledge agreement, dated as of the Closing Date, executed in favor of the Administrative
Agent by the Borrowers.

 

“Solvency
Certificate” means a solvency certificate in substantially in the form of Exhibit H.

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair
value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such
Person, (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay
the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and
does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities
as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person’s property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts
and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of
contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

    31

     

    

 

“Specified
Loan Party” means any Loan Party that is not then an “eligible contract participant” under the Commodity
Exchange Act (determined prior to giving effect to Section 10.11).

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of Voting Stock is at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to
a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Loan Parties.

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and
conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any
related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

 

“Swap Obligations”
means with respect to any Loan Party any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out
and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date
referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based
upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which
may include a Lender or any Affiliate of a Lender).

 

“Synthetic
Debt” means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect
of transactions entered into by such Person that are intended to function primarily as a borrowing of funds but are not otherwise
included in the definition of “Indebtedness” or as a liability on the Consolidated balance sheet of such Person and
its Subsidiaries in accordance with GAAP.

 

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“Synthetic
Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax
retention lease, or (b) an agreement for the use or possession of property (including Sale and Leaseback Transactions), in each
case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor
Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

 

“Target”
has the meaning set forth in the definition of “Permitted Acquisition.”

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term Loan”
and “Term Loans” have the respective meanings specified in Section 2.01(a) hereof.

 

“Term Loan
Commitment” the commitment of a Lender to make a Term Loan hereunder as set forth on Schedule 1.01(b), as the
same may be adjusted pursuant to the provisions hereof.

 

“Term Loan
Commitment Percentage” means, with respect to each Lender, the percentage equivalent of the ratio which such Lender’s
Term Loan Commitment bears to the total Term Loan Commitments.

 

“Term Loan
Maturity Date” means December 19, 2023, or such earlier date as the Term Loans shall become due and payable in full in
accordance with the terms hereof (whether by acceleration or otherwise).

 

“Term Note”
has the meaning specified in Section 2.01(c) hereof.

 

“Term Loan
Reduction Installment” has the meaning specified in Section 2.01(d) hereof.

 

“Threshold
Amount” means $1,500,000.

 

“Transaction-Related
Costs” means certain expense items resulting from the consummation of Permitted Acquisitions or Acquisitions to which
the Required Lenders have consented or any attempted consummation of any other acquisitions which would reasonably be expected
to have (if they had been consummated) satisfied the requirements of the defined term “Permitted Acquisition”
but for the fact that they are not consummated, including, without limitation, in each case, expenses for advisors and representatives
such as investment bankers, consultants, attorneys, and accounting firms. Transaction-related costs may also include, without limitation,
transition and integration costs such as earn-out payments, retention bonuses and acquisition-related milestone payments to acquired
employees.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of California; provided that, if perfection or the effect of
perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code
as in effect in a jurisdiction other than the State of California, “UCC” means the Uniform Commercial Code as
in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect
of perfection or non-perfection or priority.

 

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“Ultimate
Parent” means B. Riley Financial, Inc., a Delaware corporation.

 

“Ultimate
Parent Guaranty” means that certain unsecured Guaranty dated as of the date hereof executed by Ultimate Parent in favor
of the Administrative Agent, for the benefit of the Secured Parties, in form and substance reasonably satisfactory to the Administrative
Agent.

 

“United Online”
has the meaning specified in the introductory paragraph hereto.

 

“United States”
and “U.S.” mean the United States of America.

 

“U.S. Loan
Party” means any Loan Party that is organized under the laws of one of the states of the United States and that is not
a CFC.

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax
Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(3).

 

“Voting Stock”
means, with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily, in the absence of
contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though
the right to so vote has been suspended by the happening of such contingency.

 

“Withholding
Agent” means any Loan Party and the Administrative Agent.

 

“Write-Down
and Conversion Powers” means, 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.

 

“YMax”
has the meaning specified in the introductory paragraph hereto.

 

		1.02	Other Interpretive Provisions.

 

With reference to this
Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a)           The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including the Loan Documents and any Organization
Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, modified,
extended, restated, replaced or supplemented from time to time (subject to any restrictions on such amendments, supplements or
modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include
such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and
“hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document
in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary
Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits
and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and
regulatory rules, regulations, orders and provisions consolidating, amending, replacing or interpreting such law and any reference
to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified, extended, restated,
replaced or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. Any and all references to “Borrower” or “Borrowers”
regardless of whether preceded by the term “a,” “any,” “each of,” “all,” “and/or,”
or any other similar term shall be deemed to refer, as the context requires, to each and every (and/or any one or all) parties
constituting a Borrower, individually and/or in the aggregate.

 

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(b)           In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”; and the word
“through” means “to and including.”

 

(c)           Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.

 

		1.03	Accounting Terms.

 

(a)           Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that
used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing,
for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein,
(i) Indebtedness of Holdco and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof,
and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded, and (ii) the determination of
whether a lease is to be treated as an operating lease or capital lease shall be made without giving effect to any change in accounting
for leases pursuant to GAAP, including, without limitation, resulting from the implementation of proposed changes to (x) Accounting
Standards Codification Topic 840, Leases, by the Exposure Draft issued by the FASB and IASB on August 17, 2010 (and related updates
and changes to the Exposure Draft), or any successor proposal, or (y) Accounting Standards Codification Topic 842, Leases, by the
Exposure Draft issued by the FASB and IASB on May 16, 2013 (and related updates and changes to the Exposure Draft).

 

Without limiting
the foregoing, the parties hereto intend 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 any election under FASB ASC 159
(or any other Financial Accounting Standard having a similar result or effect) to value any Debt or other liabilities of any Loan
Party or any Subsidiary of any Loan Party at “fair value,” as defined therein.

 

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(b)           Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Borrowers or the Required Lenders shall so request, the Administrative Agent, the Lenders and
the Borrowers shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio
or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrowers shall
provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as
reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and
after giving effect to such change in GAAP. Notwithstanding any change in GAAP after the Closing Date that would require lease
obligations that would be treated as operating leases as of the Closing Date to the classified and accounted for as capital leases
or otherwise reflected on the Loan Parties’ consolidated balance sheet, for the purposes of determining compliance with any
covenant contained herein, such obligations shall be treated in the same manner as operating leases are treated as of the Closing
Date. Notwithstanding anything to the contrary, (x) unless specifically stated otherwise herein or in any other Loan Document,
any dollar, number, percentage or other amount available under any carve-out, basket, exclusion or exception to any affirmative,
negative or other covenant in this Agreement or the other Loan Documents may be accumulated, added, combined, aggregated or used
together by any Loan Party and its Subsidiaries without limitation for any purpose not prohibited hereby, and (y) unless specifically
stated otherwise herein or in any other Loan Document, any action or event permitted by this Agreement or the other Loan Documents
need not be permitted solely by reference to one provision permitting such action or event but may be permitted in part by one
such provision and in part by one or more other provisions of this Agreement and the other Loan Documents.

 

(c)           Consolidation
of Variable Interest Entities. All references herein to Consolidated financial statements of Holdco and its Subsidiaries or
to the determination of any amount for Holdco and its Subsidiaries on a Consolidated basis or any similar reference shall, in each
case, be deemed to include each variable interest entity that Holdco is required to consolidate pursuant to FASB ASC 810 as if
such variable interest entity were a Subsidiary as defined herein.

 

(d)           Pro
Forma Treatment. Each Disposition of all or substantially all of a line of business, and each Acquisition, by Holdco or any
of its Subsidiaries that is consummated during any Measurement Period shall, for the purpose of determining compliance with the
financial covenants set forth in Section 7.11 and for the purpose of determining the Applicable Margin, be given Pro Forma
Effect as of the first day of such Measurement Period.

 

		1.04	Rounding.

 

Any financial ratios
required to be maintained by the Borrowers pursuant to this Agreement shall be calculated by dividing the appropriate component
by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein
and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

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		1.05	Times of Day.

 

Unless otherwise specified,
all references herein to times of day shall be references to Los Angeles time (daylight or standard, as applicable).

 

		1.06	UCC Terms.

 

Terms defined in the
UCC in effect on the Closing Date and not otherwise defined herein shall, unless the context otherwise indicates, have the respective
meanings provided by those definitions. Subject to the foregoing, the term “UCC” refers, as of any date of determination,
to the UCC then in effect.

 

		1.07	Rates.

 

The Administrative
Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration,
submission or any other matter related to the rates in the definition of “Eurodollar Rate” or with respect to
any comparable or successor rate thereto.

 

ARTICLE
II

COMMITMENTS AND CREDIT EXTENSIONS

 

		2.01	Term Loans; Term Loan Commitments.

 

(a)           Subject
to the terms and conditions hereof, each Lender severally agrees to make a term loan (each, a “Term Loan” and
collectively, the “Term Loans”) to the Borrowers on the Closing Date in an aggregate principal amount equal
to the amount of the Term Loan Commitment of such Lender. After the funding of its respective Term Loans in an amount equal to
its respective Term Loan Commitment on the Closing Date, each such Lender’s respective Term Loan Commitments shall expire.

 

(b)           Subject
to Sections 3.02 and 3.03, all Term Loans shall be LIBOR Loans.

 

(c)           Each
Lender shall maintain in its internal records an account or accounts evidencing the Indebtedness hereunder of the Borrowers to
such Lender, including the amounts of the Term Loans made by such Lender and each repayment and prepayment in respect thereof.
Any such recordation shall be conclusive and binding on the Borrowers, absent manifest error; provided, that the failure
to make any such recordation, or any error in such recordation, shall not affect any Lender’s Term Loan Commitment or the
Borrowers’ Obligations in respect of any Term Loans; and provided further, in the event of any inconsistency between
the Register and any Lender’s records, the recordations in the Register shall govern. If so requested by any Lender by written
notice to the Borrowers (with a copy to the Administrative Agent), the Borrower shall execute and deliver to such Lender a Term
Note substantially in the form of Exhibit F (a “Term Note”) to evidence such Lender’s Term Loans.

 

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(d)           On
each date set forth below, the Borrowers shall repay the principal of the Term Loans in an aggregate amount equal to the corresponding
amount set forth below (each such amount, a “Term Loan Reduction Installment”), as each such Term Loan Reduction
Installment shall be ratably increased pursuant to Section 2.16 in connection with any outstanding Optional Loans:

 

	March 31, 2019	$4,444,440

	June 30, 2019	$4,444,440

 

	September 30, 2019	$4,444,440

	December 31, 2019	$4,444,440

	March 31, 2020	$4,444,440

 

	June 30, 2020	$4,444,440

	September 30, 2020	$4,444,440

	December 31, 2020	$4,444,440

	March 31, 2021	$4,444,440

	June 30, 2021	$4,444,440

 

	September 30, 2021	$4,444,440

	December 31, 2021	$4,444,440

	March 31, 2022	$4,444,440

	June 30, 2022	$4,444,440

 

	September 30, 2022	$4,444,440

	December 31, 2022	$4,444,440

	March 31, 2023	$2,222,220

	June 30, 2023	$2,222,220

	September 30, 2023	$2,222,220

 

The final Term Reduction Installment shall
be due on the Term Loan Maturity Date and shall be in an amount equal to all principal and interest outstanding with respect to
the Term Loans and any Optional Loans. The aggregate amount payable to any Term Loan Lender on any date set forth in this Section
2.01(d) shall be determined in accordance with the provisions of Section 2.14.

 

(e)           The
Borrowers shall give the Administrative Agent irrevocable written notice, substantially in the form of a Loan Notice (which notice
must be received by the Administrative Agent prior to 9:00 a.m., Los Angeles time, on the Closing Date) requesting that the Lenders
make the Term Loans in accordance with their respective Term Loan Commitments on the Closing Date. Upon receipt of such notice,
the Administrative Agent shall promptly notify each Lender thereof. Not later than 11:00 a.m., Los Angeles time, on the Closing
Date, each Lender shall make available to the Administrative Agent the amount of such Lender’s Term Loan Commitment in immediately
available funds by wiring such amount to such account as the Administrative Agent shall specify. On the Closing Date, the Administrative
Agent may, in the absence of notification from any Lender that such Lender will not make its pro rata share available to the Administrative
Agent on such date, credit the account of the Borrowers on the books of the Administrative Agent (or credit such other account
as the Borrowers shall instruct the Administrative Agent in writing) in an amount equal to the aggregate Term Loan Commitments.

 

(f)            Neither
the Administrative Agent nor any Lender shall be responsible for the obligations or Term Loan Commitment of any other Lender hereunder,
nor will the failure of any Lender to comply with the terms of this Agreement relieve any other Lender or the Borrowers of their
obligations under this Agreement.

 

		2.02	[Reserved].

 

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		2.03	Interest Periods.

 

(a)           Notice
of Interest Periods. Each request by the Borrowers for one or more Interest Periods to apply to all or a portion of the Term
Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent. Each such notice must be received
by the Administrative Agent not later than 9:00 a.m. (i) three (3) Business Days prior to the start of the requested Interest Period.
Each notice by the Borrowers pursuant to this Section 2.03(a) may be given by telephone, provided it is promptly confirmed
on the same day by delivery to the Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible
Officer of the Borrowing Agent. Each request for an Interest Period must apply to a portion of the Term Loans having a principal
amount of at least $1,000,000 or a whole multiple of $500,000 in excess thereof. Each Loan Notice (whether telephonic or written)
shall specify (A) the requested start date of the applicable Interest Period(s) which shall be a Business Day), (B) the principal
amount of the Term Loans to be subject to such Interest Period(s), and (C) the duration of the requested Interest Period(s). If
the Borrowers (a) fail to deliver a timely Loan Notice to the Administrative Agent for any expiring Interest Period or (b) fail
in any timely delivered Loan Notice to specify an Interest Period, the Borrowers will be deemed to have specified an Interest Period
of one (1) month.

 

(b)           Interest
Periods. Except as otherwise provided herein, an Interest Period may be continued only on the last day thereof.

 

(c)           Notice
of Interest Rates. The Administrative Agent shall promptly notify the Borrowers and the Lenders of the interest rate applicable
to any Interest Period for the Term Loans or any portion thereof upon determination of such interest rate. At any time that the
Base Rate applies to the Term Loans, the Administrative Agent shall notify the Borrower and the Lenders of any change in Banc of
California’s prime rate used in determining the Base Rate promptly following the public announcement of such change.

 

(d)           Interest
Periods. There shall not be more than 5 Interest Periods in effect at any time.

 

		2.04	[Reserved].

 

		2.05	[Reserved].

 

		2.06	Optional Prepayments.

 

The Borrowers may,
upon notice to the Administrative Agent pursuant to delivery to the Administrative Agent of a Notice of Loan Prepayment, at any
time or from time to time voluntarily prepay the Term Loans in whole or in part without premium or penalty subject to Section
3.05; provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. three (3)
Business Days prior to any date of prepayment of the Term Loans (or, in each case, such shorter period acceptable to the Administrative
Agent), which notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or
similar agreements or other transactions in which, in which case, such notice of prepayment may be revoked by the Borrowers (by
notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied and (B) each
prepayment shall be in a principal amount of $500,000 or a whole multiple of $250,000 in excess thereof. Each such notice shall
specify the date and amount of such prepayment and the Interest Period(s) of such Loans. The Administrative Agent will promptly
notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment).
If such notice is given by the Borrowers and not revoked in accordance with the terms of this Section 2.06, the Borrowers
shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.
Any prepayment of principal shall be applied as directed by the Borrowers and shall be accompanied by all accrued interest on the
amount prepaid, together with any additional amounts required pursuant to Section 3.05.

 

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		2.07	Mandatory Prepayments.

 

(a)           Within
five (5) Business Days after receipt by any Loan Party of the Net Proceeds of an Asset Disposition in an aggregate amount in excess
of $2,500,000, the Borrowers shall prepay the Term Loans in an amount equal to, as applicable, (i) 50% of such Net Proceeds in
the case of the Permitted BroadSmart Reorganization or (ii) 100% of such Net Proceeds in the case of all other Asset Dispositions;
provided that, so long as no Event of Default has occurred and is continuing, no such prepayment shall be required with
respect to an Asset Disposition to the extent that, within one (1) year following receipt of such Net Proceeds, such Net Proceeds
are used to acquire other assets or property necessary or useful in the business of the Loan Parties; provided that the
Administrative Agent shall have a first-priority Lien thereon (subject only to the Permitted Liens), provided further that
the Borrowers shall notify the Administrative Agent of the applicable Loan Party’s intent to reinvest, if applicable, commitment
to reinvest, and of the completion of such reinvestment at the time such proceeds are received and when such reinvestment occurs,
respectively. On or prior to the date such prepayment is to be made, the Borrowers agree to provide the Administrative Agent calculations
used by the Borrowers in determining the amount of any such prepayment under this Section 2.07(a).

 

(b)           Within
five (5) Business Days of receipt by any Loan Party of any Net Proceeds with respect to a Debt Offering, the Borrowers shall prepay
the Term Loans in an amount equal to 100% of the Net Proceeds of such Debt Offering. On or prior to the date such prepayment is
to be made, the Borrowers agree to provide the Administrative Agent calculations used by the Borrowers in determining the amount
of any such prepayment under this Section 2.07(b). Nothing in this Section 2.07(b) shall be deemed to constitute
a waiver to or modification of Section 7.02.

 

(c)           Within
five (5) Business Days of receipt by any Loan Party of Net Proceeds with respect to an Equity Issuance (other than an Equity Cure
Investment), the Borrowers shall prepay the Term Loans in an amount equal to 100% of the Net Proceeds of such Equity Issuance.
On or prior to the date such prepayment is to be made, the Borrowers agree to provide the Administrative Agent calculations used
by the Borrowers in determining the amount of any such prepayment under this Section 2.07(c). Nothing in this Section
2.07(c) shall be deemed to constitute a waiver or modification of Section 8.01(k).

 

(d)           If
any Loan Party receives Net Proceeds from casualty or property insurance or condemnation at any time after the Closing Date in
excess of $2,500,000 in the aggregate in any Fiscal Year, with respect to any damage, destruction or other loss of or to property,
the Borrowers shall prepay the Term Loans, in an amount equal to the amount thereof not applied to the repair, restoration or replacement
of the applicable assets within one (1) year after receipt by such Loan Party of such proceeds, or immediately upon the request
of the Administrative Agent upon the occurrence and during the continuance of an Event of Default (other than such proceeds that
have been paid or committed to be paid to third parties). The Borrowers shall give the Administrative Agent prompt written notice
of all casualty or property insurance and condemnation proceeds received by any Loan Party on or after the Closing Date.

 

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(e)           Upon
the making of an Equity Cure Investment pursuant to Section 7.11(c), the Borrowers shall prepay the Term Loans in an amount
equal to 100% of such Equity Cure Investment.

 

(f)            Each
prepayment of the Term Loans pursuant to Sections 2.07(a) through (e) shall be applied to the outstanding principal
balance of Term Loans. Any prepayment proceeds remaining after application of such prepayment in accordance with the terms hereof
shall, so long as no Default has occurred and is continuing, be returned to the Borrowers. Each prepayment under this Section
2.07 shall be accompanied by payment in full of all accrued interest to and including the date of such prepayment. Each prepayment
of Term Loans under this Section 2.07 shall be applied to the remaining Term Reduction Installments including the final
installment due on the Term Loan Maturity Date on a pro rata basis, and no such amounts shall be available for reborrowing.

 

		2.08	[Reserved].

 

		2.09	Repayment of Term Loans.

 

The principal of the
Term Loans shall be repaid as set forth in Section 2.01(d).

 

		2.10	Interest and Default Rate.

 

(a)           Interest.
Subject to the provisions of Section 2.10(b), each Term Loan shall bear interest on the outstanding principal amount thereof
for each day during each Interest Period from the applicable borrowing date at a rate per annum equal to the Eurodollar Rate for
such Interest Period plus the Applicable Margin.

 

(b)           Default
Rate.

 

(i)          If
any amount of principal of the Term Loans is not paid when due (without regard to any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at
all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)         If
any amount (other than principal of the Term Loans) payable by the Borrower under any Loan Document is not paid when due (without
regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the
Required Lenders such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws.

 

(iii)        Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)           Interest
Payments. Interest on the Term Loans shall be due and payable in arrears on each Interest Payment Date applicable thereto and
at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof
before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

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		2.11	Fees.

 

The Borrowers shall
pay the following fees:

 

(a)           to
the Administrative Agent, for its own account, fees in the amounts and at the times specified in the Fee Letter. Such fees shall
be fully earned when paid and shall not be refundable for any reason whatsoever; and

 

(b)           to
the Lenders, such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such
fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

		2.12	Computation of Interest and Fees; Retroactive Adjustments
of Applicable Rate.

 

(a)           Computation
of Interest and Fees. All computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed
(which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365 day year). Interest shall
accrue on the Term Loans from the Closing Date, and shall not accrue on the Term Loans, or any portion thereof, for the day on
which the Term Loans, or such portion, are paid. Each determination by the Administrative Agent of an interest rate or fee hereunder
shall be conclusive and binding for all purposes, absent manifest error.

 

(b)           Financial
Statement Adjustments or Restatements. If, as a result of any restatement of or other adjustment to the financial statements
of Holdco and its Subsidiaries or for any other reason, the Borrowers, or the Lenders determine that (i) the Consolidated Total
Funded Debt Ratio as calculated by the Borrowers as of any applicable date was inaccurate and (ii) a proper calculation of the
Consolidated Total Funded Debt Ratio would have resulted in higher pricing for such period, the Borrowers shall immediately and
retroactively be obligated to pay to the Administrative Agent for the ratable account of the Lenders promptly on demand by the
Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrowers
under the Bankruptcy Code, automatically and without further action by the Administrative Agent or any Lender, an amount equal
to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees
actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent or any Lender, under any provision
of this Agreement to payment of any Obligations hereunder at the Default Rate or under Article VIII. The Borrowers’
obligations under this paragraph shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations
hereunder.

 

		2.13	Evidence of Debt.

 

The Term Loans shall
be evidenced by one or more accounts or records maintained by the Lenders and by the Administrative Agent in the ordinary course
of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest
error of the amount of the Term Loans made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to
so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay
any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any
Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error.

 

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		2.14	Payments Generally; Administrative Agent’s Clawback.

 

(a)           General.
All payments to be made by the Borrowers shall be made free and clear of and without condition or deduction for any counterclaim,
defense, recoupment or setoff. Except as otherwise expressly provided herein, the Administrative Agent will debit the Borrower’s
designated deposit account at Banc of California for all required payments by the Borrowers on the date such payments are due.
The Administrative Agent will promptly distribute to each Lender its pro rata share of such payments by wire transfer to such Lender’s
Lending Office. All payments received by the Administrative Agent after 2:00 p.m. Los Angeles time shall be deemed received on
the next succeeding Business Day and any applicable interest or fee shall continue to accrue. Except as otherwise specifically
provided for in this Agreement, if any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment
shall be made on the next succeeding Business Day, and such extension of time shall be reflected in computing interest or fees,
as the case may be.

 

(b)           Payments
by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrowers
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrowers
designated deposit account at Banc of California will not contain sufficient funds to make such payment when due, the Administrative
Agent may assume that the Borrowers have sufficient funds on deposit in such account to allow such payment to be made in full on
such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event,
if the Borrowers do not in fact have sufficient funds in their designated deposit account to cover the full amount of such payment,
then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to
such Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed
to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation. A notice of the Administrative
Agent to the Borrowers with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.

 

(c)           Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for the Term Loan to be made
by such Lender on the Closing Date, and such funds are not made available to the Borrowers by the Administrative Agent because
the conditions to the Term Loans set forth in Article IV are not satisfied or waived in accordance with the terms hereof,
the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

 

(d)           Obligations
of Lenders Several. The obligations of the Lenders hereunder to make the Term Loans on the Closing Date and to make payments
pursuant to Section 11.04(c) are several and not joint. The failure of any Lender to make its Term Loan on the Closing Date
or to make any payment under Section 11.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding
obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Term Loan
on the Closing Date or to make its payment under Section 11.04(c).

 

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(e)           Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for its Term Loan in any particular place
or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for its Term Loan in any
particular place or manner.

 

(f)            Pro
Rata Treatment. Except to the extent otherwise provided herein: (i) the Term Loans shall be made by the Lenders pro rata according
to the amounts of their respective Commitments; (ii) each payment or prepayment of principal of the Term Loans by the Borrowers
shall be made for account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Term Loans
held by them; and (iii) each payment of interest on the Term Loans by the Borrowers shall be made for account of the Lenders pro
rata in accordance with the amounts of interest on the Term Loans then due and payable to the respective Lenders.

 

		2.15	Sharing of Payments by Lenders.

 

If any Lender shall,
by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations due and payable to
such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion
of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations
due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations
due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time
or (b) Obligations owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in
excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable)
to such Lender at such time to (ii) the aggregate amount of the Obligations owing (but not due and payable) to all Lenders hereunder
and under the other Loan Documents at such time) of payments on account of the Obligations owing (but not due and payable) to all
Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time, then, in each case
under clauses (a) and (b) above, the Lender receiving such greater proportion shall (A) notify the Administrative Agent of such
fact, and (B) purchase (for cash at face value) participations in the Term Loans of the other Lenders, or make such other adjustments
as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate
amount of Obligations then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be,
provided that:

 

(1)           if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest; and

 

(2)           the
provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrowers pursuant to
and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a
Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Term Loan to any assignee or participant, other than an assignment to any Loan Party or any Affiliate thereof (as to
which the provisions of this Section shall apply).

 

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Each Loan Party consents
to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

 

		2.16	Optional Loans.

 

(a)           Request
for Optional Loans. Provided there exists no Event of Default, upon notice to the Administrative Agent (which shall promptly
notify the Lenders) on one occasion at any time prior to the first anniversary of the Closing Date, the Borrowers may request additional
term loans from the Lenders (“Optional Loans”) in an aggregate principal amount not exceeding $10,000,000. At
the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within
which each Lender is requested to respond (which shall in no event be less than ten (10) Business Days after the date of delivery
of such notice to the Lenders).

 

(b)           Lender
Elections to Fund Optional Loans. Each Lender shall notify the Administrative Agent within such time period whether or not
it agrees to fund any portion of any requested Optional Loans and, if so, whether by an amount equal to, greater than, or less
than its pro rata share of the requested Optional Loans. Any Lender not responding within such time period shall be deemed to have
declined to fund any portion of requested Optional Loans. For the avoidance of doubt, no Lender shall have any obligation to fund
any portion of requested Optional Loans.

 

(c)           Notification
by Administrative Agent; Additional Lenders. The Administrative Agent shall notify the Borrowers and each Lender of the Lenders’
responses to any request for Optional Loans made hereunder. To achieve the full amount of requested Optional Loans and subject
to the approval of the Administrative Agent (which approval shall not be unreasonably withheld), the Borrowers may also invite
additional financial institutions that qualify as Eligible Assignees to become Lenders pursuant to a joinder agreement in form
and substance satisfactory to the Administrative Agent and its counsel.

 

(d)           Effective
Date and Allocations. If Optional Loans are made in accordance with this Section, the Administrative Agent and the Borrowers
shall determine the effective date (the “Optional Loans Effective Date”) and the final allocation of such Optional
Loans. The Administrative Agent shall promptly notify the Borrowers and the Lenders of the final allocation of such Optional Loans
and of the Optional Loans Effective Date.

 

(e)           Conditions
to Optional Loans. As a condition precedent to any Optional Loans, the Borrowers shall deliver to the Administrative Agent
a certificate of each Loan Party dated as of the Optional Loans Effective Date (in sufficient copies for each Lender) signed by
a Responsible Officer of such Loan Party (x) certifying and attaching the resolutions adopted by such Loan Party approving or consenting
to such Optional Loans, and (y) in the case of the Borrowers, certifying that, before and after giving effect to such Optional
Loans, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct in
all material respects on and as of the Optional Loans Effective Date, except (i) for representations and warranties that are qualified
by the inclusion of a materiality standard, which representations and warranties shall be true and correct in all respects, (ii)
to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct
in all material respects as of such earlier date, and (iii) that for purposes of this Section 2.16, the representations
and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent
statements furnished pursuant to clauses (b) and (c), respectively, of Section 6.01, and (B) no Event of Default
exists.

 

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(f)            Amortization.
The principal balance of any Optional Loans made pursuant to this Section 2.16 shall be payable in quarterly installments.
Such quarterly principal installments shall: commence on the last day of the fiscal quarter of the Borrowers immediately
following the fiscal quarter of the Borrowers in which the Optional Loans are funded; continue on the last day of each fiscal
quarter of the Borrowers ending thereafter; and conclude on September 30, 2023. An amount equal to $8,892,000.00 shall be
amortized between the first quarterly principal payment date and the December 31, 2022 payment date. The remaining balance shall
be paid in the following three quarters and on the Term Loan Maturity Date. As an example of the amortization of the Optional Loans,
if the Optional Loans are funded in the fourth quarter of 2019,1
quarterly payments would be as follows:

 

	
        Payment Date

         
	Payment Amount
	March 31, 2020	$741,000
	June 30, 2020	$741,000
	September 30, 2020	$741,000
	December 31, 2020	$741,000
	March 31, 2021	$741,000
	June 30, 2021	$741,000
	September 30, 2021	$741,000
	December 31, 2021	$741,000
	March 31, 2022	$741,000
	June 30, 2022	$741,000
	September 30, 2022	$741,000
	December 31, 2022	$741,000
	March 31, 2023	$278,000
	June 30, 2023	$278,000
	September 30, 2023	$278,000

 

The remaining
principal amount of Optional Loans and all interest accrued thereon shall be due on the Term Loan Maturity Date.

 

(g)           Voluntary
Prepayments. Voluntary prepayments of Optional Loans shall be made in the same manner and subject to the same terms and conditions
as voluntary prepayments of the other term Loans, as set forth in Section 2.06.

 

(h)           Conflicting
Provisions. This Section shall supersede any provisions in Section 2.15 or Section 11.01 to the contrary.

 

 

1
Quarterly amortization will be lower if Optional Loans are funded earlier than in the fourth quarter of 2019.

 

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		2.17	Defaulting Lenders.

 

(a)           Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such
time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

 

(i)          Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 11.01.

 

(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 11.08 shall be applied at such time or times as
may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, as the Borrowers may request (so long as no Event of Default exists),
to the funding of such Defaulting Lender’s Term Loan Commitment; third, to the payment of any amounts owing to the
Lenders, as a result of any judgment of a court of competent jurisdiction obtained by any Lender, against such Defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fourth, so long as no Event
of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction
obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; and fifth, to such Defaulting Lender or as otherwise as may be required under the Loan Documents in
connection with any Lien conferred thereunder or directed by a court of competent jurisdiction; provided that if (1) such
payment is a payment of the principal amount of Term Loans in respect of which such Defaulting Lender has not fully funded its
appropriate share, and (2) such Term Loans were made at a time when the conditions set forth in Section 4.02 were satisfied
or waived, such payment shall be applied solely to pay the Term Loans of all Non-Defaulting Lenders on a pro rata basis prior to
being applied to the payment of the Term Loan of such Defaulting Lender until such time as all Term Loans are held by the Lenders
pro rata in accordance with the Commitments hereunder. Any payments, prepayments or other amounts paid or payable to a Defaulting
Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 2.17(a)(ii) shall
be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)        Certain
Fees. No Defaulting Lender shall be entitled to receive any fee payable under Section 2.11 for any period during which that
Lender is a Default Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required
to have been paid to that Defaulting Lender).

 

(b)           Defaulting
Lender Cure. If the Borrowers, the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the
Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of the outstanding
Term Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the
Term Loans to be held on a pro rata basis by the Lenders, whereupon such Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while
that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed
by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

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2.18        Acknowledgment
and Consent to Bail-In of EEA Financial Institutions.

 

Notwithstanding anything
to the contrary in this Agreement or any other 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 this Agreement or
any other Loan Document, to the extent such liability is unsecured, 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 undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(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.

 

ARTICLE
III

TAXES, YIELD PROTECTION AND ILLEGALITY

 

		3.01	Taxes.

 

(a)           Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i)          Any
and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion
of an applicable Withholding Agent) require the deduction or withholding of any Tax from any such payment by the Administrative
Agent or a Loan Party, then the applicable Withholding Agent shall be entitled to make such deduction or withholding.

 

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(ii)         If
applicable Withholding Agent shall be required to withhold or deduct any Taxes, including both United States federal backup withholding
and withholding taxes, from any payment, then (A) such Withholding Agent shall withhold or make such deductions as are determined
by such Withholding Agent, (B) the Withholding Agent shall timely pay the full amount withheld or deducted to the relevant Governmental
Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified
Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any such required withholding
or the making of all such required deductions (including such deductions applicable to additional sums payable under this Section
3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction
been made.

 

(b)           Payment
of Other Taxes by the Loan Parties. Without limiting the provisions of subsection (a) above, the Loan Parties shall
timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of the Administrative Agent
timely reimburse it for the payment of, any Other Taxes.

 

(c)           Tax
Indemnifications.

 

(i)          Each
of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect thereof
within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or
asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required to
be withheld or deducted from a payment to such Recipient, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to the Borrowers by a Lender (with a copy to the Administrative Agent),
or by the Administrative Agent on its own behalf, shall be conclusive absent manifest error.

 

(ii)         Each
Lender shall, and does hereby, severally indemnify and shall make payment in respect thereof within ten (10) days after demand
therefor, (A) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that any
Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation
of the Loan Parties to do so), (B) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 11.06(d) relating to the maintenance of a Participant
Register and (C) the Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to such
Lender, in each case, that are payable or paid by the Administrative Agent or a Loan Party in connection with any Loan Document,
and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any
Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document
against any amount due to the Administrative Agent under this clause (ii).

 

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(d)           Evidence
of Payments. Upon request by the Borrowers or the Administrative Agent, as the case may be, after any payment of Taxes by any
Loan Party or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrowers shall
deliver to the Administrative Agent or the Administrative Agent shall deliver to the Borrowers, as the case may be, the original
or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return reporting
such payment or other evidence of such payment reasonably satisfactory to the Borrowers or the Administrative Agent, as the case
may be.

 

(e)           Status
of Lenders; Tax Documentation.

 

(i)          Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the
Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable
Law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 3.01(e)(ii)(A), Section 3.01(e)(ii)(B) and Section 3.01(e)(ii)(D)
below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject
such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Lender.

 

(ii)         Without
limiting the generality of the foregoing, in the event that the Borrowers are U.S. Persons,

 

(A)       any
Lender that is a U.S. Person shall deliver to the Borrowers and the Administrative Agent on or prior to the date on which such
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;

 

(B)       any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent),
whichever of the following is applicable:

 

(1)       in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty
and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty;

 

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(2)       executed
originals of IRS Form W-8ECI;

 

(3)       in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x)
a certificate substantially in the form of Exhibit J-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the
Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN, as applicable;
or

 

(4)       to
the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN or W-8BEN, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-2 or
Exhibit J-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that
if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-4
on behalf of each such direct and indirect partner;

 

(C)       any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent),
executed originals of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S.
federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law
to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)       if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Borrowers and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Borrowers 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 Borrowers or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

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(iii)        Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrowers and the Administrative
Agent in writing of its legal inability to do so.

 

(f)            Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file
for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted
from funds paid for the account of such Lender. If any Recipient determines, in its sole discretion exercised in good faith, that
it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party
has paid additional amounts pursuant to this Section 3.01, it shall pay to such Loan Party an amount equal to such refund
(but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 3.01
with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient,
as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such
refund), provided that each Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to such Loan Party
pursuant to Section 3.01(f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to such Loan Party
pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such
Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating
to its Taxes that it deems confidential) to any Loan Party or any other Person.

 

(g)           Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the repayment, satisfaction or discharge of all other Obligations.

 

		3.02	Illegality.

 

If any Lender determines
that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Lending
Office to maintain its Term Loan as a loan whose interest is determined by reference to the Eurodollar Rate, or to determine or
charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority
of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by
such Lender to the Borrowers through the Administrative Agent, (a) any obligation of such Lender to continue its Term Loan as a
loan whose interest is determined by reference to the Eurodollar Rate shall be suspended until such Lender notifies the Administrative
Agent and the Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice,
(i) the Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert
the Term Loan of such Lender to a loan whose interest is determined by reference to the Base Rate either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain its Term Loan as a loan whose interest is determined
by reference to the Eurodollar Rate to such day, or immediately, if such Lender may not lawfully continue to maintain its Term
Loan as a loan whose interest is determined by reference to the Eurodollar Rate and (ii) if such notice asserts the illegality
of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the
period of such suspension compute the Base Rate applicable to such Lender until the Administrative Agent is advised in writing
by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate.
Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted.

 

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		3.03	Inability to Determine Rates.

 

(a)           If
in connection with the making or maintenance of the Term Loans, (i) the Administrative Agent determines that (A) Dollar are not
being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of the Term Loans,
(B) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect
to the Term Loans, or (C) a rate other than the LIBOR Rate has become a widely recognized benchmark rate for newly originated loans
in Dollars in the U.S. market (in each case with respect to clause (i), “Impacted Loans”), or (ii) the Administrative
Agent or the Required Lenders determine that for any reason the Eurodollar Rate for any requested Interest Period for the Term
Loans (or any portion thereof) does not adequately and fairly reflect the cost to such Lenders of maintaining the Term Loans, the
Administrative Agent will promptly so notify the Borrowers and each Lender. Thereafter, the obligation of the Lenders to maintain
the Term Loans as loans subject to the Eurodollar Rate shall be suspended until the Administrative Agent (upon the instruction
of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrowers may revoke any pending request for an
Interest Period or, failing that, will be deemed to have converted such request into a request that all Term Loans thereafter bear
interest based upon the Base Rate.

 

(b)           Notwithstanding
the foregoing, if the Administrative Agent has made the determination described in clause (a)(i) of this Section, the Administrative
Agent in consultation with the Borrowers and the Required Lenders may establish an alternative interest rate for the Impacted Loans
and adjust the Applicable Margin for the Impacted Loans, in which case, such alternative rate of interest and adjustments to the
Applicable Margin shall apply with respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered
with respect to the Impacted Loans under clause (a)(i) of this Section, (2) the Administrative Agent or the Required Lenders
notify the Administrative Agent and the Borrowers that such alternative interest rate and adjustments to the Applicable Margin
do not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that
any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable
Lending Office to maintain its Term Loan with interest determined by reference to such alternative rate of interest or to determine
or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority
of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrowers written notice thereof.

 

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		3.04	Increased Costs; Reserves on Eurodollar Rate Loans.

 

(a)           Increased
Costs Generally. If any Change in Law shall:

 

(i)          impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated
by Section 3.04(e));

 

(ii)         subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations,
or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)        impose
on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or the Term Loan made
by such Lender;

 

and the result
of any of the foregoing shall be to increase the cost to such Lender of or maintaining its Term Loan, or to reduce the amount of
any sum received or receivable by such Lender hereunder (whether of principal, interest or any other amount) then, upon request
of such Lender, subject in all respects to the Borrower’s rights under Section 11.13 hereof, the Borrowers will pay
to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction
suffered.

 

Notwithstanding any
other provision of this Section 3.04, no Lender shall invoke the provisions of the foregoing subsections of this Section
3.04 if it shall not at the time be the general policy and practice of such Lender to invoke such provisions in similar circumstances
under comparable provisions of other credit agreements.

 

(b)           Capital
Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or
such Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing
the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender or the Loans made by such Lender to a level below that which such Lender or such
Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies
and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrowers
will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company
for any such reduction suffered.

 

(c)           [Reserved].

 

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(d)           Certificates
for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its
holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrowers
shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate
within ten (10) days after receipt thereof.

 

(e)           Reserves.
The Borrowers shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities
or assets consisting of or including eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”),
additional interest on the unpaid principal amount of its Term Loan equal to the actual costs of such reserves allocated to such
Term Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error),
which shall be due and payable on each date on which interest is payable on such Term Loan, provided the Borrowers shall
have received at least ten (10) days’ prior notice (with a copy to the Administrative Agent) of such additional interest
or costs from such Lender. If a Lender fails to give notice ten (10) days prior to the relevant Interest Payment Date, such additional
interest shall be due and payable ten (10) days from receipt of such notice.

 

(f)            Delay
in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this
Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrowers
shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred
or reductions suffered more than six (6) months prior to the date that such Lender notifies the Borrowers of the Change in Law
giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six (6) month period referred to
above shall be extended to include the period of retroactive effect thereof).

 

		3.05	Compensation for Losses.

 

Upon demand of any
Lender (with a copy to the Administrative Agent) from time to time, the Borrowers shall promptly compensate such Lender for and
hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(a)           any
continuation, payment or prepayment of any Term Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise)
on a day other than (i) the last day of the Interest Period for such Term Loan or (ii) for an aggregate principal amount of Term
Loans not to exceed $6,000,000, a day on which a Term Loan Reduction Installment is due;

 

(b)           any
failure by the Borrowers (for a reason other than the failure of such Lender to make its Term Loan) to prepay, borrow, or continue
any Term Loan on the date or in the amount notified by the Borrowers; or

 

(c)           any
assignment of a Term Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrowers
pursuant to Section 11.13;

 

including any loss of anticipated profits
and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Term Loan or from
fees payable to terminate the deposits from which such funds were obtained. The Borrowers shall also pay any customary administrative
fees charged by such Lender in connection with the foregoing.

 

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For purposes of calculating
amounts payable by the Borrowers to the Lenders under this Section 3.05, each Lender shall be deemed to have funded its
Term Loan at the Eurodollar Rate for such Term Loan by a matching deposit or other borrowing in the London interbank eurodollar
market for a comparable amount and for a comparable period, whether or not such Term Loan was in fact so funded.

 

		3.06	Designation of a Different Lending Office.

 

If any Lender requests
compensation under Section 3.04, or requires the Borrowers to pay any Indemnified Taxes or additional amounts to any Lender
or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant
to Section 3.02, then at the request of the Borrowers, such Lender shall, as applicable, use reasonable efforts to designate
a different Lending Office for funding or booking its Term Loan hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need
for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment.

 

		3.07	Survival.

 

All of the Borrowers’
obligations under this Article III shall survive termination of the Commitments, repayment of all other Obligations hereunder,
resignation of the Administrative Agent and the Term Loan Maturity Date.

 

ARTICLE
IV

CONDITIONS PRECEDENT

 

		4.01	Conditions of Initial Credit Extension.

 

The obligation of each
Lender to make its Term Loan hereunder is subject to satisfaction of the following conditions precedent:

 

(a)           Execution
of Credit Agreement; Loan Documents. The Administrative Agent shall have received (i) counterparts of this Agreement, executed
by a Responsible Officer of each Loan Party and a duly authorized officer of each Lender, (ii) for the account of each Lender requesting
a Note, a Note executed by a Responsible Officer of each Borrower, (iii) counterparts of the Security Agreement and each other
Collateral Document, executed by a Responsible Officer of the applicable Loan Parties and a duly authorized officer of each other
Person party thereto, as applicable, (iv) counterparts of any other Loan Document, executed by a Responsible Officer of the applicable
Loan Party and a duly authorized officer of each other Person party thereto, (v) the counterparts of the Ultimate Parent Guaranty,
executed by an authorized officer of the Ultimate Parent and (vi) the counterparts of the Parent Guaranty, executed by an authorized
officer of the Parent.

 

(b)           Officer’s
Certificate. The Administrative Agent shall have received an Officer’s Certificate dated the Closing Date, certifying
as to the Organization Documents of each Loan Party (which, to the extent filed with a Governmental Authority, shall be certified
as of a recent date by such Governmental Authority), the resolutions of the governing body of each Loan Party, the good standing,
existence or its equivalent of each Loan Party and of the incumbency (including specimen signatures) of the Responsible Officers
of each Loan Party.

 

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(c)           Legal
Opinions of Counsel. The Administrative Agent shall have received an opinion or opinions (including, if requested by the Administrative
Agent, local counsel opinions) of counsel for the Loan Parties, dated the Closing Date and addressed to the Administrative Agent
and the Lenders, in form and substance acceptable to the Administrative Agent.

 

(d)           Financial
Statements. The Administrative Agent and the Lenders shall have received copies of the financial statements referred to in
Section 5.05, each in form and substance satisfactory to each of them.

 

(e)           Personal
Property Collateral. The Administrative Agent shall have received, in form and substance satisfactory to the Administrative
Agent:

 

(i)          (A)
searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each Loan Party and each jurisdiction
where any Collateral is located or where a filing would need to be made in order to perfect the Administrative Agent’s security
interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other
than Permitted Liens and (B) tax lien, judgment and bankruptcy searches;

 

(ii)         searches
of ownership of Intellectual Property in the appropriate governmental offices and such patent/trademark/copyright filings as requested
by the Administrative Agent in order to perfect the Administrative Agent’s security interest in the Intellectual Property;

 

(iii)        completed
UCC financing statements for each appropriate jurisdiction as is necessary, in the Administrative Agent’s reasonable discretion,
to perfect the Administrative Agent’s security interest in the Collateral;

 

(iv)       stock
or membership certificates, if any, evidencing the Pledged Equity and undated stock or transfer powers duly executed in blank;
in each case to the extent such Pledged Equity is certificated; provided, however, Borrowers shall not be required to deliver
the stock certificates representing the Pledged Equity of the India Subsidiary;

 

(v)         in
the case of any personal property Collateral located at premises leased by a Loan Party and set forth on Schedule 5.21(g)(i),
such estoppel letters, consents and waivers from the landlords of such real property to the extent required to be delivered in
connection with Section 6.14 (such letters, consents and waivers shall be in form and substance satisfactory to the Administrative
Agent, it being acknowledged and agreed that any Landlord Waiver is satisfactory to the Administrative Agent);

 

(vi)        to
the extent required to be delivered pursuant to the terms of the Collateral Documents, all instruments, documents and chattel paper
in the possession of any of the Loan Parties, together with allonges or assignments as may be necessary or appropriate to perfect
the Administrative Agent’s and the Lenders’ security interest in the Collateral; and

 

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(vii)       Qualifying
Control Agreements satisfactory to the Administrative Agent to the extent required to be delivered pursuant to Section 6.14.

 

(f)            Beneficial
Ownership Certification. At least five (5) days prior to the Closing Date, each Loan Party that qualifies as a “legal
entity customer” under the Beneficial Ownership Regulation shall have delivered a Beneficial Ownership Certification
to the Administrative Agent.

 

(g)           Liability,
Casualty, Property, Terrorism and Business Interruption Insurance. The Administrative Agent shall have received copies of insurance
policies, declaration pages, certificates, and endorsements of insurance or insurance binders evidencing liability, casualty, property,
terrorism and business interruption insurance meeting the requirements set forth herein or in the Collateral Documents or as required
by the Administrative Agent. The Loan Parties shall have delivered to the Administrative Agent an Authorization to Share Insurance
Information.

 

(h)           Solvency
Certificate. The Administrative Agent shall have received a Solvency Certificate signed by a Responsible Officer of each Borrower
as to the financial condition, solvency and related matters of Holdco and its Subsidiaries, after giving effect to the initial
borrowings under the Loan Documents and the other transactions contemplated hereby.

 

(i)            Financial
Condition Certificate. The Administrative Agent shall have received a certificate or certificates executed by a Responsible
Officer of each Borrower as of the Closing Date, as to certain financial matters, substantially in the form of Exhibit M.

 

(j)            Material
Contracts. The Administrative Agent shall have received true and complete copies, certified by an officer of each Borrower
as true and complete in all material respects, of all Material Contracts, together with all material exhibits and schedules.

 

(k)           Loan
Notice. The Administrative Agent shall have received a Loan Notice with respect to the Loans to be made on the Closing Date.

 

(l)            Existing
Indebtedness of the Loan Parties. All of the existing Indebtedness for borrowed money of the Loan Parties (other than Indebtedness
permitted to exist pursuant to Section 7.02) shall be repaid in full and all security interests related thereto shall be
terminated on or prior to the Closing Date.

 

(m)          Consents.
The Administrative Agent shall have received evidence that all members, boards of directors, governmental, shareholder and material
third party consents and approvals necessary in connection with the entering into of this Agreement have been obtained.

 

(n)           Fees
and Expenses. The Administrative Agent and the Lenders shall have received all fees and expenses, if any, owing pursuant to
the Fee Letter and Section 2.11.

 

(o)           Due
Diligence. The Lenders shall have completed a due diligence investigation of the Loan Parties in scope, and with results, satisfactory
to the Lenders.

 

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(p)           Representations
and Warranties. The representations and warranties of the Borrowers and each other Loan Party contained in Article II,
Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection
herewith or therewith, shall be true and correct in all material respects (without duplication of any materiality qualifier contained
therein) on and as of the Closing Date, except (i) that for purposes of this Section 4.01(p), the representations and warranties
contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to
Sections 6.01(b), respectively; and (ii) to the extent such representations and warranties expressly relate to an earlier
date, in which case such representations and warranties were true and correct in all material respects as of such earlier date.

 

(q)           Default.
No Default shall exist, or would result from the Term Loans or from the application of the proceeds thereof.

 

(r)            Loan
Notice. The Administrative Agent shall have received a Loan Notice in accordance with the requirements hereof.

 

(s)           Other
Documents. All other documents provided for herein or which the Administrative Agent or any other Lender may reasonably request
or require.

 

(t)            Additional
Information. Such additional information and materials which the Administrative Agent and/or any Lender shall reasonably request
or require.

 

Without limiting the generality of the
provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified in this
Section, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied
with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender
unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.

 

ARTICLE
V

REPRESENTATIONS AND WARRANTIES

 

Each Loan Party represents
and warrants to the Administrative Agent and the Lenders, as of the date made or deemed made, that:

 

		5.01	Existence, Qualification and Power.

 

Each Loan Party and
each of its Subsidiaries (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws
of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental
licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver
and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as
applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct
of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent
that failure to do so would not reasonably be expected to have a Material Adverse Effect. The copy of the Organization Documents
of each Loan Party provided to the Administrative Agent pursuant to the terms of this Agreement is a true and correct copy of each
such document, each of which is valid and in full force and effect.

 

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		5.02	Authorization; No Contravention.

 

The execution, delivery
and performance by each Loan Party of each Loan Document to which such Person is or is to be a party have been duly authorized
by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s
Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require
any payment to be made under (i) any Material Contract to which such Person is a party or affecting such Person or the properties
of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral
award to which such Person or its property is subject; or (c) violate any Law; except in each case referred to in clause (b) and
(c), to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

		5.03	Governmental Authorization; Other Consents.

 

No approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary
or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement
or any other Loan Document, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c)
the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof)
or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect
of the Collateral pursuant to the Collateral Documents, other than (i) authorizations, approvals, actions, notices and filings
which have been duly given, obtained or waived and (ii) filings to perfect the Liens created by the Collateral Documents.

 

		5.04	Binding Effect.

 

This Agreement has
been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that
is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and
binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms,
except as such enforcement may be limited by applicable Debtor Relief Laws affecting creditors’ rights generally and by equitable
principles of law (regardless of whether enforcement is sought in equity or at law).

 

		5.05	Financial Statements; No Material Adverse Effect.

 

(a)           Audited
Financial Statements. The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present in all material respects the financial
condition of the Loan Parties as of the date thereof and their results of operations for the period covered thereby in accordance
with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show
all material indebtedness and other liabilities, direct or contingent, of the Loan Parties as of the date thereof, including liabilities
for taxes, material commitments and Indebtedness.

 

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(b)           Ultimate
Parent Annual Audited Financial Statements. The audited Consolidated balance sheets of the Ultimate Parent and its Subsidiaries
dated December 31, 2017 (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except
as otherwise expressly noted therein; (ii) fairly present in all material respects the financial condition of the Ultimate Parent
and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material
indebtedness and other liabilities, direct or contingent, of the Ultimate Parent and its Subsidiaries as of the date thereof, including
liabilities for taxes, material commitments and Indebtedness.

 

(c)           Material
Adverse Effect. Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually
or in the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect.

 

(d)           [Reserved].

 

(e)           Forecasted
Financials. The Consolidated forecasted balance sheets, statements of income and cash flows of the Holdco and its Subsidiaries
delivered pursuant to Section 4.01 or Section 6.01 were prepared in good faith on the basis of the assumptions stated
therein, which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and represented,
at the time of delivery, the Borrowers’ best estimate of their future financial condition and performance. For the avoidance
of doubt, the parties acknowledge and agree that forecasted, forward-looking information and projections are not a guarantee of
future performance, and actual results may differ from the forecasted, forward-looking information or projections.

 

		5.06	Litigation.

 

Except as set forth
on Schedule 5.06, there are no actions, suits or proceedings, or, to the actual knowledge of the Loan Parties after due
and diligent investigation, threatened in writing or contemplated, at law or in equity, before any Governmental Authority, by or
against any Loan Party or any Subsidiary or against any of their properties or revenues that (a) purport to affect or pertain to
this Agreement or any other Loan Document or any of the transactions contemplated hereby, or (b) either individually or in the
aggregate would reasonably be expected to have a Material Adverse Effect.

 

		5.07	No Default.

 

No Default has occurred
and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

 

		5.08	Ownership of Property.

 

Each Loan Party and
each of its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real property
necessary or used in the ordinary conduct of its business, except for such defects in title as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

		5.09	Environmental Compliance.

 

(a)           The
Loan Parties and their respective Subsidiaries have been in compliance with existing Environmental Laws and there have been no
claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations
and properties, except to the extent such failure to comply or claims would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

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(b)           Neither
any Loan Party nor any of its Subsidiaries is undertaking, and has not completed, either individually or together with other potentially
responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened release,
discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order of
any Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials generated, used, treated,
handled or stored at, or transported to or from, any property currently or formerly owned or operated by any Loan Party or any
of its Subsidiaries have been disposed of in a manner not reasonably expected to result in material liability to any Loan Party
or any of its Subsidiaries.

 

		5.10	Insurance.

 

The properties of the
Loan Parties are insured with financially sound and reputable insurance companies not Affiliates of the Loan Parties, in such amounts,
with such deductibles and covering such risks as are customarily carried by companies of similar size engaged in similar businesses
and owning similar properties in localities where the applicable Loan Party or the applicable Subsidiary operates. The general
liability, casualty, property, terrorism and business interruption insurance coverage of the Loan Parties as in effect on the Closing
Date, and as of the last date such Schedule was required to be updated in accordance with Section 6.02, is outlined as to
carrier, policy number, expiration date, type, amount and deductibles on Schedule 5.10 and such insurance coverage complies
with the requirements set forth in this Agreement and the other Loan Documents.

 

		5.11	Taxes.

 

Except as set forth
on Schedule 5.11, each Loan Party and its Subsidiaries have filed all federal, state and other material tax returns and
reports required to be filed, and have paid all federal, state and other material taxes, assessments, fees and other governmental
charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being
contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance
with GAAP. Except as set forth on Schedule 5.11, there is no proposed tax assessment against any Loan Party or any Subsidiary
that would, if made, have a Material Adverse Effect, nor is there any tax sharing agreement applicable to the Borrower or any Subsidiary.
The filing and recording of any and all documents required to perfect the security interests granted to the Administrative Agent
(for the ratable benefit of the Secured Parties) will not result in any documentary, stamp or other taxes, except for customary
filing and recordation fees that shall be paid concurrently with such filing or recording, as the case may be.

 

		5.12	ERISA Compliance.

 

(a)           Each
Plan is in compliance in all material respects with the applicable provisions of ERISA and provisions of the Code and other federal
or state law. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable
determination letter or is subject to a favorable opinion letter from the IRS to the effect that the form of such Plan is qualified
under Section 401(a) of the Code, or an application for such a letter is currently being processed by the IRS. To the best knowledge
of the Loan Parties, nothing has occurred that would prevent or cause the loss of such tax-qualified status.

 

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(b)           There
are no pending or, to the best knowledge of the Loan Parties, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that would reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction within the meaning of Section 406 of ERISA for which a statutory, regulatory, or administrative exemption does not
exist or violation of the applicable fiduciary requirements of Section 404 of ERISA with respect to any Plan (other than a Multiemployer
Plan) that has resulted or would reasonably be expected to result in a Material Adverse Effect.

 

(c)           (i)
No ERISA Event has occurred, and no Loan Party nor any ERISA Affiliate is aware of any fact, event or circumstance that would reasonably
be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) the Borrowers and each ERISA Affiliate
have met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum
funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date
for any Pension Plan, the adjusted funding target attainment percentage (as defined in Section 436(j)(2) of the Code) is 60% or
higher and no Loan Party nor any ERISA Affiliate knows of any facts or circumstances that would reasonably be expected to cause
the adjusted funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation date; (iv)
no Loan Party nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there
are no premium payments which have become due that are unpaid; (v) neither any Borrower nor any ERISA Affiliate has engaged in
a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by
the plan administrator thereof nor by the PBGC, with respect to which a material liability of any Borrowers or any ERISA Affiliate
exists, and no event or circumstance has occurred or exists that would reasonably be expected to cause the PBGC to institute proceedings
under Title IV of ERISA to terminate any Pension Plan (other than a Multiemployer Plan).

 

(d)           Neither
any Borrower nor any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute to, or liability
under, any active or terminated Pension Plan other than on the Closing Date, those listed on Schedule 5.12 hereto.

 

		5.13	Margin Regulations; Investment Company Act.

 

(a)           Margin
Regulations. The Borrowers are not engaged and will not engage, principally or as one of their important activities, in the
business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for
the purpose of purchasing or carrying margin stock. Following the application of the proceeds of the Term Loans, not more than
twenty-five percent (25%) of the value of the assets (either of any Borrower alone or all of the Borrowers and their Subsidiaries
on a Consolidated basis) subject to the provisions of Section 7.01 or Section 7.05 or subject to any restriction
contained in any agreement or instrument between the Borrowers and any Lender or any Affiliate of any Lender relating to Indebtedness
and within the scope of Section 8.01(e) will be margin stock.

 

(b)           Investment
Company Act. None of any Borrower, any Person Controlling any Borrower, or any Subsidiary of any Borrower is or is required
to be registered as an “investment company” under the Investment Company Act of 1940.

 

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		5.14	Disclosure.

 

The Borrowers have
disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which
the Borrowers or any Domestic Subsidiary of any Borrower is subject, and all other matters known to it, that, individually or in
the aggregate, would reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate
or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or
any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder
or under any other Loan Document (in each case as modified or supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that, with respect to projected financial information, each Loan Party represents
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. For the avoidance
of doubt, the parties acknowledge and agree that forecasted, forward-looking information and projections are not a guarantee of
future performance, and actual results may differ from the forecasted, forward-looking information or projections.

 

		5.15	Compliance with Laws.

 

Each Loan Party and
each Subsidiary thereof is in compliance with the requirements of all Laws and all orders, writs, injunctions and decrees applicable
to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree
is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

		5.16	Solvency.

 

Borrowers together
with their Subsidiaries on a Consolidated basis are Solvent.

 

		5.17	Casualty, Etc.

 

Neither the businesses
nor the properties of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout
or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether
or not covered by insurance) that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect.

 

		5.18	Sanctions Concerns.

 

No Loan Party, nor
any Subsidiary, nor, to the knowledge of the Loan Parties and their Subsidiaries, any director, officer, employee, agent, affiliate
or representative thereof, is an individual or entity currently the subject of any Sanctions, nor is any Loan Party or any Subsidiary
located, organized or resident in a Designated Jurisdiction.

 

		5.19	Responsible Officers.

 

Set forth on Schedule
1.01(c) are Responsible Officers, holding the offices indicated next to their respective names, as of the Closing Date and
as of the last date such Schedule was required to be updated in accordance with Section 6.02 and such Responsible Officers
are the duly elected and qualified officers of such Loan Party and are duly authorized to execute and deliver, on behalf of the
respective Loan Party, this Agreement, the Notes and the other Loan Documents.

 

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		5.20	Subsidiaries; Equity Interests; Loan Parties.

 

(a)           Subsidiaries,
Joint Ventures, Partnerships and Equity Investments. Set forth on Schedule 5.20(a), is the following information which
is true and complete in all respects as of the Closing Date and as of the last date such Schedule was required to be updated in
accordance with Section 6.02: (i) a complete and accurate list of all Subsidiaries, joint ventures and partnerships and
other equity investments of the Loan Parties as of the Closing Date and as of the last date such Schedule was required to be updated
in accordance with Section 6.02, (ii) the number of shares of each class of Equity Interests in each Subsidiary outstanding,
(iii) the number and percentage of outstanding shares of each class of Equity Interests owned by the Loan Parties and their Subsidiaries
and (iv) the class or nature of such Equity Interests (i.e. voting, non-voting, preferred, etc.). The outstanding Equity Interests
in all Subsidiaries are validly issued, fully paid and non-assessable and are owned free and clear of all Liens. There are no outstanding
subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees
or directors and directors’ qualifying shares) of any nature relating to the Equity Interests of any Loan Party or any Subsidiary
thereof, except as contemplated in connection with the Loan Documents.

 

(b)           Loan
Parties. Set forth on Schedule 5.20(b) is a complete and accurate list of all Loan Parties, showing as of the Closing
Date, or as of the last date such Schedule was required to be updated in accordance with Section 6.02, (as to each Loan
Party) (i) the exact legal name, (ii) any former legal names of such Loan Party in the four (4) months prior to the Closing Date,
(iii) the jurisdiction of its incorporation or organization, as applicable, (iv) the type of organization, (v) the jurisdictions
in which such Loan Party is qualified to do business, (vi) the address of its chief executive office, (vii) the address of its
principal place of business, (viii) its U.S. federal taxpayer identification number or, in the case of any non-U.S. Loan Party
that does not have a U.S. taxpayer identification number, its unique identification number issued to it by the jurisdiction of
its incorporation or organization, if applicable, (ix) the organization identification number, (x) ownership information (e.g.
publicly held or if private or partnership, the owners and partners of each of the Loan Parties) and (xi) the industry or nature
of business of such Loan Party.

 

		5.21	Collateral Representations.

 

(a)           Collateral
Documents. The provisions of the Collateral Documents are effective to create in favor of the Administrative Agent for the
benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Permitted Liens) on all right, title
and interest of the respective Loan Parties in the Collateral described therein. Except for filings completed prior to the Closing
Date and as contemplated hereby and by the Collateral Documents, no filing or other action will be necessary to perfect or protect
such Liens.

 

(b)           Intellectual
Property. Set forth on Schedule 5.21(b)(i), as of the Closing Date and as of the last date such Schedule was required
to be updated in accordance with Section 6.02, is a list of all registered or issued Intellectual Property (including all
applications for registration and issuance) owned by each of the Loan Parties or that each of the Loan Parties has the right to
(including the name/title, current owner, registration or application number, and registration or application date and such other
information as reasonably requested by the Administrative Agent).

 

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(c)           Documents,
Instrument, and Tangible Chattel Paper. Set forth on Schedule 5.21(c), as of the Closing Date and as of the last date
such Schedule was required to be updated in accordance with Section 6.02, is a description of all Documents, Instruments,
and Tangible Chattel Paper of the Loan Parties (including the Loan Party owning such Document, Instrument and Tangible Chattel
Paper and such other information as reasonably requested by the Administrative Agent), in each case, with a value of $1,500,000
or more.

 

(d)           Deposit
Accounts, Electronic Chattel Paper, Letter-of-Credit Rights, and Securities Accounts.

 

(i)          Set
forth on Schedule 5.21(d)(i), as of the Closing Date and as of the last date such Schedule was required to be updated in
accordance with Section 6.02, is a description of all Deposit Accounts and Securities Accounts of the Loan Parties, including
the name of (A) the applicable Loan Party, (B) in the case of a Deposit Account, the depository institution and whether such account
is a zero balance account or a payroll account, and (C) in the case of a Securities Account, the Securities Intermediary or issuer.

 

(ii)         Set
forth on Schedule 5.21(d)(ii), as of the Closing Date and as of the last date such Schedule was required to be updated in
accordance with Section 6.02, is a description of all Electronic Chattel Paper (as defined in the UCC) and Letter-of-Credit
Rights (as defined in the UCC) of the Loan Parties, in each case, with a value of $1,500,000 or more, including the name of (A)
the applicable Loan Party, (B) in the case of Electronic Chattel Paper (as defined in the UCC), the account debtor and (C) in the
case of Letter-of-Credit Rights (as defined in the UCC), the issuer or nominated person, as applicable.

 

(e)           Commercial
Tort Claims. Set forth on Schedule 5.21(e), as of the Closing Date and as of the last date such Schedule was required
to be updated in accordance with Section 6.02, is a description of all Commercial Tort Claims of the Loan Parties, in each
case with a value of $1,500,000 or more (detailing such Commercial Tort Claim in such detail as reasonably requested by the Administrative
Agent).

 

(f)            Pledged
Equity Interests. Set forth on Schedule 5.21(f), as of the Closing Date and as of the last date such Schedule was required
to be updated in accordance with Section 6.02, is a list of (i) all Pledged Equity and (ii) all other Equity Interests required
to be pledged to the Administrative Agent pursuant to the Collateral Documents (in each case, detailing the Grantor (as defined
in the Security Agreement), the Person whose Equity Interests are pledged, the number of shares of each class of Equity Interests,
the certificate number and percentage ownership of outstanding shares of each class of Equity Interests and the class or nature
of such Equity Interests (i.e. voting, non-voting, preferred, etc.).

 

(g)           Properties.
Set forth on Schedule 5.21(g)(i), as of the Closing Date and as of the last date such Schedule was required to be updated
in accordance with Section 6.02, is a list of (A) each headquarter location of the Loan Parties, (B) each other location
where any significant administrative or governmental functions are performed, (C) each other location where the Loan Parties maintain
any books or records (electronic or otherwise) and (D) each location where any personal property Collateral is located at any premises
owned or leased by a Loan Party (in each case, including (1) an indication if such location is leased or owned, (2) if leased,
the name of the lessor, and if owned, the name of the Loan Party owning such property, (3) the address of such property (including,
the city, county, state and zip code) and (4) to the extent owned, the approximate fair market value of such property).

 

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(h)           Material
Contracts. Set forth on Schedule 5.21(h), as of the Closing Date and as of the last date such Schedule was required
to be updated in accordance with Section 6.02, is a complete and accurate list of all Material Contracts of the Loan Parties.

 

		5.22	Beneficial Ownership Certification.

 

As of the Closing Date,
the information included in the Beneficial Ownership Certification of each Loan Party is true and correct in all material respects.

 

		5.23	[Reserved].

 

		5.24	Intellectual Property; Licenses, Etc.

 

Each Loan Party owns,
or possesses the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises,
licenses and other intellectual property rights that are reasonably necessary for the operation of their respective businesses,
without conflict with the rights of any other Person. To the actual knowledge of the Borrowers (after reasonably inquiry), no slogan
or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be
employed, by any Loan Party infringes upon any rights held by any other Person. Except as set forth on Schedule 5.06, no
claim or litigation regarding any of the foregoing is pending or, to the actual knowledge of the Borrowers (after reasonably inquiry),
threatened in writing, which, either individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect.

 

		5.25	Labor Matters.

 

There are no collective
bargaining agreements or Multiemployer Plans covering the employees of any Borrower or any of its ERISA Affiliates as of the Closing
Date and neither any Borrower nor any Subsidiary has suffered any strikes, walkouts, work stoppages or other material labor difficulty
within the last five (5) years preceding the Closing Date.

 

ARTICLE
VI

AFFIRMATIVE COVENANTS

 

Each of the Loan Parties
hereby covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, such Loan Party shall,
and shall cause each of its Domestic] Subsidiaries to:

 

		6.01	Financial Statements.

 

Deliver to the Administrative
Agent and each Lender, in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:

 

(a)           Ultimate
Parent SEC Reporting. Ultimate Parent shall file with the SEC annual reports on Form 10-K, quarterly reports on Form 10-Q,
and any current reports on Form 8-K, in each case, as and when required under the Securities Exchange Act of 1934, subject to permitted
extensions.

 

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(b)           Audited
Financial Statements. As soon as available, but in any event: (i) within one hundred twenty (120) days after the end of the
fiscal year of Holdco ended December 31, 2018, a Consolidated balance sheet of Holdco and its Subsidiaries as at the end of such
fiscal year, and (ii) within one hundred twenty (120) days after the end of each fiscal year of Holdco commencing with the fiscal
year ended December 31, 2019, a Consolidated balance sheet of Holdco and its Subsidiaries as at the end of such fiscal year, and
the related Consolidated statements of income or operations, changes in shareholders’ equity and cash flows for such fiscal
year, setting forth in each case commencing with the fiscal year ended December 31, 2020 in comparative form the figures for the
previous fiscal year, all in reasonable detail and prepared in accordance with GAAP. In each such case (b)(i) and (ii) above, (i)
such Consolidated statements (x) to be audited and accompanied by a report and opinion of Marcum LLP or another independent certified
public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent, which report and opinion
shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern”
or like qualification or exception or any qualification or exception as to the scope of such audit (other than any going concern
or like qualification resulting solely from an upcoming maturity date for the Loans), and (y) to be certified by the chief executive
officer, chief financial officer, treasurer or controller that is a Responsible Officer of Holdco to the effect that such statements
are fairly stated in all material respects when considered in relation to the Consolidated financial statements of Holdco and its
Subsidiaries.

 

(c)           Quarterly
Financial Statements. As soon as available, but in any event within forty-five (45) days after the end of each fiscal quarter
of each fiscal year of Holdco that is not the last fiscal quarter in any fiscal year (commencing with the fiscal quarter ending
March 31, 2019), a Consolidated balance sheet of Holdco and its Subsidiaries as at the end of such fiscal quarter, and the related
Consolidated statements of income or operations, changes in shareholders’ equity and cash flows for such fiscal quarter and
for the portion of Holdco’ fiscal year then ended. Commencing with the quarterly financial statements for the first fiscal
quarter of the fiscal year ending December 31, 2020, the quarterly financial statements required by the immediately preceding sentence
shall set forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and
the corresponding portion of the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP and include
management discussion and analysis of operating results inclusive of operating metrics in comparative form. The Consolidated statements
required by this Section 6.01(c) shall be certified by the chief executive officer, chief financial officer, treasurer or
controller who is a Responsible Officer of Holdco as fairly presenting the financial condition, results of operations, shareholders’
equity and cash flows of Holdco and its Subsidiaries, subject only to normal year-end audit adjustments and the absence of footnotes
and such statements to be certified by the chief executive officer, chief financial officer, treasurer or controller that is a
Responsible Officer of Holdco to the effect that such statements are fairly stated in all material respects when considered in
relation to the Consolidated financial statements of Holdco and its Subsidiaries.

 

(d)           [Reserved].

 

(e)           Business
Plan and Budget. As soon as available, but in any event within sixty (60) days after the end of each fiscal year of the Borrowers,
an annual business plan and budget of the Borrowers and their Subsidiaries on a Consolidated basis, including forecasts prepared
by management of the Borrowers, in form reasonably satisfactory to the Administrative Agent and the Required Lenders, of Consolidated
balance sheets and statements of income or operations and cash flows of the Borrowers and their Subsidiaries on a monthly basis
for the immediately following fiscal year.

 

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As to any information contained in materials
furnished pursuant to Section 6.02(g), the Borrowers shall not be separately required to furnish such information under
Section 6.01(b) above, but the foregoing shall not be in derogation of the obligation of the Borrowers to furnish the information
and materials described in Sections 6.01(b) above at the times specified therein.

 

		6.02	Certificates; Other Information.

 

Deliver to the Administrative
Agent and each Lender, in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:

 

(a)           Accountants’
Certificate. Concurrently with the delivery of the financial statements referred to in Section 6.01(b) (commencing with
the delivery of the financial statements for the fiscal year ended December 31, 2018, a certificate of its independent certified
public accountants certifying such financial statements and stating that in making the examination necessary therefor no knowledge
was obtained of any Default or, if any such Default shall exist, stating the nature and status of such event.

 

(b)           Compliance
Certificate. Concurrently with the delivery of the financial statements referred to in Sections 6.01(b) and (c)
(commencing with the delivery of the financial statements for the fiscal quarter ended March 31, 2019, (i) a duly completed Compliance
Certificate signed by each Borrower’s applicable chief executive officer, chief financial officer, treasurer or controller
which is a Responsible Officer of such Borrower (provided that financial covenants shall only be required to be calculated for
the end of each fiscal quarter), and (ii) a copy of management’s discussion and analysis with respect to such financial statements.
Unless the Administrative Agent or a Lender requests executed originals, delivery of the Compliance Certificate may be by electronic
communication including fax or email and shall be deemed to be an original and authentic counterpart thereof for all purposes.

 

(c)           Updated
Schedules. Concurrently with the delivery of the Compliance Certificate referred to in Section 6.02(b), the following
updated Schedules to this Agreement (which may be attached to the Compliance Certificate) to the extent required to make the representation
related to such Schedule true and correct as of the date of such Compliance Certificate: Schedules 1.01(c), 5.10, 5.20(a), 5.20(b),
5.21(b)(i), 5.21(c), 5.21(d)(i), 5.21(d)(ii), 5.21(e), 5.21(f), 5.21(g)(i) and 5.21(h).

 

(d)           Calculations.
Concurrently with the delivery of the Compliance Certificate referred to in Section 6.02(b) required to be delivered with
the financial statements referred to in Section 6.01(b), a certificate (which may be included in such Compliance Certificate)
including the amount of all Restricted Payments, Investments, Dispositions, Capital Expenditures, and Equity Issuance that were
made during the prior fiscal year.

 

(e)           Changes
in Entity Structure. Except in the case of a Permitted BroadSmart Reorganization or any merger or dissolution of magicJack
with and into Holdco, within ten (10) days prior to any merger, consolidation, dissolution or other change in entity structure
of any Loan Party or any of its Subsidiaries permitted pursuant to the terms hereof, provide notice of such change in entity structure
to the Administrative Agent, along with such other information as reasonably requested by the Administrative Agent. Provide notice
to the Administrative Agent, not less than five (5) days prior (or such extended period of time as agreed to by the Administrative
Agent) of any change in any Loan Party’s legal name, state of organization, or organizational existence.

 

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(f)            Audit
Reports; Management Letters; Recommendations. Promptly after any request by the Administrative Agent or any Lender, copies
of any detailed audit reports, management letters or recommendations submitted to the Board of Directors (or the audit committee
of the Board of Directors) of any Loan Party by independent accountants in connection with the accounts or books of any Loan Party
or any of its Subsidiaries, or any audit of any of them.

 

(g)           Annual
Reports; Etc. Promptly after the same are available, copies of each annual report, proxy or financial statement or other report
or communication sent to the stockholders of any Borrower, and copies of all annual, regular, periodic and special reports and
registration statements which any Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities
Exchange Act of 1934, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative
Agent pursuant hereto;.

 

(h)           Debt
Securities Statements and Reports. Promptly after the furnishing thereof, copies of any statement or report furnished to any
holder of debt securities of any Loan Party or of any of its Subsidiaries pursuant to the terms of any indenture, loan or credit
or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause
of this Section.

 

(i)            SEC
Notices. Promptly, and in any event within five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary
thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction)
concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational
results of any Loan Party or any Subsidiary thereof.

 

(j)            Notices.
Not later than five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of all default
notices, amendments, waivers and other modifications so received under or pursuant to any instrument, indenture, loan or credit
or similar agreement and, from time to time upon request by the Administrative Agent, such other material information and reports
regarding such instruments, indentures and loan and credit and similar agreements as the Administrative Agent may reasonably request.

 

(k)           Environmental
Notice. Promptly after the assertion or occurrence thereof, notice of any action or proceeding against or of any noncompliance
by any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental Permit that would reasonably be expected
to have a Material Adverse Effect.

 

(l)            Post-Closing
Deliverables and Other Additional Information. (1) Within ten (10) days after the Closing Date, (A) lender’s loss payable
endorsements for the insurance policies required by Section 6.07(a) and (B) certificates of foreign good standing for the
Loan Parties from such jurisdictions as are required pursuant to Section 5.01; and (2) promptly, such additional information
regarding the business, financial, legal or corporate affairs of any Loan Party or any Subsidiary thereof, or compliance with the
terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request.

 

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Documents required to be delivered pursuant
to Section 6.01(b) or Section 6.02(g) (to the extent any such documents are included in materials otherwise filed
with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (a) on which
the applicable Borrower posts such documents, or provides a link thereto on such Borrower’s website on the Internet at the
website address listed on Schedule 1.01(a); or (b) on which such documents are posted on applicable Borrower’s behalf
on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrowers shall deliver paper copies
of such documents to the Administrative Agent or any Lender upon its request to the Borrowers to deliver such paper copies until
a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrowers shall
notify the Administrative Agent and each Lender (by fax transmission or e-mail transmission) of the posting of any such documents
and provide to the Administrative Agent by e-mail electronic versions (i.e., soft copies) of such documents. The Administrative
Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in
any event shall have no responsibility to monitor compliance by the Borrowers with any such request by a Lender for delivery, and
each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

The Borrowers hereby
acknowledge that (A) the Administrative Agent and/or an Affiliate thereof may, but shall not be obligated to, make available to
the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrowers hereunder (collectively,
“Borrowers Materials”) by posting the Borrowers Materials on Debt Domain, IntraLinks, Syndtrak or another similar
electronic system (the “Platform”) and (B) certain of the Lenders (each, a “Public Lender”)
may have personnel who do not wish to receive material non-public information with respect to the Borrowers or their Affiliates,
or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities
with respect to such Persons’ securities. The Borrowers hereby agree that they will use commercially reasonable efforts to
identify that portion of the Borrowers Materials that may be distributed to the Public Lenders and that (1) all such Borrowers
Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (2) by marking Borrower Materials “PUBLIC,” the Borrowers shall
be deemed to have authorized the Administrative Agent, any Affiliate thereof, the Arranger, the L/C Issuer and the Lenders to treat
such Borrowers Materials as not containing any material non-public information (although it may be sensitive and proprietary) with
respect to the Borrowers or their securities for purposes of United States federal and state securities laws (provided, however,
that to the extent such Borrowers Materials constitute Information, they shall be treated as set forth in Section 11.07);
(3) all Borrowers Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Side Information;” and (4) the Administrative Agent and the any Affiliate thereof and the Arranger shall be
entitled to treat any Borrowers Materials that are not marked “PUBLIC” as being suitable only for posting on a portion
of the Platform not designated “Public Side Information.”

 

		6.03	Notices.

 

Promptly, but in any
event within five (5) Business Days, notify the Administrative Agent and each Lender:

 

(a)           of
the occurrence of any Event of Default;

 

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(b)           of
any matter that has resulted or would reasonably be expected to result in a Material Adverse Effect;

 

(c)           of
the occurrence of any ERISA Event;

 

(d)           of
any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof, including
any determination by the Borrowers referred to in Section 2.12(b); and

 

Each notice pursuant
to this Section 6.03 shall be accompanied by a statement of a Responsible Officer of each Borrower setting forth details
of the occurrence referred to therein and to the extent applicable, stating what action the Borrowers have taken and proposes to
take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions
of this Agreement and any other Loan Document that have been breached.

 

		6.04	Payment of Obligations.

 

Pay and discharge as
the same shall become due and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and
governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate
proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the applicable Loan Party;
(b) all lawful claims which, if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness, as and when due
and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness.

 

		6.05	Preservation of Existence, Etc.

 

(a)           Preserve,
renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization
except in a transaction permitted by Section 7.04 or 7.05;

 

(b)           take
all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary in the normal conduct of its
business, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and

 

(c)           preserve
or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which would reasonably
be expected to have a Material Adverse Effect.

 

		6.06	Maintenance of Properties.

 

(a)           Maintain,
preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order
and condition, ordinary wear and tear and obsolescence excepted; and

 

(b)           make
all necessary repairs thereto and renewals and replacements thereof except where the failure to do so would not reasonably be expected
to have a Material Adverse Effect.

 

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		6.07	Maintenance of Insurance.

 

(a)           Maintenance
of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates of the Borrowers, insurance
with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons of similar
size, engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances
by such other Persons, including, without limitation, terrorism insurance.

 

(b)           Evidence
of Insurance. Cause the Administrative Agent to be named as lenders’ loss payable, loss payee or mortgagee, as its interest
may appear, and/or additional insured with respect of any such insurance providing liability coverage or coverage in respect of
any Collateral, and cause, unless otherwise agreed to by the Administrative Agent, each provider of any such insurance to agree,
by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Administrative Agent that
it will endeavor to give the Administrative Agent thirty (30) days prior written notice before any such policy or policies shall
be altered or cancelled (or ten (10) days prior notice in the case of cancellation due to the nonpayment of premiums). Annually,
upon expiration of current insurance coverage at the written request of the Administrative Agent, the Loan Parties shall provide,
or cause to be provided, to the Administrative Agent, such evidence of insurance as required by the Administrative Agent, including,
but not limited to: (i) certified copies of such insurance policies, (ii) evidence of such insurance policies (including, without
limitation and as applicable, ACORD Form 28 certificates (or similar form of insurance certificate), and ACORD Form 25 certificates
(or similar form of insurance certificate)), (iii) declaration pages for each insurance policy and (iv) lender’s loss payable
endorsement if the Administrative Agent for the benefit of the Secured Parties is not on the declarations page for such policy.
As requested by the Administrative Agent, the Loan Parties agree to deliver to the Administrative Agent an Authorization to Share
Insurance Information.

 

		6.08	Compliance with Laws.

 

Comply with the requirements
of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances
in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted; or (b) the failure to comply therewith would not reasonably be expected to have a Material Adverse Effect.

 

		6.09	Books and Records.

 

Maintain proper books
of record and account in all material respects, in which full, true and correct entries in material conformity with GAAP consistently
applied shall be made of all financial transactions and matters involving the assets and business of such Loan Party or such Subsidiary,
as the case may be.

 

		6.10	Inspection Rights.

 

(a)           Permit
representatives and independent contractors of the Administrative Agent to visit and inspect any of its properties, to examine
its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrowers and at such
reasonable times during normal business hours upon reasonable advance notice to the Borrowers; provided, however, when no Event
of Default exists, not more than (1) such inspection shall be made in any fiscal year of the Borrowers; provided, however, further,
that when an Event of Default exists the Administrative Agent (or any of its respective representatives or independent contractors)
may do any of the foregoing at the expense of the Borrowers at any time during normal business hours and without advance notice.

 

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(b)           If
requested by the Administrative Agent in its sole discretion, permit the Administrative Agent, and its representatives, upon reasonable
advance notice to the Borrowers, to conduct an annual audit of the Collateral at the expense of the Borrowers; provided, however,
when no Event of Default exists, not more than (1) such audit shall be made in any fiscal year of the Borrowers.

 

(c)           If
requested by the Administrative Agent in its reasonable discretion at any time after the occurrence and during the continuance
of an Event of Default, promptly deliver to the Administrative Agent (i) asset appraisal reports with respect to all of the real
and personal property owned by the Borrowers and their Subsidiaries, and (ii) a written audit of the accounts receivable, inventory,
payables, controls and systems of their Borrowers and their Subsidiaries.

 

		6.11	Use of Proceeds.

 

Use the proceeds of
the Credit Extensions (i) to refinance a portion of (a) the purchase price paid for the MagicJack Acquisition and (b) the MagicJack
Acquisition-Related Costs (ii) for working capital and general corporate purposes not in contravention of any Law or of any Loan
Document and (iii) to pay dividends or Permitted Tax Distributions in cash to Parent and/or Ultimate Parent to the extent permitted
hereunder.

 

		6.12	Material Contracts.

 

(i)          Maintain
each such Material Contract in full force and effect, except for expiry at the stated maturity thereof and, except, in any case,
where the failure to do so, either individually or in the aggregate, would not be reasonably likely to have a Material Adverse
Effect,

 

(ii)         enforce
each such Material Contract in accordance with its terms, except as determined by the Loan Parties or their Subsidiaries, as the
case may be, to be in the best interest of the Loan Parties or their Subsidiaries, as the case may be,

 

(iii)        during
the continuance of an Event of Default, take all such action to such end as may be from time to time reasonably requested by the
Administrative Agent and, upon request of the Administrative Agent made during the continuing of an Event of Default, make to each
other party to each such Material Contract such demands and requests for information and reports or for action as any Loan Party
or any of its Subsidiaries is entitled to make under such Material Contract, and cause each of its Subsidiaries to do so.

 

		6.13	Covenant to Guarantee Obligations.

 

The Loan Parties will
cause each of their Subsidiaries (other than any CFC) whether newly formed, after acquired or otherwise existing to promptly (and
in any event within thirty (30) days after such Subsidiary is formed or acquired (or such longer period of time as agreed to by
the Administrative Agent in its reasonable discretion)) become a Secured Guarantor hereunder by way of execution of a Joinder Agreement;
provided, however, that (a) none of the India Subsidiary, magicJack or any Foreign Subsidiary of magicJack shall be a Guarantor
or Secured Guarantor, (b) no other Foreign Subsidiary shall be required to become a Guarantor or Secured Guarantor to the extent
such Guaranty would reasonably be expected to result in a material adverse tax consequence for any Borrower and (c) no Excluded
Subsidiary shall be a Guarantor or a Secured Guarantor. In connection therewith, the Loan Parties shall give notice to the Administrative
Agent not less than ten (10) days prior to creating a Subsidiary (or such shorter period of time as agreed to by the Administrative
Agent in its reasonable discretion), or acquiring the Equity Interests of any other Person. In connection with the foregoing, the
Loan Parties shall deliver to the Administrative Agent, with respect to each new Secured Guarantor to the extent applicable, substantially
the same documentation required pursuant to Sections 4.01(b), (d), (e), (j) and 6.14 and such
other documents or agreements as the Administrative Agent may reasonably request.

 

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		6.14	Covenant to Give Security.

 

Except with respect
to Excluded Property:

 

(a)           Equity
Interests and Personal Property. Each Loan Party will cause the Pledged Equity and the Borrowers will cause all of their respective
tangible and intangible personal property now owned or hereafter acquired by them to be subject at all times to a first priority,
perfected Lien (subject to Permitted Liens to the extent permitted by the Loan Documents) in favor of the Administrative Agent
for the benefit of the Secured Parties to secure the Secured Obligations pursuant to the terms and conditions of the Collateral
Documents.

 

(b)           Reserved.

 

(c)           Landlord
Waivers. In the case of (i) each headquarter location of the Borrowers, each other location where any significant administrative
or governmental functions are performed and each other location where any Borrower maintain any books or records (electronic or
otherwise) and (ii) any personal property Collateral located at any other premises leased by a Loan Party containing personal property
Collateral with a value in excess of $700,000 at any one location and $1,800,000 in the aggregate at all such locations, the Borrowers
will provide the Administrative Agent with such estoppel letters, consents and waivers from the landlords on such real property
to the extent requested by the Administrative Agent (such letters, consents and waivers shall be in form and substance reasonably
satisfactory to the Administrative Agent, it being acknowledged and agreed that any Landlord Waiver is satisfactory to the Administrative
Agent).

 

(d)           Accounts;
Account Control Agreements. At all times from and after the date that is ninety (90) days after the Closing Date, the Borrowers
shall not open, maintain or otherwise have any deposit or other accounts (including securities accounts) at any bank or other financial
institution, or any other account where money or securities are or may be deposited or maintained with any Person, other than (a)
deposit accounts and securities accounts maintained with the Administrative Agent or another Lender, (b) deposit accounts that
are maintained at all times with depositary institutions as to which the Administrative Agent shall have received a Qualifying
Control Agreement, (c) securities accounts that are maintained at all times with financial institutions as to which the Administrative
Agent shall have received a Qualifying Control Agreement, (d) deposit accounts established solely as payroll, trust, benefit and
other zero balance accounts and such accounts are held at Banc of California, (e) other deposit accounts, so long as at any time
the balance in any such account does not exceed $150,000 and the aggregate balance in all such accounts does not exceed $500,000
and such accounts are held at Banc of California, (f) other deposit accounts, so long as at any time the balance in any such account
does not exceed $50,000 and the aggregate balance in all such accounts does not exceed $150,000 and (g) accounts exclusively used
for payroll, payroll taxes or employee benefits, to the extent the amounts on deposit therein do not exceed the amounts reasonably
expected to be required for such purposes (the accounts described in clauses (d) and (g), collectively, the “Excluded
Accounts”).

 

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(e)           Further
Assurances. At any time upon request of the Administrative Agent, promptly execute and deliver any and all further instruments
and documents and take all such other action as the Administrative Agent may reasonably deem necessary to maintain in favor of
the Administrative Agent, for the benefit of the Secured Parties, Liens and insurance rights on the Collateral that are duly perfected
in accordance with the requirements of, or the obligations of the Loan Parties under, the Loan Documents and all applicable Laws.

 

		6.15	Further Assurances.

 

Promptly upon request
by the Administrative Agent, or any Lender through the Administrative Agent, (a) correct any material defect or error that may
be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge,
deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances
and other instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from
time to time in order to (i) carry out more effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted
by applicable Law, subject any Loan Party’s or any of its Subsidiaries’ properties, assets, rights or interests to
the Liens now or hereafter intended to be covered by any of the Collateral Documents, (iii) perfect and maintain the validity,
effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder and (iv) assure,
convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted or
now or hereafter intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in
connection with any Loan Document to which any Loan Party or any of its Subsidiaries is or is to be a party.

 

		6.16	[Reserved].

 

		6.17	Compliance with Terms of Leaseholds.

 

Make all payments and
otherwise perform all obligations in respect of all leases of real property to which any Borrower or any Subsidiary of a Borrower
is a party, keep such leases in full force and effect and not allow such leases to lapse or be terminated or any rights to renew
such leases to be forfeited or cancelled, notify the Administrative Agent of any default by any party with respect to such leases
and cooperate with the Administrative Agent in all respects to cure any such default, and cause each of its Subsidiaries to do
so, except, in any case, where the failure to do so, either individually or in the aggregate, would not be reasonably likely to
have a Material Adverse Effect.

 

		6.18	Compliance with Environmental Laws.

 

Comply, and cause all
lessees and other Persons operating or occupying its properties to comply, in all material respects, with all applicable Environmental
Laws and Environmental Permits, except, in any case, where the failure to do so, either individually or in the aggregate, would
not be reasonably likely to have a Material Adverse Effect; obtain and renew all Environmental Permits necessary for its operations
and properties; and conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other
action necessary to remove and clean up all Hazardous Materials from any of its properties, in accordance with the requirements
of all Environmental Laws; provided, however, that neither the Borrowers nor any of their Subsidiaries shall be required to undertake
any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith
and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.

 

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ARTICLE
VII

NEGATIVE COVENANTS

 

Each of the Loan Parties
hereby covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, no Loan Party shall, nor
shall it permit any Subsidiary to, directly or indirectly:

 

		7.01	Liens.

 

Create, incur, assume
or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for the
following (the “Permitted Liens”):

 

(a)           Liens
pursuant to any Loan Document;

 

(b)           Liens
existing on the Closing Date and listed on Schedule 7.01 and any renewals, extensions or refinancings thereof, provided
that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated
by Section 7.02(b), (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal
or extension of the obligations secured or benefited thereby is permitted by Section 7.02(b);

 

(c)           Liens
for Taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(d)           Statutory
Liens such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business which are not overdue for a period of more than thirty (30) days or which are being
contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained
on the books of the applicable Person; provided that a reserve or other appropriate provision shall have been made therefor;

 

(e)           pledges
or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other
social security legislation, other than any Lien imposed by ERISA;

 

(f)            deposits
to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

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(g)           easements,
rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial
in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere
with the ordinary conduct of the business of the applicable Person;

 

(h)           Liens
securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting an Event
of Default under Section 8.01(h);

 

(i)            Liens
securing Indebtedness permitted under Section 7.02(c); provided that (i) such Liens do not at any time encumber any
property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost
or fair market value, whichever is lower, of the property being acquired on the date of acquisition;

 

(j)            bankers’
Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or
more accounts maintained by any Borrower or any Subsidiary with any Lender, in each case in the ordinary course of business in
favor of the bank or banks with which such accounts are maintained, securing solely the customary amounts owing to such bank with
respect to cash management and operating account arrangements; provided, that in no case shall any such Liens secure (either
directly or indirectly) the repayment of any Indebtedness;

 

(k)           Liens
arising out of judgments or awards not resulting in an Event of Default; provided the applicable Loan Party or Subsidiary shall
in good faith be prosecuting an appeal or proceedings for review;

 

(l)            Any
interest or title of a lessor, licensor or sublessor under any lease, license or sublease entered into by any Loan Party or any
Subsidiary thereof in the ordinary course of business and covering only the assets so leased, licensed or subleased;

 

(m)          other
Liens securing Indebtedness outstanding in an aggregate principal amount not to exceed the Threshold Amount, provided that no such
Lien shall extend to or cover any Collateral;

 

(n)           precautionary
UCC financing statements filed with respect to any lease permitted by this Agreement; and

 

(o)           Liens
securing Indebtedness permitted under Section 7.02(l).

 

		7.02	Indebtedness.

 

Create, incur, assume
or suffer to exist any Indebtedness, except:

 

(a)           Indebtedness
under the Loan Documents;

 

(b)           Indebtedness
outstanding on the date hereof and listed on Schedule 7.02 and any refinancings, refundings, renewals or extensions thereof;
provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension
except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in
connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct or any
contingent obligor with respect thereto is not changed, as a result of or in connection with such refinancing, refunding, renewal
or extension;

 

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(c)           Indebtedness
in respect of Capitalized Leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital assets within
the limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such Indebtedness
at any one time outstanding shall not exceed $2,500,000;

 

(d)           (i)
the Holdco Note, (ii) unsecured Indebtedness of a Subsidiary of a Borrower owed to such Borrower or a Subsidiary of such Borrower,
which Indebtedness in the case of this clause (ii), shall (x) to the extent required by the Administrative Agent, be evidenced
by promissory notes which shall be pledged to the Administrative Agent as Collateral for the Secured Obligations in accordance
with the terms of the Security Agreement, (y) be on terms (including subordination terms) acceptable to the Administrative Agent
and (z) be otherwise permitted under the provisions of Section 7.03 (“Intercompany Debt”); and (iii)
to the extent constituting Indebtedness, Investments and other intercompany transactions by and between Borrowers and their Subsidiaries,
which are permitted by the terms of Section 7.03 and/or Section 7.08; provided, however, for the avoidance
of all doubt, that nothing in this subsection (d) or otherwise in this Agreement shall limit, impair or hinder the ability
of MagicJack to cancel or forgive the Holdco Note in connection with any merger, dissolution or other disposition of MagicJack
permitted pursuant to Section 7.04(a) of this Agreement;

 

(e)           Guarantees
of any Borrower or any Guarantor in respect of Indebtedness otherwise permitted hereunder of a Borrower or any Guarantor;

 

(f)            unsecured
Indebtedness not contemplated by the above provisions in an aggregate principal amount not to exceed $1,000,000 at any time outstanding;
provided that the Loan Parties are in Pro Forma Compliance with each of the financial covenants set forth in Section 7.11;

 

(g)           all
Indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired
by such Person;

 

(h)           (i)
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently
(except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business (provided that
such Indebtedness is extinguished within ten (10) Business Days of incurrence and (ii) endorsements for collection or deposit in
the ordinary course of business;

 

(i)            any
subordinated Indebtedness that is subject to a subordination agreement in favor of the Administrative Agent in form and substance
reasonably satisfactory to the administrative Agent and not in excess of $1,000,000 unless otherwise agreed by the Administrative
Agent and the Required Lenders;

 

(j)            contingent
obligations in the ordinary course of business arising under indemnity provisions in Contractual Obligations;

 

(k)           unsecured
trade payables in the ordinary course of business and payable on normal trade terms and not otherwise prohibited by the terms of
this Agreement; and

 

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(l)            Indebtedness
(i) in respect of the Existing Letter of Credit Obligations and replacements thereof and other commercial and trade letters of
credit (including reimbursement obligations with respect to any such letters of credit) in the ordinary course of business consistent
with past practice, (ii) pursuant to tenders, statutory obligations, bids, leases, governmental contracts, trade contracts, workers’
compensation claims, performance or completion guarantees, surety, stay, customs, appeal, performance and/or return of money bonds
or other similar obligations incurred in the ordinary course of business, and (iii) bank guarantees, bankers’ acceptances,
performance, bid, appeal and surety bonds, performance and completion guarantees, or similar obligations, in each case, in the
ordinary course of business or consistent with past practice.

 

		7.03	Investments.

 

Make or hold any Investments,
except:

 

(a)           Investments
held by the Borrowers and their Subsidiaries in the form of cash or Cash Equivalents;

 

(b)           advances
to officers, directors and employees of the Borrowers and their Subsidiaries in an aggregate amount not to exceed $150,000 at any
time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes;

 

(c)           (i)
Investments by the Borrowers and their Subsidiaries in their respective Subsidiaries outstanding on the date hereof, (ii) additional
Investments by the Borrowers and their Subsidiaries in Loan Parties, (iii) additional Investments by Subsidiaries of the Borrowers
that are not Loan Parties in other Subsidiaries that are not Loan Parties, (iv) so long as no Event of Default has occurred and
is continuing or would result from such Investment, additional Investments by the Loan Parties in Subsidiaries that are not Loan
Parties, including, without limitation, the Excluded Subsidiary, the India Subsidiary and MagicJack and its Subsidiaries in an
aggregate amount invested from the date hereof not to exceed $2,500,000 per fiscal year; and (v) Investments consisting of Equity
Interests obtained in connection with the Permitted BroadSmart Reorganization and/or any other Permitted Transfers;

 

(d)           Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(e)           Guarantees
permitted by Section 7.02;

 

(f)            Investments
existing on the date hereof (other than those referred to in Section 7.03(c)(i)) and set forth on Schedule 7.03;

 

(g)           to
the extent constituting Investments, transactions permitted pursuant to Section 7.08;

 

(h)           Permitted
Acquisitions;

 

(i)            other
Investments not contemplated by the above provisions not exceeding $2,500,000 in the aggregate in any fiscal year of the Borrowers;
and

 

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(j)            Dispositions
permitted by Section 7.05 and any transfer expressly excluded from the definition of “Disposition” herein.

 

		7.04	Fundamental Changes.

 

Merge, dissolve, liquidate,
consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially
all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists
or would result therefrom:

 

(a)           any
Loan Party may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to any Borrower or to
another Loan Party;

 

(b)           any
Subsidiary that is not a Loan Party may dispose of all or substantially all its assets (including any Disposition that is in the
nature of a liquidation) to (i) another Subsidiary that is not a Loan Party or (ii) to a Loan Party;

 

(c)           the
Loan Parties may consummate the Permitted BroadSmart Reorganization; and

 

(d)           any
Borrower and any of its Subsidiaries may merge into or consolidate with any other Person or permit any other Person to merge into
or consolidate with it; provided, however, that in each case, immediately after giving effect thereto (i) in the
case of any such merger to which a Borrower is a party, such Borrower is the surviving Person and (ii) in the case of any such
merger to which any Loan Party (other than a Borrower) is a party, such Loan Party is the surviving Person.

 

		7.05	Dispositions.

 

Make any Disposition
or enter into any agreement to make any Disposition, except:

 

(a)           Permitted
Transfers;

 

(b)           Dispositions
of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(c)           Dispositions
of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar
replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement
property;

 

(d)           Dispositions
permitted by Section 7.04 and any transfer expressly excluded from the definition of “Disposition” herein;

 

(e)           other
Dispositions so long as (i) the consideration paid in connection therewith shall be cash or Cash Equivalents paid contemporaneously
with consummation of the transaction and shall be in an amount not less than the fair market value of the property disposed of,
(ii) if such transaction is a Sale and Leaseback Transaction, such transaction is not prohibited by the terms of Section 7.14,
(iii) such transaction does not involve the sale or other disposition of a minority Equity Interests in any Subsidiary, (iv) such
transaction does not involve a sale or other disposition of receivables other than receivables owned by or attributable to other
property concurrently being disposed of in a transaction otherwise permitted under this Section, and (v) the aggregate net book
value of all of the assets sold or otherwise disposed of by the Loan Parties and their Subsidiaries in all such transactions occurring
after the Closing Date shall not exceed $1,000,000 in the aggregate during any fiscal year;

 

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(f)            the
use and disposition of Cash or Cash Equivalents to the extent not otherwise prohibited by this Agreement or the other Loan Documents;

 

(g)           the
disposition of accounts or payment intangibles (each as defined in the UCC) resulting from the compromise or settlement thereof
in the ordinary course of business for less than the full amount thereof;

 

(h)           the
license or sublicense, to third parties in arm’s length commercial transactions in the ordinary course of business to the
extent that the same does not interfere in any material respect with the business and operations of such Person;

 

(i)            the
swap or exchange of any property in the ordinary course of business for reasonably equivalent consideration;

 

(j)            the
dissolution or winding down of any of the dormant or immaterial Subsidiaries set forth on Schedule 7.05(j) by the Loan Parties
in their good faith business judgment; and

 

(k)           the
disposition of any of the domain names of the Loan Parties set forth on Schedule 7.05(k) by the Loan Parties in their good
faith business judgment having a value in the case of this clause (ii), not in excess of $750,000 in the aggregate.

 

		7.06	Restricted Payments.

 

Declare or make, directly
or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that, other than with
respect to Section 7.06(f) so long as no Event of Default shall have occurred and be continuing at the time of any action
described below or would result therefrom:

 

(a)           any
Subsidiary of any Loan Party may make Restricted Payments to any Loan Party other Loan Party;

 

(b)           [reserved];

 

(c)           the
Borrower may make Permitted Distributions;

 

(d)           the
Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in common Equity Interests
of such Person;

 

(e)           payments
on subordinated indebtedness in accordance with the terms of the applicable subordination agreement;

 

(f)            the
Borrowers and the other Loan Parties may make Permitted Tax Distributions to the Parent and/or Ultimate Parent; and

 

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(g)           the
Borrowers and the other Loan Parties may make payments to the Parent and/or Ultimate Parent pursuant to the terms of the shared
services arrangements and other similar transactions contemplated by Section 7.08.

 

For the avoidance of
doubt, the Borrowers and the other Loan Parties may make Permitted Tax Distribution without regard to any Event of Default.

 

		7.07	Change in Nature of Business.

 

Engage in any material
line of business substantially different from those lines of business conducted by the Borrowers and their Subsidiaries on the
date hereof or any business substantially related or incidental thereto.

 

		7.08	Transactions with Affiliates.

 

Enter into or permit
to exist any transaction or series of transactions with any officer, director or Affiliate of such Person other than (a) transactions
which are entered into in the ordinary course of such Person’s business on fair and reasonable terms and conditions substantially
as favorable to such Person as would be obtainable by it in a comparable arm’s length transaction with a Person other than
an officer, director or Affiliate; (b) shared employee or services arrangements and other similar transactions by and among the
Borrowers and any or all of their Subsidiaries, the Parent and/or the Ultimate Parent described in summary form on Schedule
7.08, as in existence on the Closing Date or as the same Schedule 7.08 may be updated from time to time in a manner
acceptable to the Administrative Agent, provided that such acceptance may not be unreasonably withheld, conditioned or delayed,
and (c) other ordinary course transactions by and among Borrowers and their Subsidiaries from and after the Closing Date on a cost
plus basis or otherwise on terms no less favorable to the Borrowers and their Subsidiaries than would be able to be obtained from
third parties on an arm’s length basis.

 

		7.09	Burdensome Agreements.

 

Enter into, or permit
to exist, any Contractual Obligation (except for this Agreement and the other Loan Documents) that (a) encumbers or restricts the
ability of any such Person to (i) to act as a Loan Party; (ii) make Restricted Payments to any Loan Party, (iii) pay any Indebtedness
or other obligation owed to any Loan Party, (iv) make loans or advances to any Loan Party, or (v) create any Lien upon any of their
properties or assets, whether now owned or hereafter acquired, except, in the case of clause (a)(v) only, for any document or instrument
governing Indebtedness incurred pursuant to Section 7.02(c) or (i), and/or any Permitted Lien, provided that any
such restriction contained therein relates only to the asset or assets constructed or acquired in connection therewith, or (b)
requires the grant of any Lien on property for any obligation if a Lien on such property is given as security for the Secured Obligations,
except for any Permitted Lien.

 

		7.10	Use of Proceeds.

 

Use the proceeds of
any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry
margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying
margin stock or to refund indebtedness originally incurred for such purpose.

 

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		7.11	Financial Covenants.

 

(a)           Consolidated
Total Funded Debt Ratio. Permit the Consolidated Total Funded Debt Ratio as of the end of any Measurement Period ending as of the
end of any fiscal quarter of the Borrowers set forth below to be greater than the ratio set forth below opposite such period:

 

	Measurement Period Ending	Maximum Consolidated Total Funded Debt Ratio
	March 31, 2019 through June 30, 2019	2.50:1.00
	September 30, 2019 through December 31, 2019 	2.25:1.00
	March 31, 2020 through June 30, 2020	2.00:1.00
	September 30, 2020 through December 31, 2020	1.75:1.00
	March 31, 2021 through June 30, 2021	1.50:1.00
	September 30, 2021 through December 31, 2021	1.25:1.00
	March 31, 2022 and each fiscal quarter ending thereafter	1.00:1.00

 

(b)           Consolidated
Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any Measurement Period ending
as of the end of any fiscal quarter of the Borrowers, commencing with the fiscal quarter of the Borrowers ending March 31, 2019,
to be less than 1.10:1.00.

 

(c)           Equity
Cure. In the event the Borrowers fail to comply with any covenant contained in Sections 7.11(a) or (b) for any
Measurement Period (any such failure, a “Financial Covenant Default”), the Borrowers shall have the right to
cure the resulting Event of Default on the following terms and conditions (the “Equity Cure Right”):

 

(i)          If
the Borrowers desire to cure any Financial Covenant Default, the Borrowers shall deliver to the Administrative Agent irrevocable
written notice of the Borrowers’ intent to cure (a “Cure Notice”) no later than five (5) Business Days
after the earlier of (x) the date on which financial statements and a Compliance Certificate executed by an Responsible Officer
of each Borrower for the applicable fiscal quarter are required to be delivered and (y) the date on which financial statements
and a Compliance Certificate for the applicable fiscal quarter were actually delivered. The Cure Notice shall set forth the calculation
of the amount of the Equity Cure Investment necessary to cure the applicable Financial Covenant Default pursuant to the terms hereof
(the “Financial Covenant Cure Amount”).

 

(ii)         If
the Borrowers deliver a Cure Notice, Ultimate Parent shall, directly or indirectly, purchase Capital Stock of Holdco that is not
Disqualified Capital Stock or make a cash capital contribution to Holdco (collectively, an “Equity Cure Investment”)
in an amount equal to the Financial Covenant Cure Amount, no later than ten (10) Business Days after the earlier of (x) the date
on which financial statements and a Compliance Certificate for the applicable fiscal quarter are required to be delivered and (y)
the date on which financial statements and a Compliance Certificate for the applicable fiscal quarter were actually delivered.
The cash proceeds received by Holdco from such purchases or contributions shall be deemed to increase Consolidated Adjusted EBITDA
on a dollar-for-dollar basis, and the amount of such increase may be included in a recalculation of the financial covenant(s) giving
rise to the Financial Covenant Default for the fiscal quarter immediately preceding such purchase or contribution, as applicable,
and, without duplication, for each of the following three fiscal quarters.

 

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(iii)        The
Equity Cure Right shall not be exercised (x) in more than two (2) fiscal quarters in any four consecutive fiscal quarter period
or (y) more than four (4) times during the term of this Agreement, and the amount of any Equity Cure Investment shall be no greater
than the amount of Consolidated Adjusted EBITDA required to cause the Borrower to be in compliance with all financial covenants,
and any Financial Covenant Cure Amounts shall not exceed $3,000,000 per each occurrence or $12,000,000 in the aggregate after the
Closing Date.

 

(iv)        Upon
timely receipt by Holdco of the cash proceeds from the Equity Cure Investment, and the immediate application of 100% of the proceeds
thereof as a mandatory prepayment of the outstanding Term Loans, the applicable Financial Covenant Default shall be deemed cured.

 

(v)         Any
Loans prepaid with the proceeds of an Equity Cure Investment shall be deemed outstanding for the purpose of determining compliance
with the financial covenants for the fiscal quarter being cured and the next three fiscal quarters.

 

		7.12	[Reserved].

 

		7.13	Amendments of Organization Documents; Fiscal Year;
Legal Name, State of Formation; Form of Entity and Accounting Changes.

 

(a)           Amend
any of its Organization Documents in any manner adverse to the Administrative Agent or the Lenders;

 

(b)           change
its fiscal year;

 

(c)           without
providing ten (10) days prior written notice to the Administrative Agent (or such extended period of time as agreed to by the Administrative
Agent), change its name, state of formation, form of organization or principal place of business; or

 

(d)           make
any change in accounting policies or reporting practices, except as required by GAAP.

 

		7.14	Sale and Leaseback Transactions.

 

Enter into any Sale
and Leaseback Transaction.

 

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		7.15	Prepayments, Etc. of Indebtedness.

 

Prepay, redeem, purchase,
defease or otherwise satisfy or obligate itself to do so prior to the scheduled maturity thereof in any manner (including by the
exercise of any right of setoff), or make any payment in violation of any subordination, standstill or collateral sharing terms
of or governing any Indebtedness, except (a) the prepayment of the Term Loans in accordance with the terms of this Agreement, (b)
regularly scheduled or required repayments or redemptions of Indebtedness under the Indebtedness set forth in Schedule 7.02
and refinancings and refundings of such Indebtedness in compliance with Section 7.02(b) and (c) as may be permitted
by the terms of any subordination agreement in favor of the Administrative Agent.

 

		7.16	[Reserved].

 

		7.17	[Reserved].

 

		7.18	Sanctions.

 

Directly or indirectly,
use the proceeds of the Term Loans, or lend, contribute or otherwise make available the proceeds of the Term Loans to any Person,
to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is
the subject of Sanctions, or in any other manner that will result in a violation by any Person (including any Person participating
in the transaction, whether as Lender, Arranger, Administrative Agent, or otherwise) of Sanctions.

 

ARTICLE
VIII

EVENTS OF DEFAULT AND REMEDIES

 

		8.01	Events of Default.

 

Any of the following
shall constitute an Event of Default:

 

(a)       Non-Payment.
The Borrowers or any other Loan Party fail to pay (i) when and as required to be paid herein, any amount of principal of the Term
Loans, or (ii) within three (3) days after the same becomes due, any interest on the Term Loans or any fee due hereunder, or (iii)
within five (5) days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

 

(b)       Specific
Covenants. (i) Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 6.05,
6.08, 6.11, Article VII or Article X or (ii) any of the Loan Parties fails to perform or observe any
term, covenant or agreement contained in Sections 3 or 4 of the Security Agreement; or (ii) any Loan Party fails to perform or
observe any term, covenant or agreement contained in any of Section 6.01, 6.02, 6.03, 6.10 or 6.12
and such failure remains un-remedied for a period of ten (10) days; or

 

(c)       Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a)
or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty
(30) days; or

 

(d)       Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the
Borrowers or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith
(in each case other than forecasted, forward-looking information and projections) shall be incorrect or misleading when made or
deemed made; or

 

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(e)       Cross-Default.
(i) Any Loan Party or any Subsidiary thereof (A) fails to make any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness
under Swap Contracts and as may be required by the terms of any subordination agreement in favor of the Administrative Agent) having
an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under
any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other
agreement or condition relating to any such Indebtedness or Guarantee having an aggregate principal amount (including undrawn committed
or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more
than the Threshold Amount or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
occurs, the effect of which default or other event is to cause, or to permit, the holder or holders of such Indebtedness or the
beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries)
to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be
made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; (ii)
there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event
of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined in such
Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan Party or any Subsidiary
thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Loan Party or such Subsidiary
as a result thereof is greater than the Threshold Amount; or

 

(f)        Insolvency
Proceedings, Etc. Any Loan Party or any Subsidiary thereof institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part
of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without
the application or consent of such Person and the appointment continues undischarged or unstayed for forty-five (45) calendar days;
or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted
without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is
entered in any such proceeding; or

 

(g)       Inability
to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary thereof becomes unable or admits in writing its inability or
fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process
is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded
within thirty (30) days after its issue or levy; or

 

(h)       Judgments.
There is entered against any Loan Party or any Subsidiary thereof (i) one or more final judgments or orders for the payment of
money in an aggregate amount (as to all such judgments and orders) (to the extent not covered by independent third-party insurance
as to which the insurer is rated at least “A” by A.M. Best Company, has been notified of the potential claim and does
not dispute coverage) that has, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect
and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period
of twenty (20) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise,
is not in effect, or (ii) any one or more non-monetary final judgments are entered that have, or would reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced
by any creditor upon such judgment or order, or (B) there is a period of twenty (20) consecutive days during which a stay of enforcement
of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

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(i)        ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would reasonably be expected
to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate
amount in excess of the Threshold Amount, or (ii) any Borrower or any ERISA Affiliate fails to pay when due, after the expiration
of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under
a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

 

(j)        Invalidity
of Loan Documents. Any provision of any Loan Document, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations arising under the Loan Documents,
ceases to be in full force and effect in any material respect; or any Loan Party or any other Person contests in any manner the
validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability
or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document;
or

 

(k)       Change
of Control. There occurs any Change of Control.

 

Without limiting the
provisions of Article VIII, if a Default shall have occurred under the Loan Documents, then such Default will continue to
exist until it either is cured (to the extent specifically permitted) in accordance with the Loan Documents or is otherwise expressly
waived by Administrative Agent (with the approval of requisite Appropriate Lenders (in their sole discretion) as determined in
accordance with Section 11.01; and once an Event of Default occurs under the Loan Documents, then such Event of Default
will continue to exist until it is expressly waived by the Required Lenders or by the Administrative Agent with the approval of
the Required Lenders, as required hereunder in Section 11.01.

 

		8.02	Remedies upon Event of Default.

 

If any Event of Default
occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders,
take any or all of the following actions:

 

(a)       declare
the unpaid principal amount of all outstanding Term Loans, all interest accrued and unpaid thereon, and all other amounts owing
or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby expressly waived by the Borrowers; and

 

(b)       exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable
Law or equity;

 

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provided, however, that upon
the occurrence of an actual or deemed entry of an order for relief with respect to the Borrowers under the Bankruptcy Code of the
United States, the unpaid principal amount of all outstanding Term Loans and all interest and other amounts as aforesaid shall
automatically become due and payable, without further act of the Administrative Agent or any Lender.

 

		8.03	Application of Funds.

 

After the exercise
of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable as set
forth in the proviso to Section 8.02) or if at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all Secured Obligations then due hereunder, any amounts received on account of the Secured Obligations shall,
subject to the provisions of Sections 2.15 and 2.17, be applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including the
reasonable and documented out-of-pocket fees, charges and disbursements of external counsel to the Administrative Agent and amounts
payable under Article III) payable to the Administrative Agent in its capacity as such;

 

Second,
to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal or
interest) payable to the Lenders (including, if reimbursable hereunder, the fees, charges and disbursements of external counsel
to the respective Lenders) arising under the Loan Documents and amounts payable under Article III, ratably among them in
proportion to the respective amounts described in this clause Second payable to them;

 

Third,
to payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Term Loans and other Secured
Obligations arising under the Loan Documents, ratably among the Lenders in proportion to the respective amounts described in this
clause Third payable to them;

 

Fourth,
to payment of that portion of the Secured Obligations constituting unpaid principal of the Term Loans and Secured Obligations then
owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Lenders, the Hedge Banks and the
Cash Management Banks in proportion to the respective amounts described in this clause Fourth held by them; and

 

Last,
the balance, if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise
required by Law.

 

Excluded Swap Obligations with respect
to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be
made with respect to payments from other Loan Parties to preserve the allocation to Secured Obligations otherwise set forth above
in this Section.

 

Notwithstanding the
foregoing, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded
from the application described above if the Administrative Agent has not received a Secured Party Designation Notice, together
with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank,
as the case may be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated
by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative
Agent pursuant to the terms of Article IX for itself and its Affiliates as if a “Lender” party hereto.

 

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ARTICLE
IX

ADMINISTRATIVE AGENT

 

		9.01	Appointment and Authority.

 

(a)       Appointment.
Each of the Lenders hereby irrevocably appoints, designates and authorizes Banc of California to act on its behalf as the Administrative
Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and
to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative
Agent and the Lenders, and neither any Borrower nor any other Loan Party shall have rights as a third party beneficiary of any
of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan
Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of
market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

 

(b)       Collateral
Agent. The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of
the Lenders (including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) hereby irrevocably appoints
and authorizes the Administrative Agent to act as the agent of such Lender for the purposes of acquiring, holding and enforcing
any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such
powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral
agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05
for the purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents,
or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits
of all provisions of this Article IX and Article XI (including Section 11.04(c), as though such co-agents,
sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full
herein with respect thereto.

 

		9.02	Rights as a Lender.

 

The Person serving
as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and
may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative
Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities
of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust, financial,
advisory, underwriting or other business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were
not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent
of the Lenders with respect thereto.

 

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		9.03	Exculpatory Provisions.

 

The Administrative
Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its
duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent
and its Related Parties:

 

(a)       shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)       shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion
or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable
Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law
or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief
Law; and

 

(c)       shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty or responsibility to disclose, and shall
not be liable for the failure to disclose, any information relating to any Loan Party or any of its Affiliates that is communicated
to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

Neither the Administrative
Agent nor any of its Related Parties shall be liable for any action taken or not taken by the Administrative Agent under or in
connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent
or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary), or as the
Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.01
and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent
jurisdiction by final and nonappealable judgment. Any such action taken or failure to act pursuant to the foregoing shall be binding
on all Lenders. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing
such Default is given in writing to the Administrative Agent by the Borrowers or a Lender.

 

Neither the Administrative
Agent nor any of its Related Parties have any duty or obligation to any Lender or participant or any other Person to ascertain
or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document,
(ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein
or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other
Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to
be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition
set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to
the Administrative Agent.

 

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		9.04	Reliance by Administrative Agent.

 

The Administrative
Agent shall be entitled to rely upon, and shall be fully protected in relying and shall not incur any liability for relying upon,
any notice, request, certificate, communication, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent
or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or
by telephone and believed by it to have been made by the proper Person, and shall be fully protected in relying and shall not incur
any liability for relying thereon. In determining compliance with any condition hereunder to the making of the Term Loans, that
by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory
to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making
of the Term Loans. The Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts. For purposes of determining compliance with the conditions specified in
Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to
be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying
its objections.

 

		9.05	Delegation of Duties.

 

The Administrative
Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or
through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform
any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions
of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent,
and shall apply to their respective activities in connection with the syndication of the Facilities as well as activities as Administrative
Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent
that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with
gross negligence or willful misconduct in the selection of such sub-agents.

 

		9.06	Resignation of Administrative Agent.

 

(a)       Notice.
The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrowers. Upon receipt of any such
notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor, which
shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no
such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30)
days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required
Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated
to) on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not
a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective
Date.

 

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(b)       Removal
of Administrative Agent. If the Person serving as the Administrative Agent is a Defaulting Lender pursuant to clause (e)
of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrowers
and such Person remove such Person as the Administrative Agent and, in consultation with the Borrowers, appoint a successor. If
no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
(or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal
shall nonetheless become effective in accordance with such notice on the Removal Effective Date

 

(c)       Effect
of Resignation. With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring
or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents
(except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the
Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor
Administrative Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed
Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative
Agent shall instead be made by or to each Lender and directly, until such time, if any, as the Required Lenders appoint a successor
Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder,
such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed
Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other
amounts owed to the retiring Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable),
and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under
the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrowers
to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers
and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other
Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring
or removed Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted
to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent.

 

		9.07	Non-Reliance on Administrative Agent and Other Lenders.

 

Each Lender acknowledges
that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or
any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan
Document or any related agreement or any document furnished hereunder or thereunder.

 

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		9.08	No Other Duties, Etc.

 

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

 

		9.09	Administrative Agent May File Proofs of Claim; Credit
Bidding.

 

In case of the pendency
of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent
(irrespective of whether the principal of the Term Loans shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise:

 

(a)       to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Term Loans and all
other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts
due the Lenders and the Administrative Agent under Sections 2.11, 2.12(b) and 11.04) allowed in such judicial
proceeding; and

 

(b)       to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.12(b) and 11.04.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any
plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender to
authorize the Administrative Agent to vote in respect of the claim of any Lender or in any such proceeding.

 

The Loan Parties and
the Secured Parties hereby irrevocably authorize the Administrative Agent, based upon the instruction of the Required Lenders,
to (a) credit bid and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion
of the Collateral at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under
Section 363 of the Bankruptcy Code of the United States or any similar Laws in any other jurisdictions to which a Loan Party is
subject, or (b) credit bid and in such manner purchase (either directly or through one or more acquisition vehicles) all or any
portion of the Collateral at any other sale or foreclosure conducted by (or with the consent or at the direction of) the Administrative
Agent (whether by judicial action or otherwise) in accordance with applicable Law. In connection with any such credit bid and purchase,
the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with
Secured Obligations with respect to contingent or unliquidated claims being estimated for such purpose if the fixing or liquidation
thereof would not unduly delay the ability of the Administrative Agent to credit bid and purchase at such sale or other disposition
of the Collateral and, if such claims cannot be estimated without unduly delaying the ability of the Administrative Agent to credit
bid, then such claims shall be disregarded, not credit bid, and not entitled to any interest in the asset or assets purchased by
means of such credit bid) and the Secured Parties whose Secured Obligations are credit bid shall be entitled to receive interests
(ratably based upon the proportion of their Secured Obligations credit bid in relation to the aggregate amount of Secured Obligations
so credit bid) in the asset or assets so purchased (or in the Equity Interests of the acquisition vehicle or vehicles that are
used to consummate such purchase). Except as provided above and otherwise expressly provided for in this Agreement, in the other
Loan Documents or in the other Collateral Documents, the Administrative Agent will not execute and deliver a release of any Lien
on any Collateral. Upon request by the Administrative Agent or the Borrower at any time, the Secured Parties will confirm in writing
the Administrative Agent’s authority to release any such Liens on particular types or items of Collateral pursuant to this
Section 9.09.

 

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		9.10	Collateral and Guaranty Matters.

 

Each of the Lenders
(including in its capacities as a potential Cash Management Bank and a potential Hedge Bank) irrevocably authorize the Administrative
Agent, at its option and in its discretion:

 

(a)       to
release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon the Facility Termination
Date, (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale
or other disposition permitted hereunder or under any other Loan Document or Collateral Document, or (iii) if approved, authorized
or ratified in writing by the Required Lenders in accordance with Section 11.01;

 

(b)       to
subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any
Lien on such property that is permitted by Section 7.01(i); and

 

(c)       to
release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction
permitted under the Loan Documents.

 

Upon request by the
Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release
or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the
Guaranty pursuant to this Section 9.10. In each case as specified in this Section 9.10, the Administrative Agent
will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably
request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral
Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in
each case in accordance with the terms of the Loan Documents and this Section 9.10.

 

The Administrative
Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence,
value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon,
or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable
to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

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		9.11	Secured Cash Management Agreements and Secured Hedge
Agreements.

 

Except as otherwise
expressly set forth herein, no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03,
the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall have any right to notice of
any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect
of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver
or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender
and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article
IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements
have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice
of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable
Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of,
or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management
Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.

 

		9.12	Certain ERISA Matters.

 

(a)          Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date such
Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of any 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) of one or more Benefit
Plans;

 

(ii)        the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement;

 

(iii)       (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

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(iv)       such
other representation, warranty and covenant as may be agreed in writing between 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, 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, Administrative Agent and not, for the avoidance of doubt, to or for the benefit of Borrowers or any other Loan Party, that
the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement
(including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any other
Loan Document or any documents related to hereto or thereto).

 

ARTICLE
X

CONTINUING GUARANTY

 

		10.01	Guaranty.

 

Each Secured Guarantor
hereby absolutely and unconditionally, jointly and severally guarantees, as a guaranty of payment and performance and not merely
as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand
or otherwise, and at all times thereafter, of any and all Obligations and Additional Secured Obligations (for each Secured Guarantor,
subject to the proviso in this sentence, its “Guaranteed Obligations”); provided that (a) the Guaranteed Obligations
of a Secured Guarantor shall exclude any Excluded Swap Obligations with respect to such Secured Guarantor and (b) the liability
of each Secured Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest
amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United
States or any comparable provisions of any applicable state law. The Administrative Agent’s books and records showing the
amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Secured Guarantor,
and conclusive for the purpose of establishing the amount of the Secured Obligations. This Guaranty shall not be affected by the
genuineness, validity, regularity or enforceability of the Secured Obligations or any instrument or agreement evidencing any Secured
Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or
by any fact or circumstance relating to the Secured Obligations which might otherwise constitute a defense to the obligations of
the Secured Guarantors, or any of them, under this Guaranty, and each Secured Guarantor hereby irrevocably waives any defenses
it may now have or hereafter acquire in any way relating to any or all of the foregoing, in each case, except for the defense of
payment of the Obligations in full and the occurrence of the Facility Termination Date.

 

		10.02	Rights of Lenders.

 

Each Secured Guarantor
consents and agrees that the Secured Parties may, at any time and from time to time, without notice or demand, and without affecting
the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise
change the time for payment or the terms of the Secured Obligations or any part thereof; (b) take, hold, exchange, enforce, waive,
release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Secured Obligations;
(c) apply such security and direct the order or manner of sale thereof as the Administrative Agent and the Lenders in their sole
discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Secured
Obligations. Without limiting the generality of the foregoing, each Secured Guarantor consents to the taking of, or failure to
take, any action which might in any manner or to any extent vary the risks of such Secured Guarantor under this Guaranty or which,
but for this provision, might operate as a discharge of such Secured Guarantor.

 

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		10.03	Certain Waivers.

 

Each Secured Guarantor
waives (a) any defense arising by reason of any disability or other defense of the Borrowers or any other guarantor, or the cessation
from any cause whatsoever (including any act or omission of any Secured Party) of the liability of the Borrowers or any other Loan
Party; (b) any defense based on any claim that such Secured Guarantor’s obligations exceed or are more burdensome than those
of the Borrowers or any other Loan Party; (c) the benefit of any statute of limitations affecting any Secured Guarantor’s
liability hereunder; (d) any right to proceed against the Borrowers or any other Loan Party, proceed against or exhaust any security
for the Secured Obligations, or pursue any other remedy in the power of any Secured Party whatsoever; (e) any benefit of and any
right to participate in any security now or hereafter held by any Secured Party; and (f) to the fullest extent permitted by law,
any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of or exonerating
guarantors or sureties, in each case, except for the defense of payment of the Obligations in full and the occurrence of the Facility
Termination Date. Each Secured Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment
or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices
or demands of any kind or nature whatsoever with respect to the Secured Obligations, and all notices of acceptance of this Guaranty
or of the existence, creation or incurrence of new or additional Secured Obligations. Each Secured Guarantor waives any rights
and defenses that are or may become available to it by reason of §§ 2787 to 2855, inclusive, and §§ 2899 and
3433 of the California Civil Code.

 

		10.04	Obligations Independent.

 

The obligations of
each Secured Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Secured Obligations
and the obligations of any other guarantor, and a separate action may be brought against each Secured Guarantor to enforce this
Guaranty whether or not the Borrowers or any other person or entity is joined as a party.

 

		10.05	Subrogation.

 

No Secured Guarantor
shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments
it makes under this Guaranty until all of the Secured Obligations and any amounts payable under this Guaranty have been indefeasibly
paid and performed in full. If any amounts are paid to a Secured Guarantor in violation of the foregoing limitation, then such
amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Administrative Agent to
reduce the amount of the Secured Obligations, whether matured or unmatured.

 

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		10.06	Termination; Reinstatement.

 

This Guaranty is a
continuing and irrevocable guaranty of all Secured Obligations now or hereafter existing and shall remain in full force and effect
until the Facility Termination Date. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be
revived, as the case may be, if any payment by or on behalf of the Borrowers or a Secured Guarantor is made, or any of the Secured
Parties exercises its right of setoff, in respect of the Secured Obligations and such payment or the proceeds of such setoff or
any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by any of the Secured Parties in their discretion) to be repaid to a trustee, receiver or any other
party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or
such setoff had not occurred and whether or not the Secured Parties are in possession of or have released this Guaranty and regardless
of any prior revocation, rescission, termination or reduction. The obligations of each Secured Guarantor under this paragraph shall
survive termination of this Guaranty.

 

		10.07	Stay of Acceleration.

 

If acceleration of
the time for payment of any of the Secured Obligations is stayed, in connection with any case commenced by or against a Secured
Guarantor or the Borrowers under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each Secured
Guarantor, jointly and severally, immediately upon demand by the Secured Parties.

 

		10.08	Condition of Borrowers.

 

Each Secured Guarantor
acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrowers and any
other guarantor such information concerning the financial condition, business and operations of the Borrowers and any such other
guarantor as such Secured Guarantor requires, and that none of the Secured Parties has any duty, and such Secured Guarantor is
not relying on the Secured Parties at any time, to disclose to it any information relating to the business, operations or financial
condition of the Borrowers or any other guarantor (each Secured Guarantor waiving any duty on the part of the Secured Parties to
disclose such information and any defense relating to the failure to provide the same).

 

		10.09	Appointment of Borrowers.

 

Each of the Secured
Guarantors hereby appoints the Borrowers and the Borrowing Agent, where applicable, to act as its agent for all purposes of this
Agreement and the other Loan Documents and agrees that (a) the Borrowers and the Borrowing Agent, where applicable, may execute
such documents on behalf of such Secured Guarantor as the Borrowers or the Borrowing Agent, where applicable, deem(s) appropriate
in their or its sole discretion and each Secured Guarantor shall be obligated by all of the terms of any such document executed
on its behalf, (b) any notice or communication delivered by the Administrative Agent or the Lender to the Borrowers or the Borrowing
Agent, where applicable, shall be deemed delivered to each Secured Guarantor and (c) the Administrative Agent or the Lenders may
accept, and be permitted to rely on, any document, instrument or agreement executed by the Borrowers or the Borrowing Agent, where
applicable, on behalf of each Secured Guarantor.

 

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		10.10	Right of Contribution.

 

The Secured Guarantors
agree among themselves that, in connection with payments made hereunder, each Secured Guarantor shall have contribution rights
against the other Secured Guarantors as permitted under applicable Law.

 

		10.11	Keepwell.

 

Each Loan Party that
is a Qualified ECP Guarantor at the time the Guaranty or the grant of a Lien under the Loan Documents, in each case, by any Specified
Loan Party, becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and
irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation
as may be needed by such Specified Loan Party from time to time to honor all of its obligations under the Loan Documents in respect
of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without
rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article X voidable under applicable
Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings
of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Secured Obligations have been
indefeasibly paid and performed in full. Each Loan Party intends this Section to constitute, and this Section shall be deemed to
constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit
of, each Specified Loan Party for all purposes of the Commodity Exchange Act.

 

ARTICLE
XI

MISCELLANEOUS

 

		11.01	Amendments, Etc.

 

No amendment or waiver
of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrowers or any other Loan
Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrowers or the applicable Loan Party,
as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:

 

(a)       waive
any condition set forth in Section 4.01, without the written consent of each Lender;

 

(b)       extend
or increase any Commitment of any Lender without the written consent of such Lender (it being understood that a waiver of any condition
set forth in Section 4.01 or the waiver of any Default shall not constitute an extension or increase of any Commitment of
any Lender);

 

(c)       postpone
any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest,
fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without the written consent
of each Lender entitled to such payment; provided, however, that only the consent of the Required Lenders shall be
necessary to postpone or rescind any obligation of the Borrowers to pay interest at the Default Rate;

 

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(d)       reduce
the principal of, or the rate of interest specified herein on, the Term Loans, or (subject to clause (ii) of the third proviso
to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document, or change the manner
of computation of any financial ratio (including any change in any applicable defined term) used in determining the Applicable
Margin that would result in a reduction of any interest rate on the Term Loans without the written consent of each Lender entitled
to such amount; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend
the definition of “Default Rate” or to waive any obligation of the Borrowers to pay interest or at the Default
Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment
would be to reduce the rate of interest on the Term Loans or to reduce any fee payable hereunder;

 

(e)       change
(i) Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent
of each Lender or (ii) the order of application of any prepayment of the Term Loans from the application thereof set forth in the
applicable provisions of Section 2.07(f) in any manner that materially and adversely affects the Lenders without the written
consent of the Required Lenders or (iii) 2.14(f) in a manner that would alter the pro rata application required thereby
without the written consent of each Lender directly affected thereby;

 

(f)        change
any provision of this Section 11.01 or the definition of “Required Lenders” or any other provision of
any Loan Document specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder
or thereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;

 

(g)       release
all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of
each Lender;

 

(h)       release
all or substantially all of the value of the Guaranty, without the written consent of each Lender, except to the extent the release
of any Subsidiary from the Guaranty is permitted pursuant to Section 9.10 (in which case such release may be made by the
Administrative Agent acting alone);

 

(i)        release
the Borrowers or permit the Borrowers to assign or transfer any of their rights or obligations under this Agreement or the other
Loan Documents without the consent of each Lender; or

 

(j)        impose
any greater restriction on the ability of any Lender to assign any of its rights or obligations hereunder without the written consent
of the Required Lenders;

 

and provided, further, that
(i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders
required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (ii)
the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding
anything to the contrary herein, (A) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or
consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected
Lender, may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that any waiver, amendment
or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately
adversely relative to other affected Lenders shall require the consent of such Defaulting Lender; (B) each Lender is entitled to
vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the
provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth
herein and (C) the Required Lenders shall determine whether or not to allow a Loan Party to use cash collateral in the context
of a bankruptcy or insolvency proceeding and such determination shall be binding on all of the Lenders.

 

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Notwithstanding anything
to the contrary herein the Administrative Agent may, with the prior written consent of the Borrowers only, amend, modify or supplement
this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.

 

If any Lender does
not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of
each Lender and that has been approved by the Required Lenders, the Borrowers may replace such Non-Consenting Lender in accordance
with Section 11.13; provided that such amendment, waiver, consent or release can be effected as a result of the assignment
contemplated by such Section (together with all other such assignments required by the Borrowers to be made pursuant to this paragraph).

 

		11.02	Notices; Effectiveness; Electronic Communications.

 

(a)          Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax transmission or e-mail transmission
as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:

 

(i)         if
to the Borrowers or any other Loan Party, or the Administrative Agent, to the address, fax number, e-mail address or telephone
number specified for such Person on Schedule 1.01(a); and

 

(ii)        if
to any other Lender, to the address, fax number, e-mail address or telephone number specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then
in effect for the delivery of notices that may contain material non-public information relating to the Borrowers).

 

Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by (fax transmission or e-mail transmission shall be deemed to have been given when sent
(except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications
to the extent provided in subsection (b) below shall be effective as provided in such subsection (b).

 

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(b)       Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail address and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the
Borrowers may each, in its or their discretion, agree to accept notices and other communications to it or to them hereunder by
electronic communications pursuant to procedures approved by it or them, provided that approval of such procedures may be limited
to particular notices or communications. For the avoidance of doubt, notices delivered to request Interest Periods may be made
by electronic mail and need not include an executed signature; provided that such electronic notice shall be in a form reasonably
acceptable to the Administrative Agent and from a Responsible Officer of Borrowing Agent, which Responsible Officer shall be covered
by an incumbency certificate previously or concurrently delivered to the Administrative Agent.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function,
as available, return e-mail address or other written acknowledgement), and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described
in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address
therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal
business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business
on the next business day for the recipient.

 

(c)       The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWERS MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING
ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES
OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall
the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability
to the Borrowers, any Lender, or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in
tort, contract or otherwise) arising out of the Borrowers’, any Loan Party’s or the Administrative Agent’s transmission
of Borrowers Materials or any other Information through the Internet, telecommunications, electronic or other information transmission
systems.

 

(d)       Change
of Address, Etc. Each of the Borrowers or the Administrative Agent and the Swingline Lender may change its or their address,
fax number or telephone number or e-mail address for notices and other communications hereunder by notice to the other parties
hereto. Each other Lender may change its address, fax number or telephone number or e-mail address for notices and other communications
hereunder by notice to the Borrowers or the Administrative Agent. In addition, each Lender agrees to notify the Administrative
Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone
number, fax number and e-mail address to which notices and other communications may be sent and (ii) accurate wire instructions
for such Lender. Furthermore, each Public Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender
to at all times have selected the “Private Side Information” or similar designation on the content declaration
screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable Law, including United States federal and state securities Laws, to make reference to Borrower Materials
that are not made available through the “Public Side Information” portion of the Platform and that may contain
material non-public information with respect to the Borrowers or their securities for purposes of United States federal or state
securities laws.

 

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(e)       Reliance
by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices
(including telephonic or electronic Loan Notices) purportedly given by or on behalf of any Loan Party even if (i) such notices
were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified
herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall
indemnify the Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities
resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party, in each case, except
to the extent of the indemnified party’s own gross negligence or willful misconduct. All telephonic notices to and other
telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto
hereby consents to such recording.

 

		11.03	No Waiver; Cumulative Remedies; Enforcement.

 

No failure by any Lender
or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder
or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each
other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings
at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance
with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit
(a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its
capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in
accordance with Section 11.08 (subject to the terms of Section 2.15), or (c) any Lender from filing proofs of claim
or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor
Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder
and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative
Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b) and (c) of the
preceding proviso and subject to Section 2.15, any Lender may, with the consent of the Required Lenders, enforce any rights
and remedies available to it and as authorized by the Required Lenders.

 

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		11.04	Expenses; Indemnity; Damage Waiver.

 

(a)       Costs
and Expenses. The Loan Parties shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of external counsel for the Administrative
Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and
documented out-of-pocket expenses incurred by the Administrative Agent (including the reasonable and documented fees, charges and
disbursements of any external counsel for the Administrative Agent), (A) in connection with this Agreement and the other Loan Documents,
including its rights under this Section, or (B) in connection with Loans made hereunder, including all such reasonable and documented
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans; provided, that
the reimbursement under this clause (ii) shall be limited to the reasonable and documented out-of-pocket costs of one firm
of counsel for the Administrative Agent (plus local counsel) and (if applicable and reasonably necessary) one local counsel in
each relevant material jurisdiction for Administrative Agent and (iii) after the occurrence and during the continuance of an Event
of Default, also all reasonable and documented out-of-pocket expenses incurred by any Lender (including the reasonable and documented
fees, charges and disbursements of any external counsel for any Lender), (A) in connection with this Agreement and the other Loan
Documents, including its rights under this Section, or (B) in connection with Loans made hereunder, including all such reasonable
and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans; provided,
that the reimbursement under this clause (iii) shall be limited to the reasonable and documented out-of-pocket costs of
one firm of counsel (plus local counsel) for the Lenders, taken as a whole (and, in the case of an actual or perceived conflict
of interest, of another firm of counsel for such affected Lender, as applicable) and (if applicable and reasonably necessary) one
local counsel in each relevant material jurisdiction for the Lenders).

 

(b)       Indemnification
by the Loan Parties. The Loan Parties shall indemnify the Administrative Agent (and any sub-agent thereof) and each Lender,
and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against,
and hold each Indemnitee harmless from, any and all actual and documented out-of-pocket losses, claims, damages, liabilities and
related expenses (including the reasonable and documented fees, charges and disbursements of any external counsel for any Indemnitee
provided that the same shall be limited to the reasonable and documented out-of-pocket costs of one firm of counsel (plus local
counsel) to all Lenders (and, in the case of an actual or perceived conflict of interest, of another firm of counsel for such affected
Lender) and (if applicable and reasonably necessary) and one firm of counsel (plus local counsel) to Administrative Agent and (if
applicable and reasonably necessary) one local counsel in each relevant material jurisdiction for all Lenders and one local counsel
in each relevant material jurisdiction for Administrative Agent and, solely in the case of a conflict of interest between Lenders,
one additional primary counsel and (if applicable and reasonably necessary) one local counsel in each relevant material jurisdiction
for each group of affected Lenders similarly situated and taken as a whole), incurred by any Indemnitee or asserted against any
Indemnitee by any Person (including the Borrowers or any other Loan Party) arising out of, in connection with, or as a result of
(i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the
transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related
Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed
in Section 3.01), (ii) the Term Loans or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged
presence or release of Hazardous Materials on or from any property owned or operated by a Loan Party or any of its Subsidiaries,
or any Environmental Liability related in any way to a Loan Party or any of its Subsidiaries, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by the Borrowers or any other Loan Party or any of the Borrowers’ or such Loan Party’s
directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
(x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence
or willful misconduct of such Indemnitee, or (y) result from a claim brought by the Borrowers or any other Loan Party against an
Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrowers
or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent
jurisdiction or (z) arise out of any claim, litigation, investigation or proceeding brought by such Indemnitee solely against another
Indemnitee (other than any claim, litigation, investigation or proceeding that is brought by or against Administrative Agent, acting
in its capacity as Administrative Agent) that does not involve any act or omission of a Loan Party. Without limiting the provisions
of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than any Taxes that represent
losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c)       Reimbursement
by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required under subsection
(a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related
Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such
Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought based on each Lender’s share of the aggregate outstanding principal amount of the
Term Loans at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender),
such payment to be made severally among them based on such Lender’s pro rata share of the Term Loans (determined as of the
time that the applicable unreimbursed expense or indemnity payment is sought), provided, further that, the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
the Administrative Agent (or any such sub-agent), in its capacity as such, or against any Related Party of any of the foregoing
acting for the Administrative Agent (or any such sub-agent), in connection with such capacity. The obligations of the Lenders under
this subsection (c) are subject to the provisions of Section 2.14(d).

 

(d)       Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, no party hereto shall assert, and each party
hereto hereby waives, and acknowledges that no other Person shall have, any claim against any other party hereto, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of,
in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby,
the transactions contemplated hereby or thereby, the Term Loans or the use of the proceeds thereof. No Indemnitee referred to in
subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or
other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby
other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined
by a final and nonappealable judgment of a court of competent jurisdiction.

 

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(e)       Payments.
All amounts due under this Section shall be payable not later than twenty (20) days after demand therefor.

 

(f)        Survival.
The agreements in this Section and the indemnity provisions of Section 11.02(e) shall survive the resignation of the Administrative
Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge
of all the other Obligations.

 

		11.05	Payments Set Aside.

 

To the extent that
any payment by or on behalf of the Borrowers is made to the Administrative Agent or any Lender, or the Administrative Agent or
any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative
Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding
under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended
to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had
not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without
duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such
demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations
of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination
of this Agreement.

 

		11.06	Successors and Assigns.

 

(a)       Successors
and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the
benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except neither the Borrowers
nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of the Administrative Agent and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except
(i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance
with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to
the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall
be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d)
of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b)          Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement and the other Loan Documents (including all or a portion of its Term Loan at the time owing to it); provided that
any such assignment shall be subject to the following conditions:

 

(i)          Minimum
Amounts.

 

(A)       in
the case of an assignment of the entire remaining amount of the assigning Lender’s Term Loans at the time owing to it (in
each case with respect to any Facility) or contemporaneous assignments to related Approved Funds that equal at least the amount
specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of
a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)       in
any case not described in subsection (b)(i)(A) of this Section, the principal outstanding balance of the Term Loan of the assigning
Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date, shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default
has occurred and is continuing, the Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed).

 

(ii)         Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement and the other Loan Documents with respect to the Term Loan assigned.

 

(iii)        Required
Consents. No consent shall be required for any assignment except (A) to the extent required by subsection (b)(i)(B)
of this Section and (B) the consent of the Borrowers (such consent not to be unreasonably withheld or delayed) shall be required
unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender,
an Affiliate of a Lender or an Approved Fund; provided that the Borrowers shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having
received notice thereof.

 

(iv)        Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee,
if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)         No
Assignment to Certain Persons. No such assignment shall be made (A) to the Borrowers or any of the Borrowers’ Affiliates
or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B), (C) to a natural Person, (D) to any Person if such
Person would be entitled to receive any greater payment under Section 3.01 or Section 3.04, with respect to such
assigned rights and obligations, than the Lender from whom it acquired the applicable rights and obligations would have been entitled
to receive, or (E) the Persons set forth on Schedule 11.06(b) as of the Closing Date and their respective Affiliates.

 

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(vi)        Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata
share of the Term Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee
and assignor hereby irrevocably consent), to pay and satisfy in full all payment liabilities then owed by such Defaulting Lender
to the Administrative Agent or any Lender hereunder (and interest accrued thereon), Notwithstanding the foregoing, in the event
that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without
compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender
for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof
by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each
Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01,
3.04, 3.05 and 11.04 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 of any party hereunder arising from that Lender’s having
been a Defaulting Lender. Upon request, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender.
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with subsection (d) of this Section.

 

(c)       Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrowers (and such agency being solely for tax purposes),
shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent
thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the principal amounts
(and stated interest) of the Term Loans 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 Borrowers, the Administrative Agent and the Lenders
shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement. The Register shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from
time to time upon reasonable prior notice.

 

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(d)       Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations
to any Person (other than a natural Person, a Defaulting Lender or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Term Loan; provided that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations
and (iii) the Borrowers, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall
be responsible for the indemnity under Section 11.04(c) without regard to the existence of any participations.

 

Any agreement
or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
waiver or other modification described in the first proviso to Section 11.01 that affects such Participant. The Borrowers
agree that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to
the requirements and limitations therein, including the requirements under Section 3.01(e) (it being understood that the
documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation)) to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided
that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 11.13 as if it were an assignee
under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01, 3.04
or 3.05, with respect to any participation, than the Lender from whom it acquired the applicable participation would have
been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that
occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrowers’
request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 3.06
with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section
11.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.15 as though
it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters
of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary
to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and
such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in
its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(e)       Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note or Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

		11.07	Treatment of Certain Information; Confidentiality.

 

(a)       Treatment
of Certain Information. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (i) to its Affiliates and to its Related Parties (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and will agree
to keep such Information confidential on substantially the same terms as the terms hereof), (ii) to the extent required or requested
by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable Laws or regulations
or by any subpoena or similar legal process, (iv) to any other party hereto, (v) to the extent reasonably necessary in connection
with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement
or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions
substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights and obligations under this Agreement or (B) any actual or prospective party (or its Related Parties) to any
swap, derivative or other transaction under which payments are to be made by reference to the Borrowers and their obligations,
this Agreement or payments hereunder, (vii) on a confidential basis to (A) any rating agency in connection with rating the Borrowers
or their Subsidiaries or the credit facilities provided hereunder or (B) the CUSIP Service Bureau or any similar agency in connection
with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder,
or (viii) with the consent of the Borrowers or to the extent such Information (1) becomes publicly available other than as a result
of a breach of this Section or (2) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates
on a nonconfidential basis from a source other than the Borrowers. For purposes of this Section, “Information”
means all information received from the Borrowers or any Subsidiary relating to the Borrower or any Subsidiary or any of their
respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential
basis prior to disclosure by the Borrower or any Subsidiary. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

(b)       Non-Public
Information. Each of the Administrative Agent and the Lenders acknowledges that (i) the Information may include material non-public
information concerning a Loan Party or a Subsidiary, as the case may be, (ii) it has developed compliance procedures regarding
the use of material non-public information and (iii) it will handle such material non-public information in accordance with applicable
Law, including United States federal and state securities Laws.

 

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(c)       Press
Releases. The Loan Parties and their Affiliates agree that they will not in the future issue any press releases or other public
disclosure using the name of the Administrative Agent or any Lender or their respective Affiliates or referring to this Agreement
or any of the Loan Documents without the prior written consent of the Administrative Agent (such consent not to be unreasonably
withheld, conditioned or delayed), unless (and only to the extent that) the Loan Parties or such Affiliate is required to do so
under law and then, in any event the Loan Parties or such Affiliate will consult with such Person before issuing such press release
or other public disclosure.

 

(d)       Customary
Advertising Material. The Loan Parties consent to the publication by the Administrative Agent or any Lender of customary advertising
material relating to the transactions contemplated hereby using the name, product photographs, logo or trademark of the Loan Parties.

 

		11.08	Right of Setoff.

 

If an Event of Default
shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and
from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any
time owing by such Lender Issuer or any such Affiliate to or for the credit or the account of the Borrowers or any other Loan Party
against any and all of the Obligations of the Borrowers or such Loan Party now or hereafter existing and then due and owing under
this Agreement or any other Loan Document to such Lender or their respective Affiliates, irrespective of whether or not such Lender
or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrowers
or such Loan Party may be contingent or unmatured, secured or unsecured, or are owed to a branch, office or Affiliate of such Lender
different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in
the event that any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately
to the Administrative Agent for further application in accordance with the provisions of Section 2.17 and, pending such
payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative
Agent and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing
in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The
rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including
other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the Borrower and
the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not
affect the validity of such setoff and application.

 

		11.09	Interest Rate Limitation.

 

Notwithstanding anything
to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed
the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative
Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to
the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest
contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the
extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than
interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or
unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

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		11.10	Counterparts; Integration; Effectiveness.

 

This Agreement and
each of the other Loan Documents may be executed in counterparts (and by different parties hereto in different counterparts), each
of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement,
the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become
effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement or any other Loan Document, or any certificate delivered thereunder, by fax transmission
or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually
executed counterpart of this Agreement or such other Loan Document or certificate. Without limiting the foregoing, to the extent
a manually executed counterpart is not specifically required to be delivered under the terms of any Loan Document, upon the request
of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

 

		11.11	Survival of Representations and Warranties.

 

All representations
and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection
herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been
or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative
Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge
of any Default at any time. Such representations and warranties shall continue in full force and effect on each date made or deemed
made pursuant to this Agreement or any other Loan Document as long as any Loan or any other Obligation hereunder shall remain unpaid
or unsatisfied.

 

		11.12	Severability.

 

If any provision of
this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the
parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity
of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Without limiting the foregoing provisions of this Section, if and to the extent that the enforceability of any provisions in this
Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative
Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

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		11.13	Replacement of Lenders.

 

If the Borrowers are
entitled to request a designation or assignment of a Lender pursuant to the provisions of Section 3.06, or if any Lender
is a Defaulting Lender or a Non-Consenting Lender, or if any Lender demands payment under Sections 3.01, 3.04 or
3.05, or if any other circumstance exists hereunder that gives the Borrowers the right to replace a Lender as a party hereto,
then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents
required by Section 11.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections
3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall
assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

(a)       the
Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b)(iv);

 

(b)       such
Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Term Loan, accrued interest thereon,
and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of
all other amounts);

 

(c)       in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)       such
assignment does not conflict with applicable Laws; and

 

(e)       in
the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrowers to require such assignment and delegation cease to apply.

 

		11.14	Governing Law; Jurisdiction; Etc.

 

(a)       GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND
ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS
CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA.

 

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(b)       SUBMISSION
TO JURISDICTION. THE BORROWERS AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREE THAT THEY WILL NOT COMMENCE
ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE,
AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF CALIFORNIA
SITTING IN THE COUNTY OF LOS ANGELES AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF CALIFORNIA, AND ANY APPELLATE
COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS
AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH CALIFORNIA
STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT
A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT
ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWERS OR ANY OTHER LOAN PARTY OR ITS OR THEIR PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)       WAIVER
OF VENUE. THE BORROWERS AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)       SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

		11.15	Waiver of Jury Trial.

 

EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

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IN THE EVENT ANY LEGAL
PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”) BY OR AGAINST ANY PARTY HERETO IN CONNECTION
WITH ANY CLAIM AND THE WAIVER SET FORTH ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING, THE PARTIES HERETO AGREE AS FOLLOWS:

 

WITH THE EXCEPTION
OF THE MATTERS SPECIFIED IN THE IMMEDIATELY SUCCEEDING PARAGRAPH BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING
IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1. THE PARTIES INTEND THIS GENERAL
REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE. VENUE FOR THE REFERENCE PROCEEDING SHALL BE IN THE COUNTY OF LOS ANGELES, CALIFORNIA.

 

THE FOLLOWING MATTERS
SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN REAL OR PERSONAL
PROPERTY, (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER, AND (D) TEMPORARY,
PROVISIONAL, OR ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING ORDERS, OR PRELIMINARY
INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND REMEDIES DESCRIBED
IN CLAUSES (A) - (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO PARTICIPATE IN A REFERENCE
PROCEEDING PURSUANT TO THIS AGREEMENT WITH RESPECT TO ANY OTHER MATTER.

 

UPON THE WRITTEN REQUEST
OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE PARTIES DO NOT AGREE UPON
A REFEREE WITHIN 10 DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT TO APPOINT A REFEREE
PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B). THE REFEREE SHALL BE APPOINTED TO SIT WITH ALL OF THE POWERS PROVIDED
BY LAW. PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL REMEDIES.

 

EXCEPT AS EXPRESSLY
SET FORTH IN THIS AGREEMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE PROCEEDING IS CONDUCTED INCLUDING THE
TIME AND PLACE OF HEARINGS, THE ORDER OF PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT TO THE COURSE
OF THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT
A COURT REPORTER, EXCEPT WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND A TRANSCRIPT IS ORDERED, A COURT REPORTER SHALL BE USED
AND THE REFEREE SHALL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE OBLIGATION TO
ARRANGE FOR AND PAY THE COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL ULTIMATELY
BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE.

 

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THE REFEREE MAY REQUIRE
ONE OR MORE PREHEARING CONFERENCES. THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL OVERSEE DISCOVERY
IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN
PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA.

 

THE REFEREE SHALL APPLY
THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES IN ACCORDANCE
WITH CALIFORNIA SUBSTANTIVE AND PROCEDURAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE
ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT. THE REFEREE SHALL
REPORT HIS OR HER DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE SHALL ISSUE A
DECISION AND PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE, SECTION 644, THE REFEREE’S DECISION SHALL BE ENTERED BY THE
COURT AS A JUDGMENT IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY APPEALABLE
DECISION OR ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT.

 

THE PARTIES RECOGNIZE
AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE DECIDED BY A REFEREE AND NOT BY A
JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO KNOWINGLY
AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN THEM THAT
ARISES OUT OF OR IS RELATED TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS.

 

		11.16	Subordination.

 

Each Loan Party (a
“Subordinating Loan Party”) hereby subordinates the payment of all obligations and indebtedness of any other
Loan Party owing to it, whether now existing or hereafter arising, including but not limited to any obligation of any such other
Loan Party to the Subordinating Loan Party as subrogee of the Secured Parties or resulting from such Subordinating Loan Party’s
performance under this Guaranty, to the indefeasible payment in full in cash of all Obligations. If the Secured Parties so request,
any such obligation or indebtedness of any such other Loan Party to the Subordinating Loan Party shall be enforced and performance
received by the Subordinating Loan Party as trustee for the Secured Parties and the proceeds thereof shall be paid over to the
Secured Parties on account of the Secured Obligations, but without reducing or affecting in any manner the liability of the Subordinating
Loan Party under this Agreement. Without limitation of the foregoing, so long as no Event of Default has occurred and is continuing,
the Loan Parties may make and receive payments with respect to Intercompany Debt; provided, that in the event that any Loan Party
receives any payment of any Intercompany Debt at a time when such payment is prohibited by this Section, such payment shall be
held by such Loan Party, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to
the Administrative Agent.

 

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		11.17	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), the Borrowers and each other Loan Party acknowledge and agree, and acknowledge their Affiliates’
understanding, that: (a) (i) the arranging and other services regarding this Agreement provided by the Administrative Agent and
any Affiliate thereof, the Arranger and the Lenders are arm’s-length commercial transactions between the Borrowers, each
other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent and, as applicable, its Affiliates
and the Lenders and their Affiliates (collectively, solely for purposes of this Section, the “Lenders”), on
the other hand, (ii) each of the Borrowers and the other Loan Parties has consulted its own legal, accounting, regulatory and tax
advisors to the extent it has deemed appropriate, and (iii) each of the Borrowers and each other Loan Party is capable of evaluating,
and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents;
(b) (i) the Administrative Agent and its Affiliates and each Lender each is and has been acting solely as a principal and, except
as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary,
for the Borrowers, any other Loan Party or any of their respective Affiliates, or any other Person and (ii) neither the Administrative
Agent, any of its Affiliates nor any Lender has any obligation to the Borrowers, any other Loan Party or any of their respective
Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the
other Loan Documents; and (c) the Administrative Agent and its Affiliates and the Lenders may be engaged in a broad range of transactions
that involve interests that differ from those of the Borrowers, the other Loan Parties and their respective Affiliates, and neither
the Administrative Agent, any of its Affiliates nor any Lender has any obligation to disclose any of such interests to the Borrowers,
any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrowers and each
other Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, any of its Affiliates
or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions
contemplated hereby.

 

		11.18	Electronic Execution of Assignments and Certain Other
Documents.

 

The words “execute,”
“execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption
or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures,
the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent,
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, California’s
Uniform Electronic Transactions Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

		11.19	USA PATRIOT Act Notice.

 

Each Lender that is
subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies
the Borrower and the other Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies
each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such
Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the Act. The Borrowers and the
other Loan Parties agree to, promptly following a request by the Administrative Agent or any Lender, provide all such other documentation
and information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable
“know your customer” and anti-money laundering rules and regulations, including the Act.

 

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		11.20	Borrowing Agency Provisions.

 

(a)       Each
Borrower hereby irrevocably designates Borrowing Agent to be its attorney and agent and in such capacity, whether verbally, in
writing or through electronic methods to (i) borrow, (ii) sign and endorse notes, (iii) execute and deliver all instruments, documents,
applications, security agreements, and all other certificates, notices, writings and further assurances now or hereafter required
hereunder, (iv) make elections regarding interest rates, and (v) otherwise take action under and in connection with this Agreement
and the other Loan Documents, all on behalf of and in the name such Borrower or the Borrowers, and hereby authorizes the Administrative
Agent to pay over or credit all loan proceeds hereunder in accordance with the request of Borrowing Agent.

 

(b)       The
handling of this credit facility as a co-borrowing facility with a borrowing agent in the manner set forth in this Agreement is
solely as an accommodation to the Borrowers and at their request. Neither the Administrative Agent nor any Lender shall incur liability
to the Borrowers as a result thereof. To induce the Administrative Agent and the Lenders to do so and in consideration thereof,
each Borrower hereby indemnifies the Administrative Agent and each Lender and holds the Administrative Agent and each Lender harmless
from and against any and all liabilities, expenses, losses, damages and claims of damage or injury asserted against the Administrative
Agent or any Lender by any Person arising from or incurred by reason of the handling of the financing arrangements of the Borrowers
as provided herein, the reliance by the Administrative Agent or any Lender on any request or instruction from Borrowing Agent to
the Administrative Agent or any other action taken by the Administrative Agent or any Lender with respect to this Section 11.20
except due to willful misconduct or gross (not mere) negligence by the indemnified party (as determined by a court of competent
jurisdiction in a final and non-appealable judgment).

 

(c)       All
Obligations shall be joint and several, and each Borrower shall make payment upon the maturity of the Obligations by acceleration
or otherwise, and such obligation and liability on the part of each Borrower shall in no way be affected by any extensions, renewals
and forbearance granted by the Administrative Agent or any Lender to any Borrower, the failure of the Administrative Agent or any
Lender to give any Borrower notice of borrowing or any other notice, any failure of the Administrative Agent or any Lender to pursue
or preserve its rights against any Borrower, the release by the Administrative Agent or any Lender of any Collateral now or thereafter
acquired from any Borrower, and such agreement by each Borrower to pay upon any notice issued pursuant thereto is unconditional
and unaffected by prior recourse by the Administrative Agent or any Lender to the other Borrowers or any Collateral for such Borrower’s
Obligations or the lack thereof. Each Borrower waives all suretyship defenses.

 

		11.21	Waiver of Subrogation.

 

Each Borrower expressly
waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution of any other claim which such Borrower
may now or hereafter have against the other Borrowers or any other Person directly or contingently liable for the Obligations hereunder,
or against or with respect to any other Borrowers’ property (including, without limitation, any property which is Collateral
for the Obligations), arising from the existence or performance of this Agreement, until termination of this Agreement and repayment
in full of the Obligations.

 

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BLANK.]

 

    119

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	BORROWERS:	BRPI ACQUISITION CO LLC,

    a Delaware limited liability company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	UNITED ONLINE, INC.,

        a Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	YMAX CORPORATION,

        a Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Credit Agreement

     

    

 

	SECURED GUARANTORS:	NETZERO, INC.,

        a Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	JUNO ONLINE SERVICES, INC.,

        a Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	JUNO INTERNET SERVICES, INC.,

        a Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	CLASSMATES MEDIA CORPORATION,

        a Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	NETZERO MODECOM, INC.,

        a Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Credit Agreement

     

    

 

	 	NETZERO WIRELESS, INC.,

        a Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	UNITED ONLINE ADVERTISING NETWORK, INC.,

        a Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	UNITED ONLINE WEB SERVICES,

        a Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	MAGICJACK HOLDINGS CORPORATION,

        a Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Credit Agreement

     

    

 

	 	BROADSMART HOLDING CO INC.,

a
Delaware corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	BROADSMART GLOBAL, INC.,

        a Florida corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	MAGICJACK LP,

        a Delaware limited partnership
	 	 	 
	 	By:	MAGICJACK HOLDINGS CORPORATION, its
General Partner
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	YMAX COMMUNICATIONS CORP. OF VIRGINIA,

        a Virginia corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	MAGICJACK SMB, INC.,

        a Florida corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Credit Agreement

     

    

 

	 	TIGER JET NETWORK, INC.,

        a California corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Credit Agreement

     

    

 

	ADMINISTRATIVE AGENT:	BANC OF CALIFORNIA, N.A.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Credit Agreement

     

    

 

	LENDERS:	BANC OF CALIFORNIA, N.A.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Credit Agreement

     

    

 

	 	UMPQUA BANK
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Credit Agreement

     

    

 

	 	BANKUNITED, N.A.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Credit Agreement

     

    

 

	LENDERS:	BANK HAPOALIM B.M.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Credit Agreement

     

    

 

SCHEDULE 1.01(a)

 

Certain Addresses for Notices

 

	
        Borrowers:

         

        c/o BRPI Acquisition Co LLC

        21255 Burbank Blvd.

        Suite 400

        Woodland Hills, CA 91367

        Attn: Phillip Ahn

        Email: Pahn@BRileyfin.com

         

        -and-

         

        Attn: Patrick Murphy

        Email: PMurphy@corp.untd.com

         
	
        Administrative Agent:

         

        Banc of California, N.A.

        601 South Figueroa Street, Suite 2800

        Los Angeles, California 90017

        Attn: Thomas Hill

        Phone: (213) 226-9233

        Email: Tom.Hill@bancofcal.com

         

	With a copy to (which shall not constitute notice):	With a copy to (which shall not constitute notice):
	Brown Rudnick LLP

One Financial Center

Boston, MA 02111

Attn: Mary D. Bucci, Esq.

Phone: (617) 856-8134

Email: mbucci@brownrudnick.com	Buchalter, a Professional Corporation

1000 Wilshire Boulevard, Suite 1500

Los Angeles, California 90017

Attn: Anthony R. Callobre, Esq.

Phone: (213) 891-5024

Email: acallobre@buchalter.com

 

    Schedule 1.01(a)

     

    

 

SCHEDULE 1.01(b)

 

Commitments and Applicable Percentages

 

	Lender	Term Commitment	Applicable Percentage
	Banc of California, N.A.	$30,000,000	37.500000%
	Umpqua Bank	$20,000,000	25.000000%
	BankUnited, N.A.	$15,000,000	18.750000%
	Bank Hapoalim B.M.	$15,000,000	18.750000%
	Total:	$80,000,000.00	100%

 

    Schedule 1.01(b)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]