Document:

CREDIT AGREEMENT

dated as of November 14, 2011

among

LANDAUER, INC.

 

GLOBAL PHYSICS SOLUTIONS, INC.

 

as the Borrowers

THE VARIOUS FINANCIAL INSTITUTIONS PARTY
HERETO,

as Lenders,

and

BMO HARRIS BANK N.A.

as Administrative Agent

PNC BANK, NATIONAL ASSOCIATION,

as Syndication Agent

U.S. BANK NATIONAL ASSOCIATION and

FIFTH THIRD BANK

as Co-Documentatation Agents

 

 

 

BMO CAPITAL MARKETS, and

PNC CAPITAL MARKETS, LLC

as Co-Lead Arrangers

BMO CAPITAL MARKETS,

as Sole Book Runner

    	 

    	Table of Contents

    

TABLE OF CONTENTS

	SECTION 1   DEFINITIONS	 1
	1.1.	Definitions	 1
	1.2.	Other Interpretive Provisions	19
	 	 	 	 
	
        SECTION 2  COMMITMENTS OF THE LENDERS; BORROWING, CONVERSION
                              AND
        LETTER OF CREDIT PROCEDURES
	20
	2.1.	Commitments	20
	 	2.1.1	Revolving Commitment	20
	 	2.1.2	L/C Commitment	20
	2.2.	Loan Procedures	21
	 	2.2.1	Various Types of Loans	21
	 	2.2.2	Borrowing Procedures	21
	 	2.2.3	Conversion and Continuation Procedures	22
	 	2.2.4	Swing Line Facility	23
	2.3.	Letter of Credit Procedures	25
	 	2.3.1	L/C Applications	25
	 	2.3.2	Participations in Letters of Credit	25
	 	2.3.3	Reimbursement Obligations	26
	 	2.3.4	Funding by Lenders to Issuing Lender	27
	2.4.	Commitments Several	27
	2.5.	Certain Conditions	27
	2.6.	Defaulting Lenders	28
	 	 	 	 
	SECTION 3.  EVIDENCING OF LOANS	30
	3.1.	Noteless Agreement; Evidence of Indebtedness	30
	 	 	 	 
	SECTION 4  INTEREST	31
	4.1.	Interest Rates	31
	4.2.	Interest Payment Dates	31
	4.3.	Setting and Notice of LIBO Rates	32
	4.4.	Computation of Interest	32
	 	 	 	 
	SECTION 5  FEES	32
	5.1.	Non-Use Fee	32
	5.2.	Letter of Credit Fees	32
	5.3.	Administrative Agent’s Fees	33
	 	 	 	 
	
        SECTION 6  REDUCTION OR TERMINATION OF THE REVOLVING
                              COMMITMENTS;
        PREPAYMENTS; INCREASES OF THE

                               REVOLVING
        COMMITMENTS
	33
	6.1.	Reduction or Termination of the Revolving Commitments	33
	 	6.1.1	Voluntary Reduction or Termination of the Revolving Commitments	33
	 	6.1.2	Mandatory Reductions of Revolving Commitments	33
	 	6.1.3	All Reductions of the Revolving Commitments	33
	6.2.	Prepayments	34
	 	6.2.1	Voluntary Prepayments	34
	 	6.2.2	Mandatory Prepayments	34
	6.3.	Manner of Prepayments	34
	 	6.3.1	All Prepayments	34
	6.4.	Repayments	34
	6.5.	Increase in Revolving Commitments Amount	35
	 	 	 	 
	SECTION 7  MAKING AND PRORATION OF PAYMENTS; SETOFF; TAXES	36
	7.1.	Making of Payments	36
	7.2.	Application of Certain Payments	36
	7.3.	Due Date Extension	36
	7.4.	Setoff	36
	7.5.	Proration of Payments	37
	7.6.	Taxes	37
	 	 	 	 
	SECTION 8  INCREASED COSTS: SPECIAL PROVISIONS FOR LIBOR LOANS	42
	8.1.	Increased Costs	42
	8.2.	Basis for Determining Interest Rate Inadequate or Unfair	43
	8.3.	Changes in Law Rendering LIBOR Loans Unlawful	44
	8.4.	Funding Losses	44
	8.5.	Right of Lenders to Fund through Other Offices	44
	8.6.	Discretion of Lenders as to Manner of Funding	45
	8.7.	Mitigation of Circumstances; Replacement of Lenders	45
	8.8.	Conclusiveness of Statements; Survival of Provisions	46
	 	 	 	 
	SECTION 9  REPRESENTATIONS AND WARRANTIES	46
	9.1.	Organization	46
	9.2.	Authorization; No Conflict	46
	9.3.	Validity and Binding Nature	46
	9.4.	Financial Condition	47
	9.5.	No Material Adverse Effect	47
	9.6.	Litigation and Contingent Liabilities	47
	9.7.	Ownership of Properties; Liens	47
	9.8.	Equity Ownership; Subsidiaries	47
	9.9.	Pension Plans	48
	9.10.	Investment Company Act	48
	9.11.	USA Patriot Act	48
	9.12.	Foreign Assets Control Regulations and Anti-Money Laundering	49
	9.13.	Regulation U	49
	9.14.	Taxes	49
	9.15.	Solvency, etc.	49
	9.16.	Environmental Matters	50
	9.17.	Insurance	50
	9.18.	Real Property	50
	9.19.	Information	51
	9.20.	Intellectual Property	51
	9.21.	Burdensome Obligations	51
	9.22.	Labor Matters	51
	9.23.	No Default	51
	9.24.	IZI Acquisition Agreements, etc.	51
	9.25.	Subordinated Debt	53
	 	 	 
	SECTION 10  AFFIRMATIVE COVENANTS	53
	10.1.	Reports, Certificates and Other Information	53
	 	10.1.1	Annual Report	53
	 	10.1.2	Interim Reports	53
	 	10.1.3	Compliance Certificates	54
	 	10.1.4	Reports to the SEC and to Shareholders	54
	 	10.1.5	Notice of Default, Litigation and ERISA Matters	54
	 	10.1.6	[Intentionally Omitted]	55
	 	10.1.7	Projections	55
	 	10.1.8	Subordinated Debt and Other Notices	55
	 	10.1.9	Other Information	55
	10.2.	Books, Records and Inspections	56
	10.3.	Maintenance of Property; Insurance	56
	10.4.	Compliance with Laws; Payment of Taxes and Liabilities	57
	10.5.	Maintenance of Existence, etc	57
	10.6.	Use of Proceeds	57
	10.7.	Employee Benefit Plans	58
	10.8.	Environmental Matters	58
	10.9.	Further Assurances	58
	10.10.	Deposit Accounts	59
	 	 	 	 
	SECTION 11  NEGATIVE COVENANTS	59
	11.1.	Debt	59
	11.2.	Liens	59
	11.3.	Restricted Payments	60
	11.4.	Subordinated Debt	60
	11.5.	Mergers, Consolidations, Sales	60
	11.6.	Modification of Organizational Documents	62
	11.7.	Transactions with Affiliates	62
	11.8.	Inconsistent Agreements	63
	11.9.	Business Activities	63
	11.10.	Investments	63
	11.11.	Restriction of Amendments to Certain Documents	64
	11.12.	Fiscal Year	64
	11.13.	Financial Covenants	64
	 	11.13.1	Net Worth	64
	 	11.13.2	Fixed Charge Coverage Ratio	64
	 	11.13.3	Leverage Ratio	64
	 	 	 	 
	SECTION 12  EFFECTIVENESS; CONDITIONS OF LENDING, ETC	65
	12.1.	Initial Credit Extension	65
	 	12.1.1	Notes	65
	 	12.1.2	Authorization Documents	65
	 	12.1.3	Consents, etc	66
	 	12.1.4	Letter of Direction	66
	 	12.1.5	Guaranty and Security Agreement	66
	 	12.1.6	Negative Pledge Agreements	66
	 	12.1.7	Opinions of Counsel	66
	 	12.1.8	Insurance	66
	 	12.1.9	Copies of Documents	66
	 	12.1.10	Payment of Fees	66
	 	12.1.11	Solvency Certificate	66
	 	12.1.12	Pro Forma	66
	 	12.1.13	Search Results; Lien Terminations	67
	 	12.1.14	Filings, Registrations and Recordings	67
	 	12.1.15	Closing Certificate, Consents and Permits	67
	 	12.1.16	Other	67
	12.2.	Conditions	67
	 	12.2.1	Compliance with Warranties, No Default, etc	68
	 	12.2.2	Confirmatory Certificate	68
	 	 	 	 
	SECTION 13  EVENTS OF DEFAULT AND THEIR EFFECT	68
	13.1.	Events of Default	68
	 	13.1.1	Non-Payment of the Loans, etc.	68
	 	13.1.2	Non-Payment of Other Debt	68
	 	13.1.3	Bankruptcy, Insolvency, etc.	69
	 	13.1.4	Non-Compliance with Loan Documents	69
	 	13.1.5	Representations; Warranties	69
	 	13.1.6	Pension Plans	69
	 	13.1.7	Judgments	69
	 	13.1.8	Invalidity of Collateral Documents, etc.	69
	 	13.1.9	Invalidity of Subordination Provisions, etc.	69
	 	13.1.10	Change of Control	69
	13.2.	Effect of Event of Default	69
	 	 	 	 
	SECTION 14  THE AGENTS	70
	14.1.	Appointment and Authorization	70
	14.2.	Issuing Lender	70
	14.3.	Delegation of Duties	70
	14.4.	Exculpation of Administrative Agent	70
	14.5.	Reliance by Administrative Agent	71
	14.6.	Notice of Default	72
	14.7.	Credit Decision	72
	14.8.	Indemnification	73
	14.9.	Administrative Agent in Individual Capacity	73
	14.10.	Successor Administrative Agent	74
	14.11.	Collateral Matters	74
	14.12.	Administrative Agent May File Proofs of Claim	75
	14.13.	Other Agents; Arrangers and Managers	75
	 	 	 	 
	Section 15  GENERAL	76
	15.1.	Waiver; Amendments	76
	15.2.	Confirmations	77
	15.3.	Notices	77
	15.4.	Computations	77
	15.5.	Costs, Expenses and Taxes	78
	15.6.	Assignments; Participations	78
	 	15.6.1	Assignments	78
	 	15.6.2	Participations	80
	15.7.	Register	80
	15.8.	Governing Law	81
	15.9.	Confidentiality	81
	15.10.	Joint and Several Liability	83
	15.11.	Severability	83
	15.12.	Nature of Remedies	83
	15.13.	Entire Agreement	83
	15.14.	Counterparts	83
	15.15.	Successors and Assigns	83
	15.16.	Captions	84
	15.17.	Customer Identification – USA Patriot Act Notice	84
	15.18.	Indemnification by the Borrowers	84
	15.19.	Nonliability of Lenders	85
	15.20.	Forum Selection and Consent to Jurisdiction	86
	15.21.	Waiver of Jury Trial	86
	 	 	 	 
	 	 	 	 
	ANNEXES	 
	ANNEX A	Lenders and Pro Rata Shares	 
	ANNEX B	Addresses for Notices	 
	 	 	 	 
	 	 	 	 
	SCHEDULES	 
	SCHEDULE 9.6     cONTINGENT
    lIABILITIES	
	SCHEDULE 9.8     Subsidiaries	 
	SCHEDULE 9.18   Real Property	 
	SCHEDULE 11.1   Existing Debt	 
	SCHEDULE 11.2   Existing Liens	 
	SCHEDULE 11.10  Investments	 
	 	 
	 	 
	EXHIBITS	 
	EXHIBIT A          Form of Note (Section 3.1)	 
	EXHIBIT B          Form of Compliance Certificate (Section 10.1.3)	 
	EXHIBIT C          Form of Assignment Agreement (Section 15.6.1)	 
	EXHIBIT D          Form of Notice of Borrowing (Section 2.2.2)	 
	EXHIBIT E          Form of Notice of Conversion/Continuation (Section 2.2.3)	 
	 	 
	 	 

 

 

    	 

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CREDIT AGREEMENT

THIS CREDIT AGREEMENT
dated as of November 14, 2011 (this “Agreement”) is entered into among Landauer, Inc., a Delaware corporation
(“Landauer”) and Global Physics Solutions, Inc., a Delaware corporation (“GPS”, Landauer
and GPS being hereinafter collectively referred to as the “Borrowers” and individually as a  “Borrower”),
the financial institutions that are or may from time to time become parties hereto (together with their respective successors and
assigns, the “Lenders”) and BMO Harris Bank N.A. (in its individual capacity, “BMO”), as
administrative agent for the Lenders.

The Lenders have
agreed to make available to the Borrowers a revolving credit facility (which includes letters of credit) upon the terms and conditions
set forth herein.

In consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

section 1    DEFINITIONS.

1.1.           
Definitions. When used herein the following terms shall have the following meanings:

Acquisition
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition
of all or substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person,
(b) the acquisition of in excess of 50% of the Capital Securities of any Person, or otherwise causing any Person to become a Subsidiary,
or (c) a merger or consolidation or any other combination with another Person (other than a Person that is already a Subsidiary).

Administrative
Agent means BMO in its capacity as administrative agent for the Lenders hereunder and any successor thereto in such capacity.

Affected Loan
- see Section 8.3.

Affiliate
of any Person means (a) any other Person which, directly or indirectly, controls or is controlled by or is under common control
with such Person, (b) any officer or director of such Person and (c) with respect to any Lender, any entity administered or managed
by such Lender or an Affiliate or investment advisor thereof and which is engaged in making, purchasing, holding or otherwise investing
in commercial loans. A Person shall be deemed to be “controlled by” any other Person if such Person possesses, directly
or indirectly, power to vote 5% or more of the securities (on a fully diluted basis) having ordinary voting power for the election
of directors or managers or power to direct or cause the direction of the management and policies of such Person whether by contract
or otherwise. Unless expressly stated otherwise herein, neither the Administrative Agent nor any Lender shall be deemed an Affiliate
of any Loan Party.

 

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Agent Fee Letter
means the fee letter dated as of October 19, 2011 between Landauer and the Administrative Agent.

Agreement
- see the Preamble.

Applicable Margin
means, for any day, the rate per annum set forth below opposite the level (the “Level”) then in effect, it being
understood that the Applicable Margin for (i) LIBOR Loans shall be the percentage set forth under the column “LIBOR Margin”,
(ii) Base Rate Loans shall be the percentage set forth under the column “Base Rate Margin”, (iii) the Non-Use
Fee Rate shall be the percentage set forth under the column “Non-Use Fee Rate” and (iv) the L/C Fee shall be the percentage
set forth under the column “L/C Fee Rate”:

	Level	Leverage Ratio	
        LIBOR

        Margin
	
        Base Rate

        Margin
	
        Non-Use

        Fee Rate
	
        L/C Fee

        Rate

	I	Greater than or equal to 2.50:1.00	2.75%	1.75%	.350%	2.75%
	II	Greater than or equal to 2.00:1.00 but less than 2.50:1.00	2.50%	1.50%	.325%	2.50%
	III	Greater than or equal to 1.50:1.00 but less than 2.00:1	2.00%	1.00%	.300%	2.00%
	IV	Greater than or equal to 1.00:1.00 but less than 1.50:1.00	1.50%	.50%	.250%	1.50%
	V	Less than 1.00:1.00	1.25%	.25%	.200%	1.25%

 

The LIBOR Margin,
the Base Rate Margin, the Non-Use Fee Rate and the L/C Fee Rate shall be adjusted, to the extent applicable, on the fifth (5th)
Business Day after the Borrowers provide or are required to provide the annual and quarterly financial statements and other information
pursuant to Sections 10.1.1 or 10.1.2, as applicable, and the related Compliance Certificate, pursuant to Section
10.1.3. Notwithstanding anything contained in this paragraph to the contrary, (a) if the Borrowers fail to deliver the financial
statements and Compliance Certificate in accordance with the provisions of Sections 10.1.1, 10.1.2 and 10.1.3,
the LIBOR Margin, the Base Rate Margin, the Non-Use Fee Rate and the L/C Fee Rate shall be based upon Level I above beginning on
the date such financial statements and Compliance Certificate were required to be delivered until the fifth (5th) Business Day
after such financial statements and Compliance Certificate are actually delivered, whereupon the Applicable Margin shall be determined
by the then current Level; (b) no reduction to any Applicable Margin shall become effective at any time when an Event of Default
or Unmatured Event of Default has occurred and is continuing; and (c) the initial Applicable Margin on the Closing Date shall be
based on Level I until the date on which the financial statements and Compliance Certificate are required to be delivered for the
Fiscal Quarter ending December 31, 2011.

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

Assignee
- see Section 15.6.1.

Assignment Agreement
- see Section 15.6.1.

Attorney Costs
means, with respect to any Person, all reasonable fees and charges of any counsel to such Person and all court costs and similar
legal expenses.

Bank Product
Agreements means the agreements entered into from time to time between any Loan Party and a Lender or its Affiliates in connection
with any of the Bank Products.

Bank Product
Obligations means all obligations, liabilities, contingent reimbursement obligations, fees, and expenses owing by the Loan
Parties to any Lender or its Affiliates pursuant to or evidenced by the Bank Product Agreements and irrespective of whether for
the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising,
and including all such amounts that a Loan Party is obligated to reimburse to the Administrative Agent or any Lender as a result
of the Administrative Agent or such Lender purchasing participations or executing indemnities or reimbursement obligations with
respect to the Bank Products provided to the Loan Parties pursuant to the Bank Product Agreements.

Bank Products
means any service or facility extended to any Loan Party by any Lender or its Affiliates including: (a) credit cards, (b) credit
card processing services, (c) debit cards, (d) purchase cards, (e) ACH transactions or (f) cash management, including controlled
disbursement, accounts or services.

Base Rate
means, for any day, the greatest of (a) the Federal Funds Rate for such day plus 0.5%, (b) the Prime Rate in effect on such
day and (c) the LIBO Rate for deposits in Dollars for a one month Interest Period on such day (or if such day is not a Business
Day, the immediately preceding Business Day) plus 1.00%; provided that, for avoidance of doubt, the LIBO Rate for any Business
Day shall be the rate appearing on the Reuters Screen LIBOR01 Page (or any successor or substitute page of such page) at approximately
11:00 a.m. London time on such day.

Base Rate Loan
means any Loan which bears interest at or by reference to the Base Rate.

Base Rate Margin
- see the definition of Applicable Margin.

BMO - see
the Preamble.

Borrower
- see the Preamble.

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BSA - see
Section 10.4.

Business Day
means any day that is not a Saturday, Sunday or other day on which commercial banks in Chicago, Illinois are authorized or required
by law to remain closed and, in the case of a Business Day which relates to a LIBOR Loan or a determination of LIBO Rate for purposes
of the determination of the Base Rate , the term “Business Day” shall also exclude any day on which banks are not open
for dealings in Dollar deposits in the London interbank market.

Capital Expenditures
means all expenditures which, in accordance with GAAP, would be required to be capitalized and shown on the consolidated balance
sheet of Landauer and its Subsidiaries, including expenditures in respect of Capital Leases, but excluding expenditures made in
connection with the replacement, substitution or restoration of assets (a) from insurance proceeds (or other similar recoveries)
paid on account of the loss of or damage to the assets being replaced or restored or (b) with awards of compensation arising from
the taking by eminent domain or condemnation of the assets being replaced.

Capital Lease
means, with respect to any Person, any lease of (or other agreement conveying the right to use) any real or personal property by
such Person that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of such Person.

Capital Securities
means, with respect to any Person, all shares, interests, participations or other equivalents (however designated, whether voting
or non-voting) of such Person’s capital, whether now outstanding or issued or acquired after the Closing Date, including
common shares, preferred shares, membership interests in a limited liability company, limited or general partnership interests
in a partnership, interests in a Trust, interests in other unincorporated organizations or any other equivalent of such ownership
interest.

Cash Collateralize
means to deliver cash collateral to the Administrative Agent, to be held as cash collateral for outstanding Letters of Credit,
pursuant to documentation satisfactory to the Administrative Agent. Derivatives of such term have corresponding meanings.

Cash Equivalent
Investment means, at any time, (a) any evidence of Debt issued or guaranteed by the United States Government or any agency
thereof, (b) commercial paper, maturing not more than one year from the date of issue, or corporate demand notes, in each case
(unless issued by a Lender or its holding company) rated at least A-l by Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc. or P-l by Moody’s Investors Service, Inc., (c) any certificate of deposit, time deposit
or banker’s acceptance, maturing not more than one year after such time, or any overnight Federal Funds transaction that
is issued or sold by any Lender or its holding company (or by a commercial banking institution that is a member of the Federal
Reserve System and has a combined capital and surplus and undivided profits of not less than $500,000,000), (d) any repurchase
agreement entered into with any Lender (or commercial banking institution of the nature referred to in clause (c)) which
(i) is secured by a fully perfected security interest in any obligation       

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of the
type described in any of clauses (a) through (c) above and (ii) has a market value at the time such repurchase
agreement is entered into of not less than 100% of the repurchase obligation of such Lender (or other commercial banking
institution) thereunder and (e) money market accounts or mutual funds which invest exclusively in assets satisfying the
foregoing requirements, and (f) other short term liquid investments approved in writing by the Administrative Agent.

Change of Control
means the occurrence of any of the following events: (a) the acquisition of ownership, directly or indirectly, beneficially or
of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and
Exchange Commission thereunder as in effect on the date hereof) of Capital Securities representing more than 30% of the aggregate
issued and outstanding Capital Securities of Landauer entitled to vote for the members of the board of directors or equivalent
governing body of Landauer on a fully diluted basis (and, taking into account all such Capital Securities that such Person or group
has the right to acquire pursuant to any option right; (b) Landauer shall cease to, directly or indirectly, own and control 100%
of each class of the outstanding Capital Securities of each wholly-owned Subsidiary other than an Inactive Subsidiary or (c) Landauer
shall cease to directly or indirectly, own and control more than 50% of the outstanding Capital Securities of any other Subsidiary
other than an Inactive Subsidiary; provided that any transaction otherwise expressly permitted under this Agreement shall
not constitute a Change of Control for purposes hereof.

Closing Date
- see Section 12.1.

Code means
the Internal Revenue Code of 1986.

Collateral
means any and all assets and rights and interests in and to property, whether real or personal, tangible or intangible, in which
a Lien is granted pursuant to the Collateral Documents, other than Excluded Assets.

Collateral Documents
means, collectively, the Guaranty and Security Agreement, each Negative Pledge Agreement and any other agreement or instrument
pursuant to which any Borrower, any Subsidiary or any other Person grants or purports to grant collateral to the Administrative
Agent for the benefit of the Lenders or otherwise relates to such collateral.

Commitment
means, as to any Lender, such Lender’s commitment to make Loans, and to issue or participate in Letters of Credit, under
this Agreement. The initial amount of each Lender’s commitment to make Loans is set forth on Annex A.

Compliance Certificate
means a Compliance Certificate in substantially the form of Exhibit B.

Computation Period
means each period of four consecutive Fiscal Quarters ending on the last day of a Fiscal Quarter.

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Consolidated
Net Income means, with respect to Landauer and its Subsidiaries for any period, the consolidated net income (or loss) of the
Landauer and its Subsidiaries for such period as determined in accordance with GAAP.

Contingent Liability
means, with respect to any Person, each obligation and liability of such Person and all such obligations and liabilities of such
Person incurred pursuant to any agreement, undertaking or arrangement by which such Person: (a) guarantees, endorses or otherwise
becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment,
to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, dividend,
obligation or other liability of any other Person in any manner (other than by endorsement of instruments in the course of collection),
including any indebtedness, dividend or other obligation which may be issued or incurred at some future time; (b) guarantees the
payment of dividends or other distributions upon the Capital Securities of any other Person; (c) undertakes or agrees (whether
contingently or otherwise): (i) to purchase, repurchase, or otherwise acquire any indebtedness, obligation or liability of any
other Person or any property or assets constituting security therefor, (ii) to advance or provide funds for the payment or discharge
of any indebtedness, obligation or liability of any other Person (whether in the form of loans, advances, stock purchases, capital
contributions or otherwise), or to maintain solvency, assets, level of income, working capital or other financial condition of
any other Person, or (iii) to make payment to any other Person other than for value received; (d) agrees to lease property or to
purchase securities, property or services from such other Person with the purpose or intent of assuring the owner of such indebtedness
or obligation of the ability of such other Person to make payment of the indebtedness or obligation; (e) to induce the issuance
of, or in connection with the issuance of, any letter of credit for the benefit of such other Person; or (f) undertakes or agrees
otherwise to assure a creditor against loss. The amount of any Contingent Liability shall (subject to any limitation set forth
herein) be deemed to be the outstanding principal amount (or maximum permitted principal amount, if larger) of the indebtedness,
obligation or other liability guaranteed or supported thereby.

Controlled Group
means all members of a controlled group of corporations, all members of a controlled group of trades or businesses (whether or
not incorporated) under common control and all members of an affiliated service group which, together with any Borrower or any
of its Subsidiaries, are treated as a single employer under Section 414 of the Code or Section 4001 of ERISA.

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Debt of any
Person means, without duplication, (a) all indebtedness of such Person, (b) all borrowed money of such Person, whether or not evidenced
by bonds, debentures, notes or similar instruments, (c) all obligations of such Person as lessee under Capital Leases which have
been or should be recorded as liabilities on a balance sheet of such Person in accordance with GAAP, (d) all obligations of such
Person to pay the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business),
(e) all indebtedness secured by a Lien on the property of such Person, whether or not such indebtedness shall have been assumed
by such Person; provided that if such Person has not assumed or otherwise become liable for such indebtedness, such indebtedness
shall be measured at the fair market value of such property securing such indebtedness at the time of determination, (f) all obligations,
contingent or otherwise, with respect to the face amount of all standby or performance letters of credit (whether or not drawn),
bankers’ acceptances and similar obligations issued for the account of such Person (including the Letters of Credit), (g)
all Hedging Obligations of such Person, (h) all Contingent Liabilities of such Person, (i) all Debt of any partnership of which
such Person is a general partner and (j) any Capital Securities or other equity instrument, whether or not mandatorily redeemable,
that under GAAP is characterized as debt, whether pursuant to financial accounting standards board issuance No. 150 or otherwise.
For purposes of determining Debt, the amount of Hedging Obligations of any Person at any time shall be the maximum aggregate amount
(after giving effect to any netting agreements) that such Person would be required to pay if such Hedging Obligations were terminated
at such time.

Defaulting Lender
means any Lender that, as determined by the Administrative Agent, (a) has failed to perform any of its funding obligations hereunder,
including in respect of its Loans or participations in respect of Letters of Credit or Swing Line Loans, within two (2) Business
Days of the date required to be funded by it hereunder, (b) has notified the Borrowers, the Administrative Agent, the Issuing Lender
or the Swing Line Lender that it does not intend to comply with its funding obligations or has made a public statement to that
effect with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit, (c) has
failed, within two (2) Business Days after request by the Administrative Agent, to confirm in a manner satisfactory to the Administrative
Agent that it will comply with its obligations hereunder to fund prospective Loans and participations in then outstanding Letters
of Credit and Swing Line Loans, (d) otherwise failed to pay over 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, unless the subject of a good faith dispute
or (e) has, or has a direct or indirect parent company that has, (i) become the subject of any bankruptcy or insolvency proceeding,
(ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or
indicated its consent to, approval of or acquiescence in any such proceeding or appointment.

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

Domestic Subsidiary
means a Subsidiary organized under the laws of a jurisdiction located in the United States of America.

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EBITDA means,
for any period, the sum for such period of: (a) Consolidated Net Income, plus (b) to the extent deducted in determining
such Consolidated Net Income, (i) Interest Expense, (ii) federal and state income taxes, (iii) all amounts treated as expense
for depreciation and amortization (the sum of all foregoing items constituting “Unadjusted EBITDA”), all as
reflected on Landauer’s consolidated financial statements as determined in accordance with GAAP, (iv) all extraordinary or
non-recurring losses and expenses as well as other non-cash charges, including restructuring charges, fees associated with mergers
and Acquisitions, impairment charges, non-recurring foreign exchange valuation adjustments and equity compensation expense, provided
that the aggregate of such losses, expenses and charges cannot exceed 15% of Unadjusted EBITDA for Fiscal Year 2012 or 10% of Unadjusted
EBITDA for all Fiscal Years thereafter (subject to variances acceptable to the Administrative Agent in excess of such limits),
and (v) expenses incurred in connection with the IZI Acquisition, not subject to the caps in clause (b)(iv) hereof, minus
(c) any item of extraordinary gain as defined by GAAP, including that portion of Consolidated Net Income arising from the sale
of assets outside the ordinary course of business. Notwithstanding the foregoing, for the quarters ending March 31, 2011, June
30, 2011 and September 30, 2011, EBITDA shall be $15,082,000, $11,276,000 and $10,885,000, respectively.

Environmental
Claims means all claims, however asserted, by any governmental, regulatory or judicial authority or other Person alleging potential
liability or responsibility for violation of any Environmental Law, or for release or injury to the environment.

Environmental
Laws means all present or future federal, state or local laws, statutes, common law duties, rules, regulations, ordinances
and codes, together with all administrative or judicial orders, consent agreements, directed duties, requests, licenses, authorizations
and permits of, and agreements with, any governmental authority, in each case relating to any matter arising out of or relating
to public health and safety, or pollution or protection of the environment or workplace, including any of the foregoing relating
to the presence, use, production, generation, handling, transport, treatment, storage, disposal, distribution, discharge, emission,
release, threatened release, control or cleanup of any Hazardous Substance.

ERISA means
the Employee Retirement Income Security Act of 1974.

Event of Default
means any of the events described in Section 13.1.

Excluded Assets
means (a) real property and any leasehold interests in real property, (b) assets subject to a Lien securing Capital Lease obligations
or purchase money debt obligations, in each case permitted under this Agreement, if the contract or other agreement in which such
Lien is granted prohibits the creation of any other Lien on such assets (other than to the extent that any such prohibition would
be rendered ineffective pursuant to the UCC of any relevant jurisdiction or any other applicable law); provided that such asset
(i) will be an Excluded Asset only to the extent and for so long as the consequences specified above will result and (ii) will
cease to be an Excluded Asset and will become subject to the Lien granted hereunder, immediately and automatically, at such time
as such consequences will no longer result, (c) any lease, license, permit, contract, property right or agreement with a value
of more than $1,000,000 to which any Loan Party is a party or any of

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its rights or interests thereunder if and only for so long as the grant of a Lien hereunder is prohibited
by any law, rule or regulation or will constitute or result in a breach, termination or default, or requires any consent not obtained,
under any such lease, license, contract, property right or agreement (other than to the extent that any such applicable law, rule,
regulation or term would be rendered ineffective pursuant to the UCC of any relevant jurisdiction or any other applicable law);
provided that such lease, license, permit, contract, property right or agreement will be an Excluded Asset only to the extent
and for so long as the consequences specified above will result and will cease to be an Excluded Asset and will become subject
to the Lien granted hereunder, immediately and automatically, at such time as such consequences will no longer result, and (d)
any portion of the issued and outstanding Equity Interests of a Subsidiary not required to be subject to a perfected lien in favor
of the Administrative Agent in accordance with the Loan Documents.

Excluded Taxes
means (a) taxes based upon, or measured by, the Lender’s or Administrative Agent’s (or a branch of the Lender’s
or Administrative Agent’s) overall net income, overall net receipts, or overall net profits (including franchise taxes imposed
in lieu of such taxes), but only to the extent such taxes are imposed by a taxing authority (i) in a jurisdiction in which such
Lender or Administrative Agent is organized, (ii) in a jurisdiction which the Lender’s or Administrative Agent’s principal
office is located, or (iii) in a jurisdiction in which such Lender’s or Administrative Agent’s lending office (or branch)
in respect of which payments under this Agreement are made is located (b) in the case of a Foreign Lender (other than an assignee
pursuant to a request from the Borrowers pursuant to Section 15.1), United States Federal withholding taxes imposed on amounts
payable to or for the account of such Foreign Lender under this Agreement pursuant to a law in effect on the date on which (i)
such Foreign Lender becomes a party to this Agreement or (ii) such Foreign Lender changes its lending office, except in each case
to the extent that, pursuant to Section 7.6, amounts with respect to such taxes were payable either to such Foreign Lender’s
assignor immediately before such Foreign Lender became a party hereto or to such Foreign Lender immediately before it changed its
lending office, (c) taxes attributable to such Lender’s failure to comply with Section 7.6(e) and (d) any United States
Federal withholding taxes imposed by FATCA.

FATCA means
Sections 1471 through 1474 of the Code, the United States Treasury Regulations promulgated thereunder and published guidance with
respect thereto.

Federal Funds
Rate means, for any day, a fluctuating interest rate equal for each day during such period to the weighted average of the rates
on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published
for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York,
or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions
received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent.
The Administrative Agent’s determination of such rate shall be binding and conclusive absent manifest error.

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Fiscal Quarter
means a fiscal quarter of a Fiscal Year.

Fiscal Year
means the fiscal year of Landauer and its Subsidiaries, which period shall be the 12-month period ending on September 30th of each
year. References to a Fiscal Year with a number corresponding to any calendar year (e.g., “Fiscal Year 2010”)
refer to the Fiscal Year ending on September 30, 2010.

Fixed Charge
Coverage Ratio means, for any Computation Period, the ratio of (a) the total for such period of EBITDA minus all unfinanced
Capital Expenditures for such period to (b) the sum for such period of (i) cash Interest Expense plus (ii) scheduled
payments of principal of Debt (excluding the Revolving Loans) plus Restricted Payments made in cash plus income taxes
paid in cash.

Foreign Lender
means any Lender that is organized under the laws of a jurisdiction other than that in which a Borrower is resident for tax purposes
(including such a Lender when acting in the capacity of the Issuing Bank). 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 a Subsidiary that is not a Domestic Subsidiary.

FRB means
the Board of Governors of the Federal Reserve System or any successor thereto.

Funded Debt
means at any time and for any Person, determined for such Person and its Subsidiaries on a consolidated basis in accordance with
GAAP the sum of the following, without duplication: (i) Debt for borrowed money, (ii) obligations under Capital Leases and (iii)
purchase money Debt.

GAAP means
generally accepted accounting principles 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 U.S. accounting profession)
and the Securities and Exchange Commission, which are applicable to the circumstances as of the date of determination.

GPS-see the
Preamble.

Group - see
Section 2.2.1.

Guaranty and
Security Agreement means the Guaranty and Security Agreement dated as of the date hereof executed and delivered by the Loan
Parties, together with any joinders thereto and any other guaranty and/or security agreement executed by a Loan Party, in each
case in form and substance satisfactory to the Administrative Agent.

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Hazardous Substances
means (a) any petroleum or petroleum products, radioactive materials, asbestos in any form that is or could become friable,
urea formaldehyde foam insulation, dielectric fluid containing levels of polychlorinated biphenyls, radon gas and mold; (b) any
chemicals, materials, pollutant or substances defined as or included in the definition of “hazardous substances”, “hazardous
waste”, “hazardous materials”, “extremely hazardous substances”, “restricted hazardous waste”,
“toxic substances”, “toxic pollutants”, “contaminants”, “pollutants” or words of
similar import, under any applicable Environmental Law; and (c) any other chemical, material or substance, the exposure to,
or release of which is prohibited, limited or regulated by any governmental authority or for which any duty or standard of care
is imposed pursuant to, any Environmental Law.

Hedging Agreement
means any interest rate, currency or commodity swap agreement, cap agreement or collar agreement, and any other agreement or arrangement
designed to protect a Person against fluctuations in interest rates, currency exchange rates or commodity prices.

Hedging Obligation
means, with respect to any Person, any liability of such Person under any Hedging Agreement.

Inactive Subsidiary
means any Subsidiary which (a) represents less than 5% of the consolidated assets of the Borrowers and their Subsidiaries and (b)
is responsible for less than 5% of the consolidated net revenue of the Borrowers and their Subsidiaries, in each case as determined
and reflected in the most recent financial statements of the Borrowers delivered pursuant hereto and in the case of clause (b)
for the Computation Period most recently ended.

Indemnified Liabilities
- see Section 15.18.

Indemnified Taxes
means Taxes other than Excluded Taxes.

Interest Expense
means for any period the consolidated interest expense of Landauer and its Subsidiaries for such period (including all imputed
interest on Capital Leases) computed in accordance with GAAP.

Interest Period
means, as to any LIBOR Loan, the period commencing on the date such Loan is borrowed or continued as, or converted into, a LIBOR
Loan and ending on the date one, two, three or six months thereafter as selected by the Borrowers pursuant to Section 2.2.2
or 2.2.3, as the case may be; provided that:

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

(b)any
Interest Period that begins 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;

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(c)the
Borrowers may not select any Interest Period for a Revolving Loan which would extend beyond the scheduled Termination Date; and

(d)the
Borrowers may not select any Interest Period for a Revolving Loan if, after giving effect to such selection, the aggregate principal
amount of all Revolving Loans having Interest Periods ending after any date on which a mandatory reduction of the Revolving Commitments
is scheduled to occur would exceed the aggregate principal amount of the Revolving Loans outstanding after giving effect to such
reduction.

Investment
means, with respect to any Person, any investment in another Person, whether by acquisition of any debt or Capital Security, by
making any loan or advance, by becoming obligated with respect to a Contingent Liability in respect of obligations of such other
Person (other than travel and similar advances to employees in the ordinary course of business) or by making an Acquisition.

Issuing Lender
means BMO, in its capacity as the issuer of Letters of Credit hereunder, or any Affiliate of BMO that may from time to time issue
Letters of Credit, and their successors and assigns in such capacity.

IZI means
IZI Medical Products, LLC, a Delaware limited liability company.

IZI Acquisition
Agreements means the Securities Purchase Agreement dated as of November 14, 2011 by and among Landauer as Buyer, IZI Holdings,
LLC, a Delaware limited liability company, as Seller and certain members of the Seller for the limited purposes therein described,
together with all other agreements executed and delivered in connection therewith.

IZI Acquisition
means the transactions contemplated by the IZI Acquisition Agreements.

Landauer-
see the Preamble.

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.

L/C Application
means, with respect to any request for the issuance of a Letter of Credit, a letter of credit application in the form being used
by the Issuing Lender at the time of such request for the type of letter of credit requested.

L/C Fee Rate
- see the definition of Applicable Margin.

L/C Obligations
means at any time, the aggregate Stated Amount of all Letter of Credit.

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Lender -
see the Preamble. References to the “Lenders” shall include the Issuing Lender; for purposes of clarification
only, to the extent that BMO (or any successor Issuing Lender) may have any rights or obligations in addition to those of the other
Lenders due to its status as Issuing Lender, its status as such will be specifically referenced. In addition to the foregoing,
for the purpose of identifying the Persons entitled to share in the Collateral and the proceeds thereof under, and in accordance
with the provisions of, this Agreement and the Collateral Documents, the term “Lender” shall include Affiliates of
a Lender providing a Bank Product.

Lender Party
- see Section 15.18.

Lending Installation
means with respect to a Lender or the Administrative Agent, the office, branch, subsidiary of affiliate of such Lender or Administrative
Agent listed on Annex B hereto or otherwise selected by such Lender or Administrative Agent pursuant to the terms hereof.

Letter of Credit
- see Section 2.1.2.

Leverage Ratio
means, as of the last day of any Fiscal Quarter, the ratio of (a) Total Funded Debt as of such day to (b) EBITDA for the Computation
Period ending on such day.

LIBO Rate
means a rate per annum determined by the Administrative Agent in accordance with the following formula:

	LIBO
    Rate = LIBOR / 100% - Reserve Percentage
	 

“Reserve
Percentage” means the maximum reserve percentage, expressed as a decimal, at which reserves (including, without
limitation, any emergency, marginal, special, and supplemental reserves) are imposed by the Board of Governors of the Federal
Reserve System (or any successor) on “eurocurrency liabilities”, as defined in such Board’s
Regulation D (or any successor thereto), subject to any amendments of such reserve requirement by such Board or its
successor, taking into account any transitional adjustments thereto. For purposes of this definition, the LIBOR Loans shall
be deemed to be “eurocurrency liabilities” as defined in Regulation D without benefit or credit for
any prorations, exemptions or offsets under Regulation D. The Reserve Percentage shall be adjusted automatically on and
as of the effective date of any change in any such reserve percentage. “LIBOR” means, for each Interest
Period, (a) the LIBOR Index Rate for such Interest Period, if such rate is available, and (b) if the LIBOR Index
Rate cannot be determined, the arithmetic average of the rates of interest per annum
(rounded upward, if necessary, to the nearest 1/100th of 1%) at which deposits in Dollars in immediately available funds are
offered to the Administrative Agent at 11:00 a.m. (London, England time) two (2) Business Days before the beginning of
such Interest Period by three (3) or more major banks in the interbank eurodollar market selected by the Administrative Agent
for a period equal to such Interest Period and in an amount equal or comparable to the applicable LIBOR Loan scheduled to be
outstanding from the Administrative Agent during such Interest Period. “LIBOR Index Rate” means, for any

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Interest Period,
the rate per annum (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) for deposits
in Dollars for a period equal to such Interest Period, which appears on the LIBOR01 Page as of 11:00 a.m. (London, England
time) on the day that is two (2) Business Days before the commencement of such Interest Period. “LIBOR01 Page”
means the display designated as “LIBOR01 Page” on the Reuters Service (or such other page as may replace
the LIBOR01 Page on that service or such other service as may be nominated by the British Bankers’ Association as the information
vendor for the purpose of displaying British Bankers’ Association Interest Settlement Rates for Dollar deposits). The Administrative
Agent’s determination of the LIBO Rate shall be conclusive, absent manifest error.

LIBOR Loan
means any Loan which bears interest at a rate determined by reference to the LIBO Rate.

LIBOR Margin
- see the definition of Applicable Margin.

LIBOR Office
means with respect to any Lender the office or offices of such Lender which shall be making or maintaining the LIBOR Loans of such
Lender hereunder. A LIBOR Office of any Lender may be, at the option of such Lender, either a domestic or foreign office.

 

Lien means,
with respect to any Person, any interest granted by such Person in any real or personal property, asset or other right owned or
being purchased or acquired by such Person (including an interest in respect of a Capital Lease) which secures payment or performance
of any obligation and shall include any mortgage, lien, encumbrance, title retention lien, charge or other security interest of
any kind, whether arising by contract, as a matter of law, by judicial process or otherwise.

Loan Documents
means this Agreement, the Notes, the Letters of Credit, the L/C Applications, the Agent Fee Letter, the Collateral Documents, Subordination
Agreements and all documents, instruments and agreements delivered in connection with the foregoing.

Loan Party
means the Borrowers and each Domestic Subsidiary (other than an Inactive Subsidiary).

Loan or Loans
means, as the context may require, Revolving Loans and/or Swing Line Loans.

Margin Stock
means any “margin stock” as defined in Regulation U.

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Material Adverse
Effect means (a) a material adverse change in, or a material adverse effect upon, the financial condition, results of operations,
assets, or business of the Loan Parties taken as a whole, (b) a material impairment of the ability of any Loan Party to perform
any of the Obligations under any Loan Document or (c) a material adverse effect upon any substantial portion of the Collateral
under the Collateral Documents or upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan
Document.

Multiemployer
Pension Plan means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which any Borrower or any other member
of the Controlled Group may have any liability.

Negative Pledge
Agreement means a negative pledge agreement reasonably acceptable to the Administrative Agent.

Net Worth
means, as of any date, total assets less total liabilities of Landauer and its Subsidiaries calculated on a consolidated basis
in accordance with GAAP.

Non-Use Fee Rate
- see the definition of Applicable Margin.

Note means
a promissory note substantially in the form of Exhibit A.

Notice of Borrowing
- see Section 2.2.2.

Notice of Conversion/Continuation
- see Section 2.2.3.

Obligations
means all obligations (monetary (including post-petition interest, allowed or not) or otherwise) of any Loan Party under this Agreement
and any other Loan Document including Attorney Costs and any reimbursement obligations of each Loan Party in respect of Letters
of Credit, all Hedging Obligations permitted hereunder which are owed to any Lender or its Affiliate or Administrative Agent, and
all Bank Products Obligations, all in each case howsoever created, arising or evidenced, whether direct or indirect, absolute or
contingent, now or hereafter existing, or due or to become due.

OFAC - see
Section 10.4.

Offered Rate-see
Section 2.2.4(a).

Offered Rate
Loan means a Swing Line Loan which bears interest at an Offered Rate.

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

PBGC means
the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.

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Participant
- see Section 15.6.2.

Pension Plan
means a “pension plan”, as such term is defined in Section 3(2) of ERISA, which is subject to Title IV of ERISA or
the minimum funding standards of ERISA (other than a Multiemployer Pension Plan), and as to which any Loan Party or any member
of the Controlled Group may have any liability, including any liability by reason of having been a substantial employer within
the meaning of Section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a contributing
sponsor under Section 4069 of ERISA.

Permitted Lien
means a Lien expressly permitted hereunder pursuant to Section 11.2.

Person means
any natural person, corporation, partnership, trust, limited liability company, association, governmental authority or unit, or
any other entity, whether acting in an individual, fiduciary or other capacity.

Prime Rate
means, for any day, the rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent
as its prime rate (whether or not such rate is actually charged by the Administrative Agent), which is not intended to be the Administrative
Agent’s lowest or most favorable rate of interest at any one time. Any change in the Prime Rate announced by the Administrative
Agent shall take effect at the opening of business on the day specified in the public announcement of such change; provided
that the Administrative Agent shall not be obligated to give notice of any change in the Prime Rate.

Pro Rata Share
means at any time with respect to any Lender (x) prior to the Revolving Commitments being terminated or reduced to zero, the
percentage obtained by dividing (i) such Lender’s Revolving Commitment at such time, by (ii) the aggregate Revolving Commitments
of all Lenders at such time and (y) from and after the time the Revolving Commitments have been terminated or reduced to zero,
the percentage obtained by dividing (i) the aggregate principal amount of such Lender’s Revolving Outstandings at such time
(after settlement and repayment of all Swing Line Loans by the Lenders) by (ii) the aggregate principal amount of all Revolving
Outstandings at such time.

Refunded Swing
Line Loan - see Section 2.2.4(c).

Regulation D
means Regulation D of the FRB.

Regulation U
means Regulation U of the FRB.

Replacement Lender
- see Section 8.7(b).

Reportable Event
means a reportable event as defined in Section 4043 of ERISA and the regulations issued thereunder as to which the PBGC has not
waived the notification requirement of Section 4043(a), or the failure of a Pension Plan to meet the minimum funding standards
of Section 412 of the Code (without regard to whether the Pension Plan is a plan described in Section 4021(a)(2) of ERISA) or under
Section 302 of ERISA.

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Required Lenders
means, as of any date of determination, (a) if there are two (2) or fewer Lenders at such date, Lenders having 100% of the Commitments
or, if the Commitments have been terminated pursuant to Section 13.2, Lenders holding in the aggregate 100% of the Revolving
Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and
Swing Line Loans being deemed “held” by such Lender for purposes of this definition); or (b) if there are more than
two (2) Lenders at such date, three (3) or more Lenders having, in the aggregate, more than 50% of the Commitments or, if the Commitments
have been terminated pursuant to Section 13.2, three (3) or more Lenders holding in the aggregate more than 50% of the Revolving
Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and
Swing Line Loans being deemed “held” by such Lender for purposes of this definition); provided that the Commitment
of, and the portion of the Revolving Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes
of making a determination of Required Lenders.

Restricted Payments
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Capital Securities
in any Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Capital
Securities in any Borrower or any Subsidiary or any option, warrant or other right to acquire any such Capital Securities in any
Borrower or any Subsidiary.

Revolving Commitments
means, as of the Closing Date, $175,000,000, as reduced or increased from time to time pursuant to the terms hereof.

Revolving Credit
Exposure means, as to any Lender at any time, the sum of (a) the aggregate principal amount of its Revolving Loans outstanding
at such time, plus (b) an amount equal to its Pro Rata Share of the principal amount of Swing Line Loans outstanding at such time,
plus (c) an amount equal to its Pro Rata Share of the L/C Obligations at such time.

Revolving Loan
- see Section 2.1.1.

Revolving Outstandings
means, at any time, the sum of the aggregate principal amount of (a) all outstanding Revolving Loans, plus (b) all outstanding
L/C Obligations.

SEC means
the Securities and Exchange Commission or any other governmental authority succeeding to any of the principal functions thereof.

Senior Officer
means, with respect to any Loan Party, any of the chief executive officer, the chief financial officer, the chief operating officer
or the treasurer of such Loan Party.

Stated Amount
means, with respect to any Letter of Credit at any date of determination, (a) the maximum aggregate amount available for drawing
thereunder under any and all circumstances plus (b) the aggregate amount of all unreimbursed payments and disbursements under such
Letter of Credit.

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Subordinated
Debt means any unsecured Debt of any Borrower which has subordination terms, covenants, pricing and other terms which have
been approved in writing by the Required Lenders in the case of any issuance of such Debt in the amount of more than $1,000,000
and by the Administrative Agent in all other cases.

Subordinated
Debt Documents means all documents and instruments relating to the Subordinated Debt and all amendments and modifications thereof
approved by the Administrative Agent.

Subordination
Agreements means all subordination agreements executed by a holder of Subordinated Debt in favor of the Administrative Agent
and the Lenders from time to time after the Closing Date in form and substance and on terms and conditions satisfactory to Administrative
Agent.

Subsidiary
means, with respect to any Person, a corporation, partnership, limited liability company or other entity of which such Person owns,
directly or indirectly, such number of outstanding Capital Securities as have more than 50% of the ordinary voting power for the
election of directors or other managers of such corporation, partnership, limited liability company or other entity. Unless the
context otherwise requires, each reference to Subsidiaries herein shall be a reference to Subsidiaries of Landauer.

Swing Line Availability
means the lesser of (a) the Swing Line Commitment Amount and (b) Revolving Commitments (less Revolving Outstandings at such time).

Swing Line Commitment
Amount means $10,000,000, as reduced from time to time pursuant to Section 6.1, which commitment constitutes a subfacility
of the Revolving Commitment of the Swing Line Lender.

Swing Line Lender
means BMO.

Swing Line Loan
- see Section 2.2.4.

Taxes means
any and all present and future taxes, duties, levies, imposts, deductions, assessments, charges or withholdings, and any and all
liabilities (including interest and penalties and other additions to taxes) with respect to the foregoing, but excluding Excluded
Taxes.

Termination Date
means the earlier to occur of (a) November 9, 2016 or (b) such other date on which the Commitments terminate pursuant to
Section 6 or Section 13.

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Termination Event
means, with respect to a Pension Plan that is subject to Title IV of ERISA, (a) a Reportable Event, (b) the withdrawal of any Loan
Party or any other member of the Controlled Group from such Pension Plan during a plan year in which such Loan Party or any other
member of the Controlled Group was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or was deemed
such under Section 4068(f) of ERISA, (c) the termination of such Pension Plan, the filing of a notice of intent to terminate the
Pension Plan or the treatment of an amendment of such Pension Plan as a termination under Section 4041 of ERISA, (d) the institution
by the PBGC of proceedings to terminate such Pension Plan or (e) any event or condition that might constitute grounds under Section
4042 of ERISA for the termination of, or appointment of a trustee to administer, such Pension Plan.

Total Funded
Debt means all Funded Debt of Landauer and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.

Total Plan Liability
means, at any time, the present value of all vested and unvested accrued benefits under all Pension Plans, determined as of the
then most recent valuation date for each Pension Plan, using PBGC actuarial assumptions for single employer plan terminations.

type - see
Section 2.2.1.

UCC is defined
in the Guaranty and Security Agreement.

Unfunded Liability
means the amount (if any) by which the present value of all vested and unvested accrued benefits under all Pension Plans exceeds
the fair market value of all assets allocable to those benefits, all determined as of the then most recent valuation date for each
Pension Plan, using PBGC actuarial assumptions for single employer plan terminations.

Unmatured Event
of Default means any event that, if it continues uncured, will, with lapse of time or notice or both, constitute an Event of
Default.

Wholly-Owned
Subsidiary means, as to any Person, a Subsidiary all of the Capital Securities of which (except directors’ qualifying
Capital Securities) are at the time directly or indirectly owned by such Person and/or another Wholly-Owned Subsidiary of such
Person.

1.2.           
Other Interpretive Provisions. 

(a)           
The meanings of defined terms are equally applicable to the singular and plural forms of the
defined terms.

(b)          
Section, Annex, Schedule and Exhibit references are to this Agreement unless otherwise
specified.

(c)           
The term “including” is not limiting and means “including without limitation.”

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(d)          
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.”

(e)           
Unless otherwise expressly provided herein, (i) references to agreements (including this
Agreement and the other Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments,
restatements, supplements and other modifications thereto, but only to the extent such amendments, restatements, supplements and
other modifications are not prohibited by the terms of any Loan Document, and (ii) references to any statute or regulation
shall be construed as including all statutory and regulatory provisions amending, replacing, supplementing or interpreting such
statute or regulation.

(f)            
This Agreement and the other Loan Documents may use several different limitations, tests or measurements
to regulate the same or similar matters. All such limitations, tests and measurements are cumulative and each shall be performed
in accordance with its terms.

(g)           
This Agreement and the other Loan Documents are the result of negotiations among and have been
reviewed by counsel to the Administrative Agent, the Borrowers, the Lenders and the other parties thereto and are the products
of all parties. Accordingly, they shall not be construed against the Administrative Agent or the Lenders merely because of the
Administrative Agent’s or Lenders’ involvement in their preparation.

section 2    COMMITMENTS
OF THE LENDERS; BORROWING, CONVERSION AND LETTER OF CREDIT PROCEDURES.

2.1.           
Commitments.  On and subject to the terms and conditions of this Agreement, each
of the Lenders, severally and for itself alone, agrees to make loans to, and to issue or participate in letters of credit for
the account of, the Borrowers as follows:

2.1.1       
Revolving Commitment.  Each Lender with a Revolving Commitment agrees to make
loans on a revolving basis (“Revolving Loans”) from time to time until the Termination Date in such Lender’s
Pro Rata Share of such aggregate amounts as the Borrowers may request from all Lenders; provided that the Revolving Outstandings
will not at any time exceed Revolving Commitments (less the amount of any Swing Line Loans outstanding at such time).

2.1.2       
L/C Commitment.  Subject to Section 2.3.1, the Issuing Lender
agrees to issue letters of credit, in each case containing such terms and conditions as are permitted by this Agreement and are
reasonably satisfactory to the Issuing Lender (each, a “Letter of Credit”), at the request of and for the account
of any Borrower from time to time before the scheduled Termination Date and, as more fully set forth in Section 2.3.2,
each Lender agrees to purchase a participation in each such Letter of Credit; provided that (a) the outstanding L/C Obligations
shall not at any time exceed $10,000,000 and (b) the sum of the total Revolving Credit Exposures shall not at any time exceed
the Revolving Commitments.

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2.2.           
Loan Procedures. 

2.2.1       
Various Types of Loans.  Each Revolving Loan shall be, either a Base
Rate Loan or a LIBOR Loan (each a “type” of Loan), as the Borrowers shall specify in the related notice of
borrowing or conversion pursuant to Section 2.2.2 or 2.2.3. LIBOR Loans having the same Interest Period
which expire on the same day are sometimes called a “Group” or collectively “Groups”. Base
Rate Loans and LIBOR Loans may be outstanding at the same time. All borrowings, conversions and repayments of Revolving Loans
shall be effected so that each Lender will have a ratable share (according to its Pro Rata Share) of all types and Groups of Loans.

2.2.2        Borrowing
Procedures.  The Borrowers shall give written notice (each such written notice, a “Notice
of Borrowing”) substantially in the form of Exhibit D or telephonic notice (followed immediately by a Notice
of Borrowing) to the Administrative Agent of each proposed borrowing not later than (a) in the case of a Base
Rate borrowing, 11:00 A.M., Chicago time, on the proposed date of such borrowing, and (b) in the case of a
LIBOR borrowing, 11:00 A.M., Chicago time, at least three Business Days prior to the proposed date of such borrowing.
Each such notice shall be effective upon receipt by the Administrative Agent, shall be irrevocable, and shall specify
the date, amount and type of borrowing and, in the case of a LIBOR borrowing, the initial Interest Period therefor. Promptly
upon receipt of such notice, the Administrative Agent shall advise each Lender thereof. Not later than 1:00 P.M., Chicago
time, on the date of a proposed borrowing, each Lender shall provide the Administrative Agent at the office specified by
the Administrative Agent with immediately available funds covering such Lender’s Pro Rata Share of such borrowing and,
so long as the Administrative Agent has not received written notice that the conditions precedent set forth in Section 12
with respect to such borrowing have not been satisfied, the Administrative Agent shall pay over the funds received by
the Administrative Agent to the Borrowers on the requested borrowing date. Unless the Administrative Agent shall have
received notice from a Lender prior to the proposed date of any borrowing that such Lender will not make available to
the Administrative Agent its respective share of such borrowing, the Administrative Agent may assume that such Lender has
made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make
available to the respective Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of
the applicable borrowing available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree
to pay to the Administrative Agent forthwith on demand such corresponding amount with interest hereon, for each day from
and including the date such amount is made available to the relevant Borrower to but excluding the date of payment to
the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of
the Borrowers, the interest rate applicable to Base Rate Loans. If such Lender pays such amount to the Administrative Agent,
then such amount shall constitute such Lender’s Loan included in such borrowing. Each borrowing shall be on a Business
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an aggregate amount of at least $1,000,000 and an integral multiple of $500,000, and each LIBOR
borrowing shall be in an aggregate amount of at least $5,000,000 and an integral multiple of at least $1,000,000.

2.2.3       
Conversion and Continuation Procedures.   (a) Subject to Section
2.2.1, the Borrowers may, upon irrevocable written notice to the Administrative Agent in accordance with clause (b)
below:

(A)             
elect, as of any Business Day, to convert any Loans (or any part thereof in an aggregate amount
not less than $5,000,000 a higher integral multiple of $1,000,000) into Loans of the other type; or

(B)             
elect, as of the last day of the applicable Interest Period, to continue any LIBOR Loans having
Interest Periods expiring on such day (or any part thereof in an aggregate amount not less than $5,000,000 or a higher integral
multiple of $1,000,000) for a new Interest Period;

provided that after giving effect
to any prepayment, conversion or continuation, the aggregate principal amount of each Group of LIBOR Loans shall be at least $5,000,000
and an integral multiple of $1,000,000.

(b)          
The Borrowers shall give written notice (each such written notice, a “Notice of Conversion/Continuation”)
substantially in the form of Exhibit E or telephonic notice (followed immediately by a Notice of Conversion/Continuation)
to the Administrative Agent of each proposed conversion or continuation not later than (i) in the case of conversion into Base
Rate Loans, 11:00 A.M., Chicago time, on the proposed date of such conversion and (ii) in the case of conversion into or continuation
of LIBOR Loans, 11:00 A.M., Chicago time, at least three Business Days prior to the proposed date of such conversion or continuation,
specifying in each case:

(A)             
the proposed date of conversion or continuation;

(B)             
the aggregate amount of Loans to be converted or continued;

(C)             
the type of Loans resulting from the proposed conversion or continuation; and

(D)             
in the case of conversion into, or continuation of, LIBOR Loans, the duration of the requested
Interest Period therefor.

(c)           
If upon the expiration of any Interest Period applicable to LIBOR Loans, the Borrowers have failed
to select timely a new Interest Period to be applicable to such LIBOR Loans, the Borrowers shall be deemed to have elected to convert
such LIBOR Loans into Base Rate Loans effective on the last day of such Interest Period.

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(d)          
The Administrative Agent will promptly notify each Lender of its receipt of a notice of conversion
or continuation pursuant to this Section 2.2.3 or, if no timely notice is provided by the Borrowers, of the details of any
automatic conversion.

(e)           
Any conversion of a LIBOR Loan on a day other than the last day of an Interest Period therefor
shall be subject to Section 8.4.

2.2.4       
Swing Line Facility.

(a)           
The Administrative Agent shall notify the Swing Line Lender upon the Administrative Agent’s
receipt of any Notice of Borrowing. Subject to the terms and conditions hereof, the Swing Line Lender may, in its sole discretion,
make available from time to time until the Termination Date advances (each, a “Swing Line Loan”) in accordance
with any such notice, notwithstanding that after making a requested Swing Line Loan, the sum of the Swing Line Lender’s Pro
Rata Share of the Revolving Outstandings and all outstanding Swing Line Loans, may exceed the Swing Line Lender’s Pro Rata
Share of the Revolving Commitments. The provisions of this Section 2.2.4 shall not relieve Lenders of their obligations
to make Revolving Loans under Section 2.1.1; provided that if the Swing Line Lender makes a Swing Line Loan pursuant
to any such notice, such Swing Line Loan shall be in lieu of any Revolving Loan that otherwise may be made by the Lenders pursuant
to such notice. The aggregate amount of Swing Line Loans outstanding shall not exceed at any time Swing Line Availability. Until
the Termination Date, the Borrowers may from time to time borrow, repay and reborrow under this Section 2.2.4. Each Swing
Line Loan shall be made pursuant to a Notice of Borrowing delivered by the Borrowers to the Administrative Agent in accordance
with Section 2.2.2. Any such notice must be given no later than 2:00 P.M., Chicago time, on the Business Day of the proposed
Swing Line Loan. Unless the Swing Line Lender has received at least one Business Day’s prior written notice from the Required
Lenders instructing it not to make a Swing Line Loan, the Swing Line Lender shall, notwithstanding the failure of any condition
precedent set forth in Section 12.2, be entitled to fund that Swing Line Loan, and to have such Lender make Revolving Loans
in accordance with Section 2.2.4(c) or purchase participating interests in accordance with Section 2.2.4(d). Notwithstanding
any other provision of this Agreement or the other Loan Documents, each Swing Line Loan shall constitute a Base Rate Loan unless
the Swing Line Lender in its sole discretion shall offer, and Borrowers shall accept, a fixed interest rate (an “Offered
Rate”) to be applicable thereto. The Borrowers shall repay the aggregate outstanding principal amount of each Swing Line
Loan upon demand therefor by the Administrative Agent.

(b)          
The entire unpaid balance of each Swing Line Loan and all other noncontingent Obligations shall
be immediately due and payable in full in immediately available funds on the Termination Date if not sooner paid in full.

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(c)           
The Swing Line Lender, at any time and from time to time, may on behalf of the Borrowers (and
each Borrower hereby irrevocably authorizes the Swing Line Lender to so act on its behalf) request each Lender (including the Swing
Line Lender) to make a Revolving Loan to the Borrowers (which shall be a Base Rate Loan) in an amount equal to that Lender’s
Pro Rata Share of the principal amount of all Swing Line Loans (the “Refunded Swing Line Loan”) outstanding
on the date such notice is given. Unless any of the events described in Section 13.1.3 has occurred (in which event the
procedures of Section 2.2.4(d) shall apply) and regardless of whether the conditions precedent set forth in this Agreement
to the making of a Revolving Loan are then satisfied, each Lender shall disburse directly to the Administrative Agent, its Pro
Rata Share on behalf of the Swing Line Lender, prior to 2:00 P.M., Chicago time, in immediately available funds on the date
that notice is given (provided that such notice is given by 12:00 p.m., Chicago time, on such date). The proceeds of those
Revolving Loans shall be immediately paid to the Swing Line Lender and applied to repay the Refunded Swing Line Loan.

(d)          
If, prior to refunding a Swing Line Loan with a Revolving Loan pursuant to Section 2.2.4(c),
one of the events described in Section 13.1.3 has occurred, then, subject to the provisions of Section 2.2.4(e) below,
each Lender shall, on the date such Revolving Loan was to have been made for the benefit of the Borrowers, purchase from the Swing
Line Lender an undivided participation interest in the Swing Line Loan in an amount equal to its Pro Rata Share of such Swing Line
Loan. Upon request, each Lender shall promptly transfer to the Swing Line Lender, in immediately available funds, the amount of
its participation interest.

(e)           
Each Lender’s obligation to make Revolving Loans in accordance with Section 2.2.4(c)
and to purchase participation interests in accordance with Section 2.2.4(d) shall be absolute and unconditional and
shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such
Lender may have against the Swing Line Lender, any Borrower or any other Person for any reason whatsoever; (ii) the occurrence
or continuance of any Unmatured Event of Default or Event of Default; (iii) any inability of any Borrower to satisfy the conditions
precedent to borrowing set forth in this Agreement at any time or (iv) any other circumstance, happening or event whatsoever, whether
or not similar to any of the foregoing. If and to the extent any Lender shall not have made such amount available to the Administrative
Agent or the Swing Line Lender, as applicable, by 2:00 P.M., Chicago time, the amount required pursuant to Sections 2.2.4(c)
or 2.2.4(d), as the case may be, on the Business Day on which such Lender receives notice from the Administrative Agent of
such payment or disbursement (it being understood that any such notice received after noon, Chicago time, on any Business Day shall
be deemed to have been received on the next following Business Day), such Lender agrees to pay interest on such amount to the Administrative
Agent for the Swing Line Lender’s account forthwith on demand, for each day from the date such amount was to have been delivered
to the Administrative Agent to the date such amount is paid, at a rate per annum equal to (a) for the first three days after demand,
the Federal Funds Rate from time to time in effect and (b) thereafter, the Base Rate from time to time in effect.

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2.3.           
Letter of Credit Procedures.

2.3.1       
L/C Applications.  The Borrowers shall give notice to the Administrative
Agent and the Issuing Lender of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business
Days (or such lesser number of days as the Administrative Agent and the Issuing Lender shall agree in any particular instance
in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied
by an L/C Application, duly executed by the Borrowers and in all respects satisfactory to the Administrative Agent and the Issuing
Lender, together with such other documentation as the Administrative Agent or the Issuing Lender may request in support thereof,
it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit
is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Termination Date unless
such Letter of Credit is Cash Collateralized) (it being understood and agreed that Letters of Credit may expire up to one (1)
year beyond the Termination Date) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit
outstanding after the scheduled Termination Date which is Cash Collateralized for the benefit of the Issuing Lender shall be the
sole responsibility of the Issuing Lender. So long as the Issuing Lender has not received written notice that the conditions precedent
set forth in Section 12 with respect to the issuance of such Letter of Credit have not been satisfied, but subject to Section
2.3.2 below, the Issuing Lender shall issue such Letter of Credit on the requested issuance date. The Issuing Lender shall promptly
advise the Administrative Agent of the issuance of each Letter of Credit and of any amendment thereto, extension thereof or event
or circumstance changing the amount available for drawing thereunder. In the event of any inconsistency between the terms of any
L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

2.3.2        Participations
in Letters of Credit.  Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall
be deemed to have sold and transferred to each Lender with a Revolving Commitment, and each such Lender shall be deemed
irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an
undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the
Borrowers’ reimbursement obligations with respect thereto. If the Borrowers do not pay any reimbursement obligation
when due, the Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base
Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such
Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section
12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The
proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Borrowers
in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each
Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender
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Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the
Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably
request.

2.3.3       
Reimbursement Obligations.   

(a)           
The Borrowers hereby unconditionally and irrevocably, and jointly and severally, agree to reimburse
the Issuing Lender for each payment or disbursement made by the Issuing Lender under any Letter of Credit honoring any demand for
payment made by the beneficiary thereunder, in each case on the date that such payment or disbursement is made. Any amount not
reimbursed on the date of such payment or disbursement shall bear interest from the date of such payment or disbursement to the
date that the Issuing Lender is reimbursed by the Borrowers therefor, payable on demand, at a rate per annum equal to the Base
Rate from time to time in effect plus the Base Rate Margin from time to time in effect plus, beginning on the third
Business Day after receipt of notice from the Issuing Lender of such payment or disbursement, 2%. The Issuing Lender shall notify
the Borrowers and the Administrative Agent whenever any demand for payment is made under any Letter of Credit by the beneficiary
thereunder; provided that the failure of the Issuing Lender to so notify the Borrowers or the Administrative Agent shall
not affect the rights of the Issuing Lender or the Lenders in any manner whatsoever.

(b)          
The Borrowers’ reimbursement obligations hereunder shall be irrevocable and unconditional
under all circumstances, including (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any other
Loan Document, (b) the existence of any claim, set-off, defense or other right which any Loan Party may have at any time against
a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may
be acting), the Administrative Agent, the Issuing Lender, any Lender or any other Person, whether in connection with any Letter
of Credit, this Agreement, any other Loan Document, the transactions contemplated herein or any unrelated transactions (including
any underlying transaction between any Loan Party and the beneficiary named in any Letter of Credit), (c) the validity, sufficiency
or genuineness of any document which the Issuing Lender has determined complies on its face with the terms of the applicable Letter
of Credit, even if such document should later prove to have been forged, fraudulent, invalid or insufficient in any respect or
any statement therein shall have been untrue or inaccurate in any respect, or (d) the surrender or impairment of any security for
the performance or observance of any of the terms hereof. Without limiting the foregoing, no action or omission whatsoever by the
Administrative Agent or any Lender (excluding any Lender in its capacity as the Issuing Lender) under or in connection with any
Letter of Credit or any related matters shall result in any liability of the Administrative Agent or any Lender to any Borrower,
or relieve any Borrower of any of its obligations hereunder to any such Person.

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2.3.4       
Funding by Lenders to Issuing Lender.  If the Issuing Lender makes any
payment or disbursement under any Letter of Credit and (a) the Borrowers have not reimbursed the Issuing Lender in full for such
payment or disbursement by 11:00 A.M., Chicago time, on the date of such payment or disbursement, (b) a Revolving Loan may not
be made in accordance with Section 2.3.2 or (c) any reimbursement received by the Issuing Lender from the Borrowers is
or must be returned or rescinded upon or during any bankruptcy or reorganization of any Borrower or otherwise, each other Lender
with a Revolving Commitment shall be obligated to pay to the Administrative Agent for the account of the Issuing Lender, in full
or partial payment of the purchase price of its participation in such Letter of Credit, its Pro Rata Share of such payment or
disbursement (but no such payment shall diminish the obligations of any Borrower under Section 2.3.3), and, upon notice
from the Issuing Lender, the Administrative Agent shall promptly notify each other Lender thereof. Each other Lender irrevocably
and unconditionally agrees to so pay to the Administrative Agent in immediately available funds for the Issuing Lender’s
account the amount of such other Lender’s Pro Rata Share of such payment or disbursement. If and to the extent any Lender
shall not have made such amount available to the Administrative Agent by 2:00 P.M., Chicago time, on the Business Day on which
such Lender receives notice from the Administrative Agent of such payment or disbursement (it being understood that any such notice
received after noon, Chicago time, on any Business Day shall be deemed to have been received on the next following Business Day),
such Lender agrees to pay interest on such amount to the Administrative Agent for the Issuing Lender’s account forthwith
on demand, for each day from the date such amount was to have been delivered to the Administrative Agent to the date such amount
is paid, at a rate per annum equal to (a) for the first three days after demand, the Federal Funds Rate from time to time in effect
and (b) thereafter, the Base Rate from time to time in effect. Any Lender’s failure to make available to the Administrative
Agent its Pro Rata Share of any such payment or disbursement shall not relieve any other Lender of its obligation hereunder to
make available to the Administrative Agent such other Lender’s Pro Rata Share of such payment, but no Lender shall be responsible
for the failure of any other Lender to make available to the Administrative Agent such other Lender’s Pro Rata Share of
any such payment or disbursement.

2.4.           
Commitments Several.  The failure of any Lender to make a requested Loan
on any date shall not relieve any other Lender of its obligation (if any) to make a Loan on such date, but no Lender shall be
responsible for the failure of any other Lender to make any Loan to be made by such other Lender.

2.5.           
Certain Conditions.  Except as otherwise provided in Sections 2.2.4 and
2.3.4 of this Agreement, no Lender shall have an obligation to make any Loan, or to permit the continuation of or any conversion
into any LIBOR Loan, and the Issuing Lender shall not have any obligation to issue any Letter of Credit, if an Event of Default
or Unmatured Event of Default exists.

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2.6.            Defaulting
Lenders. 

Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting
Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

(a)           
fees pursuant to Section 5.1 shall cease to accrue on the unfunded portion of the Commitment
of such Defaulting Lender;

(b)          
the Revolving Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be
included in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder;

(c)           
if any Swing Line Loans shall be outstanding or any L/C Obligations shall exist at the time a
Lender becomes a Defaulting Lender then:

(i)                 
all or any part of the unfunded participations in and commitments with respect to such Swing
Line Loans or Letters of Credit shall be reallocated among the non-Defaulting Lenders in accordance with their respective Pro Rata
Shares but only to the extent (x) the sum of all non-Defaulting Lenders’ Revolving Credit Exposure plus such Defaulting
Lenders’ Loans and participations in and commitments with respect to Loans and Letters of Credit does not exceed the total
of all non-Defaulting Lender’s Commitments and (y) the conditions set forth in Section 12 are satisfied at such time;
provided, that the fees payable to the Lenders on account of the Letters of Credit shall be determined taking into account
such reallocation.

(ii)               
if the reallocation described in clause (i) above cannot, or can only partially, be effected,
the Borrowers shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay the outstanding
Swing Line Loans that were not reallocated and (y) second, Cash Collateralize such Defaulting Lender’s Pro Rata Share
of the L/C Obligations for so long as such L/C Exposure is outstanding;

(iii)              
if the Borrowers Cash Collateralize any portion of such Defaulting Lender’s L/C Exposure
pursuant to clause (ii) above, the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section
5.2 with respect to such Defaulting Lender’s L/C Exposure during the period such Defaulting Lender’s L/C Exposure is
cash collateralized; and

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(iv)             
if any Defaulting Lender’s L/C Exposure is not Cash Collateralized pursuant to clause (ii)
above, then, without prejudice to any rights or remedies of the Issuing Lender or any Lender hereunder, all letter of credit fees
payable under Section 5.2 with respect to such Defaulting Lender’s L/C Exposure shall be payable to the Issuing Lender until
such L/C Exposure is Cash Collateralized;

(d)          
so long as any Lender is a Defaulting Lender, the Issuing Lender shall not be required to issue
or modify any Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the Revolving Commitments
of non-Defaulting Lenders and by Cash Collateral provided by the Borrowers in accordance with Section 2.6(c); and

(e)           
any amount payable to such Defaulting Lender hereunder (whether on account of principal, interest,
fees or otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 7.5 but
excluding Section 8.7(b)) shall, in lieu of being distributed to such Defaulting Lender, be retained by the Administrative Agent
in a segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined
by the Administrative Agent (i) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative
Agent hereunder, (ii) second, to the payment of any amounts owing by such Defaulting Lender to the Issuing Bank or Swing Line
Lender hereunder, (iii) third, to the funding of any Revolving Loan or the funding or Cash Collateralization of any participating
interest in any Swing Line Loan or Letter of Credit in respect of which such Defaulting Lender has failed to fund its portion thereof
as required by this Agreement, as determined by the Administrative Agent, (iv) fourth, if so determined by the Administrative
Agent and the Borrowers, held in such account as Cash Collateral for future funding obligations of the Defaulting Lender under
this Agreement, (v) fifth, to the payment of any amounts owing to any Borrower or the Lenders as a result of any judgment
of a court of competent jurisdiction obtained by such Borrower or any Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement, and (vi) sixth, to such Defaulting Lender or as
otherwise directed by a court of competent jurisdiction; provided, that if such payment is a prepayment of the principal
amount of any Loans or reimbursement obligations in respect of draws under Letters of Credit with respect to which the Issuing
Lender has funded its participation obligations, such payment shall be applied solely to prepay the Loans of, and reimbursement
obligations owed to, all Lenders that are not Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans,
or Reimbursement Obligations owed to, any Defaulting Lender.

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In the event that
the Administrative Agent, the Borrowers, the Issuing Lender and the Swing Line Lender each agrees that a Defaulting Lender has
adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swing Line Exposure and L/C Exposure
of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall
purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for
such Lender to hold the Revolving Loans in accordance with its Pro Rata Share. For purposes of this Section 2.6, (x) “Swing
Line Exposure” shall mean, with respect to any Defaulting Lender at any time, such Defaulting Lender’s
Pro Rata Share of the aggregate principal amount of all Swing Line Loans outstanding at such time and (y) “L/C
Exposure” shall mean, with respect to any Defaulting Lender at any time, such Defaulting Lender’s
Pro Rata Share of the L/C Obligations at such time.

Nothing contained
in the foregoing shall be deemed to constitute a waiver by any Borrower of any of its rights or remedies (whether in equity or
law) against any Lender which fails to fund any of its Loans hereunder at the time or in the amount required to be funded under
the terms of this Agreement.

 

section 3    EVIDENCING
OF LOANS.

3.1.           
Noteless Agreement; Evidence of Indebtedness.

(a)           
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing
the indebtedness of the Borrowers to such Lender resulting from each Loan made by such Lender from time to time, including the
amounts of principal and interest payable and paid to such Lender from time to time hereunder.

(b)          
The Administrative Agent shall also maintain accounts in which it will record (i) the amount
of each Loan made hereunder, the type of each Loan and, if applicable, the Interest Period with respect thereto, (ii) the
amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder, (iii) the
original Stated Amount of each Letter of Credit and the amount of L/C Obligations outstanding at any time, and (iv) the amount
of any sum received by the Administrative Agent hereunder from the Borrowers and each Lender’s share thereof.

(c)           
The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall
be prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however,
that the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner
affect the obligation of the Borrowers to repay the Obligations in accordance with their terms.

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(d)          
Any Lender may request that its Loans be evidenced by a promissory note substantially in the
form of Exhibit A (each a “Note”). In such event, the Borrowers shall prepare, execute
and deliver to such Lender such Note payable to the order of such Lender. Thereafter, the Loans evidenced by such Note and interest
thereon shall at all times (prior to any assignment pursuant to Section 15.6) be represented by one or more Notes payable to the
order of the payee named therein, except to the extent that any such Lender subsequently returns any such Note for cancellation
and requests that such Loans once again be evidenced as described in clauses (a) and (b) above.

 

Section 4    INTEREST.

 

4.1.           
Interest Rates. The Borrowers jointly and severally promise to pay interest on
the unpaid principal amount of each Loan for the period commencing on the date of such Loan until such Loan is paid in full as
follows:

(a)           
at all times while such Loan is a Base Rate Loan, at a rate per annum equal to the sum of the
Base Rate from time to time in effect plus the Base Rate Margin from time to time in effect;

(b)          
at all times while such Loan is a LIBOR Loan, at a rate per annum equal to the sum of the LIBO
Rate applicable to each Interest Period for such Loan plus the LIBOR Margin from time to time in effect; and 

(c)           
at all times while such Loan is an Offered Rate Loan, at the rate per annum equal to the Offered
Rate applicable thereto.

provided that at any time an
Event of Default exists, unless the Required Lenders otherwise consent, the interest rate applicable to each Loan shall be increased
by 2% (and, in the case of Obligations not bearing interest, such Obligations shall bear interest at the Base Rate applicable to
Revolving Loans plus 2%), provided further that such increase may thereafter be rescinded by the Required Lenders,
notwithstanding Section 15.1. Notwithstanding the foregoing, upon the occurrence of an Event of Default under Sections 13.1.1
or 13.1.4, such increase shall occur automatically.

4.2.           
Interest Payment Dates.  Accrued interest on each Base Rate Loan shall
be payable in arrears on the last day of each calendar quarter and at maturity. Accrued interest on each LIBOR Loan shall be payable
on the last day of each Interest Period relating to such Loan (and, in the case of a LIBOR Loan with an Interest Period in excess
of three months, on the three-month anniversary of the first day of such Interest Period), upon a prepayment of such Loan, and
at maturity. After maturity, and at any time an Event of Default exists, accrued interest on all Loans shall be payable on demand.

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4.3.           
Setting and Notice of LIBO Rates. The applicable LIBO Rate for each Interest Period
shall be determined by the Administrative Agent, and notice thereof shall be given by the Administrative Agent promptly to the
Borrowers and each Lender. Each determination of the applicable LIBO Rate by the Administrative Agent shall be conclusive and
binding upon the parties hereto, in the absence of demonstrable error. The Administrative Agent shall, upon written request of
any Borrower or any Lender, deliver to such Borrower or such Lender a statement showing the computations used by the Administrative
Agent in determining any applicable LIBO Rate hereunder.

4.4.           
Computation of Interest. Interest shall be computed for the actual number of days
elapsed on the basis of a year of 360 days. The applicable interest rate for each Base Rate Loan shall change simultaneously with
each change in the Base Rate.

section 5    FEES.

5.1.           
Non-Use Fee. The Borrowers jointly and severally agree to pay to the Administrative
Agent for the account of each Lender a non-use fee, for the period from the Closing Date to the Termination Date, at the Non-Use
Fee Rate in effect from time to time of such Lender’s Pro Rata Share (as adjusted from time to time) of the unused amount
of the Revolving Commitments. For purposes of calculating usage under this Section, the Revolving Commitments shall be deemed
used to the extent of Revolving Outstandings. Such non-use fee shall be payable in arrears on the last day of each calendar quarter
and on the Termination Date for any period then ending for which such non-use fee shall not have previously been paid. The non-use
fee shall be computed for the actual number of days elapsed on the basis of a year of 360 days.

5.2.           
Letter of Credit Fees.

(a)           
The Borrowers jointly and severally agree to pay to the Administrative Agent for the account
of each Lender a letter of credit fee for each Letter of Credit equal to the L/C Fee Rate in effect from time to time of such Lender’s
Pro Rata Share (as adjusted from time to time) of the undrawn amount of such Letter of Credit (computed for the actual number of
days elapsed on the basis of a year of 360 days); provided that, unless the Required Lenders otherwise consent, the rate
applicable to each Letter of Credit shall be increased by 2% at any time that an Event of Default exists. Such letter of credit
fee shall be payable in arrears on the last day of each calendar quarter and on the Termination Date (or such later date on which
such Letter of Credit expires or is terminated) for the period from the date of the issuance of each Letter of Credit (or the last
day on which the letter of credit fee was paid with respect thereto) to the date such payment is due or, if earlier, the date on
which such Letter of Credit expired or was terminated.

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(b)          
In addition, with respect to each Letter of Credit, the Borrowers jointly and severally agree
to pay to the Issuing Lender, for its own account, (i) such fees and expenses as the Issuing Lender customarily requires in connection
with the issuance, negotiation, processing and/or administration of letters of credit in similar situations and (ii) a letter of
credit fronting fee in an amount equal to 0.125% per annum of the average daily undrawn Stated Amount under such Letter of Credit,
such fee to be payable in arrears on the last day of each calendar quarter and on the Termination Date (or such later date on which
such Letter of Credit expires or is terminated).

5.3.           
Administrative Agent’s Fees. The Borrowers jointly and severally agree to
pay to the Administrative Agent such agent’s fees as are mutually agreed to from time to time by the Borrowers and the Administrative
Agent including the fees set forth in the Agent Fee Letter.

 

section 6    REDUCTION
OR TERMINATION OF THE REVOLVING COMMITMENTS; PREPAYMENTS;INCREASES OF THE REVOLVING COMMITMENTS

6.1.           
Reduction or Termination of the Revolving Commitments.

6.1.1       
Voluntary Reduction or Termination of the Revolving Commitments. The Borrowers may from
time to time on at least five Business Days’ prior written notice received by the Administrative Agent (which shall promptly
advise each Lender thereof) permanently reduce the Revolving Commitments to an amount not less than the Revolving Outstandings
plus the outstanding amount of all Swing Line Loans. Any such reduction shall be in an amount not less than $5,000,000 or
a higher integral multiple of $1,000,000. Concurrently with any reduction of the Revolving Commitments to zero, the Borrowers shall
pay all interest on the Revolving Loans, all non-use fees and all letter of credit fees and shall Cash Collateralize in full all
obligations arising with respect to the Letters of Credit.

6.1.2       
Mandatory Reductions of Revolving Commitments. On each of November 14, 2014 and November
14, 2015, the Revolving Commitments shall be permanently reduced by an aggregate amount equal to $25,000,000.

6.1.3       
All Reductions of the Revolving Commitments. All reductions of the Revolving Commitments
shall reduce the Commitments ratably among the Lenders according to their respective Pro Rata Shares.

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6.2.           
Prepayments.

6.2.1       
Voluntary Prepayments. The Borrowers may from time to time prepay the Loans in whole or
in part; provided that the Borrowers shall give the Administrative Agent (which shall promptly advise each Lender) notice
thereof not later than 11:00 A.M., Chicago time, on the day of such prepayment (which shall be a Business Day), specifying the
Loans to be prepaid and the date and amount of prepayment. Any such partial prepayment shall be in an amount equal to $1,000,000
or a higher integral multiple of $100,000.

6.2.2       
Mandatory Prepayments. If on any day on which the Revolving Commitments are reduced pursuant
to Section 6.1.2 the Revolving Outstandings plus the outstanding amount of the Swing Line Loan exceeds the Revolving
Commitments, the Borrowers shall immediately prepay Revolving Loans or Cash Collateralize the outstanding Letters of Credit, or
do a combination of the foregoing, in an amount sufficient to eliminate such excess.

6.3.           
Manner of Prepayments.

6.3.1       
All Prepayments. Each voluntary partial prepayment shall be in a principal amount of $1,000,000
or a higher integral multiple of $100,000. Any partial prepayment of a Group of LIBOR Loans shall be subject to the proviso to
Section 2.2.3(a). Any prepayment of a LIBOR Loan on a day other than the last day of an Interest Period therefor shall include
interest on the principal amount being repaid and shall be subject to Section 8.4 Except as otherwise provided by this Agreement,
all principal payments in respect of the Loans (other than the Swing Line Loans) shall be applied first, to repay outstanding Base
Rate Loans and then to repay outstanding LIBO Rate Loans in direct order of Interest Period maturities.

6.4.           
Repayments. The Revolving Loans of each Lender shall be paid in full and the Revolving
Commitments shall terminate on the Termination Date.

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6.5.           
Increase in Revolving Commitments Amount.

6.5.1. Provided there exists no Unmatured
Event of Default or Event of Default, upon written notice to the Administrative Agent (which shall promptly notify the Lenders),
the Borrowers may from time to time request an increase in the Revolving Commitments by an amount (for all such requests, not exceeding
$25,000,000) specified in such notice (which shall not be less than $5,000,000). 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 Business Days from the date of delivery of such notice to the Lenders). Each Lender shall
notify the Administrative Agent within such time period whether or not it agrees to increase its Revolving Commitment and, if so,
whether by an amount equal to, greater than, or less than its Pro Rata Share of such requested increase. Any Lender not responding
within such time period shall be deemed to have declined to increase its Revolving Commitment. The Administrative Agent shall promptly
notify the Borrowers and each Lender of the Lenders’ responses to each request made hereunder. No Lender shall have any obligation
to participate in any increase pursuant hereto except to the extent it agrees to do so in accordance with the terms hereof.

6.5.2. If the Revolving Commitments are
increased in accordance with this Section, the Administrative Agent and the Borrowers shall determine the effective date (the “Increase
Effective Date”) and the final allocation of such increase. The Administrative Agent shall promptly notify the Borrowers
and the Lenders of the final allocation of such increase and the Increase Effective Date. As a condition precedent to such increase,
the Borrowers shall deliver to the Administrative Agent a certificate of the Borrowers dated as of the Increase Effective Date
(in sufficient copies for each Lender) signed by a Senior Officer of each Borrower (i) certifying and attaching the resolutions
adopted by the Borrowers approving or consenting to such increase, and (ii) certifying that, before and after giving effect to
such increase, (A) the representations and warranties contained in Section 9 and the other Loan Documents are true and correct
on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section
6.5.2, the representations and warranties contained in Section 9 shall be deemed to refer to the most recent statements
furnished pursuant to Section 10.1 and (B) no Unmatured Event of Default or Event of Default exists. The Borrowers shall
prepay any Revolving Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section
8.4) to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Pro Rata Shares arising from
any nonratable increase in the Revolving Commitments under this Section.

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section 7    MAKING AND
PRORATION OF PAYMENTS; SETOFF; TAXES.

7.1.           
Making of Payments. All payments of principal or interest on the Loans, and all
fees, shall be made by the Borrowers to the Administrative Agent in immediately available funds at the office specified by the
Administrative Agent not later than noon, Chicago time, on the date due; and funds received after that hour shall be deemed to
have been received by the Administrative Agent on the following Business Day. The Administrative Agent shall promptly remit to
each Lender its share of all such payments received in collected funds by the Administrative Agent for the account of such Lender.
All payments under Section 8.1 shall be made by the Borrowers directly to the Lender entitled thereto without setoff, counterclaim
or other defense.

7.2.           
Application of Certain Payments. So long as no Unmatured Event of Default or Event
of Default has occurred and is continuing, (a) payments matching specific scheduled payments then due shall be applied to those
scheduled payments and (b) voluntary and mandatory prepayments shall be applied as set forth in Sections 6.2 and 6.3.
After the occurrence and during the continuance of an Unmatured Event of Default or Event of Default, all amounts collected or
received by the Administrative Agent or any Lender on account of the Obligations, whether as proceeds from the sale of, or other
realization upon, all or any part of the Collateral , or otherwise, shall be applied as set forth in Section 6.5 of the Guaranty
and Security Agreement. Concurrently with each remittance to any Lender of its share of any such payment, the Administrative Agent
shall advise such Lender as to the application of such payment.

7.3.           
Due Date Extension. If any payment of principal or interest with respect to any
of the Loans, or of any fees, falls due on a day which is not a Business Day, then such due date shall be extended to the immediately
following Business Day (unless, in the case of a LIBOR Loan, such immediately following Business Day is the first Business Day
of a calendar month, in which case such due date shall be the immediately preceding Business Day) and, in the case of principal,
additional interest shall accrue and be payable for the period of any such extension.

7.4.           
Setoff. Each Borrower, for itself and each other Loan Party, agrees that the Administrative
Agent and each Lender have all rights of set-off and bankers’ lien provided by applicable law, and in addition thereto,
each Borrower, for itself and each other Loan Party, agrees that at any time any Event of Default exists, the Administrative Agent
and each Lender may apply to the payment of any Obligations of the Borrowers, or any of them, and each other Loan Party hereunder,
whether or not then due, any and all balances, credits, deposits, accounts or moneys of each Borrower and each other Loan Party
then or thereafter with the Administrative Agent or such Lender.

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7.5.           
Proration of Payments. If any Lender shall obtain any payment or other recovery
(whether voluntary, involuntary, by application of offset or otherwise, on account of (a) principal of or interest on any Loan,
but excluding (i) any payment pursuant to Section 8.1 or 8.4 and (ii) payments of interest on any Affected Loan)
or (b) its participation in any Letter of Credit) in excess of its applicable Pro Rata Share of payments and other recoveries
obtained by all Lenders on account of principal of and interest on the Loans (or such participation) then held by them, then such
Lender shall purchase from the other Lenders such participations in the Loans (or sub-participations in Letters of Credit) held
by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each
of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such
purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery.

7.6.           
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 the Loan Parties hereunder or under
any other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and without reduction or withholding
for any Taxes. If, however, applicable Laws require the Loan Parties or the Administrative Agent to withhold or deduct any Tax,
such Tax shall be withheld or deducted in accordance with such Laws as determined by the Loan Parties or the Administrative Agent,
as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.

(ii)               
If the Loan Parties or the Administrative Agent shall be required by the Code to withhold or
deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A)
the Loan Parties or the Administrative Agent, as the case may be, shall withhold or make such deductions as are determined by the
Loan Parties or the Administrative Agent, as the case may be, to be required based upon the information and documentation it has
received pursuant to subsection (e) below, (B) the Loan Parties or the Administrative Agent, as the case may be, 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 or Other Taxes, the sum payable by the Loan Parties shall
be increased as necessary so that after any required withholding or the making of all required deductions (including deductions
applicable to additional sums payable under this Section 7.6) the Administrative Agent, Lender or Issuing Lender, as the
case may be, receives an amount equal to the sum it would have received had no such withholding or deduction been made.

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(b)          
Payment of Other Taxes by the Loan Parties. Without limiting the provisions of subsection
(a) above, the Loan Parties shall timely pay any Other Taxes to the relevant governmental authority in accordance with applicable
Laws.

(c)           
Tax Indemnifications. 

(i)                 
Without limiting the provisions of subsection (a) or (b) above, each Borrower shall, and does
hereby, indemnify the Administrative Agent, each Lender and the Issuing Lender, and shall make payment in respect thereof within
10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other
Taxes imposed or asserted on or attributable to amounts payable under this Section) withheld or deducted by the Loan Parties or
paid by the Administrative Agent, such Lender or the Issuing Lender, as the case may be, and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally
imposed or asserted by the relevant governmental authority. A certificate as to the amount of any such payment or liability delivered
to the Loan Parties by a Lender or the Issuing Lender (with a copy to the Administrative Agent), or by the Administrative Agent
on its own behalf or on behalf of a Lender or the Issuing Lender, shall be conclusive absent manifest or demonstrable error.

(ii)               
Without limiting the provisions of subsection (a) or (b) above, each Lender and the Issuing Lender
shall, and does hereby, indemnify the Loan Parties and the Administrative Agent, and shall make payment in respect thereof within
10 days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest
and expenses (including the fees, charges and disbursements of any counsel for the Loan Parties or the Administrative Agent)
incurred by or asserted against the Loan Parties or the Administrative Agent by any governmental authority as a result of the failure
by such Lender or the Issuing Lender, as the case may be, to deliver, or as a result of the inaccuracy, inadequacy or deficiency
of, any documentation required to be delivered by such Lender or the Issuing Lender, as the case may be, to the Loan Parties or
the Administrative Agent pursuant to subsection (e). Each Lender and the Issuing Lender hereby authorizes the Administrative Agent
to set off and apply any and all amounts at any time owing to such Lender or the Issuing Lender, as the case may be, under this
Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). The agreements
in this clause (ii) shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by,
or the replacement of, a Lender or the Issuing Lender, the termination of the Commitments and the repayment, satisfaction or discharge
of all other Obligations.

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(d)          
Evidence of Payments.  Upon request by the Loan Parties or the Administrative Agent,
as the case may be, after any payment of Taxes by the Loan Parties or by the Administrative Agent to a governmental authority as
provided in this Section 7.6, the Loan Parties shall deliver to the Administrative Agent or the Administrative Agent shall
deliver to the Loan Parties, 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 required by Laws to report such payment or other evidence of such payment reasonably
satisfactory to the Loan Parties or the Administrative Agent, as the case may be.

(e)           
Status of Lenders; Tax Documentation. 

(i)                 
Each Lender shall deliver to the Loan Parties and to the Administrative Agent, at the time or
times prescribed by applicable Laws or when reasonably requested by the Loan Parties or the Administrative Agent, such properly
completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other
reasonably requested information as will permit the Loan Parties or the Administrative Agent, as the case may be, to determine
(A) whether or not payments made hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required
rate of withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable
Taxes in respect of all payments to be made to such Lender by the Loan Parties pursuant to this Agreement or otherwise to establish
such Lender’s status for withholding tax purposes in the applicable jurisdiction.

(ii)               
Without limiting the generality of the foregoing, if the Loan Parties are residents for tax purposes
in the United States, 

(A)any Lender that is a “United
States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the Loan Parties and the Administrative
Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable
Laws or reasonably requested by the Loan Parties or the Administrative Agent as will enable the Loan Parties or the Administrative
Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements;
and

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(B)each Foreign Lender that
is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with respect to payments
hereunder or under any other Loan Document shall deliver to the Loan Parties and the Administrative Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the request of the Loan Parties or the Administrative Agent, but only if such Foreign Lender
is legally entitled to do so), whichever of the following is applicable:

 

(I)executed
originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United
States is a party,

(II)executed
originals of Internal Revenue Service Form W-8ECI,

(III)executed
originals of Internal Revenue Service Form W-8IMY and all required supporting documentation (including the relevant forms prescribed
in clause (I), (II) or (IV) of this clause (e)(ii)(B) that would be required if the beneficial owners of such payments were Lenders,

(IV)in the
case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of
the Code, (B) a “10 percent shareholder” of the Loan Parties within the meaning of section 881(c)(3)(B) of the Code,
(C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code, or (D) conducting a trade or
business in the United States with which the relevant interest payments are effectively connected and (y) executed originals of
Internal Revenue Service Form W-8BEN; or

(V)executed
originals of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in United States
Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit the Loan
Parties or the Administrative Agent to determine the withholding or deduction required to be made.

(C)If any payment made
to a Lender under this Agreement would be subject to U.S. 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 Loan Parties and the Administrative Agent, at the time or times prescribed by law and at such
time or times reasonably requested by the Loan Parties and 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

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the Loan Parties and the Administrative
Agent as may be necessary for the Loan Parties and the Administrative Agent to comply with their obligations under FATCA, to determine
that such Lender has or has not complied with its obligations under FATCA and, as necessary, to determine the amount to deduct
and withhold from any payment.

(iii)              
Each Lender shall promptly (A) notify the Loan Parties and the Administrative Agent of any change
in circumstances which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not
be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the
re-designation of its LIBOR Office) to avoid any requirement of applicable Laws of any jurisdiction that the Loan Parties or the
Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender.

(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 the Issuing Lender, or have any
obligation to pay to any Lender or the Issuing Lender, any refund of Taxes withheld or deducted from funds paid for the account
of such Lender or the Issuing Lender, as the case may be. If the Administrative Agent, any Lender or the Issuing Lender determines,
in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Loan
Parties or with respect to which the Loan Parties have paid additional amounts pursuant to this Section, it shall pay to the Loan
Parties an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Loan
Parties under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket
expenses incurred by the Administrative Agent, such Lender or the Issuing Lender, 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 the Loan Parties,
upon the request of the Administrative Agent, such Lender or the Issuing Lender, agrees to repay the amount paid over to the Loan
Parties (plus any penalties, interest or other charges imposed by the relevant governmental authority) to the Administrative Agent,
such Lender or the Issuing Lender in the event the Administrative Agent, such Lender or the Issuing Lender is required to repay
such refund to such governmental authority. This subsection shall not be construed to require the Administrative Agent, any Lender
or the Issuing Lender to make available its tax returns (or any other information relating to its taxes that it deems confidential)
to the Loan Parties or any other Person.

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 section 8    INCREASED
COSTS; SPECIAL PROVISIONS FOR LIBOR LOANS.

8.1.           
Increased Costs. 

(a)           
If, after the date hereof, the adoption of, or any change in, any applicable law, rule or regulation,
or any change in the interpretation or administration of any applicable law, rule or regulation by any governmental authority,
central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender with any
request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency: (i) shall
impose, modify or deem applicable any reserve (including any reserve imposed by the FRB, but excluding any reserve included in
the determination of the LIBO Rate pursuant to Section 4), special deposit or similar requirement against assets of, deposits
with or for the account of, or credit extended by any Lender; or (ii) shall impose on any Lender any other condition affecting
its LIBOR Loans, its Note or its obligation to make LIBOR Loans; and the result of anything described in clauses (i) and (ii) above
is to increase the cost to (or to impose a cost on) such Lender (or any LIBOR Office of such Lender) of making or maintaining any
LIBOR Loan, or to reduce the amount of any sum received or receivable by such Lender (or its LIBOR Office) under this Agreement
or under its Note with respect thereto, then upon demand by such Lender (which demand shall be accompanied by a statement setting
forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which shall be furnished
to the Administrative Agent), the Borrowers jointly and severally agree to pay directly to such Lender such additional amount as
will compensate such Lender for such increased cost or such reduction, so long as such amounts have accrued on or after the day
which is 180 days prior to the date on which such Lender first made demand therefore; provided if any adoption or change
giving rise to a demand hereunder is retroactive, then the foregoing 180-day period shall be extended to include the entire retroactive
period contemplated by such adoption or change.

(b)          
If a Lender or the Issuing Lender determines the amount of capital required or expected to be
maintained by such Lender or the Issuing Lender, any Lending Installation of such Lender or the Issuing Lender, or any corporation
controlling such Lender or the Issuing Lender is increased as a result of a Change, then, within 15 days of demand by such Lender
or the Issuing Lender, the Borrowers shall pay such Lender or the Issuing Lender the amount necessary to compensate for any shortfall
in the rate of return on the portion of such increased capital which such Lender or the Issuing Lender determines is attributable
to this Agreement, its Revolving Credit Exposure, its Commitment, and or its obligations to issue or participate in Letters of
Credit, as the case may be, hereunder (after taking into account such Lender’s or the Issuing Lender’s policies as
to capital adequacy). “Change” means (i) any change after the date of this
Agreement in the Risk-Based Capital Guidelines or (ii) any adoption of or change in any other law, governmental or quasi-governmental
rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law) or in the interpretation,
promulgation, implementation or administration thereof after the date of this Agreement which affects the amount of capital required
or expected to be maintained by any Lender or the Issuing Lender or 

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any Lending Installation or any corporation controlling any Lender or the Issuing Lender. Notwithstanding the foregoing, for
purposes of this Agreement, all requests, rules, guidelines or directives in connection with the Dodd-Frank Wall Street Reform
and Consumer Protection Act shall be deemed to be a Change regardless of the date enacted, adopted or issued and all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations
and Supervisory Practices (or any successor or similar authority) or the United States financial regulatory authorities shall be
deemed to be a Change regardless of the date adopted, issued, promulgated or implemented. “Risk-Based Capital
Guidelines” means (i) the risk-based capital guidelines in effect in the United States on the date
of this Agreement, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities
outside the United States including transition rules, and any amendments to such regulations adopted prior to the date of this
Agreement.

8.2.           
Basis for Determining Interest Rate Inadequate or Unfair. If:

(a)           
the Administrative Agent reasonably determines (which determination shall be binding and conclusive
on the Borrowers) that by reason of circumstances affecting the interbank LIBOR market adequate and reasonable means do not exist
for ascertaining the applicable LIBO Rate; or

(b)          
the Required Lenders advise the Administrative Agent that the LIBO Rate as determined by the
Administrative Agent will not adequately and fairly reflect the cost to such Lenders of maintaining or funding LIBOR Loans for
such Interest Period (taking into account any amount to which such Lenders may be entitled under Section 8.1) or that the
making or funding of LIBOR Loans has become impracticable as a result of an event occurring after the date of this Agreement which
in the opinion of such Lenders materially affects such Loans;

then the Administrative Agent
shall promptly notify the other parties thereof and, so long as such circumstances shall continue, (i) no Lender shall be under
any obligation to make or convert any Base Rate Loans into LIBOR Loans and (ii) on the last day of the current Interest Period
for each LIBOR Loan, such Loan shall, unless then repaid in full, automatically convert to a Base Rate Loan.

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8.3.           
Changes in Law Rendering LIBOR Loans Unlawful.  If any change in, or the adoption
of any new, law or regulation, or any change in the interpretation of any applicable law or regulation by any governmental or
other regulatory body charged with the administration thereof, should make it (or in the good faith judgment of any Lender cause
a substantial question as to whether it is) unlawful for any Lender to make, maintain or fund LIBOR Loans, then such Lender shall
promptly notify each of the other parties hereto and, so long as such circumstances shall continue, (a) such Lender shall have
no obligation to make or convert any Base Rate Loan into a LIBOR Loan (but shall make Base Rate Loans concurrently with the making
of or conversion of Base Rate Loans into LIBOR Loans by the Lenders which are not so affected, in each case in an amount equal
to the amount of LIBOR Loans which would be made or converted into by such Lender at such time in the absence of such circumstances)
and (b) on the last day of the current Interest Period for each LIBOR Loan of such Lender (or, in any event, on such earlier date
as may be required by the relevant law, regulation or interpretation), such LIBOR Loan shall, unless then repaid in full, automatically
convert to a Base Rate Loan. Each Base Rate Loan made by a Lender which, but for the circumstances described in the foregoing
sentence, would be a LIBOR Loan (an “Affected Loan”) shall remain outstanding for the period corresponding
to the Group of LIBOR Loans of which such Affected Loan would be a part absent such circumstances.

8.4.           
Funding Losses. The Borrowers hereby agree that upon demand by any Lender (which
demand shall be accompanied by a statement setting forth the basis for the amount being claimed, a copy of which shall be furnished
to the Administrative Agent), the Borrowers will jointly and severally indemnify such Lender against any net loss or expense which
such Lender may sustain or incur (including any net loss or expense incurred by reason of the liquidation or reemployment of deposits
or other funds acquired by such Lender to fund or maintain any LIBOR Loan), as reasonably determined by such Lender, as a result
of (a) any payment, prepayment or conversion of any LIBOR Loan of such Lender on a date other than the last day of an Interest
Period for such Loan (including any conversion pursuant to Section 8.3) or (b) any failure of the Borrowers to borrow,
convert or continue any Loan on a date specified therefor in a notice of borrowing, conversion or continuation pursuant to this
Agreement. For this purpose, all notices to the Administrative Agent pursuant to this Agreement shall be deemed to be irrevocable.

8.5.           
Right of Lenders to Fund through Other Offices. Each Lender may, if it so elects,
fulfill its commitment as to any LIBOR Loan by causing a foreign branch or Affiliate of such Lender to make such Loan; provided
that in such event for the purposes of this Agreement such Loan shall be deemed to have been made by such Lender and the obligation
of the Borrowers to repay such Loan shall nevertheless be to such Lender and shall be deemed held by it, to the extent of such
Loan, for the account of such branch or Affiliate.

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8.6.           
Discretion of Lenders as to Manner of Funding. Notwithstanding any provision of
this Agreement to the contrary, each Lender shall be entitled to fund and maintain its funding of all or any part of its Loans
in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder
shall be made as if such Lender had actually funded and maintained each LIBOR Loan during each Interest Period for such Loan through
the purchase of deposits having a maturity corresponding to such Interest Period and bearing an interest rate equal to the LIBO
Rate for such Interest Period.

8.7.           
Mitigation of Circumstances; Replacement of Lenders. 

(a)           
Each Lender shall promptly notify the Borrowers and the Administrative Agent of any event of
which it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Lender’s
sole judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (i) any obligation by the Borrowers to pay any amount
pursuant to Sections 7.6 or 8.1 or (ii) the occurrence of any circumstances described in Sections 8.2 or 8.3
(and, if any Lender has given notice of any such event described in clause (i) or (ii) above and thereafter such event ceases to
exist, such Lender shall promptly so notify the Borrowers and the Administrative Agent). Without limiting the foregoing, each Lender
will designate a different funding office if such designation will avoid (or reduce the cost to the Borrowers of) any event described
in clause (i) or (ii) above and such designation will not, in such Lender’s sole judgment, be otherwise disadvantageous to
such Lender.

(b)          
If the Borrowers become obligated to pay additional amounts to any Lender pursuant to Sections
7.6 or 8.1, or any Lender gives notice of the occurrence of any circumstances described in Sections 8.2 or 8.3,
or any Lender becomes a Defaulting Lender, the Borrowers may request and designate another Lender or bank which is acceptable to
the Administrative Agent and the Issuing Lender in their reasonable discretion (such other bank being called a “Replacement
Lender”) to purchase the Loans of such Lender and such Lender’s rights hereunder, without recourse to or warranty
by, or expense to, such Lender, for a purchase price equal to the outstanding principal amount of the Loans payable to such Lender
plus any accrued but unpaid interest on such Loans and all accrued but unpaid fees owed to such Lender and any other amounts payable
to such Lender under this Agreement, and to assume all the obligations of such Lender hereunder, and, upon such purchase and assumption
(pursuant to an Assignment Agreement), such Lender shall no longer be a party hereto or have any rights hereunder (other than rights
with respect to indemnities and similar rights applicable to such Lender prior to the date of such purchase and assumption) and
shall be relieved from all obligations to the Borrowers hereunder, and the Replacement Lender shall succeed to the rights and obligations
of such Lender hereunder.

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8.8.           
Conclusiveness of Statements; Survival of Provisions. Determinations and statements
of any Lender pursuant to Sections 8.1, 8.2, 8.3 or 8.4 shall be conclusive absent demonstrable error.
Lenders may use reasonable averaging and attribution methods in determining compensation under Sections 8.1 and 8.4,
and the provisions of such Sections shall survive repayment of the Obligations, cancellation of any Notes, expiration or termination
of the Letters of Credit and termination of this Agreement.

 section 9    REPRESENTATIONS
AND WARRANTIES.

To induce the Administrative
Agent and the Lenders to enter into this Agreement and to induce the Lenders to make Loans and issue and participate in Letters
of Credit hereunder, each Borrower represents and warrants to the Administrative Agent and the Lenders that:

9.1.           
Organization. Each Loan Party is validly existing and in good standing under the
laws of its jurisdiction of organization; and each Loan Party is duly qualified to do business in each jurisdiction where, because
of the nature of its activities or properties, such qualification is required, except for such jurisdictions where the failure
to so qualify would not have a Material Adverse Effect.

9.2.           
Authorization; No Conflict. Each Loan Party is duly authorized to execute and
deliver each Loan Document to which it is a party, each Borrower is duly authorized to borrow monies hereunder and each Loan Party
is duly authorized to perform its Obligations under each Loan Document to which it is a party. The execution, delivery and performance
by each Loan Party of each Loan Document to which it is a party, and the borrowings by each Borrower hereunder, do not and will
not (a) require any consent or approval of any governmental agency or authority (other than any consent or approval which has
been obtained and is in full force and effect), (b) conflict with (i) any provision of applicable law, (ii) the charter, by-laws
or other organizational documents of any Loan Party or (iii) any material agreement, indenture, material instrument or other material
document, or any judgment, order or decree, which is binding upon any Loan Party or any of their respective properties or (c)
require, or result in, the creation or imposition of any Lien on any asset of any Loan Party (other than Liens in favor of the
Administrative Agent created pursuant to the Collateral Documents).

9.3.           
Validity and Binding Nature. Each of this Agreement and each other Loan Document
to which any Loan Party is a party is the legal, valid and binding obligation of such Person, enforceable against such Person
in accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting the enforceability of creditors’
rights generally and to general principles of equity.

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9.4.           
Financial Condition. The audited consolidated financial statements of Landauer
and its Subsidiaries as at September 30, 2010 and the unaudited consolidated financial statements of Landauer and its Subsidiaries
as at June 30, 2011, copies of each of which have been delivered to each Lender, were prepared in accordance with GAAP (subject,
in the case of such unaudited statements, to the absence of footnotes and to normal year-end adjustments) and present fairly in
all material respects the consolidated financial condition of Landauer and its Subsidiaries as at such dates and the results of
their operations for the periods then ended.

9.5.           
No Material Adverse Effect. Since September 30, 2010 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.

9.6.           
Litigation and Contingent Liabilities. No litigation (including derivative actions),
arbitration proceeding or governmental investigation or proceeding is pending or, to any Borrower’s knowledge, threatened
against any Loan Party which, if adversely determined, would reasonably be expected to have a Material Adverse Effect. Other than
any liability incident to such litigation or proceedings, no Loan Party has any material contingent liabilities not listed on
Schedule 9.6 or permitted by Section 11.1.

9.7.           
Ownership of Properties; Liens. Each Loan Party owns good and, in the case of
real property, marketable title to all of its properties and assets, having a value in excess of $10,000, real and personal, tangible
and intangible, of any nature whatsoever (including patents, trademarks, trade names, service marks and copyrights), free and
clear of all Liens, charges and claims (including infringement claims with respect to patents, trademarks, service marks, copyrights
and the like) except as permitted by Section 11.2.

9.8.           
Equity Ownership; Subsidiaries. All issued and outstanding Capital Securities
of each Loan Party are duly authorized and validly issued, fully paid, non-assessable, and free and clear of all Liens other than
those in favor of the Administrative Agent, and such securities were issued in compliance with all applicable state and federal
laws concerning the issuance of securities. Schedule 9.8 sets forth the authorized Capital Securities of each Loan Party
(other than Landauer) as of the Closing Date. All of the issued and outstanding Capital Securities of each Borrower are owned
as set forth on Schedule 9.8 as of the Closing Date, and all of the issued and outstanding Capital Securities of each Wholly-Owned
Subsidiary is, directly or indirectly, owned by the Borrower shown on Schedule 9.8. As of the Closing Date, except as set
forth on Schedule 9.8, there are no pre-emptive or other outstanding rights, options, warrants, conversion rights or other
similar agreements or understandings for the purchase or acquisition of any Capital Securities of any Loan Party. As of the Closing
Date (prior to the initial Loans hereunder), all Domestic Subsidiaries other than GPS are Inactive Subsidiaries. Upon consummation
of the IZI Acquisition, IZI will be a Domestic Subsidiary Loan Party.

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9.9.           
Pension Plans. 

(a)           
Each Pension Plan complies in all material respects with all applicable requirements of law and
regulations. No contribution failure under Section 412 of the Code, Section 303 of ERISA or the terms of any Pension Plan has occurred
with respect to any Pension Plan, sufficient to give rise to a Lien under Section 303(k) of ERISA, or otherwise to have a Material
Adverse Effect. There are no pending or, to the knowledge of any Borrower, threatened, claims, actions, investigations or lawsuits
against any Pension Plan, any fiduciary of any Pension Plan, or any Borrower or other any member of the Controlled Group with respect
to a Pension Plan or a Multiemployer Pension Plan which would reasonably be expected to have a Material Adverse Effect. Neither
any Borrower nor any other member of the Controlled Group has engaged in any prohibited transaction (as defined in Section 4975
of the Code or Section 406 of ERISA) in connection with any Pension Plan or Multiemployer Pension Plan which could reasonably be
expected to have a Material Adverse Effect. Within the past five years, neither any Borrower nor any other member of the Controlled
Group has engaged in a transaction which resulted in a Pension Plan with an Unfunded Liability being transferred out of the Controlled
Group, which could reasonably be expected to have a Material Adverse Effect. No Termination Event has occurred or is reasonably
expected to occur with respect to any Pension Plan, which could reasonably be expected to have a Material Adverse Effect.

(b)          
All contributions (if any) have been made to any Multiemployer Pension Plan that are required
to be made by any Borrower or any other member of the Controlled Group under the terms of the plan or of any collective bargaining
agreement or by applicable law; neither any Borrower nor any other member of the Controlled Group has withdrawn or partially withdrawn
from any Multiemployer Pension Plan, incurred any withdrawal liability with respect to any such plan or received notice of any
claim or demand for withdrawal liability or partial withdrawal liability from any such plan, and no condition has occurred which,
if continued, could result in a withdrawal or partial withdrawal from any such plan; and neither any Borrower nor any other member
of the Controlled Group has received any notice that any Multiemployer Pension Plan is in reorganization, that increased contributions
may be required to avoid a reduction in plan benefits or the imposition of any excise tax, that any such plan is or has been funded
at a rate less than that required under Section 412 of the Code, that any such plan is or may be terminated, or that any such plan
is or may become insolvent.

9.10.        Investment
Company Act. No Loan Party is an “investment company” or a company “controlled” by an “investment
company” or a “subsidiary” of an “investment company,” within the meaning of the Investment Company
Act of 1940.

9.11.       
USA Patriot Act. Each Borrower and its Subsidiaries are in compliance, in all material
respects, with the USA Patriot Act.

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9.12.       
Foreign Assets Control Regulations and Anti-Money Laundering. Neither any Borrower nor
any of its Subsidiary (a) is a person whose property or interest in property is blocked or subject to blocking pursuant to
Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons
Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (b) engages in any dealings or transactions prohibited
by Section 2 of such executive order, or is otherwise associated with any such person in any manner violative of Section 2,
or (c) is a person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions
under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order.

9.13.       
Regulation U. No Borrower is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose of purchasing or carrying Margin Stock.

9.14.        Taxes.
Each Loan Party has timely filed all tax returns and reports required by law to have been filed by it in respect of any income
tax liability in excess of $25,000 and has paid all taxes and governmental charges due and payable with respect to such return,
except any such taxes or charges which are being diligently contested in good faith by appropriate proceedings and for which adequate
reserves in accordance with GAAP shall have been set aside on its books. The Loan Parties have made adequate reserves on their
books and records in accordance with GAAP for all taxes that have accrued but which are not yet due and payable. No Loan Party
has participated in any transaction that relates to a year of the taxpayer (which is still open under the applicable statute of
limitations) which is a “reportable transaction” within the meaning of Treasury Regulation Section 1.6011-4(b)(2)
(irrespective of the date when the transaction was entered into).

9.15.        Solvency,
etc. On the Closing Date, and immediately prior to and after giving effect to the issuance of each Letter of Credit
and each borrowing hereunder and the use of the proceeds thereof, with respect to the Loan Parties on a consolidated basis, (a)
the fair value of their assets is greater than the amount of their liabilities (including disputed, contingent and unliquidated
liabilities) as such value is established and liabilities evaluated in accordance with GAAP, (b) the present fair saleable value
of their assets is not less than the amount that will be required to pay the probable liability on their debts as they become
absolute and matured, (c) they are able to realize upon their assets and pay their debts and other liabilities (including disputed,
contingent and unliquidated liabilities) as they mature in the normal course of business, (d) they do not intend to, and do not
believe that they will, incur debts or liabilities beyond their ability to pay as such debts and liabilities mature and (e) they
are not engaged in business or a transaction, and are not about to engage in business or a transaction, for which their property
would constitute unreasonably small capital.

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9.16.        Environmental
Matters. The on-going operations of each Loan Party comply in all respects with all Environmental Laws, except such
non-compliance which could not (if enforced in accordance with applicable law) reasonably be expected to result, either individually
or in the aggregate, in a Material Adverse Effect. Each Loan Party has obtained, and maintained in good standing, all licenses,
permits, authorizations, registrations and other approvals required under any Environmental Law for their respective ordinary
course operations, and for their reasonably anticipated future operations, and each Loan Party is in compliance with all terms
and conditions thereof, except where the failure to do so could not reasonably be expected to result, either individually or in
the aggregate, in a Material Adverse Effect. No Loan Party or any of its properties or operations is subject to, or reasonably
anticipates the issuance of, any written order from or agreement with any Federal, state or local governmental authority, nor
subject to any judicial or docketed administrative or other proceeding, respecting any Environmental Law, Environmental Claim
or Hazardous Substance. There are no Hazardous Substances or other conditions or circumstances existing with respect to any property,
arising from operations prior to the Closing Date, or relating to any waste disposal, of any Loan Party that would reasonably
be expected to result, either individually or in the aggregate, in a Material Adverse Effect. No Loan Party has any underground
storage tanks that are not properly registered or permitted under applicable Environmental Laws or that at any time have released,
leaked, disposed of or otherwise discharged Hazardous Substances, which leak or release would reasonably be expected to result,
individually or in the aggregate, in a Material Adverse Effect.

9.17.        Insurance.
Each Loan Party and its properties are insured with financially sound and reputable insurance companies which are not Affiliates
of the Loan Parties, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged
in similar businesses and owning similar properties in localities where such Loan Parties operate.

9.18.        Real
Property. Set forth on Schedule 9.18 is a complete and accurate list, as of the Closing Date, of the address
of all real property owned or leased by any Loan Party, together with, in the case of leased property, the name and mailing address
of the lessor of such property. As of the Closing Date, each property leased by any Loan Party or any Subsidiary on which Collateral
with a value of more than $1,000,000 is located is indicated as such on Schedule 9.18.

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9.19.        Information.
All information heretofore or contemporaneously herewith furnished in writing by any Loan Party to the Administrative Agent or
any Lender for purposes of or in connection with this Agreement and the transactions contemplated hereby, taken as a whole, is,
and together with all written information hereafter furnished by or on behalf of any Loan Party to the Administrative Agent or
any Lender pursuant hereto or in connection herewith will be, true and accurate in every material respect on the date as of which
such information is dated or certified, and none of such information is or will be incomplete by omitting to state any material
fact necessary to make such information not materially misleading in light of the circumstances under which made (it being recognized
by the Administrative Agent and the Lenders that any budget, projections and forecasts provided by the Borrowers are based on
good faith estimates and assumptions believed by the Borrowers to be reasonable as of the date of the applicable budget, projections
or assumptions and that actual results during the period or periods covered by any such projections and forecasts may differ from
budgeted, projected or forecasted results).

9.20.        Intellectual
Property. Each Loan Party owns and possesses or has a license or other right to use all patents, patent rights, trademarks,
trademark rights, trade names, trade name rights, service marks, service mark rights and copyrights as are necessary for the conduct
of the businesses of the Loan Parties, without any infringement in any material respect upon rights of others.

9.21.        Burdensome
Obligations. No Loan Party is a party to any agreement or contract or subject to any restriction contained in its organizational
documents which could reasonably be expected to have a Material Adverse Effect.

9.22.        Labor
Matters. There are no existing or threatened strikes, lockouts or other labor disputes involving any Loan Party that
singly or in the aggregate could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to
employees of the Loan Parties are not in violation of the Fair Labor Standards Act or any other applicable law, rule or regulation
dealing with such matters.

9.23.        No
Default. No Event of Default or Unmatured Event of Default exists or would result from the incurrence by any Loan Party
of any Debt hereunder or under any other Loan Document.

9.24.       
IZI Acquisition Agreements, etc. 

(a)           
The Borrowers have heretofore furnished the Administrative Agent a true and correct copy of the
IZI Acquisition Agreements.

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(b)          
Each Loan Party and, to each Borrower’s knowledge, each other party to the IZI Acquisition
Agreements, has duly taken all necessary corporate, partnership or other organizational action to authorize the execution, delivery
and performance of the IZI Acquisition Agreements and the consummation of transactions contemplated thereby.

(c)           
The IZI Acquisition will comply with all applicable legal requirements, and all necessary governmental,
regulatory, creditor, shareholder, partner and other material consents, approvals and exemptions required to be obtained by the
Loan Parties and, to each Borrower’s knowledge, each other party to the IZI Acquisition Agreements in connection with the
IZI Acquisition will be, prior to consummation of the IZI Acquisition, duly obtained and will be in full force and effect. As of
the date of the IZI Acquisition Agreements, all applicable waiting periods with respect to the IZI Acquisition will have expired
without any action being taken by any competent governmental authority which restrains, prevents or imposes material adverse conditions
upon the consummation of the IZI Acquisition.

(d)          
The execution and delivery of the IZI Acquisition Agreements did not, and the consummation of
the IZI Acquisition will not, violate any statute or regulation of the United States (including any securities law) or of any state
or other applicable jurisdiction, or any order, judgment or decree of any court or governmental body binding on any Loan Party
or, to any Borrower’s knowledge, any other party to the IZI Acquisition Agreements, or result in a breach of, or constitute
a default under, any material agreement, indenture, material instrument or other material document, or any judgment, order or decree,
to which any Loan Party is a party or by which any Loan Party is bound or, to any Borrower’s knowledge, to which any other
party to the IZI Acquisition Agreements is a party or by which any such party is bound.

(e)           
No statement or representation made in the IZI Acquisition Agreements by any Loan Party or, to
any Borrower’s knowledge, any other Person, contains any untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary in order to make the statements made therein, taken as a whole, in light of the
circumstances under which they are made, not materially misleading (it being recognized by the Administrative Agent and the Lenders
that any budget, projections or forecasts provided by the Borrowers are based on good faith estimates and assumptions believed
by the Borrower to be reasonable as of the date of the applicable budget, projections and forecasts and that actual results during
the period or periods covered by any such budget, projections and forecasts may materially differ from budgeted, projected or forecasted
results).

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9.25.        Subordinated
Debt. The subordination provisions of the Subordinated Debt are enforceable against the holders of the Subordinated
Debt by the Administrative Agent on behalf of the Lenders. All Obligations constitute senior Debt entitled to the benefits of
the subordination provisions contained in the Subordinated Debt.

section 10  AFFIRMATIVE COVENANTS.

 until
the expiration or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents
are paid in full and all Letters of Credit have been terminated, each Borrower agrees that, unless at any time the Required Lenders
shall otherwise expressly consent in writing, it will:

10.1.       
Reports, Certificates and Other Information.

Furnish to the Administrative Agent and each Lender:

10.1.1   
Annual Report. Promptly when available and in any event within 90 days after the close
of each Fiscal Year: (a) a copy of the annual audit report of Landauer and its Subsidiaries for such Fiscal Year, including therein
consolidated balance sheets and statements of earnings and cash flows of Landauer and its Subsidiaries as at the end of such Fiscal
Year, certified without adverse reference to going concern value and without qualification by independent auditors of recognized
standing selected by the Borrowers and reasonably acceptable to the Administrative Agent; and (b) a consolidating balance sheet
of Landauer and its Subsidiaries as of the end of such Fiscal Year and consolidating statement of earnings and cash flows for Landauer
and its Subsidiaries for such Fiscal Year, certified by a Senior Officer of the Borrowers.

10.1.2   
Interim Reports. Promptly when available and in any event within 45 days after the end
of each Fiscal Quarter (except the last Fiscal Quarter of each Fiscal Year), consolidated and consolidating balance sheets of Landauer
and its Subsidiaries as of the end of such Fiscal Quarter, together with consolidated and consolidating statements of earnings
and cash flows for such Fiscal Quarter and for the period beginning with the first day of such Fiscal Year and ending on the last
day of such Fiscal Quarter, together with a comparison with the corresponding period of the previous Fiscal Year and a comparison
with the budget for such period of the current Fiscal Year, certified by a Senior Officer of the Borrowers.

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10.1.3   
Compliance Certificates. Contemporaneously with the furnishing of a copy of each annual
audit report pursuant to Section 10.1.1 and each set of quarterly statements pursuant to Section 10.1.2, a duly completed
compliance certificate in the form of Exhibit B, with appropriate insertions, dated the date of such annual report or such
quarterly statements and signed by a Senior Officer of the Borrowers, containing (i) a computation of each of the financial ratios
and restrictions set forth in Section 11.13 and to the effect that such officer has not become aware of any Event of Default
or Unmatured Event of Default that has occurred and is continuing or, if there is any such event, describing it and the steps,
if any, being taken to cure it and (ii) a written statement of the Borrowers’ management setting forth a discussion of the
Borrowers’ financial condition, changes in financial condition and results of operations.

10.1.4   
Reports to the SEC and to Shareholders. Promptly upon the filing or sending thereof, copies
of all regular, periodic or special reports of any Loan Party filed with the SEC; copies of all registration statements of any
Loan Party filed with the SEC (other than on Form S-8); and copies of all proxy statements or other communications made to security
holders generally.

10.1.5   
Notice of Default, Litigation and ERISA Matters. Promptly upon becoming aware of any of
the following, written notice describing the same and the steps being taken by the Borrower or the Subsidiary affected thereby
with respect thereto:

(a)           
the occurrence of an Event of Default or an Unmatured Event of Default;

(b)          
any litigation, arbitration or governmental investigation or proceeding not previously disclosed
by the Borrowers to the Lenders which has been instituted or, to the knowledge of any Borrower, is threatened against any Loan
Party or to which any of the properties of any thereof is subject which, if adversely determined, would reasonably be expected
to have a Material Adverse Effect;

(c)           
the institution of any steps by any member of the Controlled Group or any other Person to terminate
any Pension Plan, or the failure of any member of the Controlled Group to make a required contribution to any Pension Plan (if
such failure is sufficient to give rise to a Lien under Section 303(k) of ERISA) or to any Multiemployer Pension Plan, or the taking
of any action with respect to a Pension Plan which could result in the requirement that any Borrower furnish a bond or other security
to the PBGC or such Pension Plan, or the occurrence of any event with respect to any Pension Plan or Multiemployer Pension Plan
which could result in the incurrence by any member of the Controlled Group of any material liability, fine or penalty (including
any claim or demand for withdrawal liability or partial withdrawal from any Multiemployer Pension Plan), or any material increase
in the contingent liability of any Borrower with respect to any post-retirement welfare benefit plan or other employee benefit
plan of any Borrower or another member of the

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Controlled Group, or any notice that any Multiemployer Pension Plan is in reorganization,
that increased contributions may be required to avoid a reduction in plan benefits or the imposition of an excise tax, that any
such plan is or has been funded at a rate less than that required under Section 412 of the Code, that any such plan is or may be
terminated, or that any such plan is or may become insolvent;

(d)          
any cancellation or material change in any insurance maintained by any Loan Party; or

(e)           
any other event (including (i) any violation of any Environmental Law or the assertion of any
Environmental Claim or (ii) the enactment or effectiveness of any law, rule or regulation) which might reasonably be expected to
have a Material Adverse Effect.

10.1.6   
[Intentionally Omitted].

10.1.7   
Projections. As soon as practicable, and in any event not later than 60 days following
the end of each Fiscal Year, operating budget for Landauer and its Subsidiaries for the following Fiscal Year prepared in a manner
consistent with the budget delivered by the Borrowers to the Lenders prior to the Closing Date or otherwise in a manner reasonably
satisfactory to the Administrative Agent, accompanied by a certificate of a Senior Officer of the Borrowers on behalf of the Borrowers
to the effect that (a) such budget was prepared by the Borrowers in good faith, (b) the Borrowers have a reasonable basis for the
assumptions contained in such budget and (c) such budget has been prepared in accordance with such assumptions (it being recognized
by the Administrative Agent and the Lenders that any budget, projections or forecasts provided by the Borrowers are based on good
faith estimates and assumptions believed by the Borrower to be reasonable as of the date of the applicable budget, projections
and forecasts and that actual results during the period or periods covered by any such budget, projections and forecasts may materially
differ from budgeted, projected or forecasted results).

10.1.8   
Subordinated Debt and Other Notices. Promptly following receipt, copies of any notices
(including notices of default or acceleration) received from any holder or trustee of, under or with respect to any Subordinated
Debt or in connection with the IZI Acquisition.

10.1.9    
Other Information. Promptly from time to time, such other information concerning the Loan
Parties as any Lender or the Administrative Agent may reasonably request.

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Information required
to be delivered pursuant to Sections 10.1.1 and 10.1.2 shall be deemed to have been delivered if such information, or one or more
annual, quarterly or other periodic reports containing such information, shall have been posted by the Administrative Agent on
a SyndTrak or similar site to which the Lenders have been granted access or shall be available on the website of the SEC at http://www.sec.gov.
Information required to be delivered pursuant to this Section may also be delivered by electronic communications pursuant to procedures
approved by the Administrative Agent; provided that: (i) the Borrowers shall deliver paper copies of such documents to the
Administrative Agent 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 and (ii) the Borrowers shall notify the Administrative Agent (by telecopier or
electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions
(i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain
paper copies of the documents referred to above.

10.2.       
Books, Records and Inspections. Keep, and cause each other Loan Party to keep, its books
and records in accordance with sound business practices sufficient to allow the preparation of financial statements in accordance
with GAAP; permit, and cause each other Loan Party to permit, at any reasonable time and with reasonable notice (or at any time
without notice if an Event of Default exists), any Lender or the Administrative Agent or any representative thereof to inspect
the properties and operations of the Loan Parties; and permit, and cause each other Loan Party to permit, at any reasonable time
and with reasonable notice (or at any time without notice if an Event of Default exists), any Lender or the Administrative Agent
or any representative thereof to visit any or all of its offices, to discuss its financial matters with its officers and its independent
auditors (and each Borrower hereby authorizes such independent auditors to discuss such financial matters with any Lender or the
Administrative Agent or any representative thereof), and to examine (and, at the expense of the Loan Parties, photocopy extracts
from) any of its books or other records; and permit, and cause each other Loan Party to permit, at any reasonable time and with
reasonable notice (or at any time without notice if an Event of Default exists), the Administrative Agent and its representatives
to inspect the Inventory and other tangible assets of the Loan Parties, to perform appraisals of the equipment of the Loan Parties,
and to inspect, audit, check and make copies of and extracts from the books, records, computer data, computer programs, journals,
orders, receipts, correspondence and other data relating to inventory, accounts and any other Collateral. All such inspections
or audits by the Administrative Agent shall be at the Borrowers’ expense, provided that so long as no Event of Default
or Unmatured Event of Default exists, the Borrowers shall not be required to reimburse the Administrative Agent for inspections
or audits more frequently than once each Fiscal Year.

10.3.       
Maintenance of Property; Insurance. 

(a)           
Keep, and cause each other Loan Party to keep, all property useful and necessary in the business
of the Loan Parties in good working order and condition, ordinary wear and tear excepted.

(b)          
Maintain, and cause each other Loan Party to maintain, with responsible insurance companies,
such insurance coverage as may be required by any law or governmental regulation or court decree or order applicable to it and
such other insurance, to such extent and against such hazards and liabilities, as is customarily maintained by companies engaged
in similar businesses and owning similar properties in localities where such Loan Parties operate, and, upon request of the Administrative
Agent or any Lender, furnish to the Administrative Agent or such Lender a certificate setting forth in reasonable detail the nature
and extent of all insurance maintained by the Loan Parties. The Borrowers shall cause each issuer of an insurance policy to provide
the Administrative Agent with an endorsement (i) showing the Administrative Agent as loss payee with respect to each policy of
property or casualty insurance and naming the Administrative Agent as an additional insured with respect to each policy of liability
insurance, (ii) providing that at least 15 days’ notice will be given to the Administrative Agent prior to any cancellation
of, material reduction or change in coverage provided by or other material modification to such policy and (iii) reasonably acceptable
in all other respects to the Administrative Agent. The Borrowers shall deliver to the Administrative Agent an endorsement, in form
and substance satisfactory to the Administrative Agent, of each business interruption insurance policy maintained by the Borrowers,
showing the Administrative Agent as an additional insured and lender loss payee.

(A)UNLESS
THE BORROWERS PROVIDE THE ADMINISTRATIVE AGENT WITH EVIDENCE OF THE INSURANCE COVERAGE REQUIRED BY THIS AGREEMENT, THE ADMINISTRATIVE
AGENT MAY PURCHASE INSURANCE AT THE BORROWERS’ EXPENSE TO PROTECT THE ADMINISTRATIVE AGENT’S AND THE LENDERS’
INTERESTS IN THE COLLATERAL. THIS INSURANCE MAY, BUT NEED NOT, PROTECT ANY LOAN PARTY’S INTERESTS. THE COVERAGE THAT THE
ADMINISTRATIVE AGENT PURCHASES MAY NOT PAY ANY CLAIM THAT IS MADE AGAINST ANY LOAN PARTY IN CONNECTION WITH THE COLLATERAL. THE
BORROWERS MAY LATER CANCEL ANY INSURANCE PURCHASED BY THE ADMINISTRATIVE AGENT, BUT ONLY AFTER PROVIDING THE ADMINISTRATIVE AGENT
WITH EVIDENCE THAT THE BORROWERS HAVE OBTAINED INSURANCE AS REQUIRED BY THIS AGREEMENT. IF THE ADMINISTRATIVE AGENT PURCHASES
INSURANCE FOR THE COLLATERAL, THE BORROWERS WILL BE RESPONSIBLE FOR THE COSTS OF THAT INSURANCE, INCLUDING INTEREST AND ANY OTHER
CHARGES THAT MAY BE IMPOSED WITH THE PLACEMENT OF THE INSURANCE, UNTIL THE EFFECTIVE DATE OF THE 

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CANCELLATION OR
EXPIRATION OF THE INSURANCE. THE COSTS OF THE INSURANCE MAY BE ADDED TO THE PRINCIPAL AMOUNT OF THE LOANS OWING HEREUNDER. THE
COSTS OF THE INSURANCE MAY BE MORE THAN THE COST OF THE INSURANCE THE LOAN PARTIES MAY BE ABLE TO OBTAIN ON THEIR OWN.

10.4.       
Compliance with Laws; Payment of Taxes and Liabilities.

(a)    Comply, and cause each other
Loan Party to comply, in all material respects with all applicable laws, rules, regulations, decrees, orders, judgments,
licenses and permits, except where failure to comply could not reasonably be expected to have a Material Adverse Effect; (b)
without limiting clause (a) above, ensure, and cause each other Loan Party to ensure, that no person who owns a
controlling interest in or otherwise controls a Loan Party is or shall be (i) listed on the Specially Designated Nationals
and Blocked Person List maintained by the Office of Foreign Assets Control (“OFAC”), Department of the
Treasury, and/or any other similar lists maintained by OFAC pursuant to any authorizing statute, Executive Order or
regulation or (ii) a person designated under Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001), any
related enabling legislation or any other similar Executive Orders, (c) without limiting clause (a) above, comply, and
cause each other Loan Party to comply, with all applicable Bank Secrecy Act (“BSA”) and anti-money
laundering laws and regulations and (d) pay, and cause each other Loan Party to pay, prior to delinquency, all taxes and
other governmental charges against it or any collateral, as well as claims of any kind which, if unpaid, would become a
Lien on any of its property; provided that the foregoing shall not require any Loan Party to pay any such tax or
charge so long as it shall contest the validity thereof in good faith by appropriate proceedings and shall set aside on its
books adequate reserves with respect thereto in accordance with GAAP and, in the case of a claim which could become a Lien on
any collateral, such contest proceedings shall stay the foreclosure of such Lien or the sale of any portion of the collateral
to satisfy such claim.

10.5.        Maintenance
of Existence, etc. Maintain and preserve, and (subject to Section 11.6) cause each other Loan Party to
maintain and preserve, (a) its existence and good standing in the jurisdiction of its organization and (b) its qualification to
do business and good standing in each jurisdiction where the nature of its business makes such qualification necessary (other
than such jurisdictions in which the failure to be qualified or in good standing could not reasonably be expected to have a Material
Adverse Effect).

10.6.        Use
of Proceeds. Use the proceeds of the Loans, and the Letters of Credit, solely to finance the IZI Acquisition, to refinance
certain existing Debt, for working capital purposes, for Acquisitions permitted by Section 11.5, for Capital Expenditures
and for other general business purposes; and not use or permit any proceeds of any Loan to be used, either directly or indirectly,
for the purpose, whether immediate, incidental or ultimate, of “purchasing or carrying” any Margin Stock.

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10.7.       
Employee Benefit Plans.

(a)           
Maintain, and cause each other member of the Controlled Group to maintain, each Pension Plan
in substantial compliance with all applicable requirements of law and regulations.

(b)          
Make, and cause each other member of the Controlled Group to make, on a timely basis, all required
contributions to any Multiemployer Pension Plan.

(c)           
Not, and not permit any other member of the Controlled Group to (i) seek a waiver of the minimum
funding standards under Section 302(c) of ERISA, (ii) terminate or withdraw from any Pension Plan or Multiemployer Pension Plan
or (iii) take any other action with respect to any Pension Plan that would reasonably be expected to entitle the PBGC to terminate,
impose liability in respect of, or cause a trustee to be appointed to administer, any Pension Plan, unless the actions or events
described in clauses (i), (ii) and (iii) individually or in the aggregate would not have a Material Adverse Effect.

10.8.        Environmental
Matters. If any release or threatened release or other disposal of Hazardous Substances shall occur or shall have occurred
on any real property or any other assets of any Loan Party in violation of Environmental Laws, each Borrower shall, or shall cause
the applicable Loan Party to, cause the prompt containment and removal of such Hazardous Substances and the remediation of such
real property or other assets as necessary to comply with all Environmental Laws and to preserve the value of such real property
or other assets consistent with their current use. Without limiting the generality of the foregoing, each Borrower shall, and
shall cause each other Loan Party to, comply with any Federal or state judicial or administrative order requiring the performance
at any real property of any Loan Party of activities in response to the release or threatened release of a Hazardous Substance.

10.9.        Further
Assurances. Take, and cause each other Loan Party to take, such actions as are necessary or as the Administrative Agent
or the Required Lenders may reasonably request from time to time to ensure that the Obligations of each Loan Party under the Loan
Documents are secured by perfected Liens on substantially all of the personal property assets (other than Excluded Assets) of
the Borrowers and each Domestic Subsidiary other than an Inactive Subsidiary (as well as all Capital Securities of each Domestic
Subsidiary and 65% of all Capital Securities of each direct Foreign Subsidiary) and guaranteed by each Domestic Subsidiary and
that each Loan Party has executed and delivered a Negative Pledge Agreement on all real property owned by such Loan Party (including,
upon the acquisition or creation thereof, any such Subsidiary acquired or created after the Closing Date), in each case as the
Administrative Agent may determine, including (a) the execution and delivery of guaranties, security agreements, pledge agreements,
financing statements and other documents, and the filing or recording of any of the foregoing and (b) the delivery

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of certificated securities and other Collateral with respect to which perfection is obtained by possession; provided
that neither the Borrowers, nor any other Loan Party shall be required to take any actions to perfect the Lien of
the Administrative Agent on vehicles with an aggregate value of $100,000 or less and any other assets as to which
the Administrative Agent has determined in its sole discretion that the collateral value thereof is insufficient to justify
the difficulty, time and/or expense of obtaining a perfected security interest therein. Without limiting the foregoing,
the Borrowers shall, promptly following consummation of the IZI Acquisition, cause IZI to execute and deliver a joinder to
the Guaranty and Security Agreement satisfactory to the Administrative Agent, together with the other documents contemplated
by this Section 10.9.

10.10.    Deposit
Accounts. Unless the Administrative Agent otherwise consents in writing, in order to facilitate the Administrative
Agent’s and the Lenders’ maintenance and monitoring of their security interests in the collateral, maintain all of
their principal deposit accounts with the Administrative Agent or its Affiliates or any Lender or at other financial institutions
reasonably acceptable to the Administrative Agent (the Administrative Agent hereby acknowledges that U.S. Bank National Association
shall be deemed acceptable to it for purposes hereof), in each case so long as a control agreement has been entered into with
such depository and the Administrative Agent.

section 11  NEGATIVE COVENANTS

Until the expiration
or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents are paid in
full and all Letters of Credit have been terminated, each Borrower agrees that, unless at any time the Required Lenders shall otherwise
expressly consent in writing, it will:

11.1.        Debt.
Not, and not permit any other Loan Party to, create, incur, assume or suffer to exist any Debt, except:

(a)           
Obligations under this Agreement and the other Loan Documents;

(b)          
Debt secured by Liens permitted by Section 11.2(d), and extensions, renewals and refinancings
thereof; provided that the aggregate amount of all such Debt at any time outstanding shall not exceed $5,000,000;

(c)           
Debt of any Loan Party to another Loan Party or, to the extent permitted under Section 11.10
hereof, Debt of any Subsidiary to any Loan Party or of any Loan Party to any Subsidiary; provided that such Debt shall be
evidenced by a demand note in form and substance reasonably satisfactory to the Administrative Agent and pledged and delivered
to the Administrative Agent pursuant to the Collateral Documents as additional collateral security for the Obligations, and the
obligations under such demand note shall be subordinated to the Obligations of the Borrowers hereunder in a manner reasonably satisfactory
to the Administrative Agent;

(d)          
Subordinated Debt not exceeding $5,000,000 at any time outstanding;

(e)           
Hedging Obligations incurred in favor of a Lender or an Affiliate thereof for bona fide hedging
purposes and not for speculation;

(f)            
Debt described on Schedule 11.1 and any extension, renewal or refinancing thereof so long
as the principal amount thereof is not increased;

(g)           
Endorsements for collection or deposit of any commercial paper secured in the ordinary course
of business;

(h)           
Guaranties of Debt otherwise permitted hereunder;

(i)             
Debt assumed by any Loan Party in connection with an Acquisition permitted by Section 11.5
so long as the amount thereof does not exceed 50% of the total consideration to be paid by such Loan Party in respect of such Acquisition
and no more than $1,000,000 of such assumed Debt is secured;

(j)            
Contingent Liabilities arising with respect to customary indemnification obligations in favor
of sellers in connection with Acquisitions permitted under Section 11.5 and purchasers in connection with dispositions permitted
under Section 11.5; and

(k)          
other unsecured Debt, in addition to the Debt listed above, in an aggregate outstanding amount
not at any time exceeding $10,000,000.

11.2.        Liens.
Not, and not permit any other Loan Party to, create or permit to exist any Lien on any of its real or personal properties, assets
or rights of whatsoever nature (whether now owned or hereafter acquired), except:

(a)           
Liens for taxes or other governmental charges not at the time delinquent or thereafter payable
without penalty or being contested in good faith by appropriate proceedings and, in each case, for which it maintains adequate
reserves;

(b)          
Liens arising in the ordinary course of business (such as (i) Liens of carriers, warehousemen,
mechanics and materialmen and other similar Liens imposed by law and (ii) Liens in the form of deposits or pledges incurred in
connection with worker’s compensation, unemployment compensation and other types of social security (excluding Liens arising
under ERISA) or in connection with surety bonds, bids, performance bonds and similar obligations) for sums not overdue or being
contested in good faith by appropriate proceedings and not involving any advances or borrowed money or the deferred purchase price
of property or services and, in each case, for which it maintains adequate reserves;

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(c)           
Liens described on Schedule 11.2 as of the Closing Date;

(d)          
subject to the limitation set forth in Section 11.1(b), (i) Liens arising in connection
with Capital Leases (and attaching only to the property being leased), (ii) Liens existing on property at the time of the
acquisition thereof by any Loan Party (and not created in contemplation of such acquisition) and (iii) Liens that constitute purchase
money security interests on any property securing debt incurred for the purpose of financing all or any part of the cost of acquiring
such property, provided that any such Lien attaches to such property within 90 days of the acquisition thereof and attaches
solely to the property so acquired

(e)           
Liens securing Debt permitted by Section 11.1(i);

(f)            
attachments, appeal bonds, judgments and other similar Liens, for sums not exceeding $5,000,000
arising in connection with court proceedings, provided the execution or other enforcement of such Liens is effectively stayed
and the claims secured thereby are being actively contested in good faith and by appropriate proceedings;

(g)           
easements, rights of way, restrictions, minor defects or irregularities in title and other similar
Liens not interfering in any material respect with the ordinary conduct of the business of any Loan Party; and

(h)           
Liens arising under the Loan Documents.

11.3.        Restricted
Payments. Not, and not permit any other Loan Party to, make or set aside funds for any Restricted Payment Notwithstanding
the foregoing, (i) any Subsidiary may pay dividends or make other distributions to any Borrower or to any other Loan Party; (ii)
so long as no Event of Default or Unmatured Event of Default exists or would result therefrom, the Loan Parties may make Restricted
Payments.

11.4.       
Subordinated Debt. Not make any payments on Subordinated Debt except to the extent permitted
under the Subordination Agreement applicable thereto.

11.5.        Mergers,
Consolidations, Sales. Not, and not permit any other Loan Party to, (a) be a party to any merger or
consolidation, or purchase or otherwise acquire all or substantially all of the assets or any Capital Securities of any class
of, or any partnership or joint venture interest in, any other Person, (b) sell, transfer, convey or lease all or any
substantial part of its assets or Capital Securities (including the sale of Capital Securities of any Subsidiary) except for
sales of inventory in the ordinary course of business, or (c) sell or assign with or without recourse any receivables, except
for (i) any such merger, consolidation, sale, transfer, conveyance, lease or assignment of or by any Wholly-Owned Subsidiary
into any Borrower or into any other domestic Wholly-Owned Subsidiary; (ii) any such purchase or other acquisition by any
Borrower or any domestic Wholly-Owned Subsidiary of the assets or Capital Securities of any Wholly-Owned Subsidiary; (iii)
sales and dispositions of assets (including the Capital Securities of Subsidiaries) for at least fair market value (as
determined by the Board of Directors of the applicable Borrower) so long as the net book value of all assets 

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sold or otherwise disposed of in any Fiscal Year does not exceed 5% of the net book value of the consolidated assets
of the Loan Parties as of the last day of the preceding Fiscal Year; (iv) any Loan Party may merge, consolidate, amalgamate or
purchase or acquire the assets of (or engage in a disposition to) or dissolve into any other Loan Party or Subsidiary in a transaction
in which such Loan Party is the surviving entity; and (v) any Acquisition by the Borrower or any domestic Wholly-Owned Subsidiary
where:

(A)             
the business or division acquired are for use, or the Person acquired is engaged, in the businesses
engaged in by the Loan Parties on the Closing Date;

(B)             
immediately before and after giving effect to such Acquisition, no Event of Default or Unmatured
Event of Default shall exist;

(C)             
the aggregate consideration to be paid by the Loan Parties (including any Debt assumed or issued
in connection therewith, the amount thereof to be calculated in accordance with GAAP) in connection with such Acquisition (or any
series of related Acquisitions) is equal to or less than $20,000,000 provided that with the prior written consent of the
Required Lenders, such amount may exceed $20,000,000 and if greater than $50,000,000, the target shall have been audited by a nationally
recognized accounting firm or have undergone review by an accounting firm acceptable to the Administrative Agent as a part of the
Acquisition due diligence;

(D)             
immediately after giving effect to such Acquisition, the Borrowers are in pro forma compliance
with all the financial ratios and restrictions set forth in Section 11.13 , provided that the pro forma Leverage
Ratio shall be 25 basis points below the maximum Leverage Ratio specified in section 11.13.3 hereof;

(E)              
in the case of the Acquisition of any Person, the board of directors or similar governing body
of such Person has approved such Acquisition;

(F)              
if the aggregate consideration to be paid by the Loan Parties in connection with such Acquisition
is greater than $6,000,000, then reasonably prior to such Acquisition, the Administrative Agent shall have received complete executed
or conformed copies of each material document, instrument and agreement to be executed in connection with such Acquisition together
with all lien search reports and lien release letters and other documents as the Administrative Agent may require to evidence the
termination of Liens on the assets or business to be acquired;

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(G)             
if the aggregate consideration to be paid by the Loan Parties in connection with such Acquisition
is greater than $6,000,000, then not less than ten Business Days prior to such Acquisition, the Administrative Agent shall have
received an acquisition summary with respect to the Person and/or business or division to be acquired, such summary to include
a reasonably detailed description thereof (including financial information) and operating results (including financial statements
for the most recent 12 month period for which they are available and as otherwise available), the terms and conditions, including
economic terms, of the proposed Acquisition, and the Borrowers’ calculation of pro forma EBITDA relating thereto;

(H)             
the Administrative Agent and Required Lenders shall have approved the Borrowers’ computation
of pro forma EBITDA and the same shall be positive on a pro forma basis for the trailing 12 month period;

(I)                
consents have been obtained in favor of the Administrative Agent and the Lenders to the collateral
assignment of rights and indemnities under the related acquisition documents and opinions of counsel for the Loan Parties and (if
delivered to the Loan Party) the selling party in favor of the Administrative Agent and the Lenders have been delivered;

(J)               
the provisions of Section 10.9 have been satisfied; and

(K)            
if the Acquisition is structured as a merger, the applicable Loan Party is the surviving entity.

11.6.        Modification
of Organizational Documents. Not permit the charter, by-laws or other organizational documents of any Loan Party to
be amended or modified in any way which could reasonably be expected to materially adversely affect the interests of the Lenders;
not change, or allow any Loan Party to change, its state of formation or its organizational form without at least 30 days’
prior written notice to the Administrative Agent.

11.7.        Transactions
with Affiliates. Not, and not permit any other Loan Party to, enter into, or cause, suffer or permit to exist any transaction,
arrangement or contract with any of its other Affiliates (other than the Loan Parties) which is on terms which are less favorable
than are obtainable from any Person which is not one of its Affiliates; provided that this Section 11.7 shall not apply to (i)
transactions between or among the Loan Parties and (ii) any Restricted Payment permitted by Section 11.3.

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11.8.        Inconsistent
Agreements. Not, and not permit any other Loan Party to, enter into any agreement containing any provision which would
(a) be violated or breached by any borrowing by any Borrower hereunder or by the performance by any Loan Party of any of its Obligations
hereunder or under any other Loan Document, (b) prohibit any Loan Party from granting to the Administrative Agent and the Lenders,
a Lien on any of its assets or (c) create or permit to exist or become effective any encumbrance or restriction on the ability
of any Subsidiary to (i) pay dividends or make other distributions to any Borrower or any other Subsidiary, or pay any Debt owed
to any Borrower or any other Subsidiary, (ii) make loans or advances to any Loan Party or (iii) transfer any of its assets or
properties to any Loan Party, other than (A) customary restrictions and conditions contained in agreements relating to the sale
of all or a substantial part of the assets of any Subsidiary pending such sale, provided that such restrictions and conditions
apply only to the Subsidiary to be sold and such sale is permitted hereunder (B) restrictions or conditions imposed by any
agreement relating to purchase money Debt, Capital Leases and other secured Debt permitted by this Agreement if such restrictions
or conditions apply only to the property or assets securing such Debt and (C) customary provisions in leases and other contracts
restricting the assignment thereof.

11.9.        Business
Activities. Not, and not permit any other Loan Party to, engage in any line of business other than the businesses engaged
in on the date hereof and businesses reasonably related thereto.

11.10.    Investments.
 Not, and not permit any other Loan Party to, make or permit to exist any Investment in any other Person, except the following:

(a)           
Investments by any Loan Party in any other Loan Party;

(b)          
Investments constituting Debt permitted by Section 11.1;

(c)           
Contingent Liabilities constituting Debt permitted by Section 11.1 or Liens permitted
by Section 11.2;

(d)          
Cash Equivalent Investments;

(e)           
bank deposits in the ordinary course of business;

(f)            
Investments in Wholly-Owned Subsidiaries, joint ventures and other Investments in an aggregate
amount not to exceed $20,000,000 at any time following the Closing Date;

(g)           
Investments in securities of account debtors received pursuant to any plan of reorganization
or similar arrangement upon the bankruptcy or insolvency of such account debtors;

(h)           
Investments to consummate Acquisitions permitted by Section 11.5; and

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(i)             
Investments listed on Schedule 11.10 as of the Closing Date.

provided that (x) any Investment
which when made complies with the requirements of the definition of the term “Cash Equivalent Investment” may
continue to be held notwithstanding that such Investment if made thereafter would not comply with such requirements; (y) no Investment
otherwise permitted by clause (b), (c), or (h) shall be permitted to be made if, immediately before or after giving
effect thereto, any Event of Default or Unmatured Event of Default exists.

11.11.    Restriction
of Amendments to Certain Documents. Not amend or otherwise modify, or waive any rights under any IZI Acquisition Agreement
or Subordinated Debt Documents if, in any case, such amendment, modification or waiver could be adverse to the interests of the
Lenders.

11.12.    Fiscal
Year. Not change its Fiscal Year.

11.13.   
Financial Covenants.

11.13.1                       
Net Worth.  Not permit Net Worth to be less than $65,000,000 at any time.

11.13.2                       
Fixed Charge Coverage Ratio.  Not permit the Fixed Charge Coverage Ratio for
any Computation Period to be less than the applicable ratio set forth below for such Computation Period:

	
        Computation

        Period Ending
	
        Fixed Charge

        Coverage Ratio

	December 31, 2011 through December 31, 2012	1.15 to 1.00
	March 31, 2013 through December 31, 2013	1.25 to 1.00
	March 31, 2014 and all times thereafter	1.35 to 1.00

 

11.13.3                       
Leverage Ratio. Not permit the Leverage Ratio as of the last day of any Computation
Period to exceed the applicable ratio set forth below for such Computation Period:

	
        Computation

        Period Ending
	Leverage Ratio
	December 31, 2011 through June 30, 2013	3.00 to 1.00
	September 30, 2013 through March 31, 2014	2.75 to 1.00
	June 30, 2014 and all times thereafter	2.50 to 1.00

 

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section 12  EFFECTIVENESS;
CONDITIONS OF LENDING, ETC.

The obligation of
each Lender to make its Loans and of the Issuing Lender to issue Letters of Credit is subject to the following conditions precedent:

12.1.        Initial
Credit Extension. The obligation of the Lenders to make the initial Loans and the obligation of the Issuing Lender
to issue its initial Letter of Credit (whichever first occurs) is, in addition to the conditions precedent specified in Section
12.2, subject to the conditions precedent that (a) all Debt to be repaid has been (or concurrently with the initial borrowing
will be) paid in full, and that all agreements and instruments governing the Debt to be repaid and that all Liens securing such
Debt to be repaid have been (or concurrently with the initial borrowing will be) terminated and (b) the Administrative Agent shall
have received (i) evidence, reasonably satisfactory to the Administrative Agent, that (i) after giving effect to the initial borrowings
hereunder, there shall be not less than $30,000,000 in unused availability under the Revolving Commitments, (ii) pro forma EBITDA
for the most recently ended twelve months through June 30, 2011 is at least $51,000,000 and that pro forma Total Leverage Ratio
for such period is less than 2.75 to 1.00, each calculated as of the Closing Date after giving effect to the initial borrowings
hereunder, (iii) Helen Zinreich Shafer and David A. Zinreich, have been retained as part of IZI’s management team ; (iv)
evidence, reasonably satisfactory to the Administrative Agent, that Landauer has completed, or concurrently with the initial credit
extension hereunder will complete, the IZI Acquisition in accordance with the terms of the IZI Acquisition Agreements (without
any amendment thereto or waiver thereunder unless consented to by the Lenders); and (v) all of the following, each duly
executed and dated the Closing Date (or such earlier date as shall be satisfactory to the Administrative Agent), in form and substance
satisfactory to the Administrative Agent (and the date on which all such conditions precedent have been satisfied or waived in
writing by the Administrative Agent and the Lenders is called the “Closing Date”):

12.1.1   
Notes. A Note for each Lender requesting the same.

12.1.2   
Authorization Documents. For each Loan Party, such Person’s (a) charter
(or similar formation document), certified by the appropriate governmental authority; (b) good standing certificates in its state
of incorporation (or formation) and in each other state requested by the Administrative Agent; (c) bylaws (or similar governing
document); (d) resolutions of its board of directors (or similar governing body) approving and authorizing such Person’s
execution, delivery and performance of the Loan Documents to which it is party and the transactions contemplated thereby; and
(e) signature and incumbency certificates of its officers executing any of the Loan Documents (it being understood that the Administrative
Agent and each Lender may conclusively rely on each such certificate until formally advised by a like certificate of any changes
therein), all certified by its secretary or an assistant secretary (or similar officer) as being in full force and effect without
modification.

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12.1.3   
Consents, etc.  Certified copies of all documents evidencing any necessary
consents and governmental approvals (if any) required for the execution, delivery and performance by the Loan Parties of the documents
referred to in this Section 12.

12.1.4    Letter
of Direction. A letter of direction containing funds flow information with respect to the proceeds of the Loans on
the Closing Date.

12.1.5   
Guaranty and Security Agreement. A counterpart of the Guaranty and Security Agreement
executed by each Loan Party, together with all instruments, transfer powers and other items required to be delivered in connection
therewith.

12.1.6   
Negative Pledge Agreements. With respect to each parcel of real property owned
by any Loan Party, a Negative Pledge Agreement.

12.1.7   
Opinions of Counsel. Opinions of counsel for each Loan Party, including local
counsel reasonably requested by the Administrative Agent, and all other opinions issued pursuant to the IZI Acquisition together
with a reliance letter in favor of the Administrative Agent and the Lenders in connection therewith.

12.1.8   
Insurance. Evidence of the existence of insurance required to be maintained pursuant
to Section 10.3(b), together with evidence that the Administrative Agent has been named as a lender’s loss payee
and an additional insured on all related insurance policies.

12.1.9   
Copies of Documents. Copies of the IZI Acquisition Agreements certified by the
secretary or assistant secretary (or similar officer) of the Borrowers as being true, accurate and complete.

12.1.10   
Payment of Fees. Evidence of payment by the Borrowers of all accrued and unpaid
fees, costs and expenses to the extent then due and payable on the Closing Date, together with all Attorney Costs of the Administrative
Agent to the extent invoiced prior to the Closing Date, plus such additional amounts of Attorney Costs as shall constitute
the Administrative Agent’s reasonable estimate of Attorney Costs incurred or to be incurred by the Administrative Agent
through the closing proceedings (provided that such estimate shall not thereafter preclude final settling of accounts between
the Borrowers and the Administrative Agent).

12.1.11   
Solvency Certificate. A Solvency Certificate executed by a Senior Officer of the
Borrowers.

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12.1.12   
Pro Forma.

(a)           
 A consolidated pro forma consolidated
balance sheet of Landauer and its Subsidiaries as at September 30, 2011, adjusted to give effect to the consummation of the IZI
Acquisition and the financings contemplated hereby as if such transactions had occurred on such date, consistent in all material
respects with the sources and uses of cash as previously described to the Lenders and the forecasts previously provided to the
Lenders.

12.1.13    
Search Results; Lien Terminations. Certified copies of Uniform Commercial Code
search reports dated a date reasonably near to the Closing Date, listing all effective financing statements which name any Loan
Party (under their present names and any previous names) as debtors, together with (a) copies of such financing statements, (b)
payoff letters (“Payoff Letters” evidencing repayment in full of all Debt to be repaid, the termination of all agreements
relating thereto and the release of all Liens granted in connection therewith, with Uniform Commercial Code or other appropriate
termination statements and documents effective to evidence the foregoing (other than Liens permitted by Section 11.2) and
(c) such other Uniform Commercial Code termination statements as the Administrative Agent may reasonably request.

12.1.14   
Filings, Registrations and Recordings. The Administrative Agent shall have received
each document (including Uniform Commercial Code financing statements) required by the Collateral Documents or under law or reasonably
requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent,
for the benefit of the Lenders, a perfected Lien on the collateral described therein, prior to any other Liens (subject only to
Liens permitted pursuant to Section 11.2), in proper form for filing, registration or recording.

12.1.15   
Closing Certificate, Consents and Permits. A certificate executed by an officer
of the Borrowers on behalf of the Borrowers certifying (a) the matters set forth in Section 12.2.1 as of the Closing
Date and (b) the occurrence of the closing of the IZI Acquisition and that such closing has been consummated in accordance with
the terms of the IZI Acquisition Agreements without waiver of any material condition thereof; together with evidence that (i)
all necessary governmental, regulatory, creditor, shareholder, partner and other material consents, approvals and exemptions required
to be obtained by any Borrower in connection with the IZI Acquisition have been duly obtained and are in full force and effect
and (ii) all material permits necessary for the operation of any business(es) acquired in connection with the IZI Acquisition
have been obtained.

12.1.16  
Other. Such other documents as the Administrative Agent or any Lender may reasonably
request.

12.2.        Conditions.
The obligation (a) of each Lender to make each Loan and (b) of the Issuing Lender to issue each Letter of Credit is subject
to the following further conditions precedent that:

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12.2.1   
Compliance with Warranties, No Default, etc.  Both before and after giving
effect to any borrowing and the issuance of any Letter of Credit, the following statements shall be true and correct:

(a)           
the representations and warranties of each Loan Party set forth in this Agreement and the other
Loan Documents shall be true and correct in all respects with the same effect as if then made (except to the extent stated to relate
to a specific earlier date, in which case such representations and warranties shall be true and correct as of such earlier date);
and 

(b)          
no Event of Default or Unmatured Event of Default shall have then occurred and be continuing.

12.2.2   
Confirmatory Certificate. If requested by the Administrative Agent or any Lender,
the Administrative Agent shall have received (in sufficient counterparts to provide one to each Lender) a certificate dated
the date of such requested Loan or Letter of Credit and signed by a duly authorized representative of the Borrowers as to the
matters set out in Section 12.2.1 (it being understood that each request by the Borrowers for the making of a Loan or the
issuance of a Letter of Credit shall be deemed to constitute a representation and warranty by each Borrower that the conditions
precedent set forth in Section 12.2.1 will be satisfied at the time of the making of such Loan or the issuance of such
Letter of Credit), together with such other documents as the Administrative Agent or any Lender may reasonably request in support
thereof.

Section 13  EVENTS OF DEFAULT AND
THEIR EFFECT.

13.1.        Events
of Default. Each of the following shall constitute an Event of Default under this Agreement:

13.1.1   
Non-Payment of the Loans, etc.  Default in the payment when due of the principal
of any Loan; or default, and continuance thereof for three (3) Business Days, in the payment when due of any interest, fee, reimbursement
obligation with respect to any Letter of Credit or other amount payable by any Borrower hereunder or under any other Loan Document.

13.1.2   
Non-Payment of Other Debt. Any default shall occur under the terms applicable
to any Debt of any Loan Party in an aggregate amount (for all such Debt so affected and including undrawn committed or available
amounts and amounts owing to all creditors under any combined or syndicated credit arrangement) exceeding $5,000,000 and such
default shall (a) consist of the failure to pay such Debt when due, whether by acceleration or otherwise, or (b) accelerate the
maturity of such Debt or permit the holder or holders thereof, or any trustee or agent for such holder or holders, to cause such
Debt to become due and payable (or require any Loan Party to purchase or redeem such Debt or post cash collateral in respect thereof)
prior to its expressed maturity.

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13.1.3   
Bankruptcy, Insolvency, etc.  Any Loan Party becomes insolvent or generally
fails to pay, or admits in writing its inability or refusal to pay, debts as they become due; or any Loan Party applies for, consents
to, or acquiesces in the appointment of a trustee, receiver or other custodian for such Loan Party or any property thereof, or
makes a general assignment for the benefit of creditors; or, in the absence of such application, consent or acquiescence, a trustee,
receiver or other custodian is appointed for any Loan Party or for a substantial part of the property of any thereof and is not
discharged within 60 days; or any bankruptcy, reorganization, debt arrangement, or other case or proceeding under any bankruptcy
or insolvency law, or any dissolution or liquidation proceeding, is commenced in respect of any Loan Party, and if such case or
proceeding is not commenced by such Loan Party, it is consented to or acquiesced in by such Loan Party, or remains for 60 days
undismissed; or any Loan Party takes any action to authorize, or in furtherance of, any of the foregoing.

13.1.4   
Non-Compliance with Loan Documents. (a) Failure by any Loan Party to
comply with or to perform any covenant set forth in Sections 10.1.5, 10.3(b) or 10.5 or Section 11; or (b) failure
by any Loan Party to comply with or to perform any other provision of this Agreement or any other Loan Document (and not constituting
an Event of Default under any other provision of this Section 13) and continuance of such failure described in this clause
(b) for 30 days.

13.1.5   
Representations; Warranties. Any representation or warranty made by any Loan Party
herein or any other Loan Document is breached or is false or misleading in any material respect, or any schedule, certificate,
financial statement, report, notice or other writing furnished by any Loan Party to the Administrative Agent or any Lender in
connection herewith is false or misleading in any material respect on the date as of which the facts therein set forth are stated
or certified.

13.1.6   
Pension Plans. (a)  Any Person institutes steps to terminate a Pension
Plan if as a result of such termination any Borrower or any member of the Controlled Group could be required to make a contribution
to such Pension Plan, or could incur a liability or obligation to such Pension Plan, in excess of $5,000,000; (b) a contribution
failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 303(k) of ERISA; or (c) there
shall occur any withdrawal or partial withdrawal from a Multiemployer Pension Plan and the withdrawal liability (without unaccrued
interest) to Multiemployer Pension Plans as a result of such withdrawal (including any outstanding withdrawal liability that any
Borrower or any member of the Controlled Group have incurred on the date of such withdrawal) exceeds $5,000,000.

13.1.7   
Judgments. Final judgments which exceed an aggregate of $1,000,000 shall be rendered
against any Loan Party and shall not have been paid, discharged or vacated or had execution thereof stayed pending appeal within
30 days after entry or filing of such judgments.

13.1.8    Invalidity
of Collateral Documents, etc. Any Collateral Document shall cease to be in full force and effect; or any Loan Party
(or any Person by, through or on behalf of any Loan Party) shall contest in any manner the validity, binding nature or enforceability
of any Collateral Document.

13.1.9   
Invalidity of Subordination Provisions, etc. Any subordination provision in any
document or instrument governing Subordinated Debt, or any subordination provision in any guaranty by any Subsidiary of any Subordinated
Debt, shall cease to be in full force and effect, or any Loan Party or any other Person (including the holder of any applicable
Subordinated Debt) shall contest in any manner the validity, binding nature or enforceability of any such provision.

13.1.10   
Change of Control. A Change of Control shall occur.

13.2.        Effect
of Event of Default. If any Event of Default described in Section 13.1.3 shall occur in respect of any Borrower,
the Commitments shall immediately terminate and the Loans and all other Obligations hereunder shall become immediately due and
payable and the Borrowers shall become immediately jointly and severally obligated to Cash Collateralize all Letters of Credit,
all without presentment, demand, protest or notice of any kind; and, if any other Event of Default shall occur and be continuing,
the Administrative Agent may (and, upon the written request of the Required Lenders shall) declare the Commitments to be terminated
in whole or in part and/or declare all or any part of the Loans and all other Obligations hereunder to be due and payable and/or
demand that the Borrowers immediately Cash Collateralize all or any Letters of Credit, whereupon the Commitments shall immediately
terminate (or be reduced, as applicable) and/or the Loans and other Obligations hereunder shall become immediately due and payable
(in whole or in part, as applicable) and/or the Borrowers shall immediately become jointly and severally obligated to Cash Collateralize
the Letters of Credit (all or any, as applicable), all without presentment, demand, protest or notice of any kind. The Administrative
Agent shall promptly advise the Borrowers of any such declaration, but failure to do so shall not impair the effect of such declaration.
Any cash collateral delivered hereunder shall be held by the Administrative Agent (without liability for interest thereon) and
applied to the Obligations arising in connection with any drawing under a Letter of Credit. After the expiration or termination
of all Letters of Credit, such cash collateral shall be applied by the Administrative Agent to any remaining Obligations hereunder
and any excess shall be delivered to the Borrowers or as a court of competent jurisdiction may elect.

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section 14  THE AGENTS.

14.1.       
Appointment and Authorization. Each Lender hereby irrevocably (subject to Section
14.10) appoints, designates and authorizes the Administrative Agent to take such action on its behalf under the provisions
of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated
to it by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto.
Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, the Administrative
Agent shall not have any duty or responsibility except those expressly set forth herein, nor shall the Administrative Agent have
or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the
Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein
and in other Loan Documents 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 merely as a matter of
market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

14.2.       
Issuing Lender. The Issuing Lender shall act on behalf of the Lenders (according
to their Pro Rata Shares) with respect to any Letters of Credit issued by it and the documents associated therewith. The Issuing
Lender shall have all of the benefits and immunities (a) provided to the Administrative Agent in this Section 14 with respect
to any acts taken or omissions suffered by the Issuing Lender in connection with Letters of Credit issued by it or proposed to
be issued by it and the applications and agreements for letters of credit pertaining to such Letters of Credit as fully as if
the term “Administrative Agent”, as used in this Section 14, included the Issuing Lender with respect to such
acts or omissions and (b) as additionally provided in this Agreement with respect to the Issuing Lender.

14.3.        Delegation
of Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Loan Document by
or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts
concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct
of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct.

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14.4.        Exculpation
of Administrative Agent. None of the Administrative Agent nor any of its directors, officers, employees or agents shall
(a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other
Loan Document or the transactions contemplated hereby (except to the extent resulting from its own gross negligence or willful
misconduct in connection with its duties expressly set forth herein as determined by a final, nonappealable judgment by a court
of competent jurisdiction), or (b) be responsible in any manner to any Lender or participant for any recital, statement, representation
or warranty made by any Loan Party or Affiliate of any Borrower, or any officer thereof, contained in this Agreement or in any
other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by
the Administrative Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (or the creation, perfection or priority
of any Lien or security interest therein), or for any failure of any Borrower or any other party to any Loan Document to perform
its Obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain
or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any
other Loan Document, or to inspect the properties, books or records of any Borrower or any Subsidiaries of any Borrower or Affiliates.

14.5.        Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying,
upon any writing, communication, signature, resolution, representation, notice, consent, certificate, electronic mail message,
affidavit, letter, telegram, facsimile, telex or telephone message, statement or other document or conversation believed by it
to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements
of legal counsel (including counsel to the Borrowers), independent accountants and other experts selected by the Administrative
Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any
other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and,
if it so requests, confirmation from the Lenders of their obligation to indemnify the Administrative Agent against any and all
liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative
Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document
in accordance with a request or consent of the Required Lenders and such request and any action taken or failure to act pursuant
thereto shall be binding upon each Lender. For purposes of determining compliance with the conditions specified in Section 12,
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 written notice from such Lender prior to the proposed Closing Date specifying
its objection thereto.

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14.6.        Notice
of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Event
of Default or Unmatured Event of Default except with respect to defaults in the payment of principal, interest and fees required
to be paid to the Administrative Agent for the account of the Lenders, unless the Administrative Agent shall have received written
notice from a Lender or any Borrower referring to this Agreement, describing such Event of Default or Unmatured Event of Default
and stating that such notice is a “notice of default”. The Administrative Agent will notify the Lenders of its receipt
of any such notice. The Administrative Agent shall take such action with respect to such Event of Default or Unmatured Event of
Default as may be requested by the Required Lenders in accordance with Section 13; provided that unless and until
the Administrative Agent has received any such request, the Administrative Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Event of Default or Unmatured Event of Default as it shall deem
advisable or in the best interest of the Lenders.

14.7.        Credit
Decision. Each Lender acknowledges that the Administrative Agent has not made any representation or warranty to it,
and that no act by the Administrative Agent hereafter taken, including any consent and acceptance of any assignment or review
of the affairs of the Loan Parties, shall be deemed to constitute any representation or warranty by the Administrative Agent to
any Lender as to any matter, including whether the Administrative Agent has disclosed material information in its possession.
Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent
and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the
business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties, and made its
own decision to enter into this Agreement and to extend credit to any Borrower hereunder. Each Lender also represents that it
will, independently and without reliance upon the Administrative Agent and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action
under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to
the business, prospects, operations, property, financial and other condition and creditworthiness of each Borrower. Except for
notices, reports and other documents expressly herein required to be furnished to the Lenders by the Administrative Agent, the
Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning
the business, prospects, operations, property, financial or other condition or creditworthiness of any Borrower which may come
into the possession of the Administrative Agent.

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14.8.       
Indemnification. Whether or not the transactions contemplated hereby are consummated,
each Lender shall indemnify upon demand the Administrative Agent and its directors, officers, employees and agents (to the extent
not reimbursed by or on behalf of the Borrowers and without limiting the obligation of the Borrowers to do so), according to its
applicable Pro Rata Share, from and against any and all Indemnified Liabilities (as hereinafter defined); provided that
no Lender shall be liable for any payment to any such Person of any portion of the Indemnified Liabilities to the extent determined
by a final, nonappealable judgment by a court of competent jurisdiction to have resulted from the applicable Person’s own
gross negligence or willful misconduct. No action taken in accordance with the directions of the Required Lenders shall be deemed
to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender
shall reimburse the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney
Costs and Taxes) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect
of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein,
to the extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of the Borrowers. The undertaking
in this Section shall survive repayment of the Loans, cancellation of the Notes, expiration or termination of the Letters of Credit,
any foreclosure under, or modification, release or discharge of, any or all of the Collateral Documents, termination of this Agreement
and the resignation or replacement of the Administrative Agent.

14.9.       
Administrative Agent in Individual Capacity. BMO and its Affiliates may make loans
to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any
kind of banking, trust, financial advisory, underwriting or other business with the Loan Parties and Affiliates as though BMO
were not the Administrative Agent hereunder and without notice to or consent of any Lender. Each Lender acknowledges that, pursuant
to such activities, BMO or its Affiliates may receive information regarding any Borrower or its Affiliates (including information
that may be subject to confidentiality obligations in favor of such Borrower or such Affiliate) and acknowledge that the Administrative
Agent shall be under no obligation to provide such information to them. With respect to their Loans (if any), BMO and its Affiliates
shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though BMO were not
the Administrative Agent, and the terms “Lender” and “Lenders” include BMO and its Affiliates, to the
extent applicable, in their individual capacities.

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14.10.   
Successor Administrative Agent. The Administrative Agent may resign as Administrative
Agent upon 30 days’ notice to the Lenders. If the Administrative Agent resigns under this Agreement, the Required Lenders
shall, with (so long as no Event of Default exists) the consent of the Borrowers (which shall not be unreasonably withheld or
delayed), appoint from among the Lenders a successor agent for the Lenders. If no successor agent is appointed prior to the effective
date of the resignation of the Administrative Agent, the Administrative Agent may appoint, after consulting with the Lenders and
the Borrowers, a successor agent from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder,
such successor agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent and the term “Administrative
Agent” shall mean such successor agent, and the retiring Administrative Agent’s appointment, powers and duties as
Administrative Agent shall be terminated. After any retiring Administrative Agent’s resignation hereunder as Administrative
Agent, the provisions of this Section 14 and Sections 15.5 and 15.16 shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. If no successor agent has accepted
appointment as Administrative Agent by the date which is 30 days following a retiring Administrative Agent’s notice of resignation,
the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform
all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent
as provided for above.

14.11.    Collateral
Matters. The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion, (a) to release
any Lien granted to or held by the Administrative Agent under any Collateral Document (i) upon termination of the Commitments
and payment in full of all Loans and all other obligations of the Borrowers hereunder and the expiration or termination of all
Letters of Credit; (ii) constituting property sold or to be sold or disposed of as part of or in connection with any disposition
permitted hereunder; or (iii) subject to Section 15.1, if approved, authorized or ratified in writing by the Required Lenders;
or (b) to subordinate its interest in any Collateral to any holder of a Lien on such Collateral which is permitted by Section 11.2(d)(i)
or (d)(iii) (it being understood that the Administrative Agent may conclusively rely on a certificate from any Borrower
in determining whether the Debt secured by any such Lien is permitted by Section 11.1(b)). Upon request by the Administrative
Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release, or subordinate its
interest in, particular types or items of Collateral pursuant to this Section 14.11. Each Lender hereby authorizes the
Administrative Agent to give blockage notices in connection with any Subordinated Debt at the direction of Required Lenders and
agrees that it will not act unilaterally to deliver such notices.

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14.12.   
Administrative Agent May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding
relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan 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 any 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 Loans, and all other Obligations that are owing and unpaid and to file such other documents as may be necessary
or advisable in order to have the claims of the Lenders 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 5, 15.5 and 15.17) allowed in such
judicial proceedings; 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 5, 15.5 and 15.17.

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 Obligations or the rights of any Lender or to
authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

14.13.   
Other Agents; Arrangers and Managers. None of the Lenders or other Persons identified
on the facing page or signature pages of this Agreement as a “syndication agent,” “documentation agent,”
“co-agent,” “book manager,” “lead manager,” “arranger,” “lead arranger”
or “co-arranger”, if any, shall have any right, power, obligation, liability, responsibility or duty under this Agreement
other than, in the case of such Lenders, those applicable to all Lenders as such. Without limiting the foregoing, none of the
Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender
acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter
into this Agreement or in taking or not taking action hereunder.

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section 15  GENERAL.

15.1.        Waiver;
Amendments. No delay on the part of the Administrative Agent or any Lender in the exercise of any right, power or remedy
shall operate as a waiver thereof, nor shall any single or partial exercise by any of them of any right, power or remedy preclude
other or further exercise thereof, or the exercise of any other right, power or remedy. No amendment, modification or waiver of,
or consent with respect to, any provision of this Agreement or the other Loan Documents shall in any event be effective unless
the same shall be in writing and acknowledged by Lenders having an aggregate Pro Rata Shares of not less than the aggregate Pro
Rata Shares expressly designated herein with respect thereto or, in the absence of such designation as to any provision of this
Agreement, by the Required Lenders, and then any such amendment, modification, waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given. No amendment, modification, waiver or consent shall (a) extend
or increase the Commitment of any Lender without the written consent of such Lender, (b) extend the date scheduled for payment
of any principal (excluding mandatory prepayments) of or interest on the Loans or any fees payable hereunder without the written
consent of each Lender directly affected thereby, (c) reduce the principal amount of any Loan, the rate of interest thereon or
any fees payable hereunder, without the consent of each Lender directly affected thereby (except for periodic adjustments of interest
rates and fees resulting from a change in the Applicable Margin as provided for in this Agreement); or (d) release any party from
its obligations under the Guaranty or all or any substantial part of the Collateral granted under the Collateral Documents, change
the definition of Required Lenders, any provision of this Section 15.1 or reduce the aggregate Pro Rata Share required
to effect an amendment, modification, waiver or consent, without, in each case, the written consent of all Lenders. No provision
of Section 14 or other provision of this Agreement affecting the Administrative Agent in its capacity as such shall be
amended, modified or waived without the consent of the Administrative Agent. No provision of this Agreement relating to the rights
or duties of the Issuing Lender in its capacity as such shall be amended, modified or waived without the consent of the Issuing
Lender. No provision of this Agreement relating to the rights or duties of the Swing Line Lender in its capacity as such shall
be amended, modified or waived without the consent of the Swing Line Lender. If, in connection with any proposed amendment, waiver
or consent requiring the consent of each Lender, each Lender affected thereby or any other similar standard, the consent of the
Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary
but not obtained being referred to herein as a “Non-Consenting Lender”), then Landauer may elect to replace a Non-Consenting
Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity
which is reasonably satisfactory to Landauer and the Administrative Agent shall agree, as of such date, to purchase for cash the
Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment Agreement and to become a Lender for all
purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and
to comply with assignment requirements as set forth in this Agreement, and (ii)

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Landauer shall pay
to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued
but unpaid to such Non-Consenting Lender by Landauer hereunder to and including the date of termination, including without limitation
payments due to such Non-Consenting Lender under Sections 7.6 and 8.1, and (2) an amount, if any, equal to the payment which would
have been due to such Lender on the day of such replacement under Section 8.4 had the Loans of such Non-Consenting Lender been
prepaid on such date rather than sold to the replacement Lender.

15.2.        Confirmations.
Each Borrower and each holder of a Note agree from time to time, upon written request received by it from the other, to confirm
to the other in writing (with a copy of each such confirmation to the Administrative Agent) the aggregate unpaid principal amount
of the Loans then outstanding under such Note.

15.3.        Notices.
Except as otherwise provided in Sections 2.2.2 and 2.2.3, all notices hereunder shall be in writing (including
facsimile transmission) and shall be sent to the applicable party at its address shown on Annex B or at such other address
as such party may, by written notice received by the other parties, have designated as its address for such purpose. Notices sent
by facsimile transmission shall be deemed to have been given when sent; notices sent by mail shall be deemed to have been given
three Business Days after the date when sent by registered or certified mail, postage prepaid; and notices sent by hand delivery
or overnight courier service shall be deemed to have been given when received. For purposes of Sections 2.2.2 and 2.2.3,
the Administrative Agent shall be entitled to rely on telephonic instructions from any person that the Administrative Agent in
good faith believes is an authorized officer or employee of any Borrower, and the Borrowers shall hold the Administrative Agent
and each other Lender harmless from any loss, cost or expense resulting from any such reliance.

15.4.        Computations.
Where the character or amount of any asset or liability or item of income or expense is required to be determined, or any
consolidation or other accounting computation is required to be made, for the purpose of this Agreement, such determination or
calculation shall, to the extent applicable and except as otherwise specified in this Agreement, be made in accordance with GAAP,
consistently applied; provided that if the Borrowers notify the Administrative Agent that the Borrowers wish to amend any
covenant in Sections 10 or 11.13 (or any related definition) to eliminate or to take into account the effect of any change in
GAAP on the operation of such covenant (or if the Administrative Agent notifies the Borrowers that the Required Lenders wish to
amend Sections 10 or 11.13 (or any related definition) for such purpose), then the Borrowers’ compliance with such covenant
shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either
such notice is withdrawn or such covenant (or related definition) is amended in a manner satisfactory to the Borrowers and the
Required Lenders.

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15.5.        Costs,
Expenses and Taxes. The Borrowers jointly and severally agree to pay on demand all reasonable out-of-pocket costs and
expenses of the Administrative Agent (including Attorney Costs and any Taxes) in connection with the preparation, execution, syndication,
delivery and administration (including perfection and protection of any Collateral and the costs of Intralinks (or other similar
service), if applicable) of this Agreement, the other Loan Documents and all other documents provided for herein or delivered
or to be delivered hereunder or in connection herewith (including any amendment, supplement or waiver to any Loan Document), whether
or not the transactions contemplated hereby or thereby shall be consummated, and all reasonable out-of-pocket costs and expenses
(including Attorney Costs and any Taxes) incurred by the Administrative Agent and each Lender after an Event of Default in connection
with the collection of the Obligations or the enforcement of this Agreement the other Loan Documents or any such other documents
or during any workout, restructuring or negotiations in respect thereof. In addition, the Borrowers jointly and severally agree
to pay, and to save the Administrative Agent and the Lenders harmless from all liability for, any fees of any Borrower’s
auditors in connection with any reasonable exercise by the Administrative Agent and the Lenders of their rights pursuant to Section
10.2. All Obligations provided for in this Section 15.5 shall survive repayment of the Loans, cancellation of the Notes,
expiration or termination of the Letters of Credit and termination of this Agreement.

15.6.       
Assignments; Participations.

15.6.1   
Assignments. 

(a)           
Any Lender may at any time assign to one or more Persons (any such Person, an “Assignee”)
all or any portion of such Lender’s Loans and Commitments, with the prior written consent of the Administrative Agent, the
Issuing Lender (for an assignment of the Revolving Loans and the Revolving Commitments) and, so long as no Event of Default exists,
the Borrowers (which consents shall not be unreasonably withheld or delayed and shall not be required for an assignment by a Lender
to a Lender or an Affiliate of a Lender or an Approved Fund). Except as the Administrative Agent may otherwise agree, any such
assignment shall be in a minimum aggregate amount equal to $5,000,000 or, if less, the remaining Commitment and Loans held
by the assigning Lender. The Borrowers and the Administrative Agent shall be entitled to continue to deal solely and directly
with such Lender in connection with the interests so assigned to an Assignee until the Administrative Agent shall have received
and accepted an effective assignment agreement in substantially the form of Exhibit C hereto (an “Assignment Agreement”)
executed, delivered and fully completed by the applicable parties thereto and a processing fee of $3,500. No assignment may be
made to any Person if at the time of such assignment the Borrowers would be obligated to pay any greater amount under Sections
7.6 or 8 to the Assignee than the Borrowers are then obligated to pay to the assigning Lender

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under
such Sections (and if any assignment is made in violation of the foregoing, the Borrowers will not be required to pay such
greater amounts). Any attempted assignment not made in accordance with this Section 15.6.1 shall be treated as the
sale of a participation under Section 15.6.2. The Borrowers shall be deemed to have granted their consent to any
assignment requiring their consent hereunder unless the Borrowers have expressly objected to such assignment within five (5)
Business Days after notice thereof.

(b)          
From and after the date on which the conditions described above have been met, (i) such Assignee
shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been
assigned to such Assignee pursuant to such Assignment Agreement, shall have the rights and obligations of a Lender hereunder and
(ii) the assigning Lender, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment
Agreement, shall be released from its rights (other than its indemnification rights) and obligations hereunder. Upon the request
of the Assignee (and, as applicable, the assigning Lender) pursuant to an effective Assignment Agreement, the Borrowers shall execute
and deliver to the Administrative Agent for delivery to the Assignee (and, as applicable, the assigning Lender) a Note in the principal
amount of the Assignee’s Pro Rata Share of the Revolving Commitments (and, as applicable, a Note in the principal amount
of the Pro Rata Share of the Revolving Commitments retained by the assigning Lender). Each such Note shall be dated the effective
date of such assignment. Upon receipt by the assigning Lender of such Note, the assigning Lender shall return to the Borrowers
any prior Note held by it.

(c)           
Any Lender may at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided
that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto.

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15.6.2   
Participations. Any Lender may at any time sell to one or more Persons participating
interests in its Loans, Commitments or other interests hereunder (any such Person, a “Participant”). In the
event of a sale by a Lender of a participating interest to a Participant, (a) such Lender’s obligations hereunder shall
remain unchanged for all purposes, (b) the Borrowers and the Administrative Agent shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations hereunder and (c) all amounts payable by the Borrowers
shall be determined as if such Lender had not sold such participation and shall be paid directly to such Lender. No Participant
shall have any direct or indirect voting rights hereunder except with respect to any event described in Section 15.1
expressly requiring the unanimous vote of all Lenders or, as applicable, all affected Lenders. Each Lender agrees to incorporate
the requirements of the preceding sentence into each participation agreement which such Lender enters into with any Participant.
Each Borrower agrees that if amounts outstanding under this Agreement are due and payable (as a result of acceleration or otherwise),
each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under
this Agreement and with respect to any Letter of Credit to the same extent as if the amount of its participating interest were
owing directly to it as a Lender under this Agreement; provided that such right of set-off shall be subject to the obligation
of each Participant to share with the Lenders, and the Lenders agree to share with each Participant, as provided in Section
7.5. Each Borrower also agrees that each Participant shall be entitled to the benefits of Section 7.6 or 8 as
if it were a Lender (provided that on the date of the participation no Participant shall be entitled to any greater compensation
pursuant to Section 7.6 or 8 than would have been paid to the participating Lender on such date if no participation
had been sold and that each Participant complies with Section 7.6(d) as if it were an Assignee).

15.7.        Register.
The Administrative Agent shall maintain a copy of each Assignment Agreement delivered and accepted by it and register (the “Register”)
for the recordation of names and addresses of the Lenders and the Commitment of each Lender from time to time and whether such
Lender is the original Lender or the Assignee. No assignment shall be effective unless and until the Assignment Agreement is accepted
and registered in the Register. All records of transfer of a Lender’s interest in the Register shall be conclusive, absent
manifest error, as to the ownership of the interests in the Loans. The Administrative Agent shall not incur any liability of any
kind with respect to any Lender with respect to the maintenance of the Register.

15.8.        GOVERNING
LAW. THIS AGREEMENT AND EACH NOTE SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE
STATE OF ILLINOIS APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO CONFLICT OF LAWS
PRINCIPLES.

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15.9.        Confidentiality.
As required by federal law and the Administrative Agent's policies and practices, the Administrative Agent may need to obtain,
verify, and record certain customer identification information
and documentation in connection with opening or maintaining accounts, or establishing or continuing to provide services. The Administrative
Agent and each Lender shall (using efforts the Administrative Agent or such Lender applies to maintain the confidentiality of
its own confidential information) maintain as confidential all information provided to them by any Loan Party and designated as
confidential, except that the Administrative Agent and each Lender may disclose such information (a) to Persons employed or engaged
by the Administrative Agent or such Lender in evaluating, approving, structuring or administering the Loans and the Commitments;
(b) to any assignee or participant or potential assignee or participant that has agreed to comply with the covenant contained
in this Section 15.9 (and any such assignee or participant or potential assignee or participant may disclose such information
to Persons employed or engaged by them as described in clause (a) above); (c) as required or requested by any federal or state
regulatory authority or examiner, or any insurance industry association, or as reasonably believed by the Administrative Agent
or such Lender to be compelled by any court decree, subpoena or legal or administrative order or process; (d) as, on the advice
of the Administrative Agent’s or such Lender’s counsel, is required by law; (e) in connection with the exercise of
any right or remedy under the Loan Documents or in connection with any litigation to which the Administrative Agent or such Lender
is a party; (f) to any nationally recognized rating agency that requires access to information about a Lender’s investment
portfolio in connection with ratings issued with respect to such Lender; (g) to any Affiliate of the Administrative Agent, the
Issuing Lender or any other Lender who may provide Bank Products to, or enter into Hedging Agreements with, the Loan Parties;
or (h) that ceases to be confidential through no fault of the Administrative Agent or any Lender. Notwithstanding the foregoing,
each Borrower consents to the publication by the Administrative Agent or any Lender of a tombstone or similar advertising material
relating to the financing transactions contemplated by this Agreement, and the Administrative Agent reserves the right to provide
to industry trade organizations information necessary and customary for inclusion in league table measurements.

15.10.   
Joint and Several Liability

(a)           
Each Borrower agrees that it is jointly and severally liable to the Administrative Agent and
each Lender for the payment of all obligations arising under this Agreement, and that such liability is independent of the obligations
of the other Borrowers. Each obligation, promise, covenant, representation and warranty in this Agreement shall be deemed to have
been made by, and be binding upon, each Borrower, unless this Agreement expressly provides otherwise. The Administrative Agent
or any Lender may bring an action against any Borrower, whether an action is brought against the other Borrower.

(b)          
Each Borrower agrees that any release which may be given by the Administrative Agent or any Lender
to another Borrower will not release such Borrower from its obligations under this Agreement.

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(c)           
Each Borrower waives any right to assert against the Administrative Agent or any Lender any defense,
setoff, counterclaim, or claims which such Borrower may have against another Borrower or any other party liable to the Administrative
Agent or any Lender for the obligations of the Borrowers under this Agreement.

(d)          
Each Borrower waives any defense by reason of any other Borrower’s or any other person’s
defense (other than the defense of payment), disability, or release from liability. The Administrative Agent or any Lender can
exercise its rights against each Borrower even if any other Borrower or any other person no longer is liable because of a statute
of limitations or for other reasons.

(e)           
Each Borrower agrees that it is solely responsible for keeping itself informed as to the financial
condition of the other Borrowers and of all circumstances which bear upon the risk of nonpayment. Each Borrower waives any right
it may have to require the Administrative Agent or any Lender to disclose to such Borrower any information which the Administrative
Agent or any Lender may now or hereafter acquire concerning the financial condition of any other Borrower.

(f)            
Each Borrower waives all rights to notices of default or nonperformance by any other Borrower
under this Agreement. Each Borrower further waives all rights to notices of the existence or the creation of new indebtedness by
any other Borrower and all rights to any other notices to any party liable on any of the credit extended under this Agreement.

(g)           
The Borrowers represent and warrant to the Bank that each will derive benefit, directly and indirectly,
from the collective administration and availability of credit under this Agreement. The Borrowers agree that neither the Administrative
Agent or any Lender will be required to inquire as to the disposition by any Borrower of funds disbursed in accordance with the
terms of this Agreement.

(h)           
Until all Obligations have been paid in full (other than contingent indemnity obligations for
which no claim is pending) and all commitments of the Lenders or facilities provided by the Lenders under this Agreement have been
terminated, each Borrower (a) waives any right of subrogation, reimbursement, indemnification and contribution (contractual, statutory
or otherwise), including without limitation, any claim or right of subrogation under the Bankruptcy Code (Title 11, United States
Code) or any successor statute, which such Borrower may now or hereafter have against any other Borrower with respect to the indebtedness
incurred under this Agreement; (b) waives any right to enforce any remedy which the Administrative Agent or any Lender now has
or may hereafter have against any other Borrower, and waives any benefit of, and any right to participate in, any security now
or hereafter held by the Administrative Agent or any Lender.

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(i)             
Each Borrower waives any right to require the Administrative Agent or any Lender to proceed against
any other Borrower or any other person; proceed against or exhaust any security; or pursue any other remedy. Further, each Borrower
consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Borrowers
under this Agreement or which, but for this provision, might operate as a discharge of the Borrowers.

15.11.    Severability.
Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

15.12.    Nature
of Remedies. All Obligations of the Borrowers and rights of the Administrative Agent and the Lenders expressed herein
or in any other Loan Document shall be in addition to and not in limitation of those provided by applicable law. No failure to
exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege
hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

15.13.    Entire
Agreement. This Agreement, together with the other Loan Documents, embodies the entire agreement and understanding
among the parties hereto and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or
written, relating to the subject matter hereof and thereof (except as relates to the fees described in Section 5.3)
and any prior arrangements made with respect to the payment by the Borrowers of (or any indemnification for) any fees, costs or
expenses payable to or incurred (or to be incurred) by or on behalf of the Administrative Agent or the Lenders.

15.14.    Counterparts.
This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts
and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the
same Agreement. Receipt of an executed signature page to this Agreement by facsimile or other electronic transmission shall constitute
effective delivery thereof. Electronic records of executed Loan Documents maintained by the Lenders shall deemed to be originals.

15.15.    Successors
and Assigns. This Agreement shall be binding upon the Borrowers, the Lenders and the Administrative Agent and
their respective successors and assigns, and shall inure to the benefit of the Borrowers, the Lenders and the Administrative Agent
and the successors and assigns of the Lenders and the Administrative Agent. No other Person shall be a direct or indirect legal
beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other
Loan Documents. No Borrower may assign or transfer any of its rights or Obligations under this Agreement without the prior written
consent of the Administrative Agent and each Lender.

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15.16.    Captions.
Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

15.17.    Customer
Identification - USA Patriot Act Notice. Each Lender and BMO (for itself and not on behalf of any other party) hereby
notifies the 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 the Loan
Parties, which information includes the name and address of the Loan Parties and other information that will allow such Lender
or BMO, as applicable, to identify the Loan Parties in accordance with the Act.

15.18.    INDEMNIFICATION
BY THE BORROWERS. IN CONSIDERATION OF THE EXECUTION AND DELIVERY OF THIS AGREEMENT BY THE ADMINISTRATIVE
AGENT AND THE LENDERS AND THE AGREEMENT TO EXTEND THE COMMITMENTS PROVIDED HEREUNDER, EACH BORROWER HEREBY AGREES TO
INDEMNIFY, EXONERATE AND HOLD THE ADMINISTRATIVE AGENT, EACH LENDER AND EACH OF THE OFFICERS, DIRECTORS, EMPLOYEES,
AFFILIATES AND AGENTS OF THE ADMINISTRATIVE AGENT AND EACH LENDER (EACH A “LENDER PARTY”) FREE AND HARMLESS FROM
AND AGAINST ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, LOSSES, LIABILITIES, DAMAGES AND EXPENSES, INCLUDING ATTORNEY COSTS
(COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”), INCURRED BY THE LENDER PARTIES OR ANY OF THEM AS A RESULT OF, OR
ARISING OUT OF, OR RELATING TO (A) ANY TENDER OFFER, MERGER, PURCHASE OF CAPITAL SECURITIES, PURCHASE OF ASSETS (INCLUDING
THE IZI ACQUISITION) OR OTHER SIMILAR TRANSACTION FINANCED OR PROPOSED TO BE FINANCED IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, WITH THE PROCEEDS OF ANY OF THE LOANS, (B) THE USE, HANDLING, RELEASE, EMISSION, DISCHARGE, TRANSPORTATION,
STORAGE, TREATMENT OR DISPOSAL OF ANY HAZARDOUS SUBSTANCE AT ANY PROPERTY OWNED OR LEASED BY ANY LOAN PARTY, (C) ANY
VIOLATION OF ANY ENVIRONMENTAL LAWS WITH RESPECT TO CONDITIONS AT ANY PROPERTY OWNED OR LEASED BY ANY LOAN PARTY OR THE
OPERATIONS CONDUCTED THEREON, (D) THE INVESTIGATION, CLEANUP OR REMEDIATION OF OFFSITE LOCATIONS AT WHICH ANY LOAN PARTY OR
THEIR RESPECTIVE PREDECESSORS ARE ALLEGED TO HAVE DIRECTLY OR INDIRECTLY DISPOSED OF HAZARDOUS SUBSTANCES OR
(E) THE EXECUTION, DELIVERY, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BY ANY OF THE
LENDER PARTIES, EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF THE APPLICABLE LENDER PARTY’S GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT AS DETERMINED BY A FINAL, NONAPPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION. IF
AND TO THE EXTENT THAT THE FOREGOING UNDER-

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TAKING MAY BE UNENFORCEABLE
FOR ANY REASON, EACH BORROWER HEREBY AGREES TO MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT AND SATISFACTION OF EACH OF THE INDEMNIFIED
LIABILITIES WHICH IS PERMISSIBLE UNDER APPLICABLE LAW. ALL OBLIGATIONS PROVIDED FOR IN THIS SECTION 15.18 SHALL SURVIVE
REPAYMENT OF THE LOANS, CANCELLATION OF THE NOTES, EXPIRATION OR TERMINATION OF THE LETTERS OF CREDIT, ANY FORECLOSURE UNDER, OR
ANY MODIFICATION, RELEASE OR DISCHARGE OF, ANY OR ALL OF THE COLLATERAL DOCUMENTS AND TERMINATION OF THIS AGREEMENT.

15.19.    Nonliability
of Lenders. The relationship between the Borrowers on the one hand and the Lenders and the Administrative Agent on
the other hand shall be solely that of borrower and lender. Neither the Administrative Agent nor any Lender has any fiduciary
relationship with or duty to any Loan Party arising out of or in connection with this Agreement or any of the other Loan Documents,
and the relationship between the Loan Parties, on the one hand, and the Administrative Agent and the Lenders, on the other hand,
in connection herewith or therewith is solely that of debtor and creditor. Neither the Administrative Agent nor any Lender undertakes
any responsibility to any Loan Party to review or inform any Loan Party of any matter in connection with any phase of any Loan
Party’s business or operations. Each Borrower agrees, on behalf of itself and each other Loan Party, that neither the Administrative
Agent nor any Lender shall have liability to any Loan Party (whether sounding in tort, contract or otherwise) for losses suffered
by any Loan Party in connection with, arising out of, or in any way related to the transactions contemplated and the relationship
established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in
a final non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful
misconduct of the party from which recovery is sought. NO LENDER PARTY SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE
BY OTHERS OF ANY INFORMATION OR OTHER MATERIALS OBTAINED THROUGH INTRALINKS OR OTHER SIMILAR INFORMATION TRANSMISSION SYSTEMS
IN CONNECTION WITH THIS AGREEMENT, NOR SHALL ANY LENDER PARTY HAVE ANY LIABILITY WITH RESPECT TO, AND EACH BORROWER ON BEHALF
OF ITSELF AND EACH OTHER LOAN PARTY, HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE FOR ANY SPECIAL, PUNITIVE, EXEMPLARY, INDIRECT
OR CONSEQUENTIAL DAMAGES RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ARISING OUT OF ITS ACTIVITIES IN CONNECTION
HEREWITH OR THEREWITH (WHETHER BEFORE OR AFTER THE CLOSING DATE). Each Borrower acknowledges that it has been advised by counsel
in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party. No joint venture
is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the
Lenders or among the Loan Parties and the Lenders.

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15.20.    FORUM
SELECTION AND CONSENT TO JURISDICTION. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF ILLINOIS
OR IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL
BE DEEMED OR OPERATE TO PRECLUDE THE ADMINISTRATIVE AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION.
EACH BORROWER HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF ILLINOIS AND OF THE UNITED
STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. EACH BORROWER
FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT
THE STATE OF ILLINOIS. EACH BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND
ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

15.21.    WAIVER
OF JURY TRIAL. EACH BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT AND ANY AMENDMENT,
INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING
FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING
SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

[signature pages follow]

 

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The parties hereto
have caused this Agreement to be duly executed and delivered by their duly authorized officers as of the date first set forth above.

 

	 	LANDAUER, INC.
	 	 
	 	 
	 	By:	/s/ William E. Saxelby
	 	Name: 	William E. Saxelby
	 	Title: 	President and Chief Executive Officer

 

 

Signature Page to
Credit Agreement

    	87

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 	GLOBAL PHYSICS SOLUTIONS, INC.
	 	 
	 	 
	 	By:	/s/ William E. Saxelby
	 	Name:	William E. Saxelby
	 	Title:	
        President and Chief Executive Officer,

        Landauer, Inc.

 

 

Signature Page to Credit Agreement

    	88

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        BMO HARRIS BANK N.A.,

        as Administrative Agent,

        as Issuing Lender, as Swing Line Lender 

        and as a Lender

	 	 
	 	 
	 	By:	/s/ Scott W. Morris
	 	Name:	Scott W. Morris
	 	Title: 	Vice President

 

 

Signature Page to Credit Agreement

    	89

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 	PNC BANK, NATIONAL ASSOCIATION
	 	 
	 	 
	 	By:	/s/ Michael T. Crowe
	 	Name:	Michael T. Crowe
	 	Title: 	Vice President

 

 

Signature Page to Credit Agreement

 

    	90

    	Table of Contents

    

 

	
 	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	 
	 	By:	/s/ Mark LoSchiavo
	 	Name:	Mark LoSchiavo
	 	Title: 	Vice President

 

 

Signature Page to Credit Agreement

    	91

    	Table of Contents

    

 

	
 	FIFTH THIRD BANK
	 	 
	 	 
	 	By:	/s/ Gayne Underwood
	 	Name:	Gayne Underwood
	 	Title:	Vice President

 

 

Signature Page to Credit Agreements

 

    	92

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 	BANK OF AMERICA, N.A.
	 	 
	 	 
	 	By:	/s/
    Robert W. Hamman
	 	Name:	Robert W. Hamman
	 	Title:	Senior Vice President

 

 

Signature Page to Credit Agreement

 

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ANNEX A

LENDERS AND PRO RATA SHARES

	Lender	
        Revolving

        Commitment Amount
	Pro Rata Share*/
	BMO Harris Bank N.A.	$45,000,000**/	25.71%
	PNC Bank, National Association	$40,000,000	22.86%
	U.S. Bank National Association	$35,000,000	20.00%
	Fifth Third Bank	$35,000,000	20.00%
	Bank of America, N.A.	$20,000,000	11.43%
	TOTALS	$175,000,000	100%

 

*/Carry out to two decimal
places.

**/Includes Swing Line Commitment
Amount of $10,000,000.

 

 

    	 

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ANNEX B

ADDRESSES FOR NOTICES

LANDAUER, INC.

2 Science Road

Glenwood, Illinois 60425

Attention: Jeff Volz

Telephone: (708) 755-7000

Facsimile: (708) 755-7016

 

GLOBAL PHYSICS SOLUTIONS, INC.

2 Science Road

Glenwood, Illinois 60425

Attention: Jeff Volz

Telephone: (708) 755-7000

Facsimile: (708) 755-7016

 

 

BMO HARRIS BANK NA

Primary Servicing Contact

 

115 S. LaSalle – 17th Floor West

Chicago, IL 60603

Attention: Jason Peacock/Janet Pelegrino

HARRIS Agency Services

Telephone: (312) 461-4859/6366

Facsimile: (312) 461-3458

 

Deal Specialist (Closings-Amendments)

 

115 S. LaSalle – 17th Floor West

Chicago, IL 60603

Attention: Cynthia Castel

HARRIS Agency Services

Telephone: (312) 461-7664

Facsimile: (312) 765-8078

 

    	 

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PNC BANK, NATIONAL ASSOCIATION

Relationship Manager (Credit Contact)

 

One N. Franklin, 28th Floor

Chicago, IL 60606

Attention: Michael Crowe, Vice President

Telephone: (312) 384-4612

Facsimile: (312) 338-8128

 

	
        Administrative Contact (Loan Closer)

         

        6750 Miller Road

        Brecksville, OH 44141

        Attention: Holly Brannan

        Telephone: (440) 546-6762

        Facsimile: (877) 733-1117

         

         
	
        Administrative Contact (Loan Administrator)

         

        6750 Miller Road

        Brecksville, OH 44141

        Attention: Terra Ford-Eubanks

        Telephone: (440) 546-7438

        Facsimile: (877) 723-1150

         

 

 

 

Fifth Third Bank

Relationship Manager (Credit Contact) 

 

222 S. Riverside Plaza, 32nd Floor

Chicago, Illinois 60606

Attention: Gayne Underwood, Vice President

Telephone: (312) 704-6243

Facsimile: (312) 704-2980

 

Administrative Contact (Operation Contact)

 

5050 Kingsley Drive, 1MOC2B

Madisonville, OH 45263

Attention: Eric Bodenmiller, Commercial Loan Processor

Telephone: (513) 358-9968

Facsimile: (513) 358-3437

 

 

    	 

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U.S. BANK NATIONAL ASSOCIATION

Relationship Manager: (Credit Contact)

 

209 South LaSalle St., Suite 140

Chicago, IL 60604

Attention: Bill Kocolowski, Vice President

Telephone: (312) 325-8749

 

Administrative Contact: (Operation Contact)

 

400 City Center

Oshkosh, WI 54901

Attention: Barbara Campbell, Complex Credits Work Coordinator

Telephone: (920) 237-7370

Facsimile: (920) 237-7993

 

 

 

Bank of America, N.A.

Relationship Manager: (Credit Contact)

 

135 S. LaSalle Street

Suite IL4-135-04-61

Chicago, IL 60603

Attention: Robert Hamman, Senior Vice President

Telephone: (312)904-7621

Facsimile: (312) 453-3547

 

Administrative Contact: (Operation Contact)

 

101 N Tryon St., 4th Floor

Charlotte, NC 28255

Attention: Mr. Saquib Equbal

Telephone: (415) 436-3683, Ext. 81685

Facsimile: (312) 453-3609 

    	

	

	 

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SCHEDULE 9.6

CONTINGENT LIABILITIES

nONE.

    	 

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SCHEDULE 9.8

SUBSIDIARIES

	 	Authorized Capital Securities	Issued and Outstanding Capital Securities	Owner of Issued Capital Securities
	Global Physics Solutions, Inc.	1,000 shares common stock	1,000 shares common stock	Landauer, Inc. (100%)
	Diagnostic Physics Consulting, Inc.	1,000 shares common stock	500 shares common stock	Global Physics Solutions, Inc. (100%)
	ProPhysics Innovations, Inc.	1,000 shares common stock	490 shares common stock	Global Physics Solutions, Inc. (100%)
	Comprehensive Physics Services, Inc.	1,000 shares common stock	51 shares common stock	Global Physics Solutions, Inc. (100%)
	Physics and Computer Planning, Inc.	1,000,000 shares common stock	784 shares common stock	Global Physics Solutions, Inc. (100%)
	Healthy Home Air Inc.	1,000 shares common stock	N/A	Landauer, Inc.
 (100%)
	Landauer International, LLC	100% Membership Interest	N/A	Landauer, Inc.
 (100%)
	Landauer Europe, Ltd.	5,000 shares	5,000 shares	Landauer, Inc.
 (100%)
	Landauer Europe SAS	40,000 Euros	N/A	Landauer Europe, Ltd.
 (100%)
	Landauer Nordic Holdings AB	400,000 shares	100,000 shares	Landauer, Inc.
 (100%)
	Landauer Persondosimetri AB	400,000 shares	100,000 shares	Landauer Nordic Holdings AB
 (100%)
	Landauer Gammadata Matteknik AB	1,000 shares	1,000 shares	Landauer Nordic Holdings AB
 (100%)

Rights, Options, Warrants, Conversion Rights or Other
Similar Agreements 

Pursuant to the Landauer, Inc. Incentive
Compensation Plan adopted by the Board of Directors of Landauer, Inc. on February 7, 2008, Landauer, Inc. has reserved 500,000
shares of common stock for long-term incentive compensation. As of November 9, 2011, approximately 90,000 options were outstanding
with a weighted average exercise price of $45.23. The average intrinsic value of these options is $389,000, and the weighted average
remaining contractual term for these options is 3.2 years.

    	 

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SCHEDULE 9.18

REAL PROPERTY

 

	Address	Leased or Owned	Address of Landlord (if applicable)
	
        Global Physics Solutions, Inc.

        127 South Long Street

        First Floor

        Buffalo, NY 14221

         
	Leased	
        Henry Sicignano Jr.

        183 Brandywine Dr.

        Williamsville, NY 14221

	
        Landauer, Inc.

        1300 Hilltop Road

        Chicago Heights, IL 60411

         
	Leased*	
        FHL Chicago Heights LP

        C/O Bluestone Asset Management

        7855 Gross Point Road, Suite F

        Skokie, IL 60077

	
        Global Physics Solutions, Inc.

        640 E. Dayton-Yellow Springs Rd.

        Fairborn, OH 45324

         
	Leased	
        Thomas G. Kramer

        1445 Bills Dr.

        Beavercreek, OH 45434

	
        Landauer, Inc.

        723 1/2 Eastgate

        Stillwater, OK 74074

         
	Leased*	
        William A. Lambert

        800 Harned Ave.

        Stillwater, OK 74075

	
        Landauer, Inc.

        1 Science Road

        Glenwood, IL

         
	Owned	Landauer, Inc.
	
        Landauer, Inc.

        2 Science Road

        Glenwood, IL

         
	Owned	Landauer, Inc.
	
        Landauer, Inc.

        3 Science Road

        Glenwood, IL

         
	Owned	Landauer, Inc.

 

* Indicates a leased property at which assets valued at over
$1,000,000 in the aggregate are located.

 

    	 

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SCHEDULE 11.1

EXISTING DEBT

None.

    	 

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SCHEDULE 11.2

EXISTING LIENS

 

	Loan Party	Secured Party	Filing Number	State	Filing Date	Collateral
	Landauer, Inc.	GreatAmerica Leasing Corporation	2009 3491310	Delaware	10/30/09	Specific leased equipment
	Wells Fargo Equipment Finance, Inc.	2010 1857873	Delaware	05/26/10	Specific leased equipment
	Global Physics Solutions, Inc.	Wells Fargo Equipment Finance, Inc.	2010 1857873	Delaware	05/26/10	Specific leased equipment
	Canadaigua National Bank & Trust Co.	2010 187003	Delaware	05/27/10	Specific leased equipment

    	 

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SCHEDULE 11.10

INVESTMENTS

None.

    	 

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EXHIBIT A

FORM OF
NOTE

November __, 2011

$__________________Chicago, Illinois

The undersigned,
for value received, jointly and severally promise to pay to the order of ______________ (the “Lender”) at the
principal office of BMO Harris Bank N.A. (the “Administrative Agent”) in _______, ________ the aggregate unpaid
amount of all Loans made to the undersigned by the Lender pursuant to the Credit Agreement referred to below (as shown on the schedule
attached hereto (and any continuation thereof) or in the records of the Lender), such principal amount to be payable on the dates
set forth in the Credit Agreement.

The undersigned
further promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such Loan is paid
in full, payable at the rate(s) and at the time(s) set forth in the Credit Agreement. Payments of both principal and interest are
to be made in lawful money of the United States of America.

This Note evidences
indebtedness incurred under, and is subject to the terms and provisions of, the Credit Agreement, dated as of November __, 2011
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; terms not
otherwise defined herein are used herein as defined in the Credit Agreement), among the undersigned, certain financial institutions
(including the Lender) and the Administrative Agent, to which Credit Agreement reference is hereby made for a statement of the
terms and provisions under which this Note may or must be paid prior to its due date or its due date accelerated.

This Note is made
under and governed by the laws of the State of Illinois applicable to contracts made and to be performed entirely within such State.

 

	
 	LANDAUER, INC.
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title: 	 

 

	
 	GLOBAL PHYSICS SOLUTIONS, INC.
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

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EXHIBIT B

FORM OF COMPLIANCE CERTIFICATE

 

To:BMO Harris Bank N.A., as Administrative Agent

Please refer to
the Credit Agreement dated as of November __, 2011 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”) among Landauer, Inc., a Delaware corporation (“Landauer”) and Global
Physics Solutions, Inc., a Delaware corporation (“GPS”, Landauer and GPS being hereinafter collectively referred
to as the “Borrowers” and individually as a “Borrower”), various financial institutions
and BMO Harris Bank N.A., as Administrative Agent. Terms used but not otherwise defined herein are used herein as defined in the
Credit Agreement.

 

	I.	Reports. Enclosed herewith is a copy of the [annual
    audited/quarterly/monthly] report of the Borrowers as at _____________, ____ (the “Computation Date”), which
    report fairly presents in all material respects the financial condition and results of operations [(subject to the absence
    of footnotes and to normal year-end adjustments)] of the Borrowers as of the Computation Date and has been prepared in
    accordance with GAAP consistently applied.
	 	 	 	 	 
	II.	Financial
    Tests.  The Borrowers hereby certify and warrant to you that the following is a true and correct computation as at
    the Computation Date of the following ratios and/or financial restrictions contained in the Credit Agreement:
	 	 	 	 
	A.	Section 11.13.1 – Minimum Net Worth	 	 
	 	1.	Total Assets	$
	 	 	 	 	 
	 	2.	Total Liabilities	$
	 	 	 	 	 
	 	3.	Lines 1 minus Line 2 (Net Worth)	$
	 	 	 	 	 
	 	4.	Minimum required	$
	 	 	 	 	 
	B.	Section 11.13.2 – Minimum Foxed Charge Coverage Ratio	 	 
	 	1.	Consolidated Net Income	$
	 	 	 	 	 
	 	2.	Plus    Interest Expense	$
	 	 	 	 	 
	 	 	           Income Tax Expense	$
	 	 	 	 	 
	 	 	           Depreciation	$
	 	 	 	 	 
	 	 	           Amortization	$
	 	 	 	 	 
	 	 	           Non-recurring	$
	 	 	 	 	 	 

 

	 	 	 	 	 
	 	3.	Sum of (1) plus (2) EBITDA	$
	 	 	 	 	 
	 	4.	Unfinanced Capital Expenditures	$
	 	 	 	 	 
	 	5.	Remainder of (3) minus (4)	$
	 	 	 	 	 
	 	6.	Interest Expense	$
	 	 	 	 	 
	 	7.	Scheduled payments of	$
	 	 	Principal of Debt (excluding Revolving Loans)	 	 
	 	 	 	 	 
	 	8.	Sum of (6) and (7)	$
	 	 	 	 	 
	 	9.	Ratio of (5) to (8)	 	_____ to 1
	 	 	 	 	 
	 	10.	Minimum Required	 	_____ to 1
	 	 	 	 	 
	C.	Section 11.13.3 – Maximum Leverage Ratio	 	 
	 	1.	Total Funded Debt	$
	 	 	 	 	 
	 	2.	EBITDA (from Item B(3) above)	$
	 	 	 	 	 
	 	3.	Ratio of (1) to (2)	 	_____ to 1
	 	 	 	 	 
	 	4.	Maximum allowed	       _____ to 1
	 	 	 	 	 

 

The Borrowers
further certify to you that no Event of Default or Unmatured Event of Default has occurred and is continuing.

The Borrowers have
caused this Certificate to be executed and delivered by its duly authorized officer on _________, ____.

	
 	LANDAUER, INC.
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title: 	 

 

	
 	GLOBAL PHYSICS SOLUTIONS, INC.
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

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EXHIBIT C

FORM OF ASSIGNMENT AGREEMENT

 

Date:_________________

To:Borrowers party to the Credit Agreement referred to
below

and

BMO Harris Bank N.A., as Administrative Agent

Re:Assignment under the Credit Agreement referred
to below

Gentlemen and Ladies:

Please
refer to Section 15.6.1 of the Credit Agreement dated as of November __, 2011 (as amended or otherwise modified from time to time,
the “Credit Agreement among Landauer, Inc., a Delaware corporation (“Landauer”) and Global
Physics Solutions, Inc., a Delaware corporation (“GPS”, Landauer and GPS being hereinafter collectively referred
to as the “Borrowers” and individually as a  “Borrower”),
various financial institutions and BMO Harris Bank N.A., as administrative agent (in such capacity, the “Administrative
Agent”). Unless otherwise defined herein or the context otherwise requires, terms used herein have the meanings provided
in the Credit Agreement.

                                                                                
(the “Assignor”) hereby sells and assigns, without recourse, to (the “Assignee”), and
the Assignee hereby purchases and assumes from the Assignor, that interest in and to the Assignor’s rights and obligations
under the Credit Agreement as of the date hereof equal to  % of all of the Loans, of the participation interests in the
Letters of Credit and of the Commitments, such sale, purchase, assignment and assumption to be effective as of, ___, or such later
date on which the Borrowers and the Administrative Agent shall have consented hereto (the “Effective Date”).
After giving effect to such sale, purchase, assignment and assumption, the Assignee’s and the Assignor’s respective
Percentages for purposes of the Credit Agreement will be as set forth opposite their names on the signature pages hereof.

The Assignor hereby
instructs the Administrative Agent to make all payments from and after the Effective Date in respect of the interest assigned hereby
directly to the Assignee. The Assignor and the Assignee agree that all interest and fees accrued up to, but not including, the
Effective Date are the property of the Assignor, and not the Assignee. The Assignee agrees that, upon receipt of any such interest
or fees, the Assignee will promptly remit the same to the Assignor.

The Assignor represents
and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is
free and clear of any adverse claim.

The Assignee represents
and warrants to the Borrowers and the Administrative Agent that, as of the date hereof, the Borrowers will not be obligated to
pay any greater amount under Section 7.6 or 8 of the Credit Agreement than the Borrowers are obligated to pay to the Assignor under
such Section. [The Assignee has delivered, or is delivering concurrently herewith, to the Borrowers and the Administrative Agent
the forms required by Section 7.6 of the Credit Agreement.] [INSERT IF ASSIGNEE IS ORGANIZED UNDER THE LAWS OF A JURISDICTION OTHER
THAN THE UNITED STATES OF AMERICA OR A STATE THEREOF.] The [Assignee/Assignor] [Borrowers] shall pay the fee payable to the Administrative
Agent pursuant to Section 15.6.1.

    	 

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The Assignee hereby
confirms that it has received a copy of the Credit Agreement. Except as otherwise provided in the Credit Agreement, effective as
of the Effective Date:

(a)the
Assignee (i) shall be deemed automatically to have become a party to the Credit Agreement and to have all the rights and obligations
of a “Lender” under the Credit Agreement as if it were an original signatory thereto to the extent specified in the
second paragraph hereof; and (ii) agrees to be bound by the terms and conditions set forth in the Credit Agreement as if it were
an original signatory thereto; and

(b)the
Assignor shall be released from its obligations under the Credit Agreement to the extent specified in the second paragraph hereof.

The Assignee hereby
advises each of you of the following administrative details with respect to the assigned Loans and Commitment:

(A)Institution Name:

Address:

Attention:

Telephone:

Facsimile:

(B)Payment Instructions:

This Assignment
shall be governed by and construed in accordance with the laws of the State of Illinois

Please evidence
your receipt hereof and your consent to the sale, assignment, purchase and assumption set forth herein by signing and returning
counterparts hereof to the Assignor and the Assignee.

	
 Percentage = ____%	[ ASSIGNEE ]
	 	 
	 	 
	 	By:	 
	 	Title: 	 

 

	
 Adjusted Percentage = ____%	[ ASSIGNOR ]
	 	 
	 	 
	 	By:	 
	 	Title: 	 

 

    	 

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        ACKNOWLEDGED AND CONSENTED TO

        this ____ day of ________, ____

	BMO Harris Bank N.A., as Administrative Agent
	 	 	 
	By:	 	 
	Title	 	 
	 	 	 
	 	 	 
	
        ACKNOWLEDGED AND CONSENTED TO

        this ____ day of ________, ____

	LANDAUER, INC.
	 	 	 
	By:	 	 
	Name:	 	 
	Title	 	 
	 	 	 
	 	 	 
	 	 	 
	GLOBAL PHYSICS SOLUTIONS, INC.
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

    	 

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EXHIBIT D

FORM OF NOTICE OF BORROWING

To:BMO Harris Bank N.A., as Administrative Agent

Please
refer to the Credit Agreement dated as of November __, 2011 (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”) among Landauer, Inc., a Delaware corporation (“Landauer”)
and Global Physics Solutions, Inc., a Delaware corporation (“GPS”, Landauer and GPS being hereinafter collectively
referred to as the “Borrowers” and individually as a  “Borrower”),
various financial institutions and BMO Harris Bank N.A., as Administrative Agent. Terms used but not otherwise defined herein are
used herein as defined in the Credit Agreement.

The
undersigned hereby gives irrevocable notice, pursuant to Section 2.2.2 of the Credit Agreement, of a request
hereby for a borrowing as follows:

(i)The requested
borrowing date for the proposed borrowing (which is a Business Day) is ______________, ____.

(ii)The
aggregate amount of the proposed borrowing is $______________.

(iii)The type
of Revolving Loans comprising the proposed borrowing are [Base Rate] [LIBOR] Loans.

(iv)The duration
of the Interest Period for each LIBOR Loan made as part of the proposed borrowing, if applicable, is ___________ months (which
shall be 1, 2, 3 or 6 months).

The undersigned
hereby certifies that on the date hereof and on the date of borrowing set forth above, and immediately after giving effect to the
borrowing requested hereby: (i) there exists and there shall exist no Unmatured Event of Default or Event of Default under the
Credit Agreement; and (ii) each of the representations and warranties contained in the Credit Agreement and the other Loan Documents
is true and correct as of the date hereof, except to the extent that such representation or warranty expressly relates to another
date and except for changes therein expressly permitted or expressly contemplated by the Credit Agreement.

    	 

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The Borrowers have
caused this Notice of Borrowing to be executed and delivered by its officer thereunto duly authorized on ___________, ______.

 

	
 	LANDAUER, INC.
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title: 	 

 

	
 	GLOBAL PHYSICS SOLUTIONS, INC.
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title: 	 

 

    	 

    	Table of Contents

    

EXHIBIT E

FORM OF NOTICE OF CONVERSION/CONTINUATION

To:BMO Harris
Bank N.A., as Administrative Agent

Please
refer to the Credit Agreement dated as of November __, 2011 (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”) among Landauer, Inc., a Delaware corporation (“Landauer”)
and Global Physics Solutions, Inc., a Delaware corporation (“GPS”, Landauer and GPS being hereinafter collectively
referred to as the “Borrowers” and individually as a  “Borrower”),
various financial institutions and BMO Harris Bank N.A., as Administrative Agent. Terms used but not otherwise defined herein are
used herein as defined in the Credit Agreement.

The undersigned
hereby gives irrevocable notice, pursuant to Section 2.2.3 of the Credit Agreement, of its request to:

(a)on [ date ]
convert $[________]of the aggregate outstanding principal amount of the [_______] Loan, bearing interest at the [________] Rate,
into a(n) [________] Loan [and, in the case of a LIBOR Loan, having an Interest Period of [_____] month(s)];

[(b)on [ date
] continue $[________]of the aggregate outstanding principal amount of the [_______] Loan, bearing interest at the LIBO Rate, as
a LIBOR Loan having an Interest Period of [_____] month(s)].

The undersigned
hereby represents and warrants that all of the conditions contained in Section 12.2 of the Credit Agreement have been satisfied
on and as of the date hereof, and will continue to be satisfied on and as of the date of the conversion/continuation requested
hereby, before and after giving effect thereto.

The Borrowers have
caused this Notice of Conversion/Continuation to be executed and delivered by its officer thereunto duly authorized on ___________,
______.

	
 	LANDAUER, INC.
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title: 	 

 

	
 	GLOBAL PHYSICS SOLUTIONS, INC.
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:Exhibit 10.21 Amended and Restated Employment Agreement with Joaquin J. Aviles

EXHIBIT 10.21
AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT
This Amended and Restated Executive Employment Agreement (this “Agreement”) is made and entered into as of October 31, 2010 (the “Restatement Date”), by and between Multimedia Games, Inc., a Texas corporation (the “Company”), and Joaquin J. Aviles, an individual (“Executive”).
RECITALS
WHEREAS, Executive and the Company are currently parties to an Executive Employment Agreement (the “Prior Agreement”) entered into as of July 5, 2009 (the “Effective Date”);
WHEREAS, the Company desires to continue to employ Executive and Executive desires to continue to be employed by the Company, in his capacity as Vice President, Technology; and
WHEREAS, the Company and Executive have determined that it is in their respective best interests to amend and restate the Prior Agreement in order to, among other things, (i) provide Executive with the ability to earn a retention bonus and (ii) clarify certain provisions consistent with the parties' intent that the Agreement conform to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder (collectively, “Section 409A”).
AGREEMENT
NOW, THEREFORE, in consideration of the premises and the mutual covenants and promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.EMPLOYMENT TERMS AND DUTIES

1.1Employment.  The Company hereby employs Executive, and Executive hereby accepts employment by the Company, upon the terms and conditions set forth in this Agreement.

1.2Duties.  Executive shall serve as Vice President of Technology.  Executive shall have the authority, and perform the duties customarily associated with his titles and offices together with such additional duties as may from time to time be assigned by the Company's Chief Executive Officer.  During the term of Executive's employment hereunder, Executive shall devote his full working time and efforts to the performance of his duties and the furtherance of the interests of the Company and shall not be otherwise employed or engaged.

1.3Term.  Subject to the provisions of Section 1.6 below, the term of employment of Executive under this Agreement shall commence on the Effective Date and shall continue until terminated by either party (the “Employment Term”).  Upon termination of this Agreement, this Agreement shall expire and have no further effect, except as otherwise provided in Section 5.5 below.

1.4Compensation and Benefits.

1.4.1Base Salary.  In consideration of the services rendered to the Company hereunder by Executive and Executive's covenants hereunder and in the Company's Agreement Regarding Proprietary Developments, Confidential Information and Non‐Solicitation attached hereto as Exhibit A (the “Proprietary Agreement”), effective retroactively as of October 1, 2010 the Company shall pay Executive a salary at the annual rate of $237,000.00 (the “Base Salary”), less statutory and other authorized deductions and withholdings, payable in accordance with the Company's regular payroll practices.  The Chief Executive Officer will review the Base Salary annually.

1.4.2Bonuses.  Executive shall be entitled to receive annual bonus equal to 40% of Executive's then current Base Salary (the “Target Bonus”) based upon achievement of bonus plan performance targets then in effect as approved by the Chief Executive Officer, which bonus may be as much as 60% of Executive's then current Base Salary for overachievement against said targets, as determined by the Chief Executive Officer or the Board of Directors.  The Target Bonus shall be less statutory and other authorized deductions and withholdings and payable at the times when other management bonuses are paid; provided, however, that the Target Bonus shall be paid before the later of:  (i) the 15th day of the third calendar month following the calendar year that the Target Bonus is earned; or (ii) the 15th day of the third calendar month following the end of the fiscal 

year of the Company that the Target Bonus is earned.

1.4.3Benefits Package; Vacation; Business Expenses.  As an employee of the Company, Executive will be eligible to enroll in the Company's benefit programs (including short and long term disability plans and reasonable Directors' and Officers' coverage) as they are established from time to time for senior‐level executive employees.  Executive shall be eligible for Company holidays and paid vacation as set forth in the Company's then current policies for senior-level executive employees.  The Company shall reimburse Executive for ordinary and necessary business expenses incurred by Executive in the performance of his duties hereunder during the term of his employment and in accordance with the Company's business expense reimbursement policy.  For purposes of compliance with Section 409A, to the extent applicable, reimbursements of expenses to Executive shall in all events (i) be paid no later than the last day of the calendar year following the calendar year in which the expense was incurred, (ii) not affect or be affected by the amount of expenses for which Executive is eligible for reimbursement in any other calendar year, and (iii) not be subject to liquidation or exchange for another benefit.

1.4.4Retention Bonus.

(a)Provided that (i) Executive remains employed with the Company through the applicable Stay Bonus Earned Date indicated below, except in the event of Executive's prior termination of employment Without Cause (as defined by Section 1.6.4), for Good Reason (as defined by Section 1.7.2), due to Executive's death or due to Executive's Disability (as defined by Section 1.6.1) or in the event of a Change of Control (as defined by Section 1.5), and (ii) Executive has complied with all of the terms and conditions of this Agreement and the Proprietary Agreement described in Section 2.1.1, Executive will receive in a lump sum cash payment the Stay Bonus Amount applicable to such Stay Bonus Earned Date, less appropriate tax withholdings and deductions, on the first regularly scheduled payroll date following the applicable Stay Bonus Earned Date, as follows:
	
			
	Stay Bonus Earned Date
	 
	Stay Bonus Amount

	June 30, 2010
	 
	50% of then-current Base Salary

	September 30, 2010
	 
	60% of then-current Base Salary

	December 31, 2010
	 
	50% of then-current Base Salary

Notwithstanding Section 1.4.2 to the contrary, if Executive receives pursuant to this Section 1.4.4(a) the Stay Bonus Amount for the Stay Bonus Earned Date of September 30, 2010, the amount of any annual bonus pursuant to Section 1.4.2 to which Executive would otherwise be entitled for the fiscal year of the Company ending in calendar year 2010 shall be reduced by an amount equal to such Stay Bonus Amount.

(b)If Executive's employment with the Company is terminated Without Cause, for Good Reason, due to Executive's death, or due to Executive's Disability before a Stay Bonus Earned Date, Executive or Executive's estate will be paid in a lump sum in cash 100% of the Stay Bonus Amount(s) not yet paid, less appropriate tax withholdings and deductions, on the first regularly scheduled payroll date following the date of such termination of employment, subject to any delay in payment required by Section 4.2.

(c)In the event of a Change of Control, and provided that Executive's employment with the Company has not terminated prior to the closing of the Change of Control, Executive will be paid in a lump sum in cash 100% of the Stay Bonus Amount(s) not yet paid, less appropriate tax withholdings and deductions, on the 10th day following the closing of the Change of Control.

(d)If Executive's employment with the Company is terminated for Cause or if Executive resigns from employment with the Company for any reason other than Executive's Disability or for Good Reason before the earlier of a Stay Bonus Earned Date or a Change of Control, Executive will forfeit all of the Stay Bonus Amounts otherwise payable on that or any subsequent Stay Bonus Earned Date or as a result of a Change of Control.

1.5Stock Options.

1.5.1   Start Date Options.  Upon the Effective Date, Executive was granted one or more options (collectively, the “Option”) to purchase 150,000 shares of the Company's Common Stock.  Such Option was granted pursuant to the Company's 2002 Stock Option Plan (the “Plan”).  The exercise price for the Option is equal to the fair market value of the Company's Common Stock on the date of grant of the Option.  The Option is immediately exercisable, but the Option shares were initially unvested and vested 25% on July 5, 2010, and will continue to vest over three (3) years in equal quarterly installments during each of the following three years.  The Plan documents provide that, in the event that, within one (1) year after a Change 

of Control, either (i) Executive is terminated Without Cause pursuant to Section 1.6.4, or (ii) Executive resigns for Good Reason pursuant to Section 1.7.2, Executive shall acquire a vested interest in, and the Company's repurchase rights shall terminate with respect to all unvested Option shares covered by the Option.  In the event Executive is terminated for any reason, then such termination shall not affect in any manner Executive's right to receive or exercise the options which have vested as of the date of termination pursuant to the provisions of this Agreement.  The terms of the Option are as set forth in the Plan documents.  The Company has filed a registration statement on Form S‐8 with respect to the Plan, and shall maintain the effectiveness of such registration statement during the term of the Plan.

1.5.2      Restatement Date Option.  As soon as practicable following the Restatement Date, Executive will be granted an option to purchase 50,000 shares of the Company's Common Stock, with an exercise price per share equal to the fair market value of a share of the Company's Common Stock on the date of grant of such option.  The option will be immediately exercisable but the option shares will be initially unvested and will vest 25% after one year from the date of grant, and will continue to vest over three (3) years in equal quarterly installments during each of the following three years.

1.5.3      Change of Control Defined.  For purposes of this Agreement, a “Change of Control” shall mean:  (a) the consummation of a merger, consolidation or reorganization approved by the Company's stockholders, unless securities representing more than 50% of the total combined voting power of the outstanding voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company's outstanding voting securities immediately prior to such transaction; or (b) the sale, transfer or other disposition of all or substantially all of the Company's assets as an entirety or substantially as an entirety to any person, entity or group of persons acting in concert other than a sale, transfer or disposition to an entity, at least 50% of the combined voting power of the voting securities of which is owned by the Company or by stockholders of the Company in substantially the same proportion as their ownership of the Company immediately prior to such sale; or (c) any transaction or series of related transactions within a period of 12 months pursuant to which any person or any group of persons comprising a “group” within the meaning of Rule 13d‐5(b)(l) under the Securities Exchange Act of 1934, as amended (other than the Company or a person that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled by or is under common control with, the Company) acquires (other than directly from the Company) beneficial ownership (within the meaning of Rule 13d‐3 of the Securities Exchange Act of 1934, as amended) of securities possessing more than 35% of the total combined voting power of the Company's securities outstanding immediately after the consummation of such transaction or series of related transactions; provided, however, that the event constituting such Change of Control also constitutes a “change in the ownership or effective control” or “in the ownership of a substantial portion of the assets” of the Company.

1.6Termination.  Executive's employment and this Agreement (except as otherwise provided hereunder) shall terminate upon the occurrence of any of the following, at the time set forth therefor (the time of any such termination being the “Termination Date”):

1.6.1      Death or Disability.  Immediately upon the death of Executive or in the event that Executive has ceased to be able to perform the essential functions of his duties, with or without reasonable accommodation, for a period of not less than 180 days, due to a mental or physical illness or incapacity; as determined in the good faith judgment of the Chief Executive Officer and confirmed by the opinion of an independent medical physician (“Disability”) (termination pursuant to this Section 1.6.1 being referred to herein as termination for “Death or Disability”); or

1.6.2      Voluntary Termination.  Thirty (30) days following Executive's written notice to the Company of termination of employment; provided, however, that the Company may waive all or a portion of the thirty (30) days notice and accelerate the effective date of such termination (and the Termination Date) (termination pursuant to this Section 1.6.2 being referred to herein as “Voluntary” termination); or

1.6.3      Termination For Cause.  Immediately following notice of termination for Cause given by the Company.  As used herein, “Cause” means termination based on any one of the following, as determined in good faith by the Chief Executive Officer:  (i) any intentional act of misconduct or dishonesty by Executive in the performance of his duties under the Agreement; (ii) any willful failure or refusal by Executive to attend to his duties under this Agreement; (iii) any material breach of this Agreement; (iv) Executive's conviction of or plea of “guilty” or “no contest” to any crime constituting a felony or a misdemeanor involving theft, embezzlement, dishonesty, or moral turpitude; or (v) Executive's unsatisfactory performance of his duties as determined by the Chief Executive Officer and failure of Executive to improve such performance in the reasonable judgment of the Chief Executive Officer following the thirty (30)‐day period after Executive is provided written notice of such unsatisfactory performance.  In the event that the Chief Executive Officer believes that an event has occurred that would constitute a termination for Cause pursuant to clauses (i), (ii) or (iii), prior to terminating Executive, the Chief Executive Officer will notify Executive of such belief in writing, including an explanation of the concern, and Executive will have thirty (30) days to address the concern to the Chief Executive Officer's satisfaction prior to the effectiveness of the termination; provided that the Chief 

Executive Officer may instruct Executive to take a paid leave of absence during such period.

1.6.4     Termination Without Cause.  Notwithstanding any other provisions contained herein,' including, but not limited to Section 1.3 above, the Company may terminate Executive's employment following a thirty (30) day written notice of termination without Cause given by the Company as approved by the Board of Directors (termination pursuant to this Section 1.6.4 being referred to herein as termination “Without Cause”).

1.6.5      Other Remedies.  Termination pursuant to Section 1.6.3 above shall be in addition to and without prejudice to any other right or remedy to which the Company may be entitled at law, in equity, or under this Agreement.

1.7Severance and Termination.  

1.7.1   Voluntary Termination, Termination for Cause, Termination for Death or Disability.  In the case of a termination of Executive's employment hereunder for Death or Disability in accordance with Section 1.6.1 above, or Executive's Voluntary termination of employment hereunder in accordance with Section 1.6.2 above, or a termination of Executive's employment hereunder for Cause in accordance with Section 1.6.3 above (i) Executive shall not be entitled to receive payment of, and the Company shall have no obligation to pay, any severance or similar compensation attributable to such termination, other than Base Salary earned but unpaid, accrued but unused vacation to the extent required by the Company's policies, vested benefits under any employee benefit plan, and any unreimbursed expenses pursuant to Section 1.4.3 or 1.4.4 hereof incurred by Executive as of the Termination Date, and (ii) the Company's other obligations under this Agreement shall immediately cease.
1.7.2        Termination Without Cause; Resignation for Good Reason.  Subject to Executive's execution of a Release in accordance with Section 1.7.3 which becomes effective in accordance with its terms on or before the 60th day following the Termination Date, in the case of a termination of Executive's employment hereunder Without Cause in accordance with Section 1.6.4 above, or Executive's resignation with Good Reason, the Company (i) shall pay Executive two (2) years of Base Salary continuation (to be paid in accordance with the Company's normal payroll practices commencing on the 60th day following the Termination Date, with a catch-up payment for payroll dates occurring between the Termination Date and such 60th day) and two (2) years of Target Bonus (to be paid at the end of each year within the time set forth in Section 1.4.2); such payments must not however extend beyond the second taxable year of the Executive following the taxable year in which the termination of employment occurred and (ii) if Executive elects to continue health coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), for a period of one year after termination, the Company will pay Executive's premiums, in an amount sufficient to maintain the level of health benefits in effect on Executive's last day of employment.  Further, and alternatively (and not in addition) to the payments described in the prior portion of this section, subject to Executive's execution of a Release in accordance with Section 1.7.3 which becomes effective in accordance with its terms on or before the 60th day following the Termination Date, in the event that there is a Change of Control and within one year after the closing of the Change of Control, Executive is terminated Without Cause or resigns for Good Reason, (A) the Company shall pay to Executive on the 60th day following the Termination Date a lump sum payment in an amount equal to two (2) years of Base Salary and two (2) years of Target Bonus; (B) if Executive elects to continue health coverage under COBRA, for a period of one year after termination, the Company will pay Executive's premiums, in an amount sufficient to maintain the level of health benefits in effect on Executive's last day of employment; and (C) the Option will immediately vest as set forth in Section 1.5.

For purposes of this Agreement, “Good Reason” means the occurrence of any of the following:  (1) the assignment to Executive of duties materially adverse to his status as Vice President of Technology or a material adverse alteration in the nature or status of his responsibilities, duties or authority; (2) a reduction by the Company in Executive's then Base Salary or Target Bonus, a material reduction in other benefits, or the failure by the Company to pay Executive any portion of his current compensation when due; (3) a requirement that Executive report to a primary work location that is more than fifty (50) miles from the Company's current location in Austin, Texas; or (4) the failure of the Executive and any successor company either to (A) maintain (through assignment, transfer or otherwise) this Agreement in full force and effect, or (B) reach a mutually agreeable new  employment agreement, so long as Executive is willing and able to execute a new agreement that substantially provides similar terms and conditions to this Agreement.  Notwithstanding the foregoing, Executive's resignation shall not be treated as a resignation for Good Reason unless (a) Executive notifies the Company in writing of a condition constituting Good Reason within forty‐five (45) days following Executive's becoming aware of such condition; (b) the Company fails to remedy such condition within thirty (30) days following such written notice (the “Remedy Period”); and (c) Executive resigns within thirty (30) days following the expiration of the Remedy Period.  In addition, the termination must occur within two years of the occurrence of one of the above enumerated events.  Further, in the event that Executive resigns for Good Reason and within two (2) years from such date accepts employment with the Company, any acquirer or successor to the Company's business or any affiliate, parent, or subsidiary of either the Company or its successor, then Executive will forfeit any right to severance payments hereunder and will reimburse the Company for the full amount of such payments received by Executive within 30 days of accepting such employment.  Notwithstanding the previous sentence, if such payments are deemed Deferred Compensation, then such payments shall only be 

forfeited to the extent allowed by Section 409A.
Executive and Company intend that payment of the cash severance benefits under this Section 1.7.2 shall be exempt from treatment as nonqualified deferred compensation subject to Section 409A to the maximum extent permitted as separation pay due to involuntary separation from service pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii) to the extent of those amounts paid no later than the last day of Executive's second taxable year following the taxable year of the Termination Date and otherwise qualifying for such exemption.
1.7.3     Severance Conditioned on Release of Claims.   The Company's obligation to provide Executive with the severance benefits set forth in Section 1.7.2 is contingent upon Executive's execution of a mutual release of claims in the form attached hereto as Exhibit C (the “ Release ”), which, except as otherwise provided below, has become effective in accordance with its terms on or before the time period specified by Section 1.7.2. 
(a)           The Company must deliver the Release to Executive for execution no later than seven (7) days after Executive's termination of employment.  If the Company fails to deliver the Release to Executive within such seven (7) day period, Executive will be deemed to have satisfied the release requirement of this Section 1.7.3, and Executive will be entitled to receive the severance benefits set forth in Section 1.7.2 hereof as though Executive had executed the Release and the Release had become effective in accordance with its terms within the time period required by Section 1.7.2.
 
(b)           Upon delivery of the Release by the Company as provided in Section 1.7.3(a), Executive shall execute the Release, if at all, within forty-five (45) days from the date of its delivery to Executive.
 
(c)           If Executive has revocation rights with respect to his execution of the Release, Executive shall exercise such rights, if at all, not later than seven (7) days after executing the Release.

		
	2.
	PROTECTION OF COMPANY'S PROPRIETARY INFORMATION AND INVENTIONS; NON‐COMPETITION

   
2.1.1    Proprietary Agreement.  This Agreement, and Executive's employment hereunder, is contingent upon Executive's execution of the Proprietary Agreement, effective contemporaneously with the execution of this Agreement.  The Proprietary Agreement survives the termination of this Agreement, the Employment Term and/or Executive's employment with the Company.

2.1.2    Consideration For Promise To Refrain From Competing.  Executive agrees that Executive's services are special and unique, that the Company's disclosure of confidential, proprietary information and specialized training and knowledge to Executive, and that Executive's level of compensation and benefits, including the amount of severance as set forth in Section 1.7 hereof, are partly in consideration of Executive not competing with the Company following the termination of his employment.  Also, the Company promises to provide Executive with proprietary and confidential information to which Executive has not had access (including without limitation information developed and presented in Board of Director meetings).  Executive acknowledges that such consideration (including without limitation the Company's promise to provide Executive access to proprietary and confidential information made in this section) is adequate for Executive's promises contained within this Section 2.

2.1.3    Promise To Refrain From Competing.  Executive understands the Company's need for Executive's promise not to compete with the Company is based on the following:  (i)the Company has expended, and will continue to expend, substantial time, money and effort in developing its proprietary information; (ii) Executive will in the course of Executive's employment develop, be personally entrusted with and exposed to the Company's proprietary information; (iii) the Company is engaged in the highly insular and competitive gaming technology industry; (iv) the Company provides products and services nationally and internationally; and (v) the Company will suffer great loss and irreparable harm if Executive were to enter into competition with the Company.  Therefore, in exchange for the consideration described in Section 2.1.2 above, and the severance payments described in Section 1.7.2, Executive agrees that during Executive's employment with the Company, and for one (1) year following the effective date of the termination of Executive's employment with the Company (the “Covenant Period”), Executive will not either directly or indirectly, whether as an owner, director, officer, manager, consultant, agent or employee:  (i) work for or provide services or assistance to a competitor of the Company as of the date of termination of employment, which is defined to include those entities or persons primarily engaged in the business of developing, marketing, selling and supporting technology to or for gaming businesses in which, as of the date of termination of employment, the Company engages or in which the Company has an actual intention, as evidenced by the Company's written business plans to engage, in any country in which the Company does business as of the date of termination of employment (the “Restricted Business”); or (ii) make or hold any 

investment in any Restricted Business, whether such investment be by way of loan, purchase of stock or otherwise, provided that there shall be excluded from the foregoing the ownership of not more than 1% of the listed or traded stock of any publicly held corporation.  For purposes of this Section 2, the term “Company” shall mean and include the Company, any subsidiary or affiliate of the Company, and any successor to the business of the Company (by merger, consolidation, sale of assets or stock or otherwise).  For purposes of clarification and not limitation, casinos or gaming operations that are not primarily engaged in the business of developing, marketing, selling and supporting technology to or for gaming businesses shall not be Restricted Businesses hereunder.  Notwithstanding anything in this section or this agreement to the contrary, in the event Executive's employment is terminated for Cause pursuant to clause (v) of Section 1.6.3, the Covenant Period shall be six (6) months from the date of termination of Executive's employment.
2.1.4    Reasonableness of Restrictions.  Executive represents and agrees that the restrictions on competition, as to time, geographic area, and scope of activity, required by this Section 2 are reasonable, do not impose a greater restraint than is necessary to protect the goodwill and business interests of the Company, and are not unduly burdensome to Executive.  Executive expressly acknowledges that the Company competes on an international basis and that the geographical scope of these limitations is reasonable and necessary for the protection of the Company's trade secrets and other confidential and proprietary information.  Executive further agrees that these restrictions allow Executive an adequate number and variety of employment alternatives, based on Executive's varied skills and abilities.  Executive represents that Executive is willing and able to compete in other employment not prohibited by this Agreement.

2.1.5    Reformation if Necessary.  In the event a court of competent jurisdiction determines that the geographic area, duration, or scope of activity of any restriction under this Section 2 and its subsections is unenforceable, the restrictions under this section and its subsections shall not be terminated but shall be reformed and modified to the extent required to render them valid and enforceable.

2.1.6    Forfeiture of Benefits.  In the event that the Release does not become effective on or before the 60th day following the Termination Date solely by reason of Executive's failure to sign and deliver the Release (other than due to the circumstances described in Section 1.7.3(a)) or through other action on the part of Executive as provided under Section 1.7.3(b) and (c), or in the event that Executive breaches Executive's promise under Section 2.1.3 to refrain from competing, then the Company shall have the right to (i) terminate any further provision of compensation and benefits set forth in Section 1.7.2 that are expressly made subject to provision of an effective Release, (ii) seek reimbursement from Executive for all compensation and benefits previously provided to Executive under Section 1.7.2, (iii) recover from Executive all shares of Company stock owned by Executive (or the proceeds therefrom, reduced by the purchase price paid to acquire such shares) as to which the vesting was accelerated pursuant to Section 1.7.2, and (iv) immediately cancel all Options or other stock options subsequently awarded Executive to the extent that the vesting thereof was accelerated pursuant to Section 1.7.2 or through other agreement(s) with Executive providing for accelerated vesting related to a change in control.

3.REPRESENTATIONS AND WARRANTIES BY EXECUTIVE

Executive represents and warrants to the Company that (i) this Agreement is valid and binding upon and enforceable against him in accordance with its terms; (ii) Executive is not bound by or subject to any contractual or other obligation that would be violated by his execution or performance of this Agreement, including, but not limited to, any non‐competition agreement presently in effect; and (iii) Executive is not subject to any pending or, to Executive's knowledge, threatened claim, action, judgment, order, or investigation that could adversely affect his ability to perform his obligations under this Agreement or the business reputation of the Company.  Executive has not entered into, and agrees that he will not enter into, any agreement either written or oral in conflict herewith.
4.TAXES

4.1Section 4999.

4.1.1    Treatment of Parachute Payments.  Notwithstanding any other provision of this Agreement to the contrary, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of Executive, whether paid, payable, distributed or distributable pursuant to this Agreement (collectively, the “Payments”) would, but for this sentence, and as calculated pursuant to Section 4.1.2, be subject to the excise tax imposed by Section 4999 of the Code or any successor provision (the “Excise Tax”), the aggregate amount of the Payments will be, at Executive's sole discretion, either (i) the largest portion of the Payments that would result in no portion of the Payments (after reduction) being subject to the Excise Tax or (ii) the entire Payments, whichever amount after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes), which results in Executive's receipt, on an after-tax basis, of the greatest amount of the Payments.  Unless Executive shall have given prior written notice specifying a different 

order to the Company to effectuate the limitations described in the preceding sentence, the Company shall reduce or eliminate the Payments by first reducing or eliminating those Payments or benefits in the following order: (i) reduction of cash payments; (ii) reduction of accelerated vesting of equity awards other than stock options; (iii) reduction of accelerated vesting of stock options; and (iv) reduction of other benefits paid or provided to Executive.  In the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive's equity awards.  If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis.

4.1.2    Determinations.  The professional firm engaged by the Company for general tax purposes as of the day prior to the date of the event that might reasonably be anticipated to result in Payments that would otherwise be subject to the Excise Tax will perform the foregoing calculations.  If the tax firm so engaged by the Company is serving as accountant or auditor for the acquiring company, the Company will appoint a nationally recognized tax firm to make the determinations required by this Section.  The Company will bear all expenses with respect to the determinations by such firm required to be made by this Section.  The Company and Executive shall furnish such tax firm such information and documents as the tax firm may reasonably request in order to make its required determination.  The tax firm will provide its calculations, together with detailed supporting documentation, to the Company and Executive as soon as practicable following its engagement.  The tax firm, the Company and the Executive shall cooperate to attempt to reduce or eliminate the Excise Tax through the (i) reduction of the parachute payments as reasonable compensation for personal services performed on and after the change in control (including through the Executive's agreement to refrain from performing services as set forth in Section 2.1.3 or such additional agreement(s) as Executive may enter into), (ii) the deferral of payments to reduce the value of such payment for purposes of Section 280G of the Code, (iii) the reduction of parachute payments as reasonable compensation for personal services performed on or prior to the change in control, or (iv) any other reasonable method to reduce the value of payment or benefit taken into account as a potential parachute payment for purposes of Section 280G of the Code; in each as to the limited extent consented to by the Executive.  Notwithstanding any determination made pursuant to this Section 4.1.2,  the Company and the Executive may take different tax reporting positions with respect to the Excise Tax and/or any determination or calculation made with respect to Sections 280G and 4999 of the Code.

4.2Section 409A.  Notwithstanding any inconsistent provision of this Agreement, to the extent the Company determines in good faith that one or more of the payments or benefits received or to be received by Executive pursuant to this Agreement in connection with Executive's termination of employment would constitute deferred compensation subject to the rules of Section 409A, no such payment shall be made or benefit provided unless and until Executive has incurred a “separation from service” within the meaning of Section 409A.  Furthermore, if Executive is a “specified employee” under Section 409A at the time of such separation from service, then no amount that constitutes a deferral of compensation which is payable on account of the Employee's separation from service shall be paid to the Employee before the date (the “Delayed Payment Date”) which is the first business day of the seventh month after the date of the Employee's separation from service or, if earlier, the date of the Employee's death following such separation from service.  All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.  The Company and Executive agree to negotiate in good faith to reform any provisions of this Agreement to maintain to the maximum extent practicable the original intent of the applicable provisions without violating the provisions of Section 409A, if the Company deems such reformation necessary or advisable pursuant to guidance under Section 409A to avoid the incurrence of any such interest and penalties.  Such reformation shall not result in a reduction of the aggregate amount of payments or benefits under this Agreement.  Any payments under this Agreement that are deemed subject to Section 409A shall be subject to the following terms and provisions:

4.2.1    Nonassignability.  Neither the Executive nor any other person shall have the right to commute, sell, assign, transfer, pledge, anticipate, mortgage, or otherwise encumber, transfer, hypothecate, alienate, or convey in advance of actual receipt, the amounts, if any, payable under this Agreement that are deemed under Section 409A to be “deferred compensation” (“Deferred Compensation”), or any part thereof, and all rights to such payments are expressly declared to be, unassignable and non‐transferable.  Subject to Section 4.2.3 below, no part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment, or sequestration for the payments of debts, judgments, alimony or separate maintenance owned by Executive or any other person, be transferable by operation of law in the event of a Executive's or any other person's bankruptcy or insolvency, or be transferable to a spouse as a result of a property settlement or otherwise.  Any purported assignment, encumbrance or transfer of any nature before actual receipt shall be null and void.

4.2.2    No Suspension of Severance.  Once the Deferred Compensation payments commence, such payments shall continue to be made, except as otherwise permitted under Section 409A.

4.2.3    Set‐Off.  Notwithstanding any provision herein or any agreement to the contrary, the Company shall not have any right to offset against any Deferred Compensation benefits payable under this Agreement until such benefit is distributable to Executive or his/her beneficiary or as otherwise allowed under Section 409A.

4.2.4    Acceleration of Benefits.  The Company may not accelerate any Deferred Compensation benefits.  Notwithstanding the previous sentence, the Company may permit any acceleration that is allowed under Section 409A.

4.2.5    Compliance with Section 409A.  The provisions of this Agreement shall be interpreted and administered consistent with Section 409A, Treasury Regulations and other applicable guidance issued under Section 409A and shall incorporate the terms and provisions required by Section 409A.  If any provision herein would cause noncompliance with Section 409A, such provision shall be disregarded and this Employment Agreement shall be construed and administered as if such provision were not a part of this Employment Agreement.

4.2.6    Notice 2010-6.  The Company and Executive agree that they will each attach to their respective Federal income tax returns for the taxable year containing the date first written above the applicable statement under Section XII of Internal Revenue Service Notice 2010-6, substantially in the forms attached hereto as Appendix 1 and Appendix 2, respectively.

5.MISCELLANEOUS

5.1    Notices.  All notices, requests, and other communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally against written receipt or mailed (postage prepaid by certified or registered mail, return receipt requested) or by overnight courier to the parties at the following addresses:
	
		
	If to Executive, to:

Joaquin J. Aviles 
13102 Bidwell Drive 
Austin, Texas 78729
	 

	If to the Company, to:

Multimedia Games, Inc.
206 Wild Basin Rd. South
Bldg B, Suite 400
Austin, Texas 78746
Attention:  Chief Executive Officer
	 

All such notices, requests and other communications will (i) if delivered personally to the address as provided in this Section 5.1, be deemed given upon delivery, and (ii) if delivered by mail or overnight courier in the manner described above to the address as provided in this Section 5.1, be deemed given upon receipt.  Any party from time to time may change its address or other information for the purpose of notices to that party by giving written notice specifying such change to the other parties hereto.
5.2    Authorization to be Employed.  This Agreement, and Executive's employment hereunder, is subject to Executive providing the Company with legally required proof of Executive's authorization to be employed in the United States of America.
5.3    Indemnification Agreement.  The Company and Executive shall enter into an Indemnification Agreement in substantially the form attached hereto as Exhibit B.

5.4    Entire Agreement.  This Agreement, and the documents referenced herein, supersede all prior discussions and agreements among the parties with respect to the subject matter hereof, and contains the sole and entire agreement between the parties hereto with respect thereto.

5.5    Survival.  The respective rights and obligations of the parties that require performance following expiration or termination of this Agreement, including but not limited to Sections 1.4.4, 1.5, 1.7.2, 1.7.3, 2, 4 and 5, shall survive the expiration or termination of this Agreement, the Employment Term and/or Executive's employment with the Company.

5.6    Waiver.  Any term or condition of this Agreement may be waived at any time by the party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the party waiving such term or condition.  No waiver by any party hereto of any term or condition of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion.  All remedies, either under this Agreement or by law or otherwise afforded, will be cumulative and not alternative.

5.7    Amendment.  This Agreement may be amended, supplemented, or modified only by a written instrument duly executed by or on behalf of each party hereto.

5.8    Attorney's Fees.  In the event of any litigation arising from or relating to this Agreement, the prevailing party in such litigation proceedings shall be entitled to recover from the non‐prevailing party the prevailing party's reasonable costs and attorney's fees, in addition to all other legal or equitable remedies to which it may otherwise be entitled.  In addition, the Company shall pay Executive's reasonable attorneys' fees, not to exceed $5,000.00, incurred in connection the negotiation of this Agreement.

5.9    No Third Party Beneficiary.  The terms and provisions of this Agreement are intended solely for the benefit of each party hereto and the Company's successors and assigns, and it is not the intention of the parties to confer third‐party beneficiary rights upon any other person.

5.10        No Assignment; Binding Effect.  This Agreement and its obligations may not be assigned by either the Company or Executive.

5.11    Headings.  The headings used in this Agreement have been inserted for convenience of reference only and do not define or limit the provisions hereof.
5.12    Severability.  The Company and Executive intend all provisions of this Agreement to be enforced to the fullest extent permitted by law.  Accordingly, if a court of competent jurisdiction determines that the scope and/or operation of any provision of this Agreement is too broad to be enforced as written, the Company and Executive intend that the court should reform such provision to such narrower scope and/or operation as it determines to be enforceable.  If, however, any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future law, and not subject to reformation, then (i) such provision shall be fully severable, (ii) this Agreement shall be construed and enforced as if such provision was never a part of this Agreement, and (iii) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by illegal, invalid, or unenforceable provisions or by their severance.

5.13    Governing Law; Arbitration.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS APPLICABLE TO CONTRACTS EXECUTED AND PERFORMED IN SUCH STATE WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES.  IN THE EVENT OF ANY DISPUTE ARISING UNDER THIS AGREEMENT THAT CANNOT BE RESOLVED BETWEEN THE PARTIES, THE SAME SHALL BE SUBMITTED TO FINAL AND BINDING ARBITRATION BEFORE A SINGLE ARBITRATOR OF THE AMERICAN ARBITRATION ASSOCIATION'S PANEL OF COMMERCIAL ARBITRATORS, WHO SHALL BE CHOSEN BY AGREEMENT OF THE PARTIES.  IF THE PARTIES CANNOT AGREE, THEN EACH PARTY SHALL NOMINATE AN ARBITRATOR AND EACH OF THE TWO NOMINEES SHALL SELECT A THIRD ARBITRATOR TO SO SERVE.  THE COMPANY HEREBY AGREES TO BE FULLY RESPONSIBLE FOR ALL COSTS ASSOCIATED WITH THE ADMINISTRATION OF THE ARBITRATION, INCLUDING ANY AND ALL FILING OR OTHER FEES CHARGED BY THE AMERICAN ARBITRATION ASSOCIATION AND ANY FEES CHARGED BY THE ARBITRATOR.  THIS PROVISION AND ANY ARBITRATION AWARD ISSUED PURSUANT TO THIS PROVISION MAY BE ENFORCED BY ANY COURT OF COMPETENT JURISDICTION.  THE ARBITRATION SHALL TAKE PLACE IN AUSTIN, TEXAS UNLESS OTHERWISE MUTUALLY AGREED BY THE PARTIES.

5.14    Counterparts.  This Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

[SIGNATURE PAGE TO EMPLOYMENT AGREEMENT FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Executive Employment Agreement to be executed as of the date first written above.

	
			
	 
	 
	“COMPANY”

MULTIMEDIA GAMES, INC.

By: /s/ Patrick J. Ramsey
      Patrick J. Ramsey
      President and Chief Executive Officer

	 
	 
	“EXECUTIVE”

/s/ Joaquin J. Aviles

Joaquin J. Aviles

[SIGNATURE PAGE TO EMPLOYMENT AGREEMENT]
    

EXHIBIT A

Proprietary Agreement

EXHIBIT B

Indemnification Agreement

EXHIBIT C

MUTUAL RELEASE

THIS MUTUAL RELEASE (this “ Release ”) is by and between and Joaquin J. Aviles, an individual residing at the address on the signature page below (“ Executive ”) and Multimedia Games, Inc., a Texas corporation with its principal office at the address listed on the signature page below (the “ Company ”).
 
RECITALS:
 
WHEREAS, the Company and Executive are parties to that certain Amended and Restated Employment Agreement, dated as of October ___, 2010 and all amendments and modifications thereto (collectively, the “Employment Agreement”); and
 
WHEREAS, Executive's employment with the Company has terminated and as a result of such termination, the parties are entering into this Release.
 
THEREFORE, in consideration of the mutual promises and obligations set out herein, together with other good and valuable consideration, the sufficiency of which is acknowledged, Parties agree as follows:
 
1.    DEFINED TERMS. All capitalized terms used in this Release not otherwise defined herein shall have the respective meanings given thereto in the Employment Agreement.
 
2.    RELEASE
 
(a)            By Executive.   Executive hereby releases and forever discharges all claims against the Company, and each of its subsidiaries and the officers, directors, employees, attorneys and agents of the Company and each such subsidiary (collectively, the “ Company Released Parties ”) of whatever nature and kind, in law, equity or otherwise, known or unknown, choate or inchoate, asserted or unasserted, which Executive has had, may have had, or now has, or may have, arising out of or in connection with Executive's employment with the Company and/or its subsidiaries or the termination of such employment; provided, however, that nothing contained herein is intended to nor shall constitute a release of the Company from any obligations 

it may have to Executive under the Employment Agreement, or any deferred compensation plan or arrangement in which Executive participates or any rights of indemnification under the Indemnification Agreement or under the Company's Articles of Incorporation, Bylaws or the like as in effect on the Execution Date, or coverage under the Company's director and officer insurance policy, nor shall it prevent Executive from exercising Executive's rights, if any, under the Employment Agreement or under any stock option, restricted stock or similar agreement in effect as of the Execution Date in accordance with their terms (collectively, the “ Executive Released Claims ”). Should any claim(s) be asserted in breach of the terms, covenants, and releases in this Section 2(a), Executive agrees that this Release may be pled as a full and complete   defense to such   claim(s).
 
(b)            By the Company.   The Company, on behalf of the Company and its subsidiaries and affiliates, hereby releases and forever discharges all claims against the Executive and Executive's spouse, heirs, estate administrators and executors (collectively, the “ Executive Released Parties ”) of whatever nature and kind, in law, equity or otherwise, known or unknown, choate or inchoate, asserted or unasserted, which the Company and its subsidiaries and affiliates has had, may have had, or now has, or may have, arising out of or in connection with Executive's employment with the Company and/or its subsidiaries or the termination of such employment; provided, however, that nothing contained herein is intended to nor shall constitute a release of the Executive from any obligations Executive may have to the Company under the Employment Agreement or under the Proprietary Agreement in effect as of the Execution Date in accordance with their terms (collectively, the “ Company Released Claims ”). Should any claim(s) be asserted in breach of the terms, covenants, and releases in this Section 2(b), the Company agrees that this Release may be pled as a full and complete defense to such claim(s).
 
 
3.    REPRESENTATIONS AND WARRANTIES
 
(a)        By Executive.   Executive represents and warrants as follows:
 
(i)           Executive is authorized by law and has the legal capacity to enter into this Release. Executive has executed this Release as a natural person with authority to bind Executive to its terms and conditions.
 
(ii)      Executive is not relying upon any representation or warranty by the Company which is not expressly set out in this Release or in the Employment Agreement.
 
(b)        By the Company. The Company represents and warrants as follows:
 
(i)      The Company is authorized by law and has the legal capacity to enter into this Release. The person who has executed this Release on its behalf has been duly authorized to execute this Release and to bind the Company to its terms and conditions.
 
(ii)           The Company is not relying upon any representation or warranty by Executive, which is not expressly set out in this Release or in the Employment Agreement.
 
4.    MISCELLANEOUS
 
(a)       Execution Date.   The “Execution Date” of this Release shall be the date on which all parties have signed this Release. If the parties do not sign this Release on the same date, the Execution Date shall be the date that the last party signs this Release.

(b)      Resignation.   Effective as of the Execution Date, Executive hereby resigns from all positions as an officer, director or employee of the Company and each of its subsidiaries or affiliates effective the date hereof and further agrees to execute such further evidence of such resignations as may be necessary or appropriate to effectuate the foregoing.
 
(c)      Press Releases and Public Announcements.   Except as expressly required by law, no party shall issue any press release or make any public announcement relating to the subject matter of this Release, any negotiation, discussion or other relationship between the parties without the prior written approval of the Parties.
 
(d)     Binding Effect.   Each party to this Release has carefully read this Release and discussed its requirements, to the extent each party believes necessary, with legal counsel.  Each party further understands that the other parties hereto will be proceeding in reliance upon this Release. Each of the parties warrants and in good faith represents that there has been, and there will be, no assignment or transfer of any interest in any of the claims with respect to the Executive Released Claims and the Company Released Claims , respectively, and the parties agree to indemnify and hold each other harmless from any liability, claims, demands, damages, costs, expenses, and attorneys' fees incurred by any of them as a result of any person asserting any 

such assignment or transfer of any rights or claims released hereunder. This Release shall be a fully binding and complete among the parties hereto and their respective representatives, successors and assigns with respect to the Executive Released Claims or the Company Released Claims. The parties understand and agree that if the law or facts with respect to which this Release is executed are hereafter found to be other than, or different from, the law and facts now believed by the parties to be true, the parties expressly accept and assume the risk of such possible difference in law or facts and agree that the Release shall be and remain effective notwithstanding any such difference, and no Party hereto shall assert or maintain any released claim or any claim or action arising solely as a result of such change in law or facts.
 
(e)      No Third-Party Beneficiaries.   This Release shall not confer any rights or remedies upon any person other than upon the Parties hereto and their respective successors and permitted assigns the rights and remedies which have been contemplated by this Release.
 
(f)      Entire Agreement.   Other than the Employment Agreement, this Release constitutes the entire agreement among the parties and supersedes any prior understandings, agreements, or representations by or among the parties, written or oral, among the parties with respect to the subject matter of this Release.
 
(g)     Succession and Assignment.   This Release shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. No party may assign either this Release or any of his, her or its rights, interests, or obligations hereunder without the prior written approval of the other parties.
 
(h)     Counterparts.   This Release may be executed in multiple counterparts, each one of which shall be deemed an original, but all of which shall be considered together as one and the same instrument. Further, in making proof of this Agreement, it shall not be necessary to produce or account for more than one (1) such counterpart. Execution by a party of a signature page hereto shall constitute due execution and shall create a valid, binding obligation of the party so signing, and it shall not be necessary or required that the signatures of all Parties appear on a single signature page hereto.
 
(i)      Headings.   The section headings contained in this Release are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Release.
 
(j)      Waiver.    No waiver, delay, omission or forbearance on the part of any party to exercise any right, option, duty, or power arising from any default or breach of any other party shall affect or impair the rights of the non-breaching party with respect to any subsequent default or breach of the same or a different kind; nor shall any delay or omission of the non-breaching party to exercise any right arising from any such default or breach affect or impair the non-breaching party's rights as to such default or breach or any future default or breach.
 
(k)      Notices.   All notices, requests, demands, claims, and other communications hereunder will be in writing. Any notice, request, demand, claim or other communication hereunder shall be deemed duly given when personally delivered, one business day after it is deposited with a nationally recognized courier for overnight delivery or two business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient at the address set forth on the signature page below. Any party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other Parties notice in the manner herein set forth.
 
(l)      Governing Law.   THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS APPLICABLE TO CONTRACTS EXECUTED AND PERFORMED IN SUCH STATE WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES.
 
(m)     Amendments.   No amendment of any provision of this Release shall be valid unless the same shall be in writing and signed by the parties.
 
(n)      Severability.   Any term or provision of this Release that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.
 
(o)      Electronic Transmission.   Delivery of an executed counterpart of this Release may be made by facsimile or other electronic transmission. Any such counterpart or signature pages sent by facsimile or other electronic transmission   shall be deemed to be written and signed originals for all purposes, and copies of this Release containing one or more signature pages that have been delivered by facsimile or other electronic transmission shall constitute enforceable original documents. As used in this Release, the term “ electronic transmission ” means and refers to any form of communication not directly involving the physical transmission of paper that creates a record that may be retained, retrieved and reviewed by a recipient of the communication, and 

that may be directly reproduced in paper form by such a recipient through an automated process.
 
(p)      Certain Interpretive Matters and Definitions.
 
(i)           Unless the context of this Release otherwise requires, (A) words of any gender include each other gender; (B) words (including defined terms) using the singular or plural number also include the plural or singular number, respectively; (C) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Release and not to any particular provision of this Release, and (D) the “Section” and “Exhibit” without any reference to a specified document refer to the specified Section and Exhibit, respectively, of this Release.
 
(ii)           The words “including,” “include” and “includes” are not exclusive and shall be deemed to be followed by the words “without limitation;” if exclusion is intended, the word “comprising” is used instead.
 
(iii)           The word “or” shall be construed to mean “and/or” unless the context clearly prohibits that construction.
 
(iv)           Any representation or warranty contained herein as to the enforceability of a contract, including this Release, shall be subject to the effect of any bankruptcy, insolvency, reorganization, moratorium or other similar law affecting the enforcement of creditors' rights generally and to general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).
 
(v)           The parties have participated jointly in the negotiation and drafting of this Release. If an ambiguity or question of intent or interpretation arises, this Release shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions hereof.
 
(q)     Non-Disparagement.   Each party agrees to refrain from making any remark or statement, verbal or written, that could reasonably be construed as disparaging to the other party (or such other party's affiliates), including, without limitation, remarks or statements that might damage such other person's business relationships, prospective business relationship image or goodwill.
 
(r)      Further Assurances.   Upon the terms and subject to the conditions herein, each of the Parties hereto agrees to use its reasonable best efforts to take or cause to be taken all action, to do or cause to be done, and to assist and cooperate with the other party in doing, all things necessary, proper or advisable under applicable laws and regulations or otherwise to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Release, including the execution and delivery of such instruments, and the taking of such other actions, as the other party hereto may reasonably require in order to carry out the intent of this Release.
 

[Signatures On The Following Page]

 
 

[Signature Page of Mutual Release by and between the Company and Executive]

 

IN WITNESS WHEREOF , the Parties have duly executed this Mutual Release, effective as of the Effective Date.

 
“ EXECUTIVE ”

_________________________________________
Joaquin J. Aviles
 
Date: ______________________________
 
Address: ______________________________

______________________________
______________________________
 
 
“COMPANY”

Multimedia Games, Inc., a Texas corporation

Print Name: ___________________
Sign Name:____________________
Title:_________________________
Date:_________________________

Address: ______________________________
______________________________
______________________________

APPENDIX 1

[Form of Statement to be filed with the Multimedia Games, Inc. Federal Income Tax Return for its taxable year containing September ___, 2010]

§409A Document Correction under §§VI.A and VI.B of Notice 2010-6

1.    Name and taxpayer ID number of each service provider affected by the document failure:

Joaquin J. Aviles
Social Security Number: ____ - ___ - ____

2.    Plan with respect to which failure occurred:

Executive Employment Agreement between Multimedia Games, Inc. and Joaquin J. Aviles, dated July 5, 2009.

3.    Statement of correction:

The document failure identified herein is eligible for correction under Section §§VI.A and VI.B of Notice 2010-6.  Multimedia Games, Inc. has taken all actions required and otherwise met all requirements for such corrections as of the last day of its taxable in year in which the correction is made.  Pursuant to Section XI.A of Notice 2010-6, no income inclusion is required as a result of this correction.  The date of the correction is July ___, 2010 and, pursuant to Section XI.A of Notice 2010-6, is treated as effective on January 1, 2009.

4.    Amount involved:

The amount involved is unknown as of the date of the statement because the event at which time such amount would be become determinable has not occurred.  Pursuant to Section XI.A of Notice 2010-6, no income inclusion is required as a result of this correction.

    
APPENDIX 2

[Form of Statement to be filed with the Joaquin J. Aviles 2010 Federal Income Tax Return]

You are entitled to the relief provided in Sections VI.A and VI.B of Internal Revenue Service Notice 2010-6 with respect to a failure to comply with Section 409A.  You must attach a copy of this statement to your 2010 Federal Income Tax Return.

§409A Document Correction under §§VI.A and VI.B of Notice 2010-6

1.    Name and taxpayer ID number of each service provider affected by the document failure:

Joaquin J. Aviles
Social Security Number: ____ - ___ - ____

2.    Plan with respect to which failure occurred:

Executive Employment Agreement between Multimedia Games, Inc. and Joaquin J. Aviles, dated July 5, 2009.

3.    Statement of correction:

The document failure identified herein is eligible for correction under Sections VI.A and VI.B of Notice 2010-6.  Multimedia Games, Inc. has taken all actions required and otherwise met all requirements for such corrections as of the last day of its taxable in year in which the correction is made.  Pursuant to Section XI.A of Notice 2010-6, no income inclusion is required as a result of this correction.  The date of the correction is September ___, 2010 and, pursuant to Section XI.A of Notice 2010-6, is treated as effective on January 1, 2009.

4.    Amount involved:

The amount involved is unknown as of the date of the statement because the event at which time such amount would be become determinable has not occurred.  Pursuant to Section XI.A of Notice 2010-6, no income inclusion is required as a result of this correction.

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