Document:

EX-10.1

 EXHIBIT 10.1 

 
  

 
 CREDIT
AGREEMENT 
 DATED AS OF JUNE 5, 2015 

AMONG 
 KCG
AMERICAS LLC, 
 THE GUARANTORS FROM TIME TO
TIME PARTY HERETO, 
 THE LENDERS FROM
TIME TO TIME PARTY HERETO, 
 BMO HARRIS
BANK N.A., 
 as Administrative Agent, 

AND 

BANK OF AMERICA, N.A. 

as Syndication Agent 
  

 
  

BMO CAPITAL MARKETS AND MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED, 
 AS JOINT
LEAD ARRANGERS AND JOINT BOOK RUNNERS 

 TABLE OF CONTENTS 

 

							
	SECTION	    	HEADING	  	PAGE	 
			
	SECTION 1.	    	THE CREDIT FACILITIES	  	 	1	  
			
	 Section 1.1.
	    	 Commitments; Commitment Increases
	  	 	1	  
	 Section 1.2.
	    	 Applicable Interest Rates
	  	 	3	  
	 Section 1.3.
	    	 Minimum Borrowing Amounts; Maximum Eurodollar Loans
	  	 	4	  
	 Section 1.4.
	    	 Manner of Borrowing Loans and Designating Applicable Interest Rates
	  	 	5	  
	 Section 1.5.
	    	 Swing Loans
	  	 	7	  
	 Section 1.6.
	    	 Maturity of Loans
	  	 	8	  
	 Section 1.7.
	    	 Prepayments
	  	 	9	  
	 Section 1.8.
	    	 Default Rate
	  	 	11	  
	 Section 1.9.
	    	 Evidence of Indebtedness
	  	 	11	  
	 Section 1.10.
	    	 Funding Indemnity
	  	 	12	  
	 Section 1.11.
	    	 Commitment Terminations
	  	 	12	  
	 Section 1.12.
	    	 Substitution of Lenders
	  	 	13	  
	 Section 1.13.
	    	 Defaulting Lenders
	  	 	13	  
			
	SECTION 2.	    	FEES	  	 	15	  
			
	 Section 2.1.
	    	 Commitment Fee
	  	 	15	  
	 Section 2.2.
	    	 Administrative Agent Fees
	  	 	15	  
			
	SECTION 3.	    	PLACE AND APPLICATION OF PAYMENTS	  	 	16	  
			
	 Section 3.1.
	    	 Place and Application of Payments
	  	 	16	  
	 Section 3.2.
	    	 Account Debit
	  	 	17	  
			
	SECTION 4.	    	COLLATERAL	  	 	17	  
			
	 Section 4.1.
	    	 Collateral
	  	 	17	  
	 Section 4.2.
	    	 Delivery of Collateral; Inspection
	  	 	18	  
	 Section 4.3.
	    	 Payments and Other Proceeds
	  	 	19	  
	 Section 4.4.
	    	 Voting Rights and Income
	  	 	19	  
	 Section 4.5.
	    	 Release of Collateral
	  	 	19	  
	 Section 4.6.
	    	 Settlement Account
	  	 	20	  
	 Section 4.7.
	    	 Further Acts
	  	 	20	  
	 Section 4.8.
	    	 Remedies on Default
	  	 	21	  
	 Section 4.9.
	    	 Collateral Status Reports; Rights of Administrative Agent With Respect to Calculations
	  	 	21	  
	 Section 4.10.
	    	 Waiver of Lenders’ Rights Against Collateral
	  	 	22	  
	 Section 4.11.
	    	 Agreement Regarding Customer’s Securities; Firm Securities and Non-Customer Securities
	  	 	22	  

							
	SECTION 5.		DEFINITIONS; INTERPRETATION		 	24	  
			
	 Section 5.1.
		 Definitions
		 	24	  
	 Section 5.2.
		 Interpretation
		 	45	  
	 Section 5.3.
		 Change in Accounting Principles
		 	46	  
			
	SECTION 6.		REPRESENTATIONS AND WARRANTIES		 	46	  
			
	 Section 6.1.
		 Organization and Qualification
		 	46	  
	 Section 6.2.
		 Subsidiaries
		 	46	  
	 Section 6.3.
		 Authority and Validity of Obligations
		 	47	  
	 Section 6.4.
		 Use of Proceeds
		 	47	  
	 Section 6.5.
		 Financial Reports
		 	47	  
	 Section 6.6.
		 No Material Adverse Change
		 	48	  
	 Section 6.7.
		 Full Disclosure
		 	48	  
	 Section 6.8.
		 Trademarks, Franchises, and Licenses
		 	48	  
	 Section 6.9.
		 Governmental Authority and Licensing
		 	49	  
	 Section 6.10.
		 Good Title
		 	49	  
	 Section 6.11.
		 Litigation and Other Controversies
		 	49	  
	 Section 6.12.
		 Taxes
		 	49	  
	 Section 6.13.
		 Approvals
		 	49	  
	 Section 6.14.
		 Affiliate Transactions
		 	50	  
	 Section 6.15.
		 Investment Company
		 	50	  
	 Section 6.16.
		 ERISA
		 	50	  
	 Section 6.17.
		 Compliance with Laws; OFAC; Sanctions
		 	50	  
	 Section 6.18.
		 Other Agreements
		 	51	  
	 Section 6.19.
		 Solvency
		 	51	  
	 Section 6.20.
		 No Default
		 	51	  
	 Section 6.21.
		 Registration, Regulation U
		 	51	  
	 Section 6.22.
		 Regulatory Approvals
		 	51	  
	 Section 6.23.
		 SIPC Assessments
		 	51	  
	 Section 6.24.
		 Designated Examining Authority
		 	52	  
	 Section 6.25.
		 Perfection of Security Interest; Eligible ETFs
		 	52	  
	 Section 6.26.
		 Ownership, No Liens, etc.
		 	52	  
	 Section 6.27.
		 Valid Security Interest
		 	52	  
	 Section 6.28.
		 Broker Fees
		 	52	  
			
	SECTION 7.		CONDITIONS PRECEDENT		 	53	  
			
	 Section 7.1.
		 All Credit Events
		 	53	  
	 Section 7.2.
		 Initial Credit Event
		 	54	  
			
	SECTION 8.		COVENANTS		 	55	  
			
	 Section 8.1.
		 Maintenance of Business; Licenses and Memberships
		 	55	  
	 Section 8.2.
		 Maintenance of Properties
		 	56	  
	 Section 8.3.
		 Taxes and Assessments
		 	56	  
	 Section 8.4.
		 Insurance
		 	56	  

  
 -ii- 

							
	 Section 8.5.
		 Financial Reports
		 	56	  
	 Section 8.6.
		 Inspection
		 	59	  
	 Section 8.7.
		 Borrowings and Guaranties
		 	59	  
	 Section 8.8.
		 Liens
		 	61	  
	 Section 8.9.
		 Investments, Acquisitions, Loans and Advances
		 	64	  
	 Section 8.10.
		 Mergers, Consolidations and Sales
		 	64	  
	 Section 8.11.
		 Dividends and Certain Other Restricted Payments
		 	65	  
	 Section 8.12.
		 ERISA
		 	65	  
	 Section 8.13.
		 Compliance with Laws; OFAC
		 	65	  
	 Section 8.14.
		 Burdensome Contracts With Affiliates
		 	66	  
	 Section 8.15.
		 No Changes in Fiscal Year
		 	66	  
	 Section 8.16.
		 Formation of Subsidiaries
		 	66	  
	 Section 8.17.
		 Change in the Nature of Business
		 	67	  
	 Section 8.18.
		 Use of Proceeds
		 	67	  
	 Section 8.19.
		 No Restrictions
		 	67	  
	 Section 8.20.
		 Maintenance of Subsidiaries
		 	68	  
	 Section 8.21.
		 Financial Covenants
		 	68	  
			
	SECTION 9.		EVENTS OF DEFAULT AND REMEDIES		 	68	  
			
	 Section 9.1.
		 Events of Default
		 	68	  
	 Section 9.2.
		 Non-Bankruptcy Defaults
		 	71	  
	 Section 9.3.
		 Bankruptcy Defaults
		 	71	  
	 Section 9.4.
		 Notice of Default
		 	71	  
			
	SECTION 10.		CHANGE IN CIRCUMSTANCES		 	71	  
			
	 Section 10.1.
		 Change of Law
		 	71	  
	 Section 10.2.
		 Unavailability of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR
		 	72	  
	 Section 10.3.
		 Increased Cost and Reduced Return
		 	72	  
	 Section 10.4.
		 Lending Offices
		 	73	  
	 Section 10.5.
		 Discretion of Lender as to Manner of Funding
		 	74	  
			
	SECTION 11.		THE ADMINISTRATIVE AGENT		 	74	  
			
	 Section 11.1.
		 Appointment and Authorization of Administrative Agent
		 	74	  
	 Section 11.2.
		 The Administrative Agent and its Affiliates
		 	74	  
	 Section 11.3.
		 Action by the Administrative Agent
		 	74	  
	 Section 11.4.
		 Consultation with Experts
		 	75	  
	 Section 11.5.
		 Liability of the Administrative Agent; Credit Decision
		 	75	  
	 Section 11.6.
		 Indemnity
		 	76	  
	 Section 11.7.
		 Resignation of the Administrative Agent and Successor Agent
		 	76	  
	 Section 11.8.
		 Swing Line Lender
		 	77	  
	 Section 11.9.
		 Designation of Additional Agents
		 	77	  
	 Section 11.10.
		 Authorization to Release Liens
		 	77	  
	 Section 11.11.
		 Enforcement of the Collateral
		 	78	  
	 Section 11.12.
		 Authorization of Administrative Agent to File Proofs of Claim
		 	78	  

  
 -iii- 

							
	SECTION 12.		THE GUARANTEES		 	79	  
			
	 Section 12.1.
		 The Guarantees
		 	79	  
	 Section 12.2.
		 Guarantee Unconditional
		 	79	  
	 Section 12.3.
		 Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances
		 	80	  
	 Section 12.4.
		 Subrogation
		 	80	  
	 Section 12.5.
		 Subordination
		 	80	  
	 Section 12.6.
		 Waivers
		 	81	  
	 Section 12.7.
		 Limit on Recovery
		 	81	  
	 Section 12.8.
		 Stay of Acceleration
		 	81	  
	 Section 12.9.
		 Benefit to Guarantors
		 	81	  
			
	SECTION 13.		MISCELLANEOUS		 	81	  
			
	 Section 13.1.
		 Withholding Taxes
		 	81	  
	 Section 13.2.
		 No Waiver, Cumulative Remedies
		 	85	  
	 Section 13.3.
		 Non-Business Days
		 	85	  
	 Section 13.4.
		 Survival of Representations
		 	85	  
	 Section 13.5.
		 Survival of Indemnities
		 	86	  
	 Section 13.6.
		 Sharing of Set-Off
		 	86	  
	 Section 13.7.
		 Notices
		 	86	  
	 Section 13.8.
		 Counterparts, Etc.
		 	87	  
	 Section 13.9.
		 Successors and Assigns
		 	88	  
	 Section 13.10.
		 Participants
		 	88	  
	 Section 13.11.
		 Assignments
		 	89	  
	 Section 13.12.
		 Amendments
		 	91	  
	 Section 13.13.
		 Headings
		 	92	  
	 Section 13.14.
		 Costs and Expenses; Indemnification
		 	92	  
	 Section 13.15.
		 Set-off
		 	93	  
	 Section 13.16.
		 Severability of Provisions
		 	93	  
	 Section 13.17.
		 Excess Interest
		 	93	  
	 Section 13.18.
		 Construction
		 	94	  
	 Section 13.19.
		 Lender’s Obligations Several
		 	94	  
	 Section 13.20.
		 Governing Law; Jurisdiction; Consent to Service of Process
		 	94	  
	 Section 13.21.
		 Waiver of Jury Trial
		 	95	  
	 Section 13.22.
		 USA Patriot Act
		 	95	  
	 Section 13.23.
		 Confidentiality
		 	95	  
		
	 Signature Page
		 	S-1	  

  

					
	EXHIBIT A-1		—		Notice of Borrowing (Revolving A Loans)
	EXHIBIT A-2		—		Notice of Borrowing (Revolving B Loans)

  
 -iv- 

					
	EXHIBIT B		—		Notice of Continuation/Conversion
	EXHIBIT C-1		—		Revolving Note
	EXHIBIT C-2		—		Swing Note
	EXHIBIT D		—		Compliance Certificate
	EXHIBIT E		—		Assignment and Acceptance
	EXHIBIT F		—		Commitment Amount Increase Request
	EXHIBIT G		—		Certificate re: Eligible NSCC Margin Deposits
	SCHEDULE 1		—		Commitments
	SCHEDULE 5.1		—		Approved ETFs / Leveraged ETFs
	SCHEDULE 6.2		—		Borrower and Subsidiaries
	SCHEDULE 6.11		—		Litigation
	SCHEDULE 8.7		—		Existing Indebtedness
	SCHEDULE 8.8		—		Existing Liens
	SCHEDULE 13.11		—		Disqualified Assignees

  
 -v- 

 CREDIT AGREEMENT 

This Credit Agreement is entered into as of June 5, 2015, by and among KCG Americas LLC, a Delaware limited liability company (f/k/a
Knight Capital Americas LLC and as successor by merger to Octeg, LLC, and shall be referred to herein as, the “Borrower”), KCG Holdings, Inc., a Delaware corporation (the “Parent”), as Guarantor, the several
financial institutions from time to time party to this Agreement, as Lenders, as provided for herein, and BMO HARRIS BANK N.A., as Administrative Agent, as provided herein. All capitalized terms used herein without
definition shall have the same meanings herein as such terms are defined in Section 5.1 hereof. 
 PRELIMINARY
STATEMENT 
 The Borrower has requested, and the Lenders have agreed to extend, certain credit facilities on the terms
and conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  

	SECTION 1.	THE CREDIT FACILITIES. 

 Section 1.1.
Commitments; Commitment Increases. 
 (a) Commitments. 

(i) Revolving A Loans. Subject to the terms and conditions hereof, each Lender, by its acceptance hereof, severally agrees to make a
loan or loans (individually a “Revolving A Loan” and collectively for all the Lenders the “Revolving A Loans”) in U.S. Dollars to the Borrower from time to time on a revolving basis up to the amount of such
Lender’s Commitment, subject to any increases or reductions thereof pursuant to the terms hereof, before the Termination Date. The sum of the aggregate principal amount of Revolving A Loans and Revolving A Swing Loans at any time outstanding to
the Borrower shall not exceed the Borrowing Base A as then determined and computed, the aggregate principal amount of Customer Loans at any time outstanding to the Borrower shall not exceed the Customer Loan Limit, the aggregate principal amount of
Firms Loans at any time outstanding shall not exceed the Firm Loan Limit, and the aggregate principal amount of Non-Customer Loans at any time outstanding shall not exceed the Non-Customer Loan Limit. 

(ii) Revolving B Loans. Subject to the terms and conditions hereof, each Lender, by its acceptance hereof, severally agrees to make a
loan or loans (individually a “Revolving B Loan” and collectively for all the Lenders the “Revolving B Loans”) in U.S. Dollars to the Borrower from time to time on a revolving basis up to the amount of such
Lender’s Commitment, subject to any increases or reductions thereof pursuant to the terms hereof, before the Termination Date. The sum of the aggregate principal amount of Revolving B Loans and Revolving B Swing Loans at any time outstanding
shall not exceed the Borrowing Base B as then determined and computed. 

 (iii) All Loans. The aggregate principal amount of Loans outstanding from all Lenders
shall not exceed the Commitments, and the outstanding principal amount of Loans (including a Lender’s Percentage of Swing Loans) from any Lender shall not at any time exceed such Lender’s Commitment. Each Borrowing of Revolving Loans shall
be made ratably by the Lenders in proportion to their respective Percentages. As provided in Section 1.4(a) hereof, the Borrower may elect that each Borrowing of Revolving A Loans be either Base Rate Loans or Eurodollar Loans, and the Revolving
B Loans shall be Base Rate Loans. Revolving Loans may be repaid and the principal amount thereof reborrowed before the Termination Date, subject to the terms and conditions hereof. 

(b) Increase in Commitments. The Borrower may, on any Business Day prior to the Termination Date and with the Administrative
Agent’s prior written consent, increase the aggregate amount of the Commitments by delivering a Commitment Amount Increase Request substantially in the form attached hereto as Exhibit F or in such other form acceptable to the
Administrative Agent at least five (5) Business Days (or such lesser period agreed to by the Administrative Agent) prior to the desired effective date of such increase (the “Commitment Amount Increase”) identifying an
additional Lender (or additional Commitments for existing Lender(s)) and the amount of its Commitment (or additional amount of its Commitment(s)); provided, however, that (i) any increase of the aggregate amount of the Commitments
to an amount in excess of $500,000,000 will require the approval of all Lenders, (ii) any increase of the aggregate amount of the Commitments shall be in an amount not less than $10,000,000, (iii) no Default or Event of Default shall have
occurred and be continuing at the time of the request or the effective date of the Commitment Amount Increase, and (iv) all representations and warranties contained in Section 6 hereof shall be true and correct in all material respects at
the time of such request and on the effective date of such Commitment Amount Increase. The effective date of the Commitment Amount Increase shall be agreed upon by the Borrower and the Administrative Agent. Upon the effectiveness thereof, the new
Lender(s) (or, if applicable, existing Lender(s)) shall advance Revolving Loans in an amount sufficient such that after giving effect to its advance each Lender shall have outstanding its Percentage of Revolving Loans. It shall be a condition to
such effectiveness that (i) if any Eurodollar Loans are outstanding on the date of such effectiveness, such Eurodollar Loans shall be deemed to be prepaid on such date and the Borrower shall pay any amounts owing to the Lenders pursuant to
Section 1.10 hereof and (ii) the Borrower shall not have terminated any portion of the Commitments pursuant to Section 1.11(a) hereof. The Borrower agrees to pay any reasonable expenses of the Administrative Agent relating to any
Commitment Amount Increase. Notwithstanding anything herein to the contrary, no Lender shall have any obligation to increase its Commitment and no Lender’s Commitment shall be increased without its consent thereto, and each Lender may at its
option, unconditionally and without cause, decline to increase its Commitment. 

  
 -2- 

 Section 1.2. Applicable Interest Rates.  

(a) Base Rate Loans. Each Base Rate Loan made or maintained by a Lender shall bear interest (computed on the basis of a year of
360-days and the actual days elapsed) on the unpaid principal amount thereof from the date such Loan is advanced, or created by conversion from a Eurodollar Loan, until maturity (whether by acceleration or otherwise) at a rate per annum equal to the
sum of the Applicable Margin plus the Base Rate from time to time in effect, payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise). 

“Base Rate” means, for any day, the rate per annum equal to the greater of: (a) the rate determined by the
Administrative Agent to be the average (rounded upward, if necessary, to the next higher 1/100 of 1%) of the rates per annum quoted to the Administrative Agent at approximately 10:00 a.m. (Chicago time) (or as soon thereafter as is
practicable) on such day (or, if such day is not a Business Day, on the immediately preceding Business Day) by two or more Federal funds brokers selected by the Administrative Agent for sale to the Administrative Agent at face value of Federal funds
in the secondary market in an amount equal or comparable to the principal amount for which such rate is being determined, and (b) the LIBOR Quoted Rate for such day. As used herein, the term “LIBOR Quoted Rate” means, for any
day, the rate per annum equal to the quotient of (i) the rate per annum (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a one-month interest period which appears on the LIBOR01 Page as of 11:00 a.m. (London, England time) on such day (or, if such day is not a Business Day, on the immediately preceding Business Day) divided by
(ii) one (1) minus the Eurodollar Reserve Percentage, provided that in no event shall the “LIBOR Quoted Rate” be less than 0.00%. 

(b) Eurodollar Loans. Each Eurodollar Loan made or maintained by a Lender shall bear interest during each Interest Period it is
outstanding (computed on the basis of a year of 360 days and actual days elapsed) on the unpaid principal amount thereof from the date such Loan is advanced or continued, or created by conversion from a Base Rate Loan, until maturity (whether by
acceleration or otherwise) at a rate per annum equal to the sum of the Applicable Margin plus Adjusted LIBOR applicable for such Interest Period, payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or
otherwise). 
 “Adjusted LIBOR” means, for any Borrowing of Eurodollar Loans, a rate per annum determined in accordance
with the following formula: 
  

							
	Adjusted LIBOR		=		 LIBOR
		
					1 - Eurodollar Reserve Percentage		

 “Eurodollar 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 

  
 -3- 

 
by such Board or its successor, taking into account any transitional adjustments thereto. For purposes of this definition, the relevant 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 Eurodollar Reserve Percentage shall be adjusted automatically on and as of the effective date of
any change in any such reserve percentage. 
 “LIBOR” means, for an Interest Period for a Borrowing of Eurodollar Loans,
(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 upwards, if necessary, to the nearest
1/100 of 1%) at which deposits in U.S. 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 delivery on the first day of and for a period equal to such Interest Period and in an amount equal or comparable to the principal amount of the
Eurodollar Loan scheduled to be made as part of such Borrowing, provided that in no event shall “LIBOR” be less than 0.00%. 

“LIBOR Index Rate” means, for any Interest Period, the rate per annum (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) for deposits in U.S. 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 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 on any successor or substitute page of such service, or such other service that may be nominated by the ICE Benchmark Administration as the information vendor for the purpose of displaying
ICE Benchmark Administration Interest Settlement Rates for U.S. Dollar Deposits (“ICE LIBOR”), or such other commercially available source providing rate quotations of ICE LIBOR as reasonably determined by the Administrative
Agent from time to time). 
 (c) Rate Determinations. The Administrative Agent shall determine each interest rate applicable to the
Loans hereunder, and its determination thereof shall be conclusive and binding except in the case of manifest error. 
 Section 1.3.
Minimum Borrowing Amounts; Maximum Eurodollar Loans. Each Borrowing of Base Rate Loans shall be in an amount not less than $500,000. Each Borrowing of Eurodollar Loans advanced, continued or converted shall be in an amount equal to $1,000,000 or
such greater amount which is an integral multiple of $500,000. Without the Administrative Agent’s consent, there shall not be more than five (5) Borrowings of Eurodollar Loans outstanding hereunder at any one time. 

  
 -4- 

 Section 1.4. Manner of Borrowing Loans and Designating Applicable Interest Rates.
 
 (a) Notice to the Administrative Agent. The Borrower shall give notice to the Administrative Agent by: (i) no later
than 10:00 a.m. (Chicago time) at least three (3) Business Days before the date on which the Borrower requests the Lenders to advance a Borrowing of Eurodollar Loans and (ii) no later than 3:00 p.m. (Chicago time) on the date the
Borrower requests the Lenders to advance a Borrowing of Base Rate Loans. The Loans included in each Borrowing shall bear interest initially at the type of rate specified in such notice of a new Borrowing. Thereafter, subject to the terms and
conditions hereof, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Borrowing or, subject to the minimum amount requirement for each outstanding Borrowing set forth in Section 1.3 hereof, a
portion thereof, as follows: (i) if such Borrowing is of Eurodollar Loans, on the last day of the Interest Period applicable thereto, the Borrower may continue part or all of such Borrowing as Eurodollar Loans or convert part or all of such
Borrowing into Base Rate Loans; provided, that the Borrower may request to convert any Eurodollar Loan into another type of Revolving Loan hereunder prior to the end of its applicable Interest Period so long as the Borrower pays all amounts
required by Section 1.10 hereof, or (ii) if such Borrowing is of Base Rate Loans, on any Business Day, the Borrower may convert all or part of such Borrowing into Eurodollar Loans for an Interest Period or Interest Periods specified by the
Borrower. The Borrower shall give all such notices requesting the advance, continuation or conversion of a Borrowing to the Administrative Agent by telephone, telecopy, or other telecommunication device acceptable to the Administrative Agent (which
notice shall be irrevocable once given and, if by telephone, shall be promptly confirmed in writing in a manner acceptable to the Administrative Agent), substantially in the form attached hereto as Exhibit A-1 (Notice of Borrowing, Revolving A
Loans), Exhibit A-2 (Notice of Borrowing, Revolving B Loans) or Exhibit B (Notice of Continuation/Conversion), as applicable, or in such other form acceptable to the Administrative Agent. Notice of the continuation of a Borrowing of Eurodollar
Loans for an additional Interest Period or of the conversion of part or all of a Borrowing of Base Rate Loans into Eurodollar Loans must be given by no later than 10:00 a.m. (Chicago time) at least three (3) Business Days before the date
of the requested continuation or conversion. All such notices concerning the advance, continuation or conversion of a Borrowing shall specify the date of the requested advance, continuation or conversion of a Borrowing (which shall be a Business
Day), the amount of the requested Borrowing to be advanced, continued or converted, the type of Loans to comprise such new, continued or converted Borrowing and, if such Borrowing is to be comprised of Eurodollar Loans, the Interest Period
applicable thereto. Upon notice to the Borrower by the Administrative Agent or the Required Lenders (or, in the case of an Event of Default under Section 9.1(j) or 9.1(k) hereof with respect to any Borrower, without notice), no Borrowing of
Eurodollar Loans shall be advanced, continued, or created by conversion if any Default or Event of Default then exists. The Borrower agrees that the Administrative Agent may rely on any such telephonic, telecopy or other telecommunication notice
given by any person the Administrative Agent in good faith believes is an Authorized Representative without the necessity of independent investigation, and in the event any such notice by telephone conflicts with any written confirmation such
telephonic notice shall govern if the Administrative Agent has acted in reliance thereon. 

  
 -5- 

 (b) Notice to the Lenders. The Administrative Agent shall give prompt telephonic, telecopy
or other telecommunication notice to each Lender of any notice from the Borrower received pursuant to Section 1.4(a) above and, if such notice requests the Lenders to make Eurodollar Loans, the Administrative Agent shall give notice to the
Borrower and each Lender by like means of the interest rate applicable thereto promptly after the Administrative Agent has made such determination. 

(c) Borrower’s Failure to Notify. If the Borrower fails to give notice pursuant to Section 1.4(a) above of the continuation
or conversion of any outstanding principal amount of a Borrowing of Eurodollar Loans before the last day of its then current Interest Period within the period required by Section 1.4(a) and such Borrowing is not prepaid in accordance with
Section 1.7(a), such Borrowing shall automatically be converted into a Borrowing of Base Rate Loans. 
 (d) Disbursement of
Loans. Not later than 5:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately
available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available to the
Borrower at the Administrative Agent’s principal office in Chicago, Illinois (or at such other location as the Administrative Agent shall designate), by depositing or wire transferring such proceeds to the credit of the Borrower’s
Designated Disbursement Account or as the Borrower and the Administrative Agent may otherwise agree. 
 (e) Administrative Agent Reliance
on Lender Funding. Unless the Administrative Agent shall have been notified by a Lender prior to (or, in the case of a Borrowing of Base Rate Loans, by 5:00 p.m. (Chicago time) on) the date on which such Lender is scheduled to make payment
to the Administrative Agent of the proceeds of a Loan (which notice shall be effective upon receipt) that such Lender does not intend to make such payment, the Administrative Agent may assume that such Lender has made such payment when due and the
Administrative Agent may in reliance upon such assumption (but shall not be required to) make available to the Borrower the proceeds of the Loan to be made by such Lender and, if any Lender has not in fact made such payment to the Administrative
Agent, such Lender shall, on demand, pay to the Administrative Agent the amount made available to the Borrower attributable to such Lender together with interest thereon in respect of each day during the period commencing on the date such amount was
made available to the Borrower and ending on (but excluding) the date such Lender pays such amount to the Administrative Agent at a rate per annum equal to: (i) from the date the related advance was made by the Administrative Agent to the date
two (2) Business Days after payment by such Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Lender to the date such payment is
made by such Lender, the Base Rate in effect for each such day. If such amount is not received from such Lender by the Administrative Agent immediately upon demand, the Borrower will, on demand, repay to the Administrative Agent the proceeds of the
Loan attributable to such Lender with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Loan, but without such payment being considered a payment or prepayment of a Loan under Section 1.10 hereof so that
the Borrower will have no liability under 

  
 -6- 

 
such Section with respect to such payment. The Administrative Agent may make available to the Borrower the proceeds of the Revolving A Loan prior to the Administrative Agent’s receipt of the
Borrowing Base A Collateral being delivered into an Account in connection with such Revolving A Loan so long as such Borrowing Base A Collateral has been identified in a schedule delivered to the Administrative Agent and the Custodian (the
“Collateral Schedule”) by the Borrower as being due to be delivered or otherwise become available through DTC, in each case by the close of business on the date such Revolving A Loans was made available to the Borrower. The
foregoing shall not limit the Borrower’s obligations to deliver the Borrowing Base A Collateral in accordance with Section 4.1 hereof. 

Section 1.5. Swing Loans.  

(a) Generally. Subject to the terms and conditions hereof, as part of the Credit, the Swing Line Lender may, in its sole discretion,
make loans in U.S. Dollars to the Borrower under the Swing Line (individually a “Swing Loan” and collectively the “Swing Loans”) which shall not in the aggregate at any time outstanding exceed the Swing Line
Sublimit. The foregoing notwithstanding, the Swing Line Lender shall not advance a Swing Loan if, after giving effect to such Swing Loan, (i) the sum of the aggregate principal amount of Revolving Loans and Swing Loans at such time outstanding
would exceed the Commitments in effect at such time, (ii) the aggregate amount of Revolving A Loans and Revolving A Swing Loans at such time would exceed the Borrowing Base A as then determined and computed, (iii) the aggregate principal
amount of Customer Loans at any time outstanding would exceed the Customer Loan Limit, (iv) the aggregate principal amount of Firms Loans at any time outstanding would exceed the Firm Loan Limit, (v) the aggregate principal amount of
Non-Customer Loans at any time outstanding would exceed the Non-Customer Loan Limit, or (vi) the aggregate amount of Revolving B Loans and Revolving B Swing Loans at such time would exceed the Borrowing Base B as then determined and computed.
The outstanding principal amount of Loans (including a Lender’s Percentage of Swing Loans) from any Lender shall not at any time exceed such Lender’s Commitment. Swing Loans may be availed of from time to time and borrowings thereunder may
be repaid and used again during the period ending on the Termination Date. Each Swing Loan shall be in a minimum amount of $100,000 or such greater amount which is an integral multiple of $100,000. 

(b) Interest on Swing Loans. Each Swing Loan shall bear interest until maturity (whether by acceleration or otherwise) at a rate per
annum equal to the sum of the Base Rate plus the Applicable Margin for Base Rate Loans as from time to time in effect (computed on the basis of a year of 360 days for the actual number of days elapsed). Interest on each Swing Loan shall be due and
payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise). 
 (c) Requests for Swing
Loans. The Borrower shall give the Administrative Agent prior notice (which shall be in the form of the Notice of Borrowing) no later than 3:45 p.m. (Chicago time) on the date upon which the Borrower requests that any Swing Loan be made, of
the amount and date of such Swing Loan, and, if applicable, the Interest Period requested therefor. The Administrative Agent shall promptly advise the Swing Line Lender of any such notice received from the Borrower. Subject to the terms and
conditions hereof, the proceeds of each Swing Loan 

  
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extended to the Borrower shall be deposited or otherwise wire transferred to the Borrower’s Designated Disbursement Account or as the Borrower, the Administrative Agent, and the Swing Line
Lender may otherwise agree. Anything contained in the foregoing to the contrary notwithstanding, the undertaking of the Swing Line Lender to make Swing Loans shall be subject to all of the terms and conditions of this Agreement (provided that the
Swing Line Lender shall be entitled to assume that the conditions precedent to an advance of any Swing Loan have been satisfied unless notified to the contrary by the Administrative Agent or the Required Lenders). 

(d) Refunding Loans. In its sole and absolute discretion, the Swing Line Lender may at any time, on behalf of the Borrower (which
hereby irrevocably authorizes the Swing Line Lender to act on its behalf for such purpose) and with notice to the Borrower and the Administrative Agent, request each Lender to make a Revolving A Loan and/or Revolving B Loan (as applicable) in the
form of a Base Rate Loan in an amount equal to such Lender’s Percentage of the amount of the Swing Loans outstanding on the date such notice is given. Unless an Event of Default described in Section 9.1(j) or 9.1(k) exists with respect to
the Borrower, regardless of the existence of any other Event of Default, each Lender shall make the proceeds of its requested Revolving Loan available to the Administrative Agent for the account of the Swing Line Lender, in immediately available
funds, at the Administrative Agent’s office in Chicago, Illinois (or such other location designated by the Administrative Agent), before 12:00 noon (Chicago time) on the Business Day following the day such notice is given. The Administrative
Agent shall promptly remit the proceeds of such Borrowing to the Swing Line Lender to repay the outstanding Swing Loans. 
 (e)
Participations. If any Lender refuses or otherwise fails to make a Revolving Loan when requested by the Swing Line Lender pursuant to Section 1.5(d) above (because an Event of Default described in Section 9.1(j) or 9.1(k) exists
with respect to any Borrower or otherwise), such Lender will, by the time and in the manner such Revolving Loan was to have been funded to the Swing Line Lender, purchase from the Swing Line Lender an undivided participating interest in the
outstanding Swing Loans in an amount equal to its Percentage of the aggregate principal amount of Swing Loans that were to have been repaid with such Revolving Loan. Each Lender that so purchases a participation in a Swing Loan shall thereafter be
entitled to receive its Percentage of each payment of principal received on the Swing Loan and of interest received thereon accruing from the date such Lender funded to the Swing Line Lender its participation in such Loan. The several obligations of
the Lenders under this Section shall be absolute, irrevocable, and unconditional under any and all circumstances whatsoever and shall not be subject to any set-off, counterclaim or defense to payment which any
Lender may have or have had against the Borrower, any other Lender, or any other Person whatsoever. Without limiting the generality of the foregoing, such obligations shall not be affected by any Default or Event of Default or by any reduction or
termination of the Commitments of any Lender, and each payment made by a Lender under this Section shall be made without any offset, abatement, withholding, or reduction whatsoever. 

Section 1.6. Maturity of Loans. Each Loan, both for principal and interest not sooner paid, shall mature and be due and payable by
the Borrower on the Termination Date. 

  
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 Section 1.7. Prepayments. 

(a) Optional. The Borrower may prepay in whole or in part (but, if in part, then: (i) if such Borrowing is of Base Rate Loans, in
an amount not less than $500,000, (ii) if such Borrowing is of Eurodollar Loans, in an amount not less than $1,000,000, and (iii) in each case, in an amount such that the minimum amount required for a Borrowing pursuant to Section 1.3
and 1.5 hereof remains outstanding) any Borrowing of Eurodollar Loans at any time upon three (3) Business Days prior notice by the Borrower to the Administrative Agent or, in the case of a Borrowing of Base Rate Loans, notice delivered by the
Borrower to the Administrative Agent no later than 3:00 p.m. (Chicago time) on the date of prepayment (or, in any case, such shorter period of time then agreed to by the Administrative Agent), such prepayment to be made by the payment of the
principal amount to be prepaid and, in the case of any Eurodollar Loans or Swing Loans, accrued interest thereon to the date fixed for prepayment plus any amounts due the Lenders under Section 1.10 hereof. 

(b) Mandatory. (i) The Borrower shall, on each date the Commitments are reduced pursuant to Section 1.11 hereof, prepay the
Revolving Loans and Swing Loans by the amount, if any, necessary to reduce the sum of the aggregate principal amount of Revolving Loans and Swing Loans then outstanding to the amount to which the Commitments have been so reduced. 

(ii) If at any time the sum of the unpaid principal balance of the Revolving A Loans then outstanding shall be in excess of the Borrowing Base
A as then determined and computed, the Borrower shall, without notice or demand, either (A) deliver additional Collateral no later than 5:00 p.m. (Chicago time) on the date such excess occurred so that Borrowing Base A exceeds the principal
balance of the Revolving A Loans or (B) pay to the Administrative Agent (for the account of the Lenders) not later than 10:00 a.m. (Chicago time) the following Business Day the amount of such excess as a mandatory prepayment on such
Obligations. 
 (iii) If at any time the sum of the unpaid principal balance of the Customer Loans then outstanding shall be in excess of
the Customer Loan Limit then determined and computed, the Borrower shall, without notice or demand, either (A) deliver additional Customer Securities no later than 5:00 p.m. (Chicago time) on the date such excess occurred so that Customer Loan
Limit exceeds the principal balance of the Customer Loans or (B) pay to the Administrative Agent (for the account of the Lenders) not later than 10:00 a.m. (Chicago time) the following Business Day the amount of such excess as a mandatory
prepayment on such Customer Obligations. 
 (iv) If at any time the sum of the unpaid principal balance of the Firm Loans then outstanding
shall be in excess of the Firm Loan Limit then determined and computed, the Borrower shall, without notice or demand, either (A) deliver additional Firm Securities no later than 5:00 p.m. (Chicago time) on the date such excess occurred so that
the Firm Loan Limit exceeds the principal balance of the Firm Loans or (B) pay to the Administrative Agent (for the account of the Lenders) not later than 10:00 a.m. (Chicago time) the following Business Day the amount of such excess as a
mandatory prepayment on such Firm Obligations. 

  
 -9- 

 (v) If at any time the sum of the unpaid principal balance of the Non-Customer Loans then
outstanding shall be in excess of the Non-Customer Loan Limit then determined and computed, the Borrower shall, without notice or demand, either (A) deliver additional Non-Customer Securities no later than 5:00 p.m. (Chicago time) on the date
such excess occurred so that Non-Customer Loan Limit exceeds the principal balance of the Non-Customer Loans or (B) pay to the Administrative Agent (for the account of the Lenders) not later than 10:00 a.m. (Chicago time) the following Business
Day the amount of such excess as a mandatory prepayment on such Non-Customer Obligations. 
 (vi)
The Borrower shall, without notice or demand, prepay any Borrowing of Revolving B Loans in full on the earlier to occur of (a) the date upon which the NSCC Margin Deposits funded from the proceeds of such Revolving B Loans are returned to the
Borrower, and (b) the date which is five (5) days after the date of such Borrowing of Revolving B Loans. 
 (vii) If Revolving B
Loans have been outstanding for more than 30 days in any 90 day period, the Borrower shall immediately and without notice, prepay all of the then outstanding Revolving B Loans. 

(viii) If on any Business Day, the sum of the unpaid principal balance of the Revolving B Loans then outstanding shall be in excess of the
Borrowing Base B as then determined and computed, the Borrower shall, without notice or demand, pay to the Administrative Agent (for the account of the Lenders) on such Business Day the amount of such excess as a mandatory prepayment on such
Obligations. 
 (ix) Each prepayment pursuant to Section 1.7(b)(ii), (iii), (iv) or (v) shall be applied first to the
Revolving A Swing Loan with any remaining balance to be applied to the Revolving A Loans, and each prepayment pursuant to Section 1.7(b)(vi), 1.7(b)(vii) or Section 1.7(b)(viii) shall be applied first to the Revolving B Swing
Loan with any remaining balance to be applied to the Revolving B Loans. Unless the Borrower otherwise directs, (A) prepayments of Loans under Section 1.7(b)(i) shall be applied first to outstanding Revolving B Loans until paid in full and
then to Revolving A Loans, and (B) prepayments of Loans under this Section 1.7(b) shall be applied first to Borrowings of Base Rate Loans until payment in full thereof with any balance applied to Borrowings of Eurodollar Loans in the order
in which their Interest Periods expire. Each prepayment of Loans under this Section 1.7(b) shall be made by the payment of the principal amount to be prepaid and, in the case of any Eurodollar Loans, accrued interest thereon to the date of
prepayment together with any amounts due the Lenders under Section 1.10 hereof. 
 (c) Any amount of Loans paid or prepaid before the
Termination Date may, subject to the terms and conditions of this Agreement, be borrowed, repaid and borrowed again. 

  
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 Section 1.8. Default Rate. Notwithstanding anything to the contrary contained herein,
while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and other amounts at a rate per annum
equal to: 
 (a) for any Base Rate Loan, the sum of 2.0% plus the Applicable Margin plus the Base Rate from
time to time in effect; 
 (b) for any Eurodollar Loan, the sum of 2.0% plus the rate of interest in effect thereon at
the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in
effect; and 
 (c) for any other amount owing hereunder not covered by clauses (a) and (b) above, the sum of 2.0%
plus the Applicable Margin plus the Base Rate from time to time in effect; 
 provided, however, that in the absence of acceleration,
any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after
acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.  

Section 1.9. Evidence of Indebtedness. (a) Each Lender shall maintain in accordance with its usual practice an account or
accounts evidencing the indebtedness of the Borrower 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
thereof and 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 Borrower to each Lender hereunder and (iii) the amount of any sum received by the
Administrative Agent hereunder from the Borrower 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 Borrower to repay the Obligations in accordance with their terms. 

(d) Any Lender may request that its Loans be evidenced by a promissory note or notes in the forms of Exhibit
C-1 (in the case of its Revolving Loans and referred to herein as a “Revolving Note”), or C-2 (in the case of its Swing Loans and referred to herein as a “Swing Note”), as
applicable (the Revolving Notes and Swing Note being hereinafter referred to 

  
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collectively as the “Notes” and individually as a “Note”). In such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to such
Lender or its registered assigns in the amount of the relevant Commitment or Swing Line Sublimit, as applicable. Thereafter, the Loans evidenced by such Note or Notes and interest thereon shall at all times (including after any assignment pursuant
to Section 13.11) be represented by one or more Notes payable to the order of the payee named therein or any assignee pursuant to Section 13.11, except to the extent that any such Lender or assignee subsequently returns any such Note for
cancellation and requests that such Loans once again be evidenced as described in subsections (a) and (b) above. 

Section 1.10. Funding Indemnity. If any Lender shall incur any loss, cost or expense (including, without limitation, any loss,
cost or expense incurred by reason of the liquidation or re-employment of deposits or other funds acquired by such Lender to fund or maintain any Eurodollar Loan or the relending or reinvesting of such
deposits or amounts paid or prepaid to such Lender) as a result of: 
 (a) any payment, prepayment or conversion of a
Eurodollar Loan on a date other than the last day of its Interest Period, 
 (b) any failure (because of a failure to meet
the conditions of Section 7 or otherwise) by the Borrower to borrow or continue a Eurodollar Loan, or to convert a Base Rate Loan into a Eurodollar Loan on the date specified in a notice given pursuant to Section 1.4(a) or 1.5 hereof, 

(c) any failure by the Borrower to make any payment of principal on any Eurodollar Loan when due (whether by acceleration or
otherwise), or 
 (d) any acceleration of the maturity of a Eurodollar Loan as a result of the occurrence of any Event of
Default hereunder, 
 then, upon the demand of such Lender, the Borrower shall pay to such Lender such amount as will reimburse such Lender for such loss,
cost or expense. If any Lender makes such a claim for compensation, it shall provide to the Borrower, with a copy to the Administrative Agent, a certificate setting forth the amount of such loss, cost or expense in reasonable detail (including an
explanation of the basis for and the computation of such loss, cost or expense) and the amounts shown on such certificate shall be conclusive if reasonably determined by such Lender. 

Section 1.11. Commitment Terminations.  

(a) Optional Credit Terminations. The Borrower shall have the right at any time and from time to time, upon five (5) Business Days
prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent), to terminate the Commitments without premium or penalty and in whole or in part, any partial termination to be (i) in an
amount not less than $5,000,000 or integral multiples of $1,000,000 in excess thereof and (ii) allocated ratably among the Lenders in proportion to their respective Percentages, 

  
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provided that the Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Loans then outstanding. Any termination of the Commitments below (i) the
Revolving B Sublimit then in effect shall reduce the Revolving B Sublimit by a like amount and (ii) the Swing Line Sublimit then in effect shall reduce the Swing Line Sublimit by a like amount. The Administrative Agent shall give
prompt notice to each Lender of any such termination of the Commitments. 
 (b) Any termination of the Commitments pursuant to this
Section 1.11 may not be reinstated. 
 Section 1.12. Substitution of Lenders. In the event (a) the Borrower receives a
claim from any Lender for compensation under Section 10.3 or 13.1 hereof, (b) the Borrower receives notice from any Lender of any illegality pursuant to Section 10.1 hereof, (c) any Lender is then a Defaulting Lender, or
(d) a Lender fails to consent to an amendment or waiver requested under Section 13.12 hereof at a time when the Required Lenders have approved such amendment or waiver (any such Lender referred to in clause (a), (b), (c), or
(d) above being hereinafter referred to as an “Affected Lender”), the Borrower may, in addition to any other rights the Borrower may have hereunder or under applicable law, require, at its expense, any such Affected Lender to
assign, at par, without recourse, all of its interest, rights, and obligations hereunder (including all of its Commitments and the Loans and other amounts at any time owing to it hereunder and the other Loan Documents) to an Eligible Assignee
specified by the Borrower, provided that (i) such assignment shall not conflict with or violate any law, rule or regulation or order of any court or other governmental authority, (ii) the Borrower shall have paid to the Affected
Lender all monies (together with amounts due such Affected Lender under Section 1.10 hereof as if the Loans owing to it were prepaid rather than assigned) other than such principal owing to it hereunder, and (iii) the assignment is entered
into in accordance with, and subject to the consents required by, Section 13.11 hereof (provided any assignment fees and reimbursable expenses due thereunder shall be paid by the Borrower). 

Section 1.13. Defaulting Lenders. 

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

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in Section 13.12 hereof. 
 (ii) Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 9 or otherwise) or
received by the Administrative Agent from a Defaulting Lender pursuant to Section 13.6 hereto shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing
by such 

  
 -13- 

 
Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Swing Line Lender hereunder;
third, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined
by the Administrative Agent; fourth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released in order to satisfy such Defaulting Lender’s potential future funding obligations with
respect to Loans under this Agreement; fifth, to the payment of any amounts owing to the Lenders or the Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Swing Line Lender against
such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; sixth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of
any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and seventh, to such Defaulting Lender or
as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and
(y) such Loans were made at a time when the conditions set forth in Section 7.1 hereof were satisfied or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on
a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans and funded and unfunded participations in Swing Loans are held by the Lenders pro rata in accordance with their Percentages of
the Commitments without giving effect to Section 1.13(a)(iv) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to
and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii) Certain Fees. No
Defaulting Lender shall be entitled to receive any commitment fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to
that Defaulting Lender). 
 (iv) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such
Defaulting Lender’s participation in Swing Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Percentages (calculated without regard to such Defaulting
Lender’s Commitments) but only to the extent that (x) the conditions set forth in Section 7.1 hereof are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at
such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Loans and interests in Swing Loans of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party
hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such
Non-Defaulting Lender’s increased exposure following such reallocation. 
 (v)
Repayment of Swing Loans. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to them hereunder or under law, prepay Swing
Loans in an amount equal to the Swing Lender’s Fronting Exposure. 

  
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 (b) Defaulting Lender Cure. If the Borrower, the Administrative Agent and the Swing Line
Lender agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that
Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded
participations in Swing Loans to be held pro rata by the Lenders in accordance with their respective Percentages (without giving effect to Section 1.13(a)(iv) hereof), whereupon such Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

(c) New Swing Loans. So long as any Lender is a Defaulting Lender, the Swing Line Lender shall not fund any Swing Loans unless it is
satisfied that it will have no Fronting Exposure after giving effect to such Swing Loan. 
  

	SECTION 2.	FEES. 

 Section 2.1. Commitment Fee. The Borrower shall pay to the
Administrative Agent for the ratable account of the Lenders in accordance with their Percentages a commitment fee at the rate per annum equal to the Applicable Margin (computed on the basis of a year of 360 days and the actual number of days
elapsed) on the average daily Unused Commitments. Such commitment fee shall be payable quarterly in arrears on the last day of each March, June, September, and December in each year (commencing on the first such date occurring after the date hereof)
and on the Termination Date, unless the Commitments are terminated in whole on an earlier date, in which event the commitment fee for the period to the date of such termination in whole shall be paid on the date of such termination. 

Section 2.2. Administrative Agent Fees. The Borrower shall pay to the Administrative Agent, for its own use and benefit, the fees
agreed to between the Administrative Agent and the Borrower in a fee letter dated April 8, 2015, or as otherwise agreed to in writing between them. 

  
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	SECTION 3.	PLACE AND APPLICATION OF PAYMENTS. 

Section 3.1. Place and Application of Payments. All payments of principal of and interest on the Loans, and of all other
Obligations payable by the Borrower under this Agreement and the other Loan Documents, shall be made by the Borrower to the Administrative Agent with notice given to the Administrative Agent of such payment by no later than 3:00 p.m. (Chicago
time) and actual payment received by the Administrative Agent by no later than 3:30 p.m. (Chicago time), in each case on the due date thereof at the office of the Administrative Agent in Chicago, Illinois (or such other location as the
Administrative Agent may designate to the Borrower), for the benefit of the Lender(s) entitled thereto. Any notice sent or payments received after such time shall be deemed to have been received by the Administrative Agent on the next Business Day.
All such payments shall be made in U.S. Dollars, in immediately available funds at the place of payment, in each case without set-off or counterclaim. The Administrative Agent will promptly thereafter cause to
be distributed like funds relating to the payment of principal or interest on Loans ratably to the Lenders and like funds relating to the payment of any other amount payable to any Lender to such Lender, in each case to be applied in accordance with
the terms of this Agreement. If the Administrative Agent causes amounts to be distributed to the Lenders in reliance upon the assumption that the Borrower will make a scheduled payment and such scheduled payment is not so made, each Lender shall, on
demand, repay to the Administrative Agent the amount distributed to such Lender together with interest thereon in respect of each day during the period commencing on the date such amount was distributed to such Lender and ending on (but excluding)
the date such Lender repays such amount to the Administrative Agent, at a rate per annum equal to: (i) from the date the distribution was made to the date two (2) Business Days after payment by such Lender is due hereunder, the Federal
Funds Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Lender to the date such payment is made by such Lender, the Base Rate in effect for each such day. 

Anything contained herein to the contrary notwithstanding (including, without limitation, Section 1.7(b) hereof), all payments and
collections received in respect of the Obligations and all proceeds of the Collateral received, in each instance, by the Administrative Agent or any of the Lenders after acceleration or the final maturity of the Obligations or termination of the
Commitments as a result of an Event of Default shall be remitted to the Administrative Agent and distributed as follows: 

(a) first, to the payment of any outstanding costs and expenses incurred by the Administrative Agent, of any one of them, and
any security trustee therefor, in monitoring, verifying, protecting, preserving or enforcing the Liens on the Collateral, in protecting, preserving or enforcing rights under the Loan Documents, and in any event including all costs and expenses of a
character which the Borrower has agreed to pay the Administrative Agent under Section 13.14 hereof (such funds to be retained by the Administrative Agent for its own account unless it has previously been reimbursed for such costs and expenses
by the Lenders, in which event such amounts shall be remitted to the Lenders to reimburse them for payments theretofore made to the Administrative Agent); 

  
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 (b) second, to the payment of the Swing Loans, both for principal and accrued but
unpaid interest; 
 (c) third, to the payment of any outstanding interest and fees due under the Loan Documents to be
allocated pro rata in accordance with the aggregate unpaid amounts owing to each holder thereof; 
 (d) fourth, to the
payment of principal on the Revolving A Loan and Revolving B Loans, to be allocated pro rata in accordance with the aggregate unpaid amounts owing to each holder thereof; 

(e) fifth, to the payment of all other unpaid Obligations and all other indebtedness, obligations, and liabilities of the
Borrower secured by the Loan Documents to be allocated pro rata in accordance with the aggregate unpaid amounts owing to each holder thereof; and 

(f) finally, to the Borrower or whoever else may be lawfully entitled thereto. 

Section 3.2. Account Debit. The Borrower hereby irrevocably authorizes the Administrative Agent to charge any of the
Borrower’s deposit accounts maintained with the Administrative Agent for the amounts from time to time necessary to pay any Obligations owing by the Borrower then due to the extent that the Borrower has been provided at least one
(1) Business Day prior notice thereof (together with supporting documentation); provided that the Borrower acknowledges and agrees that the Administrative Agent shall not be under an obligation to charge any of the Borrower’s
deposit accounts and the Administrative Agent shall not incur any liability to the Borrower or any other Person for the Administrative Agent’s failure to do so. 
  

	SECTION 4.	COLLATERAL. 

 Section 4.1. Collateral. (i) Borrowing Base A
Collateral. All of the Borrowing Base A Collateral shall be credited to one or more of the Accounts and shall be pledged to the Administrative Agent for the ratable benefit of the Lenders. No later than the close of business in Chicago, Illinois
on the date of each request for a Borrowing of Revolving A Loans, the Borrower shall transfer into one or more of the Accounts Borrowing Base A Collateral having a Market Value such that after giving effect to the requested Borrowing the aggregate
principal amount of Revolving A Loans shall not exceed Borrowing Base A as then determined and computed. Promptly after such transfer to one or more Accounts, the Administrative Agent shall obtain a collateral status report (the “Collateral
Status Report”) from the Custodian specifying the Market Value of the Borrowing Base A Collateral in such Accounts and calculate the Borrowing Base A. The Borrower hereby grants to the Administrative Agent, for the ratable benefit of the
Lenders, a continuing first priority Lien in (a) any and all securities described in the Collateral Status Report from time to time delivered to the Administrative Agent, (b) all securities delivered to one or more of the Accounts pursuant
to the terms of this Agreement, and any other securities, financial assets or other investment property delivered, credited or otherwise transferred to the Accounts and any security 

  
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entitlements with regard to the foregoing, (c) all other securities or Property delivered or deliverable on the sale, exchange, collection, reclassification, conversion, merger or
consolidation and other dispositions of or distributions on any of the foregoing, and (d) any and all proceeds thereof (including cash and non-cash proceeds and all income payable on any of the foregoing items (a), (b), (c) or
(d) and further including the Cash Proceeds Accounts and amounts credited thereto), to secure the payment of all Obligations of the Borrower to the Lenders and the Administrative Agent (subsections (a), (b), (c) and (d), whether now
owned or held or hereafter acquired, are collectively referred to herein as the “Borrowing Base A Collateral”). All of the Collateral shall be at all times subject to the exclusive dominion and control of the Administrative Agent
pursuant to the Control Agreement, and the Borrower hereby authorizes the Administrative Agent to file any and all financing statements covering the Borrowing Base A Collateral or any part thereof as the Administrative Agent may require. 

The Borrower shall identify in each Notice of Borrowing for Revolving A Loans or Revolving A Swing Loans delivered pursuant to
Section 1.4(a) hereof or Section 1.5(c) hereof, in accordance with the Rules, which such securities delivered (including any securities that are listed on a scheduled to be delivered) pursuant hereto are Customer’s Securities, Firm
Securities or Non-Customer Securities. The Borrower shall be deemed to warrant to the Administrative Agent and the Lenders with each such delivery of securities that it has full legal power and authority to grant to the Administrative Agent a first
security interest in such Customer’s Securities, Firm Securities and Non-Customer Securities. All Customer Loans shall be secured by Customer’s Securities and no Customer’s Securities will be substituted hereunder for Non-Customer
Securities or Firm Securities. All Non-Customer Loans shall be secured by Non-Customer’s Securities and no Non-Customer’s Securities will be substituted hereunder for Customer Securities or Firm Securities. 

(ii) Borrowing Base B Collateral. The Borrower hereby grants to the Administrative Agent, for the ratable benefit of the Lenders, a
continuing first priority Lien in (a) the right to the return from NSCC of NSCC Margin Deposits, (b) the Settlement Account and all cash, securities, financial assets and security entitlements therein, and (c) any and all proceeds
thereof (including cash and non-cash proceeds and all income payable on any of the foregoing items (a), (b) or (c)) to secure the payment of all Obligations of the Borrower to the Lenders and the Administrative Agent (subsections (a),
(b) and (c), whether now owned or held or hereafter acquired, are collectively referred to herein as the “Borrowing Base B Collateral”). 

Section 4.2. Delivery of Collateral; Inspection. The Administrative Agent shall have the right, whether before or after the
occurrence of any Default or Event of Default hereunder, to notify the Custodian or any other third party holding any of the Collateral of the pledge thereof hereunder and require delivery thereof to the Administrative Agent and may take such steps
with respect to any Collateral to ensure that the Lien of the Administrative Agent is fully perfected and protected in compliance with the UCC and applicable Federal rules and regulations. The Borrower shall permit the Administrative Agent or its
representatives to inspect and make copies of the books and records relating to the Collateral of the Borrower, the Custodian, DTC, or any other party holding the Collateral and to conduct an audit or inventory of the Collateral at any time or times
either with or without prior notice. 

  
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 Section 4.3. Payments and Other Proceeds. Unless and until the Administrative Agent
otherwise directs the Custodian, all cash proceeds arising out of the sale of Borrowing Base A Collateral provided by the Borrower, except as provided in Section 4.5, shall be held in a separate “deposit account” (within the meaning
of Section 9-102(a)(29) of the UCC) maintained at the Custodian in the name of the Borrower containing only cash proceeds arising out of the sale of the Borrowing Base A Collateral (each a “Cash Proceeds Account”);
provided, such Cash Proceeds Account shall at all times be subject to the Control Agreement. The Administrative Agent agrees with the Borrower that the Administrative Agent will not give any instructions to the Custodian with respect to any
Cash Proceeds Account unless an Event of Default has occurred and is continuing. 
 Section 4.4. Voting Rights and Income.
Unless and until an Event of Default has occurred and is continuing and thereafter until notified to the contrary by the Administrative Agent pursuant to Section 4.8 hereof, (a) the Borrower shall be entitled to exercise all voting and/or
consensual powers pertaining to the Borrowing Base A Collateral pledged by the Borrower or any part thereof, for all purposes not inconsistent with the terms of this Agreement or any other document evidencing or otherwise relating to any
Obligations; and (b) the Borrower shall be entitled to receive and retain all cash interest and other distributions paid upon or in respect of the Borrowing Base A Collateral. 

Section 4.5. Release of Collateral. (a) If the Borrower shall at any time desire the release of any item of Borrowing Base A
Collateral (including any Borrowing Base A Collateral consisting of cash), the Borrower shall deliver to the Administrative Agent a written request for such release and on the day the Administrative Agent receives such request (if such request is
received prior to 3:00 p.m. (Chicago time) on such day), the Administrative Agent shall instruct the Custodian to release such item of Borrowing Base A Collateral from the relevant Account to an account of the Borrower maintained with DTC or
another securities intermediary, provided that (i) no Default or Event of Default shall exist both before and immediately after giving effect to such release, (ii) the aggregate principal amount of all Loans outstanding as of
5:00 p.m. (Chicago time) shall not exceed the Commitments, and (iii) the aggregate principal amount of all Revolving A Loans outstanding as of 5:00 p.m. (Chicago time) shall not exceed the Borrowing Base A as then determined and
computed at such time. 
 (b) Notwithstanding anything contained herein to the contrary, in the event that the Custodian releases the
Collateral in accordance with clause (a) above (the “Released Collateral”) but the aggregate principal amount of all Loans exceeds the Commitment at the time of such release, the aggregate principal amount of all Revolving A
Loans and Revolving A Swing Loans exceeds the Borrowing Base A, or the aggregate principal amount of all Revolving B Loans and Revolving B Swing Loans would exceed the Borrowing Base B, the Borrower hereby acknowledges and agrees that (i) the
Administrative Agent continues to have a security interest in such Released Collateral and every portion or part thereof and in all proceeds thereof, (ii) the Borrower shall hold such Released Collateral and the proceeds thereof in trust for
the account of the Administrative Agent separate and apart from all other Property of the Borrower free and clear of all Liens other than the Lien in favor of the Administrative Agent, and (iii) the Borrower shall immediately and without notice
or demand return such Released Collateral or the proceeds thereof to the Administrative Agent as a mandatory prepayment of the Loans in the event that the Borrower has failed to comply with clause (a)(ii) above. 

(c) The Administrative Agent shall notify the Custodian of each repayment of a Loan by the Borrower and the aggregate outstanding principal
amount of all Loans to the Borrower after giving effect to such repayment no later than 3:30 p.m. (Chicago time) on the date of each such repayment. 

  
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 Section 4.6. Settlement Account. (a) The Borrower hereby agrees that during any
period when it may itself make withdrawals, transfers or other dispositions of funds in the Settlement Account it shall do so only (i) to the extent such withdrawal, transfer or other disposition would not result in either (x) the
aggregate amount of cash in the Settlement Account (other than with respect to amounts on deposit therein that can fairly be identified by the Borrower as being attributable to the Settlement Bank Obligations) plus an amount equal to 80% of the face
amount of any NSCC Margin Deposits that constitute Borrowing Base B Collateral being less than the aggregate principal amount of Revolving B Loans and Revolving B Swing Loans outstanding at such time or (y) the aggregate amount of cash in the
Settlement Account (other than with respect to amounts on deposit therein that can fairly be identified by the Borrower as being attributable to the Settlement Bank Obligations) plus an amount equal to 80% of the face amount of any NSCC Margin
Deposits that constitute Borrowing Base B Collateral plus the Market Value of all Borrowing Base A Collateral pledged by the Borrower at such time being less than the aggregate principal amount of all Loans made to the Borrower and outstanding at
such time or (ii) to make payments on account of the Obligations. On or prior to the Closing Date, the Borrower shall direct NSCC to return any NSCC Margin Deposits to be returned to the Borrower to the Settlement Account. The Borrower shall
cause such direction to be in full force and effect at all times until all the Obligations have been fully paid and performed and the Commitments have been terminated. 

(b) The Borrower and the Settlement Bank each agree that the Settlement Bank shall comply with instructions given by the Administrative Agent
directing disposition of funds in the Settlement Account without further consent by the Borrower. The Administrative Agent agrees with the Borrower that it will not give any instructions to the Settlement Bank with respect to the Settlement Account
unless an Event of Default has occurred and is continuing. The Settlement Account shall be at all times subject to the “control” (within the meaning of Sections 9-104 and 9-106 of the UCC) of the Administrative Agent (for the ratable benefit of the Lenders) and held by the Settlement Bank as the depositary bank. The Settlement Account shall be deemed to be a “deposit
account” (within the meaning of Section 9-102(a)(29) of the UCC). 
 Section 4.7.
Further Acts. The Borrower will faithfully preserve and protect the Administrative Agent’s security interest in the Collateral and the proceeds thereof and will do all such acts and things and execute and deliver all such documents and
instruments, including without limitation further pledges, assignments, financing statements and continuation statements, as the Administrative Agent in its sole discretion may deem necessary or advisable from time to time in order to preserve,
protect and perfect such security interest. The Borrower assumes full responsibility for taking any and all necessary steps to preserve rights with respect to the Collateral against prior parties. The Administrative Agent

  
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shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral held by the Administrative Agent pursuant hereto if the Administrative Agent takes such action
for that purpose as the Borrower shall request in writing, provided that such requested action will not, in the reasonable judgment of the Administrative Agent, impair the Administrative Agent’s first priority Lien in the Collateral or
the proceeds thereof or its rights in, or the value of, the Collateral or such proceeds, and provided further that such written request is received by the Administrative Agent in sufficient time to permit the Administrative Agent to take the
requested action. 
 Section 4.8. Remedies on Default. Upon the occurrence and during the continuation of any Event of Default
hereunder, the Administrative Agent shall have and shall exercise such rights and remedies with respect to the Collateral or any part thereof and the proceeds thereof as are provided by the UCC and such other rights and remedies with respect thereto
which it may have at law or in equity or under this Agreement, including without limitation, to the extent not inconsistent with the provisions of the UCC or other applicable law, the right to (a) transfer into the Administrative Agent’s
name or into the name of its nominee or nominees or into an account at DTC or at the Administrative Agent in the name of, and for the benefit of, the Administrative Agent all or any portion of such Collateral and thereafter receive, for the benefit
of the Lenders, all cash payments made thereon, vote the same, give all consents, waivers and ratifications in respect thereof and otherwise act with respect thereto as though it was the outright owner thereof, and (b) sell all or any portion
of such Collateral at any broker’s board or at public or private sale, without prior notice to the Borrower or any other person, except as otherwise required by law (and if notice is required by law, after five days’ prior written notice),
at such place or places and at such time or times and in such manner and for such consideration as the Administrative Agent may determine, and remit all amounts realized from such Collateral to the Administrative Agent for application to the
repayment of the Obligations, whether on account of principal, interest, fees, charges, advances or expenses or otherwise as the Administrative Agent in its sole discretion may elect, and then to pay the balance, if any, to the Borrower or as
otherwise required by law; and if such proceeds are insufficient to pay the Obligations in full, the Borrower shall be liable for the deficiency. 

Section 4.9. Collateral Status Reports; Rights of Administrative Agent With Respect to Calculations. 

(a) Collateral Status Reports. The Administrative Agent shall have received a Collateral Status Report from the Custodian not later
than 4:00 p.m. (Chicago time) on each Business Day that a Revolving A Loan is outstanding showing the calculation of the Borrowing Base A on such Business Day; provided, that the Custodian’s failure to deliver such Collateral Status
Report by such time shall not constitute a breach of this Agreement by the Administrative Agent. The Administrative Agent shall provide any Lender or the Borrower a copy of such Collateral Status Report upon request from such Lender or the Borrower.

 (b) Rights of Administrative Agent with Respect to Determining and Computing the Borrowing Base A. In determining and computing
the Borrowing Base A, the Administrative Agent (i) shall rely on the information provided by the Custodian and shall be entitled to rely on 

  
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any other information delivered to the Administrative Agent with respect to the Collateral, (ii) shall give effect to any increase or substitution in the Borrowing Base A as a result of the
transfer by the Borrower of additional and other Borrowing Base A Collateral reflected in the Collateral Status Report absent manifest error, (iii) shall not give effect to any decrease in any Borrowing Base as a result of a request by the
Borrower for release of Borrowing Base A Collateral unless and until the Administrative Agent has instructed the Custodian to release Borrowing Base A Collateral in accordance with Section 4.5 hereof, and (iv) shall be entitled to rely on
the information provided by the Lenders or the Borrower pursuant to the other provisions hereof. 
 (c) Limitation on Liability. In
no event shall the Administrative Agent be liable to the Borrower, any Lender or any other Person for the accuracy of the value of any item of Collateral, for any determinations regarding the eligibility of any securities for inclusion in the
Collateral or for determinations regarding the amount of any Obligation, except in the case of its gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. In furtherance of the
foregoing, the parties hereto acknowledge and agree that the obligations of the Administrative Agent hereunder, including without limitation to make determinations of any Borrowing Base and to provide reports and notices hereunder, are based upon
information provided to the Administrative Agent as set forth herein. In no event shall the Administrative Agent have any duty or obligation to independently verify the information so provided to it (or the accuracy or completeness thereof). 

Section 4.10. Waiver of Lenders’ Rights Against Collateral. The Administrative Agent hereby acknowledges and agrees, solely
for the benefit of the Lenders, that any right it may now have or hereafter acquire against any item of Collateral (prior to its release pursuant to Section 4.5 hereof) by way of right of set-off, banker’s lien, by enforcement of any
rights under any security agreement or otherwise, shall be used solely to satisfy outstanding Obligations in the manner provided for herein (including Section 3.1 hereof and the provisions regarding sharing of payments in Section 13.6
hereof) until all Obligations have been repaid in full and the Commitment has been terminated or expired. 
 Section 4.11. Agreement
Regarding Customer’s Securities; Firm Securities and Non-Customer Securities. To ensure that the Borrower is in compliance with the Rules, the Borrower and the Administrative Agent hereby agree that, notwithstanding anything to the contrary
contained herein or in any other Loan Document: 
 (a) None of the Customer Obligations shall be secured by or be any charge
against any Non-Customer Securities. None of the Non-Customer Obligations shall be secured by or be any charge against any Customer Securities. 

(b) None of the Customer Obligations shall be secured by or be any charge against securities other than Customer’s
Securities and Firm Securities unless (i) the Administrative Agent agrees such Customer’s Securities as it is informed by the Borrower, pursuant to and in compliance with the Rules, are securities for account of one

  
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or more of the Borrower’s customers, will be segregated by the Administrative Agent from any other securities (and the Administrative Agent hereby agrees to make such segregation), and
(ii) only Customer’s Securities are identified by the Administrative Agent as substitutes for other Customer’s Securities. 

(c) None of the Non-Customer Obligations shall be secured by or be any charge against securities other than Non-Customer’s
Securities and Firm Securities unless (i) the Administrative Agent agrees such Non-Customer’s Securities as it is informed by the Borrower, pursuant to and in compliance with the Rules, are securities for account of one or more of the
Borrower customers, will be segregated by the Administrative Agent from any other securities (and the Administrative Agent hereby agrees to make such segregation), and (ii) only Non-Customer’s Securities are identified by the
Administrative Agent as substitutes for other Non-Customer’s Securities. 
 (d) In consequence of (a) above,
(i) all Customer’s Securities shall be security for any and all Customer Obligations, provided, however, that any part of such Customer Obligations secured by Customer’s Securities may be treated as a separate Customer Loan if,
and only if, upon the creation of such part the Administrative Agent approves a notation in the Notice of Borrowing to the effect that such part is to be treated as a separate Customer Loan and that the Customer’s Securities specifically
pledged therefor are carried for the account of a single customer of the Borrower whereupon (without prejudice to the rights of the Administrative Agent in connection with any other Customer’s Securities) the Customer’s Securities
specifically pledged therefor shall be held separate and apart from all other Customer’s Securities and shall not be security for any other part of such Customer Obligations, and (ii) all Non-Customer’s Securities shall be security
for any and all Non-Customer Obligations, provided, however, that any part of such Non-Customer Obligations secured by Non-Customer Securities may be treated as a separate Non-Customer Loan if, and only if, upon the creation of such part the
Administrative Agent approves a notation in the Notice of Borrowing to the effect that such part is to be treated as a separate Non-Customer Loan and that the Non-Customer Securities specifically pledged therefor are carried for the account of a
single customer of the Borrower whereupon (without prejudice to the rights of the Administrative Agent in connection with any other Non-Customer Securities) the Non-Customer Securities specifically pledged therefor shall be held separate and apart
from all other Non-Customer Securities and shall not be security for any other part of such Non-Customer Obligations. 
 (e)
No rehypothecation, assignment or other transfer of any Customer’s Securities or Non-Customer Securities or any interest therein shall be made by the Administrative Agent except subject to the limitations and restrictions contained herein. 

(f) For the purposes of this Agreement, and in addition, wherever used herein or any other Loan Document, (i) the term
“Customer’s Securities” shall be deemed to mean securities (A) which, according to a Notice of Borrowing received by the Administrative Agent from the Borrower pursuant to and in compliance with the Rules, are securities for the
account of one or more of its customers, or (B) which are securities 

  
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carried for one or more of the Borrower’s customers and hypothecated to secure a Customer Loan made and to be repaid on the same calendar day, and (ii) a Customer Loan shall be deemed
to be a “Loan against Customer’s Securities” if only Customer’s Securities are identified by the Administrative Agent as security used for the purpose of obtaining or increasing such Customer Loan. 

 

	SECTION 5.	DEFINITIONS; INTERPRETATION. 

 Section 5.1.
Definitions. The following terms when used herein shall have the following meanings: 
 “Account(s)” means one or more
pledged accounts maintained by the Custodian with the DTC that is subject to a Control Agreement in favor of the Administrative Agent. 

“Act” is defined in Section 13.22 hereof. 

“Adjusted LIBOR” is defined in Section 1.2(b) hereof. 

“Administrative Agent” means BMO Harris Bank N.A., in its capacity as Administrative Agent hereunder, and any successor in
such capacity pursuant to Section 11.7 hereof. 
 “Administrative Questionnaire” means an Administrative Questionnaire
in a form supplied by the Administrative Agent. 
 “Affected Lender” is defined in Section 1.12 hereof. 

“Affiliate” means any Person directly or indirectly controlling or controlled by, or under direct or indirect common control
with, another Person. A Person shall be deemed to control another Person for purposes of this definition if such Person possesses, directly or indirectly, the power to direct, or cause the direction of, the management and policies of the other
Person, whether through the ownership of voting securities, common directors, trustees or officers, by contract or otherwise; provided that, in any event for purposes of this definition, any Person that owns, directly or indirectly, 10% or
more of the securities having the ordinary voting power for the election of directors or governing body of a corporation or 10% or more of the partnership or other ownership interest of any other Person (other than as a limited partner of such other
Person) will be deemed to control such corporation or other Person. 
 “Agreement” means this Credit Agreement, as the same
may be amended, modified, restated or supplemented from time to time pursuant to the terms hereof. 
 “Allowable
Receivables” means, as of any date the same is to be determined, liquid receivables of the Borrower from clearing organizations, clearing firms and broker-dealers. 

  
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 “Applicable Margin” means, a rate per annum equal to: 

(i) 1.50% with respect to Revolving A Loans, whether such Revolving A Loans are Base Rate Loans or Eurodollar Loans; 

(ii) 2.50% with respect to Revolving B Loans; 

(iv) 1.50% with respect to Revolving A Swing Loans; 

(v) 2.50% with respect to Revolving B Swing Loans; and 

(vi) 0.40% with respect to the commitment fee set forth in Section 2.1 hereof. 

“Approved ETFs” means those exchange traded funds listed on Schedule 5.1 attached hereto (other than exchange traded funds
that are Leveraged ETFs) and any other exchange traded funds designated by the Borrower in writing certifying that each such fund (i) satisfies the definition of Eligible ETFs, (ii) has at least
twenty-five (25) underlying assets or such lesser amount as may be agreed to in writing by Required Lenders; provided, that the minimum set forth in this clause (ii) shall not apply to
investment funds that primarily hold Government Securities, (iii) has a three month daily average trading volume of not less than 3,000,000 or such lesser frequency as may be agreed to in writing by the Required Lenders and (iv) is not a
Leveraged ETF. 
 “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Assignment and
Acceptance” means an assignment and acceptance entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 13.11 hereof), and accepted by the Administrative Agent, in
substantially the form of Exhibit E or any other form approved by the Administrative Agent. 
 “Authorized
Representative” means those persons shown on the list of officers provided by the Borrower pursuant to Section 7.2 hereof or on any update of any such list provided by the Borrower to the Administrative Agent, or any further or
different officers of the Borrower so named by any Authorized Representative of the Borrower in a written notice to the Administrative Agent. 

“Base Rate” is defined in Section 1.2(a) hereof. 

“Base Rate Loan” means a Loan bearing interest at a rate specified in Section 1.2(a) hereof. 

“Borrower” is defined in the introductory paragraph of this Agreement. 

“Borrower Subsidiary” means a Subsidiary of the Borrower. 

  
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 “Borrowing” means the total of Loans of a single type advanced, continued for an
additional Interest Period, or converted from a different type into such type by the Lenders on a single date and, in the case of Eurodollar Loans, for a single Interest Period. Borrowings of Loans are made and maintained ratably from each of the
Lenders according to their Percentages. A Borrowing is “advanced” on the day Lenders advance funds comprising such Borrowing to the Borrower, is “continued” on the date a new Interest Period for the same type of
Loans commences for such Borrowing, and is “converted” when such Borrowing is changed from one type of Loans to the other, all as determined pursuant to Section 1.4 hereof. Borrowings of Swing Loans are made by the Swing Line
Lender in accordance with the procedures set forth in Section 1.5 hereof. 
 “Borrowing Base” means either or both of
Borrowing Base A and Borrowing Base B, as applicable. 
 “Borrowing Base A” means, as of any time it is to be determined,
the sum of: 
 (a) 95% of the Market Value of Eligible Securities consisting of Cash Equivalents and Government Securities;
plus 
 (b) 80% of the Market Value of Eligible Securities consisting of Corporate Bonds and Mortgage Backed
Securities; plus 
 (c) 80% of the Market Value of Eligible Securities consisting of stocks where each such stock has
a minimum Market Value of $5.00; plus 
 (d) 80% of the Market Value of Eligible ETFs where each such Eligible ETF
(i) is not a Leveraged ETF and (ii) has a minimum Market Value of $5.00; 
 (e) 65% of the Market Value of Eligible
ETFs where each such Eligible ETF (i) is a Leveraged ETF that has a ratio of assets to equity of less than or equal to 2.0 to 1.0 (or the effective equivalent of such leverage restriction using derivative instruments), and (ii) has a
minimum Market Value of $5.00; plus 
 (f) 50% of the Market Value of Eligible ETFs where each such Eligible ETF is
(i) a Leveraged ETF that has a ratio of assets to equity of less than or equal to 3.0 to 1.0 but greater than 2.0 to 1.0 (or the effective equivalent of such leverage restriction using derivative instruments), and (ii) has a minimum Market
Value of $5.00; plus 
 (g) 50% of the Market Value of Eligible Securities consisting of stocks where each such stock
has a Market Value less than $5.00; plus 
 (h) 50% of the Market Value of Eligible ETFs where each such Eligible ETF
is (i) not a Leveraged ETF, and (ii) has a Market Value less than $5.00; plus 
 (i) 35% of the Market Value
of Eligible ETFs where each such Eligible ETF is (i) a Leveraged ETF that has a ratio of assets to equity of less than or equal to 2.0 to 1.0 (or the effective equivalent of such leverage restriction using derivative instruments), and
(ii) has a Market Value less than $5.00; plus 
 (j) 20% of the Market Value of Eligible ETFs where each such
Eligible ETF is (i) a Leveraged ETF that has a ratio of assets to equity of less than or equal to 3.0 to 1.0 but greater than 2.0 to 1.0 (or the effective equivalent of such leverage restriction using derivative instruments), and (ii) has
a Market Value less than $5.00. 

  
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 The foregoing notwithstanding, the aggregate amounts set forth in clauses (g), (h), (i) and
(j) above after giving effect to applicable advance rates shall not exceed $100,000,000. 
 “Borrowing Base B” means,
as of any time it is to be determined, the lesser of (a) the Revolving B Sublimit and (b) an amount equal to 80% of the excess, if any, of the Eligible NSCC Margin Deposits of the Borrower at such time over the Eligible NSCC Margin
Deposits of the Borrower in effect as at the close of business on the day in the prior calendar month (or if the certificate for such prior calendar month with respect to the Borrower’s Eligible NSCC Margin Deposit has not been delivered
pursuant to Section 8.5 hereof, the preceding calendar month) that was the day having the 10th lowest Eligible NSCC Margin Deposits of the Borrower during such calendar month; provided, that in no event shall at any time the Borrowing
Base B exceed the amount of the Eligible NSCC Margin Deposits of the Borrower at such time. 
 “Borrowing Base A
Collateral” is defined in Section 4.1(a) hereof. 
 “Borrowing Base B Collateral” is defined in
Section 4.1(b) hereof. 
 “Business Day” means any day (other than a Saturday or Sunday) on which banks are not
authorized or required to close in Chicago, Illinois or New York, New York and, if the applicable Business Day relates to the advance or continuation of, or conversion into, or payment of a Eurodollar Loan, on which banks are dealing in
U.S. Dollar deposits in the interbank eurodollar market in London, England and Nassau, Bahamas. 
 “Capital Lease”
means any lease of Property which in accordance with GAAP is required to be capitalized on the balance sheet of the lessee. 

“Capitalized Lease Obligation” means, for any Person, the amount of the liability shown on the balance sheet of such Person
in respect of a Capital Lease determined in accordance with GAAP. 
 “Cash Equivalents” means, collectively,
(a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency thereof maturing within one hundred twenty (120) days from the date of acquisition thereof, (b) commercial paper maturing no
more than one hundred twenty (120) days from the date of creation thereof and currently having the highest rating obtainable from either S&P or Moody’s, (c) certificates of deposit maturing no more than one hundred twenty
(120) days from the date of creation thereof issued by commercial banks incorporated under the laws of the United States, each having combined capital, surplus and undivided profits of not less than $500,000,000 and having a rating of
“A” or 

  
 -27- 

 
better by a nationally recognized rating agency; (d) time deposits maturing no more than thirty (30) days from the date of creation thereof with commercial banks or savings banks or
savings and loan associations incorporated under the laws of the United States, each having combined capital, surplus and undivided profits of not less than $500,000,000 and having a rating of “A” or better by a nationally recognized
rating agency; (e) any investment fund registered with the SEC that is regulated as a “money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended; and (f) any offshore money market fund or
similar investment vehicle rated “MR1+” by Moody’s or “AAA” by S&P. 
 “Cash Proceeds Account”
has the meaning set forth in Section 4.3 hereof. 
 “Change in Law” means the occurrence, after the date of this
Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority, or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to
the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith and (y) all
requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

“Change of Control” means any of (a) the acquisition by any “person” or “group” (as
such terms are used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), excluding the Permitted Holders, at any time of beneficial ownership of 35% or more of the outstanding capital stock or other equity interests
of the Parent on a fully-diluted basis, or (b) the Parent ceases to own directly or indirectly, legally and beneficially, 100% of the equity interests of the Borrower. 

“Closing Date” means the date of this Agreement or such later Business Day upon which each condition described in
Section 7.2 shall be satisfied or waived in a manner acceptable to the Administrative Agent in its discretion. 

“Code” means the Internal Revenue Code of 1986, as amended, and any successor statute thereto. 

“Collateral” means collectively, Borrowing Base A Collateral and Borrowing Base B Collateral. 

“Collateral Schedule” is defined in Section 1.4(e) hereof. 

“Collateral Status Report” is defined in Section 4.1(i) hereof. 

  
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 “Commitment” means, as to any Lender, the obligation of such Lender to make
Revolving Loans and to participate in Swing Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1 attached hereto and made a part hereof, as the same
may be reduced or modified at any time or from time to time pursuant to the terms hereof. The Borrower and the Lenders acknowledge and agree that the Commitments of the Lenders aggregate $355,000,000 on the date hereof. 

“Commitment Amount Increase” is defined in Section 1.1(b) hereof. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profit Taxes. 
 “Control Agreement” means (i) with respect to the Cash Proceeds
Account maintained with the Custodian and the Accounts, one or more collateral account control agreements entered into among the Borrower, the Custodian and the Administrative Agent, and (ii) with respect to the Settlement Account to the extent
that the Administrative Agent is not acting as the Settlement Bank, a deposit account control agreement among the Borrower, the Administrative Agent and the depositary bank where the Settlement Account is maintained, in each case in form and
substance reasonably acceptable to the Administrative Agent. 
 “Controlled Group” means all members of a controlled group
of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower, are treated as a single employer under Section 414 of the Code. 

“Corporate Bond” means an Eligible Security consisting of a bond issued by a corporation, partnership or limited liability
company with a maturity date not less than one year from the date of issuance. 
 “Credit” means the credit facility for
making Revolving Loans and Swing Loans described in Sections 1.1 and 1.5 hereof. 
 “Credit Event” means the advancing
(but not the continuation or conversion) of any Loan. 
 “Custodian” means The Bank of New York Mellon, and its successors
and assigns. 
 “Customer Loan” means any Revolving A Loan or Revolving A Swing Loan which has been designated by the
Borrower in the Notice of Borrowing as a “Customer Loan”. 
 “Customer Loan Limit” means the Borrowing Base A as
determined and computed with Customer Securities only. 
 “Customer Loan Obligations” means all Obligations of the Borrower
with respect to Customer Loans. 

  
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 “Customer Securities” means, at any time, Eligible Securities and Eligible ETFs
that are pledged at such time to the Administrative Agent for the benefit of the Lenders to secure Customer Loan Obligations. 

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

“Default” means any event or condition the occurrence of which would, with the passage of time or the giving of notice, or
both, constitute an Event of Default. 
 “Defaulting Lender” means, subject to Section 1.13(b), any Lender that
(a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such
failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been
satisfied, or (ii) pay to the Administrative Agent, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Swing Loans) within two Business Days of the date
when due, (b) has notified the Borrower, the Administrative Agent or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing
or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any
applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing
to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written
confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver,
custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or
federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company
thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on
its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under
clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 1.13(b)) upon delivery of written notice of such determination to the
Borrower, the Swing Line Lender and each Lender. 

  
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 “Designated Disbursement Account” means the account of the Borrower maintained
with the Administrative Agent or its Affiliate and designated in writing to the Administrative Agent as the Borrower’s Designated Disbursement Account (or such other account as the Borrower and the Administrative Agent may otherwise agree).

 “Designated Examining Authority” means (i) Financial Industry Regulatory Authority, Inc. with respect to the
Borrower’s securities and Chicago Mercantile Exchange Inc. with respect to the Borrower’s futures, or (ii) in each case, any other exchange that has been designated as the Borrower’s securities designated examining authority, as
defined in Rule 15c3-1(c)(12) of the SEC. 
 “Designated Self-Regulatory
Organization” shall have the meaning assigned to such term in Section 3(a)(26) of the Securities Exchange Act of 1934, as amended. 

“Disqualified Assignee” means those Persons listed on Schedule 13.11 hereof, as such Schedule may be supplemented from time
to time by the Borrower with Persons acceptable to the Administrative Agent; provided, that no commercial bank or any Affiliate thereof shall be designated as a Disqualified Assignee. 

“DTC” means The Depository Trust Company and its successors and assigns. 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any
other Person (other than a natural person) approved by (i) the Administrative Agent, and (ii) unless an Event of Default has occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld or delayed);
provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Parent, the Borrower, any Affiliate of the Parent, the Borrower or the Parent Subsidiary, or a Disqualified Assignee. 

“Eligible ETF” means an investment fund that satisfies each of the following requirements: 

(a) it is traded on an Exchange and is not subject to any restriction on transfer (including without limitation Rule 144
and Rule 144A promulgated by the SEC); 
 (b) it has a minimum Market Value of $1.50; 

(c) it is legally available to be pledged or hypothecated by the Borrower to the Administrative Agent pursuant to this
Agreement; 
 (d) it is subject to a perfected first priority Lien in favor of the Administrative Agent and is free of all
other Liens, adverse claims and other encumbrances of every type or nature whatsoever, including without limitation any of the foregoing in favor of any brokers; 

  
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 (e) it is held in the Account; 

(f) such investment fund (i) is not the subject of any bankruptcy, arrangement, receivership, conservatorship,
reorganization proceeding or other proceeding for relief of debtors, (ii) is not insolvent, and (iii) has not admitted its inability to pay its debts generally; 

(g) it is owned by the Borrower; 

(h) with respect to a Leveraged ETF, it does not have a ratio of assets to equity in excess of 3.0 to 1.0 (or the effective
equivalent of such leverage restriction using derivative instruments); 
 (i) it is not an option, warrant, put, call, strip,
repurchase agreement, reverse repurchase agreement or similar security; 
 (j) it is a security the Market Value of which is
readily available to the Custodian; 
 (k) it would not cause the Market Value of such investment fund to exceed 20% of the
Market Value of all Collateral (or, with respect to any Approved ETF, 50% of the Market Value of all Collateral); provided, that only the excess Market Value shall be excluded for purposes of determining the Borrowing Base A; 

(l) the Market Value of securities held in such investment fund that are issued by the Lenders, the Administrative Agent and
their Affiliates does not exceed 20% of the Market Value of such investment fund; and 
 (m) it is not otherwise deemed to be
ineligible in the reasonable judgment of the Administrative Agent as a result of a material change in circumstances occurring after the date of this Agreement and specified by the Administrative Agent (it being acknowledged and agreed that,
following such a material change in circumstances, and upon five (5) Business Days’ prior written notice any such security or categories thereof may be deemed ineligible by the Administrative Agent acting in its reasonable judgment). 

“Eligible NSCC Margin Deposits” means those NSCC Margin Deposits of the Borrower, other than any such deposits relating to
individual transactions that are outstanding for more than five (5) Business Days and excluding such portions of NSCC Margin Deposits that (a) relate to losses incurred by the Borrower for its own account or the account of any of its
Affiliates and (b) as reasonably determined by the Borrower, acting in good faith, are subject to any counterclaim, deduction, defense, setoff or similar rights by NSCC or DTC other than to the extent constituting

  
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or arising out of the underlying obligation for which such deposit was delivered (but only to the extent of any such counterclaim, deduction, defense, setoff or similar rights); provided,
however, that the Market Value of Eligible NSCC Margin Deposits shall not at any time exceed the NSCC Deposit Requirements applicable to the Borrower at such time. 

“Eligible Security” means a security that satisfies each of the following requirements: 

(a) it is traded on an Exchange and is not subject to any restriction on transfer (including without limitation Rule 144
and Rule 144A promulgated by the SEC); 
 (b) it is legally available to be pledged or hypothecated by the Borrower to
the Administrative Agent pursuant to this Agreement; 
 (c) it is subject to a perfected first priority Lien in favor of the
Administrative Agent and is free of all other Liens, adverse claims and other encumbrances of every type or nature whatsoever, including without limitation any of the foregoing in favor of any brokers; 

(d) it is held in the Account; 

(e) the issuer of such security has not defaulted in the payment when due of any principal of or interest on any debt
securities issued by it or loans or other extensions of credit made to it; 
 (f) the issuer of such security (i) is not
the subject of any bankruptcy, arrangement, receivership, conservatorship, reorganization proceeding or other proceeding for relief of debtors, (ii) is not insolvent, and (iii) has not admitted its inability to pay its debts generally;

 (g) it is owned by the Borrower; 

(h) if such security is a callable or convertible security it has not matured or been called prior to its stated maturity date;

 (i) it is not an option, warrant, put, call, strip, repurchase agreement, reverse repurchase agreement, mutual fund share
or interest, derivative or similar security; 
 (j) it is a security the Market Value of which is readily available to the
Custodian; 
 (k) (i) with respect to a security consisting of stock, such security has a minimum Market Value of $1.50; or
(ii) with respect to a security consisting of a Corporate Bond, Government Security or Mortgage Backed Security, such Corporate Bond, Government Security or Mortgage Backed Security is Investment Grade; 

  
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 (l) it would not cause the Market Value of such security (other than Government
Securities) issued by any one issuer and its Affiliates to exceed 20% of the Market Value of all Collateral; provided, that only the excess Market Value shall be excluded for purposes of determining the Borrowing Base A; 

(m) the issuer of such security is not an Affiliate of the Administrative Agent or Lender; and 

(n) it is not otherwise deemed to be ineligible in the reasonable judgment of the Administrative Agent as a result of a
material change in circumstances occurring after the date of this Agreement and specified by the Administrative Agent (it being acknowledged and agreed that, following such a material change in circumstances and upon five (5) Business
Days’ prior written notice any such security or categories thereof may be deemed ineligible by the Administrative Agent acting in its reasonable judgment). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute thereto. 

“Eurodollar Loan” means a Loan bearing interest at the rate specified in Section 1.2(b) hereof. 

“Eurodollar Reserve Percentage” is defined in Section 1.2(b) hereof. 

“Event of Default” means any event or condition identified as such in Section 9.1 hereof. 

“Excess Interest” is defined in Section 13.17 hereof. 

“Excess Net Capital” means, as of any date the same is to be determined, the Borrower’s Excess Net Capital as shown on
line 3910 of the Borrower’s most recent FOCUS Part 2 report. 
 “Exchange” means a nationally recognized securities
exchange located in the United States of America or on a recognized over-the-counter market located in the United States of America. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case imposed as a result of such Recipient being organized under the laws of, or
having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), (b) Taxes that are Other Connection Taxes, (c) in the case of a
Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable 

  
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interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment
request by the Borrower under Section 1.12 hereof) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 13.1 amounts with respect to such Taxes were payable either to such
Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (d) Taxes attributable to such Recipient’s failure to comply with Section 13.1(g) hereof,
and (e) any U.S. federal withholding Taxes imposed under FATCA. 
 “FATCA” means Sections 1471 through 1474 of
the Code, as of the date of this Agreement (or any amended or successor version to the extent substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any
agreement entered into pursuant to Section 1471(b)(1) of the Code. 
 “Federal Funds Rate” means the fluctuating
interest rate per annum described in part (i) of clause (a) of the definition of Base Rate appearing in Section 1.2(a) hereof. 

“Firm Loan” means any Revolving A Loan or Revolving A Swing Loan which has been designated by the Borrower in the Notice of
Borrowing as a “Firm Loan”. 
 “Firm Loan Limit” means the Borrowing Base A as determined and computed with Firm
Securities only. 
 “Firm Obligations” means all Obligations of the Borrower with respect to Firm Loans to the Borrower.

 “Firm Securities” means, at any time, Eligible Securities and Eligible ETFs that are pledged at such time to the
Administrative Agent for the benefit of the Lenders to secure Obligations with respect to Firm Loans. 
 “Fronting
Exposure” means, at any time there is a Defaulting Lender, such Defaulting Lender’s Percentage of outstanding Swing Loans made by the Swing Line Lender other than Swing Loans as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders. 
 “Fund” means any Person (other than a natural person) that is (or will
be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“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), which are applicable to the circumstances as of the date of determination. 

  
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 “Governmental Authority” means the government of the United States of America or
any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Government Security” means an Eligible Security that is a direct obligation of the United States of America or of any agency
or instrumentality thereof whose obligations constitute the full faith and credit obligations of the United States of America. The foregoing notwithstanding, Mortgage Backed Securities shall not be deemed a Government Security for purposes of this
Agreement. 
 “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or
otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any
security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity
capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of
guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 

“Guarantor” means the Parent and, to the extent a Subsidiary of the Borrower delivers to the Administrative Agent a Guarantee
of the Obligations in form and substance satisfactory to the Administrative Agent, such Subsidiary. 
 “Guaranty
Agreements” means and includes the Guarantee of the Guarantors provided for in Section 12, and any other guaranty agreement executed and delivered in order to guarantee the Obligations or any part thereof in form and substance
acceptable to the Administrative Agent. 
 “Immaterial Subsidiary” means, as of any date of determination, a Parent
Subsidiary (other than the Borrower and the Borrower Subsidiaries) (a) that individually accounts for five percent (5%) or less of the Parent’s Tangible Net Worth at such time of determination and (b) that, collectively with all
other Parent Subsidiaries constituting “Immaterial Subsidiaries” pursuant to clause (a) of this definition, accounts for ten percent (10%) or less of the Parent’s Tangible Net Worth at such time of determination. 

“Indebtedness” means for any Person (without duplication) (a) all indebtedness created, assumed or incurred in any
manner by such Person representing money borrowed (including by the issuance of debt securities), (b) all indebtedness for the deferred purchase price of property or 

  
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services (other than trade accounts payable arising in the ordinary course of business which are not more than ninety (90) days past due), (c) all indebtedness secured by any Lien upon
Property of such Person, whether or not such Person has assumed or become liable for the payment of such indebtedness, (d) all Capitalized Lease Obligations of such Person, (e) all obligations of such Person on or with respect to letters
of credit, bankers’ acceptances and other extensions of credit whether or not representing obligations for borrowed money, and (f) all net obligations of such Person under any interest rate, foreign currency, and/or commodity swap,
exchange, cap, collar, floor, forward, future or option agreement, or any other similar interest rate, currency or commodity hedging arrangement; provided, that the sale of Swap Contracts, options or futures by such Person, and any related
short position, shall not be deemed Indebtedness for purposes hereof. 
 “Indemnified Taxes” means (a) all Taxes other
than Excluded Taxes and (b) to the extent not otherwise described in (a), Other Taxes. 
 “Indemnitee” is defined in
Section 13.14 hereof. 
 “Information” is defined in Section 13.23 hereof. 

“Interest Payment Date” means (a) with respect to any Eurodollar Loan, the last day of each Interest Period with respect
to such Eurodollar Loan and on the maturity date and, if the applicable Interest Period is longer than (3) three months, on each day occurring every three (3) months after the commencement of such Interest Period, (b) with respect to
any Base Rate Loan, the last day of every calendar month and on the maturity date. 
 “Interest Period” means the period
commencing on the date a Borrowing of Eurodollar Loans is advanced, continued, or created by conversion and ending 1, 2 or 3 months thereafter, provided, however, that: 

(i) no Interest Period shall extend beyond the final maturity date of the relevant Loans; 

(ii) whenever the last day of any Interest Period would otherwise be a day that is not a Business Day, the last day of such
Interest Period shall be extended to the next succeeding Business Day, provided that, if such extension would cause the last day of an Interest Period for a Borrowing of Eurodollar Loans to occur in the following calendar month, the last day
of such Interest Period shall be the immediately preceding Business Day; and 
 (iii) for purposes of determining an Interest
Period for a Borrowing of Eurodollar Loans, a month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month; provided, however, that if there is no numerically
corresponding day in the month in which such an Interest Period is to end or if such an Interest Period begins on the last Business Day of a calendar month, then such Interest Period shall end on the last Business Day of the calendar month in which
such Interest Period is to end. 

  
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 “Investment Grade” means a security having a long-term rating of BBB- or better
by S&P and Baa3 or better by Moody’s; provided that (a) if more than one long-term rating applies to such security, then the lowest rating shall apply, (b) if only one long-term rating is available from either Moody’s
or S&P, then such rating shall apply, and (c) if the long-term rating established by either Moody’s or S&P shall be changed, such change be effective as of the date on which it is first announced by either Moody’s or S&P.
The Borrower and the Lenders agree to undertake negotiations the foregoing definition in good faith in the event that either Moody’s or S&P changes its long-term rating systems in any material respect or if either Moody’s or S&P
ceases to be in the business of providing long-term ratings. 
 “KCA Amended LLC Agreement” shall mean the Fifth Amended
and Restated Limited Liability Company Agreement of the Borrower (f/k/a Knight Execution & Clearing Services LLC). 
 “KCA
Preferred Units” shall mean the “Series A Preferred Units” issued, or to be issued, pursuant to and in accordance with the KCA Amended LLC Agreement. 

“Legal Requirement” means any treaty, convention, statute, law, regulation, ordinance, license, permit, governmental
approval, injunction, judgment, order, consent decree or other requirement of any Governmental Authority, whether federal, state, or local. 

“Lenders” means and includes BMO Harris Bank N.A. and the other financial institutions from time to time party to this
Agreement, including each assignee Lender pursuant to Section 13.11 hereof and, unless the context otherwise requires, the Swing Line Lender. 

“Lending Office” is defined in Section 10.4 hereof. 

“Leveraged ETF” means exchange traded funds listed on Schedule 5.1 attached hereto and identified as a Leverage ETF, and any
other exchange traded fund designated by the Borrower in writing certifying that such fund incurs indebtedness for borrowed money to amplify returns of its underlying investments as part of its primary investment strategy. 

“LIBOR” is defined in Section 1.2(b) hereof. 

“LIBOR01 Page” is defined in Section 1.2(b) hereof. 

“LIBOR Index Rate” is defined in Section 1.2(b) hereof. 

“LIBOR Quoted Rate” is defined in Section 1.2(a) hereof. 

“Lien” means any mortgage, lien, security interest, pledge, charge or encumbrance of any kind in respect of any Property,
including the interests of a vendor or lessor under any conditional sale, Capital Lease or other title retention arrangement. 

“Liquidity Ratio” means, at any time the same is to be determined, the ratio of (a)(i) the sum of the value of
unencumbered marketable securities (determined after taking into account 

  
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prudent and customary financing haircuts as reasonably determined by the Borrower), plus (ii) unencumbered cash held by the Borrower, plus (iii) NSCC Margin Deposits (solely to the
extent of the lesser of (x) the amount, if any, by which the Borrowing Base B at such time exceeds the aggregate outstanding amount of Revolving B Loans and (y) an amount equal to the Revolving B Sublimit minus the aggregate outstanding
amount of Revolving B Loans) to (b) the aggregate outstanding principal amount of unsecured Indebtedness of the Borrower (other than intercompany Indebtedness that is subordinated to the Obligations) at such time. 

“Loan” means any Revolving Loan or Swing Loan whether outstanding as a Base Rate Loan or Eurodollar Loan or otherwise, each
of which is a “type” of Loan hereunder. 
 “Loan Documents” means this Agreement, the Notes (if any), the
Control Agreement, and each other instrument or document to be delivered hereunder or thereunder or otherwise in connection therewith. 

“Loan Party” means each of the Borrower and each of the Guarantors. 

“Market Value” means, for each unit of a security of any class at a particular time, the closing price for such security for
the immediately preceding Business Day reported by the Custodian, but excluding accrued and unpaid interest on interest-bearing securities from such determination. 

“Material Adverse Effect” (a) a material adverse change in, or material adverse effect upon, the operations, business,
Property or financial condition of the Borrower or of the Parent and the Parent Subsidiaries taken as a whole, (b) a material impairment of the ability of any Loan Party to perform its obligations under any Loan Document, or (c) a material
adverse effect upon (i) the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document or the rights and remedies of the Lenders thereunder or (ii) the perfection or priority of any Lien granted under
any Loan Document. 
 “Material Indebtedness” means Indebtedness (other than the Loans) of any one or more of the Borrower
and the Parent and its Parent Subsidiaries in an aggregate principal amount exceeding the applicable Threshold Amount. For purposes of determining Material Indebtedness, the “obligations” of the Parent, the Borrower or any Parent
Subsidiary in respect of any Swap Contract at any time shall be the maximum aggregate amount (giving effect to any netting arrangements) that the Parent, the Borrower or such Parent Subsidiary would be required to pay if such Swap Contract were
terminated at such time. 
 “Material Plan” is defined in Section 9.1(h) hereof. 

“Maximum Rate” is defined in Section 13.17 hereof. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Mortgage Backed Security” means a mortgage backed security that is issued by an agency sponsored or owned by the United
States of America. 

  
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 “Non-Customer Loan” means any Revolving A Loan or Revolving A Swing Loan which
has been designated by the Borrower in the Notice of Borrowing as a “Non-Customer Loan”. 
 “Non-Customer
Obligations” means all Obligations of the Borrower with respect to Non-Customer Loans. 
 “Non-Customer Loan
Limit” means the Borrowing Base A as determined and computed with Non-Customer Securities only. 
 “Non-Customer
Securities” means, at any time, Eligible Securities and Eligible ETFs that are pledged at such time to the Administrative Agent for the benefit of the Lenders to secure Non-Customer Obligations. 

“Notice of Borrowing” means, with respect to Revolving A Loans and Revolving A Swing Loans, the Notice of Borrowing attached
hereto as A-1, and with respect to Revolving B Loans and Revolving B Swing Loans, the Notice of Borrowing Attached hereto as A-2. 

“NSCC” means the National Securities Clearing Corporation. 

“NSCC Deposit Requirements” means cash collateral requirements established by NSCC in connection with securities clearing
services provided by NSCC, as such requirements may be amended, supplemented or otherwise modified from time to time. 
 “NSCC
Margin Deposits” means deposits made by the Borrower with NSCC in connection with securities clearing services provided to it by NSCC. 

“Note” and “Notes” each is defined in Section 1.9 hereof. 

“Obligations” means all obligations of the Borrower to pay principal and interest on the Loans, all fees and charges payable
hereunder, and all other payment obligations of the Borrower arising under or in relation to any Loan Document, in each case whether now existing or hereafter arising, due or to become due, direct or indirect, absolute or contingent, and howsoever
evidenced, held or acquired. 
 “OFAC” means the United States Department of Treasury Office of Foreign Assets Control.

 “OFAC Event” means the event specified in Section 8.13(b) hereof. 

“OFAC Sanctions Programs” means all applicable laws, regulations, and Executive Orders administered by OFAC, including
without limitation, the Bank Secrecy Act, anti-money laundering laws (including, without limitation, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56 (a/k/a
the USA Patriot Act)), and all economic and trade sanction programs administered by OFAC, any and all similar United States federal laws, regulations or Executive Orders, and any similar laws, regulators or orders adopted by any State within the
United States. 

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

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 1.12 hereof). 

“Parent” is defined in the introductory paragraph hereof. 

“Parent Senior Secured Notes Indenture” means the Indenture, dated as of March 13, 2015, by and among Parent, as
issuer, the guarantors party thereto and The Bank of New York Mellon, as trustee and collateral agent, as the same may be refinanced, amended, modified, restated or supplemented from time to time. 

“Parent Subsidiary” means a Subsidiary of the Parent and shall include the Borrower Subsidiaries. 

“Participant Register” is defined in Section 13.10 hereof. 

“PBGC” means the Pension Benefit Guaranty Corporation or any Person succeeding to any or all of its functions under ERISA.

 “Percentage” means, for each Lender, the percentage of the Commitments represented by such Lender’s Commitment or,
if the Commitments have been terminated, the percentage held by such Lender of the aggregate principal amount of all Loans then outstanding. 

“Permitted Holders” means the collective reference to General Atlantic LLC and its majority owned and Affiliates. 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization or any other entity or organization, including a government or agency or political subdivision thereof. 

“Plan” means any employee pension benefit plan covered by Title IV of ERISA or subject to the minimum funding standards
under Section 412 of the Code that either (a) is maintained by a member of the Controlled Group for employees of a member of the Controlled Group or (b) is maintained pursuant to a collective bargaining agreement or any other

  
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arrangement under which more than one employer makes contributions and to which a member of the Controlled Group is then making or accruing an obligation to make contributions or has within the
preceding five plan years made contributions. 
 “Property” means, as to any Person, all types of real, personal, tangible,
intangible or mixed property owned by such Person whether or not included in the most recent balance sheet of such Person and its subsidiaries under GAAP. 

“Recipient” means the Administrative Agent and any Lender, as applicable. 

“Register” is defined in Section 13.11(b) hereof. 

“Released Collateral” is defined in Section 4.5(b) hereof. 

“Repo Agreement” shall mean any of the following: repurchase agreements, reverse repurchase agreements, sell buy backs and
buy sell backs agreements, securities lending and borrowing agreements and any other agreement or transaction similar to those referred to above in this definition. 

“Required Lenders” means, as of the date of determination thereof, Lenders whose outstanding Loans and Unused Commitments
constitute more than 50% of the sum of the total outstanding Loans and Unused Commitments of the Lenders; provided that, in no event shall Required Lenders include fewer than two (2) Lenders at any one time that there are at least
(2) Lenders who each hold at least 25% of the sum of the total outstanding Loans and Unused Commitments. 
 “Revolving A
Loan” is defined in Section 1.1(a)(i) hereof and, as so defined, includes a Base Rate Loan or a Eurodollar Loan, each of which is a “type” of Revolving Loan hereunder. 

“Revolving A Swing Loans” means Swing Loans where the proceeds thereof are used to finance the purchase and settlement of
securities. 
 “Revolving B Loan” is defined in Section 1.1(a)(ii) hereof and, as so defined, includes a Base Rate
Loan, which is a “type” of Revolving Loan hereunder. 
 “Revolving B Sublimit” means $115,000,000. 

“Revolving B Swing Loans” means Swing Loans where the proceeds thereof are used to fund margin deposits with the NSCC. 

“Revolving Loans” means collectively, the Revolving A Loans and the Revolving B Loans. 

“Revolving Note” is defined in Section 1.9(d) hereof. 

  
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 “Rules” means the rules and regulations of the SEC under the Securities Exchange
Act of 1934, as amended concerning the hypothecation of Customer’s Securities, including Rule 8c-1, Rule 15c2-1, and Rule 15c3-3. 

“S&P” means Standard & Poor’s Ratings Services Group, a division of The
McGraw-Hill Companies, Inc. 
 “Sanctions” means any applicable economic or trade
sanctions or restrictive measures enacted, administered, imposed or enforced by OFAC, the U.S. Department of State, the United Nations Security Council, and/or the European Union and/or the French Republic, and/or Her Majesty’s Treasury or
other relevant sanctions authority (including, without limitation, all OFAC Sanctions Programs). 
 “SEC” means the
Securities and Exchange Commission. 
 “Settlement Account” means that certain account of the Borrower (account number 309-695-5) maintained with the Settlement Bank. 

“Settlement Bank” means BMO Harris Bank N.A. 

“Settlement Bank Obligations” means obligations of the Borrower owing to the Settlement Bank solely in connection with the
settlement of securities. 
 “SIPC” means the Securities Investor Protection Corporation established pursuant to the
Securities Investor Protection Act of 1970, as amended, or any other corporation that succeeds to the functions thereof. 

“Subsidiary” means, as to any particular parent corporation or organization, any other corporation or organization more than
50% of the outstanding Voting Stock of which is at the time directly or indirectly owned by such parent corporation or organization or by any one or more other entities which are themselves subsidiaries of such parent corporation or organization.
For purposes hereof, Immaterial Subsidiaries shall not be deemed Subsidiaries hereunder. 
 “Swap Contract” means
(a) any and all interest rate swap transactions, basis swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or
options, bond or bond price or bond index swaps or options or forward foreign exchange transactions, cap transactions, floor transactions, currency options, spot contracts or any other similar transactions or any of the foregoing (including, but
without limitation, any options to enter into any of the foregoing), and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement
published by the International Swaps and Derivatives Association, Inc., or any International Foreign Exchange Master Agreement. 

“Swing Line” means the credit facility for making one or more Swing Loans described in Section 1.5 hereof. 

  
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 “Swing Line Lender” means BMO Harris Bank N.A., acting in its capacity as the
Lender of Swing Loans hereunder, or any successor Lender acting in such capacity appointed pursuant to Section 13.11 hereof. 

“Swing Line Sublimit” means $50,000,000, as reduced pursuant to the terms hereof. 

“Swing Loan” and “Swing Loans” each is defined in Section 1.5 hereof, and shall include both Revolving
A Swing Loans and Revolving B Swing Loans. 
 “Swing Note” is defined in Section 1.9 hereof. 

“Tangible Net Worth” means, at any time the same is to be determined with respect to a Loan Party, the total members’ or
shareholder’s equity (including retained earnings) which would appear on the balance sheet of such Loan Party determined on a consolidated basis in accordance with GAAP, less the sum of the aggregate book value of all assets which would be
classified as intangible assets under GAAP, consistent with the historical financial reporting of such Loan Party. 

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

“Termination Date” means June 5, 2017, or such earlier date on which the Commitments are terminated in whole
pursuant to Section 1.11, 9.2 or 9.3 hereof. 
 “Threshold Amount” means $30,000,000. 

“Total Assets to Total Regulatory Capital Ratio” means, at any time the same is to be determined, the ratio of (i) the
sum of (a) total assets of the Borrower (other than Allowable Receivables, cash, Cash Equivalents and rebate receivables of the Borrower), plus (b) securities and options sold, but not yet purchased of the Borrower, in each case which
would appear on the consolidated balance sheet of the Borrower determined in accordance with GAAP to (ii) the Borrower’s Total Regulatory Capital determined on a non-consolidated basis. 

“Total Regulatory Capital” means, as of any date the same is to be determined, the Borrower’s Total Regulatory Capital
as shown on line 3530 of the Borrower’s most recent FOCUS Part 2 report. 
 “Unfunded Vested Liabilities” means, for
any Plan at any time, the amount (if any) by which the present value of all vested nonforfeitable accrued benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent
valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the Controlled Group to the PBGC or the Plan under Title IV of ERISA. 

  
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 “UCC” means the Uniform Commercial Code of the State of Illinois or the State of
New York, as the context requires, in each case as in effect from time to time. 
 “Unused Commitments” means, at any time,
the difference between the Commitments then in effect and the aggregate outstanding principal amount of Revolving Loans. 
 “U.S.
Dollars” and “$” each means the lawful currency of the United States of America. 
 “U.S. Tax Compliance
Certificate” is defined in Section 13.1(g)(iii) hereof. 
 “Voting Stock” of any Person means capital stock
or other equity interests of any class or classes (however designated) having ordinary power for the election of directors or other similar governing body of such Person, other than stock or other equity interests having such power only by reason of
the happening of a contingency. 
 “Welfare Plan” means a “welfare plan” as defined in Section 3(1) of
ERISA. 
 “Withholding Agent” means any Loan Party and the Administrative Agent. 

“Wholly-owned Subsidiary” means a Subsidiary of which all of the issued and
outstanding shares of capital stock (other than directors’ qualifying shares as required by law) or other equity interests are owned by the Parent and/or one or more Wholly-owned Subsidiaries within the
meaning of this definition. 
 Section 5.2. Interpretation. The foregoing definitions are equally applicable to both the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall
be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and
“hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or
supplemented from time to time, and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. All references to time of day herein are references to Chicago, Illinois, time unless otherwise specifically provided. 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 purposes of this Agreement, it shall be done in accordance with GAAP except where such principles are inconsistent with the specific
provisions of this Agreement. 

  
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 Section 5.3. Change in Accounting Principles. If, after the date of this Agreement,
there shall occur any change in GAAP from those used in the preparation of the financial statements referred to in Section 6.5 hereof and such change shall result in a change in the method of calculation of any financial covenant, standard or
term found in this Agreement, either the Borrower or the Required Lenders may by notice to the Lenders and the Borrower, respectively, require that the Lenders and the Borrower negotiate in good faith to amend such covenants, standards, and terms so
as equitably to reflect such change in accounting principles, with the desired result being that the criteria for evaluating the financial condition of the Parent and the Borrower shall be the same as if such change had not been made. No delay by
the Borrower or the Required Lenders in requiring such negotiation shall limit their right to so require such a negotiation at any time after such a change in accounting principles. Until any such covenant, standard, or term is amended in accordance
with this Section 5.3, financial covenants shall be computed and determined in accordance with GAAP in effect prior to such change in accounting principles. Without limiting the generality of the foregoing, the Parent and the Borrower shall
neither be deemed to be in compliance with any financial covenant hereunder nor out of compliance with any financial covenant hereunder if such state of compliance or noncompliance, as the case may be, would not exist but for the occurrence of a
change in accounting principles after the date hereof. 
  

	SECTION 6.	REPRESENTATIONS AND WARRANTIES. 

 Each Loan Party
represents and warrants to the Administrative Agent and the Lenders as follows: 
 Section 6.1. Organization and Qualification.
Each Loan Party is duly organized, validly existing, and in good standing as a corporation or limited liability company, as applicable, under the laws of the jurisdiction in which it is organized, has full and adequate power to own its Property and
conduct its business as now conducted, and is duly licensed or qualified and in good standing in each jurisdiction in which the nature of the business conducted by it or the nature of the Property owned or leased by it requires such licensing or
qualifying, except for any failure to be licensed or qualified would not reasonably be expected to have a Material Adverse Effect. 

Section 6.2. Subsidiaries. Each Parent Subsidiary that is not a Loan Party is duly organized, validly existing, and in good
standing under the laws of the jurisdiction in which it is incorporated or organized, as the case may be, has full and adequate power to own its Property and conduct its business as now conducted, and is duly licensed or qualified and in good
standing in each jurisdiction in which the nature of the business conducted by it or the nature of the Property owned or leased by it requires such licensing or qualifying, except, in each case, where the failure to do so could reasonably be
expected to have a Material Adverse Effect. Schedule 6.2 hereto identifies the Borrower and each Borrower Subsidiary, the jurisdiction of its organization, the percentage of issued and outstanding shares of

  
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each class of its capital stock or other equity interests owned by the Loan Parties and such Borrower Subsidiaries and, if such percentage is not 100% (excluding directors’ qualifying shares
as required by law), a description of each class of its authorized capital stock and other equity interests and the number of shares of each class issued and outstanding. All of the outstanding shares of capital stock and other equity interests of
the Borrower and each Borrower Subsidiary are validly issued and outstanding and fully paid and nonassessable and all such shares and other equity interests indicated on Schedule 6.2 as owned by the Borrower or any Borrower Subsidiary are
owned, beneficially and of record, by the Borrower or such Borrower Subsidiary free and clear of all Liens other than Liens permitted by Section 8.8 hereof. There are no outstanding commitments or other obligations of the Borrower or any
Borrower Subsidiary to issue, and no options, warrants or other rights of any Person to acquire, any shares of any class of capital stock or other equity interests of the Borrower or any Borrower Subsidiary. 

Section 6.3. Authority and Validity of Obligations. Each Loan Party has full right and authority to enter into this Agreement and
the other Loan Documents, to make the borrowings herein provided for, to grant to the Administrative Agent the Liens described herein, and to perform all of its obligations hereunder and under the other Loan Documents. The Loan Documents delivered
by the Loan Parties have been duly authorized, executed, and delivered by the Loan Parties and constitute valid and binding obligations of the Loan Parties enforceable against each of them in accordance with their terms, except as enforceability may
be limited by bankruptcy, insolvency, fraudulent conveyance, or similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in
equity or at law); and this Agreement and the other Loan Documents do not, nor does the performance or observance by any Loan Party or Parent Subsidiary of any of the matters and things herein or therein provided for, (a) contravene or
constitute a default under any provision of the organizational documents (e.g., charter, certificate or articles of association and operating agreement, or other similar organizational documents) of any Loan Party or Parent Subsidiary,
(b) contravene or constitute a default under any provision of law or any judgment, injunction, order or decree binding upon any Loan Party or Parent Subsidiary or any covenant, indenture or agreement of or affecting any Loan Party or Parent
Subsidiary or any of their Property, except any such contravention or default, that would not reasonably be expected to have a Material Adverse Effect, or (c) result in the creation or imposition of any Lien on any Collateral of the Borrower or
any Borrower Subsidiary other than Liens granted to the Administrative Agent or on any other Property (other than Collateral) other than Liens permitted by Section 8.8 hereof. 

Section 6.4 Use of Proceeds. The Borrower shall use the proceeds of Revolving A Loans and Revolving A Swing Loans solely to
finance the purchase and settlement of securities. The Borrower shall use the proceeds of the Revolving B Loans and Revolving B Swing Loans solely to fund margin deposits with NSCC. 

Section 6.5. Financial Reports. 

(a) The consolidated balance sheet of the Borrower as at December 31, 2014, and the related consolidated statements of income, retained
earnings, and cash flows of the Borrower for the fiscal year then ended, and accompanying notes thereto, which financial statements are 

  
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accompanied by the audit report of PricewaterhouseCoopers LLP, independent public accountants, and a FOCUS Part 2 of the Borrower as at April 30, 2015, and the related statements of income,
retained earnings, and cash flows of the Borrower for the 2 months then ended, heretofore furnished to the Administrative Agent and the Lenders fairly present in all material respects the financial condition of the Borrower as at said dates and the
results of its operations and cash flows for the periods then ended in conformity with GAAP applied on a consistent basis. 
 (b) The
consolidated balance sheet of the Parent as at December 31, 2014, and the related consolidated statements of income, retained earnings, and cash flows of the Parent for the fiscal year then ended, and accompanying notes thereto, which financial
statements are accompanied by the audit report of PricewaterhouseCoopers LLP, independent public accountants, and the unaudited interim consolidated balance sheet of the Parent as at March 31, 2015, and the related consolidated statements of
income, retained earnings and cash flows of the Parent for the 3 months then ended, heretofore furnished to the Administrative Agent and the Lenders, fairly present in all material respects the consolidated financial condition of the Parent as
at said dates and the consolidated results of its operations and cash flows for the periods then ended in conformity with GAAP (except for the absence of footnotes and year-end adjustments in the case of unaudited financial statements) applied on a
consistent basis. 
 (c) No Loan Party has any contingent liabilities which are material to it other than as indicated on such financial
statements or, with respect to future periods, on the financial statements furnished pursuant to Section 8.5 hereof. 

Section 6.6. No Material Adverse Change. Since December 31, 2014, there has been no change in the operations, business,
Property or financial condition of any Loan Party or of any Parent Subsidiary except those occurring in the ordinary course of business, none of which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

 Section 6.7. Full Disclosure. The statements and information furnished by the Loan Parties to the Administrative Agent and
the Lenders in connection with the negotiation of this Agreement and the other Loan Documents and the commitment by the Lenders to provide all or part of the financing contemplated hereby do not contain any untrue statements of a material fact or
omit a material fact necessary to make the material statements contained herein or therein not misleading, the Administrative Agent and the Lenders acknowledging that as to any projections furnished to the Administrative Agent and the Lenders, each
Loan Party only represents that the same were prepared on the basis of information and estimates such Loan Party believed to be reasonable. 

Section 6.8. Trademarks, Franchises, and Licenses. The Loan Parties and the Parent Subsidiaries own, possess, or have the right to
use all necessary material patents, licenses, franchises, trademarks, trade names, trade styles, copyrights, trade secrets, know how, and confidential commercial and proprietary information to conduct their businesses as now conducted, without known
conflict in any material respect with any patent, license, franchise, trademark, trade name, trade style, copyright or other proprietary right of any other Person. 

  
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 Section 6.9. Governmental Authority and Licensing. The Loan Parties and the Parent
Subsidiaries have received all licenses, permits, and approvals of all federal, state, and local governmental authorities, if any, necessary to conduct their businesses, in each case where the failure to obtain or maintain the same could reasonably
be expected to have a Material Adverse Effect. No investigation or proceeding which could reasonably be expected to result in revocation or denial of any material license, permit or approval is pending or, to the knowledge of any Loan Party,
threatened. 
 Section 6.10. Good Title. The Loan Parties and the Parent Subsidiaries have good and defensible title (or valid
leasehold interests) to their material assets as reflected on the most recent consolidated balance sheet of the Loan Parties and the Parent Subsidiaries furnished to the Administrative Agent and the Lenders (except for sales of assets by the Loan
Parties and the Parent Subsidiaries in the ordinary course of business), subject to no Liens other than such thereof as are permitted by Section 8.8 hereof. 

Section 6.11. Litigation and Other Controversies. Except as set forth on Schedule 6.11, there is no litigation or governmental or
arbitration proceeding or labor controversy pending, nor to the knowledge of any Loan Party threatened, against any Loan Party or any Parent Subsidiary or any of their respective Property which, if adversely determined, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. 
 Section 6.12. Taxes. All Federal and other
material tax returns required to be filed by any Loan Party or any Parent Subsidiary in any jurisdiction have, in fact, been filed, and all material taxes, assessments, fees, and other governmental charges upon any Loan Party or any Parent
Subsidiary or upon any of their respective Property, income or franchises, which are shown to be due and payable in such returns, have been paid, except such taxes, assessments, fees and governmental charges, if any, as are being contested in good
faith and by appropriate proceedings which prevent enforcement of the matter under contest and as to which adequate reserves established in accordance with GAAP have been provided. No Loan Party knows of any proposed additional material tax
assessment against it or any Parent Subsidiary for which adequate provisions in accordance with GAAP have not been made on their accounts. Adequate provisions in accordance with GAAP for taxes on the books of each Loan Party and each Parent
Subsidiary have been made for all open years, and for the current fiscal period. 
 Section 6.13. Approvals. No authorization,
consent, license or exemption from, or filing or registration with, any court or governmental department, agency or instrumentality, nor any approval or consent of any other Person, is or will be necessary to the valid execution, delivery or
performance by any Loan Party or any Borrower Subsidiary of any Loan Document, except for such approvals which have been obtained prior to the date of this Agreement and remain in full force and effect. 

  
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 Section 6.14. Affiliate Transactions. No Loan Party nor any Parent Subsidiary is a
party to any contracts or agreements with any of its Affiliates (other than another Wholly-owned Subsidiary that is a Guarantor) on terms and conditions which are materially less favorable to such Loan Party or such Parent Subsidiary than would be
usual and customary in similar contracts or agreements between Persons not affiliated with each other. 
 Section 6.15. Investment
Company. No Loan Party nor any Borrower Subsidiary is an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

Section 6.16. ERISA. Each Loan Party and each other member of its Controlled Group has fulfilled its obligations under the minimum
funding standards of and is in compliance in all material respects with ERISA and the Code to the extent applicable to it and has not incurred any liability to the PBGC or a Plan under Title IV of ERISA other than a liability to the PBGC for
premiums under Section 4007 of ERISA. No Loan Party nor any Parent Subsidiary has any contingent liabilities with respect to any post-retirement benefits under a Welfare Plan, other than liability for
continuation coverage described in article 6 of Title I of ERISA. 
 Section 6.17. Compliance with Laws; OFAC;
Sanctions. (a) The Loan Parties and the Parent Subsidiaries are in compliance with the requirements of all applicable federal, state and local laws, rules and regulations applicable to or pertaining to their Property or business operations
(including, without limitation, the Occupational Safety and Health Act of 1970, the Americans with Disabilities Act of 1990, and laws and regulations establishing quality criteria and standards for air, water, land and toxic or hazardous wastes and
substances), where any such non-compliance, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. No Loan Party nor any Parent Subsidiary has received notice to the
effect that its operations are not in compliance with any of the requirements of applicable federal, state or local environmental, health, and safety statutes and regulations or is the subject of any governmental investigation evaluating whether any
remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment, where any such non-compliance or remedial action, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. The execution, delivery and performance of this Agreement and the other Loan Documents does not and will not result in the breach of the Rules. 

(b) (i) Each Loan Party is in compliance with the requirements of all OFAC Sanctions Programs applicable to it; (ii) each Parent
Subsidiary is in compliance with the requirements of all OFAC Sanctions Programs applicable to such Parent Subsidiary; (iii) each Loan Party has provided to the Administrative Agent and the Lenders all information required by the Administrative
Agent and the Lenders regarding the Loan Parties and their Affiliates and Parent Subsidiaries that is necessary for the Administrative Agent and the Lenders to comply with all applicable OFAC Sanctions Programs; and (iv) no Loan Party nor, to
the best of each Loan Party’s knowledge, any of its Affiliates is, as of the date hereof, named on the current OFAC SDN List. 

  
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 (c) No Loan Party, none of their respective Subsidiaries, and, to the knowledge of the Borrower
or the Parent, none of their respective directors and officers, agents or employees that will act in a capacity in connection with or benefit from the credit facilities contemplated by this Agreement is a Person that is, or, in the case of corporate
entities, is owned or controlled by Persons that are, (i) the subject or target of any Sanctions or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions broadly prohibiting
dealings with such government, country, or territory, currently, Cuba, Iran, Crimea region of the Ukraine, North Korea, Sudan and Syria. 

(d) The Borrower will not, directly or indirectly, use the proceeds of any Loan hereunder, or lend, contribute or otherwise make available
such proceeds to any Subsidiary, or, to the knowledge of Parent or Borrower, joint venture partner or other person, (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding,
is or whose government is, the subject of Sanctions, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans hereunder, whether as underwriter, advisor, investor
or otherwise). 
 Section 6.18. Other Agreements. No Loan Party nor any Parent Subsidiary is in default under the terms of any
covenant, indenture or agreement of or affecting such Person or any of its Property (after giving effect to any applicable cure or grace periods), which default if uncured could reasonably be expected to have a Material Adverse Effect. 

Section 6.19. Solvency. The fair value of the Properties of the Loan Parties and the Borrower Subsidiaries will exceed their
debts, the Loan Parties and the Borrower Subsidiaries are able to pay their debts as they become due, and the Loan Parties and the Borrower Subsidiaries do not have unreasonably small capital to carry on their business and all businesses in which
they are about to engage. 
 Section 6.20. No Default. No Default or Event of Default has occurred and is continuing. 

Section 6.21. Registration, Regulation U. The Borrower has been duly registered with the SEC as a registered broker dealer. The
Borrower is an “exempted borrower” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System. 

Section 6.22. Regulatory Approvals. All regulatory approvals necessary for the execution and delivery by the Borrower of this
Agreement and the other Loan Documents have been obtained and are in full force and effect. 
 Section 6.23. SIPC Assessments.
The Borrower is not in arrears with respect to any assessment made upon it by the SIPC. 

  
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 Section 6.24. Designated Examining Authority. Financial Industry Regulatory
Authority, Inc. with respect to the Borrower’s securities and Chicago Mercantile Exchange Inc. with respect to the Borrower’s futures has been designated as the Designated Examining Authority for the Borrower and is the Borrower’s
Designated Self-Regulatory Organization. 
 Section 6.25. Perfection of Security Interest; Eligible ETFs. (a) Upon the
crediting of Collateral to the Accounts or the Settlement Account, or as otherwise specified in Section 4.1, the Administrative Agent (for the benefit of the Lenders) shall have “control” over such Collateral (as such term is defined
under Section 8-106 or 9-104, as applicable, of the UCC) and shall have a perfected pledge of and security interest in such Collateral and all proceeds thereof (subject to Section 9-315 of the UCC), which security interest shall be prior
to all other interests in such Collateral. 
 (b) Except for exchanged traded funds set forth on Schedule 5.1 attached hereto or designated
by the Borrower in a written certification delivered to the Administrative Agent, none of the Collateral consisting of exchange traded funds are Approved ETFs or Leveraged ETFs. 

Section 6.26. Ownership, No Liens, etc. Immediately before giving effect to each delivery of Collateral by the Borrower to the
Custodian or Administrative Agent, as the case may be, the Borrower will be the owner of such Collateral and will have the right to receive all payments on such Collateral, in each case free and clear of all Liens and adverse claims other than the
Lien of the Custodian (to the extent permitted by Section 8.8(l)), the Administrative Agent and any interests in such Collateral created or permitted to exist under this Agreement. 

Section 6.27. Valid Security Interest. The delivery of Collateral to the Administrative Agent, together with the actions described
in the foregoing Section 6.25, is effective to create a valid, perfected, first priority security interest in all such Collateral and all proceeds thereof, securing the Obligations. No filings or other actions will be necessary to perfect such
security interest. The Loan Parties acknowledge and agree that it is intended that the Obligations constitute “securities contracts” as such term is defined in Section 741(7) of Title 11 of the United States Code (the
“Bankruptcy Code”), that this Agreement constitutes a security agreement or arrangement forming part of or related to a securities contract within the meaning of Section 362(b)(b) of the Bankruptcy Code, and the Administrative
Agent and the Lenders shall be entitled to the protections afforded by, among other sections, Sections 362(b)(6), 546(e), 555 and 561 of the Bankruptcy Code. 

Section 6.28. Broker Fees. No broker’s or finder’s fee or commission will be payable with respect hereto or any of the
transactions contemplated thereby; and the Borrower hereby indemnifies the Administrative Agent and the Lenders against, and agrees that it will hold the Administrative Agent and the Lenders harmless from, any claim, demand, or liability for any
such broker’s or finder’s fees alleged to have been incurred in connection herewith or therewith and any expenses (including reasonable attorneys’ fees) arising in connection with any such claim, demand, or liability. 

  
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	SECTION 7.	CONDITIONS PRECEDENT. 

 Section 7.1. All Credit
Events. At the time of each Credit Event hereunder: 
 (a) each of the representations and warranties set forth herein
and in the other Loan Documents shall be and remain true and correct in all material respects as of said time, except to the extent the same expressly relate to an earlier date; provided, that with respect to any representation or warranty
that is qualified by materiality or Material Adverse Effect, such representation or warranty shall be true and correct as of said time, except to the extent the same expressly relate to an earlier date; 

(b) no Default or Event of Default shall have occurred and be continuing or would occur as a result of such Credit Event; 

(c) the Administrative Agent shall have received the notice required by Section 1.4(a) hereof; 

(d) after giving effect to such Credit Event, the aggregate principal amount of all Loans outstanding hereunder shall not
exceed the Commitment; 
 (e) if the Credit Event consists of a Borrowing of Revolving A Loans, the aggregate principal
amount of outstanding Revolving A Loans and Revolving A Swing Loans after giving effect to such Credit Event shall not exceed the Borrowing Base A; if the Credit Event consists of Customer Loans, the aggregate principal amount of Customer Loans
after giving effect to such Credit Event shall not exceed the Customer Loan Limit; if the Credit Event consists of Firm Loans, the aggregate principal amount of Firm Loans after giving effect to such Credit Event shall not exceed the Firm Loan
Limit; and if the Credit Event consists of Non-Customer Loans, the aggregate principal amount of Non-Customer Loans after giving effect to such Credit Event shall not exceed the Non-Customer Loan Limit; 

(f) if the Credit Event consists of a Borrowing of Revolving B Loans, the aggregate principal amount of outstanding Revolving B
Loans and Revolving B Swing Loans after giving effect to such Credit Event shall not exceed the Borrowing Base B; 
 (g)
if the Credit Event consists of a Borrowing of Revolving B Loans, no Revolving B Loans shall have been outstanding at the date of such request for a period of 30 days or more during the preceding 90 day period; and 

(h) such Credit Event shall not violate any order, judgment or decree of any court or other authority or any provision of law
or regulation applicable to the Administrative Agent or any Lender (including, without limitation, Regulation U of the Board of Governors of the Federal Reserve System) as then in effect. 

  
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 Each request for a Borrowing hereunder shall be deemed to be a representation and warranty by the
Borrower on the date on such Credit Event as to the facts specified in subsections (a) through (g), both inclusive, of this Section 7.1. 

Section 7.2. Initial Credit Event. Before or concurrently with the initial Credit Event: 

(a) the Administrative Agent shall have received this Agreement duly executed by the Borrower, the Parent, the Administrative
Agent and the Lenders; 
 (b) if requested by any Lender, the Administrative Agent shall have received for such Lender such
Lender’s duly executed Notes of the Borrower dated the date hereof and otherwise in compliance with the provisions of Section 1.9 hereof; 

(c) the Administrative Agent shall have received a fully executed Control Agreement with respect to the Cash Proceeds Account
and the Accounts maintained with the Custodian; 
 (d) the Administrative Agent shall have received copies of each Loan
Party’s articles of formation and operating agreement (or comparable organizational documents) and any amendments thereto, certified in each instance by its Secretary or Assistant Secretary; 

(e) the Administrative Agent shall have received copies of resolutions of each Loan Party’s Board of Directors, Members or
Managers (or similar governing body) authorizing the execution, delivery and performance of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby, together with specimen signatures of
the persons authorized to execute such documents on such Loan Party’s behalf, all certified in each instance by its Secretary or Assistant Secretary; 

(f) the Administrative Agent shall have received copies of the certificates of good standing for the Loan Parties (dated no
earlier than 30 days prior to the date hereof) from the office of the secretary of the state of its organization and of each state in which such Loan Party is qualified to do business as a foreign corporation or organization; 

(g) the Administrative Agent shall have received a list of the Borrower’s Authorized Representatives and a certificate as
to the Borrower’s Designated Disbursement Account; 
 (h) the Administrative Agent shall have received the initial fees
called for by Section 2.1 hereof; 
 (i) the Administrative Agent shall have received (A) the audited balance sheet
of the Borrower as of December 31, 2014, December 31, 2013 and December 31, 2012 and the related audited statements of income and retained earnings and cash flows for the 

  
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fiscal years ended December 31, 2014, December 31, 2013 and December 31, 2012 and (B) copies of financial statements and reports of the Borrower, including a calculation
of the Borrower’s net capital, for each month for the thirty-six months ended April 30, 2015 consisting of balance sheets and profit and loss statements in the form of FOCUS-Part 2; 

(j) the Administrative Agent shall have received financing statement, tax, and judgment lien search results against the
Property of the Loan Parties evidencing the absence of Liens on their Property except as permitted by Section 8.8 hereof; 

(k) the Administrative Agent shall have received the written opinion of counsel to the Loan Parties, in form and substance
reasonably satisfactory to the Administrative Agent; 
 (l) each of the Lenders shall have received, sufficiently in advance
of the Closing Date, all documentation and other information requested by any such Lender required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules
and regulations, including without limitation, the United States Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) including, without limitation, the information
described in Section 13.23 hereof; and the Administrative Agent shall have received a fully executed Internal Revenue Service Form W-9 (or its equivalent) for the Loan Parties; 

(m) since December 31, 2014, there has been no change in the operation, business, Property or financial condition of the
Borrower except those occurring in the ordinary course of business, none of which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect; 

(n) the Administrative Agent shall have received (i) at least five (5) Business Days prior to the Closing Date,
written notice from the Borrower terminating the commitments in whole under that certain Credit Agreement dated as of July 1, 2013, as amended, by and among the Borrower, the lenders party thereto, and the Administrative Agent (the
“2013 Credit Agreement”) and (ii) all outstanding principal, accrued interest, fees and other obligations due and owing under the 2013 Credit Agreement as of the Closing Date to the extent such amounts have been originally
invoiced at least three (3) days prior to the Closing Date (as such amounts may be adjusted prior to the Closing Date); and 

(o) the Administrative Agent shall have received such other agreements, instruments, documents, and certificates as the
Administrative Agent may reasonably request. 
  

	SECTION 8.	COVENANTS. 

 The Loan Parties agree that, so long as any credit is available to
or in use by the Borrower hereunder, except to the extent compliance in any case or cases is waived in writing pursuant to the terms of Section 13.12 hereof: 

Section 8.1. Maintenance of Business; Licenses and Memberships. Each Loan Party shall, and shall cause each Borrower Subsidiary
to, preserve and maintain its existence, except as otherwise permitted by Section 8.10(iii). Each Loan Party shall, and shall cause each Borrower Subsidiary to, preserve and keep in force and effect all licenses, permits, franchises, approvals,
patents, trademarks, trade names, trade styles, copyrights, and other proprietary rights necessary to the proper conduct of its business, including but not limited to, the maintenance of all permits, licenses, consents and memberships as may be
required for the conduct of its business by any Governmental Authority or any exchange, except in each case or in aggregate as would not reasonably be expected to have a Material Adverse Effect. 

  
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 Section 8.2. Maintenance of Properties. Each Loan Party shall, and shall cause each
Borrower Subsidiary to, maintain, preserve, and keep its property, plant, and equipment in good repair, working order and condition (ordinary wear and tear excepted), and shall from time to time make all needful and proper repairs, renewals,
replacements, additions, and betterments thereto so that at all times the efficiency thereof shall be fully preserved and maintained, except to the extent the failure to maintain, preserve, keep or make such needful and proper repairs, renewals,
replacements, additions or betterments to such property, plant and equipment would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

Section 8.3. Taxes and Assessments. Each Loan Party shall duly pay and discharge, and shall cause each Borrower Subsidiary to duly
pay and discharge, all material taxes, rates, assessments, fees, and governmental charges upon or against it or its Property, in each case before the same become delinquent and before penalties accrue thereon, unless and to the extent that the same
are being contested in good faith and by appropriate proceedings which prevent enforcement of the matter under contest and adequate reserves are provided therefor. 

Section 8.4. Insurance. Each Loan Party shall insure and keep insured, and shall cause each Borrower Subsidiary to insure and keep
insured, with good and responsible insurance companies, all insurable Property owned by it which is of a character usually insured by Persons similarly situated and operating like Properties against loss or damage from such hazards and risks, and in
such amounts, as are insured by Persons similarly situated and operating like Properties; and the Loan Parties shall insure, and shall cause each Borrower Subsidiary to insure, such other hazards and risks (including, without limitation, business
interruption, employers’ and public liability risks) with good and responsible insurance companies, as and to the extent usually insured by Persons similarly situated and conducting similar businesses. The Loan Parties shall, upon request of
the Administrative Agent or any Lender, furnish to the Administrative Agent and Lenders a certificate setting forth in summary form the nature and extent of the insurance maintained pursuant to this Section 8.4. 

Section 8.5. Financial Reports. The Loan Parties shall, and shall cause each Parent Subsidiary to, maintain a standard system of
accounting in accordance with GAAP and shall furnish to the Administrative Agent, each Lender, and each of their duly authorized representatives such information respecting the business and financial

  
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condition of each Loan Party as the Administrative Agent or Lender may reasonably request (including, but not limited to, monthly FOCUS-Part 2 reports to the extent available); and without any
request, shall furnish to the Administrative Agent and the Lenders: 
 (a) as soon as available, and in any event within
60 days after the last day of each quarter of the Borrower, a copy of financial statements and reports of the Borrower, including a calculation of the Borrower’s net capital, for each quarterly accounting period consisting of a balance
sheet and a profit and loss statement of the Borrower in the form of FOCUS-Part 2 prepared by the Borrower as of the end of and for such quarter in accordance with GAAP (subject to the absence of footnote disclosure and year-end
audit adjustments) and certified to by its chief financial officer or such other officer of the Borrower acceptable to the Administrative Agent; 

(b) as soon as available, and in any event no later than 60 days after the last day of each fiscal quarter of the Parent, a
copy of the balance sheet of the Parent as of the last day of such fiscal quarter and the statements of income, retained earnings, and cash flows of the Parent for the fiscal quarter and for the fiscal year-to-date period then ended, each in reasonable detail showing in comparative form the figures for the corresponding date and period in the previous fiscal year, prepared by the Parent in accordance with
GAAP (subject to the absence of footnote disclosures and year-end audit adjustments) and certified to by a responsible officer of the Parent; 

(c) (i) as soon as available, and in any event within 90 days after the close of each fiscal year of the Parent, copies of
the consolidated balance sheet of the Parent as of the close of such period and the consolidated statements of income, retained earnings, and cash flows of the Parent for such period, and accompanying notes thereto, each in reasonable detail showing
in comparative form the figures for the previous fiscal year, accompanied in the case of the consolidated financial statements by an unqualified opinion of a firm of independent public accountants of recognized national standing, selected by the
Parent and satisfactory to the Administrative Agent and the Required Lenders, to the effect that the consolidated financial statements have been prepared in accordance with GAAP and present fairly in all material respects in accordance with GAAP the
consolidated financial condition of the Parent as of the close of such fiscal year and the results of their operations and cash flows for the fiscal year then ended and that an examination of such accounts in connection with such financial
statements has been made in accordance with generally accepted auditing standards and, accordingly, such examination included such tests of the accounting records and such other auditing procedures as were considered necessary in the circumstances;

 (ii) as soon as available, and in any event within 90 days after the close of each fiscal year of the Borrower,
copies of the consolidated balance sheet of the Borrower as of the close of such period and the consolidated statements of income, retained earnings, and cash flows of the Borrower for such period, and accompanying notes thereto, each in reasonable
detail showing in comparative form the figures for the previous fiscal year, accompanied in the case of the consolidated financial statements by an unqualified opinion of a firm of independent public accountants of recognized national standing,

  
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selected by the Borrower and satisfactory to the Administrative Agent and the Required Lenders, to the effect that the consolidated financial statements have been prepared in accordance with GAAP
and present fairly in all material respects in accordance with GAAP the consolidated financial condition of the Borrower as of the close of such fiscal year and the results of their operations and cash flows for the fiscal year then ended and that
an examination of such accounts in connection with such financial statements has been made in accordance with generally accepted auditing standards and, accordingly, such examination included such tests of the accounting records and such other
auditing procedures as were considered necessary in the circumstances; 
 (d) (i) as soon as available, and in any event
within 60 days after the last day of each March 31, June 30 and September 30 of each fiscal year and (ii) with the delivery of the financial statements required by Section 8.5(c) but in no event later than 90 days after
December 31st of each year, the Borrower shall deliver to the Administrative Agent a written certificate in the form attached hereto as Exhibit D signed by the chief financial officer of the Borrower, or such other officer of the Borrower
satisfactory to the Administrative Agent; 
 (e) as soon as available, and in any event within five (5) Business Days
after the close of each month, a certificate in the form of Exhibit G attached hereto from the Borrower indicating the Eligible NSCC Margin Deposits of the Borrower in effect for each Business Day in the most recently ended calendar month; 

(f) promptly after knowledge thereof shall have come to the attention of any responsible officer of any Loan Party, written
notice of (i) any threatened or pending litigation or governmental or arbitration proceeding or labor controversy against any Loan Party or any Parent Subsidiary or any of their Property which would reasonably be expected to have a Material
Adverse Effect, (ii) the occurrence of any Default or Event of Default hereunder, or (iii) the occurrence of any event or the existence of any condition that could reasonably be expected to have a Material Adverse Effect; 

(g) promptly after receipt thereof, and in any event within five (5) Business Days after receipt thereof, a copy of any
financial report performed or required to be performed by any Designated Examining Authority of the Borrower and permitted to be disclosed under applicable law; 

(h) promptly, and in any event within five (5) Business Days after the occurrence thereof, written notice of any Change of
Control; and 
 (i) promptly after it is filed with the SEC, and in any event within five (5) Business Days after
sending or filing thereof, copies of each regular, periodic or special report, registration statement or prospectus (including all Form 10-K, Form 10-Q and Form 8-K reports) filed publicly by any Loan Party or any Parent Subsidiary with any securities exchange or the SEC. 

  
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 Documents required to be delivered pursuant to Section 8.5(b), (c)(i) or (i) above (to the extent any
such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Parent posts such documents, or provides a link
thereto on the Parent’s website on the Internet; or (ii) on which such documents are posted on the Parent’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a
commercial, third-party website or whether sponsored by the Administrative Agent);  provided that: (i) the Parent shall deliver paper copies of such documents to the Administrative Agent or
any Lender that requests the Parent to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Parent shall notify the Administrative Agent and each
Lender (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions of such documents. 

Section 8.6. Inspection. Each Loan Party shall, and shall cause each Borrower Subsidiary to, permit the Administrative Agent and
its duly authorized representatives and agents to visit and inspect any of their Property, corporate books, and financial records, to examine and make copies of its books of accounts and other financial records, and to discuss its affairs, finances,
and accounts with, and to be advised as to the same by, its officers, employees and independent public accountants (and by this provision the Loan Parties hereby authorize such accountants to discuss with the Administrative Agent and such Lenders,
the finances and affairs of the Loan Parties and the Borrower Subsidiaries) at such reasonable times and intervals as the Administrative Agent or any such Lender may designate and, so long as no Event of Default exists, with reasonable prior notice
to the Borrower; provided, that (i) the Lenders shall be able to accompany the Administrative Agent and its duly authorized representatives and agents on any inspection of the Property, corporate books and financial records and
(ii) with respect to the examination and inspection of the Borrower’s corporate books and records, unless an Event of Default has occurred and is continuing, such examination and inspection shall be limited to two times per fiscal year.

 Section 8.7. Borrowings and Guaranties. The Borrower shall not, nor shall it permit any Borrower Subsidiary to, issue, incur,
assume, create, or have outstanding any Indebtedness, or be or become liable as endorser, guarantor, surety, or otherwise for any debt, obligation, or undertaking of any other Person, or otherwise agree to provide funds for payment of the
obligations of another, to supply funds thereto or to invest therein, or to otherwise assure a creditor of another against loss, or apply for or become liable to the issuer of a letter of credit which supports an obligation of another, or
subordinate any claim or demand it may have to the claim or demand of any other Person; provided, however, that the foregoing shall not restrict nor operate to prevent: 

(a) the Obligations of the Borrower and the Borrower Subsidiaries owing to the Administrative Agent and the Lenders (and their
Affiliates); 
 (b) purchase money indebtedness and Capitalized Lease Obligations of the Borrower and the Borrower
Subsidiaries in an amount not to exceed $10,000,000 in the aggregate at any one time outstanding; 

  
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 (c) endorsement of items for deposit or collection of commercial paper received
in the ordinary course of business; 
 (d) financing of securities and other financial instruments held in the normal day to
day conduct of the Borrower’s or such Borrower Subsidiary’s business, including by means of Repo Agreements; 
 (e)
securities, options and other financial instruments sold but not yet purchased in the ordinary course of the Borrower’s or such Borrower Subsidiary’s business; 

(f) hedging arrangements or net negative present value of Swap Contracts or other derivatives, in each case entered into or
incurred in the ordinary course of the Borrower’s or such Borrower Subsidiary’s business; 
 (g) unsecured
Indebtedness of the Borrower (including indebtedness owing to the Parent or any Parent Subsidiary) so long as (i) the Borrower is in compliance with the covenants set forth in Section 8.21 immediately before and after giving effect to the
incurrence of such Indebtedness; (ii) no Default or Event of Default has occurred or would result therefrom; and (iii) such Indebtedness is subordinated to the prior payment of the Obligations pursuant to subordination provisions approved
in writing by the Administrative Agent (such approval not to be unreasonably withheld or delayed); 
 (h) other unsecured
Indebtedness of the Borrower so long as (i) the aggregate amount of such Indebtedness shall not at any time exceed the lesser of (A) $150,000,000 and (B) 50% of the Borrower’s Total Regulatory Capital as then determined and
computed, and (ii) both before and after giving effect to the incurrence of such indebtedness, no Default or Event of Default has occurred and is continuing; 

(i) Indebtedness in existence on the date hereof listed on Schedule 8.7, and Indebtedness incurred to refinance such
Indebtedness; provided that any such refinancing Indebtedness is in an aggregate principal amount (or aggregate amount, as applicable) not greater than the aggregate principal amount (or aggregate amount, as applicable) of the Indebtedness
being refinanced; 
 (j) cash management obligations and Indebtedness in respect of netting services, overdraft protections
and similar arrangements in each case in connection with cash management and deposit accounts in the ordinary course of business; 

(k) Indebtedness representing deferred compensation or other similar arrangements to employees of the Borrower or any Borrower
Subsidiary incurred in the ordinary course of business; 
 (l) Indebtedness incurred by the Borrower or any Borrower
Subsidiary in respect of letters of credit, bank guarantees, bankers’ acceptances, warehouse receipts or similar instruments, guaranties, counter-indemnities or short term facilities issued, 

  
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created or incurred in the ordinary course of business, including in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability
insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims, or in connection with the ordinary clearing, depository and settlement procedures (including, without limitation,
any letter of credit or guarantees provided to any central securities depositories or external custodians) relating thereto; 

(m) Indebtedness consisting of the payment of insurance premiums in installments so long as the aggregate amount of such
Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year and is
incurred in the ordinary course of business; 
 (n) obligations in respect of performance, bid, appeal and surety bonds and
performance and completion guarantees and similar obligations provided by the Borrower or any Borrower Subsidiary, or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary
course of business and consistent with past practice; 
 (o) the incurrence by the Borrower or any Borrower Subsidiary of
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument (except in the case of daylight overdrafts) inadvertently drawn against insufficient funds in the ordinary course of business, so
long as such Indebtedness is covered within two Business Days; and 
 (p) Indebtedness consisting of KCA Preferred Units,
with an aggregate Series A Preferred Value not to exceed $500,000 at any time outstanding; provided that no KCA Preferred Unit issued pursuant to this clause (q) shall have been assigned or transferred by the person to which it was originally
issued, other than to an Affiliate of such person. 
 Section 8.8. Liens. The Borrower shall not, nor shall it permit any
Borrower Subsidiary to, create, incur or permit to exist any Lien of any kind on any Property owned by any such Person; provided, however, that the foregoing shall not apply to nor operate to prevent: 

(a) Liens arising by statute in connection with worker’s compensation, unemployment insurance, old age benefits, social
security obligations, taxes, assessments, statutory obligations or other similar charges (other than Liens arising under ERISA), good faith cash deposits in connection with tenders, contracts or leases to which the Borrower or such Borrower
Subsidiary is a party or other cash deposits required to be made in the ordinary course of business, provided in each case that the obligation is not for borrowed money and that the obligation secured is not overdue or, if overdue, is being
contested in good faith by appropriate proceedings which prevent enforcement of the matter under contest and adequate reserves have been established therefor; 

  
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 (b) mechanics’, workmen’s, materialmen’s, landlords’,
carriers’ or other similar Liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith by appropriate proceedings which prevent enforcement of the matter under
contest; 
 (c) judgment liens and judicial attachment liens not constituting an Event of Default under Section 9.1(g)
hereof and the pledge of assets for the purpose of securing an appeal, stay or discharge in the course of any legal proceeding, provided that the aggregate amount of such judgment liens and attachments and liabilities of the Borrower or any Borrower
Subsidiary secured by a pledge of assets permitted under this subsection, including interest and penalties thereon, if any, shall not be in excess of the applicable Threshold Amount at any one time outstanding; 

(d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations,
surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of business; 

(e) Liens on equipment of the Borrower or the Borrower Subsidiaries created solely for the purpose of securing indebtedness
permitted by Section 8.7(b) hereof, representing or incurred to finance the purchase price of such Property, provided that no such Lien shall extend to or cover other Property of the Borrower or the Borrower Subsidiaries other than the
respective Property so acquired, and the principal amount of indebtedness secured by any such Lien shall at no time exceed the purchase price of such Property, as reduced by repayments of principal thereon; 

(f) any interest or title of a lessor under any operating lease; 

(g) easements, rights-of-way, restrictions, and
other similar encumbrances against real property incurred in the ordinary course of business which, in the aggregate, are not substantial in amount and which do not materially detract from the value of the Property subject thereto or materially
interfere with the ordinary conduct of the business of the Borrower and the Borrower Subsidiaries taken as a whole; 
 (h)
Liens securing Indebtedness for margin loans permitted by Section 8.7(d) hereof; 
 (i) required deposits maintained
with commodity or securities exchanges or their associated clearing corporations in the ordinary course of the business of the Borrower or any Borrower Subsidiary; 

(j) Liens granted in favor of the Administrative Agent to secure the Obligations; 

(k) Liens in existence on the date hereof listed on Schedule 8.8, securing Indebtedness permitted by Section 8.7(i)
hererof, and Liens incurred to secure any 

  
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Indebtedness to refinance such Indebtedness; provided (i) that no such Lien extend to or cover other Property after the Closing Date (other than after-acquired Property that is
related to the Property covered by such Lien and proceeds and products of such Property) and that the principal amount of Indebtedness secured thereby is not increased and (ii) no such Lien shall apply to any of the Collateral; 

(l) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on the items in the
course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts or relating to pooled deposit or sweep accounts of the Borrower or any Borrower Subsidiary to permit satisfaction of overdraft or similar
obligations incurred in the ordinary course of business, (iii) in favor of a banking or other financial institution arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of
set off) and which are within the general parameters customary in the banking industry and (iv) in the nature of contractual rights of set-off relating to purchase orders and other agreements entered into with customers of the Borrower or any
Borrower Subsidiary or otherwise in the ordinary course of business and customary holdbacks under credit cards or similar merchant processing; 

(m) leases, licenses, subleases or sublicenses (including the provision of software under an open source license) granted to
others in the ordinary course of business which do not (i) impair in any material respect the operation of the business of the Borrower or any Borrower Subsidiary, taken as a whole, or (ii) secure any Indebtedness; 

(n) Liens solely on any cash earnest money deposits made by the Borrower or any Borrower Subsidiary in connection with any
letter of intent or purchase agreement permitted hereunder; 
 (o) Liens arising from precautionary Uniform Commercial Code
financing statement filings; 
 (p) Liens on insurance policies and the proceeds thereof securing the payment of the premiums
in installments with respect thereto; and 
 (q) temporary Liens in connection with sales, transfers, leases, assignments or
other conveyances or dispositions of securities permitted under this Agreement, including (x) Liens on securities granted or deemed to arise in connection with and as a result of the execution, delivery or performance of contracts to sell such
securities if such sale is otherwise permitted hereunder, or is required by such contracts to be permitted hereunder, and (y) rights of first refusal, options or other contractual rights or obligations to sell, assign or otherwise dispose of
any securities or interest therein, which rights of first refusal, option or contractual rights are granted in connection with a sale, transfer or other disposition of securities permitted hereunder. 

  
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 Section 8.9. Investments, Acquisitions, Loans and Advances. The Borrower shall not,
nor shall it permit any Borrower Subsidiary to, make or retain any investment (whether through the purchase of stock, obligations or otherwise) in or make any loan or advance to, any other Person or acquire substantially as an entirety the Property
or business of any other Person, other than as permitted by the Borrower’s articles of organization or limited liability company operating agreement (or equivalent organizational document); provided, that 

(a) the Borrower shall not make an investment in any Borrower Subsidiary if the aggregate amount of all investments made by the
Borrower in all of the Borrower Subsidiaries exceeds the lesser of (i) $100,000,000 and (ii) 33% of the Borrower’s Tangible Net Worth at the time of such investment unless the Borrower (A) obtains the Required Lenders’ prior
written consent to such investment or (B) simultaneously with such investment one or more Borrower Subsidiaries of the Borrower delivers a Guarantee; and 

(b) the Borrower may make loans and advances to the Parent or any Parent Subsidiary so long as (i) such loan or advance is
not deemed subordinated debt for regulatory capital purposes, and (ii) the aggregate amount of all such loans and advances made by the Borrower does not exceed 50% of the Borrower’s Total Regulatory Capital at any one time. 

Section 8.10. Mergers, Consolidations and Sales. (a) No Loan Party shall, nor shall it permit any Borrower Subsidiary to, be
a party to any merger or consolidation and (b) the Borrower shall, nor shall it permit any Borrower Subsidiary to, sell, transfer, lease or otherwise dispose of all or any part of its Property, including any disposition of Property as part of a
sale and leaseback transaction, or in any event sell or discount (with or without recourse) any of its notes or accounts receivable; provided, however, that this Section 8.10 shall not apply to nor operate to prevent: 

(i) the sale of securities or other financial instruments in the ordinary course of business; 

(ii) the sale, transfer, or other disposition of any tangible personal property that, in the reasonable business judgment of
the Borrower or Borrower Subsidiary, has become uneconomical, obsolete, or worn out, or which is surplus Property or which is no longer necessary for the proper conduct of the Borrower’s or such Borrower Subsidiary’s business and which is
disposed of in the ordinary course of business; 
 (iii) the merger of any Person (including any Parent Subsidiary) into the
Borrower, provided (1) the Borrower is the surviving corporation, (2) immediately following such transaction, no Event of Default exists, and (3) no Change of Control results from the merger; 

  
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 (iv) the merger of any Person (other than the Borrower) with the Parent, if
(1) the Parent is the surviving corporation, (2) immediately following such transaction, no Event of Default exists and (3) no Change of Control results from such merger; 

(v) the sale of accounts receivable (or interests therein) for cash in an arm’s length transaction and for the fair market
value of such accounts receivable. 
 Section 8.11. Dividends and Certain Other Restricted Payments. The Borrower shall not, nor
shall it permit any Borrower Subsidiary to, (a) declare or pay any dividends on or make any other distributions (including withdrawals of capital by any member of the Borrower) in respect of any class or series of its member’s interests or
other equity interests or, (b) directly or indirectly purchase, redeem, or otherwise acquire or retire any of its equity interests or any warrants, options, or similar instruments to acquire the same;  provided, however, that the
foregoing shall not operate to prevent (i) the making of dividends or distributions by any Wholly-owned Subsidiary to its direct parent; provided, that no dividend or distribution shall be made by the Borrower to the Parent unless
(A) such distribution or dividend is permitted under all rules and regulations applicable to the Borrower, (B) no Default or Event of Default has occurred and is continuing or would result from making such dividends or distributions,
(C) all of the issued and outstanding membership interests the Borrower are owned directly or indirectly by the Parent, and (D) the Borrower provides the Administrative Agent written notice of all such dividends and distributions that
exceed, individually or in the aggregate with all other dividends and distributions during any fiscal year of the Borrower, the applicable Threshold Amount within five (5) Business Days after such dividend or distribution. 

Section 8.12. ERISA. The Borrower shall, and shall cause each Borrower Subsidiary to, promptly pay and discharge all obligations
and liabilities arising under ERISA of a character which if unpaid or unperformed could reasonably be expected to result in the imposition of a Lien against any of its Property. The Borrower shall, and shall cause each Borrower Subsidiary to,
promptly notify the Administrative Agent and each Lender of: (a) the occurrence of any reportable event (as defined in ERISA) with respect to a Plan, (b) receipt of any notice from the PBGC of its intention to seek termination of any Plan
or appointment of a trustee therefor, (c) its intention to terminate or withdraw from any Plan, and (d) the occurrence of any event with respect to any Plan which would result in the incurrence by the Borrower or any Borrower Subsidiary of
any material liability, fine or penalty, or any material increase in the contingent liability of the Borrower or any Borrower Subsidiary with respect to any post-retirement Welfare Plan benefit. 

Section 8.13. Compliance with Laws; OFAC. (a) Each Loan Party shall, and shall cause each Parent Subsidiary to, comply in all
respects with the requirements of all federal, state, and local laws, rules, regulations, ordinances and orders applicable to or pertaining to its Property or business operations, where any such non-compliance, individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect or result in a Lien upon any of its Property. 

  
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 (b) (i) Each Loan shall at all times comply with the requirements of all OFAC Sanctions
Programs applicable to such Loan Party and shall cause each Parent Subsidiary to comply with the requirements of all OFAC Sanctions Programs applicable to such Parent Subsidiary; (ii) each Loan Party shall provide the Administrative Agent and
the Lenders any information requested by the Administrative Agent or a Lender regarding the Loan Parties, their Affiliates, and the Parent Subsidiaries that is necessary for the Administrative Agent or Lender to comply with all applicable OFAC
Sanctions Programs; subject however, in the case of Affiliates, to such Loan Party’s ability to provide information applicable to them; and (iii) if any Loan Party obtains actual knowledge or receives any written notice that any Loan
Party, any Affiliate or any Parent Subsidiary is named on the then current OFAC SDN List (such occurrence, an “OFAC Event”), such Loan Party shall promptly (x) give written notice to the Administrative Agent and the Lenders of
such OFAC Event, and (y) comply with all applicable laws with respect to such OFAC Event (regardless of whether the party included on the OFAC SDN List is located within the jurisdiction of the United States of America), including the OFAC
Sanctions Programs, and such Loan Party hereby authorizes and consents to the Administrative Agent and the Lenders taking any and all steps the Administrative Agent or such Lender deems necessary, in its sole but reasonable discretion, to avoid
violation of all applicable laws with respect to any such OFAC Event, including the requirements of the OFAC Sanctions Programs (including the freezing and/or blocking of assets and reporting such action to OFAC). 

(c) No Loan Party nor any of their respective Subsidiaries, or, to the best knowledge of the Borrower or the Parent, any director, officer,
affiliate, agent or employee acting on behalf of any Loan Party or their respective Subsidiaries, will engage in any activity or conduct which would violate any applicable anti-bribery, anti-corruption or
anti-money laundering laws or regulations in any applicable jurisdiction and the Borrower and Parent have instituted and maintains policies and procedures designated to prevent violation of such laws,
regulations and rules. 
 Section 8.14. Burdensome Contracts With Affiliates. The Borrower’s and the Borrower
Subsidiaries’ contracts, agreements and other business arrangements with its Affiliates (except for other Wholly-owned Subsidiaries that are Guarantors) shall, taken as a whole, be on terms and conditions which are not materially less favorable
to the Borrower or Borrower Subsidiary, taken as a whole, than would be usual and customary in similar contracts, agreements or business arrangements between Persons not affiliated with each other. 

Section 8.15. No Changes in Fiscal Year. The fiscal year of the Loan Parties and the Parent Subsidiaries ends on December 31
of each year; and the Parent shall not, nor shall it permit any Parent Subsidiary to, change its fiscal year from its present basis. 

Section 8.16. Formation of Subsidiaries. The Borrower shall notify the Administrative Agent of its creation or acquisition of any
Subsidiary within ten (10) Business Days after such creation or acquisition and shall deliver a Guarantee as required by Section 8.9 hereof (at which time Schedule 6.2 shall be deemed amended to include reference to such Subsidiary). 

  
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 Section 8.17. Change in the Nature of Business. No Loan Party shall, nor shall it
permit any of the Parent Subsidiaries to, engage in any business or activity if as a result the general nature of the business of such Loan Party or any Parent Subsidiary would be changed in any material respect from the general nature of the
business engaged in by it as of the Closing Date and any Parent Subsidiary acquired or formed after the date hereof shall be in the same or similar line of business as the Loan Parties or the Parent Subsidiaries (including, for this purpose,
Immaterial Subsidiaries) are engaged in as of the Closing Date, other than businesses that are the same, similar, ancillary or reasonably related to the businesses in which such Loan Party and the Parent Subsidiaries (including, for this purpose,
Immaterial Subsidiaries) are engaged on the Closing Date (or which are reasonable extensions thereof). 
 Section 8.18. Use of
Proceeds. The Loan Parties shall use the credit extended under this Agreement solely for the purposes set forth in, or otherwise permitted by, Section 6.4 hereof. 

Section 8.19. No Restrictions. Except as provided herein and other than (a) under the Parent Senior Secured Notes Indenture
and any other restriction in existence on the Closing Date, (b) restrictions imposed by applicable law or any applicable rule, regulation or order, (c) customary restrictions on joint ventures or interests therein arising from joint
venture agreements, (d) restrictions imposed by the holder of any Lien permitted by Section 8.8 on the transfer of the asset or assets subject thereto, (e) customary provisions restricting subletting or assignment of any lease
governing a leasehold interest of any Loan Party or a Borrower Subsidiary, (f) customary provisions restricting assignment of any agreement entered into by any Loan Party or a Borrower Subsidiary, (g) any customary restrictions with
respect to a Borrower Subsidiary or other Property imposed pursuant to an agreement that has been entered into relating to the sale of all or substantially all of the equity interests or assets of such Borrower Subsidiary or any other Property
permitted under Section 8.10 pending the consummation of such sale, (h) restrictions imposed on the ability of the Borrower to make dividends pursuant to the KCA Amended LLC Agreement and (i) restrictions in agreements or instruments
relating to any Indebtedness permitted to be incurred subsequent to the date of this Agreement pursuant to Section 8.7 or the Parent Senior Secured Notes Indenture that are not materially less favorable to the Borrower, taken as a whole, than
the restrictions contained in this Agreement or than is customary in comparable financings (as determined in good faith by the Borrower), no Loan Party shall, nor shall it permit any of the Borrower Subsidiaries to, directly or indirectly create or
otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Loan Party or any of the Borrower Subsidiaries to: (a) pay dividends or make any other distribution on any
Borrower Subsidiary’s capital stock or other equity interests owned by any Loan Party or Borrower Subsidiary, (b) pay any indebtedness owed to any Loan Party or any Borrower Subsidiary, (c) make loans or advances to any Loan Party or
any Borrower Subsidiary, (d) transfer any of its Property to any Loan Party or any of Borrower Subsidiary, or (e) guarantee the Obligations, and/or grant Liens on its assets to the Administrative Agent as required by the Loan Documents.

  
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 Section 8.20. Maintenance of Subsidiaries. The Borrower shall not assign, sell or
transfer, nor shall it permit any Borrower Subsidiary to issue, assign, sell or transfer, any shares of capital stock of a Borrower Subsidiary; provided, however, that the foregoing shall not operate to prevent (a) the issuance, sale and
transfer to any person of any shares of capital stock of a Borrower Subsidiary solely for the purpose of qualifying, and to the extent legally necessary to qualify, such person as a director of such Borrower Subsidiary, or (b) any transaction
permitted by Section 8.10(iii) above. 
 Section 8.21. Financial Covenants. 

(a) Minimum Total Regulatory Capital. The Borrower shall, at all times, maintain Total Regulatory Capital on a non-consolidated basis
of not less than $650,000,000. 
 (b) Maximum Total Assets to Total Regulatory Capital Ratio. The Borrower shall, at all times,
maintain a Total Assets to Total Regulatory Capital Ratio of not more than 20.0 to 1.0. 
 (c) Minimum Excess Net Capital. The
Borrower shall, at all times, maintain Excess Net Capital of not less than $75,000,000. 
 (d) Minimum Liquidity Ratio. The Borrower
shall, at all times, maintain a Liquidity Ratio of not less than 1.0 to 1.0. 
 (e) Minimum Tangible Net Worth. Parent shall, at all
times, maintain Tangible Net Worth of not less than $900,000,000. 
  

	SECTION 9.	EVENTS OF DEFAULT AND REMEDIES. 

Section 9.1. Events of Default. Any one or more of the following shall constitute an “Event of Default” hereunder:

 (a) default in the payment when due of all or any part of the principal of any Loan (whether at the stated maturity
thereof or at any other time provided for in this Agreement), or default for a period of five (5) Business Days in the payment when due of any interest, fee or other Obligation payable hereunder or under any other Loan Document; 

(b) default in the observance or performance of (i) any covenant set forth in Sections 1.7(b), 8.5, 8.7, 8.8, 8.9, 8.10,
8.11, 8.15, 8.16, 8.17, 8.18, 8.19 or 8.20 hereof, (ii) any covenant set forth in Section 8.21 hereof and such default shall continue for a period of one (1) Business Day, (iii) any covenant set forth in Section 8.14 hereof
and such default shall continue for five (5) Business Days, or (iv) of any provision hereunder or under any other Loan Document dealing with the use, disposition or remittance of proceeds of Collateral; or 

  
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 (c) default in the observance or performance of any other provision hereof or of
any other Loan Document which is not remedied within 30 days after the earlier of (i) the date on which such failure shall first become known to any officer of the Borrower or (ii) written notice thereof is given to the Borrower by
the Administrative Agent; or 
 (d) any representation or warranty made by any Loan Party or any Borrower Subsidiary herein
or in any other Loan Document, or in any statement or certificate furnished to the Administrative Agent or the Lenders pursuant hereto or thereto, or in connection with any extension of credit made hereunder, proves untrue in any material respect as
of the date of the issuance or making thereof; or 
 (e) (i) any event occurs or condition exists (other than those
described in subsections (a) through (d) above) which is specified as an event of default under any of the other Loan Documents, or (ii) any of the Loan Documents shall for any reason not be or shall cease to be in full force and
effect, or any of the Loan Documents is declared to be null and void, or (iii) any Guarantor takes any action for the purpose of terminating repudiating or rescinding any Loan Document executed by it or any of its obligations thereunder, or
(iv) of the Loan Documents shall for any reason fail to create a valid and perfected first priority Lien in favor of the Administrative Agent in any Collateral purported to be covered thereby except as expressly permitted by the terms
thereof; or 
 (f) (i) default shall occur under any Material Indebtedness issued, assumed or guaranteed by any Loan
Party or Borrower Subsidiary aggregating more than the applicable Threshold Amount, or under any indenture, agreement or other instrument under which the same may be issued, and such default shall continue for a period of time sufficient to permit
the acceleration of the maturity of any such Material Indebtedness (whether or not such maturity is in fact accelerated) and (ii) any such Material Indebtedness shall not be paid when due (whether by lapse of time, acceleration or otherwise);

 (g) (i) any judgment or judgments, writ or writs, or warrant or warrants of attachment, or any similar process or
processes shall be entered or filed against any Loan Party or any Borrower Subsidiary or against any of its Property, in an aggregate amount in excess of the applicable Threshold Amount (except to the extent fully covered by insurance pursuant to
which the insurer has accepted liability therefor in writing) and which remains undischarged, unvacated, unbonded, unstayed or unsatisfied for a period of 30 days; or any action shall be legally taken by a judgment creditor to attach or levy
upon any Property of any Loan Party or any Borrower Subsidiary to enforce any such judgment, or (ii) any Loan Party or any Borrower Subsidiary shall fail within 30 days to discharge one or more non monetary judgments or orders which,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments or order, in any such case, are not stayed on appeal or otherwise being appropriately contested in good faith by proper proceedings
diligently pursued; or 
 (h) any Loan Party or any Borrower Subsidiary or any member of its Controlled Group shall fail to
pay when due an amount or amounts aggregating in excess 

  
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the applicable Threshold Amount which it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or notice of intent to terminate a Plan or Plans having aggregate
Unfunded Vested Liabilities in excess of the applicable Threshold Amount (collectively, a “Material Plan”) shall be filed under Title IV of ERISA by such Loan Party or any other member of their Controlled Group, any plan
administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any Material Plan or a proceeding shall be instituted by a
fiduciary of any Material Plan against a Loan Party or any member of its Controlled Group to enforce Section 515 or 4219(c)(5) of ERISA and such proceeding shall not have been dismissed within 30 days thereafter; or a condition shall exist
by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or 

(i) dissolution or termination of the existence of any Loan Party or (except as permitted by Section 8.10(iii)) or any
Borrower Subsidiary, or any Change of Control shall occur; or 
 (j) any Loan Party or any Borrower Subsidiary shall
(i) have entered involuntarily against it an order for relief under the United States Bankruptcy Code, as amended, (ii) not pay, or admit in writing its inability to pay, its debts generally as they become due, (iii) make an
assignment for the benefit of creditors, (iv) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its Property,
(v) institute any proceeding seeking to have entered against it an order for relief under the United States Bankruptcy Code, as amended, to adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement,
adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against
it, (vi) take any action in furtherance of any matter described in parts (i) through (v) above, or (vii) fail to contest in good faith any appointment or proceeding described in Section 9.1(k) hereof; or 

(k) a custodian, receiver, trustee, examiner, liquidator or similar official shall be appointed for any Loan Party or any
Borrower Subsidiary or any substantial part of any of its Property, or a proceeding described in Section 9.1(j)(v) shall be instituted against any Loan Party or any Borrower Subsidiary, and such appointment continues undischarged or such
proceeding continues undismissed or unstayed for a period of 60 days; or 
 (l) the SIPC shall have applied or shall
have announced its intention to apply for a decree adjudicating that customers of the Borrower are in need of protection under SIPC; or 

(m) the registration of the Borrower as a broker dealer with the SEC shall be suspended, revoked or terminated for any reason
in each case for a period of more than 30 consecutive days, or the Borrower shall fail to comply with the capital requirements of the SEC for a period of more than five (5) Business Days. 

  
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 Section 9.2. Non-Bankruptcy Defaults. When any Event of Default (other than those
described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders,
terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); and (b) if so directed by the Required Lenders, declare the principal of and the accrued
interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the
Loan Documents without further demand, presentment, protest or notice of any kind. The Administrative Agent, after giving notice to any Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice
to the Administrative Agent and the other Lenders, but the failure to do so shall not impair or annul the effect of such notice. 

Section 9.3. Bankruptcy Defaults. When any Event of Default described in subsections (j) or (k) of Section 9.1
hereof with respect to the Borrower has occurred and is continuing, then all outstanding Loans shall immediately become due and payable together with all other amounts payable under the Loan Documents without presentment, demand, protest or notice
of any kind, the obligation of the Lenders to extend further credit pursuant to any of the terms hereof shall immediately terminate. 

Section 9.4. Notice of Default. The Administrative Agent shall give notice to the Borrower under Section 9.1(c) hereof
promptly upon being requested to do so by any Lender. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.4, shall also send a copy of such notice to the other Lenders, but the failure
to do so shall not impair or annul the effect of such notice. 
  

	SECTION 10.	CHANGE IN CIRCUMSTANCES. 

 Section 10.1.
Change of Law. Notwithstanding any other provisions of this Agreement or any other Loan Document, if at any time any Change in Law makes it unlawful for any Lender to make or continue to maintain any Eurodollar Loans or to perform its
obligations as contemplated hereby, such Lender shall promptly give notice thereof to the Borrower and such Lender’s obligations to make or maintain Eurodollar Loans under this Agreement shall be suspended until it is no longer unlawful for
such Lender to make or maintain Eurodollar Loans. The Borrower shall prepay on demand the outstanding principal amount of any such affected Eurodollar Loans, together with all interest accrued thereon and all other amounts then due and payable to
such Lender under this Agreement;  provided, however, subject to all of the terms and conditions of this Agreement, the Borrower may then elect to borrow the principal amount of the affected Eurodollar Loans from such Lender by means of
Base Rate Loans from such Lender, which Base Rate Loans shall not be made ratably by the Lenders but only from such affected Lender. 

  
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 Section 10.2. Unavailability of Deposits or Inability to Ascertain, or Inadequacy of,
LIBOR. If on or prior to the first day of any Interest Period for any Borrowing of Eurodollar Loans: 
 (a) the
Administrative Agent determines that deposits in U.S. Dollars (in the applicable amounts) are not being offered to it in the interbank eurodollar market for such Interest Period, or that by reason of circumstances affecting the interbank eurodollar
market adequate and reasonable means do not exist for ascertaining the applicable LIBOR, or 
 (b) the Required Lenders
advise the Administrative Agent that (i) LIBOR as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Lenders of funding their Eurodollar Loans for such Interest Period or (ii) that the making or
funding of Eurodollar Loans become impracticable, 
 then the Administrative Agent shall forthwith give notice thereof to the Borrower and the Lenders,
whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders to make Eurodollar Loans shall be suspended. 

Section 10.3. Increased Cost and Reduced Return. (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (excluding (A) Taxes and (B) any reserve requirement reflected in the applicable Eurodollar Reserve Percentage); 

(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (c)
through (e) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal or commitments; or 

(iii) impose on any Recipient or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or Loans made by such Lender or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender
or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender or such other Recipient of participating in, or to reduce the amount
of any sum received or receivable by such Lender or such other Recipient hereunder in an amount deemed material (whether of principal, interest or any other amount) then, upon request of such Lender or other Recipient, the Borrower will, within 15
days after demand by such Lender or other Recipient (with a copy to the Administrative Agent), pay to such Lender or other Recipient, as the case may be, such 

  
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additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered. Notwithstanding the foregoing, no
Recipient shall demand compensation pursuant to this Section if it shall not at the time be the general policy or practice of such Recipient to demand such compensation from similarly situated borrowers. 

(b) Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending office of such
Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if
any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Swing Loans held by, such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved
but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time, within 15 days after demand by such Lender (with a
copy to the Administrative Agent), the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(c) Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such
Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower, shall be conclusive if reasonably determined. In determining such amount, such Lender may use any
reasonable averaging and attribution methods. The Borrower shall pay such Lender the amount shown as due on any such certificate within fifteen (15) days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not
constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than
180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving
rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof). 

Section 10.4. Lending Offices. Each Lender may, at its option, elect to make its Loans hereunder at the branch, office or
affiliate specified on the appropriate signature page hereof (each a “Lending Office”) for each type of Loan available hereunder or at such other of its branches, offices or affiliates as it may from time to time elect and designate
in a written notice to the Borrower and the Administrative Agent. To the extent reasonably possible, a Lender shall designate an alternative branch or funding office with respect to its Loans to reduce any liability of the Borrower to such Lender
under Section 10.3 or Section 13.1 hereof or to avoid the unavailability of Eurodollar Loans under Section 10.2 hereof, so long as such designation is not otherwise materially disadvantageous to the Lender. 

  
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 Section 10.5. Discretion of Lender as to Manner of Funding. Notwithstanding any other
provision of this Agreement except Section 10.4, 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 with respect to Eurodollar Loans shall be made as if each Lender had actually funded and maintained each Eurodollar Loan through the purchase of deposits in the interbank eurodollar market having a maturity corresponding to
such Loan’s Interest Period, and bearing an interest rate equal to LIBOR for such Interest Period. 
  

	SECTION 11.	THE ADMINISTRATIVE AGENT. 

 Section 11.1.
Appointment and Authorization of Administrative Agent. Each Lender hereby appoints BMO Harris Bank N.A. as the Administrative Agent under the Loan Documents and hereby authorizes the Administrative Agent to take such action as an agent on its
behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto. The Lenders expressly agree that the Administrative Agent
is not acting as a fiduciary of the Lenders in respect of the Loan Documents, the Borrower or otherwise, and nothing herein or in any of the other Loan Documents shall result in any duties or obligations on the Administrative Agent or any of the
Lenders except as expressly set forth herein.  
 Section 11.2. The Administrative Agent and its Affiliates. The
Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any other Lender and may exercise or refrain from exercising such rights and power as though it were not the Administrative Agent, and
the Administrative Agent and its affiliates may accept deposits from, lend money to, and generally engage in any kind of business with the Borrower or any Affiliate of the Borrower as if it were not the Administrative Agent under the Loan Documents.
The term “Lender” as used herein and in all other Loan Documents, unless the context otherwise clearly requires, includes the Administrative Agent in its individual capacity as a Lender (if applicable).  

Section 11.3. Action by the Administrative Agent. If the Administrative Agent receives from the Borrower a written notice of an
Event of Default pursuant to Section 8.5 hereof, the Administrative Agent shall promptly give each of the Lenders written notice thereof. The obligations of the Administrative Agent under the Loan Documents are only those expressly set forth
therein. Without limiting the generality of the foregoing, the Administrative Agent shall not be required to take any action hereunder with respect to any Default or Event of Default, except as expressly provided in Sections 9.2 and 9.4. Upon
the occurrence of an Event of Default, the Administrative Agent shall take such action to enforce its Lien on the Collateral and to preserve and protect the Collateral as may be directed by the Required Lenders. Unless and until the Required Lenders
give such direction, the Administrative Agent may (but shall not be obligated to) take or refrain from taking such actions as it deems appropriate and in the best interest of all the Lenders. In no 

  
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event, however, shall the Administrative Agent be required to take any action in violation of applicable law or of any provision of any Loan Document, and the Administrative Agent shall in all
cases be fully justified in failing or refusing to act hereunder or under any other Loan Document unless it first receives any further assurances of its indemnification from the Lenders that it may require, including prepayment of any related
expenses and any other protection it requires against any and all costs, expense, and liability which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall be entitled to assume that no
Default or Event of Default exists unless notified in writing to the contrary by a Lender or the Borrower. In all cases in which the Loan Documents do not require the Administrative Agent to take specific action, the Administrative Agent shall be
fully justified in using its discretion in failing to take or in taking any action thereunder. Any instructions of the Required Lenders, or of any other group of Lenders called for under the specific provisions of the Loan Documents, shall be
binding upon all the Lenders and the holders of the Obligations. 
 Section 11.4. Consultation with Experts. The Administrative
Agent may consult with legal counsel, independent public accountants, and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants
or experts. 
 Section 11.5. Liability of the Administrative Agent; Credit Decision. Neither the Administrative Agent nor
any of their respective directors, officers, agents or employees shall be liable for any action taken or not taken by it in connection with the Loan Documents: (i) with the consent or at the request of the Required Lenders or (ii) in the
absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. Neither the Administrative Agent nor any of their respective directors, officers, agents or employees
shall be responsible for or have any duty to ascertain, inquire into or verify: (i) any statement, warranty or representation made in connection with this Agreement, any other Loan Document or any Credit Event; (ii) the performance or
observance of any of the covenants or agreements of the Parent, the Borrower or any Borrower Subsidiary contained herein or in any other Loan Document; (iii) the satisfaction of any condition specified in Section 7 hereof, except receipt
of items required to be delivered to the Administrative Agent; or (iv) the validity, effectiveness, genuineness, enforceability, perfection, value, worth or collectibility hereof or of any other Loan Document or of any other documents or
writing furnished in connection with any Loan Document or of any Collateral; and the Administrative Agent makes no representation of any kind or character with respect to any such matter mentioned in this sentence. The Administrative Agent may
execute any of its duties under any of the Loan Documents by or through employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, the
Borrower, or any other Person for the default or misconduct of any such agents or attorneys-in-fact selected with reasonable care. The Administrative Agent shall not
incur any liability by acting in reliance upon any notice, consent, certificate, other document or statement (whether written or oral) believed by it to be genuine or to be sent by the proper party or parties. In particular and without limiting any
of the foregoing, the Administrative Agent shall not have any responsibility for confirming the accuracy of any compliance certificate or other document or instrument received by it under the Loan Documents. The Administrative Agent may treat the
payee of any Obligation as the holder thereof until written notice of transfer shall have been filed 

  
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with the Administrative Agent signed by such payee in form satisfactory to the Administrative Agent. Each Lender and the Administrative Agent acknowledges that it has independently and without
reliance on any other Lender, and based upon such information, investigations and inquiries as it deems appropriate, made its own credit analysis and decision to extend credit to the Borrower in the manner set forth in the Loan Documents. It shall
be the responsibility of each Lender and the Administrative Agent to keep itself informed as to the creditworthiness of the Loan Parties and the Parent Subsidiaries, and the Administrative Agent shall not have any liability to any Lender with
respect thereto. 
 Section 11.6. Indemnity. The Lenders shall ratably, in accordance with their respective Percentages,
indemnify and hold the Administrative Agent, and its directors, officers, employees, agents, and representatives harmless from and against any liabilities, losses, costs or expenses suffered or incurred by it under any Loan Document or in connection
with the transactions contemplated thereby, regardless of when asserted or arising, except to the extent they are promptly reimbursed for the same by the Borrower and except to the extent that any event giving rise to a claim was caused by the gross
negligence or willful misconduct of the party seeking to be indemnified as determined by a court of competent jurisdiction by final and non-appealable judgment. The obligations of the Lenders under this Section 11.6 shall survive termination of
this Agreement. The Administrative Agent shall be entitled to offset amounts received for the account of a Lender under this Agreement against unpaid amounts due from such Lender to the Administrative Agent hereunder (whether as fundings of
participations, indemnities or otherwise, and with any amounts offset for the benefit of the Administrative Agent to be held by it for its own account and with any amounts offset for the benefit of the Swing Line Lender to be remitted by the
Administrative Agent to of for the account of Swing Line Lender), but shall not be entitled to offset against amounts owed to the Administrative Agent or Swing Line Lender by any Lender arising outside of this Agreement and the other Loan
Documents. 
 Section 11.7. Resignation of the Administrative Agent and Successor Agent. (a) The Administrative
Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower. Upon any such resignation of the Administrative Agent, the Required Lenders, or, to the extent the proposed successor Administrative Agent is not a Lender
or an Affiliate thereof, all Lenders, shall have the right to appoint a successor Administrative Agent, subject to the consent of the Borrower in the absence of a Default or Event of Default that has occurred and is continuing. If no successor
Administrative Agent shall have been so appointed by the Required Lenders or all Lenders, as applicable, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation
then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which may be any Lender hereunder or any commercial bank, or an Affiliate of a commercial bank, having an office in the United States of
America and having a combined capital and surplus of at least $200,000,000, subject to the consent of the Borrower in the absence of a Default or Event of Default that has occurred and is continuing. Upon the acceptance of its appointment as the
Administrative Agent hereunder, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Administrative Agent under the Loan Documents, and the retiring Administrative Agent
shall be 

  
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discharged from its duties and obligations thereunder. After any retiring Administrative Agent’s resignation hereunder as such Administrative Agent, the provisions of this Section 11
and all protective provisions of the other Loan Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Administrative Agent, but no successor Administrative Agent shall in any event be liable or
responsible for any actions of its predecessor. If the Administrative Agent resigns and no successor is appointed, the rights and obligations of the Administrative Agent shall be automatically assumed by the Required Lenders and (i) the
Borrower shall be directed to make all payments due each Lender hereunder directly to such Lender and (ii) the Administrative Agent’s rights in the Collateral shall be assigned without representation, recourse or warranty to the Lenders as
their interests may appear. 
 (b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the
definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. So
long as no Default or Event of Default exists, such appointment of a successor shall require the Borrower’s consent (such consent not to be unreasonably withheld). If no such successor shall have been so appointed by the Required Lenders and
shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice
on the Removal Effective Date. 
 Section 11.8. Swing Line Lender. The Swing Line Lender shall act on behalf of the Lenders with
respect to the Swing Loans made hereunder. The Swing Line Lender shall have all of the benefits and immunities (i) provided to the Administrative Agent in this Section 11 with respect to any acts taken or omissions suffered by the Swing
Line Lender in connection with Swing Loans made or to be made hereunder as fully as if the term “Administrative Agent”, as used in this Section 11, included the Swing Line Lender with respect to such acts or omissions and (ii) as
additionally provided in this Agreement with respect to the Swing Line Lender. 
 Section 11.9. Designation of Additional
Agents. The Administrative Agent, in consultation with the Borrower, shall have the continuing right, for purposes hereof, at any time and from time to time to designate one or more of the Lenders (and/or its or their Affiliates) as
“syndication agents,” “documentation agents,” “book runners,” “lead arrangers,” “arrangers,” or other designations for purposes hereto, but such designation shall have no substantive effect, and such
Lenders and their Affiliates shall have no additional powers, duties or responsibilities as a result thereof. 

Section 11.10. Authorization to Release Liens. The Administrative Agent is hereby irrevocably authorized by each of the Lenders
and the Administrative Agent (a) to release any Lien covering any Collateral that is sold, transferred, or otherwise disposed of in accordance with the terms and conditions of this Agreement (including a sale, transfer, or disposition permitted
by the terms of Section 4.5 or Section 8.10 hereof or which has otherwise been consented to in accordance with Section 13.12 hereof), and (b) release Liens on the Collateral following termination or expiration of the Commitments
and payment in full in cash of the Obligations. 

  
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 Section 11.11. Enforcement of the Collateral. Except as otherwise specifically
provided for herein, no Lender (or its Affiliates), other than the Administrative Agent, shall have the right to institute any suit, action or proceeding in equity or at law for the foreclosure or other realization upon any Collateral or for the
execution of any trust or power in respect of the Collateral or for the appointment of a receiver or for the enforcement of any other remedy under the Loan Documents; it being understood and intended that no one or more of the Lenders (or their
Affiliates) shall have any right in any manner whatsoever to affect, disturb or prejudice the Lien of the Administrative Agent (or any security trustee therefor) under the Loan Documents by its or their action or to enforce any right thereunder, and
that all proceedings at law or in equity shall be instituted, had, and maintained by the Administrative Agent (or its security trustee) in the manner provided for in the relevant Loan Documents for the benefit of the Lenders. 

Section 11.12. Authorization of Administrative Agent to File Proofs of Claim In case of the pendency of any proceeding under any
debtor relief law described in subsection (j) or (k) of Section 9.1 or any other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan with respect to the Borrower
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or
otherwise: 
 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of
the 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 Lenders and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders and the Administrative Agent and its respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under including, but not limited to, Sections 1.10, 2.1, 10.3,
and 13.14 hereof) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other property payable
or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to
pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.1
and 13.14 hereof. 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. 

  
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	SECTION 12.	THE GUARANTEES. 

 Section 12.1. The Guarantees. To
induce the Lenders to provide the credits described herein and in consideration of benefits expected to accrue to the Borrower by reason of the Commitments and for other good and valuable consideration, receipt of which is hereby acknowledged, the
Parent and each Borrower Subsidiary party hereto (including any Borrower Subsidiary executing a joinder to this Agreement or such other Guaranty Agreement acceptable to the Administrative Agent) hereby unconditionally and irrevocably guarantee
jointly to the Administrative Agent and the Lenders and their Affiliates, the due and punctual payment of all present and future Obligations, including, but not limited to, the due and punctual payment of principal of and interest on the Loans and
the due and punctual payment of all other Obligations now or hereafter owed by the Borrower under the Loan Documents, in each case as and when the same shall become due and payable, whether at stated maturity, by acceleration, or otherwise,
according to the terms hereof and thereof (including all interest, costs, fees, and charges after the entry of an order for relief against the Borrower or such other obligor in a case under the United States Bankruptcy Code or any similar
proceeding, whether or not such interest, costs, fees and charges would be an allowed claim against the Borrower or any such obligor in any such proceeding). In case of failure by the Borrower or other obligor punctually to pay any Obligations
guaranteed hereby, each Guarantor hereby unconditionally agrees to make such payment or to cause such payment to be made punctually as and when the same shall become due and payable, whether at stated maturity, by acceleration, or otherwise, and as
if such payment were made by the Borrower or such obligor. 
 Section 12.2. Guarantee Unconditional. The obligations of
each Guarantor under this Section 12 shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged, or otherwise affected by: 

(a) any extension, renewal, settlement, compromise, waiver, or release in respect of any obligation of any Loan Party or other
obligor or of any other guarantor under this Agreement or any other Loan Document or by operation of law or otherwise; 
 (b)
any change in the corporate existence, structure, or ownership of, or any insolvency, bankruptcy, reorganization, or other similar proceeding affecting, any Loan Party or other obligor, any other guarantor, or any of their respective assets, or any
resulting release or discharge of any obligation of any Loan Party or other obligor or of any other guarantor contained in any Loan Document; 

(c) the existence of any claim, set-off, or other rights which any Loan Party or other
obligor or any other guarantor may have at any time against the Administrative Agent, any Lender or any other Person, whether or not arising in connection herewith; 

  
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 (d) any failure to assert, or any assertion of, any claim or demand or any
exercise of, or failure to exercise, any rights or remedies against any Loan Party or other obligor, any other guarantor, or any other Person or Property; 

(e) any application of any sums by whomsoever paid or howsoever realized to any obligation of any Loan Party or other obligor,
regardless of what obligations of any Loan Party or other obligor remain unpaid; or 
 (f) any other act or omission to act
or delay of any kind by the Administrative Agent, any Lender or any other Person or any other circumstance whatsoever that might, but for the provisions of this subsection, constitute a legal or equitable discharge of the obligations of any
Guarantor under this Section 12. 
 Section 12.3. Discharge Only upon Payment in Full; Reinstatement in Certain
Circumstances. Each Guarantor’s obligations under this Section 12 shall remain in full force and effect until the Commitments are terminated and the principal of and interest on the Loans and all other amounts payable by the Borrower
and the other Loan Parties under this Agreement and all other Loan Documents shall have been paid in full. If at any time any payment of the principal of or interest on any Loan is rescinded or must be otherwise restored or returned upon the
insolvency, bankruptcy, or reorganization of such Loan Party or other obligor or of any guarantor, or otherwise, each Guarantor’s obligations under this Section 12 with respect to such payment shall be reinstated at such time as though
such payment had become due but had not been made at such time. 
 Section 12.4. Subrogation. Each Guarantor agrees it
will not exercise any rights which it may acquire by way of subrogation by any payment made hereunder, or otherwise, until all the Obligations shall have been paid in full subsequent to the termination of all the Commitments. If any amount shall be
paid to a Guarantor on account of such subrogation rights at any time prior to the later of (x) the payment in full of the Obligations and all other amounts payable by the Loan Parties hereunder and the other Loan Documents and (y) the
termination of the Commitments, such amount shall be held in trust for the benefit of the Administrative Agent and the Lenders (and their Affiliates) and shall forthwith be paid to the Administrative Agent for the benefit of the Lenders (and their
Affiliates) or be credited and applied upon the Obligations, whether matured or unmatured, in accordance with the terms of this Agreement. 

Section 12.5. Subordination. Each Guarantor (each referred to herein as a “Subordinated Creditor”) hereby
subordinates the payment of all indebtedness, obligations, and liabilities of the Borrower or other Loan Party owing to such Subordinated Creditor, whether now existing or hereafter arising, to the indefeasible payment in full in cash of all
Obligations. During the existence of any Event of Default, subject to Section 12.4, any such indebtedness, obligation, or liability of the Borrower or other Loan Party owing to such Subordinated Creditor shall be enforced and performance
received by such Subordinated Creditor as trustee for the benefit of the holders of the Obligations and the proceeds thereof shall be paid over to the Administrative Agent for application to the Obligations (whether or not then due), but without
reducing or affecting in any manner the liability of such Guarantor under this Section 12. 

  
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 Section 12.6. Waivers. Each Guarantor irrevocably waives acceptance hereof,
presentment, demand, protest, and any notice not provided for herein, as well as any requirement that at any time any action be taken by the Administrative Agent, any Lender or any other Person against the Borrower or other obligor, another
guarantor, or any other Person. 
 Section 12.7. Limit on Recovery. Notwithstanding any other provision hereof, the right
of recovery against each Guarantor under this Section 12 shall not exceed $1.00 less than the lowest amount which would render such Guarantor’s obligations under this Section 12 void or voidable under applicable law, including,
without limitation, fraudulent conveyance law. 
 Section 12.8. Stay of Acceleration. If acceleration of the time for
payment of any amount payable by the Borrower or other Loan Party or other obligor under this Agreement or any other Loan Document is stayed upon the insolvency, bankruptcy or reorganization of the Borrower or such other Loan Party or obligor, all
such amounts otherwise subject to acceleration under the terms of this Agreement or the other Loan Documents shall nonetheless be payable by the Guarantors hereunder forthwith on demand by the Administrative Agent made at the request or otherwise
with the consent of the Required Lenders. 
 Section 12.9. Benefit to Guarantors. The Loan Parties are engaged in related
businesses and integrated to such an extent that the financial strength and flexibility of the Borrower and the other Loan Parties has a direct impact on the success of each other Loan Party. Each Guarantor will derive substantial direct and
indirect benefit from the extensions of credit hereunder, and each Guarantor acknowledges that this guarantee is necessary or convenient to the conduct, promotion and attainment of its business. 

 

	SECTION 13.	MISCELLANEOUS. 

 Section 13.1. Withholding Taxes.  

(a) (a) Certain Defined Terms. For purposes of this Section 13.1, the term “applicable law” includes FATCA. 

(b) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be
made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from
any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance
with 

  
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applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made
(including such deductions and withholdings applicable to additional sums payable under this Section 13.1) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(c) Payment of Other Taxes by the Loan Parties. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (d)
Indemnification by the Loan Parties. The Loan Parties shall indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section 13.1) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (e)
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any
Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the
provisions of Section 13.10 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan
Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan
Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this subsection (e). 

(f) Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to
this Section 13.1, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (g) Status of Lenders. (i) Any Lender that is
entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the

  
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Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made
without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the
Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in
the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 13.1(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying
that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is
legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

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

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

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

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

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

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date
of this Agreement. 
 Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate
in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

  
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 (h) Treatment of Certain Refunds. If any party determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 13.1 (including by the payment of additional amounts pursuant to this Section 13.1), it shall pay to the
indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 13.1 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this subsection (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the
event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection (h), in no event will the indemnified party be required to pay any amount to an
indemnifying party pursuant to this subsection (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the
Tax subject to indemnification had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid. This subsection (h) shall not be construed to require any
indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(i) Survival. Each party’s obligations under this Section 13.1 shall survive the resignation or replacement of the
Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

Section 13.2. No Waiver, Cumulative Remedies. No delay or failure on the part of the Administrative Agent or any Lender, or on the
part of the holder or holders of any of the Obligations, in the exercise of any power or right under any Loan Document shall operate as a waiver thereof or as an acquiescence in any default, nor shall any single or partial exercise of any power or
right preclude any other or further exercise thereof or the exercise of any other power or right. The rights and remedies hereunder of the Administrative Agent, the Lenders, and of the holder or holders of any of the Obligations are cumulative to,
and not exclusive of, any rights or remedies which any of them would otherwise have. 
 Section 13.3. Non-Business Days. If any payment hereunder becomes due and payable on a day which is not a Business Day, the due date of such payment shall be extended to the next succeeding Business Day on which date such
payment shall be due and payable. In the case of any payment of principal falling due on a day which is not a Business Day, interest on such principal amount shall continue to accrue during such extension at the rate per annum then in effect, which
accrued amount shall be due and payable on the next scheduled date for the payment of interest. 
 Section 13.4. Survival of
Representations. All representations and warranties made herein or in any other Loan 

  
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Document or in certificates given pursuant hereto or thereto shall survive the execution and delivery of this Agreement and the other Loan Documents, and shall continue in full force and effect
with respect to the date as of which they were made as long as any credit is in use or available hereunder. 
 Section 13.5.
Survival of Indemnities. All indemnities and other provisions relative to reimbursement to the Lenders of amounts sufficient to protect the yield of the Lenders, including, but not limited to, Sections 1.10, 10.3, and 13.13 hereof, shall
survive the termination of this Agreement and the other Loan Documents and the payment of the Obligations. 
 Section 13.6.
Sharing of Set-Off. Each Lender agrees with each other Lender a party hereto that if such Lender shall receive and retain any payment, whether by set-off or
application of deposit balances or otherwise, on any of the Loans in excess of its ratable share of payments on all such Obligations then outstanding to the Lenders, then such Lender shall purchase for cash at face value, but without recourse,
ratably from each of the other Lenders such amount of the Loans or participations therein, held by each such other Lenders (or interest therein) as shall be necessary to cause such Lender to share such excess payment ratably with all the other
Lenders; provided, however, that if any such purchase is made by any Lender, and if such excess payment or part thereof is thereafter recovered from such purchasing Lender, the related purchases from the other Lenders shall be rescinded
ratably and the purchase price restored as to the portion of such excess payment so recovered, but without interest. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application;
provided that the failure to give such notice shall not affect the validity of such setoff and application. 

Section 13.7. Notices. Except as otherwise specified herein, all notices hereunder and under the other Loan Documents shall be in
writing (including, without limitation, notice by telecopy) and shall be given to the relevant party at its address or telecopier number set forth below, or such other address or telecopier number as such party may hereafter specify by notice to the
Administrative Agent and the Borrower given by courier, by United States certified or registered mail, by telecopy or by other telecommunication device capable of creating a written record of such notice and its receipt. Notices under the Loan
Documents to any Lender shall be addressed to its address or telecopier number set forth on its Administrative Questionnaire; and notices under the Loan Documents to the Borrower, the Administrative Agent shall be addressed to its respective address
or telecopier number set forth below: 
  

			
	 to the Borrower or
 the Parent:

 
 KCG Americas LLC

545 Washington Blvd

Jersey City, NJ 07430

Attention: John Hestvik, MD

[Redacted]
		 to the Administrative Agent:
  

BMO Harris Bank N.A.
 111
West Monroe Street
 Chicago, Illinois 60603

Attention: Futures and Securities Division

[Redacted]

  
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 Each such notice, request or other communication shall be effective (i) if given by telecopier, when
such telecopy is transmitted to the telecopier number specified in this Section 13.7 or in the relevant Administrative Questionnaire and a confirmation of such telecopy has been received by the sender, (ii) if given by mail, 5 days
after such communication is deposited in the mail, certified or registered with return receipt requested, addressed as aforesaid or (iii) if given by any other means, when delivered at the addresses specified in this Section 13.7 or in the
relevant Administrative Questionnaire; provided that any notice given pursuant to Section 1 hereof shall be effective only upon receipt. 

Section 13.8. Counterparts; Etc.  

(a) Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees
payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 7.2, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the
signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a
manually executed counterpart of this Agreement. For purposes of determining compliance with the conditions specified in Section 7.2 hereof, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted
or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the Closing
Date specifying its objection thereto. 
 (b) Electronic Execution of Assignments. The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to 

  
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include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use
of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the Illinois State Electronic Commerce Security Act,
or any other similar state laws based on the Uniform Electronic Transactions Act. 
 Section 13.9. Successors and Assigns. This
Agreement shall be binding upon the Loan Parties and their successors and assigns, and shall inure to the benefit of the Administrative Agent and each of the Lenders, and the benefit of their respective successors and assigns, including any
subsequent holder of any of the Obligations. This Agreement shall be binding upon Administrative Agent and each of the Lenders, and their respective successors and assigns, and shall inure to the benefit of the Loan Parties and their permitted
successors and permitted assigns. No Loan Party may assign any of its rights or obligations under any Loan Document without the written consent of all of the Lenders. 

Section 13.10. Participants. Each Lender shall have the right at its own cost to grant participations (to be evidenced by one or
more agreements or certificates of participation) in the Loans made and/or Commitments held by such Lender at any time and from time to time to one or more other Persons (other than natural persons); provided that no such participation shall relieve
any Lender of any of its obligations under this Agreement, and, provided, further that no such participant shall have any rights under this Agreement except as provided in this Section 13.10, and the Administrative Agent shall have no
obligation or responsibility to such participant. Any agreement pursuant to which such participation is granted shall provide that the granting Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower under
this Agreement and the other Loan Documents including, without limitation, the right to approve any amendment, modification or waiver of any provision of the Loan Documents, except that such agreement may provide that such Lender will not agree to
any modification, amendment or waiver of the Loan Documents that would reduce the amount of or postpone any fixed date for payment of any Obligation in which such participant has an interest. Any party to which such a participation has been granted
shall have the benefits of Section 1.10 and Section 10.3 hereof; provided, that any payment shall be limited to the amount that would be payable to the Lender if there were no participation. Each Lender that sells a participation
shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or
other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant
or any information relating to a participant’s interest in any Commitments, Loans, or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan,
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register. 

  
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 Section 13.11. Assignments. (a) Any Lender may at any time assign to one or more
Eligible Assignees all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to
the following conditions:  
 (i) Minimum Amounts. (A) In the case of an assignment of the entire
remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and (B) in any case
not described in subsection (a)(i)(A) of this Section 13.11, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding
balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent or, if “Effective Date” is
specified in the Assignment and Acceptance, as of the Effective Date) shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consent (each
such consent not to be unreasonably withheld or delayed); 
 (ii) Proportionate Amounts. Each partial assignment shall
be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
Section 13.11(a)(i)(B) and, in addition: 
 (a) the consent of the Borrower (such consent not to be unreasonably
withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that
the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; 

(b) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such
assignment is to a Person that is not a Lender with a Commitment in respect of such facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and 

(c) the consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment that increases the obligation of the assignee to participate in exposure under one or more Swing Loans (whether or not then outstanding). 

  
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 (iv) Assignment and Acceptance. (a) The parties to each assignment
shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500; provided that, no such fee shall be payable in connection with any assignment by a Lender to a
Lender or an Affiliate or Approved Fund of a Lender, and (b) the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v) No Assignment to Borrower, Parent or Other Disqualified Assignees. No such assignment shall be made to the
Parent, the Borrower or any of their Affiliates or any Parent Subsidiary, or any Disqualified Assignee. 
 (vi)
No Assignment to Natural Persons. No such assignment shall be made to a natural person. 
 Subject to acceptance and recording thereof by the
Administrative Agent pursuant to Section 13.11(b) hereof, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by
such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the
benefits of Sections 13.5 and 13.14 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this Section 13.11 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 13.10 hereof. 

(b) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its
offices in Chicago, Illinois, a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from
time to time upon reasonable prior notice. 
 (c) Any Lender may at any time pledge or grant a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender, including any such pledge or grant to a Federal Reserve Bank, and this Section 13.11 shall not apply to any such pledge or grant of a security interest;
provided that no such pledge or grant of a security interest 

  
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shall release a Lender from any of its obligations hereunder or substitute any such pledgee or secured party for such Lender as a party hereto; provided further, however, the right of any
such pledgee or grantee (other than any Federal Reserve Bank) to further transfer all or any portion of the rights pledged or granted to it, whether by means of foreclosure or otherwise, shall be at all times subject to the terms of this Agreement.

 (d) Notwithstanding anything to the contrary herein, if at any time the Swing Line Lender assigns all of its Commitments and
Revolving Loans pursuant to subsection (a) above, the Swing Line Lender may terminate the Swing Line. In the event of such termination of the Swing Line, the Borrower shall be entitled to appoint another Lender to act as the successor Swing
Line Lender hereunder (with such Lender’s consent); provided, however, that the failure of the Borrower to appoint a successor shall not affect the resignation of the Swing Line Lender. If the Swing Line Lender terminates the Swing Line,
it shall retain all of the rights of the Swing Line Lender provided hereunder with respect to Swing Loans made by it and outstanding as of the effective date of such termination, including the right to require Lenders to make Revolving Loans or fund
participations in outstanding Swing Loans pursuant to Section 1.5 hereof. 
 Section 13.12. Amendments. Any
provision of this Agreement or the other Loan Documents may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by (a) the Borrower, (b) the Required Lenders (except as otherwise stated below to
require only the consent of the Lenders affected thereby), and (c) if the rights or duties of the Administrative Agent or the Swing Line Lender are affected thereby, the Administrative Agent or the Swing Line Lender, as applicable;
provided that: 
 (i) no amendment or waiver pursuant to this Section 13.12 shall (A) increase any
Commitment of any Lender without the consent of such Lender or (B) reduce the amount of or rate of, as applicable, or postpone the date for any scheduled payment of any principal of or interest on any Loan or of any fee payable hereunder
without the consent of the Lender to which such payment is owing or which has committed to make such Loan (or participate therein) hereunder; 

(ii) no amendment or waiver pursuant to this Section 13.12 shall, unless signed by each Lender, change the definition of
Required Lenders, change the provisions of this Section 13.12, change Section 13.6 in a manner that would affect the ratable sharing of setoffs required thereby, change the application of payments contained in Section 3.1, release any
material guarantor or all or substantially all of the Collateral (except as otherwise provided for in the Loan Documents), affect the number of Lenders required to take any action hereunder or under any other Loan Document, or except as otherwise
specified herein, increase the advance rates set forth in the defined terms “Borrowing Base A” and “Borrowing Base B”, amend any definition used in the defined terms “Borrowing Base,”
“Borrowing Base A” and “Borrowing Base B” if the effect of such amendment would be to increase the amount of available credit, or add a new category of eligible assets to Borrowing Base A or Borrowing Base B; and

 (iii) no amendment or waiver pursuant to this Section 13.12 shall, unless signed by each Lender affected thereby,
extend the Termination Date. 

  
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 Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than
Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each
affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 

Section 13.13. Headings. Section headings used in this Agreement are for reference only and shall not affect the construction of
this Agreement. 
 Section 13.14. Costs and Expenses; Indemnification. The Borrower agrees to pay all costs and expenses
of the Administrative Agent in connection with the preparation, negotiation, syndication, and administration of the Loan Documents, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent, in
connection with the preparation and execution of the Loan Documents, and any amendment, waiver or consent related thereto, whether or not the transactions contemplated herein are consummated. The Borrower agrees to pay to the Administrative Agent
and each Lender, and any other holder of any Obligations outstanding hereunder, all costs and expenses reasonably incurred or paid by the Administrative Agent, such Lender, or any such holder, including reasonable attorneys’ fees and
disbursements and court costs, in connection with any Default or Event of Default hereunder or in connection with the enforcement of any of the Loan Documents (including all such costs and expenses incurred in connection with any proceeding under
the United States Bankruptcy Code involving the Borrower as a debtor thereunder). The Borrower further agrees to indemnify the Administrative Agent, each Lender, and any security trustee therefor, and their respective directors, officers, employees,
agents, financial advisors, and consultants (each such Person being called an “Indemnitee”) against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, all reasonable fees and
disbursements of counsel for any such Indemnitee and all reasonable expenses of litigation or preparation therefor, whether or not the Indemnitee is a party thereto, or any settlement arrangement arising from or relating to any such litigation)
which any of them may pay or incur arising out of or relating to any Loan Document or any of the transactions contemplated thereby or the direct or indirect application or proposed application of the proceeds of any Loan, other than those which
arise from the gross negligence or willful misconduct of the party claiming indemnification as determined by a court of competent jurisdiction by final and nonappealable judgment. The Borrower, upon demand by the Administrative Agent or a Lender at
any time, shall reimburse the Administrative Agent or such Lender for any legal or other expenses (including, without limitation, all reasonable fees and disbursements of counsel for any such Indemnitee) incurred in connection with investigating or
defending against any of the foregoing (including any settlement costs relating to the foregoing) except if the same is directly due to the gross negligence or willful misconduct of the party to be indemnified as determined by a court of competent
jurisdiction by final and nonappealable judgment. To the extent permitted by applicable law, the Borrower shall not assert, and each such Person hereby waives, any claim 

  
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against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a
result of, this Agreement or the other Loan Documents or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. The obligations of the Borrower under
this Section 13.14 shall survive the termination of this Agreement. 
 Section 13.15.
Set-off. In addition to any rights now or hereafter granted under the Loan Documents or applicable law and not by way of limitation of any such rights, upon the occurrence of any Event of Default, each
Lender, each subsequent holder of any Obligation, and each of their respective affiliates, is hereby authorized by the Borrower at any time or from time to time, without notice to the Borrower or to any other Person, any such notice being hereby
expressly waived, to set-off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or
unmatured, and in whatever currency denominated, but not including trust accounts) and any other indebtedness at any time held or owing by that Lender, subsequent holder, or affiliate, to or for the credit or the account of the Borrower, whether or
not matured, against and on account of the Obligations of the Borrower to that Lender, or subsequent holder under the Loan Documents, including, but not limited to, all claims of any nature or description arising out of or connected with the Loan
Documents, irrespective of whether or not (a) that Lender, or subsequent holder shall have made any demand hereunder or (b) the principal of or the interest on the Loans and other amounts due hereunder shall have become due and payable
pursuant to Section 9 and although said obligations and liabilities, or any of them, may be contingent or unmatured.  

Section 13.16. Severability of Provisions. Any provision of any Loan Document which is unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. All rights, remedies and powers
provided in this Agreement and the other Loan Documents may be exercised only to the extent that the exercise thereof does not violate any applicable mandatory provisions of law, and all the provisions of this Agreement and other Loan Documents are
intended to be subject to all applicable mandatory provisions of law which may be controlling and to be limited to the extent necessary so that they will not render this Agreement or the other Loan Documents invalid or unenforceable. 

Section 13.17. Excess Interest. Notwithstanding any provision to the contrary contained herein or in any other Loan Document, no
such provision shall require the payment or permit the collection of any amount of interest in excess of the maximum amount of interest permitted by applicable law to be charged for the use or detention, or the forbearance in the collection, of all
or any portion of the Loans or other obligations outstanding under this Agreement or any other Loan Document (“Excess Interest”). If any Excess Interest is provided for, or is adjudicated to be provided for, herein or
in any other Loan Document, then in such event (a) the provisions of this Section 13.17 shall govern and control, (b) neither the Borrower nor any guarantor or endorser shall be obligated to pay any Excess Interest, (c) any
Excess Interest that the Administrative Agent or any Lender may have 

  
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received hereunder shall, at the option of the Administrative Agent, be (i) applied as a credit against the then outstanding principal amount of Obligations hereunder and accrued and unpaid
interest thereon (not to exceed the maximum amount permitted by applicable law), (ii) refunded to the Borrower, or (iii) any combination of the foregoing, (d) the interest rate payable hereunder or under any other Loan Document shall
be automatically subject to reduction to the maximum lawful contract rate allowed under applicable usury laws (the “Maximum Rate”), and this Agreement and the other Loan Documents shall be deemed to have been, and
shall be, reformed and modified to reflect such reduction in the relevant interest rate, and (e) neither Borrower nor any guarantor or endorser shall have any action against the Administrative Agent or any Lender for any damages whatsoever
arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any of the Borrower’s Obligations is calculated at the Maximum Rate rather than the applicable rate under this
Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on the Borrower’s Obligations shall remain at the Maximum Rate until the Lenders have received the amount of interest which such
Lenders would have received during such period on the Borrower’s Obligations had the rate of interest not been limited to the Maximum Rate during such period. 

Section 13.18. Construction. The parties acknowledge and agree that the Loan Documents shall not be construed more favorably in
favor of any party hereto based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation of the Loan Documents. The provisions of this Agreement relating to Subsidiaries shall only
apply during such times as the Parent or the Borrower, as the case may be, has one or more Subsidiaries. NOTHING CONTAINED HEREIN SHALL BE DEEMED
OR CONSTRUED TO PERMIT ANY ACT OR OMISSION WHICH IS PROHIBITED BY
THE TERMS OF ANY COLLATERAL DOCUMENT, THE COVENANTS AND AGREEMENTS CONTAINED
HEREIN BEING IN ADDITION TO AND NOT IN SUBSTITUTION FOR THE COVENANTS
AND AGREEMENTS CONTAINED IN THE COLLATERAL DOCUMENTS. 

Section 13.19. Lender’s Obligations Several. The obligations of the Lenders hereunder are several and not joint. Nothing
contained in this Agreement and no action taken by the Lenders pursuant hereto shall be deemed to constitute a partnership, association, joint venture or other entity. 

Section 13.20. Governing Law; Jurisdiction; Consent to Service of Process. (a) THIS AGREEMENT,
THE NOTES AND THE OTHER LOAN DOCUMENTS (EXCEPT AS OTHERWISE SPECIFIED
THEREIN), AND THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE
CONSTRUED AND DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
ILLINOIS WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

(b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the
United States District Court for the Northern District of Illinois and of any Illinois State court sitting in the City of Chicago, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan

  
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Document, or for recognition or enforcement of any judgment, and each party hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be
heard and determined in such Illinois State court or, to the extent permitted by applicable Legal Requirements, in such federal court. Each party hereto hereby agrees that a final judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Legal Requirements. Nothing in this Agreement or any other Loan Document or otherwise shall affect any right that the Administrative Agent or
any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction. 

(c) Each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable Legal Requirements, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in Section 13.20(b). Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable Legal Requirements, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in any action or proceeding arising out of or relating to any Loan
Document, in the manner provided for notices (other than telecopy or e-mail) in Section 13.7. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to
serve process in any other manner permitted by applicable Legal Requirements. 
 Section 13.21. Waiver of Jury Trial.
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LEGAL REQUIREMENTS, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NONE OF THE REPRESENTATIVE, THE ADMINISTRATIVE AGENT
OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 13.21. 
 Section 13.22. USA Patriot Act. Each Lender that is subject to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act,
it is required to obtain, verify, and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the
Act. 
 Section 13.23. Confidentiality. Each of the Administrative Agent and the Lenders severally agrees to maintain the
confidentiality of the 

  
 -95- 

 
Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal
counsel and other advisors to the extent any such Person has a need to know such Information (it being understood that the Persons to whom such disclosure is made will first be informed of the confidential nature of such Information and instructed
to keep such Information confidential), provided that each Lender and the Administrative Agent shall take reasonable steps to ensure that the Information is not available to any employee, director, or officer of an Affiliate engaged in
trading securities or commodities, (b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners),
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or
any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this
Section 13.23, to (A) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement, (B) any actual or prospective counterparty (or its advisors) to any swap
or derivative transaction relating to the Parent, the Borrower or Borrower Subsidiary and its obligations or (C) any credit insurance provider relating to the Borrower and the Obligations, (g) with the prior written consent of the
Borrower, (h) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section 13.23 or (B) becomes available to the Administrative Agent or any Lender on a non-confidential basis from a source other than the Parent, the Borrower or Borrower Subsidiary or any of their directors, officers, employees or agents, including accountants, legal counsel and other advisors,
(i) to rating agencies if requested or required by such agencies in connection with a rating relating to the Loans or Commitments hereunder, or (j) to entities which compile and publish information about the syndicated loan market,
provided that only basic information about the pricing and structure of the transaction evidenced hereby may be disclosed pursuant to this subsection (j). For purposes of this Section 13.23, “Information” means all
information received from the Parent, the Borrower or Borrower Subsidiary or from any other Person on behalf of the Parent, the Borrower or Borrower Subsidiary relating to the Parent, the Borrower or Borrower Subsidiary or any of their respective
businesses, other than any such information that is available to the Administrative Agent or Lender on a non-confidential basis prior to disclosure by the Parent, the Borrower or any Borrower Subsidiary or from any other Person on behalf of the
Parent, the Borrower or Borrower Subsidiary. 
 [SIGNATURE PAGES TO
FOLLOW] 

  
 -96- 

 This Credit Agreement is entered into between us for the uses and purposes hereinabove set forth
as of the date first above written. 
  

					
	“BORROWER”
	
	KCG AMERICAS LLC
		
	By:		 /s/ John Hestvik

			Name:		John Hestvik
			Title:		Managing Director
	
	“GUARANTOR”
	
	KCG HOLDINGS, INC.
		
	By:		 /s/ Steffen Parratt

			Name:		Steffen Parratt
			Title:		Chief Financial Officer

  
 S-1 

 
					
	“ADMINISTRATIVE AGENT AND LENDERS”
	
	 BMO HARRIS BANK N.A., as Administrative Agent, as Swing Line Lender, as a Lender, and as
Settlement Bank

		
	By:		 /s/ Adam Tarr

			Name:		Adam J. Tarr
			Title:		Vice President

  
 S-2 

 
					
	BANK OF AMERICA, N.A.
		
	By:		 /s/ Shubhashis De

			Name:		Shubhashis De
			Title:		Vice President

  
 S-3 

 
					
	BNP PARIBAS
		
	By:		 /s/ David Seaman

			Name:		David Seaman
			Title:		Director
		
	By:		 /s/ Frank Chiofalo

			Name:		Frank Chiofalo
			Title:		Vice President

  
 S-4 

 
					
	THE PRIVATE BANK AND TRUST COMPANY
		
	By:		 /s/ Michael King

			Name:		Michael King
			Title:		Managing Director

  
 S-5 

 
					
	SIGNATURE BANK
		
	By:		 /s/ Susan M. Duggan

			Name:		Susan M. Duggan
			Title:		Vice President

  
 S-6 

 EXHIBIT A-1 

NOTICE OF BORROWING 

(REVOLVING A LOANS) 

Date:             ,          

 

	To:	BMO Harris Bank N.A., as Administrative Agent for the Lenders party to the Credit Agreement dated as of June 5, 2015 (as extended, renewed, amended or restated from time to time, the “Credit
Agreement”), among KCG Americas LLC, the Guarantors party thereto, certain Lenders which are signatories thereto, and BMO Harris Bank N.A., as Administrative Agent 

Ladies and Gentlemen: 

The undersigned, KCG Americas LLC (the “Borrower”), refers to the Credit Agreement, the terms defined therein being
used herein as therein defined, and hereby gives you notice irrevocably, pursuant to Section 1.4 of the Credit Agreement, of the Borrowing specified below: 

1. The Business Day of the proposed Borrowing is             ,
        . 
 2. The aggregate amount of the proposed Borrowing is
$        . 
 3. The Borrowing is to be comprised of
$         of [Base Rate] [Eurodollar] Loans. 
 [4. The duration of the
Interest Period for the Eurodollar Loans included in the Borrowing shall be                      months.] 

[5. The proposed Borrowing shall be a Customer Loan secured by Customer’s Securities.] 

[5. The proposed Borrowing shall be a Firm Loan secured by Firm Securities.] 

[5. The proposed Borrowing shall be a Non-Customer Loan secured by Non-Customer’s Securities.] 

For new value received the undersigned hereby pledges and grants to the Administrative Agent a security interest in the securities and other
Property being delivered to the Accounts and, to the extent that the Loan requested hereby is funded prior to receipt of such securities and Property, listed on the schedules attached hereto, and confirms a pledge of and security interest in the
same now in effect in favor of the Administrative Agent, together with all rights related thereto and all proceeds thereof pursuant to the terms of the Credit Agreement. 

 The undersigned hereby certifies that the following statements are true on the date hereof, and
will be true on the date of the proposed Borrowing, before and after giving effect thereto and to the application of the proceeds therefrom: 

(a) the representations and warranties of the Borrower contained in Section 6 of the Credit Agreement are true and correct
in all material respects as though made on and as of such date (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct in all material respects as of such date); provided,
that with respect to any representation or warranty that is qualified by materiality or Material Adverse Effect, such representation or warranty shall be true and correct as of such date (except to the extent such representations and warranties
relate to an earlier date, in which case they are true and correct as of such date); 
 (b) no Default or Event of Default
has occurred and is continuing or would result from such proposed Borrowing; 
 (c) the aggregate principal amount of all
Loans outstanding does not exceed the Commitments; 
 (d) the aggregate principal amount of the Revolving A Loans outstanding
does not exceed the Borrowing Base A; and 
 (e) if the proposed Borrowing consists of: 

(i) Customer Loans, the aggregate principal amount of Customer Loans after giving effect to such proposed Borrowing shall not
exceed the Customer Loan Limit; 
 (ii) Firm Loans, the aggregate principal amount of Firm Loans after giving effect to
proposed Borrowing shall not exceed the Firm Loan Limit; or 
 (iii) Non-Customer Loans, the aggregate principal amount of
Non-Customer Loans after giving effect to such proposed Borrowing shall not exceed the Non-Customer Loan Limit. 
 (f)
Schedule I attached hereto sets forth data and computations evidencing the Borrowing Base A, all of such data and computations are true, correct and complete and have been made in accordance with the relevant Sections of the Credit Agreement. 

 

					
	KCG AMERICAS LLC
		
	By		  

			Name		  

			Title		  

  
 -2- 

 SCHEDULE I 

BORROWING BASE A 

  
 -3- 

 EXHIBIT A-2 

NOTICE OF BORROWING 

(REVOLVING B LOANS) 

Date:             ,          

 

	To:	BMO Harris Bank N.A., as Administrative Agent for the Lenders party to the Credit Agreement dated as of June 5, 2015 (as extended, renewed, amended or restated from time to time, the “Credit
Agreement”), among KCG Americas LLC, the Guarantors party thereto, certain Lenders which are signatories thereto, and BMO Harris Bank N.A., as Administrative Agent 

Ladies and Gentlemen: 
 The undersigned,
KCG Americas LLC (the “Borrower”), refers to the Credit Agreement, the terms defined therein being used herein as therein defined, and hereby gives you notice irrevocably, pursuant to Section 1.4 of the Credit Agreement, of the
Borrowing specified below: 
  

	 	1.	The Business Day of the proposed Borrowing is             ,         . 

 

	 	2.	The aggregate amount of the proposed Borrowing is $        . 

  

	 	3.	The Borrowing is to be comprised of $         of Base Rate Loans. 

The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the date of the proposed
Borrowing, before and after giving effect thereto and to the application of the proceeds therefrom: 
 (a) the
representations and warranties of the Borrower contained in Section 6 of the Credit Agreement are true and correct in all material respects as though made on and as of such date (except to the extent such representations and warranties relate
to an earlier date, in which case they are true and correct in all material respects as of such date); provided, that with respect to any representation or warranty that is qualified by materiality or Material Adverse Effect, such
representation or warranty shall be true and correct as of such date (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date); 

 (b) no Default or Event of Default has occurred and is continuing or would result
from such proposed Borrowing; 
 (c) the aggregate principal amount of all Loans outstanding does not exceed the Commitments;

 (d) the aggregate principal amount of the Revolving B Loans outstanding does not exceed the Borrowing Base B. 

(e) Schedule I attached hereto sets forth data and computations evidencing the Borrowing Base B, all of such data and
computations are true, correct and complete and have been made in accordance with the relevant Sections of the Credit Agreement. 
  

					
	KCG AMERICAS LLC
		
	By:		  

			Name:		  

			Title:		  

  
 -2- 

 SCHEDULE I 

BORROWING BASE B 
  

					
	 BORROWING BASE B
				
		
	 Previous month 10th lowest Eligible NSCC Margin Deposit
		 	            	 (a) 
		  	  
	  
	 
		
	 Current Eligible NSCC Margin Deposit
		 	            	 (b) 
		  	  
	  
	 
	 (b) less (a)
		 	0	 (c) 
		  	  
	  
	 
	 Borrowing availability (80% of (c))
		 	0	 (d) 
		  	  
	  
	 
		
	 Number of days over last 90 days with Borrowing Base B loan outstanding
				
		  	  
	  
	 
			 	(must be less than 30)	  
		
	 This Borrowing must be repaid no later than:
				
		  	  
	  
	 
			 	(5 business days from today)	  

 EXHIBIT B 

NOTICE OF CONTINUATION/CONVERSION 

Date:             ,          

 

	To:	BMO Harris Bank N.A., as Administrative Agent for the Lenders party to the Credit Agreement dated as of June 5, 2015 (as extended, renewed, amended or restated from time to time, the “Credit
Agreement”), among KCG Capital Americas LLC, the Guarantors party thereto, certain Lenders which are signatories thereto, and BMO Harris Bank N.A., as Administrative Agent 

Ladies and Gentlemen: 
 The undersigned,
KCG Americas LLC (the “Borrower”), refers to the Credit Agreement, the terms defined therein being used herein as therein defined, and hereby gives you notice irrevocably, pursuant to Section 1.4 of the Credit
Agreement, of the [conversion] [continuation] of the Loans specified herein, that: 
 1. The
conversion/continuation Date is             ,         . 

2. The aggregate amount of the Revolving Loans to be [converted] [continued] is
$        . 
 3. The Loans are to be [converted into] [continued as] [Eurodollar]
[Base Rate] Loans. 
 4. [If applicable:] The duration of the Interest Period for the Revolving Loans included in the
[conversion] [continuation] shall be              months. 

The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the proposed
conversion/continuation date, before and after giving effect thereto and to the application of the proceeds therefrom: 
 (a)
the representations and warranties of the Borrower contained in Section 6 of the Credit Agreement are true and correct in all material respects as though made on and as of such date (except to the extent such representations and warranties
relate to an earlier date, in which case they are true and correct in all material respects as of such date); provided, (i) that with respect to any representation or warranty that is qualified by materiality or Material Adverse Effect,
such representation or warranty shall be true and correct as of said time, except to the extent the same expressly relate to an earlier date and (ii) that this condition shall not apply to the conversion of an outstanding Eurodollar Loan to a
Base Rate Loan; and 
 (b) no Default or Event of Default has occurred and is continuing, or would result from such proposed
[conversion] [continuation]. 

 
					
	KCG AMERICAS LLC
		
	By:		  

			Name:		  

			Title:		  

  
 -2- 

 EXHIBIT C-1 

REVOLVING NOTE 
  

			
	U.S. $            		            , 20    

 FOR VALUE RECEIVED, the undersigned, KCG Americas LLC, a Delaware
limited liability company (the “Borrower”), hereby severally promises to pay to                      (the “Lender”)
or its registered assigns on the Termination Date of the hereinafter defined Credit Agreement, at the principal office of the Administrative Agent in Chicago Illinois (or such other location as the Administrative Agent may designate to the
Borrower), in immediately available funds, the principal sum of                      Dollars
($        ) or, if less, the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to the Credit Agreement, together with interest on the principal amount of
each Revolving Loan from time to time outstanding hereunder at the rates, and payable in the manner and on the dates, specified in the Credit Agreement. 

This Note is one of the Revolving Notes referred to in the Credit Agreement dated as of June 5, 2015, among the Borrower, the
Guarantors party thereto, the Lenders, and BMO Harris Bank N.A., as Administrative Agent (as extended, renewed, amended or restated from time to time, the “Credit Agreement”), and this Note and the holder hereof are entitled to all
the benefits and security provided for thereby or referred to therein, to which Credit Agreement reference is hereby made for a statement thereof. All defined terms used in this Note, except terms otherwise defined herein, shall have the same
meaning as in the Credit Agreement. This Note shall be governed by and construed in accordance with the internal laws of the State of Illinois. 

Voluntary prepayments may be made hereon, certain prepayments are required to be made hereon, and this Note may be declared due prior to the
expressed maturity hereof, all in the events, on the terms and in the manner as provided for in the Credit Agreement. 
 To the extent any
provision of this Note is inconsistent with, or conflicts with, any provision of the Credit Agreement, the Credit Agreement shall control. 

The Borrower hereby waives demand, presentment, protest or notice of any kind hereunder. 

 

					
	KCG AMERICAS LLC
		
	By:		  

			Name:		  

			Title:		  

 EXHIBIT C-2 

SWING NOTE 
  

			
	U.S. $            		            , 20    

 FOR VALUE RECEIVED, the undersigned, KCG Americas LLC, a
Delaware limited liability company (the “Borrower”), hereby severally promises to pay to BMO Harris Bank N.A. (the “Lender”) or its registered assigns on the Termination Date of the hereinafter defined Credit
Agreement, at the principal office of the Administrative Agent in Chicago, Illinois (or such other location as the Administrative Agent may designate to the Borrower), in immediately available funds, the principal sum of
                     Dollars ($        ) or, if less, the aggregate unpaid principal amount of all Swing
Loans made by the Lender to the Borrower pursuant to the Credit Agreement, together with interest on the principal amount of each Swing Loan from time to time outstanding hereunder at the rates, and payable in the manner and on the dates, specified
in the Credit Agreement. 
 This Note is the Swing Note referred to in the Credit Agreement dated as of
June 5, 2015, among the Borrower, the Lenders, and BMO Harris Bank N.A., as Administrative Agent (as extended, renewed, amended or restated from time to time, the “Credit Agreement”), and this Note and the holder hereof
are entitled to all the benefits and security provided for thereby or referred to therein, to which Credit Agreement reference is hereby made for a statement thereof. All defined terms used in this Note, except terms otherwise defined herein, shall
have the same meaning as in the Credit Agreement. This Note shall be governed by and construed in accordance with the internal laws of the State of Illinois. 

Voluntary prepayments may be made hereon, certain prepayments are required to be made hereon, and this Note may be declared due prior to the
expressed maturity hereof, all in the events, on the terms and in the manner as provided for in the Credit Agreement. 
 To the extent any
provision of this Note is inconsistent with, or conflicts with, any provision of the Credit Agreement, the Credit Agreement shall control. 

The Borrower hereby waives demand, presentment, protest or notice of any kind hereunder. 

 

					
	KCG AMERICAS LLC
		
	By:		  

			Name:		  

			Title:		  

 EXHIBIT D 

KCG AMERICAS LLC 

COMPLIANCE CERTIFICATE 
  

	To:	BMO Harris Bank N.A., as 

 Administrative Agent under, and the 

Lenders party to, the Credit Agreement 

described below 
 This
Compliance Certificate is furnished to the Administrative Agent, and the Lenders pursuant to that certain Credit Agreement dated as of June 5, 2015, among us (as extended, renewed, amended or restated from time to time, the “Credit
Agreement”). Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Credit Agreement. 

THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1. I am the duly elected
                     of KCG Americas LLC (the “Borrower”); 

2. I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed review of the
transactions and conditions of the Borrower during the accounting period covered by the attached financial statements; 
 3. The
examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of any event which constitutes a Default or Event of Default during or at the end of the accounting period
covered by the attached financial statements or as of the date of this Compliance Certificate, except as set forth below; 
 4. The
financial statements required by Section 8.5 of the Credit Agreement and being furnished to you concurrently with this Compliance Certificate are true, correct and complete as of the date and for the periods covered thereby; 

5. Schedule I hereto sets forth financial data and computations evidencing the Parent’s and the Borrower’s compliance with
certain covenants of the Credit Agreement, all of which data and computations are, to the best of my knowledge, true, complete and correct and have been made in accordance with the relevant Sections of the Credit Agreement; 

6. Schedule II hereto lists exchange traded funds that shall be designated as Approved ETFs or Leverage ETFs, and each such fund satisfies the
definition of an Approved ETF or Leverage ETF, as applicable; and 

 7. Schedule III hereto lists Persons that the Borrower wishes to designate as a Disqualified
Assignee, and each such Person is not a commercial bank or any Affiliate thereof. 
 Described below are the exceptions, if any, to
paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event: 

 

			
	  
		
	  
		
	  
		
	  
		

 The foregoing certifications, together with the computations set forth in Schedule I hereto and the
financial statements delivered with this Certificate in support hereof, are made and delivered this      day of              201    . 

 

					
	KCG AMERICAS LLC
		
	By:		  

			Name:		  

			Title:		  

  
 -2- 

 SCHEDULE I 

TO COMPLIANCE CERTIFICATE 

KCG AMERICAS LLC 

COMPLIANCE CALCULATIONS 

FOR CREDIT AGREEMENT 

DATED AS OF JUNE 5, 2015 

CALCULATIONS AS OF             ,
201   
  
  

 
  

									
	 A.
		 Minimum Total Regulatory Capital (Section 8.21(a)
				
			 1.
		 Total Regulatory Capital
		$	                    	  
			 2.
		 Line A1 shall not be less than
		$	650,000,000	  
			 3.
		 The Borrower is in compliance (circle yes or no)
		 	yes/no	  
			
	 B.
		 Maximum Total Assets to Total Regulatory Capital Ratio (Section 8.21(b))
				
			 1.
		 Total assets
		$	                    	  
			 2.
		 Allowable Receivables
		$	                    	  
			 3.
		 Cash
		$	                    	  
			 4.
		 Cash Equivalents
		$	                    	  
			 5.
		 Rebate Receivables
		$	                    	  
			 6.
		 Sum of Lines B2, B3, B4 and B5
		$	                    	  
			 7.
		 Securities and options sold, but not yet purchased
		$	                    	  
			 8.
		 Line B1 plus Line B7 minus Line B6
		$	                    	  
			 9.
		 Total Regulatory Capital
		$	                    	  
			 10.
		 Ratio of Line B8 to line B9
		 	     to     	  
			 11.
		 Line B10 ratio must not be more than
		 	20.0 to 1.0	  
			 12.
		 The Borrower is in compliance (circle yes or no)
		 	yes / no	  

									
	 C.
		 Minimum Excess Net Capital (Section 8.21(c))
				
			 1.
		 Excess Net Capital
		$	                    	  
			 2.
		 Line C1 shall not be less than
		$	75,000,000	  
			 3.
		 The Borrower is in compliance (circle yes or no)
		 	yes/no	  
			
	 D.
		 Liquidity (Section 8.21(d))
				
			 1.
		 Unencumbered marketable securities
		$	                    	  
			 2.
		 Unencumbered cash
		$	                    	  
			 3.
		 NSCC Margin Deposits1
		$	                    	  
			 4.
		 Sum of Lines D1, D2 and D3
		$	                    	  
			 5.
		 Unsecured Indebtedness
		$	                    	  
			 6.
		 Ratio of Line D4 to line D5
		 	     to     	  
			 7.
		 Line D6 ratio must not be less than
		 	1.0 to 1.0	  
			 8.
		 The Borrower is in compliance (circle yes or no)
		 	yes / no	  
			
	 E.
		 Minimum Tangible Net Worth (Section 8.21(e))
				
			 1.
		 Tangible Net Worth of Parent
		$	                    	  
			 2.
		 Line H1 shall not be less than
		$	900,000,000	  
			 3.
		 Parent is in compliance (circle yes or no)
		 	yes / no	  

  

	1	Solely to the extent of the lesser of (x) the amount, if any, by which the Borrowing Base B at such time exceeds the aggregate outstanding amount of Revolving B Loans and (y) the Unused Commitments.

  
 -2- 

 SCHEDULE II 

TO COMPLIANCE CERTIFICATE 

KCG AMERICAS LLC 

APPROVED ETFS / LEVERAGED ETFS 

 

															
	 SYMBOL
	 	 BLOOMBERG

UNIQUE

ID
	 	 NUMBER

OF

HOLDINGS
	 	 ADV

(3M)
	 	 DESCRIPTION
	 	 APPROVED

ETF

(YES / NO)
	 	 LEVERAGED

ETF 2X

(YES/NO)
	 	 LEVERAGED

ETF 3X

(YES / NO)

		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	

 EXHIBIT E 

ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [the][each]2 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]3 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the
Assignees]4 hereunder are several and not joint.]5 Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective
Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as
Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the
Assignor][the respective Assignors] under the respective facilities identified below (including without limitation any letters of credit, guarantees, and swingline loans included in such facilities), and (ii) to the extent permitted to be
assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or
unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not
limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and 

 

	2	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose
the second bracketed language. 

	3	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the
second bracketed language. 

	4	Select as appropriate. 

	5	 Include bracketed language if there are either multiple Assignors or multiple Assignees.

 
obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as
[the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or
warranty by [the][any] Assignor. 
  

							
	1.	 	Assignor[s]:	  	  
	  	
		 		  	  
	  	
		 	[Assignor [is] [is not] a Defaulting Lender]	  	
				
	2.	 	Assignee[s]:	  	  
	  	
		 		  	  
	  	
		 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]
			
	3.	 	Borrower: KCG Americas LLC	  	
		
	4.	 	Administrative Agent: BMO Harris Bank N.A., as the administrative agent under the Credit Agreement
		
	5.	 	Credit Agreement: Credit Agreement dated as of              among KCG Americas LLC, the Lenders parties thereto, and BMO Harris Bank N.A., as Administrative
Agent
		
	6.	 	Assigned Interest[s]:

  

															
	 ASSIGNOR[S]6
	  	 ASSIGNEE[S]7
	  	AGGREGATE AMOUNT OF
COMMITMENT/LOANS FOR 
ALL
LENDERS8	 	  	AMOUNT
OF
COMMITMENT/LOANS
ASSIGNED8	 	  	PERCENTAGE ASSIGNED
OF COMMITMENT/
LOANS9	 
		  		  	$	            	  	  	$	            	  	  	 	    	% 
		  		  	$	            	  	  	$	            	  	  	 	    	% 
		  		  	$	            	  	  	$	            	  	  	 	    	% 

  

							
		
	[7.	 	Trade Date:                     ]10

  
  

	6	List each Assignor, as appropriate. 

	7	List each Assignee, as appropriate. 

	8	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

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

	10	To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date. 

  
 -2- 

 Effective Date:             ,
20     [To be inserted by Administrative Agent and which shall be the effective date of recordation of transfer in the register therefor.] 

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

 

					
	ASSIGNOR[S]11
		
	By		  

			Name		  

			Title		  

	
	[NAME OF ASSIGNOR]
		
	By		  

			Name		  

			Title		  

	
	ASSIGNEE[S]12
	
	[NAME OF ASSIGNEE]
		
	By		  

			Name		  

			Title		  

	
	[NAME OF ASSIGNEE]
		
	By		  

			Name		  

			Title		  

  

	11	Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable). 

	12	Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable). 

  
 -3- 

 [Consented to and]13 Accepted: 

 

					
	 BMO HARRIS BANK N.A., as

Administrative Agent

		
	By		  

			Name		  

			Title		  

	
	[Consented to:]14
	
	[NAME OF RELEVANT PARTY]
		
	By		  

			Name		  

			Title		  

  

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

	14	To be added only if the consent of the Borrower and/or other parties (e.g. Swingline Lender) is required by the terms of the Credit Agreement. 

  
 -4- 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

 

	SECTION 1.	REPRESENTATIONS AND WARRANTIES. 

Section 1.1. Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to
(i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan
Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the
Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

Section 1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to
be an assignee under Section 13.2(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 13.2(b)(iii) of the Credit Agreement), (iii) from and after the Effective
Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with
respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type,
(v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 8.5 thereof, as applicable, and such other
documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance
upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such]
Assigned Interest, and (vii) attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and
(b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not 

 
taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed
by it as a Lender. 
  

	SECTION 2.	PAYMENTS. 

 From and after the Effective Date, the Administrative Agent shall
make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective
Date. The Assignor[s] and the Assignee[s] shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between
themselves. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee. 

 

	SECTION 3.	GENERAL PROVISIONS. 

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

  
 -2- 

 EXHIBIT F 

KCG AMERICAS LLC 

COMMITMENT AMOUNT INCREASE REQUEST 

            ,          

 

	To:	BMO Harris Bank N.A., as Administrative Agent for the Lenders party to the Credit Agreement dated as of June 5, 2015 (as extended, renewed, amended or restated from time to time, the “Credit
Agreement”), among KCG Americas LLC, the Guarantors party thereto, certain Lenders which are signatories thereto, and BMO Harris Bank N.A., as Administrative Agent. 

Ladies and Gentlemen: 
 The Borrower
hereby refers to the Credit Agreement and requests that the Administrative Agent consent to an increase in the aggregate Commitments (the “Commitment Amount Increase”), in accordance with Section 1.1(b) of the
Credit Agreement, to be effected by [an increase in the Commitment of [name of existing Lender] [the addition of [name of new Lender] (the “New Lender”) as a Lender under the terms of the Credit Agreement].
Capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement. 

After giving effect to such Commitment Amount Increase, the Commitment of the [Lender] [New Lender] shall be
$        . 
 [Include paragraphs 1-4 for a New Lender] 

1. The New Lender hereby confirms that it has received a copy of the Loan Documents and the exhibits related thereto, together with copies of
the documents which were required to be delivered under the Credit Agreement as a condition to the making of the Loans and other extensions of credit thereunder. The New Lender acknowledges and agrees that it has made and will continue to make,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, its own credit analysis and decisions relating to the Credit Agreement. The New Lender
further acknowledges and agrees that the Administrative Agent has not made any representations or warranties about the credit worthiness of the Borrower or any other party to the Credit Agreement or any other Loan Document or with respect to the
legality, validity, sufficiency or enforceability of the Credit Agreement or any other Loan Document or the value of any security therefor. 

2. Except as otherwise provided in the Credit Agreement, effective as of the date of acceptance hereof by the Administrative Agent, the New
Lender (i) shall be deemed 

 
automatically to have become a party to the Credit Agreement and have all the rights and obligations of a “Lender” under the Credit Agreement as if it were an original signatory
thereto 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. 

3. The New Lender shall deliver to the Administrative Agent an Administrative Questionnaire. 

4. The New Lender has delivered, if appropriate, to the Borrower and the Administrative Agent (or is delivering to the Borrower and the
Administrative Agent concurrently herewith) the tax forms referred to in Section 13.1 of the Credit Agreement. 
 THIS
AGREEMENT SHALL BE DEEMED TO BE A CONTRACTUAL OBLIGATION UNDER, AND
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF ILLINOIS. 
 The Commitment Amount Increase shall be effective when
the executed consent of the Administrative Agent is received or otherwise in accordance with Section 1.1(b) of the Credit Agreement, but not in any case prior to
            ,         . It shall be a condition to the effectiveness of the Commitment Amount Increase that all expenses referred to in
Section 1.1(b) of the Credit Agreement shall have been paid. 
 The Borrower hereby certifies that no Default or Event of Default has
occurred and is continuing. 

  
 -2- 

 Please indicate the Administrative Agent’s consent to such Commitment Amount Increase by
signing the enclosed copy of this letter in the space provided below. 
  

					
	Very truly yours,
	
	KCG AMERICAS LLC
		
	By:		  

			Name:		  

			Title:		  

	
	[NEW OR EXISTING LENDER INCREASING COMMITMENTS]
		
	By:		  

			Name:		  

			Title:		  

  

					
	The undersigned hereby consents on this      day of             ,          to the
above-requested Commitment Amount Increase.
	
	 BMO HARRIS BANK N.A.,

as Administrative Agent

		
	By:		  

			Name:		  

			Title:		  

  
 -3- 

 EXHIBIT G 

CERTIFICATE RE: NSCC MARGIN DEPOSITS 

CERTIFICATE RE: ELIGIBLE NSCC MARGIN DEPOSITS 

Pursuant to Section 8.5(e) of the Credit Agreement, dated as of June 5, 2015 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”; terms defined therein being used herein as therein defined), among KCA Americas LLC (the “Borrower”), the Guarantors from time to time party thereto, the Lenders
party thereto, and BMO Harris Bank N.A., as Administrative Agent (the “Administrative Agent”), the undersigned hereby certifies that the Eligible NSCC Margin Deposits in effect for each Business Day in the most recently ended
calendar month were as described on the schedule attached hereto. 
 IN WITNESS WHEREOF,
the undersigned has hereunto set my name as of the date set forth below. 
 Date:
            , 201   
  

					
	KCG AMERICAS LLC
		
	By:		  

			Name:		  

			Title:		  

 SCHEDULE 

ELIGIBLE NSCC MARGIN DEPOSITS 

 

					
	 Date of Business Day
	  	Eligible NSCC
Margin Deposits	 
		
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
		  	$	                        	  
	 10th Lowest Eligible NSCC Margin Deposits during the calendar month
	  	$Exhibit 10.1

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF
THE REDACTED LANGUAGE.

 

Joint Venture for R&D

 

Made in Jerusalem this 1 day of June 2000.

 

BETWEEN:

YISSUM RESEARCH DEVELOPMENT
COMPANY

OF THE HEBREW UNIVERSITY
OF JERUSALEM.

of 46 Jabotinsky Street

Jerusalem, 191042 Israel

(hereinafter referred to as “Yissum”);

of the one part;

 

AND BETWEEN:

 

	 	Intec Pharmaceutical Partnership Ltd.  	 
	 	of 	 	 
	 	 	(hereinafter referred to as “the Company”);

of the other part;	 

 

WHEREAS The Company wishes to enter
into joint venture with Yissum including inter alia obtain a license from Yissum for the commercial development, production and
marketing of a Product to be based on the Know-How and Research Results, subject to the terms and conditions of this Agreement;
and

 

WHEREAS Yissum agrees to enter into
the joint venture and grant the Company a license in accordance with the terms and conditions of this Agreement and subject to
the full performance by the Company of its obligations in accordance with this Agreement, and

 

WHEREAS The Company shall finance
the Research which shall be with regard to:

 

WHEREAS All rights, interest and title in the Know-How are owned solely by Yissum;
and

 

WHEREAS
All rights whatsoever in the Research and Research Results shall be assigned by the University, to Yissum;

 

AND

WHEREAS Yissum agrees to procure
the performance of the Research at the University in accordance with the terms and conditions of this Agreement below:

 

ACCORDINGLY, IT IS WARRANTED, PROVIDED
AND AGREED BETWEEN THE PARTIES AS FOLLOWS;

 

Recitals and Definitions

 

1.           (a)          The
recitals hereto constitute an integral part hereof.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF
THE REDACTED LANGUAGE.

 

(b)          In
this Agreement, unless otherwise required or indicated by the context, the singular shall include the plural and vice-versa, the
masculine gender shall include all other genders.

 

(c)          In
this agreement the following expressions shall have the meanings appearing alongside them, unless the context otherwise requires.

 

“Affiliate”
- See definition of Parent below.

 

“Agreement”
- means this agreement together with all the appendices and annexes hereto.

 

“Development Plan”
- As defined in section 8(a).

 

“Development
Results” - means the Development Plan, including any patents, patent applications, information, material, results, devices
and know-how arising therefrom.

 

“Distributor”
- Any distributor or marketer who engages, inter alia, in any one of the following activities; makes any payment to the Company
which is not considered as Net Sales: undertakes to advertise the Product at its own expense undertakes to obtain relevant authorities
approval for the sale of the product and liable for costs incurred in gaining such approval.

 

“Indemnities”
- As defined in section 14(c).

 

Append. “B”

 

“Know-How”
- means the patents and/or the patent applications listed in Appendix “B” and any information, materials, results,
devices and/or know-how relating thereto developed at or by the University and acquired by the University and/or Yissum prior to
the signing of this Agreement.

 

“License”
- means the permission and right to be granted by Yissum to the Company to use the Know-How and the Research Results in accordance
with section 4 hereinbelow.

 

“Net Sales”
- means all amounts in respect whereof invoices are issued by the Company, a Related Entity, and/or Distributors in connection
with the sale of Products. Sales between Related Entities shall not be considered Net Sales unless such Related Entity is the final
user of the Product.

 

Net Sales will be calculated
after deducting all discounts and returns given in respect of such sales and deducting sales taxes (including VAT). Such deductions
shall be directly related to the sale of Products that were awarded within the regular running of the business of the Company and
made at “arms length”. Net Sales will also include any payment received by the Company from any governmental agency
directly in relation to sales. In the event of sales not made at “arms length”, Net Sales shall be calculated in accordance
with the current market conditions, or in the absence of such conditions, according to reasonable conditions for such sale.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE
OF THE REDACTED LANGUAGE.

 

“Parent, Subsidiary
or Affiliate” (as the case may be) - means a Related Entity in which the percentage of control is more than 75%.

 

“Periodic Report”
means as defined in section 7(c).

 

“Product”
means any product and/or product component and/or production supplement and/or process directly and/or indirectly based on and/or
related to the Know-how and/or the Research Results and/or the Development Results and/or any part thereof.

 

“Registered
Patents” - means all patent applications and/or registered patents detailed in Appendix “B” and/or
resulting from the Research and/or Research Results.

 

“Related Entity”
- means any person or organization controlling, controlled by or under common control with the Company, including any parent, subsidiary
or affiliate company. The term “control” shall mean direct or indirect ownership of more than 25% (twenty five percent)
of the outstanding stock or other voting interest, entitled to vote for the election of directors or to direct the management and
policies of any party, directly or indirectly.

 

“Research”
- means the research which shall be carried out and conducted in the University subject to and as detailed in the Research Program
under the supervision of the Researcher.

 

“Researcher”
- means Prof M. Friedman, or such other person as determined and appointed from time to time by Yissum to supervise and
to perform the Research in accordance with the Research Program.

 

Append. “D”

 

“Discounted
Royalties” - means an advanced payment which will be a part of the royalty payment as detailed in Appendix “D”.

 

“Research
Period” - means the period set forth in the Research Program for the performance of the Research.

 

Append. “A”

 

“Research
Program” - the research program relating to the planned performance of the Research attached hereto as Appendix “A”.

 

“Research
Results” - means the Research, including any patents, patent applications, information, material, results, devices and
know-how arising therefrom.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF
THE REDACTED LANGUAGE.

 

Append. “E”

 

“Royalties”
- means royalties calculated on the basis of the Net Sales in accordance with the terms and conditions detailed in Appendix “E”
attached hereto as an integral part of this Agreement.

 

“Sub-License”
- As defined in section (6a).

 

“Sub-License Consideration”
- As defined in section (7a).

 

“Sub-Licensee”
- As defined in section (6a).

 

“Subsidiary”
- See definition of “Parent” above.

 

“University”
- means the Hebrew University of Jerusalem/or each of its branches.

 

The Research and its Performance

 

2.          (a)          The
Company hereby undertakes to participate in the research inter alia by financing performance of the Research in accordance with
the terms and conditions in this Agreement.

 

(b)          Yissum
shall procure the conduct of the Research in accordance with the Research Program during the Research Period.

 

(c)          Yissum
may extend the Research Period for a period of up to 90 days by written notice given to the Company at least 30 days prior to the
expiration of the Research Period, but the extended period will not be financed by the company.

 

(d)          If
the Research Period is extended pursuant to the provisions of sub-section (c) above or for any other reason, the provisions of
this Agreement shall apply to the additional period, mutatis mutandis.

 

(e)          On
the expiration of the Research Period or of the extended period, Yissum shall give the Company a report detailing the results and
conclusions of the Research.

 

(f)           For the avoidance of
doubt, the Agreement in general and this section in particular shall not constitute an obligation and/or confirmation on the part
of Yissum that any results and/or conclusions will be achieved in consequence of the performance of the Research and/or that a
Product may be developed as a result thereof.

 

Finance of the Research

 

3.          (a)          In
consideration for the performance of the Research and in order to finance it, the Company undertakes to pay Yissum the discounted
royalties regarding the Research in accordance with the terms and conditions as detailed in Appendix “D”.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF
THE REDACTED LANGUAGE.

 

(b)          The
provisions of this Agreement shall not prevent Yissum and/or the University and/or the Researcher from obtaining further finance
from other entities for the Research, provided that such entities shall not be granted rights in the Research and/or Research Results
prejudicing the rights granted to the Company in accordance herewith.

 

(c)          The
Company shall not cease the financing of the Research during the first 12 months of the Research Period. Thereafter the Company
may only cease the financing of the Research at one of the termination points specified in the Research Plan. Any such cessation
shall be subject to a written notice by the Company to Yissum, at least 30 days prior to the cessation.

 

(d)          In
the event of cessation' of the financing of the Research, in accordance with sub-section (c) above, the Company shall in addition
to the above sub-section 3(c) reimburse Yissum only for the expenses incurred in relation to the Research and where approved by
the company prior the notice.

 

(e)          Upon
notice of cessation of the financing of the Research in accordance with subsection 3(c) above, this Agreement shall be terminated
and the provisions of section 15 shall apply.

 

The License

 

4.          Furthermore,
Yissum shall grant the Company an exclusive license in the Territory to make commercial use of the Know-how and the Research Results,
in order to develop, manufacture and/or market a Product, subject to the terms and conditions hereof.

 

Term of the License

 

5.          The
License shall end, if not ended or terminated prior thereto pursuant to the provisions hereof, at the later of the following:

 

(a)          The
date of expiration of the last valid Registered Patent in the Territory upon which the Product is partially based.

 

(b)          The
end of a period of 15 years from the date of making the first commercial sale pursuant to the License in accordance with section
8(c) below.

 

Sub-Licenses

 

6.          (a)          The
Company shall be entitled to sub-license the rights granted in the License, or any part thereof, (herein referred to as “Sub-License”)
to third parties and shall disclose to Yissum within thirty (30) days of execution of such a Sub-License all documentation relating
directly to the sub-license; provided, however, that if the Company sublicenses a material portion of the Know-how and the
Research Results prior to the date which is three years from the date hereof, then the Company shall be responsible for continuing
the Research in accordance with Appendix A, only in the event that the Sub-License will not undertake to finance the Research.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF
THE REDACTED LANGUAGE.

 

The Company shall be entitled to transfer
its rights and duties, pursuant to this Agreement, provided however that Yissum will give its consent, in advance. Yissum shall
not withhold its consent, without giving reasonable grounds.

 

(b)          The
Company shall adequately disclose to Yissum any other business connection which it now has or is in the process of forming with
the Sub-Licensee which may reasonably effect the Company's decision regarding the Sub-Licenses Terms and Conditions.

 

(c)          The
Company shall notify Yissum in writing, whether a proposed Sub-Licensee is a Related Company, Parent, Subsidiary and/or Affiliate.

 

(d)          Any
Sub-License shall be dependent on the validity of the Agreement and shall terminate in whole or in part upon termination of the
Agreement or any part thereof.

 

(e)          The
Company undertakes to submit to Yissum in writing the signed confirmation contained in Appendix “H” attached hereto,
according to which the Sub-Licensee confirms its undertakings to Yissum.

 

(f)          For
the avoidance of any doubt it is hereby declared that under no circumstance whatsoever shall a Sub-Licensee be entitled to grant
the Sub-License or any part thereof to any third party.

 

Royalties and Reporting

 

7.          (a)          In
consideration for the grant of the License and in addition to the discounted royalties the Company shall pay Yissum Royalties in
accordance with the terms set out, specified and detailed in Appendix E attached hereto.

 

(b)          Thirty
days after the end of each calendar half year (January 1, June 31) commencing from the date of the first commercial sale of the
Product, the Company shall furnish Yissum with a half report (herein “Periodic Report”) detailing the total sales effected
during the Reporting Period and the total Royalties due to Yissum in respect of that period.

 

(c)          The
Periodic Reports shall contain full particulars of all sales made by the Company and/or Sub-Licensees and all of the proceeds obtained
by the Company in respect of granting Sub-Licenses pursuant to section 6 above, including sales broken down according to countries,
a breakdown of the number of Products sold, discounts, returns, the currency in which the sales were made, invoice date and all
other relevant information enabling the Royalties. The Periodic Reports shall also specify any Net Sale to a Related Company and
shall set forth full details thereof.

 

(d)          On
the date prescribed for the submission of each Periodic Report, the Company shall pay the Royalties due to Yissum in accordance
with the Periodic Report. The value of each sale shall be computed on the date of sale in US Dollars. The Royalties shall be computed
and paid in US dollars. Payment of Value Added Tax (if charged, but not including VAT) shall be added to each payment in accordance
with the statutory rate in force at such time.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF
THE REDACTED LANGUAGE.

 

In event that the Company
is prohibited under applicable foreign currency laws to transact in US Dollars, payment shall be made in New Israeli shekels according
to the representative rate of exchange prevailing on the date of payment.

 

(e)          The
Company shall keep full and correct books of accounts in accordance with General Accepted Accounting Procedures as required by
International Accounting Standards enabling the Royalties and Sub-License considerations to be calculated. The Company shall procure
that Sub-Licensees, if any, also keep such books of accounts as aforesaid. The Company shall submit to Yissum a report authorized
by a certified public accountant containing all the particulars mentioned in subsection (d) above in respect of each Periodic Report
detailing the Royalties and Sub-License consideration due to it in respect of the period covered by the Periodic Report. An annual
report, authorized by a certified public accountant, shall be submitted at the end of each year, the first year for the purposes
of this section commencing on the date the first commercial sale is made, or the date a Sub-License is granted, whichever occurs
first.

 

(f)          Any
sum of money due to Yissum which is not duly paid shall bear interest from the due date of payment until the actual date of payment
at the maximum rate of interest for the time-being prevailing in respect of unauthorized withdrawals on a credit line at Bank Leumi
Le-Israel Ltd. All payments required to be made in accordance with the provisions of this Agreement shall be free and clear of
any taxes or withholding of any kind.

 

(g)          The
provisions of this section are fundamental terms of the Agreement and the breach thereof shall constitute a fundamental breach
of the Agreement.

 

Development and Commercialization

 

8.              (a)          The
Company undertakes, at its own expense, to carry out the development and manufacturing work necessary to develop the Product in
accordance with the written plan and timetable for the development of the Product, a copy of which is attached hereto as Appendix
“F” ( herein “Development Plan”).

 

(b)          The
Company shall provide Yissum with bi-annual reports which shall detail the Development Results and other related work effected
by the Company or by any Sub-Licensee during the six months prior to the report. Such report shall also set forth a general assessment
regarding the completion date of the development of the Product and the marketing thereof and detail all proposed changes to the
Development Plan.

 

(c)          The
Company shall give Yissum written notice of the first commercial sale of the Product by itself or by any Sub-Licensee within 30
days thereof.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE
OF THE REDACTED LANGUAGE.

 

(d)          Upon
completion of the development, as specified in the Development Plan the Company undertakes to perform all actions necessary to
maximize Net Sales on a regular and consistent basis.

 

Ownership

 

9.          All
rights in the Know-How, the Research, and the Research Results shall be solely owned by Yissum, and the Company shall hold the
rights granted pursuant to the License and make use of them solely in accordance with the terms of this Agreement.

 

Patents

 

10.         (a)          In
accordance to the above mentioned, during the term of the license all rights of the Know-How will be transferred and belong to
the company, although the applications and registration will be in the name of Yissum.

 

(b)          The
company shall proceed in registering a patent in the territory at its solely discretion. The applications and registration will
be in the name of Yissum at the company's expense. The Company shall consult with Yissum relating to the manner of making applications
and registering the patents, including the time of making the applications, the countries where applications will be made and all
other particulars relating to patent registration as aforesaid.

 

(c)          Each
application and every patent to be registered as aforesaid shall be made and registered on behalf and in the name of Yissum and
at the Company's expense.

 

(d)          The
foregoing constitutes no obligation on the part of Yissum or the Company that patent or patent registration applications will indeed
be made and/or registered and/or registrable in respect of the Know-how and/or the Product and/or any part thereof, nor shall such
constitute an obligation on the part of Yissum or the Company that a patent registered as aforesaid will afford due protection.

 

For the avoidance
of doubt, it is hereby expressed that the provisions of this Agreement or of Appendix “B” do not constitute
confirmation and/or representation by Yissum in connection with the validity and/or applicability of any of the patents and/or
patent registration applications detailed in Appendix “B”, and Yissum expresses that it made no examination as to the
validity of the patents and/or patent applications as aforesaid before they were submitted for registration.

 

(e)          The
parties shall assist each other in all respects relating to the preparation of documents for the registration of a patent or any
patent-related right forthwith upon the other's request.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE
OF THE REDACTED LANGUAGE.

 

(f)          The
Company undertakes to act forthwith at its own expense to provide protection against a third party's infringement of the Know-how
and/or the Product and/or any other right therein and forthwith to advise Yissum upon learning of the infringement The Company
shall give Yissum notice of any approach with respect to infringement made to it by a patent examiner and/or attorney in connection
with the subject matter of this Agreement. It is agreed that the Company shall reply to such approaches with respect to infringement
after consultation with Yissum.

 

(g)          The
Company shall use its reasonable best efforts at its own expense to defend any action, claim or demand made by any entity in connection
with rights in the Know-how, or the Product which, if uncontested, would otherwise materially and adversely affect the Company's
rights to use such Know-how, Product or Information; the Company shall give notice to Yissum upon learning of any such action,
claim or demand as aforesaid.

 

Confidentiality

 

11.         (a)          The
Company, Yissum and the University warrant and undertake that during the term of this Agreement and subsequent thereto, they shall
maintain full and absolute confidentiality and shall also be liable for the employees and/or representatives and/or persons acting
on their behalf maintaining absolute confidentiality concerning inter alia, all information, details and data which is in and/or
comes to their knowledge and/or that of its employees, representatives and/or any person acting on their behalf directly or indirectly
relating to the Research, the Know-How, the Research Results, Yissum, the University, the Researchers and their employees. The
Company, Yissum and the University undertake not to convey or disclose anything in connection with the aforegoing to any entity.

 

(b)          The
obligation contained in this section shall not apply to information which is in the public domain as at the date hereof or to information
which hereafter comes into the public domain, unless the Company breaches its obligations pursuant to this Agreement as a result
thereof the information comes into the public domain.

 

(c)          Notwithstanding
section 11(a) the Company may disclose details and information to its employees and Sub-Licensees, as necessary for the performance
of its obligations pursuant to this Agreement, provided that it procures that its employees and Sub-Licensees execute a confidentiality
agreement in the form annex hereto as Appendix “G”.

 

(d)          Without
prejudice to the aforegoing, the Company shall not mention the University's and/or Yissum's name, unless required by law, in any
manner or for any purpose in connection with this Agreement, the subject of the Research or any matter relating to the Research
Results or the Know-How, without obtaining Yissum's prior written consent.

 

Append. “G”

 

(e)          Yissum
shall procure that its Researchers, employees and/or any other person connected with it with regard to the License execute the
confidentiality agreement in the form annexed hereto as Appendix “G”.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE
OF THE REDACTED LANGUAGE.

 

(f)          As
a precondition to any Sub-License, the Company shall ensure that the Sub-Licensee procure that the employees and persons engaged
thereby execute a confidentiality agreement in the form annexed hereto as Appendix “G”.

 

(g)          The
breach of this section, by any person or entity other than Yissum, the University or the Company shall not be deemed a breach of
the Agreement, if Yissum, the University or the Company prove that they took all reasonable steps to avoid the breach.

 

(h)          The
end or termination of this Agreement shall not release the parties from their obligations pursuant to this section.

 

(i)          The
provisions of this section shall be subject to permitted publications pursuant to section 12 herein.

 

Publications

 

12.        (a)          There
will be no publications of the Know - How as long as a patent application has been filed.

 

(b)          Yissum
shall ensure that no publications in writing, in scientific journals or orally at scientific conventions relating to the Development
Plan, the Development Results, the Know-How and the Research Results which are subject to the terms and conditions of this Agreement
are published by it or its Researchers.

 

(c)          Notwithstanding
as provided in sub-section (a) above, Yissum may publish, or allow the Researcher to publish, the Research Results, and anything
relating to the application of the Know-How, the Research, and the Research Results, provided that it obtains the Company's consent.
The Company undertakes to reply to such an application by Yissum within 30 days of receiving the application. The Company may only
decline such an application upon reasonable grounds which shall be fully detailed in writing.

 

(d)          Should
the Company decide not to allow publication as provided in sub-section (b) above for reasons which in Yissum's opinion are unreasonable,
publication shall be postponed for a period of not more than 3 months to enable for the registration of patents.

 

(e)          The
Company hereby undertakes not to publish any information relating to the Research Results, the Know-How, the Product, and/or the
Development Results thereof without obtaining Yissum's prior written consent to the publication and the manner of making such publication.
Yissum shall not withhold its consent as aforesaid without reasonable grounds.

 

(f)          The
provisions of this section shall not prejudice any other right which the parties have pursuant to this Agreement and at law.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE
OF THE REDACTED LANGUAGE.

 

Master and Servant Relationship

 

13.         It
is hereby agreed and declared between the parties that they shall act in all respects relating to this Agreement as an independent
contractor and there neither is nor shall be any master and servant or principal and agent relationship and/or partnership in the
relationship between the Company and/or any of its employees and Yissum.

 

Liability and Indemnity

 

14.         (a)          Yissum
expressly disclaims any and all implied or express warranties and makes no express or implied warranties of merchantability or
fitness for any particular purpose of the Know-how, the Research and/or the Research Results contemplated by this Agreement.

 

(b)          Any
party shall be liable for any loss, injury and/or damage whatsoever caused to its employees and/or any person acting on its behalf.

 

(c)          During
the Development and Research Period the Company shall procure and maintain comprehensive general liability insurance. Beginning
at the time as any Product shall be commercially distributed or sold by the Company or by a Sub-Licensee, the Company shall procure
and maintain comprehensive general liability insurance. The minimum amounts of insurance coverage required shall not be construed
to create a limit of the Company's liability with respect to its indemnification under this Agreement.

 

Such comprehensive general liability
insurance shall provide:

 

(i)          Product
liability coverage,

 

(ii)         Contractual
liability coverage for the Company's indemnification under this Agreement and in particular as stated in sub-section (b) and

 

(iii)        Name
Yissum as an additional insured.

 

All required insurance will be at the Company's sole cost and expense.

 

(d)          The
Company shall maintain comprehensive general liability insurance beyond the expiration or termination of this Agreement during
the period that a Product relating to and/or developed pursuant to this Agreement is being commercially distributed or sold by
the Company and/or Sub-Licensee, unless the Sub-Licensee undertake to maintain that liabilities insurance.

 

Termination of the Agreement

 

15.         (a)          Without
prejudice to the party's rights at law or pursuant to this Agreement, any party may terminate this Agreement by notice given to
the other party in any of the following cases:

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE
OF THE REDACTED LANGUAGE.

 

(i)          If
a receiver or liquidator is appointed for a party and/or the party passes a resolution for voluntary winding up or a winding up
application is made against the party and not set aside within 180 days;

 

(ii)         There
shall be commenced against the party any case proceeding or other action seeking issuance of a warrant of attachment, execution,
distriaint or similar process against a material portion of the party' s assets which results in the entry of an order for any
such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 180 days from the entry thereof.

 

(b)          Without
prejudice to the party's rights pursuant to this Agreement or at law, any party shall be entitled to terminate the Agreement on
the winding up or bankruptcy of the other party or should the party commit a fundamental breach of the Agreement and not remedy
the breach within 30 days of receiving notice of the breach.

 

(c)          Should
the Researcher fail to attain any milestone which will be done during the second and the third year, then the Company shall be
entitled to terminate this Agreement within 60 days from a written notice by the Company.

 

(d)          Upon
termination of this Agreement and termination of the License, or upon this Agreement ending for any reason, the License and other
rights granted to the Company shall revert to Yissum, as long as the reason for Termination was not a breach of this Agreement
made by Yissum. The Company shall return to Yissum, within 14 days of termination, all the materials relating to the Research and/or
Know-How and/or Research Results and/or Development Results and/or Product connected with the License, and it may not make any
further use thereof. In case of termination as set out herein, the Company will not be entitled to any reimbursement of any amount
paid to Yissum in terms of this Agreement, as long as the reason for Termination was not a breach of this Agreement made by Yissum.

 

(e)          Notwithstanding
as aforesaid, the end or termination of this Agreement shall not release the Company or Yissum from the performance of any obligation
which it was liable to perform prior to the Agreement's end or termination.

 

Law

 

16.         The
provisions of this Agreement and everything concerning the relationship between the parties in accordance with this Agreement shall
be governed by Israeli law and jurisdiction shall be granted only to the appropriate court in Tel-Aviv.

 

Miscellaneous

 

17.         (a)          The
parties may transfer and/or assign and/or endorse their rights and/or duties and/or any of them pursuant to this Agreement to another,
provided, however, that each party will receive the other party's consent, in advance. Yissum shall not withhold its consent, without
giving reasonable grounds.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE
OF THE REDACTED LANGUAGE.

 

(b)          The
failure or delay of a party to the Agreement to claim the performance of an obligation of the other party shall not be deemed a
waiver of the performance of such obligation.

 

(c)          All
payments to be effected in accordance with the terms of this Agreement shall be linked to the Israeli Consumer Price Index, and
the month of the signing of this Agreement shall serve as the base for all calculations.

 

(d)          Each
party shall bear its own legal expenses involved in the making of this Agreement.

 

(e)          The
headings to the sections in this agreement are for the sake of convenience only and shall not serve in the Agreement's interpretation.

 

(f)           This Agreement
constitutes a full and complete Agreement between the parties and may only be amended by a document signed by both parties.

 

(g)          The
Company does not have any existing agreement and/or arrangement of any kind with tnn Researcher and or any representative thereof.

 

(h)          The
appendixes annexed hereto constitute an integral part hereof and shall be read jointly with its terms and provisions.

 

Notices

 

18.         All
notices and communications pursuant to this Agreement shall be made in writing and sent by registered mail to or served at the
following addresses:

 

	 	Yissum Research Development Company
	 	of the Hebrew University of Jerusalem, 
	 	POB 4279
	 	Jerusalem 91042

 

	The Company -	 	 

 

or such other address furnished in writing
by one party to the other. Any notice sent as aforesaid shall be deemed to have been received seven days after being posted by
registered mail.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF
THE REDACTED LANGUAGE.

 

	YISSUM	 	THE COMPANY	 
	 	 	 	 
	By:	/s/ Perlmutter Mordehai	 	/s/ Zvi Joseph	 
	Name:	Perlmutter Mordehai	 	Zvi Joseph	 
	Title:	Managing Director and CEO	 	 	 
	Date:	June 7, 2000	 	 	 

 

	/s/ M. Friedman	 
	Prof. M. Friedman 	 

 

    	 

    	 

    

 

NOTE:
PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE
COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED
WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

Appendix A

 

February 2000

 

Development
of technology to expand the therapeutic potential of drugs having a narrow absorption window by means of biodegradable systems
retained in the stomach.

 

Research
infrastructure proposal for the development of innovative technology within “Strategic Reserve” 2000 framework.

 

Submitting:

 

Head of
Research:

Prof. Michael
Friedman

Department of pharmaceutics

School of Pharmacy, the Hebrew
University

PO box 12065 Jerusalem 91120.

Phone: 02-5758664, Fax: 02-6757246

 

Dr. Amnon
Hoffman – Director of Clinical Pharmacy and Pharmaceutics, School of Pharmacy, Faculty of medicine, the
Hebrew University, Jerusalem.

 

Dr. Eran
Lavy - Specialist in clinical medicine of domestic animals, Specialist Veterinary Pharmacology, the Hebrew University
Koret School of Veterinary Medicine,

Rishon Le'Zion.

 

Prof. Joseph
Zimmermann - specialist in Gastroenterology, Unit of Gastroenterology,

Department of internal medicine, Hadassah Medical Center, Ein Kerem, Jerusalem.

 

Prof. Evgeny
Libson - specialist in Radiology, Department of Radiology, Hadassah Medical Center, Ein Kerem, Jerusalem.

 

    	 

    	 

    

 

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SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

Part II: Abstract

 

Objectives: The objective of the study is to develop
a pharmaceutical gastroretentive system (with a prolonged retention property in the stomach) that will expand the therapeutic potential
of a wide variety of drugs with ineffective absorption from the gastrointestinal system, and that are characterized by a narrow
absorption window.

These drugs are divided into two types:

 

		A.	Drugs from various pharmacological families, clinically
used, which bioavailability cannot be improved and duration of action cannot be prolonged using the existing pharmacological technology.

 

		B.	Drugs that demonstrate biological activity in laboratory
tests but their development was ceased due to low bioavailability by oral administration and a relatively short half-life.

 

In order to achieve this purpose, several
secondary goals were defined:

 

		1.	Development of an in- vitro gastroretentive system based
on multilayer polymeric films and the investigation of the structure, the physical properties and the production processes of
the system in order to control its physical parameters.

 

		2.	Demonstrating the gastroretentivity of the pharmaceutical
system developed in dog model.

 

		3.	Demonstrating controlled release and enhanced absorption
of drugs from this system using a dog model.

 

		4.	Testing the gastroretentivity of the system in humans.

 

		5.	Demonstrating controlled release and enhanced absorption
of the drugs from this system in humans.

 

Methodology:

 

Execution of section (1) - creating different
polymeric layers in controlled production conditions and investigating their physical properties using appropriate methods.

 

Execution of section (2) – monitoring
the transition kinetics of the gastroretentive system marked with contrast medium along the intestinal tract of a dog, using x-rays
at appropriate intervals in relation to appropriate control systems.

 

Execution of sections (3) and (5) will
be carried out using pharmacokinetic monitoring of model drugs (such as Riboflavin, Atenolol, Furosemide) after oral administration
of the gastroretentive composition, compared to a sustained release and immediate release conventional tablet.

 

Execution of section (4) - monitoring the
transition kinetics of the gastroretentive system in humans gastrointestinal system using a radiological method and γ-scintigraphy
method.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST
BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

Scientific contribution of the study:

 

The use of important drugs of different pharmacological
groups is limited due to their absorption properties from the gastrointestinal tract after oral administration.

In many cases the drug companies rule out,
as of the initial research stages, drugs that are characterized by oral low bioavailability and short biological half-life that
require frequent administrations.

 

The proposed project engages in the development
of a technology to resolve the problem of drugs characterized by a narrow absorption window in the duodenum and proximal small
intestine in which active absorption is possible.

In order to enable the optimal use of these
drugs, a pharmaceutical system will be developed which, after oral administration, will be retained in the stomach and will release
the drug in a controlled and slow manner thus providing the drug to the absorption sites of the intestine in slow perfusion, causing
both to increase the degree of absorption and prolonging the duration of the absorption. Such pharmaceutical solution has numerous
Pharmacokinetic (PK) and pharmacodynamic (PD) advantages.

 

So far, many efforts have been invested
in the academia and the pharmaceutical industry in the development of such technology. Although none of the approaches that have
been tested so far succeeded to solve the problem, extensive knowledge has been accumulated on the subject. This work is based
on (1) the conclusions drawn from the approaches investigated so far, while combining the advantages learnt from past experience,
to achieve an efficient gastroretentive system. (2) The results of the preliminary research conducted so far in our laboratories,
essentials of which are protected in patent applications filed recently in Israel and in the United States.

 

Economic and social contribution
of the research

 

The technology that will be developed,
constitutes a non-specific “platform” that will enable to enhance the pharmacotherapeutic effectiveness of a wide range
of drugs, some of which would not have reached the clinical phases of development, and therefore constitutes a very low investment
in relation to the therapeutic efficacy that will be contributed, by its merit, to the health care system.

 

The proposed technology will lead to the
reduction of side effects, improve compliance to drug therapy, reduce hospitalization time, expand the therapeutic potential and
other ancillary advantages. These advantages amount to substantial financial savings to the health care system.

 

Keywords:

 

Controlled release; sustained release;
gastric retention; gastroretentive; narrow absorption window; drug delivery system; bioavailability; drug therapy; delayed action
preparation; local gastro-deudenum disease;

 

Part
III: A detailed description of the research program

 

Research topic:

 

The research topic is the development of
a technology that will enable the delivery and controlled release of a wide variety of drugs (without limitation of their physicochemical
properties) in the stomach.

 

    	 

    	 

    

 

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SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

Such technology will constitute a significant
improvement both in quality and in the cost of drug therapy in a wide variety of treatments.

 

The use of important drugs, of different
pharmacological groups, is limited due to their absorption properties from the gastrointestinal system after oral administration
(1). These drugs are characterized by a narrow absorption window in the duodenum and the proximal part of the small intestine (the
jejunum), in which an active absorption is enabled through specific carriers in the intestine wall (2).

 

To allow optimal use of these drugs, there
is a need to create a pharmaceutical system, which, after oral administration, will be retained in the stomach and release the
drug in a slow and controlled manner, thus the drug will be delivered by slow perfusion to the intestine's absorption sites and
lead to the optimization of the absorption (3).

 

It is known that such pharmaceutical solution
has numerous Pharmacokinetic and pharmacodynamic advantages.

For example, lack of efficiency in the treatment
of a wide range of drugs is manifested by a partial absorption which requires administrating high doses of the medication or an
invasive delivery (booster shot or perfusion).

On the other hand, in the case of rapid absorption,
a sharp increase of drug concentrations in the body may cause toxic effects.

Due to the relatively short time period
in which the drug is present in the “absorption window” zone, it is impossible to engage the known technologies to
the advantage of these medications for controlled release drug delivery, which occurs primarily in the colon.

 

The limitations in the use of these drugs
are causing medical damages to the patient and indirectly generate high costs to the health system.

 

The retention of the drug in the pharmaceutical
dosage form in the stomach enables the prolongation of the drug's perfusion duration from the stomach to the intestine.

 

This condition improves the absorption efficiency
of drugs which have active absorption, and is carried out by specific endogenous carriers in the small intestine.

Increasing the efficiency of absorption will
reduce the dosing frequency thus improving the patient compliance to drug therapy. Furthermore, this will reduce the gastro-intestinal
side effects resulting from the decrease of the non-absorbable drug that remains in the intestinal tract.

The slow release of the drug from the retentive
system will lead to the decrease of the maximal drug concentration (Cmax).

This reduction is manifested in the decrease
of toxic side effects which intensity is directly dependent of drug concentration (Concentration dependent).

Additionally, many medications that demonstrate
biological activity in laboratory tests fail to reach the development phase due to pharmaceutical reasons (4).

 

Examples of cessation of drug development
due to pharmaceutical reasons are: physical instability, short half-life, low bioavailability after oral administration or lack
of an appropriate pharmaceutical technology that will enable the prolongation of the biological activity (for local treatment as
well).

 

The technology of gastroretenrive dosage
form (hereinafter GRDF) that will be developed within the framework of this work, will enable the improvement of bioavailability,
reduce the frequency of delivery and will prolong the biological activity (for local treatment as well) of various clinically used
drugs and of drugs which development was ceased due to lack of an appropriate gastroretentive technology.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST
BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED
LANGUAGE.

 

Examples of drugs relevant to the
new technology are:

 

		·	Ionic drugs, such as lithium for the treatment of various mental disorders, mainly Bipolar Disorder.

		·	Antibiotics drugs of ß-lactam family such as amoxycillin and cephalosporines for the treatment
of various Infections.

		·	Anti-viral drugs — for instance, important drugs for the treatment of HIV/ AIDS such as Zidovudine
(AZT), Didanosine as well as drugs for the treatment of Herpes-simplex (valacyclovir, acyclovir).

		·	The key drug for the treatment of Parkinson disease - Levodopa.

		·	Various vitamins such as Riboflavin and vitamin E.

		·	Drugs from different families for the treatment of hypertension, including diuretics such as furosemide.

		·	A drug from the beta blockers family, Atenolol, and drugs from the family of ACE enzyme blockers
(such as captopril, enalapril), which molecular structure is peptidomimetic.

		·	Methotrexate - an important antineoplastic drug which is also used, through oral administration,
to treat autoimmune diseases such as rheumatoid arthritis and psoriasis.

 

Some examples of absorption problems
of drugs with a narrow absorption window:

 

		1.	Acyclovir is the main drug used for the treatment
of herpes-type viruses and varicella-zoster virus. Structurally, the drug is a synthetic derivative of nucleic acid guanine and
therefore it is absorbed through a carrier of nucleic acids located in the wall of the small intestine.

The bioavailability of the drug
is 15% - 30% and its half-life is 2.4 hours (5).

These data and the drug's pharmacodynamics
(that requires a constant presence of the therapeutic concentration of the drug in the blood), result in the fact that the patient
needs to swallow the drug 5 times a day.

 

		2.	Levodopa is the key drug for the treatment of
Parkinson's disease. By its structure it is an amino acid (3, 4 Dihydroxy-phenylalanine) and therefore it is absorbed in an active
absorption mechanism from the duodenum and from the small intestine, through a carrier of large neutral amino acids (6). The Pharmacodynamic
profile of the drug demonstrates clearly that the decrease of the drug's concentration in the blood below a certain threshold
causes an abrupt halt in the drug activity.

This fact accentuates the necessity
of a steady and controlled delivery of the drug into the body. For this reason, a sustained release system has been developed in
the past for Levodopa. The sustained release composition that was developed, regardless of its advantages compared to conventional
tablets which release the drug immediately, still requires a 4 times a day delivery, when patients that have a clear short-term
reaction phenomenon of the drug (wearing-off) need to use the sustained released composition at a frequency of less than 4 hours
(7).

In comparison with the sustained
release composition, an invasive clinical treatment directly perfused into the duodenum with a catheter, marked a spectacular success
(8).

The prevention of sharp fluctuations
of levodopa concentrations in the blood which are achieved in this manner, leads to the increase of the drug's efficacy for critically
ill patients, the decrease of various side effects of the drug, (for example, early morning dystomia, peak dose dyskinesia) and
mainly lead to the decrease of wearing off situations which are characteristic to the inefficient absorption of this drug.

 

    	 

    	 

    

 

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		3.	Atenolol is
                                         a selectively antagonistic drug to ß1 adrenergic receptor, devoid of
                                         intrinsic sympathetic activity. The drug is used for the treatment of hypertension, angina
                                         pectoris, angina and tachycardia. The treatment with atenolol in these situations is
                                         chronic and usually lifelong. The Activity of the drug is very similar to that of metoprolol
                                         both in terms of desired activities and side effects. Findings suggest that both drugs,
                                         in high concentrations, lose their selective effects on the activity on receptor ß1, and another activity is also generated on receptors ß2 entailing
                                         side effects such as a depressing effect on the respiratory system, aggravation of peripheral
                                         vascular disease and aggravation of diabetes conditions (9).

Over ten years ago, a sustained
release composition of metoprolol was developed.

It has been established that
by administrating the drug in a controlled release delivery, effective drug concentration were achieved throughout the day without
high peak concentrations (Cmax) which are responsible for the effects.

 

It is worth noting that since
the introduction of this metoprolol composition in the market, its advantages in terms of effect selectivity and improvement of
patient compliance caused that the immediate release composition of this drug is no longer used. The analogy to the case of Atenolol
is obvious. The only limitation in this analogy is due to the various properties of this molecule which is more polar

Pka = 9.6, with an Octanol/water
distribution coefficients logD = -1.8.

The absorption of atenolol is
therefore limited to active absorption processes occurring in the proximal small intestine and only a minimal absorption in the
colon (10).

 

In reference to the above, it is understood
that, for this type of drugs, it is not possible to design a sustained release composition based on the existing technologies,
for the reason that this composition, after oral delivery, will traverse within a matter of a few hours (4 to 6h) the active absorption
sites and reach the colon where an absorption of these drugs to the systemic circulation will not occur, whatsoever.

 

It is noteworthy that the drugs mentioned
above as examples of medical substances appropriate for transport by GRDF, are known and present for quite a while.

Every year, the pharmaceutical companies
around the world synthesize thousands of new molecules which are investigated as potential medications. Often, such medications,
do not reach clinical applicability due to their absorption limitations by oral administration.

A gastroretentive delivery system will
be appropriate to a wide variety of such medications which are in a development process or will be developed in the future.

 

The principles of the proposed technology:

 

The new technology under development is
a dosage form of two geometric shapes. The first is easy to swallow when folded and stored inside a gelatin capsule and the other
is obtained in the stomach after the dissolution of the gelatin capsule. The dosage form is of considerable dimensions as well
as of significant mechanical strength so as to prevent a rapid transition from the stomach forward to the gastrointestinal system.

As a matter of fact, the technology under
development is the first one to combine all of the following elements:

 

    	 

    	 

    

 

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		1.	Easy swallowing of the GRDF.

		2.	Geometry and dimensions proven to be gastroretentive
in humans.

		3.	Considerable mechanical strength that ensures the retention
of the GRDF's geometric in the stomach and prevents its rapid decrease to the dimensions of a conventional dosage form. Without
the assurance of the mechanical strength, the dimensions of the composition are meaningless, since the mechanical force exerted
by the stomach leads to the rapid decrease of the dosage form and enables its fast evacuation from the stomach.

		4.	Degradability of the GRDF through a dissolution and/or
disintegration mechanism.

		5.	The GRDF consists of polymers approved for use in humans.

		6.	The GRDF contains components that enable its rapid disintegration,
when necessary, by the alkalization of the stomach; which ensure an especially high safety profile for this system.

 

The technology is based on the results of the preliminary study
conducted so far in our laboratories. The specifications of the GRDF “prototype” under development appear in the preliminary
results section.

 

Scientific and technological
background:

 

Numerous resources have been invested in recent decades, in
the academia and in the pharmaceutical industry for the development of complex dosage forms from which the active substance is
released in a steady and gradual manner in relation to conventional dosage forms. These sustained release dosage forms can be used
for local or systemic treatment and have the following advantages (11):

 

		1.	Reduction of dose frequency.

		2.	Decrease of the drug levels fluctuations in the blood.

		3.	Improving patient compliance.

		4.	Achieving a more uniform effect.

		5.	Diminution of side effects.

 

Nevertheless, the oral sustained release dosage forms, inclusive
of all their different types, do not constitute a solution for (1) drugs with a narrow absorption window which are only permeated
in the small intestine and duodenum; (2) when there is the need to generate a prolonged local activity of drugs on the wall of
the stomach or duodenum, as in the case of ulcer (12).

Many drugs are absorbed mainly in the small intestine due to
the fact that the surface available for absorption in the small intestine is enormous (approx.463 m2, about the surface
of a basketball court) (3), but they are not absorbed from the colon.

 

Using a slow release dosage form of these drugs will cause that
a small amount of the drug will be available for absorption in the parts where the absorption is efficient. On the other hand,
the release of the drug from the composition will actually aim the areas where it has less absorption. The optimal formulation
for such drugs is one that will be sustained in the stomach and release the active substance from there in a slow and controlled
manner. Retention in the stomach will lead to a slow “perfusion” of the drug from the stomach to its absorption sites
and thus enhance the absorption efficiency.

 

Already some 25 years ago, G. Levy demonstrated that a the prolongation
of the retention duration of a drug in the stomach could lead to its enhanced bioavailability (13).

In an experiment he conducted, he found a direct link between
the bioavailability of riboflavin and the gastric emptying rate.

 

    	 

    	 

    

 

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The experiment showed that the biological availability of riboflavin
is enhanced if taken with Coke versus diet Coke, whereas with diet Coke, the availability is high compared to administrating the
drug with water. The reason for this phenomenon is that the sugar and the phosphoric acid in the Coke prolong the retention of
the riboflavin in the stomach and since its absorption window is mainly in the small intestine, its bioavailability increases.

Similarly, with diet Coke, the phosphoric acid causes a prolonged
retention of the drug in the stomach, but to a lesser extent in comparison with Coke, because it does not contain sugar.

Figure 1 shows the results of the experiment:

 

 

Figure
1. Effect of soft drinks on the bioavailability of Riboflavin in a health adult human subject. plotted are the excretion
rates of Riboflavin as a function of time after oral administration of 41 mg. Riboflavin-5-phosphate in 450 ml water, (
   ), sugar-free ·            coke
(    ) and regular cola(    ).
               o

 

(Figure 1 shows the absorbed quantity
according to the urinary excretion rate).

 

In light of these findings and in an effort to enable a local
treatment for problems in the stomach and the duodenum, numerous and diverse efforts were invested during a long period of time,
both in academia and in the pharmaceutical industry, in the development of appropriate technology for effective GRDF. The many
efforts invested to date (14-18) were unsuccessful; therefore nowadays there is not a technological solution in the world for this
pharmaceutical problem.

 

    	 

    	 

    

 

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There are several reasons that led to the failures of the technological
developments made thus far. The main reason is the natural physiology of the stomach and the gastrointestestinal system in which,
in a state of fasting, there are regular and cyclical peristaltic waves which one of their purposes is to expel residues which
were not digested in the fed state from the stomach further to the gastrointestinal tract. Thus, these strong peristaltic waves
include a sequence of powerful contractions called housekeeper wave that lasts approximately 5-15 minutes and results in the expulsion
of those residues. This wave can also expel from the stomach a pharmaceutical composition (or a part of it).

For this reason, conventional pharmaceutical dosage forms do
not stay in the stomach in a fasting state beyond two hours. On the other hand, large dosage forms and objects are propelled from
the pylorus and the distal antrum to the proximal antrum.

 

Other reasons for failing in developing this technology stem
from the complexity of the emptying process of the stomach which is affected by the pylorus diameter , effects of food and food
composition, concomitance of other drugs, smoking, posture of the body (upright or supine positions of the patient), mental state
of the patient, physical activity, different disease states and pregnancy .

 

The extensive knowledge accumulated in the development and the
assessment processes of the various GRDF technologies, allowed us to draw conclusions and to incorporate the physical and geometrical
parameters found so far as important in determining the duration of the retention of the GRDF in the stomach, in a synergistic
manner that will overcome the physiological emptying processes. These principles were incorporated in the compositions that are
listed in the patent applications recently filed in Israel (19) and in the United States (20).

 

The main technologies developed so far
for the purpose of retaining controlled release compositions in the stomach, were (12, 21):

 

		·	Use of transit inhibitors substances. These include auxiliary fatty materials in a formulation such as triethanolamine myristate.
Fatty carrier and especially fatty acids, reduce the motility of the stomach and the intrinsic rate of the gastric evacuation.
Preliminary experiments on animals have shown a problem of considerable interindividual variance. Another suggested approach was
to use anticholinergic drugs (such as Propentelin) that inhibit the transition rate from the stomach to the small intestine by
the suppression of the motility of the gastrointestinal system. Such an approach is not desirable due to possible side effects
that are added to the medical treatment.

 

		·	Bioadhesion (adhesion of the pharmaceutical formulation to the wall of the stomach or intestine): so far there were no findings
of polymers with proven adherence properties to the mucosa, in a manner that could notably prolong the retention time of solid
dosage forms in the stomach of dogs or humans. Apparently, the reason for the failure derives from the rapid turnover rate (turnover)
of the epithelial cells and the mucus layer in the wall of the stomach and the typical motility in the stomach as well as the proteolytic
activity therein. It is well known that the turnover of the cells on the surface of the stomach, especially in fasting state, can
occur every few minutes up to several hours.

 

		·	Floating systems: systems that include polymeric matrices
with effervescent component (e.g. dry sodium bicarbonate) or matrices containing chambers of liquid that gasify at body temperature.
Matrices that contain bicarbonate, upon contact with the acid medium of gastric fluids, a carbon dioxide gas (C02) is liberated
and entrapped in the polymeric matrix. The decrease of the specific gravity should result in buoyancy. One of the reasons for
the failure of this approach was that the amount of fluids in the stomach, in a fasting state, is not sufficient for the buoyancy
of the dosage form and all the stomach's content empties within a few hours due to the physiological motility.

 

    	 

    	 

    

 

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		·	“Heavy” dosage forms: these dosage forms were based on the fact that the lower area of the stomach antrum is lower
than the “gatekeeper” area (the pylorus), thus the sinking to the bottom of the stomach could lead to a prolonged retention
of the dosage form in the stomach. Accordingly, there was an attempt to develop dosage forms with a specific gravity higher than
the specific gravity of the gastric fluids.

This approach failed and it was found in animal studies
that the retention time in the stomach was not longer compared to conventional pharmaceutical compositions.

 

		·	Dosage forms with variable geometry: In order to develop dosage forms that would be too large to pass from the stomach to the
duodenum, two configurations were developed. One small for easy swallowing and a second, larger, which is obtained immediately
upon arrival at the stomach. The second configuration should be too large to pass in an immediate manner from the stomach to the
intestine and should simultaneously dissolve or disintegrate to ensure its evacuation from the stomach. The initial developments
of these dosage forms were for veterinarian purposes (14). One of the obstacles in the development of such a system for humans
derives from the potential danger that such compositions delivered in multi unit dosage forms will remain in the stomach without
evacuating (22).

 

The development and assessments of various GRDFs were documented
in numerous patents (23-26) and in scientific literature (1, 12, and 21).

Following are some examples of patents filed in this field:

 

US Patent 5,651,985 (27) describes a system that consists
of a mixture of polyvinyl-lactams and polyacrylates which are characterized by a considerable swelling in the stomach.

 

US Patent 5,217,712 (28) describes a system that consists
of biodegradable, cross-linked, polyorthoesters that expands from their compressed state upon delivery. The acidic environment
of the stomach leads to the degradation of the polymers in the system and thus allows the evacuation of the system from the stomach.
The system is characterized by a considerable elasticity.

 

US Patent 4,434,153 (29) describes a system that consists
of polymeric layers generated from hydrogel that absorbs fluids from the stomach, swells and expands in the stomach. It also consists
of tiny particles dispersed throughout the polymeric matrix; these particles have a core containing a drug and fatty acid that
surrounds the core.

Of all the approaches that have been explored so far, it
was concluded that the important parameters for the retention in the stomach, are the geometric dimensions and spatial form
(2). A group of researchers from the pharmaceutical company MSD has reached the most advanced stages of developing a dosage
form, based on this principle, on human beings (30-32). However, these works focused on compositions of a physical size of
approximately 2 cm long dimension, which eventually did not lead to a successful retention in human stomach.

 

    	 

    	 

    

 

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Unlike the aforementioned technologies, the dosage form
being developed in our laboratories is based on dimensions which were proven in the literature as gastroretentive dimensions
for foreign objects. These gastroretentive data show that blunt objects with less than 5 cm length or less than 3 cm diameter
are evacuating from the stomach further to the gastrointestinal system and away from it without difficulty (33, 34).
Accordingly, the developed GDRF reaches, after its expansion in the stomach, such or larger dimensions in order to facilitate
retention in the stomach. In addition to geometric dimensions we found that the physical- mechanical properties of the
composition in terms of strength, elasticity and plasticity, have a synergistic effect which considerably increases the
probability of retention in the stomach, and this combination of properties is essential for achieving a breakthrough in the
development of the proposed technology.

Furthermore, contrary to the characteristics of foreign bodies
trapped in the stomach, the proposed dosage form undergoes a process of dissolution and/or disintegration which ensure its evacuation
from the stomach after the drug is released from it.

 

The suitability of the study
to the priority areas as published in Call for Proposals:

 

The study is infrastructural and innovative in the field of
pharmaceutics, and as will be described in the section on the expected benefits of the study, it has applicable feasibility and
a great economic potential. The study integrates several research groups contributing knowledge in the physical, pharmaceutical,
biological and medical aspects required to overcome the difficulties involved in the development of the innovative technology.

The proposed technology provides answers to the lack of a pharmaceutical
gastroretentive solution and the success of the project is expected to lead to economic success as a result of its implementation.

 

The expected benefits from
the research:

 

The proposed technology uses biodegradable polymers approved
for use in humans. The development costs are for the delivery system itself which will constitute a broad “platform”
suitable for a wide variety of drugs.

The investment, compared to the investment required for the
development of a new drug, is relatively modest. Since the polymers that comprise the product are approved for use in humans and
are relatively inexpensive, the long and expensive process of toxicological testing, customary in new drugs, is expected to be,
in this case, infinitely shorter and cheaper. This would lead to the possibility to sell the improved composition at the same cost
as the compositions available today and thus, seize a huge market share in a relatively short time by virtue of the therapeutic
advantages deriving from this new technology.

 

Since this is a technology that consists of a solution for a
wide variety of clinically used drugs, and it could lead to the applicability of many drugs which development is currently stopped
due to pharmaceutical considerations of lack of pharmaceutical technology for an appropriate delivery, the investment in its development
is highly worthwhile in relation to the potential market it would serve. The considerable efforts invested so far by giant companies
such as Roche, Alza, ALAN and Merck in the development of a similar technology, establish clearly that its target market is huge
and the economic potential is substantial.

 

In order to clarify the size of such market, presented below
are the global sales figures of a number of drugs which activities will be improved by the proposed technology:

 

		·	Global sales of amoxycillin (in AugmentinR
composition) are over 3 billion Dollars.

 

    	 

    	 

    

 

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		·	Global sales of all the orally administered beta-lactam class antibiotics market (which all have a “narrow absorption
window”) are 5 times larger in volume:

 

		·	Global sales of acyclovir are 1.9 billion dollars.

 

		·	Global sales of zidovudine (AZT) are 940 million dollars.

 

		·	Global sales of didanosine are 300 million dollars.

 

		·	Global sales of levodopa are 350 million dollars.

 

		·	Global sales of metformin are 1,160 million dollars.

 

		·	Global sales of captopril are 1,600 million dollars.

 

		·	Global sales of atenolol are 1,260 million dollars.

 

		·	Global sales of furosemide are 500 million dollars.

 

As evidently clear from these figures, the economic viability
of this project which allows the takeover of an important segment of the pharmaceutical market is enormous, given the large volume
of sales in this sector. In addition, improving the efficacy of drug treatment is of a crucial necessity for the health systems
in the face of the sharp increase in the costs of treatments and the lack of funds to cover these costs, in Israel and around the
world.

The technology to be developed consists of a non-specific “platform”
that will enable to enhance the drug therapy of a wide variety of drugs, and therefore constitutes a very low investment in relation
to the efficacy of treatment that will be enhanced, by its merit, to the health care system. The benefits of reducing side effects,
the increase in the compliance to drug therapy, reducing bacterial resistance, decreasing hospitalization time, expanding the therapeutic
potential and other ancillary benefits, all amount to substantial fmancial savings to the healthcare system and establish the necessity
of the proposed technology for caregivers organizations and bodies.

 

Detailed program of the study:

 

The specific objectives are:

 

		1.	The development of an in- vitro gastroretentive system
based on polymer layers and the investigation of the structure, physical characteristics and production processes of the system
in order to control its physical parameters.

 

		2.	Assessment of the gastroretentivity of the pharmaceutical
system developed in a dog model.

 

		3.	Demonstration of controlled release and enhanced absorption
of medications of this system using a dog model.

 

		4.	Characterization of the retention mechanism of the composition
in a dog stomach.

 

		5.	Examination of the gastroretentivity of the system in
humans.

 

		6.	Demonstration of controlled release and enhanced absorption
of this system in humans.

 

    	 

    	 

    

 

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Methodology: 

 

Execution of section (1) - using IR spectroscopy, DSC, SEM,
optical microscopy, UV spectroscopy, atomic absorption spectroscopy, goniometric method to characterize the contact angle on the
surface and measurement of mechanical properties.

The microscopic methods, IR spectroscopy and the calorimetric
method

(Differential Scanning Calorimetry, DSC) will provide information on the solubility of the polymer layers components into
each other. These methods will enable to track the changes in solubility after aging processes (rigidity of the polymeric matrix
during the shelf life of the composition) that the composition might be subjected to during its stay on the shelf. Measurement
of the mechanical properties (Yield strength, Young's modulus of elasticity) will be conducted by means of the stress-strain test
using the Instron testing machine. This method enables to plan a composition that has optimal mechanical properties. Furthermore,
the method allows the tracking of mechanical changes that the formulation undergoes after aging.

UV spectroscopy and atomic absorption spectroscopy will enable
the characterization of the release kinetics of different drugs (e.g. Riboflavin and lithium carbonate respectively) from the dosage
form. A Goniometric method for measuring the contact angle of the surface will allow an assessment of the hydrophobicity / hydrophilicity
of the surface, in order to prevent the adhesion of the composition to itself in In-vivo conditions during the wetting of the dosage
form by the stomach fluids.

Execution of section (2) - tracking the transition kinetics
of the gastroretentive system marked with contrast medium along the intestinal tract of a dog, using x-rays at predetermined and
appropriate intervals.

Each dog, at any point in time, will be photographed from two
different angles (ventral-dorsal and right lateral) for accurate identification of the anatomical location of the gastroretentive
system in the gastrointestinal system.

The marking of the system will be performed by the incorporation
of contrasting fibers into different areas of the composition, in a defined and penetrable manner that will allow determining,
aside from the anatomical position of the gastroretentive system, the extent of its physical entirety and the dimensions that it
occupies in the stomach.

From our point of view, The dog model constitutes a complementary
system for the investigation of the in- vitro technology and allows identifying which of the physical changes in the “prototype”
of the composition helps to improve the gastroretentive properties, the release and the degradability rate of the GRDF. Thus and
so, this model constitutes a crucial step toward the investigation this technology performances on humans.

 

Execution of sections (3) and (6) using a pharmacokinetic monitoring
of model drugs (such as Atenolol, Furosemide Riboflavin) after oral administration of the composition, in comparison with a sustained
release conventional tablet and an oral solution.

Measuring the model drugs concentrations in the blood will be
executed using a chromatographic method.

 

Execution of section (3) shall be in parallel to the use of
a radiological method as described in section (2) to track the anatomical location of the composition in the dog's intestinal tract
to ratify that the blood concentrations do correspond to the location of the composition , and will contribute to prove the concept
of improving the bioavailability of these drugs using the gastroretentive approach.

 

    	 

    	 

    

 

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Execution of section (4) will be carried out using Immunochemistry
methods which enable monitoring hormones that affect the motility of the intestinal tract, in order to demonstrate that a prolonged
retention of the composition in the stomach does not cause a change in these hormones' levels, meaning that it is in a mechanism
that combines physical size and mechanical properties only, and not due to the delay of the physiological peristalsis.

 

Execution of section (5), using a radiological method and y-scintigraphy
method considered as state of the art in tracking the progress of pharmaceutical dosage forms in the body after different deliveries
such as oral and pulmonary deliveries. The method requires the incorporation of Samarium Oxide ( Sm152) to the dosage
form, in a quantity of several milligrams only (according to the dimensions of the dosage form). The stable isotope turns into
a radioactive isotope (Sm153) by exposing the dosage form to neutrons bombardment. There is a need to verify that there
is no change in the physical properties of the dosage form after the neutrons bombardment. The intensity and timing of the bombardment
are planned so that when swallowing, each dosage form contains 1 MBq of Sm153 (35). The volunteers will swallow the
dosage form in a fasting state and will be photographed at appropriate intervals.

 

The radiological method will be used in preliminary
trials to track the transition kinetics of the GRDF in the intestinal tract. At a later stage, these findings will be
verified using they-scintigraphy method which enables a precise and detailed tracking of the dosage form. The
characterization with this method will be executed on the optimal formulation in humans. The high safety profile of the
y-Scintigraphy method and the monitoring quality on the dosage forms in the human body has become a state-of-the-art method
for monitoring pharmaceutical dosage forms in the human body. Israel has no knowledge of using this method in pharmaceutics.
The experiment will be carried out as a service work by Pharmaceutical Profiles Company in Nottingham, United Kingdom. This
company accumulated an extensive experience in this area, and is considered to be the leading company in the world for
pharmaceutical uses of Y-scintigraphy method.

 

Timetable of work execution:

 

 

    	 

    	 

    

 

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Legend 

 

Phase 1: Development and characterization of advanced
GRDF based on the in- vitro “prototype”. The analysis will include the use of methods described in the methodology
section.

Output: The improved developments will be tested on a
dog model (phase 2). The development will take place in parallel and based on the results obtained in steps 3-4 and will enable
the development of an optimal dosage form for trials in humans.

 

Phase 2: characterization of residence time in a dog
stomach of compositions with different geometrics, various dimensions and different mechanical properties which are made from different
components.

Output: the characterization of the link between
the abovementioned parameters and the extent of residence in the dog model stomach will facilitate selecting the preferred dosage
form for experiments in human subjects.

 

Phase 3: Incorporation of drugs into the GRDF and kinetic
characterization.

Output: the dosage form will release model drugs
in a controlled and sustained manner and the characterization of the parameters affecting the in-vitro release kinetics will allow
control on the drugs release kinetics from the dosage form in in-vivo conditions.

 

Phase 4: Pharmacokinetic characterization of the
GRDF in dogs.

Output: demonstrating that a gastroretentive dosage
forms allows obtaining a steady level of model drugs in the blood over time and an enhanced bioavailability in dogs.

 

    	 

    	 

    

 

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Phase 5: Characterization of the retention mechanism
of the composition in dogs.

Output: demonstrating that the composition does
not affect levels of hormones which affect the motility of the gastrointestinal system, and the retention mechanism does not include
changes in the cyclic peristalsis, but it is rather based on a combination of physical size and mechanical characteristics only.

 

Phase 6: Characterization of the GRDF gastroretentivity
in humans.

Output: demonstrating that the dosage form proved to
be gastroretentive in dog models is gastroretentive in humans as well.

 

Phase 7: Pharmacokinetic characterization of the
GRDF in humans.

Output: demonstrating that a gastroretentive dosage
forms allows obtaining a steady level of model drug in the blood over time and an enhanced bioavailability in humans.

 

Phase 8: Writing reports and articles based on
the results that will be achieved in the study.

Output: Publication of the articles in professional
journals of pharmaceutical sciences.

 

Methodology of the collaborative
research group:

 

The various research groups collaborating in this project are
working together for several years to achieve the research objectives of this project. It can be seen in the timetable how the
contributions of the different groups integrate together.

For example, the characterization of the parameters affecting
the release kinetic of drugs from the in vitro dosage form which is executed in phase 3, will enable controlling the parameters
affecting the release kinetic of in vivo dosage form set in phases 4 and 7. In this manner, the in vivo release kinetic will be
optimized.

Similarly , the physical characterization of different compositions
in phase 1 include also an assessment of the mechanical characterization, thus the results obtained in the mechanical characterization,
will allow to find a link between the mechanical properties and the extent of retention in the stomach as set in phases 2 and 6
for the optimization of the composition.

 

The study will be conducted in three centers: The pre-clinical
part will take place at the School of Veterinary Medicine in Rishon Le'Zion; the chemo-physical development at the laboratory of
Professor Friedman in the Department of pharmaceutics.

The pharmacokinetic assessment and clinical trials will be conducted
by Dr. Hoffman while the radiological research which will be conducted by Prof. Libson and the gastroenterology support that will
be provided by Prof. Zimmermann will be combined together and will take place at the faculty of medicine “Hadassah”
Ein Kerem.

 

The State of the art in the
world:

 

The accepted work method in the world for sustained oral administration
of drugs is the administration of sustained release conventional tablets. This objective can be achieved through several methods
(36), however, there is no application of these methods in a gastroretentive technology, as described.

 

    	 

    	 

    

 

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The Level of the research group in relation to the pertaining
global activity:

 

The Level of the research group on the field of sustained release
drugs both from conventional compositions and novel compositions, is extremely high. Various compositions designed by this research
group are clinically used on a daily basis, in Israel and throughout the world, after some of them were approved for use by eligible
health authorities including the FDA. as an example of the group's competency to develop a new technology to the level of industrial
production and clinical use, it is worth noting that Prof. Freedman, the head of the proposed research, has developed technologies
of the controlled release of drugs for the field of dentistry and for other drug treatments which are remarkably successful, among
them TheotrimR, Dilatram SRR, Perio-SensR (37), PeriochipR (38).

 

The research group has filed patent applications in the Israeli
(19) and American (20) patent authorities. The preliminary results obtained in the present study (as will be described below) ,
position the group at the forefront of gastroretentive dosage forms research.

Out of the large number of groups in the world working in the
field of sustained release drugs, some deal with the attempts to develop GRDF. Most of the current studies are based on principles
such as buoyancy of the dosage form over the stomach fluids (39, 40) with the purpose to overcome the obstacles of previous developments
which turned out to be problematic and did not yield the desired results.

 

As was also reported in a recently published summarizing article
(21), currently there is not any research group in the world that works on the development of GRDF based on the principles of technology
developed in our laboratories (which is based, as stated, on the combination of size, geometric shape and mechanical strength).

The dosage form that is being developed in our laboratories
relies on the findings of other groups as a basis for an improved development of GRDF.

 

The relative advantages of the research group:

 

1.  The group consists of academic scholars
highly experienced in developing novel, applicable pharmaceutical technologies as well as clinicians experienced in gastroenterological
aspects and in suitable imaging techniques.

 

2.  Extensive knowledge has been accumulated
during the research work of this team in recent years. The knowledge was accumulated after inferences and conclusions drawn from
findings of previous work conducted on the subject throughout the world.

Identifying the vulnerabilities of earlier technologies that
failed in achieving the goals, allows to avoid repeating the mistakes of the past and to address more promising concepts.

These relative advantages are the added value necessary for
the success of the project.

 

Preliminary results relevant
to the proposal:

 

The current phase of the project is the result of a research
effort that lasted about 3-4 Years and was funded by internal funds of the Hebrew University in Jerusalem. During this period,
different polymeric layers were developed which led to the formation of preliminary compositions that comply with the gastroretentive
requirements in a dog model.

 

    	 

    	 

    

 

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In a pharmacokinetic research with GRDF that was developed according
to the proposed technology, there was a demonstration of a prolonged and sustained release and enhanced absorption. The compositions
are based on polymers approved for human use by health authorities around the world.

 

Development of dosage forms and experiments on dogs.

 

Several dosage forms have been developed that demonstrated,
in experiments on dogs, as having retention properties in the stomach. Examples of dosage forms that retain in the stomach:

 

Dosage form A:

A schematic description of the dosage form is represented in
figure 2 on page 17.

The GRDF shape is rectangular and its dimensions in its expanded
form are 5 cm X 2.5 cm.

The dosage form consists of 3 layers whereas the two external
layers are identical (sandwich).

Both external layers (layers A in figure 2) are a system of
semi interpenetrating network type (SEMI-IPN). SEMI-IPN is a type of system consisting of two polymers, which only one of them
is cross linked (appears as a network).

These layers are composed of a mixture of glycerin as a softener
at a rate of 20%, enteric polymer (polymer soluble in a neutral medium of the intestine but not soluble in acidic medium of the
stomach is a type of methacrylic – methylmethacrylate acid at a ratio of 1:2 respectively (with the trade name of Eudragit
S, hereinafter referred to as ES) at a rate of 30% and Byco protein which is a product of enzymatically hydrolysed gelatin with
a molecular weight of 10,000 to 12,000, cross linked with glutaraldehyde at a rate of 50% of this layer, while the amount of glutaraldehyde
is 4% in weight ratio to the Byco.

The inner layer is made of polymeric layers frame with considerable
mechanical strength (detailed in the results below) which is a mixture of polylactic acid (hereinafter referred to as I-PLA) and
ethyl cellulose in a ratio of 9 : 1 respectively (polymeric layers B in Figure 2). The frame is 0.5 cm width and consists of 4
strips. In the long dimension of the dosage form, the length of the strips is 4.5 cm while in the short dimension the strips' length
is 2 cm. The thickness of the strips is approximately 0.65 mm. In the center of the inner layer there is a polymeric layer (polymeric
layer C in figure 2) containing the model drug (riboflavin) at a rate of 30% in a mixture with the enteric polymer (shellac) at
a rate of 70%.

The external layer is enveloped by another thin layer of (Microcrystalline
cellulose) avicel (layer D in Figure 2) which role is to prevent the adherence of the dosage form to itself during the in-vivo
wetting process. Such adherence may prevent the expansion of the dosage form to the desired size and adding this layer has demonstrated
its effectiveness.

 

Figure 2 “Prototype” of GRDF developed in
our laboratories.

 

    	 

    	 

    

 

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		A.	External layer (polymeric layers that consist of cross-linked
byco, Eudragit S and glycerin).

 

		B.	Strips of polymeric layers with considerable mechanical
strength (A mixture of ethyl cellulose, L - Polylactic acid).

 

		C.	Inner layer (polymeric layer that contains the drug).

 

		D.	A thin layer of Avicel (for preventing the adherence
of layer A to itself).

 

    	 

    	 

    

 

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Dosage form B:

This dosage form was used as a control trial (placebo) and does
not contain, in the central layer, strips with considerable yield strength. This dosage form is of identical size as dosage form
A, i.e. a rectangle in the dimensions of 5cm X 2.5 cm.

 

Dosage form C:

This dosage form is similar to dosage form A; however the length
of the rigid strips of the I- PLA- ethyl cellulose mixture do not exceed 2.1 cm in the long dimension. I.e. on each side of the
long dimension of the rectangle there are two strips of 2.1 cm length with 2 mm space between them. There is also a space of 2
mm between the strips in the long dimension and the strips in the short dimension.

 

Dosage form D:

This dosage form is similar to dosage form A; however the length
of the rigid strips of the I- PLA- ethyl cellulose mixture do not exceed 1 cm in the long dimension. I.e. on each side of the long
dimension of the rectangle there are four strips of 1 cm length with 2 mm space between them. There is also a space of 2 mm between
the strips in the long dimension and the strips in the short dimension.

 

Dosage form E:

This dosage form is similar to dosage form A; however the polymeric
layer that compose the rigid strips is comprised of ethyl cellulose (97%) which is softened by Methyl citrate (3%). The thickness
of the strips is identical to the thickness of the strips in dosage form A.

 

Dosage form F:

This dosage form is similar to dosage form A; however the thickness
of the rigid strips is approximately 0.2 mm

 

Dosage form G:

The dosage form components are identical to those of dosage
form A; however it has a square shape of 2.5 cm x 2.5 cm.

The length and width of each of the four rigid strips is 2 and
0.5 cm respectively, and the size of the inner layer of the shellac-riboflavin polymeric layers is 1.5 cm X 1.5 cm. the size of
the external layers are the same as the dosage form's size 2.5 cm X 2.5 cm.

 

In addition to dosage form B, an additional control trial was
performed with non-degradable tablets of 8 mm diameter and 3 mm thickness that contained Ethyl cellulose (98%) and Polyvinylpyrrolidone
(2%).

 

Role of the dosage form components:

As described above, the dosage form is built in the form of
a sandwich.

The external dual layer (Layer A in figure 2) has 3 roles:

		A.	Maintaining the physical entirety of the dosage form
so that components of the inner layer (polymeric layers B, C in figure 2) will not be subject to disintegration.

		B.	Controlling the pace of solubility of the external layer
allows control of the disintegration pace that the dosage form will undergo.

		C.	This layer contributes to control the rate of drug release
from the dosage form.

 

    	 

    	 

    

 

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The external layer contains also ES which roles are:

		A.	Increasing the yield strength and rigidity of the external
polymeric layer (as will be detailed below) ;

		B.	Ensuring that the external layer will indeed dissolve
in the continuation of the gastrointestinal system where it is soluble.

		C.	The possibility of dissolving the dosage form in the
stomach, if needed, by its alkalization. As mentioned above, the inner layer consists of a mixture of drug and a polymer, and
of strips of considerable yield strength and rigidity.

 

Experiments to characterize the parameters affecting residence
time in dogs' stomach:

Each experiment was carried out in 6 Beagle breed dogs with
a weight range from 10.8 Kg to 17.4 Kg, including 2 males and 4 females. The experiment was carried out in a fasting state, after
at least 18 hours fasting, whereas, throughout the duration of the experiment, the dogs were given water ad libitum. Each composition
contained contrasting threads to x-rays (standard surgical gauze pads) that were fixed in the composition during the preparation.
The composition is inserted, after being folded, into a gelatin capsule. Just before swallowing the composition, each dog received
(through a gastric tube) 400 ml of acidic buffer solution ( (PH = 1.5) designed to simulate the acidity in a human stomach. Monitoring
the transition kinetics of the composition in the stomach and along the gastrointestinal tract was carried out using x-rays in
intervals of 1, 2, 4, 6, 8 and 13 hours after the administration of the drug. Each dog was filmed at any point in time from 2 angles
(ventral-dorsal and lateral -right).

Additionally, further x-rays were performed later to ensure
that the drugs are excreted spontaneously from the stomach without external intervention. All experiments began at 17:00.

 

Results:

Table 1 describes the number of dosage forms, out of
the 6, that remained in the stomach at each time point.

 

 

    	 

    	 

    

 

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One can see the effect of the pharmaceutical formulation on
the duration of the retention in the stomach and that it is possible to assure retention of over 13 hours in the stomach.

Dosage form B, which was used as a control (Placebo), is retained
much more briefly, similarly to the non degradable tablets.

It can be seen, already at the two hours time point, that three
of the six type B dosage forms reached the intestine. The maximum time in which the control dosage form was retained in the stomach
was 6 hours (one of six dosage forms).

X-rays performed at a later time demonstrated that all the dosage
forms were excreted from the dogs' stomach spontaneously, without any external intervention.

 

Conclusions:

Drugs with strips of considerable mechanical strength own a
gastroretentive property as opposed to dosage forms that are devoid of these strips and non-degradable tablets.

The purpose of dosage forms C - F in comparison to dosage form
A is to examine the effect of the length of rigid strips (dosage forms C-D), the different polymeric layers that consist of the
rigid strips (dosage form E) the thickness of rigid strips (dosage form G) and the different sizes of dosage forms (dosage form
G) on the extent of gastroretentivity.

The results show that dosage forms with thinner or smaller rigid
strips can be used to achieve a similar gastroretentivity. Replacing the polymeric layer that consists of the rigid strip, reducing
the thickness of the rigid strips and even reducing the dosage form size by half (dosage form G), produce similar results as the
“prototype” (dosage form A).

However, the existence of rigid strips is essential.

 

Experiments to assess the effect of a sustained release gastroretentive
dosage form on the bioavailability and pharmacokinetic profile in comparison to administrating oral solution and intravenous injection.

In order to assess the effect of the mode of administration
on riboflavin bioavailability, 6 Beagle dogs with a weight range from 10.8 Kg to 17.4 Kg, comprising of 2 males and 4 females,
which were in a fasting state for at least 18 hr before and during the experiment, while all this time were provided with water
ad libitum, received 100 mg riboflavin-5-phosphate by 3 different modes of administration: (1) 5 ml of sterile isotonic solution
of the drug given by intravenous injection, in addition to oral administration of 400 ml acidic buffer solution (pH=1.5) delivered
to the stomach by a gastric tube; (2) solution of the drug in 400 ml of the same acidic buffer solution; (3) GRDF device similar
to device A (described in page 17, except that the matrix layer in the center of the device consisted of shellac-riboflavin-5-phosphate
at a ratio of 4.5:5.5 respectively.

The device releases the drug in a sustained release manner and
was administered folded inside a gelatin capsule soon after the administration of 400 ml of the buffer solution.

Following each administration blood samples (4 ml) were collected
into heparinized test tubes wrapped in aluminum foil (to protect from light), for modes (1) and (2) at times 0, 0.25, 0.5, 1, 1.5,
2, 2.5, 3, 3.5, 4, 6, 8, 11, 24 hours, and for mode (3) at times 0, 0.5, 1, 1.5, 2, 2.5, 3, 4, 6, 9, 12, 15, 18, 21, 24, 27, 30,
33, 36 and 48 hours. Plasma was separated using centrifugation (4000 rpm for 10 minutes), and stored at —20° C pending
analysis.

 

Subsequent to the GRDF administration (mode 3), X-ray images
were taken from the same angles mentioned above (page 18) at times 4, 6, 8, 12, 24, 36 and 48 hours, to monitor the location of
the delivery system. The dogs were allowed to eat 24 hrs after the beginning of the experiment and on.

 

    	 

    	 

    

 

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Riboflavin plasma concentrations were determined as follows:
100 mcl of trichloroacetic acid (20%) were mixed with 300 mcl of a plasma sample. After the centrifugation of the mixture (13,000
rpm for 10 minutes) the upper liquid (supernatant) was separated and kept warm for 10 min at 85° C. After additional centrifugation
(13,000 rpm for 10 minutes), 60 mcl of the solution were injected to HPLC system with C18 column, and mobile phase that consisted
of 15% acetonitrile in solution A (10 mmol potassium dihydrogen phosphate/L and 5 mmol hexanesulfonic acid/L), brought to pH =
3 (using orthophosphoric acid) at a flow rate of 1 ml/min. A spectrofluorometric detector set at 445 nm for excitation wavelength
and 530 nm for emission wavelength detected the drug. Drug concentrations were determined with appropriate standard curves.

 

Figure 3 presents the riboflavin plasma concentrations in
the dogs vs. time after administration of 100 mg riboflavin-5-phosphate in the 3 modes of administration.

 

Effect of mode of administration of 100 mg riboflavin-5-phosphate
on mean riboflavin plasma concentration in dogs. Drug given either as IV bolus, oral solution or gastroretentive dosage form (n=6)

 

 

The
slopes of the log-terminal following the three modes of administration were 0.44±0.13, 0.35±0.14 and 0.021±0.014
hr-1 for intravenous, oral solution and GRDF, respectively. According to these results (no statistically significant difference
between the injection and oral solution) it can be concluded that the rate of riboflavin elimination is 0.4 hr-'
(as found following both IV and oral administration of the solution). This finding also verifies that the rate of riboflavin absorption
is faster than the rate of evacuation.

On the other hand, the fact that the log-terminal slope following
the GRDF administration is considerably slower than the evacuation process indicates that this is flip-flop type kinetics, and
this slope represents the absorption rate of the drug, thereby confirming that the sustained release of the drug from the GRDF
is the rate-determining step in the absorption process.

 

    	 

    	 

    

 

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The bioavailability of riboflavin after oral administration
of the solution was found to be 5.8±2.2%, while the GRDF bioavailability was significantly larger.

Up until 48hrs after administration, a 4 fold increase in the
bioavailability was obtained and theoretical calculations based on the found pharmacokinetic parameters, demonstrated a significant
increase of the bioavailability (by 10 to 20 fold than the one obtained after the solution administration mode).

 

“[***]”

 

Experiment to control the release of the active agent
from the polymeric layer:

 

Sandwich systems were prepared in dimensions of 2.5 cm x 2.5
cm in which the internal polymeric layer measured 2 cm x 2 cm. The external polymeric was as discussed in the experiments of dog
model while the Internal was a mixture of shellac-riboflavin at a ratio of 1: 1 in figure 6 and 3: 1 in figure 7, respectively.
The extraction medium for each dosage form was 900 ml of acidic buffer (pH-2.2). The experiments were conducted at 37° C in
the second dissolution according to USP method, paddle rotation speed was kept at 100 rpm Each experiment was conducted at least
twice in triplicate.

Samples of 3.5 ml were collected at regular times while returning
an equivalent amount of buffer solution to the extraction medium of exhaustion at every time period. Riboflavin concentrations
were measured in a spectrophotometer at a wavelength of UV 444 nm against a calibration curve.

 

The aim of the experiment described in figure 6 is to examine
whether it is possible to control the release rate of riboflavin using compositions of different thickness of internal polymeric
layers.

 

The aim of the experiment described in Figure 7 is to examine
whether it is possible to control the release rate of the drug from the composition by taking advantage of the fact that the drug
is not dispersed in a uniform manner in the thickness dimension of the inner polymeric layer (C in Figure 2) but rather sets in
the internal polymeric layer during its preparation so that the lower part of the polymeric layer contains higher drug concentrations
than its upper part. In order to investigate whether it is possible to take advantage of this uneven dispersion, two compositions
were prepared in which both external layer entrap two identical internal polymeric layer joint to each other. The adherence of
the two internal was in a manner that the upper sides face each other and the lower sides face the external polymeric layers (upper-upper
in the chart).

In another composition, both lower sides of the polymeric layers
were attached (glued) to each other in a manner that the upper sides were attached to the external polymeric layers (lower-lower
in the chart) whereas in a third composition, the upper side of one internal polymeric layer was attached to the lower side of
another internal polymeric layer (upper-lower in the chart).

 

Figure 6: The effect of the thickness of the internal
polymeric layer on the release rate of riboflavin in an acidic medium.

 

    	 

    	 

    

 

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Figure 7: The effect of different form of attachment
(gluing) of the internal polymeric layer on the release rate of riboflavin in an acidic medium.

 

 

    	 

    	 

    

 

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Results and conclusions

 

As can be seen in chart 6, a composition
with a thinner internal polymeric layer released the riboflavin in a faster rate. This result is expected since in the thinner
composition, the distance that the drug molecules have to traverse through the enteric polymer shellac is shorter.

Figure 7 shows that it is possible to control the release rate
of the drug from the composition by using different attachment forms. Attaching two internal polymeric layers in a manner that
an upper side is glued to an upper side and the two lower sides are glued to the external polymeric layers, lead to the acceleration
of the release rate. Attachment of a lower side to a lower side in a manner that the two upper sides face the upper external polymeric
layers sides slows the release rate. This result is expected in light of the aforementioned. When the upper sides of the internal
polymeric layers are glued to each other, twice, then the drug, concentrated at the bottom of polymeric layer, must traverse a
smaller diffusion distance through the enteric polymer shellac, on its way to the extraction medium and vice versa. Thus, In practice,
different forms of attachment of the same internal polymeric layers allow to control the release rate by determining the diffusion
distance that the molecules of the released drug need to traverse.

 

Experiment that illustrate the control of the dissolution
rate of the external polymeric layer:

 

As described above, the polymeric layer comprising the external
films in the composition must undergo a gradual dissolution that will allow the product to pass from the stomach to the duodenum.

Controlling the rate of Byco protein, which is the primary component
of the external film, is achieved by cross linking varying quantities of glutaraldehyde.

Figure 8 describes polymeric layers which are cross linked in
different sizes when the cross linked amount of glutaraldehyde in relation to the Byco is 1%-5% in weight. The experiment was conducted
under the same conditions as experiments that demonstrated control on the release rate of riboflavin from different polymeric layers.
The determination method of the dissolution rate of protein Byco was the Lowry method of determining protein. The measurements
were performed by UV spectrophotometer at 730 nm wavelength against a suitable calibration curve.

 

Result and conclusion:

Raising the cross linking percentage reduces the solubility
of Byco protein which is the main component in the external polymeric layer. By changing the amount of the glutaraldehyde cross
linking, it is possible to control the dissolution rate of Byco protein.

 

Figure 8: The effect of glutaraldehyde percentage on
the dissolution rate of Byco protein from a polymeric layer containing Byco, ES, glycerin and glutaraldehyde in acidic medium.

 

    	 

    	 

    

 

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The means available to the researchers:

 

The laboratories of the researchers Prof. Michael Friedman
and Dr. Amnon Hoffman who collaborate on the pre-clinical development are equipped with all the instruments and equipment
required for the development of sustained release dosage form of drugs and for the pharmacokinetic evaluation and activity of drugs.
Both laboratories are located on the same floor in the Department of Pharmacology in the school of pharmacy of the Hebrew University.
The equipment includes all the standard laboratorial accessories, HPLC, centrifuges, a caleva device for the investigation of the
release rate from tablets (and other pharmaceutical compositions) that comply with the American standard, computers etc.

 

A DSC device and UV spectrophotometer are available to researchers
in the Department of Pharmacy and a fluorimeter device (which may be used for the characterization of the release kinetics of drugs)
is at their disposal in the Department of Chemistry of the school of pharmacy.

At the Inter-Departmental Equipment department of the Faculty
of Medicine (adjacent to the school of pharmacy) there are available to researchers, IR spectroscopy measurement device, a device
for measuring atomic absorption, a scanning electron microscopy device SEM, and an optical microscope. A device for characterizing
mechanical properties (instrom) and a goniometric device for measuring contact angle on the surface are available to researchers
and are located at the Casali Institute of applied chemistry at the Faculty of science of the Hebrew University which is located
at Givat Ram.

 

    	 

    	 

    

  

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Dr. Eran Lavy supervises the experiments in dog model
and is the expert of the veterinary school of the Hebrew for veterinary Pharmacology with specific expertise in gastroenterology.
He possesses all the knowledge, tools, and expertise to conduct the study, and has conducted similar studies several times in the
past. At his disposal are the animals and dogs shelters of the veterinary teaching hospital of the Hebrew University that are operated
in high standards and in accordance with the Protection of Animals Act.

 

A unique and sophisticated x-ray machine for pets is at the
disposal of Dr. Lavy at the Veterinary Hospital. All experimental protocols are approved by the Institutional Ethics Committee.

 

Prof. Evgeny Libson from the Radiology Department at
Hadassah Ein Kerem is in charge of the experiments of radiological monitoring of dosage forms in the intestinal tract of humans
and the gastroretentive characterization of this model. He possesses the required knowledge and experience to perform these experiments.

 

Prof. Josef Zimmermann from the gastroenterology unit
of the Internal Medicine Division at Hadassah Ein Kerem Medical Center, is the clinical-medical responsible of the trials to evaluate
the composition in humans. He is an expert in gastroenterology and has conducted similar studies several times in the past.

 

The pharmacokinetic research, determining drug concentrations
in blood in dog model and in humans and pharmacokinetic analysis of the data will be conducted by Dr. Amnon Hoffman who
has extensive experience in the subject.

 

The necessary knowledge for a detailed monitoring of pharmaceutical
dosage forms in the y-y-scintigraphy method does not exist in the country, therefore this work service will be executed in Nottingham,
United Kingdom by a company that specializes in servicing this method, PHARMACEUTICAL PROFILES.

 

The technical work will be executed by the laborants of our
laboratories and by the PhD. student, Eitan klausner that will carry out the proposed project within the PhD. studies framework
and under the guidance of Prof. Friedman and Dr. Hoffman.

 

    	 

    	 

    

  

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Bibliography 

 

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SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

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		28.	Pogany, S. A. and Zentner, G. M. Bioerodible therrmoset elastomers. U.S. Patent 5,217,712: Merck
& Co., Inc., 1993.

		29.	Urquhart, J. and Theeuwes, F. Drug delivery system comprising a reservoir containing a plurality
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		30.	Cargill, R., Caldwell, L. J., Engle, K., Fix, J. A., Porter, P. A., and Gardner, C. R. Conrrolled
gastric emptying. 1. Eflects of physical properties on gastric residence times of nondisintegating geometric shapes in beagle dogs,
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		31.	Cargill, R., Engle, K., Gardner, C. R., Potter, P., Sparer, R. V., and Fix, J. A. Controlled gastric
emptying. 2. In-vitro erosion and gastric residence times of an erodible device in beagle does, Pharmaceutical Research.
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		32.	Fix, J. A., Cargill, R., and Engle, K. Controlled gastric emptying. 3. Gastric residence time of
a nondisintegrating geometric shape in human volunteers, Pharmaceutical Research. 10: 1087-89, 1993.

		33.	Hamilton, J. K. and Palter, D. E. Gastrointestinal foreign bodies. In: M. H. Sleisenger
and J. S. Fordtran (eds.), Gastrointestinal Disease, Fifth edition, Vol. 1, pp. 286-290. Philadelphia: W. B. Saunders Company,
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		34.	Hamilton, K. and Ploter, D. Foreign bodies and bezoars. In Feldman, B. F. Scharschmidt,
and M. H. Sleisenger (eds.), Sleisenger & Fordtran's Gastrointestinal and Liver Disease, 6 edition, Vol. 1, pp. 331-335. Philadelphia:
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		35.	Adkin, D. A., Kenyon, C. J., Lerner, E. I., Landau, I., Strauss, E., Caron, D., Penhasi, A., Rubinstein,
A., and Wilding, I. R. The use of scintigraphy to provide “Proof of concept” for novel polysaccharide preparations
designed for colonic drug delivery, Pharmaceutical Research. 14: 103-107, 1997.

		36.	Hui, H. W., Lee, V. H. L., and Robinson, J. R. Design and fabrication of oral controlled release
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BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

		37.	Friedman, M., Steinberg, D., Soskolne, A., and Sela, M. Sustained release pharmaceutical compositions.
Eur. Patent 873,042,659, 1987.

		38.	Friedman, M. Dental composition for hypersensitive teeth. U.S. Patent 5,403,577: 1995.

		39.	Atyabi, F., Sharma, H. L., Mohammad, H. A. H., and Fell, J. T. In vivo evaluation of a novel gastric
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		40.	Whitehead, L., Fell, J. T., Collett,
                                         J. H., Sharma, H. L., and Smith, A. Floating dosage forms: an in vivo study demonstrating
                                         prolonged gastric retention, Journal of Controlled Release. 55: 3-12, 1998

 

    	 

    	 

    

  

 

    	 

    	 

    

  

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GASTRORETENTIVE CONTROLLED RELEASE PHARMACEUTICAL
DOSAGE

FORMS

 

    	 

    	 

    

  

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The rationale for developing expandable
drug delivery systems is based on the nature of the pyloric antrum that, by means of antiperistaltic motion, retropels large bodies
away from the pylorus back to the fundus and body of the stomach, thus prolonging their gastric retention time (GRT). Such dosage
forms should preferably be designed to undergo biodegradation or disintegration, to enable their evacuation from the stomach.

 

US Patent No. 3,574,820 teaches the use
of a gelatin matrix which hydrates in the stomach, gels, swells and cross-links with N-acetyl-homocysteine thiolactone to form
a matrix too large to pass through the pylorus.

 

US Patent No. 4,207,890 discloses a drug
dispensing device which comprises a collapsed, expandable imperforate envelope, made of a non-hydratable, body fluid and drug-permeable
polymeric film, which contains the drug, and an expanding agent also contained within the polymeric envelope which, when in contact
with body fluids, causes the envelope to expand to a volume such that the device is retained in the stomach.

 

US Patent No. 4,434,153 describes a device
comprised of a matrix formed of a hydrogel that absorbs and imbibes fluid from the stomach, expands and swells, in order to retain
in the stomach for an extended period of time, and a plurality of tiny pills dispersed throughout the matrix, having a drug-containing
core and a fatty acid and wax wall surrounding the core.

 

A significant disadvantage of the devices
of the above publications is that they appear to ignore natural contractions of the stomach which may contribute to a rapid diminishing
of size, leading to early removal of the device from the stomach. These devices lack the mechanical strength required to withstand
the natural mechanical activity that includes contractions of the stomach.

 

U.S. Patents Nos. 4,767,627, 4,735,804
and 4,758,436 present dosage forms of various geometries: continuous solid stick; tetrahedron; planar disc; multi-lobed flat device;
and ring. The devices are compressible to a size suitable for swallowing, and are self-expandable to a size which prevents passage
through the pylorus. They are sufficiently resistant to forces of the stomach to prevent rapid passage through the pylorus for
a pre-determined period of time and erode in the presence of gastric juices. The devices are homogenous, namely they contain the
same polymer constitution in different areas of the device. The tetrahedron presented in Patent No. 4,735,804 is homogenous in
its four lobes, which are attached to each other by a polymeric matrix.

 

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The medicaments are incorporated into the
device as a liquid solution or suspension, which may necessitate the addition of mentioned preservatives or buffering agents. Alternatively,
the controlled release drug module may be tethered or glued to the device.

 

US Patents Nos. 5,002,772 and 5,443,843
disclose an oral drug delivery system having a delayed gastrointestinal transit which releases the drugs contained therein a controlled
manner and which in their expanded form resist gastrointestinal transit. These delivery systems comprise a non-continuous compressible
element and an attached controlled release drug-containing device.

 

US Patents Nos. 5,047,464 and 5,217,712
describe a system comprising big-erodible, thermoset, covalently cross-linked, poly(ortho) ester polymers, which expand from a
compressed state upon delivery thereof. The acidic environment of the stomach eventually results in the degradation of the polymers
within the system, thus permitting its removal from the stomach. The system is characterized by high resiliency.

 

Finally, U.S. patent No. 5,651,985 describes
a system devised from a mixture of polyvinyl-lactams and polyacrylates which are characterized by their high degree of swelling
in the stomach, resulting in its retention in the stomach for a prolonged period of time.

 

Notwithstanding the developments in gastric
retention devices, known devices still suffer many drawbacks, and there is need for yet improved delivery systems. The present
invention is aimed at such improved devices, which would overcome the drawbacks of known devices.

 

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Summary of the Invention

 

The present invention relates to a pharmaceutical
gastroretentive drug delivery system for the controlled release of an active agent in the gastrointestinal tract, which comprises
a pharmaceutically effective amount of at least one drug; a matrix having a two- or three-dimensional geometric configuration comprising
(1) a biodegradable polymer selected from a hydrophilic polymer which is not instantly soluble in gastric fluids; and/or an enteric
polymer substantially insoluble at pH less than 5.5; or a mixture of at least one said hydrophilic polymer and at least one said
enteric polymer; or (2) a non-degradable polymer, provided that the matrix formed therefrom has a size that does not retain in
the stomach more than a conventional dosage form; or (3) a mixture of at least one polymer as defined in (1) with at least one
polymer as defined in (2); and a continuous or non-continuous membrane affixed to said matrix, said membrane comprising at least
one polymer having a substantial mechanical strength; wherein said drug is embedded in said matrix.

 

The delivery device of the present invention
may further comprise a shielding layer covering at least one face of said matrix and optionally covering all or part of said membrane,
said shielding layer comprising a hydrophilic polymer which is not instantly soluble in gastric fluids alone or in combination
with an enteric polymer substantially insoluble at pH less than 5.5.

 

In addition, the delivery device of the
invention may optionally further comprise a suitable plasticizer.

 

The delivery device of the invention is
particularly suitable for the delivery of drugs which have a narrow absorption window in the gastrointestinal tract, or for local
treatment of the gastrointestinal tract. The drug may also be a drug that degrades in the colon. The device of the invention may
be used for delivery of drugs to both humans and other mammals.

 

The hydrophilic polymer of the device of
the present invention may be a protein, a polysaccharide, a polyacrylate, a hydrogel or a derivative of such polymers. The polymer
may be cross-linked with a suitable cross-linking agent.

 

The said enteric polymer may be shellac,
cellulose acetate phthalate, hydroxypropyl methylcellulose phthalate, hydroxypropyl methylcellulose acetate succinate or methylmeth
acrylate-methacrylic acid copolymer.

 

The delivery system may also comprise a
mixture of said hydrophilic polymer and said enteric polymer.

 

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The said non-degradable polymer may be
ethylcellulose or a coplymer of acrylic acid and methacrylic acid esters, preferably having from about 5 to 10% functional quaternary
ammonium groups. Other suitable polymers are polyethylene, polyamide, polyvinylchloride, polyvinyl acetate and mixtures thereof.
The said membrane may comprise degradable polymer/s, nondegradable polymer/s or mixtures thereof.

 

The said anti-adhering layer may comprise
a pharmaceutically acceptable cellulose or derivative thereof, silicate or an enteric polymer substantially insoluble at pH less
than 5.5.

 

The delivery device of the invention is
particularly suitable for the treatment of gastrointestinal associated disorders selected from peptic ulcer, nonulcer dyspepsia,
Zollinger-Ellison syndrome, gastritis, duodenitis and the associated ulcerative lesions, stomach or duodenum neoplasms.

 

Description of the Figures

 

	 	Figure 1	is a partially fragmented exploded perspective view
    of an embodiment of a device according to the present invention.
	 	 	 
	 	Figure 2	is a partially fragmented exploded perspective view of a modification
    of the embodiment shown in Figure 1.
	 	 	 
	 	Figure 3	is a partially fragmented exploded perspective view of another
    embodiment of a device according to the present invention.

  

Detailed Description of the Invention

 

Prolonged gastroretentive pharmaceutical
dosage forms for releasing a drug in a controlled manner, such as that of the present invention, may provide many therapeutic benefits.
One application in which the gastroretentive controlled delivery device of the invention may he advantageous is the administration
of drugs having a narrow absorption window. These drugs are usually absorbed in limited segments of the upper parts of the gastrointestinal
tract (most often in the duodenum and jejunum). In addition, many of these drugs are absorbed by active transport systems in the
aforementioned upper parts of the gastrointestinal tract, or are poorly soluble at intestinal medium pH. It has been shown that
prolonged duodenal delivery of drugs having a narrow absorption window enhances their bioavailability and evidently their therapeutic
effect. One example for such an enhancement is the improved bioavailability and therapy of levodopa, infused directly into the
duodenum.

 

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Another application in which use of a prolonged
gastroretentive drug delivery system may be advantageous is local treatment of diseases of the stomach or duodenum. Targeting the
drug to the pathological tissue is usually preferable for treatment of localized disorders, as the concentration of the drug attained
in the diseased tissue or organ is higher than its systemic concentration, resulting in effectiveness of the drug in the target
organ or tissue, with reduced systemic side effects.

 

The delivery system of the invention is
also suitable for veterinary use, for the treatment of mammals, particularly domesticated animals and pets.

 

The present invention therefore relates
to a pharmaceutical gastroretentive drug delivery system for the controlled release of a drug in the gastrointestinal tract, which
system comprises a pharmaceutically effective amount of at least one drug; a matrix having a two- or three-dimensional geometric
configuration comprising (1) a biodegradable polymer selected from a hydrophilic polymer which is not instantly soluble in gastric
fluids; and/or an enteric polymer substantially insoluble at pH less than 5.5; or a mixture of at least one said hydrophilic polymer
and at least one said enteric polymer; or said matrix comprises (2) a non-degradable polymer, provided that the matrix formed therefrom
has a size that does not retain in the stomach more than a conventional dosage form; or a mixture of at least one polymers as defined
in (1) with at least one polymer as defined in (2); said system also comprising a continuous or non-continuous membrane affixed
to said matrix, said membrane comprising at least one polymer having a substantial mechanical strength: wherein said drug is embedded
in said matrix.

 

By the term “a size that does not
retain in the stomach more than a conventional dosage form” is generally meant a size that does not retain in the fasted
stomach for over 2 hours.

 

By the term “a polymer which is instantly
soluble in gastric fluids” is meant a polymer which dissolves in the stomach within about 15 minutes from administration.
Such polymers are, for example water-soluble polymers independent of the pH of the environment (for example BycoR or
hydroxypropyl methylcellulose (HPMC)).

 

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By the term “a polymer which is not
instantly soluble in gastric fluids” is meant a polymer which will gradually dissolve in the stomach during its stay therein.
Such polymers are, for example, cross-linked polymers which would dissolve at a rate of about 50% of the polymer over 24 hours.

 

In order to control the mechanical strength,
erosion and release characteristics of the drug or combinations of drugs contained in the delivery device, pharmaceutically acceptable,
non-toxic fillers may optionally be added to the matrix. Examples for such fillers are starch, glucose, lactose, inorganic salts
such as sodium or potassium chloride, carbonates, bicarbonates, sulfates, nitrates, silicates and alkali metals phosphates and
oxides.

 

The membrane may be replaced by a suitable
inert metal, e.g. titanium, or meal alloys, incorporated into the polymers of the invention. Such metals or alloys serve in preventing
the device from rapidly diminishing upon administration.

 

The gastroretentive delivery device of
the invention may further optionally comprise a shielding layer covering at least one face of said matrix and optionally covering
all or part of said membrane, the shielding layer comprising a hydrophilic polymer which is not instantly soluble in gastric fluids,
alone or in combination with an enteric polymer substantially insoluble at pH less than 5.5.

 

In addition, the device may be further
coated with a pharmaceutically acceptable anti-adhering layer, to prevent its outer layers from adhering to each other in the folded
configuration, thus enabling it to unfold during the wetting process in the gastric lumen after administration thereof.

 

The delivery device of the invention may
further optionally comprise a pharmaceutically acceptable plasticizer. The plasticizer may be contained in any of the parts of
the device, for example in the matrix, in the shielding layer or in the membrane. The plasticizer may be any suitable plasticizing
agent, as known to the man of the art. For example; the plasticizer may be an ester, such as a phthalate ester, phosphate ester,
citrate ester, fatty acid ester and tartarate ester, glycerine or glycol derivatives, or sorbitol. The plasticizer in the shielding
layer is preferably glycerine.

 

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Further, the delivery device of the invention
may optionally comprise a suitable gas-forming agent or a mixture of such gas-forming agents. An example of a gas-forming agent
is sodium hydrogen carbonate or the like, which generate gas in an acidic environment like that of the stomach. Other gas-forming
agents may be liquid substances which generate gas in the gastric medium at body temperature (34°C-40°C). The gas-forming
agent may be in combination with said matrix or directly or indirectly affixed thereto.

 

Each of the components of the device may
he affixed to other components, to form the device, by any conventional method known to the man of the art of pharmacy and drug
design, for example, by heating or melting each layer or using compatible conventional adhesive materials, such as a-cyanoacrylates,
acrylic or methacrylic adhesives, epoxides or plasticized polyvinyl adhesives. However, 'gluing' of the layers may preferably be
performed with organic solvents, which slightly dissolve the polymers, such as ethyl alcohol, acetone, methylene chloride, chloroform
or carbon tetrachloride.

 

The hydrophilic polymer suitable for the
matrix or shielding layer of the delivery device of the invention may be any hydrophilic substance such as a protein, a polysaccharide,
a polyacrylate, a hydrogel or a derivative of such substances.

 

Examples of proteins are proteins derived
from connective tissues, such as gelatin and collagen, or an albumin such as serum albumin, milk albumin or soy albumin. In preferred
embodiments, the hydrophilic polymer is gelatin or a gelatin derivative, preferably enzymatically hydrolyzed gelatin. A specific
example is enzymatically hydrolyzed gelatin having a molecular weight of 10,000-12,000.

 

Examples of suitable polysaccharides are sodium alginate or
carboxymethylcellulose.

 

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Other hydrophilic polymers may be polyvinyl
alcohol, polyvinyl pyrrolidone or polyacrylates, such as polyhydroxyethylmethacrylate.

 

The hydrophilic polymer of the invention
may be cross-linked with a suitable cross-linking agent. Such cross-linking agents are well known to the man of the art of pharmacy
and drug design. These may be, for example, aldehydes (e.g. formaldehyde and glutaraldehyde), alcohols, di-, tri- or tetravelent
ions (e.g. aluminum, chromium, titanium or zirconium ions), acyl chlorides (e.g. sepacoyl chloride, tetraphthaloyl chloride) or
any other suitable cross-linking agent, such as urea, bis-diazobenzidine, phenol-2,4-disulfonyl chloride, 1.5-difluoro-2,4-dinitrobenzene.
3.6-bis-(mercuromethyl)-dioxane urea, dimethyl adipimidate, N.N'-ethylene- bis - (iodoacetamide) or N-acetyl homocysteine thiolactone.
Other suitable hydrogels and their suitable cross-linking agents are listed, for example, in the Handbook of Biodegradable Polymers
[A. J. Domb, J. Kost & D. M. Weisman, Eds. (1997) Harwood Academic Publishers], incorporated herein by reference.

 

A preferred cross-linking agent is glutaraldehyde.

 

The enteric polymer in the delivery device
of the invention is preferably a polymer substantially insoluble in a pH less than 5.5. Such polymers, generally called enteric
polymers, are used in the pharmaceutical industry for enteric coating of tables. Examples of such polymers are shellac, cellulose
acetate phthalate, hydroxypropyl methylcellulose phthalate, hydroxypropyl methylcellulose acetate succinate or methylmethacrylate-methacrylic
acid copolymers.

 

There are several advantages in combining
the matrix or the shielding layer with an enteric polymer, as enteric polymers have improved mechanical properties (e.g. Young's
modulus and yield strength). The addition of an enteric polymer to the shielding layer was shown to prevent rapid rupture of the
shielding layer in vitro. A further advantage of using an enteric polymer is to ensure the complete dissolution and/or disintegration
of all the components of the device, e.g. the matrix, the shielding layer and the membrane, in the intestine, had it not already
occurred in the stomach.

 

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A preferred enteric polymer according to
the invention may be methylmethacrylate-methacrylic acid copolymer, at a ratio of 2:1 ester to free carboxylic groups.

 

According to a specific embodiment of the
invention, the matrix comprises a drug embedded in an enteric polymer. In one such specific embodiment, the shielding layer comprises
about 50% of the hydrophilic polymer which has been suitably cross-linked to reduce its solubility, about 30% enteric polymer and
about 20% plasticizer.

 

As an alternative, the matrix of the delivery
device of the invention may comprise a non-degradable polymer. Examples of non-degradable polymers which may be employed within
the delivery device of the invention are ethylcellulose or an acrylic acid-methacrylic acid esters copolymer, having from about
5 to 10% functional quaternary ammonium groups. Other suitable polymers are polyethylene, polyamide, polyvinylchloride, polyvinyl
acetate and mixtures thereof. Since such non-degradable polymers do not undergo erosion/degradation, when they are employed, the
size of the matrix should not prevent it from leaving the stomach.

 

The delivery system of the invention further
comprises a pharmaceutically effective amount of at least one active drug. This amount, for purposes herein, is that determined
by such considerations as are known in the art, and generally means an amount sufficient to prevent, alleviate, treat or cure a
disease or disorder. The active agent may be incorporated within the matrix (as a powder, solution, dispersion or any other suitable
form) or in combination therewith. By the term “embedded within the matrix” is meant any such incorporation or combination
of the drug with the matrix. The active drug embedded in the matrix may be in combination with suitable carriers, diluents and
adjuvants, all being inert, non-toxic solid or liquid substances which assist in the delivery of the drug to the target tissue
or organ.

 

The active drug according to the invention
may be any drug suitable for preventing, alleviating, treating or curing a disease or disorder within the gastrointestinal tract.

 

The drug may be a drug having a narrow
absorption window in the gastrointestinal tract. Examples of drugs having a narrow absorption window in the gastrointestinal tract
are therapeutic nucleic acid sequences or derivatives, antibiotic anti-hypertensive anti-hyperlipidemic agents or ACE inhibitors.

 

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SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

Examples of therapeutic nucleic acid derivatives are acyclovir,
AZT or didanosine.

 

Examples of therapeutic amino acid sequences
or their derivatives are gabapentin, levodopa, α-methyldopa, baclofen or valacyclovir or any other therapeutic amino acid sequence
or peptidomimetic drug having a narrow absorption window in the gastrointestinal tract.

 

Examples of antibiotic agents having a
narrow absorption window are nitrofurantoin, ciprofloxacin or ß-lactam antibiotic agents such as amoxycillin or cephalexin.

 

Examples of therapeutic ions are lithium carbonate or citrate,
calcium carbonate or citrate:

 

Other examples of drugs having a narrow
absorption window in the gastrointestinal tract are furosemide, allopurinol or atenolol.

 

Examples of vitamins are riboflavin, ascorbic acid, folic acid
or vitamin E.

 

The anti-hyperlipidemic agent may be pravastatin.

 

Examples of ACE inhibitors are captopril, benazepril, enalapril
cilazapril, fosinopril or ramipril.

 

Examples of bronchodilators are albuterol or pirbuterol.

 

In addition to drugs having a narrow absorption
window in the gastrointestinal tract, the delivery system of the invention may comprise a drug for local treatment of the gastrointestinal
tract. These may be used, for example, in the treatment of neoplasms of the stomach, such as adenocarcinoma of the stomach or gastric
lymphoma.

 

Examples of drugs for the local treatment
of the gastrointestinal tract are anti-tumor agents, histamine (H2) blockers, bismuth salts, synthetic prostaglandins or antibiotic
agents.

 

H2 blockers may be cimetidine, famotidine and ranitidine.

 

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Bismuth salts may be bismuth subsalicylate or bismuth subcitrate.

 

An example of a synthetic prostaglandin is misoprostol.

 

The anti-tumor drug may be 5-fluorouracil,
doxorubicin, mitomycin, semustine, cisplatin, etoposide or methotrexate.

 

Suitable antibiotic agents may be clarithromycin, amoxycillin
metronidazole or a tetracycline.

 

In addition to the above drugs, which have
a narrow absorption window in the gastrointestinal tract or which are intended to local treatment of the gastrointestinal tract,
the delivery device of the invention may contain as the active agent a drug which degrades in the colon, for example, metoprolol.

 

Any agent having a therapeutic effect in
the gastrointestinal tract, or which has a narrow absorption window in the gastrointestinal tract or which degrades in the colon,
other than the aforementioned agents, may be delivered by the device of the invention. Such agents are well known to the man of
the art and may be delivered alone or in combination with other suitable therapeutic agents.

 

The drug-containing layer (medicament reservoir)
may be in the form of a continuous or non-continuous matrix or hydrogel, which contains the drug in solution, dispersion or both.
The drug can also be incorporated into the device as a raw powder. In addition, the drug can be first incorporated into controlled
release micro- or nanoparticles or micro- or nanospheres, to be combined with the matrix or hydrogel.

 

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The membranes used in the device of the
invention have substantial mechanical strength. Such membranes may comprise, for example, cellulose ethers and other cellulose
derivatives such as cellulose nitrate, cellulose acetate, cellulose acetate butyrate or cellulose acetate propionate; polyesters,
such as polyethylene terephthalate, polystyrene, including copolymers and blends of the same; polylactides, including copolymers
thereof with p-dioxanone; polyglycolids, polylactidglycolides; polyolefins, including polyethylene, and polypropylene; fluoroplastics,
such as polyvinylidene fluoride and polytetrafluoroetnylene, including copolymers of the same with hexafluoropropylene or ethylene;
polyvinylchloride, polyvinylidene chloride copolymers, ethylene vinyl alcohol copolymers, polyvinyl alcohols, ammonium-methacrylate
copolymers, and other polyacrylates and polymethacrylates; polyacrylonitriles; polyurethanes: polyphthalamides; polyamides; polyimides;
polyamide-imides; polysulfones; polyether sulfones; polyethylene sulfides; polybutadiene; polymethyl pentene; polyphenylene oxide
(which may be modified); polyetherimides; polyhydroxyalkanoates; tyrosine derived polyarylates and polycarbonates including polyester
carbonates, polyanhydrides, polyphenylene ethers, polyalkenamers, acetal polymers, polyallyls, phenolic polymers, polymelarnine
formaldehydes, epoxy polymers, polyketones, polyvinyl acetates and polyvinyl carbazoles.

 

In one preferred example, the membrane
comprises a mixture of 1-poly(lactic acid) (1-PLA) and ethylcellulose, at a ratio of 9:1, respectively.

 

It may be advantageous to further coat
the device of the invention with a non-adhering material, which can be affixed to outer surface/s of the device. Such a material
may be any inert, non-swelling material which will prevent self-adhesion of the outer layers (e.g. the matrix or shielding layer)
of the device upon hydration thereof. The non-adhering material may be, for example, cellulose or a cellulose derivative, a silicate,
such as magnesium silicate or aluminum silicate, or an enteric polymer substantially insoluble at pH less than 5.5. One preferred
example for such a material, used as the non-adhering layer, is microcrystalline cellulose.

 

To facilitate administration, in dosage
forms comprising a device in accordance with the invention, the device is preferably folded into a capsule, particularly a gelatin
capsule. Such folded devices may further comprise a gas-forming agent, not intended inflation or buoyancy of the device, but rather
to provide internal pressure allowing the folded device to unfold after administration of the capsule and its dissolution in the
stomach.

 

The gas-forming agent may be a liquid gas-forming
agent which boils at body temperature (34°C-40°C), or a solid gas-forming agent. An example for a solid agent is any suitable
carbonate, such as calcium carbonate, sodium carbonate or sodium hydrogen carbonate, with sodium hydrogen carbonate being preferred.

 

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Liquid gas-forming agents may be methyl
formate, tetramethyl silane, iso-pentane, isomers of perfluoropentane, diethyl or diethenyl ether.

 

One example of a device of the invention
is illustrated in Figure 1. The device (1) comprises a matrix (100) having a three dimensional configuration, containing the drug.
Strips (110), are affixed to the sides of the three dimensional matrix (110), forming a continuous membrane (also referred to as
frame) having mechanical strength. The strips (110) are adjacent to each other and the drug-containing matrix is framed within
them. The device further comprises shielding layers (120), covered on their exposed laces by non-adhering powder layers (130).

 

An alternative device (2) is illustrated
in Figure 2. As can be seen from the Figure, the strips (210) are affixed to the drug-containing matrix with zaps therebetween,
forming a non-continuous frame.

 

Another embodiment is illustrated in Figure
3. In this embodiment (3), the membrane (310) is comprised of one unit only. It is affixed to the top of the drug-containing matrix
(100). Alternatively, the membrane (frame) may be fragmented-continuous as illustrated in the frame of Figure 1, or non-continuous
in a manner similar to the frame of Figure 2. Shielding layers (320) are affixed to the bottom of the matrix (300) and onto top
of the membrane (310). Anti-adhering powder layers (330) are affixed to the outer sides of the shielding layers. The shielding
layers thus sandwich the drug-containing matrix and the mechanically strong membranes affixed thereto.

 

The continuous or non-continuous membrane
(110 in Figure 1 and 210 in Figure 2, respectively) may be comprised of degradable polymer/s, non-degradable polymer-is or mixtures
thereof, and due to its high mechanical properties, is intended to prevent the stomach from rapidly diminishing the size of the
device, by its natural mechanical activity, which includes contractions, to a size which will enable rapid passage of the device
to the intestine.

 

Gastrointestinal-associated diseases and
disorders which may be prevented, alleviated, treated or cured using the delivery system of the invention may include, but are
not limited to, peptic ulcer, nonulcer dyspepsia, Zollinger-Ellison syndrome, gastritis, duodenitis and the associated ulcerative
lesions, stomach or duodenum neoplasms. Evidently, the device, of the invention may be employed for any other disorder associated
with the gastrointestinal tract, as determined by such considerations known to the man of the art.

 

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The device of the invention may have numerous
two or three dimensional configurations, such as a disc, a multi-lobed configuration, a triangle or a quadrangle and may be planar
or non-planar. When the device has a rectangle geometry, it has preferably surface area and thickness of about 2-8 cm x 1.5-5 cm
and 0.1-3 mm, respectively. Preferably the surface area is 5 cm x 2.5 cm and the thickness 0.9 mm.

 

It is not necessary that the drug or medicament
reservoir be uniformly distributed in the inner matrix. For example, if the device has a multi-lobed configuration, it is possible
that only some lobes contain the drug or medicament reservoir. Further, the active agent may be incorporated into only one lobe
(or into only a part of any other form of the device) as a tablet affixed thereto.

 

The matrix preferably has the dimensions
of about 0.5-7.0 cm x 0.5-4 cm, more preferably 4 cm x 1.5 cm.

 

The dimensions of the strips forming the
membrane are preferably 0.5-7.0 cm x 0.1-1.0 cm, with a thickness of 0.05-2.5 mm, more preferably 2-4.5 cm x0.5 cm, with a thickness
of 0.65 mm.

 

The dimensions of the shielding layers
are preferably 2-3 cm x 1.5-5 cm, and more preferably 5 cm x 2.5 cm.

 

As the surface area of the device is substantially
large for easy and convenient swallowing, it may be folded or rolled into a suitable carrier such as a pharmaceutically acceptable
capsule. After reaching the stomach, the carrier dissolves and the device unfolds to its original size, resulting in its retention
in the stomach for the desired, prolonged period of time. The drug is then released in a controlled manner in the target site.

 

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Examples

 

Materials and methods

 

Glycerine, ethyl alcohol and methylene
chloride were purchased from Frutarom; enzymatically hydrolyzed gelatin with average molecular weight of 10,000-12,000 was purchased
from Croda; methylmethacrylate-methacrylic acid copolymers were provided from Rhom Pharma; 1-PLA with a molecular weight of 427,000
and Mn of 224,500 were purchased from Boehringer Ingelheim; triethyl citrate was provided by Morflex; ethylcellulose was provided
by Teva; polyvinyl pyrrolidone was provided by Taro; glutaraldehyde 25% was purchased from Merck; chloroform was purchased from
Baker. All solvents were of analytical grade.

 

The layers of the exemplified devices were
prepared by casting the suitable polymer solutions and evaporating the solvents at 37°C or in a laminar hood at ambient temperature.
In the preparation of the 1-PLA and ethylcellulose containing layer, chloroform was used as the solvent.

 

A mixture of 50% ethyl alcohol and 50%
NaOH-K2HPO4 buffer (pH 12.7) was employed as a solvent for the preparation of the outer layers (shielding
layers), in particular, for those comprising a mixture of a hydrophilic polymer and an enteric polymer.

 

Example 1 - Riboflavin-containing pharmaceutical devices

 

		A.	A disc of 9.5 cm diameter containing riboflavin (30%) in combination with shellac (70%) was prepared
by dissolving shellac in ethyl alcohol (1:10) and dispersing riboflavin in the same. The mixture was then cast and the solvent
removed by evaporation at 37°C. The dry disc was cut into 5 cm x 2.5 cm segments.

 

The cast was then sandwiched
within two identical intermediate layers (the shielding layers) prepared by mixing enzymatically hydrolyzed gelatin (48%, average
molecular weight 10.000-12,000), methylmethacrylate-methacrylic acid copolymer in a ratio of ester to free carboxylic groups of
2:1 (30%) and glycerine (20%) in a mixture of 50% ethyl alcohol and 50% NaOH-K2HPO4 buffer. Glutaraldehyde
(2%), diluted in the same solvent, was added whilst mixing, promptly before casting for cross-linking and evaporation. Contrast
threads (0.5 cm long) were added to the cast before final evaporation of the solvent, to allow roentgenographic detection of the
device after administration.

 

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The resulting layers were then
coated with a thin (outer) layer of microcrystalline cellulose powder (the anti-adhering agent).

 

In principle, each layer, i.e.
the intermediate (shielding) layers and the outer layers, were affixed by applying thereto a solution of ethyl alcohol and allowing
the same to dry, such that the intermediate layers were affixed onto the surface of the riboflavin-containing layer (the inner
layer), and the microcrystalline cellulose (outer) layers onto the intermediate layers.

 

The resulting device had a rectangular
configuration of about 5 cm x 2.5 cm x 0.75 mm

 

		B.	A rectangular drug-containing layer (the inner layer) was prepared as described in A, and was continuously
framed with four 0.5 cm-wide strips (4.5 cm and 2 cm long), containing 1-PLA (90%) and ethyl cellulose (10%) previously dissolved
in chloroform and cast. The resulting frame, with no gaps between the strips, provided the device with some degree of mechanical
strength. The strips contained threads of a contrast material (the longer strips contained two threads while the shorter strips
contained only a single thread).

 

An intermediate layer (shielding
layer) was prepared as described in A. The inner layer was affixed to a shielding layer by applying thereto a solution of ethyl
alcohol.

 

The frame was adhered on the
sides of the shielding layer using minute amounts of methylene chloride, which was then evaporated.

 

The second shielding layer was
adhered to the inner layer and the frame using the mentioned solvents, i.e. ethyl alcohol and minute amounts of methylene chloride,
respectively.

 

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In this embodiment, one of the
shielding layers contained three contrast threads. The longer strips contained two contrast threads each, while the shorter strips
contained one contrast thread each.

 

Then, the intermediate layers
were coated with microcrystalline cellulose adhered thereto using ethyl alcohol.

 

The same principles were used
to prepare devices with different characteristics, e.g. thickness of plastic membrane; plastic membrane polymeric constitution;
size of device; and size, number and continuity of plastic strips.

 

Example 2 - In vivo experiments

 

Beagle dogs (six) were fasted for at least
18 hours before being administered with a delivery device (#1#8). Water was given to the dogs ad libitum. Each dog then
received orally, through a gastric tube, 400 ml of buffer (HC1-KC1, pH 1.5), and subsequently the device, folded into a gelatin
capsule- (000). The experiment was repeated with six dogs for each of the devices.

 

Device #1:

 

The two outer membranes (shielding layers)
were identical and were constituted from 48% enzymatically hydrolyzed gelatin with average molecular weight 10,000-12,000, 30%
methylmethacrylate-methacrylic acid copolymer at a ratio of ester to free carboxylic groups of 2:1, 20% glycerine and 2% glutaraldehyde,
and were covered with a thin layer of microcrystalline cellulose powder.

 

The matrix comprised 70% shellac and 30% riboflavin.

 

The thickness of each shielding layer and of the matrix was
0.135 mm and 0.5 mm, respectively. The sizes of the matrix and of the shielding layers which cover the matrix, and therefore of
the device was 5 cm x 2.5 cm.

 

One of the shielding layers contained nine contrast threads
which were 0.5 cm long each.

 

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The gluing of all membranes and the microcryitalline cellulose
layer was by ethyl alcohol.

 

Device #2:

 

The size of the matrix which had the same
constitution as in device #1 was 4 cm x 1.5 cm. The two shielding layers were as in device 41.

 

The matrix had a frame of four plastic
strips of a mixture of 90% 1-PLA-10% ethylcellulose. The width of the strips was 0.5 cm. The length of each two scrips was 4.5
cm and 2 cm. The thickness of the strips was 0.65 mm.

 

The longer strips contained two contrast
threads each, while the shorter strips contained one contrast thread each. One of the shielding layers contained three contrast
threads.

 

Gluing the shielding layers to the matrix
and the microcrystalline cellulose layer was with ethyl alcohol, while the plastic membrane was adhered using methylene chloride.

 

Device #3:

 

The two shielding layers, the matrix and their sizes were as
in device #2.

 

All plastic strips are in the frame of
the matrix. Two plastic strips in each side of the longer dimension were in a length of 2.1 cm (altogether four strips). Two plastic
strips, one in each side of the shorter dimension, had the same length as in device #2 (2 cm). The thickness of the strips was
as in device #2 (0.65 mm) There was a distinct gap of 2 mm between each of the six plastic strips.

 

Each of the plastic strips contained one
contrast thread. One of the shielding layers contained three contrast threads.

 

The gluing of all layers was as device #2.

 

Device #4:

 

The two shielding layers, the matrix and their sizes were as
in device #2.

 

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All twelve plastic strips were in the frame
of the matrix. Two and four plastic strips in each side of the shorter and longer dimensions of the frame, respectively, were all
of the size of 0.5 cm xl cm. The thickness of the strips was as device #2. There was a distinct gap of 2 mm between each of the
twelve plastic strips

 

Each of the plastic strips contained one
contrast thread. One of the shielding layers contained three contrast threads.

 

The gluing of all layers was as in device #2.

 

Device #5:

 

The shielding layers, the matrix and the strips were identical
in their constituents to device #2.

 

The size of the matrix was 1.5 cm x 1.5
cm. The size of the four plastic strips was 0.5 cm x 2 cm. The thickness of the strips was as device #2. All plastic strips were
in the frame of the matrix. The size of the shielding layers, which cover the matrix and the strips (and therefore is the size
of the device) was 2.5 cm x 2.5 cm.

 

Each strip and one of the shielding layers contained one 0.5
cm long contrast.

 

The gluing of all layers was as device #2.

 

Device #6:

 

The shielding layers, the matrix and their sizes were as in
device #2.

 

The plastic strips were constituted from
97% ethylcellulose-3% triethyl citrate, previously dissolved in methylene chloride and cast. The strips which were in the frame
of the matrix were identical in their sizes and thickness to the plastic strips in device #2.

 

The contrast threads and the gluing of all layers were as device
#2.

 

Device #7:

 

Device #7 was similar to device #2, but for the thickness of
the plastic strips which was 0.2 mm.

 

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Device #8:

 

Tablets which were constituted from 98%
ethylcellulose-2% polyvinyl pyrrolidone were prepared using the wet granulation method. The dimensions of the tablets were 0.8
cm diameter and 0.35 cm thickness.

 

Each tablet contained two 0.5 cm long contrast
threads, positioned perpendicularly one to the other.

 

X-Ray pictures were then taken after 1,
2, 4, 6, 8 and 13 hours. The results of the GRTs are given in Table 1.

 

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Number of Devices (out of 6) Retained in
Stomach

 

	Time (hrs.)	0	1	2	4	6	8	13
	Device
    #
	1	6	6	3	2	1	0	0
	2	6	6	6	6	6	6	6
	3	6	6	6	6	6	5	4
	4	6	6	6	5	4	4	4
	5	6	6	6	6	5	5	5
	6	6	6	6	6	5	4	3
	7	6	6	6	6	5	5	5
	8	6	6	5	2	0	 	 

 

    	 

    	 

    

  

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CLAIMS:

 

		1)	A pharmaceutical gastroretentive drug delivery system
for the controlled release of an active agent in the gastrointestinal tract, which system comprises:

 

		a)	pharmaceutically effective amount of at least one drug;

 

		b)	a matrix having a two- or three-dimensional geometric
configuration comprising

 

		(1)	a biodegradable polymer selected from:

 

		i)	a hydrophilic polymer which is not instantly soluble
in gastric fluids; and/or

 

		ii)	an enteric polymer substantially insoluble at pH less
than 5.5:

 

		iii)	a mixture of at least one said hydrophilic polymer and
at least one said enteric polymer; or

 

		(2)	a non-degradable polymer, provided that the matrix formed
therefrom has a size that does not retain in the stomach more than a conventional dosage form;

 

		(3)	a mixture of at least one polymers as defined in (1)
with at least one polymer as defined in (2);

 

		b)	a continuous or non-continuous membrane affixed to said
matrix, said membrane comprising at least one polymer having a substantial mechanical strength; wherein said drug is embedded in said matrix.

 

		2)	The delivery system as claimed in claim 1, further comprising
a shielding layer covering at least one face of said matrix and optionally covering all or part of said membrane, said shielding
layer comprising a hydrophilic polymer which is not instantly soluble in gastric fluids alone or in combination with an enteric
polymer substantially insoluble at pH less than 5.5.

 

		3)	The delivery system as claimed in claim 1 or claim 2,
further compromising a suitable plasticizer.

 

		4)	the delivery system as claimed in claim 3, wherein said
plasticizer is contained in said shielding layer.

 

    	 

    	 

    

  

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		5)	The delivery system as claimed in any one of claims 1 to 4, further comprising at least one gas-forming
agent.

 

		6)	The delivery system as claimed in claim 1, further comprising an anti-adhering layer affixed to
at least one outer face thereof.

 

		7)	The delivery system as claimed in claim 2, further comprising an anti-adhering layer affixed to
the at least one outer face thereof.

 

		8)	The delivery system as claimed in any one of claims 1 to 7, wherein said drug is a drug having
a narrow absorption window in the gastrointestinal tract.

 

		9)	The delivery system as claimed in claim 8 wherein said drug is a therapeutic nucleic acid or amino
acid sequence, a nucleic acid or amino acid derivative, a pepridomimetic drug, an antibiotic a therapeutic ion, a vitamin, a bronchodilator,
an anti-gout agent, an anti-hypertensive agent a diuretic agent, an anti-hyperlipidemic agent or an ACE inhibitor.

 

		10)	The delivery system as claimed in claim 9, wherein said therapeutic nucleic acid derivative is
acyclovir, AZT or didanosine.

 

		11)	The delivery system as claimed in claim 9, wherein said therapeutic amino acid derivative is gabapentin,
levodopa, a-methyldopa, baclofen or valacyclovir or any other therapeutic amino acid sequence or derivative having a narrow absorption
window in the gastrointestinal tract.

 

		12)	The delivery system as claimed in claim 9, wherein said antibiotic is nitrofurantoin; ciprofloxacin
or a ß-lactam antibiotic selected from amoxycillin or cephalexin.

 

		13)	The delivery system as claimed in claim 9, wherein said ion is lithium carbonate or citrate, calcium
carbonate or citrate.

 

		14)	The delivery system as claimed in claim 9, wherein said drug is pravastatin, furosemide, allopurinol
or atenolol.

 

    	 

    	 

    

  

NOTE: PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST
BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

		15)	The delivery system as claimed in claim 9, wherein said vitamin is riboflavin, ascorbic acid, folic
acid or vitamin E.

 

		16)	The delivery system as claimed in claim 9, wherein said ACE inhibitor is captopril, benazepril,
enalapril, cilazapril, fosinopril or ramipril.

 

		17)	The delivery system as claimed in claim 9, wherein said bronchadilator is albuterol or pirbuterol.

 

		18)	The delivery system as claimed in any one of claim 1 to 7, wherein said drug is a drug for local
treatment of the gastrointestinal tract.

 

		19)	The delivery system as claimed in claim 18 wherein said drug is an anti-tumor agent, a histamine
(H2) blocker, a bismuth salt, a synthetic prostaglandin or an antibiotic agent.

 

		20)	The delivery system as claimed in claim 18, wherein said H2 blacker is cimetidine, famotidine
or ranitidine.

 

		21)	The delivery system as claimed in claim 18, wherein said bismuth salt is subsalicylate or subcitrate.

 

		22)	The delivery system as claimed in claim 18, wherein said synthetic prostaglandin is misoprostol.

 

		23)	The delivery system as claimed in claim 18, wherein said anti-tumor drug is 5-fluorouracil, doxorubicin,
mitomycin, semustine, cisplatin, etoposide or methotrexate.

 

		24)	The delivery system as claimed in claim 18, wherein said antibiotic agent is clarithromycin, metronidazole,
amoxycillin or a tetracycline.

 

		25)	The delivery system as claimed in any one of claims 1 to 7, wherein said active agent degrades
in the colon and is preferably metoprolol.

 

    	 

    	 

    

  

NOTE: PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST
BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

		26)	The delivery system as claimed in claim 1 or claim 2 wherein said hydrophilic polymer is a protein,
a polysaccharide, a polyacrylate, a hydrogel or a derivative of such polymers.

 

		27)	The delivery system as claimed in claim 26, wherein said protein is a protein derived from connective
tissue selected from gelatin and collagen; or an albumin selected from serum albumin, milk albumin and soy alb umin.

 

		28)	The delivery system as claimed in claim 26, wherein said polysaccharide is sodium alginate or carboxymethylcellulose.

 

		29)	The delivery system as claimed in claim 26, wherein said polyacrylate is polyhydroxyethylrnethacrylate.

 

		31)	The delivery system as claimed in claim 1 or claim 2, wherein said hydrophilic polymer is cross-linked
with a suitable cross-linking agent.

 

		32)	The delivery system as claimed in claim 31, wherein said cross-linking agent is glutaraldehyde.

 

		33)	The delivery system as claimed in claim 32, wherein said hydrophilic polymer is an enzymatically
hydrolyzed cross-linked gelatin or derivative thereof.

 

		34)	The delivery system as claimed in claim 1 or claim 2, wherein said enteric polymer is selected
from the group consisting of shellac, cellulose acetate phthalate, hydroxypropyl methylcellulose phthalate, hydroxypoipyl methylceilulose
acetate succinate or methylmethacrylate-methacrylic acid copolymers, preferably having a ratio of ester to free carboxylic groups
of 2:1.

 

		35)	The delivery system as claimed in claim 1 or in claim 2, comprisine mixture of said hydrophilic
polymer and said enteric polymer.

 

		36)	The delivery system as claimed in claim 1 or claim 2, wherein said non-degradable polymer is selected
from ethylcellulose, a copolymer of acrylic acid and methacrylic acid esters, having from about 5 to 10% functional quaternary
ammonium groups, polyethylene, polyamide, polyvinylchloride, polyvinyl acetate or mixtures thereof.

 

    	 

    	 

    

  

NOTE: PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST
BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

		37)	The delivery system as claimed in claim 1, wherein said membrane comprises degradable polymer/s,
non-degradable polymer/s or mixtures thereof.

 

		38)	The delivery system as claimed in claim 37, wherein said membrane is comprised of a mixture of
1-poly(lactic acid) (1-PLA) and ethycellulose at a ratio of 9:1, respectively.

 

		39)	The delivery system as claimed in claim 6, wherein said anti-adhering layer comprises a pharmaceutically
acceptable cellulose or derivative thereof, silicate or an enteric polymer substantially insoluble at pH less than 5.5.

 

		40)	The delivery system as claimed in claim 39, wherein said non-adhering layer is microcrystalline
cellulose.

 

		41)	The delivery system as claimed in claim 3 or 4, wherein said plasticizer is an ester selected from
phthalate esters, phosphate esters, citrate esters fatty acid esters and tartarate esters, glycerine or glycol derivatives or sorbitol.

 

		42)	The deliver system as claimed in claim 41, wherein said plasticizer is glycerine.

 

		43)	The delivery system as claimed in claim 5, wherein said gas-forming agent is a liquid gas-forming
agent which boils at body temperature or a solid gas-forming agent, preferably a pharmaceutically acceptable carbonate.

 

		44)	The delivery system as claimed in claim 43, wherein said liquid agent is methyl formate, diethyl
or diethenyl ether or n-pentane, iso-pentane or a perfluoropentane isomer or tetramethyl silane.

 

		45)	The delivery system as claimed in claim 43, wherein said solid agent is selected from calcium carbonate,
sodium carbonate or sodium hydrogen carbonate.

 

    	 

    	 

    

  

NOTE: PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST
BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

		46)	Use of the delivery system as claimed in any one of claims 18 to 24 in the treatment of gastrointestinal
associated disorders selected from peptic ulcer, nonulcer dyspepsia, Zollinger-Ellison syndrome, gastritis duodenitis and the associated
ulcerative lesions, stomach or duodenum neoplasms.

 

		47)	The delivery system as claimed in any one of the preceding claims, having the form of a disc, multi-lobed
configuration, a triangle or a quadrangle, said system being planar or non-planar.

 

		48)	The delivery system as claimed in claim 39, having a planar rectangular geometric configuration,
wherein said rectangle is of 2-8cm x 1.5-5cm.

 

		49)	The delivery system as claimed in claim 48, having the size of 5cm x 2.5cm.

 

		50)	The delivery system as claimed in any one of the preceding claims being folded into a suitable
capsule.

 

		51)	The delivery system as claimed in any one of the preceding claims substantially as herein described.

 

		52)	The delivery system as claimed in any one of the preceding claims substantially as herein exemplified.

 

		53)	The delivery system as claimed in any one of claims 1 to 7 for medical or veterinary use.

 

		54)	A capsule containing a system as claimed in any one of claims 1 to 53.

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

 

    	 

    	 

    

  

NOTE: PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST
BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

APPENDIX D — DISCOUNTED ROYALTIES

 

The Company will make the following payments to Yissum:

 

	Year	Date	Sum ($)
	1	Upon signing this Agreement	252,495
	2	01.06.2001	123,216
	2	01.12.2001	123,216
	3	01.06.2002	126,648
	3	01.12.2002	126,648

 

All payments will be paid in NIS according
to the representative rate of the dollar on the day of payment, plus VAT.

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT
ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”).
SUCH PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF
THE REDACTED LANGUAGE.

   

APPENDIX E — ROYALTIES

 

		1.	The Company will pay to Yissum 3% royalties from the net sales of the products from the first date
of commercial sale in each country.

 

		2.	The Company shall be required to pay Yissum 30% of any payment or benefit of any sort or nature
the Company may receive from the Sub-License.

 

    	 

    	 

    

  

NOTE: PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST
BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

Appendix “F” — Development
Plan

 

The development plan as we see it will consist of two fundamental
stages:

 

Stage A - In this stage the
post - developed pharmaceutical product should demonstrate gastro retentive properties of a therapeutic drug in clinical trials
this stage will be carried out in a structure that will enable us to collect data and useful information for further steps towards
FDA approval in later stages.

 

Stage B - The objective of
this stage, in the preliminary clinical trials, is to show an increase in drug absorption [in narrow absorption window drugs] and/or
prolonged action [in short half - life drugs].

 

This stage will also determine the kind
of drugs, which are more likely to be the subject of a further study in order to combine them together.

 

    	 

    	 

    

  

NOTE: PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST
BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

“Appendix G”

 

I, the undersigned ______________________________, do hereby
declare that I have knowledge of research on the subject

 

and that it is funded by

 

		1.	I do hereby undertake to keep secret and to do all in my power to prevent unauthorized disclosure
of all information brought to my knowledge retarding the above research. I do further hereby consent to refrain from making public
any work, report of work, or any other information concerning the above project, or to present in any other manner any work, report
or information in writing and/or orally, without prior permission from Yissum and ________________________________. This undertaking
does not include information already disclosed in publication generally in the public domain and under the contract dated ___________________________
between Yissum and

 

		2.	It is hereby agreed that the undertaking of section 1 above does not apply to these dissertations
presented by candidates for Masters and Doctoral Degrees, to internal referee committees of the University, who will themselves
ensure that such information is not received by unauthorized bodies.

 

		3.	In addition to all the above, I do also undertake to fully observe the instructions of the University
administrative authorities as published by The Hebrew University of Jerusalem (Order No. 15-001 and 15-011).

 

		4.	I do hereby undertake to keep all the above secret and not to transfer to any person or persons,
at any time, any information, in any way connected with the above subject without receiving the written permission of both Yissum
and _______________________________.

 

	 	 	 	 
	 	Signature	 	Date
	 	 	 	 
	 	/s/ Michael Friedman	 	 
	 	Form No.	 	 
	 	 	 	 
	 	 	 	 
	 	Israel I.D. Card/Passport Number	 	 

 

    	 

    	 

    

 

NOTE: PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST
BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”). SUCH PORTIONS HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION AND ARE MARKED WITH A “[***]” IN PLACE OF THE REDACTED LANGUAGE.

 

Append. “H”

 

Sub-Licensee's undertakings

 

Yissum Research Development Company

of The Hebrew University of Jerusalem

46 Jabotinsky Street

P.O.B. 4279

Jerusalem 91042

Israel

 

All the expressions and definitions in
this letter will have the meaning as in the agreement signed between Yissum Research Development Company of the Hebrew University
of Jerusalem and

Between ___________________ ; dated _____________

 

Whereas the Company has been granted a License; and:

 

Whereas we the undersigned have been granted
a Sub-License (hereinafter “the Sub-License”); and

 

Whereas the License and Sub-License are
subject to certain conditions as defined in the Agreement:

 

Accordingly, we undertake as follows:

 

		1.	We have read the Agreement and are familiar with all its terms and conditions which shall be binding
upon us. The Sub-License validity shall at all times be conditioned on the validity of the License and shall terminate in whole
or in part upon termination of the License or any part thereof.

 

		2.	The Sub-License has been granted to us on the condition that we undertake to fully abide by the
terms and conditions of the Agreement.

 

		3.	We undertake to accept and be bound by any decision or ruling or an Israeli court or Israeli arbitration.
We expressly waive the right to submit any claim, or challenge such decisions or rulings outside the appropriate court in Jerusalem,
and we waive the right to motion for an injunction against the Company or Yissum in case of termination of the License.

 

_________________ day of _________________ Signed this

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