Document:

SECURITY AGREEMENT

 Exhibit 10.2 
 SECURITY AGREEMENT 
 THIS SECURITY AGREEMENT, dated as of
August 4, 2011, is made by IPC THE HOSPITALIST COMPANY, INC., a Delaware corporation (the “Borrower”), each of the undersigned Subsidiaries or Affiliates of the Borrower and each of the other Subsidiaries or Affiliates of the
Borrower which becomes a party hereto pursuant to Section 10.15 below (each of the foregoing, a “Grantor” and collectively, the “Grantors”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION for itself
and as the administrative agent on behalf of the Lenders (which for the avoidance of doubt includes the L/C Issuer) and as collateral agent for the Lender Rate Contract Counterparties and Lender Bank Product Providers (as such terms are defined in
the Credit Agreement referred to below) (in such capacity, together with any successors and assigns in such capacity, the “Administrative Agent”). 
 RECITALS 
 A. Pursuant to that certain Credit Agreement, dated as of
even date herewith (as the same from time to time hereafter may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto and
Wells Fargo Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender, pursuant to which the Administrative Agent and the Lenders have agreed to extend loans and other financial accommodations to the Borrower upon the
terms and subject to the conditions set forth therein. In addition, certain of the Lender Parties may, from time to time, enter into Lender Rate Contracts with the Borrower or provide Lender Bank Products to the Borrower. 

B. The Lender Parties’ obligations to extend loans and other financial accommodations to the Borrower under the Credit Agreement and
the other Credit Documents are subject, among other conditions, to receipt by the Administrative Agent of this Security Agreement duly executed by the Grantors. 
 C. Each Grantor (other than the Borrower) is or shall become a party to that certain Guaranty Agreement executed in connection with the Credit Agreement. Each Grantor (other than the Borrower) has
obtained and will continue to obtain working capital and loans needed for its operations and acquisitions from the Borrower, and the Borrower will obtain funds to provide and lend to the Grantors (other than the Borrower) from the Lender Parties
under the Credit Agreement and the other Credit Documents. In addition, the Grantors (other than the Borrower) anticipate realizing direct and indirect benefits as the result of the availability of the aforementioned credit facilities to the
Borrower and as the result of financial or business support which may be provided to the Grantors (other than the Borrower) by the Borrower. 

  

 AGREEMENT 

NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, each of the Grantors hereby agrees with the Administrative Agent, for itself and for the benefit of the Lender Parties, as follows: 
 SECTION 1. Definitions and Interpretation. When used in this Security Agreement, the following terms shall have the following respective meanings: 

“Account” means any “account,” as such term is defined in Section 9-102(a)(2) of the UCC (or any other
then applicable provision of the UCC) and, in any event, shall include, without limitation, all accounts receivable (including, without limitation, all accounts receivable owing or arising from any patient or patient-related services or in respect
of any Third Party Payor Arrangement), book debts and other forms of obligations (other than forms of obligations evidenced by Chattel Paper, Documents or Instruments) now owned or hereafter received or acquired by or belonging or owing to any
Grantor (including, without limitation, under any trade name, style or division thereof) whether arising out of goods sold or services rendered by such Grantor or from any other transaction, whether or not the same involves the sale of goods or
services by such Grantor (including, without limitation, any such obligation which may be characterized as an account or contract right under the UCC) and all of any Grantor’s rights in, to and under all purchase orders or receipts now owned or
hereafter acquired by it for goods or services, and all of any Grantor’s rights to any goods represented by any of the foregoing (including, without limitation, unpaid seller’s rights of rescission, replevin, reclamation and stoppage in
transit and rights to returned, reclaimed or repossessed goods), and all monies due or to become due to any Grantor under all purchase orders and contracts for the sale of goods or the performance of services or both by any Grantor (whether or not
yet earned by performance on the part of such Grantor or in connection with any other transaction), now in existence or hereafter occurring, including, without limitation, the right to receive the proceeds of said purchase orders and contracts, and
all collateral security and guarantees of any kind given by any Person with respect to any of the foregoing. 
 “Account
Debtor” means any “account debtor,” as such term is defined in Section 9-102(a)(3) of the UCC (or any other then applicable provision of the UCC). 
 “Chattel Paper” means any “chattel paper,” as such term is defined in Section 9-102(a)(11) of the UCC (or any other then applicable provision of the UCC), including,
without limitation, electronic chattel paper and tangible chattel paper and equipment leases, in each case, now owned or hereafter acquired by any Grantor or in which any Grantor now holds or hereafter acquires any interest. 

“Collateral” shall have the meaning assigned to such term in Section 2 below. 

“Commercial Tort Claim” means any “commercial tort claim,” as such term is defined in
Section 9-102(a)(13) of the UCC (or any other then applicable provision of the UCC). 
 “Commodity
Account” means any “commodity account,” as such term is defined in Section 9-102(a)(14) of the UCC (or any other then applicable provision of the UCC). 
 “Commodity Contract” means any “commodity contract,” as such term is defined in Section 9-102(a)(15) of the UCC (or any other then applicable provision of the UCC).

  
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 “Contracts” means all contracts, undertakings, franchise agreements,
license agreements or other agreements (but excluding rights evidenced by Chattel Paper, Documents or Instruments) in or under which any Grantor may now or hereafter have any right, title or interest, including, without limitation, with respect to
an Account, any agreement relating to the terms of payment or the terms of performance thereof. 
 “Copyrights”
means all of the following now owned or hereafter acquired by any Grantor or in which any Grantor now holds or hereafter acquires any interest: (i) all copyrights, whether registered or unregistered, held pursuant to the laws of the United
States, any State thereof or of any other country; (ii) registrations, applications and recordings in the United States Copyright Office or in any similar office or agency of the United States, any state thereof or any other country;
(iii) any continuations, renewals or extensions thereof; and (iv) any registrations to be issued in any pending applications. 
 “Copyright License” means any written agreement granting any right to use any Copyright or Copyright registration now owned or hereafter acquired by any Grantor or in which any Grantor
now holds or hereafter acquires any interest. 
 “Deposit Account” means any “deposit account” as
such term is defined in Section 9-102(a)(29) of the UCC (or any other then applicable provision of the UCC), and should include, without limitation, any demand, time, savings passbook or like account, now or hereafter maintained by or for the
benefit of any Grantor, or in which any Grantor now holds or hereafter acquires any interest, with a bank, savings and loan association, credit union or like organization (including the Administrative Agent) and all funds and amounts therein,
whether or not restricted or designated for a particular purpose. 
 “Documents” means any
“documents,” as such term is defined in Section 9-102(a)(30) of the UCC (or any other then applicable provision of the UCC), now owned or hereafter acquired by any Grantor or in which any Grantor now holds or hereafter acquires any
interest. 
 “Electronic Chattel Paper” means any “electronic chattel paper” as such term is defined
in Section 9-102(a)(31) of the UCC (or any other then applicable provision of the UCC). 
 “Equipment”
means any “equipment,” as such term is defined in Section 9-102(a)(33) of the UCC (or any other then applicable provision of the UCC), now or hereafter owned or acquired by any Grantor or in which any Grantor now holds or hereafter
acquires any interest and, in any event, shall include, without limitation, all machinery, equipment, fixtures, furniture, furnishings, trade fixtures, vehicles, trucks, mainframe, personal and other computers, terminals and printers and related
components and accessories, all copiers, telephonic, video, electronic data-processing, data storage equipment and other equipment of any nature whatsoever, and any and all additions, substitutions and replacements of any of the foregoing, wherever
located, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. 

  
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 “Excluded Assets” means: 

(a) any lease, license, contract, property rights or agreement to which any Grantor is a party, any of its rights or
interests thereunder to the extent that any applicable term therein prohibits the creation of a security interest thereon (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of
the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including any Debtor Relief Laws) or principles of equity); and 

(b) any “intent to use” Trademark applications for which a statement of use has not been filed (but only until
such statement is filed); 
 provided, however, “Excluded Assets” shall not include any proceeds,
products, substitutions or replacements of Excluded Assets (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Assets). 
 “General Intangible” means any “general intangible,” as such term is defined in Section 9-102(a)(42) of the UCC (or any other then applicable provision of the UCC) and, in
any event, shall include, without limitation, all right, title and interest which any Grantor may now or hereafter have in or under any Contract, all customer lists, IPC-Link, Copyrights, Trademarks, Patents and other Intellectual Property of any
kind or nature, including, without limitation, any rights to Intellectual Property, including, without limitation, under or pursuant to any License, all proprietary or confidential information, inventions (whether or not patented or patentable),
interests in partnerships, joint ventures and other business associations, permits, books and records, goodwill (including, without limitation, the goodwill associated with any Trademark, Trademark registration or Trademark licensed under any
Trademark License), claims in or under insurance policies, including unearned premiums, Payment Intangibles, Software, uncertificated securities, cash and other forms of money or currency, rights to sue for past, present and future infringement of
Copyrights, Trademarks and Patents, rights to receive tax refunds, all agreements, obligations and liabilities owing to any Grantor and all collateral securing such agreements, obligations and liabilities, and other payments and rights of
indemnification. 
 “Instruments” means any “instrument,” as such term is defined in
Section 9-102(a)(47) of the UCC (or any other then applicable provision of the UCC), now owned or hereafter acquired by any Grantor or in which any Grantor now holds or hereafter acquires any interest, including, without limitation, all notes
and all other evidences of indebtedness, other than instruments that constitute, or are a part of a group of writings that constitute, Chattel Paper. 
 “Intellectual Property” means all intellectual property of any kind or nature, including, without limitation, all Copyrights, Copyright Licenses, Trademarks, Trademark Licenses, Patents,
Patent Licenses, trade secrets, mask works, source codes, customer lists, proprietary or confidential information, inventions (whether or not patented or patentable), technical information, procedures, designs, knowledge, know-how, software, data
bases, data, skill, expertise, recipes, experience, processes, models, drawings, materials and records. 

“Inventory” means any “inventory,” as such term is defined in Section 9-102(a)(48) of the UCC (or any
other then applicable provision of the UCC), wherever located, now or hereafter owned or acquired by any Grantor or in which any Grantor now holds or hereafter acquires any interest, and, in any event, shall include, without limitation, all
inventory, computer equipment, goods and other personal property which are held by or on behalf of any Grantor for sale or lease or are furnished or are to be furnished under a contract of service or which constitute raw

  
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materials, work in process or materials used or consumed or to be used or consumed in any Grantor’s business, or the processing, packaging, promotion, delivery or shipping of the same, and
all finished goods whether or not such inventory is listed on any schedules, assignments or reports furnished to the Administrative Agent from time to time and whether or not the same is in transit or in the constructive, actual or exclusive
occupancy or possession of any Grantor or is held by any Grantor or by others for any Grantor’s account, including, without limitation, all goods covered by purchase orders and contracts with suppliers and all goods billed and held by suppliers
and all inventory of any Grantor which may be located on the premises of any Grantor or of any carriers, forwarding agents, truckers, warehousemen, vendors, selling agents or other persons. 

“Investment Property” means any “investment property,” as such term is defined in Section 9-102(a)(49) of
the UCC (or any other then applicable provision of the UCC), now owned or hereafter acquired by any Grantor or in which any Grantor now holds or hereafter acquires any interest, and shall include, without limitation, all Securities Accounts,
Commodity Accounts and Commodity Contracts and all certificated securities (including, without limitation, those listed on Schedule I), uncertificated securities and security entitlements, as each such term is defined in the UCC. 

“IPC-Link” means, collectively, any technology based management system used by any Grantor, including, but not limited
to, the system referred to as IPC-Link. 
 “Letter-of-Credit Right” means “letter-of-credit right,”
as such term is defined in Section 9-102(a)(51) of the UCC (or any other then applicable provision of the UCC). 

“License” means any Copyright License, Patent License, Trademark License or other license of rights or interests now
held or hereafter acquired by or in which any Grantor now holds or hereafter acquires any interest and any renewals or extensions thereof. 
 “Patent License” means any written agreement granting any right with respect to any invention on which a Patent is in existence now owned or hereafter acquired by any Grantor or in which
any Grantor now holds or hereafter acquires any interest. 
 “Patents” means all of the following now owned or
hereafter acquired by any Grantor or in which any Grantor now holds or hereafter acquires any interest: (a) letters patent of, or rights corresponding thereto in, the United States or any other country, all registrations and recordings thereof,
and all applications for letters patent of, or rights corresponding thereto in, the United States or any other country, including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in
any similar office or agency of the United States, any State thereof or any other country; (b) all reissues, continuations, continuations-in-part or extensions thereof; (c) all petty patents, divisionals, and patents of addition; and
(d) all patents to issue in any such applications. 
 “Payment Intangible” means “payment
intangible,” as such term is defined in Section 9-102(a)(61) of the UCC (or any other then applicable provision of the UCC). 

  
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 “Pledged Collateral” means, collectively, the notes, the stock, partnership
interests, limited liability company interests, and all other Equity Securities of any Grantor, all certificates or other instruments representing any of the foregoing, all security entitlements of any Grantor in respect of any of the foregoing, all
dividends, interest distributions, cash, warrants, rights, instruments and other property or Proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing. 

“Proceeds” means “proceeds,” as such term is defined in Section 9-102(a)(64) of the UCC (or any other
then applicable provision of the UCC), and, in any event, shall include, without limitation, (a) any and all Accounts, Chattel Paper, Instruments, cash or other forms of money or currency or other proceeds payable to any Grantor from time to
time in respect of the Collateral, (b) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to any Grantor from time to time with respect to any of the Collateral, (c) any and all payments (in any form whatsoever)
made or due and payable to any Grantor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority (or any Person acting under color of
governmental authority), (d) any claim of any Grantor against third parties (i) for past, present or future infringement of any Copyright, Patent, Copyright License or Patent License or (ii) for past, present or future infringement or
dilution of any Trademark or Trademark License or for injury to the goodwill associated with any Trademark, Trademark registration or Trademark licensed under any Trademark License, (e) all certificates, dividends, cash, Instruments and other
property received or distributed in respect of or in exchange for any Investment Property, and (f) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 

“Secured Obligations” shall mean and include (a) in the case of the Borrower, the Obligations (as defined in the
Credit Agreement) and (b) in the case of each other Grantor, all liabilities and obligations, howsoever arising, owed by such Grantor to the Administrative Agent or any other Lender Party of every kind and description (whether or not evidenced
by any note or instrument and whether or not for the payment of money), direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, in each case, pursuant to the terms of the Guaranty or any of the other
Credit Documents to which such Grantor is a party, including without limitation all interest (including interest that accrues after the commencement of any bankruptcy or other insolvency proceeding by or against such Grantor, whether or not allowed
or allowable), fees, charges, expenses, attorneys’ fees and accountants’ fees chargeable to and payable by such Grantor hereunder and thereunder. 
 “Securities Account” means “securities account,” as such term is defined in Section 8-501(a) of the UCC (or any other then applicable provision of the UCC). 

“Security Agreement” means this Security Agreement and all exhibits and schedules hereto, as the same may from time to
time be amended, modified, supplemented or restated. 
 “Software” means “software,” as such term is
defined in Section 9-102(a)(75) of the UCC (or any other then applicable provision of the UCC). 
 “Supporting
Obligation” means “supporting obligation,” as such term is defined in Section 9-102(a)(77) of the UCC (or any other then applicable provision of the UCC). 

  
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 “Trademark License” means any written agreement granting any right to use
any Trademark or Trademark registration now owned or hereafter acquired by any Grantor or in which any Grantor now holds or hereafter acquires any interest. 
 “Trademarks” means any of the following now owned or hereafter acquired by any Grantor or in which any Grantor now holds or hereafter acquires any interest: (a) any and all
trademarks, trade names, corporate names, business names, trade dress, service marks, logos, designs, and other source or business identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general intangibles
of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and any applications in connection therewith, including, without limitation, registrations, recordings and applications in the United States
Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof and (b) any reissues, extensions or renewals thereof. 

“UCC” means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York;
provided, however, in the event that, by reason of mandatory provisions of law, any or all of the creation or attachment, perfection or priority of the Administrative Agent’s or any Lender’s security interest in any
collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the
provisions hereof relating to such creation or attachment, perfection of priority and for purposes of definitions related to such provisions. 
 Unless otherwise defined herein, all other capitalized terms used herein and defined in the Credit Agreement shall have the respective meanings given to those terms in the Credit Agreement, and all terms
defined in the UCC shall have the respective meanings given to those terms in the UCC. The rules of interpretation set forth in Article I of the Credit Agreement shall, to the extent not inconsistent with the terms of this Security Agreement, apply
to this Security Agreement and are hereby incorporated by reference. 
 SECTION 2. Grant of Security
Interest. Each Grantor hereby assigns, conveys, mortgages, pledges, grants, hypothecates and transfers to the Administrative Agent, for the benefit of the Lender Parties, as security for the full, prompt, complete and final payment when due
(whether at stated maturity, by acceleration or otherwise) and prompt performance and observance of all of the Secured Obligations of such Grantor, and in order to induce the Administrative Agent and the other Lender Parties to enter into the Credit
Agreement and the other Credit Documents and to make loans and other financial accommodations available to and for the benefit of the Borrower upon the terms and subject to the conditions thereof, a security interest in and to all of such
Grantor’s right, title and interest in, to and under each of the following, whether now owned or hereafter acquired by such Grantor or in which such Grantor now holds or hereafter acquires any interest (all of which being hereinafter
collectively called the “Collateral”): 
 (a) All Accounts; 

(b) All Chattel Paper; 

  
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 (c) All Commercial Tort Claims; 

(d) All Contracts; 
 (e) All Deposit Accounts; 
 (f) All Documents;

 (g) All Equipment; 

(h) All General Intangibles; 

(i) All Instruments; 
 (j) All Inventory; 
 (k) All Investment Property;

 (l) All Pledged Collateral; 

(m) All Letter-of-Credit Rights; 

(n) All Supporting Obligations; 

(o) All property of such Grantor held by the Administrative Agent or any Lender Party, or any other party for whom
the Administrative Agent or any Lender Party is acting as agent hereunder, including, without limitation, all property of every description now or hereafter in the possession or custody of or in transit to the Administrative Agent, any Lender Party
or such other party, for any purpose, including, without limitation, safekeeping, collection or pledge, for the account of such Grantor, or as to which such Grantor may have any right or power; 

(p) All other goods and personal property of such Grantor whether tangible or intangible and whether now or
hereafter owned or existing, leased, consigned by or to, or acquired by, such Grantor and wherever located; and 

(q) To the extent not otherwise included, all Proceeds of each of the foregoing and all accessions to,
substitutions and replacements for, and rents, profits and products of each of the foregoing; 
 provided,
however, notwithstanding the foregoing, the Collateral shall not include any Excluded Assets. 
 SECTION 3.
Rights of the Administrative Agent; Collection of Accounts. 
 (a) The Administrative Agent
shall not have any obligation or liability under any Contract by reason of or arising out of this Security Agreement or the granting to the Administrative Agent of a security interest therein or the receipt by the Administrative Agent of any payment
relating to any Contract pursuant hereto, nor shall the Administrative Agent be 

  
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required or obligated in any manner to perform or fulfill any of the obligations of any Grantor under or pursuant to any Contract, or to make any payment, or to make any inquiry as to the nature
or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any Contract, or to present or file any claim, or to take any action to collect or enforce any performance or the payment of any amounts which
may have been assigned to it or to which it may be entitled at any time or times. 
 (b) The
Administrative Agent authorizes each Grantor to collect the respective Accounts of such Grantor, provided, that the Administrative Agent may, upon the occurrence and during the continuation of any Event of Default, limit or terminate said
authority at any time; provided, that the Administrative Agent shall use commercially reasonable efforts to provide reasonable written notice of the same prior to exercising such right; provided further, that the failure to provide such notice shall
not affect the obligations of the Grantors of the rights and remedies of the Administrative Agent and the Lenders under the Credit Documents. If required by the Administrative Agent at any time after the occurrence and during the continuation of any
Event of Default, any Proceeds, when first collected by a Grantor, received in payment of such Account or in payment for any of its Inventory or on account of any of its Contracts shall be promptly deposited by such Grantor in precisely the form
received (with all necessary endorsements) in a special bank account maintained by the Administrative Agent subject to withdrawal by the Administrative Agent only, as hereinafter provided, and until so turned over shall be deemed to be held in trust
by such Grantor for and as the Administrative Agent’s property, and shall not be commingled with such Grantor’s other funds or properties. Such Proceeds, when deposited, shall continue to be collateral security for all of the Secured
Obligations and shall not constitute payment thereof until applied as hereinafter provided. Upon the occurrence and during the continuation of any Event of Default, the Administrative Agent may, in its sole discretion, apply all or a part of the
funds on deposit in said special account to the principal of or interest on or both in respect of any of the Secured Obligations in accordance with the provisions of Section 7(h), below, and any part of such funds which the
Administrative Agent elects not to so apply and deems not required to be held by the Administrative Agent as collateral security for the Secured Obligations shall be paid over from time to time by the Administrative Agent to the Grantors. If an
Event of Default has occurred and is continuing, at the request of the Administrative Agent, each Grantor shall deliver to the Administrative Agent all original and other documents evidencing, and relating to, the sale and delivery of such Inventory
and each Grantor shall deliver all original and other documents evidencing and relating to, the performance of labor or service which created such Accounts, including, without limitation, all original orders, invoices and shipping receipts.

 (c) The Administrative Agent may at any time, upon the occurrence and during the continuation of any
Event of Default, without consent from any Grantor, notify Account Debtors of any Grantor, parties to the Contracts of any Grantor, obligors in respect of Instruments of any Grantor and obligors in respect of Chattel Paper of any Grantor that the
Accounts and the right, title and interest of any Grantor in and under such Contracts, Instruments, and Chattel Paper have been assigned to the Administrative Agent, and that payments shall be made directly to the Administrative Agent; provided,
that the Administrative Agent shall use commercially reasonable efforts to provide reasonable written notice of the same prior to exercising such right; provided further, that the failure to provide such notice shall not affect the obligations of
the Grantors of the rights and remedies of the Administrative Agent and 

  
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the Lenders under the Credit Documents. Upon the request of the Administrative Agent, each Grantor shall so notify such Account Debtors, parties to such Contracts, obligors in respect of such
Instruments and obligors in respect of such Chattel Paper. Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent may, in its name, or in the name of others communicate (provided such communication is made
in a commercially reasonable manner) with such Account Debtors, parties to such Contracts, obligors in respect of such Instruments and obligors in respect of such Chattel Paper to verify with such parties, to the Administrative Agent’s
satisfaction, the existence, amount and terms of any such Accounts, Contracts, Instruments or Chattel Paper. 

SECTION 4. Representations and Warranties. Each Grantor hereby represents and warrants to the Administrative
Agent and the Lender Parties that: 
 (a) Such Grantor is the sole legal and equitable owner of each item
of the Collateral in which it purports to grant a security interest hereunder, having good and merchantable title or rights thereto free and clear of any and all Liens, except for Permitted Liens. 

(b) No effective security agreement, financing statement, equivalent security or lien instrument or continuation
statement covering all or any part of the Collateral exists, except such as may have been filed by such Grantor in favor of the Administrative Agent pursuant to this Security Agreement or such as relate to other Permitted Liens. 

(c) The execution and delivery of this Security Agreement creates a legal and valid security interest on and in all
of the Collateral in which such Grantor now has rights and all filings and other actions necessary or desirable to perfect such security interest have been duly taken. Accordingly, the Administrative Agent has a fully perfected first priority
security interest in all of the Collateral in which such Grantor now has rights subject only to Permitted Liens. This Security Agreement will create a legal and valid and fully perfected first priority security interest in the Collateral in which
such Grantor later acquires rights, when such Grantor acquires those rights, subject only to Permitted Liens. 

(d) Each Grantor’s exact legal name is set forth on Schedule VI attached hereto or as otherwise set
forth in a written notice given to the Administrative Agent pursuant to Section 5.11 below. Each Grantor was formed under the laws of jurisdiction of its formation as set forth on Schedule VI attached hereto or as otherwise set
forth in a written notice given to the Administrative Agent pursuant to Section 5.11 below. Each Grantor’s chief executive office, principal place of business, and the place where each Grantor maintains records concerning the
Collateral are set forth on Schedule VI attached hereto or at such other location(s) set forth in a written notice given to the Administrative Agent pursuant to this subsection (d). The Collateral, other than Deposit Accounts,
Investment Property held in Securities Accounts or Commodity Accounts and Collateral in the Administrative Agent’s possession, is presently located at the location(s) set forth on Schedule VI attached hereto or at such other location(s)
set forth in a written notice given to the Administrative Agent pursuant to this subsection (d). No Grantor shall change such chief executive office or principal place of business or remove or cause to be removed, except in the ordinary
course of such Grantor’s business and in connection with sales, transfers and dispositions permitted under Section 5.02(c) of the Credit Agreement, the Collateral or the records concerning the Collateral from those premises without
prior written notice to the Administrative Agent. 

  
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 (e) Schedule I (as supplemented from time to time by the
Grantors in a supplement delivered pursuant to this subsection (e)) sets forth, as of the Closing Date and as of each date by which this subsection (e) requires any supplement to be delivered by the Grantors, all Collateral with
respect to which a security interest may be perfected by the secured party’s taking possession thereof, including, without limitation, all Chattel Paper, Instruments and certificated securities. As of the Closing Date and as of each date by
which this subsection (e) requires any supplement to Schedule I to be delivered by the Grantors, all action necessary to perfect such security interest in each item set forth on Schedule I (as supplemented from time to time
by the Grantors in a supplement delivered pursuant to this subsection (e)), including, without limitation, the delivery to the Administrative Agent of all originals of all Chattel Paper, Instruments and certificated securities and all
necessary stock powers, endorsements, assignments and other instruments of transfer, has been taken. Schedule II (as supplemented from time to time by the Grantors in a supplement delivered pursuant to this subsection (e)) sets forth,
as of the Closing Date and as of each date by which this subsection (e) requires any supplement to be delivered by the Grantors, all Letter-of-Credit Rights and Commercial Torts Claims of each Grantor. The security interest of the
Administrative Agent in the Collateral is prior in right and interest to all other liens, other than Permitted Liens, and is enforceable as such against creditors of and purchasers from such Grantor. Each Grantor shall supplement Schedule I
and Schedule II from time to time within twenty (20) Business Days after obtaining any additional Chattel Paper, Instruments, certificated securities, Letter-of-Credit Rights or Commercial Tort Claims, as applicable. 

(f) Schedule III (as supplemented from time to time by the Grantors in a supplement delivered pursuant to
this subsection (f)) sets forth, as of the Closing Date and as of each date by which this subsection (f) requires any supplement to be delivered by the Grantors, the names and addresses of all financial institutions at which each
Grantor maintains its Deposit Accounts and the account numbers and account names of such Deposit Accounts. Each Grantor shall supplement Schedule III from time to time within thirty (30) Business Days after opening any additional Deposit
Account or closing or changing the account number or account name on any existing Deposit Account. 
 (g)
Schedule IV (as supplemented from time to time by the Grantors in a supplement delivered pursuant to this subsection (g)) sets forth, as of the Closing Date and as of each date by which this subsection (g) requires any
supplement to be delivered by the Grantors, the names and addresses of all institutions at which each Grantor maintains its Securities Accounts and the account numbers and account names of such Securities Accounts. Each Grantor shall supplement
Schedule IV from time to time within thirty (30) Business Days after opening any additional Securities Account or closing or changing the account number or account name on any existing Securities Account. 

(h) Schedule V (as supplemented from time to time by the Grantors in a supplement delivered pursuant to this
subsection (h)) sets forth, as of the Closing Date and as of each date by which this subsection (h) requires any supplement to be delivered by the Grantors, the names and addresses of all institutions at which each Grantor
maintains its 

  
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Commodity Accounts and the account numbers and account names of such Commodity Accounts. Each Grantor shall supplement Schedule V from time to time within thirty (30) Business Days
after opening any additional Commodity Account or closing or changing the account number or account name on any existing Commodity Account. 
 (i) All Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks, Trademark Licenses which constitute Collateral, and applications and registrations owned, held or in which the Grantors
otherwise have any rights which constitute Collateral are listed on Schedule VII. Within thirty (30) Business Days after the filing of any application for a Patent, Trademark or Copyright or the issuance of any Patent or registration of
any Trademark or Copyright or any acquisition of any Patent, Trademark or Copyright (or application therefor) (i) the Grantors shall amend Schedule VII to reflect any additions to or deletions from this list and (ii) the Grantors
shall execute and deliver to the Administrative Agent additional short form documentation in form and substance reasonably satisfactory to the Administrative Agent to be filed in the United States Copyright Office or the United States Patent and
Trademark Office as the Administrative Agent may reasonably require from time to time. 
 (j) No
Copyrights, Patents or Trademarks listed on Schedule VII which are of material value or utility to the Grantors have been adjudged invalid or unenforceable or have been canceled, in whole or in part, or are not presently subsisting.

 (k) None of the Patents, Trademarks or Copyrights has been licensed to any third party, except for
Licenses issued in the ordinary course of the Grantors’ business to enable the Grantors to conduct their business. 
 (l) As of the Closing Date and as of each date by which Section 4(e) requires any supplement to Schedule I to be delivered by the Grantors, such Grantor has delivered to
Administrative Agent all of the Equity Securities pledged to the Administrative Agent by such Grantor under Section 2 above free and clear of any adverse claim, as defined in Section 8-102(a)(1) of the UCC (or any other then
applicable provision of the UCC), except for the Lien created in favor of the Administrative Agent by this Security Agreement and the other Credit Documents. 
 (m) No authorization, approval or other action by, and no notice to or filing with, any governmental authority or any other Person is required for the exercise by the Administrative Agent of the
voting or other rights provided for in this Security Agreement, except in connection with a disposition of the Investment Property as may be required by governmental rules affecting the offering and sale of securities generally. 

(n) Each Grantor has delivered to the Administrative Agent, together with all necessary stock powers, endorsements,
assignments and other necessary instruments of transfer, the originals of all stock certificates, instruments, notes, other certificated securities, other Collateral and all certificates, instruments and other writings evidencing the same, in each
case relating to Equity Securities and Instruments required to be pledged hereunder. 

  
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 (o) All shares of the pledged Equity Securities set forth on
Schedule I (as supplemented from time to time by the Grantors in a supplement delivered pursuant to subsection (e) above) are duly authorized and validly issued, fully paid, and non-assessable. Schedule I (as supplemented
from time to time by the Grantors in a supplement delivered pursuant to subsection (e) above) sets forth, as of the Closing Date and as of each date by which such subsection (e) requires any supplement to be delivered by the
Grantors, sets forth a true, complete and accurate list of all shares of stock issued by each Grantor’s Subsidiaries and all other securities owned by such Grantor. 
 SECTION 5. Covenants. Each Grantor covenants and agrees with the Administrative Agent that from and after the date of this Security Agreement and until the Secured Obligations
have been completely and finally paid in full (other than contingent indemnification obligations and Obligations in respect of Lender Rate Contracts or Lender Bank Products): 

5.1 Further Assurances; Pledge of Instruments. At any time and from time to time, upon the reasonable
written request of the Administrative Agent, and at the sole expense of the Grantors, each Grantor shall promptly and duly execute and deliver any and all such further instruments and documents and take such further action as the Administrative
Agent may deem reasonably desirable to obtain the full benefits of this Security Agreement and of the rights and powers herein granted, including, without limitation, (a) using its commercially reasonable efforts to secure all consents and
approvals necessary or appropriate for the grant of a security interest to the Administrative Agent in any Contract held by any Grantor or in which any Grantor has any rights not heretofore assigned, (b) filing any financing statements,
amendments or continuation statements under the UCC with respect to the security interests granted hereby, (c) filing or cooperating with the Administrative Agent in filing any forms or other documents required to be filed with the United
States Patent and Trademark Office, the United States Copyright Office or any filings in any foreign jurisdiction or under any international treaty, required to secure or protect the Administrative Agent’s interest in the Collateral,
(d) transferring Collateral to the Administrative Agent’s possession (if a security interest in such Collateral can be perfected and free from an adverse claim only by possession), (e) filing financing statements as consignor pursuant
to Section 9-505 of the UCC (or any other then applicable provision of the UCC) in such jurisdictions as any Grantor maintains Inventory on consignment, (f) placing the interest of the Administrative Agent as lienholder on the certificate
of title (or other evidence of ownership ) of any vehicle that constitutes Collateral owned by any Grantor or in or with respect to which any Grantor holds a beneficial interest, (g) using its commercially reasonable efforts to obtain waivers
of liens from landlords and mortgagees as required pursuant to the Credit Agreement, (h) obtaining written acknowledgements from consignees, warehouse and other bailees of the prior lien of the Administrative Agent in and to the Collateral and
that such third party is holding possession of the Collateral for the benefit of the Administrative Agent to the extent provided in such written acknowledgement, (i) executing supplements to this Security Agreement in form and substance
reasonably satisfactory to the Administrative Agent necessary to identify and grant to the Administrative Agent a security interest in any Commercial Tort Claims acquired by such Grantor, and (j) assisting the Administrative Agent in obtaining
control under the UCC with respect to any Collateral consisting of Deposit Accounts (excluding any accounts covered under the proviso in Section 5.02(p) of the Credit Agreement), Investment Property, Letter-of-Credit Rights and Electronic
Chattel Paper. Each Grantor also hereby authorizes the Administrative Agent, to the extent not prohibited by applicable law, to file any such financing statement, amendment or continuation statement (including consignment filings) without the
signatures of such Grantor. If any amount payable under or in connection with any 

  
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of the Collateral is or shall become evidenced by any Instrument, such Instrument, other than checks and notes received in the ordinary course of any Grantor’s business, shall be duly
endorsed in a manner satisfactory to the Administrative Agent and delivered to the Administrative Agent promptly upon any Grantor’s receipt thereof. 
 5.2 Maintenance of Records. Each Grantor shall keep and maintain at such Grantor’s own cost and expense accurate and complete records of the Collateral, including, without limitation, a
record of all payments received and all credits granted with respect to the Collateral and all other dealings with the Collateral. Each Grantor shall mark its books and records pertaining to the Collateral to evidence this Security Agreement and the
security interests granted hereby. If requested by the Administrative Agent, all Chattel Paper shall be marked with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the security interest of
Wells Fargo Bank, National Association, as Administrative Agent, created by that certain Security Agreement, dated as of August 4, 2011, in favor of Wells Fargo Bank, National Association, as Administrative Agent, as the same may thereafter
from time to time be amended, modified, supplemented or restated.” 
 5.3 Indemnification. In
any suit, proceeding or action brought by or against the Administrative Agent or any Lender relating to any Collateral, including, without limitation, any Account, Chattel Paper, Contract, General Intangible, Instrument or Document for any sum owing
thereunder, or to enforce any provision of any Account, Chattel Paper, Contract, General Intangible, Instrument or Document, each Grantor shall jointly and severally save, indemnify and keep the Administrative Agent harmless from and against all
expense, loss or damage suffered by reason of any defense, setoff, counterclaim, recoupment or reduction of liability whatsoever of the obligor thereunder arising out of a breach by any Grantor of any obligation thereunder or arising out of any
other agreement, indebtedness or liability at any time owing to, or in favor of, such obligor or its successors from any Grantor, except to the extent determined by a final, non-appealable judgment of a court of competent jurisdiction to have been
caused by the gross negligence, bad faith or willful misconduct of the Administrative Agent, and all such obligations of the Grantors shall be and remain enforceable against and only against the Grantors and shall not be enforceable against the
Administrative Agent. 
 5.4 Compliance With Terms of Accounts, Etc. In all material respects, each
Grantor shall perform and comply with all obligations in respect of Accounts, Chattel Paper, Contracts, Documents, Instruments and Licenses and all other agreements to which it is a party or by which it is bound; provided, however, that each
Grantor may suspend its performance thereunder in the event of a material breach of any such obligations by third parties. 
 5.5 Limitation on Liens on Collateral. No Grantor shall create, permit or suffer to exist, and shall defend the Collateral against and take such other action as is necessary to remove, any
lien on the Collateral, except the Permitted Liens. Each Grantor shall, jointly and severally, further defend the right, title and interest of the Administrative Agent in and to any of any Grantor’s rights under the Chattel Paper, Contracts,
Documents, General Intangibles, Instruments and Investment Property and to the Equipment and Inventory and in and to the Proceeds thereof against the claims and demands of all Persons whomsoever. 

  
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 5.6 Limitations on Modifications of Accounts, Etc. Upon the
occurrence and during the continuation of any Event of Default, no Grantor shall, without the Administrative Agent’s prior written consent, grant any extension of the time of payment of any of the Accounts, Chattel Paper, Instruments or amounts
due under any Contract or Document, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any Person liable for the payment thereof, or allow any credit or discount whatsoever thereon other than
trade discounts and rebates granted in the ordinary course of such Grantor’s business. 
 5.7
Maintenance of Insurance. Each Grantor shall maintain, with financially sound and reputable companies, the insurance policies with coverage provisions as set forth in Section 5.01(d) of the Credit Agreement. 

5.8 Taxes, Assessments, Etc. Each Grantor shall pay promptly when due all property and other taxes,
assessments and government charges or levies imposed upon, and all claims (including, without limitation, claims for labor, materials and supplies) against, the Equipment or Inventory, except to the extent the validity thereof is being contested in
good faith and adequate reserves are being maintained in connection therewith. 
 5.9 Limitations on
Disposition. Each Grantor shall keep the Collateral separate and identifiable from other property located on the same premises as the Collateral and no Grantor shall sell, lease, license outside the ordinary course of its business, transfer
or otherwise dispose of any of the Collateral, or attempt or contract to do so, except as permitted by Section 5.02(c) of the Credit Agreement. 
 5.10 Further Identification of Collateral. Each Grantor shall, if so requested by the Administrative Agent, furnish to the Administrative Agent, as often as the Administrative Agent shall
reasonably request, statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Administrative Agent may reasonably request, all in reasonable detail. 

5.11 Notices. Each Grantor shall advise the Administrative Agent promptly, in reasonable detail, of
(a) any material Lien, other than Permitted Liens, attaching to or asserted against any of the Collateral, (b) any material change in the composition of the Collateral and (c) the occurrence of any other event which might have or
result in a Material Adverse Effect with respect to the Collateral or on the security interest created hereunder. 
 5.12 Right of Inspection and Audit. Each Grantor shall permit the Administrative Agent such rights of inspection and audit as provided in the Credit Agreement. In addition, upon reasonable
notice to a Grantor (unless an Event of Default has occurred and is continuing, in which case no notice is necessary), the Administrative Agent and its agents and representatives shall also have the right during such Grantor’s ordinary business
hours, to enter into and upon any premises of such Grantor where any of the Equipment or Inventory is located for the purpose of conducting audits and making physical verifications of such Equipment and Inventory and test verifications of the
Accounts in any manner and through any medium that is reasonable and that it considers advisable, and each Grantor agrees to furnish all such assistance and information as the Administrative Agent may require in connection therewith. 

  
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 5.13 Maintenance of Facilities. Each Grantor shall maintain
and protect its properties, assets and facilities, including, without limitation, its Equipment in reasonably good order and working repair and condition (taking into consideration ordinary wear and tear) and from time to time make or cause to be
made all necessary and proper repairs, renewals and replacements thereto and shall competently manage and care for its property in accordance with commercially reasonable industry practices. 

5.14 Continuous Perfection. No Grantor shall change its name, identity or corporate structure in any manner
unless such Grantor shall have given the Administrative Agent at least fifteen (15) days’ prior written notice thereof and shall have taken all action (or made arrangements to take such action substantially simultaneously with such change
if it is impossible to take such action in advance) necessary or reasonably requested by the Administrative Agent to amend such financing statement or continuation statement so that it is not seriously misleading. 

5.15 Intellectual Property.  

(a) The Grantors shall notify the Administrative Agent promptly and not later than by the next calendar quarter if
the Grantors know or have reason to know that any application or registration relating to any Copyright, Patent or Trademark may become abandoned, or of any adverse determination or development (including, without limitation, the institution of, or
any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office, or any court) regarding the Grantors’ ownership or license of any Copyright, Patent or Trademark (or
application therefor) which is material to such Grantor’s business or the right of the Grantors to register or keep and maintain the same. 
 (b) The Grantors shall take all commercially reasonable steps to prevent any misuse, infringement, invalidation, misappropriation, unauthorized use or abandonment of its Copyrights, Patents,
Trademarks or other Intellectual Property which is material to such Grantor’s business, whether owned or licensed. The Grantors’ efforts pursuant to this Section 5.15 shall include, but not be limited to: (i) establishing
commercially reasonable security measures and procedures governing access to, and use of, property protected by such Copyrights, Trademarks or Patents or of Intellectual Property owned or licensed by the Grantors or developed by any Person on behalf
of the Grantors; (ii) establishing and maintaining in force any agreements with employees and consultants or any written terms of employment, as are customarily used in the Grantors’ industry for the protection of similar intellectual
property; and (iii) vigorous enforcement of the Grantors’ rights in any Intellectual Property. 

(c) If any Grantor shall (a) obtain rights to any new patentable inventions, any registered Copyrights or any
Patents or Trademarks or (b) become entitled to the benefit of any registered Copyrights or any Patents or Trademarks or any improvement on any Patent, the provisions of this Security Agreement shall automatically apply thereto. To the extent
commercially reasonable and material to the operations of the business of the Grantors, each Grantor shall have the duty (i) to prosecute diligently any patent, trademark or service mark applications pending with respect to such Grantor as of
the date hereof or hereafter, (ii) to make application on unpatented but patentable inventions and on trademarks, copyrights and service 

  
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marks, as appropriate, (iii) to preserve and maintain all rights in the Copyrights, Patents and Trademarks and (iv) to ensure that the Copyrights, Patents and Trademarks are and remain
enforceable, subject to the limitations of applicable law. In no event shall any Grantor, either itself or through any agent, employee, licensee or designee, file an application for the registration of any Patent or Trademark with the United States
Patent and Trademark Office, any Copyright with the United States Copyright Office, or any similar office or agency in any other country or any political subdivision thereof, which is material to such Grantor’s business, unless it promptly
informs the Administrative Agent no later than the next calendar quarter and, upon request of the Administrative Agent, executes and delivers any and all agreements, instruments, documents, and papers as the Administrative Agent may request to
evidence the Administrative Agent’s security interest in such Copyright, Patent or Trademark, including, without limitation, with respect to Trademarks, the goodwill of such Grantor, relating thereto or represented thereby. Any expenses
incurred in connection with the Grantors’ obligations under this Section 5.15 shall be borne by the Grantors. To the extent commercially reasonable and material to the operations of the business of the Grantors, no Grantor shall
abandon any right to file a patent, trademark or service mark application, or abandon any pending patent, application or any other Copyright, Patent or Trademark, without the written consent of the Administrative Agent, which consent shall not be
unreasonably withheld. 
 (d) The Grantors shall (i) promptly make application to register any
copyrightable or patentable property or trade name or trademark of the Grantors, including the most recent version of the Grantors’ existing Copyrights, if not so already registered; and (ii) take all necessary action to maintain and
pursue each such application (and to obtain the relevant registration) and to maintain the registration of each of such Copyrights, Patents and Trademarks, including, without limitation, the filing of applications for renewal, affidavits of use,
affidavits of noncontestability and opposition and interference and cancellation proceedings. 
 (e) In
the event that any Copyright, Patent or Trademark which is material to such Grantor’s business is infringed, misappropriated or diluted by a third party, the Grantors shall notify the Administrative Agent promptly after the Grantors learn
thereof but not later than the next calendar quarter and shall, unless the Grantors shall reasonably determine that such Copyright, Patent or Trademark is not material, promptly sue for infringement, misappropriation or dilution and to recover any
and all damages for such infringement, misappropriation or dilution and take such actions as the Grantors shall reasonably deem appropriate under the circumstances to protect such Copyright, Patent or Trademark. 

5.16 Authorizations with Respect to Financing Statements, etc. Each Grantor hereby irrevocably authorizes
the Administrative Agent at any time and from time to time to file in any filing office in any UCC jurisdiction any initial financing statements and amendments thereto that (i) indicate the Collateral (A) as “all assets” of such
Grantor or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC of such jurisdiction, or (B) as being of an equal or lesser scope or with greater detail,
and (ii) contain any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including, without limitation, (A) whether such Grantor is an
organization, the type of organization and any organization identification number issued to such Grantor, and (B) in the case of a financing statement filed as a fixture filing or indicating any Collateral as as-extracted

  
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collateral or timber to be cut, a sufficient description of the real property to which such Collateral relates. Each Grantor agrees to promptly furnish any such information that the
Administrative Agent may reasonably request. Each Grantor also ratifies its authorization for the Administrative Agent to have filed in any UCC jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof.

 5.17 No Reincorporation. No Grantor shall reincorporate or reorganize itself under the
laws of any jurisdiction other than the jurisdiction in which it is incorporated or organized as of the date hereof without the prior written consent of the Administrative Agent. 

5.18 Terminations and Amendments Not Authorized. Each Grantor acknowledges that it is not authorized
to file any amendment or termination statement with respect to any financing statement relating to any security interest granted hereunder without the prior written consent of the Administrative Agent and agrees that it will not do so without the
prior written consent of the Administrative Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC. 
 5.19 Pledged Collateral. 
 (a) Each Grantor shall
deliver to the Administrative Agent all certificates or Instruments representing or evidencing any Pledged Collateral, whether now existing or hereafter acquired, in suitable form for transfer by delivery or, as applicable, accompanied by such
Grantor’s endorsement, where necessary, or duly executed instruments of transfer or assignment in blank, all in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent shall have the right, at any time
in its discretion and after an Event of Default without prior notice to any Grantor, to transfer to or to register in its name or in the name of its nominees any or all of the Pledged Collateral. The Administrative Agent shall have the right at any
time to exchange certificates or instruments representing or evidencing any of the Pledged Collateral for certificates or instruments of smaller or larger denominations. 

(b) Except as provided in Section 7, each Grantor shall be entitled to receive all cash dividends and cash
distributions paid in respect of the Pledged Collateral to the extent permitted to be paid by the Credit Agreement (other than liquidating or distributing dividends or distributions) with respect to the Pledged Collateral. Any sums paid upon or in
respect of any of the Pledged Collateral upon the liquidation or dissolution of any issuer of any of the Pledged Collateral, any distribution of capital made on or in respect of any of the Pledged Collateral or any property distributed upon or with
respect to any of the Pledged Collateral pursuant to the recapitalization or reclassification of the capital of any issuer of Pledged Collateral or pursuant to the reorganization thereof shall, unless otherwise subject to a perfected security
interest in favor of the Administrative Agent, be delivered to the Administrative Agent to be held by it hereunder as additional collateral security for the Secured Obligations of such Grantor. If any sums of money or property so paid or distributed
pursuant to the immediately preceding sentence in respect of any of the Pledged Collateral shall be received by such Grantor, such Grantor shall, until such money or property is paid or delivered to the Administrative Agent, hold such money or
property in trust for the Administrative Agent, segregated from other funds of such Grantor, as additional security for the Secured Obligations of such Grantor. In the 

  
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case of each Grantor which is an issuer of Pledged Collateral, such Grantor agrees (i) to direct all distributions made in respect of such Pledged Collateral to the Administrative Agent upon
the written direction of the Administrative Agent sent after the occurrence and during the continuance of an Event of Default and (ii) to comply with instructions originated by the Administrative Agent with respect to such Pledged Collateral
after the occurrence and during the continuance of an Event of Default. 
 (c) Except as provided in
Section 7 (including, without limitation, Section 7(c)), such Grantor will be entitled to exercise all voting, consent and corporate rights with respect to the Pledged Collateral; provided, however, that no vote
shall be cast, consent given or right exercised or other action taken by such Grantor which would (i) be inconsistent with or result in any violation of any provision of the Credit Agreement, this Security Agreement, any other Credit Document
or would adversely affect the Administrative Agent’s Lien on such Pledged Collateral or its remedies with respect thereto or (ii) without prior notice to the Administrative Agent, permit any issuer of Pledged Collateral to issue any stock
or other equity securities of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any stock or other equity securities of any nature of any issuer of Pledged Collateral. 

(d) No Grantor shall grant “control” (within the meaning of such term under Article 9-106 of the UCC)
over any Investment Property to any Person other than the Administrative Agent. 
 (e) In the case of each
Grantor which is an issuer of Pledged Collateral, such Grantor agrees to be bound by the terms of this Security Agreement relating to the Pledged Collateral issued by it and will comply with such terms insofar as such terms are applicable to it and
consents to such pledge of such Pledged Collateral. In the case of each Grantor which is a partner in a partnership, such Grantor hereby consents to the extent required by the applicable partnership agreement (i) to the pledge by each other
Grantor, pursuant to the terms hereof, of the pledged partnership interests in such partnership and (ii) to the transfer of such pledged partnership interests to the Administrative Agent or its nominee and to the substitution of the
Administrative Agent or its nominee as a substituted partner in such partnership with all the rights, powers and duties of a general partner or a limited partner, as the case may be. In the case of each Grantor which is a member of a limited
liability company, such Grantor hereby consents to the extent required by the applicable limited liability company agreement (i) to the pledge by each other Grantor, pursuant to the terms hereof, of the pledged limited liability company
interests in such limited liability company and (ii) to the transfer of such pledged limited liability company interests to the Administrative Agent or its nominee and to the substitution of the Administrative Agent or its nominee as a
substituted member of the limited liability company with all the rights, powers and duties of a member of the limited liability company in question. 
 (f) No Grantor shall agree to any provision in, or amendment of, a limited liability company agreement or partnership agreement that adversely affects the perfection of the security interest of the
Administrative Agent in any pledged partnership interests or pledged limited liability company interests pledged by such Grantor hereunder, including electing to treat the membership interest or partnership interest of such Grantor as a security
under Section 8-103 of the UCC. 

  
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 SECTION 6. The Administrative Agent’s Appointment as
Attorney-in-Fact. 
 (a) Subject to Section 6(b) below, each Grantor hereby
irrevocably constitutes and appoints the Administrative Agent, and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such
Grantor and in the name of such Grantor or in its own name, from time to time at the Administrative Agent’s discretion, for the purpose of carrying out the terms of this Security Agreement, to take all appropriate action and to execute and
deliver any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Security Agreement and, without limiting the generality of the foregoing, hereby gives the Administrative Agent the power and right,
on behalf of such Grantor, without notice to or assent by such Grantor to do the following: 
 (i) to ask,
demand, collect, receive and give acquittances and receipts for any and all monies due or to become due under any Collateral and, in the name of such Grantor, in its own name or otherwise to take possession of, endorse and collect any checks,
drafts, notes, acceptances or other Instruments for the payment of monies due under any Collateral and to file any claim or to take or commence any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the
Administrative Agent for the purpose of collecting any and all such monies due under any Collateral whenever payable; 
 (ii) to pay or discharge any liens, including, without limitation, any tax lien, levied or placed on or threatened against the Collateral, to effect any repairs or any insurance called for by the
terms of this Security Agreement and to pay all or any part of the premiums therefor and the costs thereof, which actions shall be for the benefit of the Administrative Agent and not any Grantor; 

(iii) to (1) direct any person liable for any payment under or in respect of any of the Collateral to make
payment of any and all monies due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct, (2) receive payment of any and all monies, claims and other amounts due or to become due at any time
arising out of or in respect of any Collateral, (3) sign and endorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against Grantors, assignments, verifications and notices in connection with
Accounts and other Instruments and Documents constituting or relating to the Collateral, (4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any
part thereof and to enforce any other right in respect of any Collateral, (5) defend any suit, action or proceeding brought against any Grantor with respect to any Collateral, (6) settle, compromise or adjust any suit, action or proceeding
described above and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate, (7) license or, to the extent permitted by an applicable license, sublicense, whether general, special or
otherwise, and whether on an exclusive or non-exclusive basis, any Patent or Trademark throughout the world for such term or terms, on such conditions and in such manner as the Administrative Agent shall in its discretion determine and
(8) sell, transfer, pledge, make 

  
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any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and to do,
at the Administrative Agent’s option and the Grantors’ expense, at any time, or from time to time, all acts and things which the Administrative Agent may deem in its reasonable discretion necessary to protect, preserve or realize upon the
Collateral and the Administrative Agent’s security interest therein in order to effect the intent of this Security Agreement, all as fully and effectively as Grantors might do; and 

(iv) to execute and deliver any and all such further instruments and documents and take such further action that
are required of such Grantor by Section 5.1 above. 
 (b) Notwithstanding anything to the
contrary contained elsewhere in this Agreement, the Administrative Agent agrees that, except upon the occurrence and during the continuation of an Event of Default, it shall not exercise the power of attorney, any rights granted in such power of
attorney, or any rights granted to the Administrative Agent pursuant to this Section 6. Each Grantor hereby ratifies, to the extent not prohibited by applicable law, all that said attorney shall lawfully do or cause to be done by virtue
hereof. The power of attorney granted pursuant to this Section 6 is a power coupled with an interest and shall be irrevocable until the Secured Obligations are completely paid and performed in full or this Security Agreement is
terminated and the security interests created hereby are released. 
 (c) The powers conferred on the
Administrative Agent hereunder are solely to protect the Administrative Agent’s interests in the Collateral and shall not impose any duty upon the Administrative Agent to exercise any such powers. The Administrative Agent shall have no duty as
to any Collateral, including any responsibility for (i) taking any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral or (ii) ascertaining or taking action with respect to calls,
conversions, exchanges, maturities, tenders or other matters relative to any Investment Property, whether or not the Administrative Agent has or is deemed to have knowledge of such matters. Without limiting the generality of the preceding sentence,
the Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of any of the Collateral if it takes such action for that purpose as any Grantor reasonably requests in writing at times other than upon the
occurrence and during the continuance of any Event of Default. Failure of the Administrative Agent to comply with any such request at any time shall not in itself be deemed a failure to exercise reasonable care. The Administrative Agent shall be
accountable only for amounts that it actually receives as a result of the exercise of such powers and neither it nor any of its officers, directors, employees, agents or representatives shall be responsible to the Grantors for any act or failure to
act, except for its own gross negligence or willful misconduct as determined by a final, non-appealable judgment of a court of competent jurisdiction. 
 (d) Each Grantor also authorizes the Administrative Agent, at any time and from time to time upon the occurrence and during the continuation of any Event of Default, to (i) communicate in its
own name with any party to any Contract with regard to the assignment of the right, title and interest of any Grantor in and under the Contracts hereunder and other matters relating thereto and (ii) execute, in connection with the sale of
Collateral provided for in Section 7, below, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral. 

  
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 (e) If any Grantor fails to perform or comply with any of its
agreements contained herein and the Administrative Agent, as provided for by the terms of this Security Agreement, shall perform or comply, or otherwise cause performance or compliance, with such agreement, the costs and expenses, including, without
limitation, reasonable outside attorneys’ fees and costs, of the Administrative Agent incurred in connection with such performance or compliance, together with interest thereon at a per annum rate equal to the Default Rate shall be payable by
the Grantors to the Administrative Agent promptly following demand and shall constitute Secured Obligations secured hereby. 
 Each Grantor hereby ratifies all that the Administrative Agent as its attorney-in-fact shall do or cause to be done by virtue of this Security Agreement. In furtherance of the powers granted in this
Section 6, each Grantor shall execute and deliver to Administrative Agent a Special Power of Attorney in the form of Attachment 1 hereto. 
 SECTION 7. Rights and Remedies Upon Default. 

(a) If any Event of Default shall occur and be continuing, the Administrative Agent may exercise, in addition to
all other rights and remedies granted to it under this Security Agreement, the Credit Agreement, the other Credit Documents and under any other instrument or agreement securing, evidencing or relating to the Secured Obligations, all rights and
remedies of a secured party under applicable law, including, without limitation, the UCC. Without limiting the generality of the foregoing, each Grantor expressly agrees that in any such event the Administrative Agent, without demand of performance
or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon the Grantors or any other person (all and each of which demands, advertisements and notices are hereby
expressly waived to the maximum extent not prohibited by the UCC and other applicable law), shall have the right to collect the Proceeds from all Collateral (including, without limitation, dividends or distributions on Pledged Collateral) and may
(i) reclaim, take possession, recover, store, maintain, finish, repair, prepare for sale or lease, ship, advertise for sale or lease and sell or lease (in the manner provided for herein) the Collateral, and in connection with liquidation of the
Collateral and collection of the accounts receivable pledged as Collateral, use any trademark, trade name, trade style, copyright, or process used or owned by any Grantor; (ii) forthwith collect, receive, appropriate and realize upon the
Collateral, or any part thereof, and may forthwith sell, lease, assign, give an option or options to purchase or sell or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or more parcels at public
or private sale or sales, at any exchange or broker’s board or at any of the Administrative Agent’s offices or elsewhere at such prices as it may, in its reasonable discretion, deem best, for cash or on credit or for future delivery
without assumption of any credit risk and (iii) exercise, to the exclusion of any Grantor (A) all voting, consent, corporate and other rights pertaining to the Pledged Collateral at any meeting of shareholders, partners or members, as the
case may be, of the relevant issuer or issuers of Pledged Collateral or otherwise and (B) any and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to the Pledged Collateral as if it were
the absolute owner thereof (including the right to exchange at its discretion any and all of 

  
 22 

 
the Pledged Collateral upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate structure of any issuer of securities pledged hereunder, the
right to deposit and deliver any and all of the Pledged Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine in its reasonable
discretion), all without liability except to account for property actually received by it, but the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to
do so or delay in so doing. Each Grantor authorizes the Administrative Agent, on the terms set forth in this Section 7, to enter the premises where the Collateral is located, to take possession of the Collateral, or any part of it, and
to pay, purchase, contest, or compromise any encumbrance, charge, or lien which, in the opinion of the Administrative Agent, appears to be prior or superior to its security interest. The Administrative Agent shall have the right upon any such public
sale or sales, and, to the extent not prohibited by applicable law, upon any such private sale or sales, to purchase the whole or any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption each Grantor
hereby releases. The Administrative Agent may sell the Collateral without giving any warranties as to the Collateral and may specifically disclaim any warranties of title, which procedures shall not be considered to adversely affect the commercial
reasonableness of any sale of the Collateral. Each Grantor further agrees, at the Administrative Agent’s reasonable request, to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent
shall reasonably select, whether at any Grantor’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale as provided in
Section 7(h), below, and Grantors shall remain liable for any deficiency remaining unpaid after such application, and only after so paying over such net proceeds and after the payment by the Administrative Agent of any other amount
required by any provision of law, including, without limitation, Section 9-608(a)(1)(C) of the UCC (or any other then applicable provision of the UCC), need the Administrative Agent account for the surplus, if any, to the Grantors. To the
maximum extent not prohibited by applicable law, each Grantor waives all claims, damages, and demands against the Administrative Agent arising out of the repossession, retention or sale of the Collateral, in each case, executed in a commercially
reasonable manner, except such as are determined by a final, non-appealable judgment of a court of competent jurisdiction to arise out of the gross negligence or willful misconduct of the Administrative Agent. Each Grantor agrees that the
Administrative Agent need not give more than ten (10) days’ prior written notice (which notification shall be deemed given in accordance with the Credit Agreement) of the time and place of any public sale or of the time after which a
private sale may take place and that such notice is reasonable notification of such matters. Grantors shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all amounts to which
the Administrative Agent and the Lender Parties are entitled, and Grantors shall also be liable for attorneys’ fees or costs of any attorneys employed by the Administrative Agent to collect such deficiency. 

(b) As to any Collateral constituting certificated securities or uncertificated securities, if, at any time when
the Administrative Agent shall determine to exercise its right to sell the whole or any part of such Collateral, such Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under Securities Act of
1933, as amended (as so amended the “Act”), the Administrative Agent may, in its discretion (subject only to applicable requirements of law), sell such Collateral or part thereof by

  
 23 

 
private sale in such manner and under such circumstances as the Administrative Agent may, in its reasonable discretion, deem necessary or advisable, but subject to the other requirements of this
Section 7(b), and shall not be required to effect such registration or cause the same to be effected. Without limiting the generality of the foregoing, in any such event the Administrative Agent may, in its reasonable discretion,
(i) in accordance with applicable securities laws, proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Collateral or part thereof could be or shall have been filed under the Act;
(ii) approach and negotiate with a single possible purchaser to effect such sale; and (iii) restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with
a view to the distribution or sale of such Collateral or part thereof. In addition to a private sale as provided above in this Section 7(b), if any of such Collateral shall not be freely distributable to the public without registration
under the Act at the time of any proposed sale hereunder, then the Administrative Agent shall not be required to effect such registration or cause the same to be effected but may, in its sole discretion (subject only to applicable requirements of
law), require that any sale hereunder (including, without limitation, a sale at auction) be conducted subject to such restrictions as the Administrative Agent may, in its sole discretion, deem necessary or appropriate in order that such sale
(notwithstanding any failure so to register) may be effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors’ rights and the Act and all applicable state securities laws. 

(c) In order to permit the Administrative Agent to exercise the voting and other consensual rights which it may be
entitled to exercise pursuant to this Security Agreement with respect to the Pledged Collateral and to receive all dividends and other distributions which it may be entitled to receive under this Security Agreement with respect to the Pledged
Collateral, (i) each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the Administrative Agent all such proxies, dividend payment orders and other instruments as the Administrative Agent may from time to
time reasonably request and (ii) without limiting the effect of clause (i) above, such Grantor hereby grants to the Administrative Agent an irrevocable proxy to vote all or any part of the Pledged Collateral held by such Grantor and
to exercise all other rights, powers, privileges and remedies to which a holder of such Pledged Collateral would be entitled (including giving or withholding written consents of shareholders, partners or members, as the case may be, calling special
meetings of shareholders, partners or members, as the case may be, and voting at such meetings), which proxy shall be effective automatically and without the necessity of any action (including any transfer of such Pledged Collateral on the record
books of the issuer thereof) by any other Person (including the issuer of such Pledged Collateral or any officer or agent thereof), in the case of each of clause (i) and (ii) of this Section 7(c), during each period of time that an
Event of Default has occurred and is continuing. Each Grantor acknowledges and agrees that the irrevocable proxy granted to the Administrative Agent by such Grantor pursuant to the preceding sentence with respect to the Pledged Collateral held by
such Grantor is coupled with an interest and shall be exercisable by the Administrative Agent during each period of time that an Event of Default has occurred and is continuing, regardless of the length of any such period of time. Each Grantor
hereby expressly authorizes and instructs each issuer of any Pledged Collateral pledged hereunder by such Grantor to (i) comply with any instruction received by it from the Administrative Agent in writing that (A) states that an Event of
Default has occurred and is continuing and (B) is otherwise in accordance with the terms of this Security Agreement, without 

  
 24 

 
any other or further instructions from such Grantor, and each Grantor agrees that such issuer shall be fully protected in so complying and (ii) unless otherwise expressly permitted hereby,
pay any dividends or other payments with respect to the Pledged Collateral directly to the Administrative Agent in compliance with any such instructions. 
 (d) Each Grantor agrees that in any sale of any of such Collateral, whether at a foreclosure sale or otherwise, the Administrative Agent is hereby authorized to comply with any limitation or
restriction in connection with such sale as it may be advised by counsel is necessary in order to avoid any violation of applicable law (including, without limitation, compliance with such procedures as may restrict the number of prospective bidders
and purchasers, require that such prospective bidders and purchasers have certain qualifications and restrict such prospective bidders and purchasers to persons who will represent and agree that they are purchasing for their own account for
investment and not with a view to the distribution or resale of such Collateral), or in order to obtain any required approval of the sale or of the purchaser by any governmental authority, and each Grantor further agrees that such compliance shall
not result in such sale being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Administrative Agent be liable nor accountable to any Grantor for any discount allowed by the reason of the fact that such
Collateral is sold in compliance with any such limitation or restriction. 
 (e) Each Grantor also agrees
to pay all fees, costs and expenses of the Administrative Agent, including, without limitation, reasonable outside attorneys’ fees and costs, incurred in connection with the enforcement of any of its rights and remedies hereunder. 

(f) Each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent not prohibited by
applicable law) of any kind in connection with this Security Agreement or any Collateral. 
 (g) Each
Grantor agrees that a breach of any covenants contained in this Section 7 will cause irreparable injury to the Administrative Agent, that in such event the Administrative Agent would have no adequate remedy at law in respect of such
breach and, as a consequence, agrees that in such event each and every covenant contained in this Section 7 shall be specifically enforceable against the Grantors, and each Grantor hereby waives and agrees not to assert any defenses
against an action for specific performance of such covenants except for a defense that the Secured Obligations are not then due and payable. 
 (h) The proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be distributed by the Administrative Agent as set forth in Section 6.02 of
the Credit Agreement. 
 (i) For the purpose of enabling the Administrative Agent to exercise rights and
remedies under this Section 7 at such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Administrative Agent a nonexclusive license (exercisable without
payment of royalty or other compensation to the Grantors during the existence of an Event of Default) to use, license or sublicense any of the Collateral now owned or hereafter acquired by such Grantor, and wherever the same may be located, and
including in such license reasonable access to all media in which 

  
 25 

 
any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof, except to the extent that such license may not be
granted as a result of an exclusive license arrangement. The use of such license by the Administrative Agent shall be exercisable, at the option of the Administrative Agent, only after the occurrence and during the continuation of an Event of
Default; provided that any license or sublicense entered into by the Administrative Agent with a Person other than a Lender Party in accordance herewith shall be binding upon the Grantors notwithstanding any subsequent cure of an Event of Default.

 SECTION 8. Limitation on the Administrative Agent’s Duty in Respect of Collateral. The
Administrative Agent shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under Section 9-207 of the UCC (or any other then
applicable provision of the UCC). 
 SECTION 9. Reinstatement. This Security Agreement shall remain in
full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of creditors or should a receiver
or trustee be appointed for all or any significant part of any Grantor’s property and assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any
part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or
otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such
amount paid and not so rescinded, reduced, restored or returned. 
 SECTION 10. Miscellaneous. 

10.1 Notices. Except as otherwise specified herein, all notices, requests, demands, consents, instructions
or other communications to or upon the Grantors (which shall be sent care of the Borrower) or the Administrative Agent (which shall be sent care of the Administrative Agent) under this Security Agreement shall be given as provided in
Section 8.01 of the Credit Agreement. 
 10.2 Partial Invalidity. If at any time any
provision of this Security Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Security Agreement nor the
legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby. 
 10.3 Headings. The section headings and captions appearing in this Security Agreement are included solely for convenience of reference and are not intended to affect the interpretation of
any provision of this Security Agreement. 

  
 26 

 10.4 No Waiver; Cumulative Remedies. 

(a) The Administrative Agent shall not by any act, delay, omission or otherwise be deemed to have waived any of its
rights or remedies hereunder or under the Credit Agreement or the other Credit Documents, nor shall any single or partial exercise of any right or remedy hereunder or thereunder on any one or more occasions preclude the further exercise thereof or
the exercise of any other right or remedy under any of the Credit Documents. 
 (b) The rights and
remedies hereunder provided or provided under the Credit Agreement or the other Credit Documents are cumulative and may be exercised singly or concurrently, and are not exclusive of any rights and remedies provided by law or by any of the other
Credit Documents. 
 (c) None of the terms or provisions of this Security Agreement may be waived,
altered, modified or amended except by an instrument in writing, duly executed by each Grantor and the Administrative Agent. Unless otherwise specified in any such waiver or consent, a waiver or consent given hereunder shall be effective only in the
specific instance and for the specific purpose for which given. 
 10.5 Time is of the Essence.
Time is of the essence for the performance of each of the terms and provisions of this Security Agreement. 

10.6 Termination of this Security Agreement. Subject to Section 9, above, this Security
Agreement shall terminate upon the full, complete and final payment of the Secured Obligations and the termination of the lending commitments under the Credit Documents (except in each case other than contingent indemnification obligations and
Obligations in respect of Lender Rate Contracts or Lender Bank Products). 
 10.7 Successors and
Assigns. This Security Agreement and all obligations of the Grantors hereunder shall be binding upon the successors and assigns of the Grantors, and shall, together with the rights and remedies of the Administrative Agent hereunder, inure to
the benefit of the Administrative Agent and the other Lender Parties and their respective successors and assigns, except that no Grantor may assign or transfer any of its rights or obligations hereunder unless expressly permitted by the Credit
Agreement. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument evidencing the Secured Obligations or any portion thereof or interest therein shall in any manner affect the
security interest created herein and granted to the Administrative Agent hereunder. Any assignment or transfer in violation of the foregoing shall be null and void. 

10.8 Further Indemnification. Each Grantor, jointly and severally, agrees to pay, and to save the
Administrative Agent harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all excise, sales or other similar taxes which may be payable or determined to be payable with respect to any of the
Collateral or in connection with any of the transactions contemplated by this Security Agreement. 
 10.9
Amendments, Etc. The Administrative Agent and each Grantor hereby acknowledge and agree that the waiver, amendment and other provisions in Section 8.04 of the Credit Agreement apply to this Security Agreement as to the
Grantors and are incorporated herein as though set forth in full. 

  
 27 

 10.10 ENTIRE AGREEMENT. THIS SECURITY AGREEMENT AND THE OTHER
CREDIT DOCUMENTS REPRESENT THE COMPLETE AND FINAL AGREEMENT AMONG THE GRANTORS, THE ADMINISTRATIVE AGENT AND THE LENDER PARTIES AND SUPERSEDE ALL PRIOR AGREEMENTS, WRITTEN OR ORAL, ON THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE GRANTORS, THE ADMINISTRATIVE AGENT AND THE LENDER PARTIES. 

10.11 Governing Law. This Security Agreement shall be governed by, construed and enforced in accordance
with, the internal law of the State of New York without reference to conflicts of law rules other than Section 5-1401 of the General Obligations Law of the State of New York except that matters concerning the validity and perfection of a
security interest shall be governed by the conflict of law rules set forth in the UCC. Each Grantor hereby consents to the application of New York civil law to the construction, interpretation and enforcement of this Security Agreement, and to the
application of New York civil law to the procedural aspects of any suit, action or proceeding relating thereto, including, but not limited to, legal process, execution of judgments and other legal remedies. 

10.12 Counterparts. This Security Agreement may be executed in any number of identical counterparts, any set
of which signed by all the parties hereto shall be deemed to constitute a complete, executed original for all purposes. Transmission by facsimile, “PDF” or similar electronic format of an executed counterpart of this Security Agreement
shall be deemed to constitute due and sufficient delivery of such counterpart. 
 10.13 Payments Free of
Taxes, Etc. All payments made by the Grantors under this Security Agreement shall be made by the Grantors free and clear of and without deduction for any and all present and future taxes, levies, charges, deductions and withholdings (except
as otherwise provided in the Credit Agreement). In addition, the Grantors shall pay upon demand any stamp or other taxes, levies or charges of any jurisdiction with respect to the execution, delivery, registration, performance and enforcement of
this Security Agreement. Upon request by the Administrative Agent, the Grantors shall furnish evidence satisfactory to the Administrative Agent that all requisite authorizations and approvals by, and notices to and filings with, governmental
authorities and regulatory bodies have been obtained and made and that all requisite taxes, levies and charges have been paid. 
 10.14 The Grantors’ Continuing Liability. Notwithstanding any provision of this Security Agreement or any other Credit Document or any exercise by the Administrative Agent of any of its
rights hereunder or thereunder (including, without limitation, any right to collect or enforce any Collateral), (i) each Grantor shall remain liable to perform its obligations and duties in connection with the Collateral and (ii) none of
the Lender Parties shall assume or be considered to have assumed any liability to perform such obligations and duties or to enforce any of the Grantors’ rights in connection with the Collateral. 

  
 28 

 10.15 Additional Grantors. If, after the date hereof, pursuant
to the terms and conditions of the Credit Agreement, any Grantor shall be required to cause any Subsidiary, or other Person to become a party hereto, such Grantor shall cause such Person to execute and deliver to the Administrative Agent a Joinder
Agreement in the form of Annex I and such Person shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Grantor party hereto on the Closing Date and shall be deemed to have assigned,
conveyed, mortgaged, pledged, granted, hypothecated and transferred to the Administrative Agent, for the benefit of the Lender Parties, the security interest described in such Joinder Agreement and Section 2 hereof. 

10.16 Additional Provisions. The Administrative Agent and the Borrower hereby acknowledges and agrees that
the jury trial waiver, consent to jurisdiction and other provisions in Sections 8.09 and 8.12 of the Credit Agreement apply to this Security Agreement as to such Borrower and are incorporated herein as though set forth in full. The
Administrative Agent and each Grantor that is a Guarantor hereby acknowledges and agrees that the jury trial waiver, consent to jurisdiction and other provisions in Sections 4.12 and 4.13 of the Guaranty apply to this Security Agreement as to
the Guarantors and are incorporated herein as though set forth in full. 
 [This Space Intentionally Left Blank] 

  
 29 

 IN WITNESS WHEREOF, the Grantors and the Administrative Agent have caused this Security
Agreement to be executed as of the day and year first above written. 
  

					
	GRANTORS:
	
	 IPC THE HOSPITALIST COMPANY, INC.,
 a Delaware corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF ALABAMA,
 INC., an Alabama corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 HOSPITALISTS OF ARIZONA, INC.,
 an Arizona corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 HOSPITALISTS, INC.,

a California corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer

  

			
	 HOSPITALISTS OF TEXAS, L.P.,
 a California limited partnership

		
	By:	 	Hospitalists, Inc., a California corporation
	Its:	 	General Partner
		
	By:	 	/s/ Adam Singer, M.D.
	Name:	 	Adam Singer, M.D.
	Title:	 	Chief Executive Officer

 Signature Page to Security Agreement (IPC) 

 
					
	 INPATIENT CONSULTANTS OF CALIFORNIA,
 INC., A CALIFORNIA PROFESSIONAL
 MEDICAL CORPORATION,

a California professional medical corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF NEVADA,
 INC., A MEDICAL CORPORATION,
 a California professional medical corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF TENNESSEE,
 INC., A MEDICAL CORPORATION,
 a California professional medical corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF GEORGIA,
 INC., A MEDICAL CORPORATION,
 a California professional medical corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF COLORADO,
 P.C.,
 a Colorado professional corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer

 Signature Page to Security Agreement (IPC) 

 
					
	 IPC HOSPITALISTS OF COLORADO, INC.,
 a Colorado corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF DELAWARE,
 INC., a Delaware corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 IPC THE HOSPITALIST MANAGEMENT
 COMPANY, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 HOSPITALIST SERVICES OF FLORIDA, INC.,
 a Florida corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF FLORIDA, INC.,
 a Florida corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer

 Signature Page to Security Agreement (IPC) 

 
					
	HOSPITALISTS OF GEORGIA, INC.,
	a Georgia corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	HOSPITALISTS OF ILLINOIS, INC.,
	an Illinois corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	INPATIENT CONSULTANTS OF ILLINOIS,
	P.C., an Illinois professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	INPATIENT CONSULTANTS OF KANSAS,
	P.A., a Kansas professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer

					
	
	INPATIENT CONSULTANTS OF KENTUCKY,
	INC., a Kentucky corporation
		
	By:	 	/s/ Adam Singer, M.D.
	Name:	 		 	Adam Singer, M.D.
	Title:	 		 	Chief Executive Officer

 Signature Page to Security Agreement (IPC) 

 
					
	INPATIENT CONSULTANTS OF MARYLAND-
	SINGER, P.C., a Maryland professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	HOSPITALISTS OF MARYLAND, INC.,
	a Maryland corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	INPATIENT CONSULTANTS OF MICHIGAN,
	P.C., a Michigan professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	HOSPITALISTS OF MICHIGAN, INC.,
	a Michigan corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	INPATIENT CONSULTANTS OF TEXAS, PLLC,
	a Michigan professional limited liability company
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Sole Member

 Signature Page to Security Agreement (IPC) 

 
					
	INPATIENT CONSULTANTS OF MISSOURI,
	INC., a Missouri corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	HOSPITALISTS OF NEVADA, INC.,
	a Missouri corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	INPATIENT CONSULTANTS OF MISSISSIPPI,
	INC., a Mississippi corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	IPC HOSPITALISTS OF NEW ENGLAND, P.C.,
	a New Hampshire professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer

					
	
	 HOSPITALISTS MANAGEMENT OF NEW
 HAMPSHIRE, INC.,

	a New Hampshire corporation
		
	By:	 	/s/ Adam Singer, M.D.
	Name:	 		 	Adam Singer, M.D.
	Title:	 		 	Chief Executive Officer

 Signature Page to Security Agreement (IPC) 

 
					
	 IPC HOSPITALIST PHYSICIANS OF NEW
 JERSEY, P.C.,

	a New Jersey professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	HOSPITALISTS OF NORTH CAROLINA, INC.,
	a North Carolina corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	INPATIENT CONSULTANTS OF NORTH CAROLINA, P.C.,
	a North Carolina professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	INPATIENT CONSULTANTS OF OHIO, INC.,
	an Ohio corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	HOSPITALISTS OF OHIO, INC.,
	an Ohio corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer

 Signature Page to Security Agreement (IPC) 

 
					
	 INPATIENT CONSULTANTS OF
 PENNSYLVANIA, P.C.,

	a Pennsylvania professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	HOSPITALISTS OF PENNSYLVANIA, INC.,
	a Pennsylvania corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	INPATIENT CONSULTANTS OF SOUTH CAROLINA, P.C.,
	a South Carolina professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	HOSPITALISTS OF SOUTH CAROLINA, INC.,
	a South Carolina corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	HOSPITALISTS OF TENNESSEE, INC.,
	a Tennessee corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer

 Signature Page to Security Agreement (IPC) 

 
					
	INPATIENT CONSULTANTS OF UTAH, INC.,
	a Utah corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	INPATIENT CONSULTANTS OF WYOMING,
	LLC, a Wyoming limited liability company
		
	By:	 	IPC The Hospitalist Company, Inc.
		 	a Delaware corporation
	Its:	 	Sole Member
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer

 Signature Page to Security Agreement (IPC) 

 
					
	ADMINISTRATIVE AGENT:
	
	WELLS FARGO BANK, NATIONAL
	ASSOCIATION, as Administrative Agent

					
		
	By:	 	/s/ Seth Evenson
		 	Name:	 	Seth Evenson
		 	Title:	 	Vice President

 Signature Page to Security Agreement (IPC) 

 ANNEX I 

JOINDER AGREEMENT 
 This JOINDER AGREEMENT, dated as of                 ,
        , is delivered pursuant to Section 10.15 of the Security Agreement, dated as of August 4, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the
“Security Agreement”), made by IPC The Hospitalist Company, Inc., a Delaware corporation (the “Borrower”), each of the Subsidiaries or Affiliates of the Borrower party thereto (each of the foregoing, a
“Grantor” and collectively, the “Grantors”), in favor of Wells Fargo Bank, National Association for itself and as Administrative Agent. Capitalized terms used herein but not defined herein are used herein with the
meaning given them in the Security Agreement. 
 By executing and delivering this Joinder Agreement, the undersigned hereby
becomes a party to the Security Agreement as a Grantor thereunder with the same force and effect as if originally named as a Grantor therein and, without limiting the generality of the foregoing, as security for the full, prompt, complete and final
payment when due (whether at stated maturity, by acceleration or otherwise) and prompt performance and observance of all the Secured Obligations of the undersigned, the undersigned hereby assigns, conveys, mortgages, pledges, grants, hypothecates
and transfers to the Administrative Agent, for itself and for the benefit of the Lender Parties, a security interest in and to all of the undersigned’s right, title and interest in, to and under the Collateral, whether now owned or hereafter
acquired by the undersigned or in which the undersigned now holds or hereafter acquires any interest and expressly assumes all obligations and liabilities of a Grantor thereunder. From and after the date hereof, the undersigned shall for all
purposes be a party to the Security Agreement and shall have the same rights, benefits and obligations as a Grantor party thereto. 
 The information set forth in Annex I-A is hereby added to the information set forth in Schedules I through VI to the Security Agreement. 

The undersigned hereby represents and warrants that each of the representations and warranties contained in the Security Agreement
applicable to it is true and correct on and as the date hereof as if made on and as of such date, except to the extent that such representations and warranties specifically relate to an earlier date, in which case such representations and warranties
shall have been true and correct in all material respects on and as of such earlier date; provided that, if a representation and warranty is qualified as to materiality, the materiality qualifier shall be disregarded with respect to such
representation and warranty. 
 This Joinder Agreement shall be governed by, construed and enforced in accordance with, the
internal law of the State of New York without reference to conflicts of law rules other than Section 5-1401 of the General Obligations Law of the State of New York except that matters concerning the validity and perfection of a security
interest shall be governed by the conflict of law rules set forth in the UCC. The undersigned hereby consents to the application of New York civil law to the construction, interpretation and enforcement of this Joinder Agreement, and to the
application of New York civil law to the procedural aspects of any suit, action or proceeding relating thereto, including, but not limited to, legal process, execution of judgments and other legal remedies. 

  
 ANNEX I-1

 This Joinder Agreement may be executed in any number of identical counterparts, any set of
which signed by all the parties hereto shall be deemed to constitute a complete, executed original for all purposes. Transmission by facsimile, “PDF” or similar electronic format of an executed counterpart of this Joinder Agreement shall
be deemed to constitute due and sufficient delivery of such counterpart. 
 [This Space Intentionally Left Blank] 

Signature Page to Security Agreement (IPC) 

 IN WITNESS WHEREOF, the undersigned has caused
this Joinder Agreement to be duly executed and delivered as of the date first above written. 
  

			
	[ADDITIONAL GRANTOR]
		
	By:	 	 
		 	Name:
		 	Title:

 ACKNOWLEDGED AND AGREED  
 as of the date of this Joinder Agreement 
 first above written. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By: 	 	 
		 	Name:
		 	Title:

 Signature Page To Security Agreement (IPC ) 

 ANNEX I-A 

[New Grantor to complete as appropriate] 
 Signature Page to Security Agreement (IPC) 

 ATTACHMENT 1 
 TO SECURITY AGREEMENT 
 SPECIAL POWER OF ATTORNEY

 Dated as of
                    , 20       
 STATE OF                             ) 

                         
               ) 
 COUNTY OF
                            ) 

KNOW ALL PERSONS BY THESE PRESENTS, THAT
                                         
           , a                          (the
“Grantor”), pursuant to a Security Agreement, dated as of August 4, 2011 (as amended, supplemented or otherwise modified from time to time, the “Security Agreement”), made by IPC The Hospitalist Company, Inc.,
a Delaware corporation (the “Borrower”) and each of the Subsidiaries or Affiliates of the Borrower party thereto from time to time in favor of Wells Fargo Bank, National Association, as Administrative Agent, hereby appoints and
constitutes the Administrative Agent its true and lawful attorney in fact, with full power of substitution, and with full power and authority to perform the following acts on behalf of the Grantor: 

1. For the purpose of assigning, selling, licensing or otherwise disposing of all right, title and interest of the Grantor in and to any
letters patent of the United States, and all registrations, recordings, reissues, continuations, continuations-in-part and extensions thereof, and all pending applications therefor, and for the purpose of the recording, registering and filing of, or
accomplishing any other formality with respect to, the foregoing, to execute and deliver any and all agreements, documents, instruments of assignment or other papers necessary or advisable to effect such purpose; 

2. For the purpose of assigning, selling, licensing or otherwise disposing of all right, title and interest of the Grantor in and to any
trademarks, trade names, trade styles and service marks and all related goodwill, and all registrations, recordings, reissues, extensions and renewals thereof, and all pending applications therefor, and for the purpose of the recording, registering
and filing of, or accomplishing any other formality with respect to, the foregoing, to execute and deliver any and all agreements, documents, instruments of assignment or other papers necessary or advisable to effect such purpose; 

3. For the purpose of assigning, selling, licensing or otherwise disposing of all right, title and interest of the Grantor in and to any
copyrights, and all registrations, recordings, reissues, extensions and renewals thereof, and all pending applications therefor, and for the purpose of the recording, registering and filing of, or accomplishing any other formality with respect to,
the foregoing, to execute and deliver any and all agreements, documents, instruments of assignment or other papers necessary or advisable to effect such purpose; 

 4. For the purpose of assigning, selling, licensing or otherwise disposing of all right,
title and interest of the Grantor in and to any mask works, and all registrations, recordings, reissues, extensions and renewals thereof, and all pending applications therefor, and for the purpose of the recording, registering and filing of, or
accomplishing any other formality with respect to, the foregoing, to execute and deliver any and all agreements, documents, instruments of assignment or other papers necessary or advisable to effect such purpose; 

5. For the purpose of evidencing and perfecting the Administrative Agent’s interest in any patent, trademark, copyright or mask work
not previously assigned to the Administrative Agent as security, or in any patent, trademark, copyright or mask work, which the Grantor may acquire from a third party, and for the purpose of the recording, registering and filing of, or accomplishing
any other formality with respect to, the foregoing, to execute and deliver any and all agreements, documents, instruments of assignment or other papers necessary or advisable to effect such purpose. 

6. To execute any and all documents, statements, certificates or other papers necessary or advisable in order to obtain the purposes
described above as the Administrative Agent may in its sole discretion determine. 
 [This Space Intentionally Left Blank]

 This power of attorney is made pursuant to the Security Agreement and takes effect solely
for the purposes thereof and is subject to the terms and conditions thereof (including without limitation, the first sentence of Section 6(b) thereof) and may not be revoked until termination of the Security Agreement as provided therein.

  

			
	[Name of Grantor]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 [ATTACH APPROPRIATE NOTARIAL ACKNOWLEDGMENT] 

 SCHEDULE I 

COLLATERAL FOR PERFECTION BY POSSESSION 
  

									
	 Issuer
	  	Certificate #	  	Number of Shares	  	Stockholder	  	Date of Issuance

 INTERCOMPANY NOTES 

 

									
	 Lender
	  	Borrower	  	Date	  	Total Loan Amount	  	Loan Balance

 SCHEDULE II. 

Letter-of-Credit Rights and Commercial Tort Claims 
 NONE 

 Schedule III - Deposit Accounts 

IPC THE HOSPITALIST COMPANY, INC. 
  

													
	 Company
	  	Account No.	  	Acct Type	  	Bank	  	Lockbox #	  	Lockbox/Bank
Address	  	Bank Account Name

 Schedule IV - Securities Account 

IPC THE HOSPITALIST COMPANY, INC. 
  

											
	 Company
	  	Account No.	  	Acct Type	  	Bank	  	Bank Address	  	Bank Account Name

 SCHEDULE V. 

COMMODITY ACCOUNTS 

NONE 

  
 11404 

 SCHEDULE VI. (a) TO WELLS FARGO SECURITY AGREEMENT 

LEGAL NAME; JURISDICTION OF FORMATION; BOOKS AND RECORDS 
 THE BOOKS AND RECORDS OF THE FOLLOWING COMPANIES ARE LOCATED AT 4605 LANKERSHIM BOULEVARD, SUITE 617, NORTH HOLLYWOOD, CALIFORNIA 91602 

 

															
	 No.
	  	 True Name,

Fictitious Name
 (“dba”) and FEIN
	  	 State of

Domicile and

Foreign

Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,

Shareholders or
 Members
 (100% owner
unless otherwise

indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	1.	  	 InPatient Consultants of Alabama, Inc.
  

No statutory provision for fictitious names
  

20-1216506
	  	AL	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	100	  	AL
 5/13/04

								
	2.	  	 Hospitalists of Arizona, Inc.
  

dba Hospitalists of Arizona
  
 91-1822851
	  	AZ	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	1,000	  	AZ
 4/2/97

								
	3.	  	 Hospitalists, Inc.
  

dba Hospitalists of California, Inc.
  

95-4638025
	  	CA	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
	  	IPC The Hospitalist Company, Inc.	  	1,000	  	CA

3/12/97

  
 11406 

1 

															
	 No.
	  	 True Name,

Fictitious Name
 (“dba”) and FEIN
	  	 State of

Domicile and

Foreign

Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,

Shareholders or
 Members
 (100% owner
unless otherwise

indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	4.	  	 InPatient Consultants of California, Inc., a California Professional Medical Corporation

 
 dba InPatient Physicians of California, A Medical Group, Inc.

 
 dba IPC of California, Inc.

 
 95-4715965
	  	CA (professional)	  	 Adam Singer, MD, President & CEO, Treasurer & CFO
 Devra Shapiro, Secretary
 Fernando Sarria, Corporate Controller
	  	Adam Singer, MD	  	Adam Singer, MD	  	100	  	CA
 12/2/98

								
	5.	  	 InPatient Consultants of Nevada, Inc., a Medical Corporation

 
 dba IPC of Nevada, Inc.

 
 20-1026537
	  	 CA (domicile)

(professional)
  
 NV
	  	 Adam Singer, MD, President & CEO, Treasurer & CFO
 Devra Shapiro, Secretary
 Fernando Sarria, Corporate Controller
	  	Adam Singer, MD	  	InPatient Consultants of California, Inc., a California Professional Medical Corporation	  	100	  	CA
 3/23/04

 
 NV
 3/31/04

								
	6.	  	 InPatient Consultants of Tennessee, Inc., a Medical Corporation

 
 dba IPC of Tennessee, Inc. in CA, TN and VA

dba InPatient Consultants of Virginia in VA
  

20-1217521
	  	 CA (domicile)

(professional)
  
 TN
  
 VA
	  	 Adam Singer, MD, President & CEO, Treasurer & CFO
 Devra Shapiro, Secretary
 Fernando Sarria, Corporate Controller
	  	Adam Singer, MD	  	InPatient Consultants of California, Inc., a California Professional Medical Corporation	  	100	  	CA
 6/3/04

 
 TN
 6/8/04
 VA
 7/18/08

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
 (“dba”) and FEIN
	  	 State of

Domicile and

Foreign

Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,

Shareholders or
 Members
 (100% owner
unless otherwise

indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	7.	  	 InPatient Consultants of Georgia, Inc., a Medical Corporation

 
 dba IPC of Georgia, Inc.

 
 20-1216418
	  	 CA (domicile)

(professional)
  
 GA
	  	 Adam Singer, MD, President & CEO, Treasurer & CFO
 Devra Shapiro, Secretary
 Fernando Sarria, Corporate Controller
	  	Adam Singer, MD	  	InPatient Consultants of California, Inc., a California Professional Medical Corporation	  	100	  	CA
 6/3/04

 
 GA
 6/8/04

								
	8.	  	 Hospitalists of Texas, L.P.
  

No dba’s
  
 95-4724253
	  	 CA (domicile)
  

OK
  
 TX
	  	N/A Actions approved by General Partner	  	N/A	  	 Hospitalists, Inc., General Partner
 Hospitalists of Arizona, Inc., Limited Partner
	  		  	CA
 1/17/99

 
 OK
 7/9/04
  
 TX

2/22/99

								
	9.	  	 InPatient Consultants of Colorado, P.C.
  

dba IPC of Colorado, Inc.
  
 95-4806004
	  	CO (professional)	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	Adam Singer, MD	  	1	  	CO

5/25/00

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
 (“dba”) and FEIN
	  	 State of

Domicile and

Foreign

Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,

Shareholders or
 Members
 (100% owner
unless otherwise

indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	10.	  	 IPC Hospitalists of Colorado, Inc.
  

No dba’s
  
 95-4806005
	  	CO	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	1	  	CO
 5/25/00

								
	11.	  	 IPC The Hospitalist Company, Inc. (parent)
  

dba InPatient Consultants Management, Inc. in CA and FL
  

dba InPatient Consultants Management in DE (State does not allow corporate ending on dba’s)
 95-4562058
	  	 DE (domicile)
  

CA
  
 FL
	  	 Adam Singer, M.D., Chairman, CEO & Chief Medical Officer*
 R. Jeffrey Taylor, President & COO*
 Devra Shapiro, Secretary & CFO*

Richard G. Russell, Executive Vice President and Chief Development Officer*
 Fernando Sarria, Chief Accounting Officer, Vice President-Finance & Corporate Controller*
  

__________
 *  Executive officers and as officers for purposes of Section 16 of the 1934 Act
	  	 Adam Singer, MD
 Mark J.
Brooks
 Thomas P. Cooper, MD
 Francesco
Federico, MD
 Woodrin Grossman
 C.
Thomas Smith
 R. Jeffrey Taylor
 Chuck
Timpe
	  		  		  	DE
 1/26/98

 
 CA
 2/14/98
  
 FL

2/16/04

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
 (“dba”) and FEIN
	  	 State of

Domicile and

Foreign

Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,

Shareholders or
 Members
 (100% owner
unless otherwise

indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	12.	  	 InPatient Consultants of Delaware, Inc.
  

dba IPC of Delaware
  
 20-8545882
	  	DE	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	100	  	DE
 2/27/07

								
	13.	  	 IPC The Hospitalist Management Company, LLC
  

No dba’s
  
 26-3937733
	  	 DE (domicile)
  

KS
  
  

MO
 NJ
	  	 Single-member llc with elected officers:
  

Adam Singer, MD, President & CEO
 R. Jeffrey
Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO
 Fernando Sarria, Corporate Controller
	  	N/A	  	IPC The Hospitalist Company, Inc.	  		  	DE
 12/23/08

 
 KS
 10/7/2010
  
 MO

10/7/2010
  
 NJ
 12/31/08

								
	14.	  	 InPatient Consultants of Florida, Inc.
  

dba IPC of Florida
  
 dba IPC of Florida, Inc.
  

20-1419272
	  	FL	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	1,000	  	FL
 7/20/04

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
(“dba”) and FEIN
	  	 State of
Domicile
and
Foreign
Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,
Shareholders or
Members

(100% owner
unless otherwise
indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	15.	  	 Hospitalist Services of Florida, Inc.
  

No dba’s
  
 26-2742983
	  	FL	  	 Adam Singer, MD,
President & CEO
 R. Jeffrey Taylor,
Secretary & COO
 Devra Shapiro,
Treasurer & CFO

Fernando Sarria,
Corporate Controller
	  	 Adam Singer,
MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	InPatient Consultants of Florida, Inc.	  	1,000	  	FL
 6/3/08

								
	16.	  	 Hospitalists of Georgia, Inc.
  

No dba’s
  
 20-1217493
	  	GA	  	 Adam Singer, MD,
President & CEO
 R. Jeffrey Taylor,
Secretary & COO
 Devra Shapiro,
Treasurer & CFO

Fernando Sarria,
Corporate Controller
	  	 Adam Singer,
MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	100	  	GA
 5/13/04

								
	17.	  	 Hospitalists of Illinois, Inc.
  

No dba’s
  
 36-4270404
	  	IL	  	 Adam Singer, MD,
President & CEO
 R. Jeffrey Taylor,
Secretary & COO
 Devra Shapiro,
Treasurer & CFO

Fernando Sarria,
Corporate Controller
	  	 Adam Singer,
MD
 R. Jeffrey
Taylor
	  	IPC The Hospitalist Company, Inc.	  	100	  	IL
 1/12/99

								
	18.	  	 InPatient Consultants of Illinois, P.C.
  

dba IPC of Illinois
 dba IPC of Illinois,
P.C.
  
 Registered as InPatient Consultants of Illinois PC dba IPC of
Illinois with IL Division of Professional Regulation
  

36-4270411
	  	IL (professional service)	  	Adam Singer, MD, President & CEO, Secretary & Treasurer	  	Adam Singer,
MD	  	Adam Singer, MD	  	100	  	IL

1/12/99

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
(“dba”) and FEIN
	  	 State of
Domicile
and
Foreign
Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,
Shareholders or
Members

(100% owner
unless otherwise
indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	19.	  	 InPatient Consultants of Kansas, P.A.
  

No dba’s filed to date
  
 27-4185968
	  	 KS (professional)
  

MO
  
 NOTE: This company will do business in MO as InPatient Consultants of Kansas, P.C.
	  	 Adam Singer, MD
President, CEO,
Treasurer & CFO
 R. Jeffrey Taylor,
Secretary
 Devra Shapiro, Assistant Secretary
	  	Adam Singer,
MD	  	Adam Singer, MD	  	1,000	  	KS
 12/10/2010

 
 MO
 12/14/2010

								
	20.	  	 InPatient Consultants of Kentucky, Inc.
  

dba IPC of Kentucky, Inc.
  
 20-1217467
	  	KY	  	 Adam Singer, MD,
President & CEO
 R. Jeffrey Taylor,
Secretary & COO
 Devra Shapiro,
Treasurer & CFO

Fernando Sarria,
Corporate Controller
	  	 Adam Singer,
MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	 IPC The Hospitalist
 Company,
Inc.
	  	100	  	KY
 5/11/04

								
	21.	  	 InPatient Consultants of Maryland-Singer, P.C.
  

dba IPC of Maryland
  
 dba InPatient Consultants of Maryland
  
 26-0223223
	  	MD (professional)	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	Adam Singer,
MD	  	Adam Singer, MD	  	100	  	MD

4/25/07

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
(“dba”) and FEIN
	  	 State of
Domicile
and
Foreign
Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,
Shareholders or
Members

(100% owner
unless otherwise
indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	22.	  	 Hospitalists of Maryland, Inc.
  

No dba’s
  
 26-0223101
	  	MD	  	 Adam Singer, MD,
President & CEO
 R. Jeffrey Taylor,
Secretary & COO
 Devra Shapiro,
Treasurer & CFO

Fernando Sarria,
Corporate Controller
	  	 Adam Singer,
MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	100	  	MD
 4/25/07

								
	23.	  	 InPatient Consultants of Michigan, P.C.
  

dba IPC of Michigan, P.C.
  
 20-3118520
	  	MI (professional)	  	Adam Singer, MD,
President, & CEO Secretary & Treasurer & CFO	  	Adam Singer,
MD	  	Adam Singer, MD	  	100	  	MI
 5/17/05

								
	24.	  	 Hospitalists of Michigan, Inc.
  

No dba’s
  
 20-3118512
	  	MI	  	 Adam Singer, MD,
President, CEO & Secretary
 Devra Shapiro,
Treasurer & CFO
 Fernando Sarria, Corporate Controller
	  	Adam Singer,
MD	  	IPC The Hospitalist Company, Inc.	  	1,000	  	MI

5/17/05

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
(“dba”) and FEIN
	  	 State of
Domicile
and
Foreign
Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,
Shareholders or
Members

(100% owner
unless otherwise
indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	25.	  	 InPatient Consultants of Texas, PLLC
  

Trade Names in TX:
 TIPS

Texas Inpatient Services
 IPC of Texas

 
 Fictitious Name in OK:

InPatient Consultants of Texas, PLLC dba IPC of Oklahoma, LLC
 This is the correct name to use for legal documents.
  
 Trade Names in OK:
  

IPC of Oklahoma
  
 InPatient Consultants of Oklahoma
  
 38-3452013
	  	 MI (domicile)
 (domestic
professional llc)
  
 TX

 
 OK
	  	N/A – Actions approved by Adam Singer, MD, Sole Member	  	N/A	  	Adam Singer, MD, Sole Member	  		  	MI
 1/27/99

 
 TX
 2/23/99
  
 OK

12/2/03

								
	26.	  	 InPatient Consultants of Missouri, Inc.
 dba IPC of Missouri
  

43-1744715
	  	MO	  	 Adam Singer, MD,
President & CEO
 R. Jeffrey Taylor,
Secretary & COO
 Devra Shapiro,
Treasurer & CFO

Fernando Sarria,
Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
	  	IPC The Hospitalist Company, Inc.	  	1,000	  	MO

5/3/96

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
(“dba”) and FEIN
	  	 State of
Domicile
and
Foreign
Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,
Shareholders or
Members

(100% owner
unless otherwise
indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	27.	  	 Hospitalists of Nevada, Inc.
  

No dba’s
  
 20-1102679
	  	 MO (domicile)
  

NV
	  	 Adam Singer, MD,
President & CEO
 R. Jeffrey Taylor,
Secretary & COO
 Devra Shapiro,
Treasurer & CFO

Fernando Sarria,
Corporate Controller
	  	 Adam Singer,
MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	1,000	  	MO
 4/1/04

 
 NV
 4/14/04

								
	28.	  	 InPatient Consultants of Mississippi, Inc.
  

No dba’s
  
 20-1217626
	  	MS	  	 Adam Singer, MD,
President & CEO
 R. Jeffrey Taylor,
Secretary & COO
 Devra Shapiro,
Treasurer & CFO

Fernando Sarria,
Corporate Controller
	  	 Adam Singer,
MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  		  	MS
 5/10/04

								
	29.	  	 IPC Hospitalists of New England, P.C.
  

dba IPC Hospitalists of New Hampshire in NH
  

dba IPC of Connecticut in CT
  
 No dba’s in MA
 dba IPC of Rhode

 
 Island in RI

 
 42-1741592
	  	 NH (domicile)

(professional)
  
 CT
  
 MA

 
 RI
	  	 Adam Singer, MD,
President & CEO
 Devra Shapiro,
Secretary & Treasurer
 Fernando Sarria,
Corporate
Controller
	  	Adam Singer,
MD	  	Adam Singer, MD	  	1,000	  	NH
 9/26/07

 
 CT
 12/12/07
  
 MA

11/6/07
  
 RI
 7/24/09

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
(“dba”) and FEIN
	  	 State of
Domicile
and
Foreign
Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,
Shareholders or
Members

(100% owner
unless otherwise
indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	30.	  	 Hospitalists Management of New Hampshire, Inc.
  

No dba’s
  
 42-1741589
	  	 NH (domicile)
  

CT
  
 MA
  
 RI
	  	Adam Singer, MD, President & CEO R. Jeffrey Taylor, Secretary & COO Devra Shapiro, Treasurer & CFO Fernando Sarria, Corporate Controller	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	100	  	NH
 10/3/07

 
 CT
 1/7/08
  
 MA

1/4/08
  
 RI
 7/24/09

								
	31.	  	 IPC Hospitalist Physicians of New Jersey, P.C.
  

No dba’s
  
 26-3832744
	  	NJ (professional)	  	Adam Singer, MD, President & CEO Devra Shapiro, Treasurer & Secretary Fernando Sarria, Corporate Controller	  	Adam Singer, MD	  	Adam Singer, MD	  	100	  	NJ
 12/11/08

								
	32.	  	 Hospitalists of North Carolina, Inc.
  

20-2436843
	  	NC	  	Adam Singer, MD, President & CEO R. Jeffrey Taylor, Secretary & COO Devra Shapiro, Treasurer & CFO Fernando Sarria, Corporate Controller	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	100	  	NC

10/21/04

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
(“dba”) and FEIN
	  	 State of
Domicile
and
Foreign
Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,
Shareholders or
Members

(100% owner
unless otherwise
indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	33.	  	 InPatient Consultants of North Carolina, P.C.
  

dba IPC of North Carolina, Inc.
  

20-1975148
	  	NC (professional)	  	 Adam Singer, MD, President, CEO & Secretary
 R. Jeffrey Taylor, Chief Operating Officer
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	Adam Singer, MD	  	100	  	NC
 12/7/04

								
	34.	  	 InPatient Consultants of Ohio, Inc.
  

dba IPC of Ohio, Inc.
  
 26-1753368
	  	OH	  	Adam Singer, MD, President & CEO, Secretary, Treasurer & CFO	  	Adam Singer, MD	  	Adam Singer, MD	  	100	  	OH
 1/10/08

								
	35.	  	 Hospitalists of Ohio, Inc.
  

No dba’s
  
 26-1753241
	  	OH	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	100	  	OH
 1/10/08

								
	36.	  	 InPatient Consultants of Pennsylvania, P.C.
  

dba IPC of Pennsylvania, Inc.
  

26-1753136
	  	PA (professional)	  	Adam Singer, MD, President & CEO, Secretary, Treasurer & CFO	  	Adam Singer, MD	  	Adam Singer, M.D.	  	100	  	PA

1/8/08

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
(“dba”) and FEIN
	  	 State of
Domicile
and
Foreign
Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,
Shareholders or
Members

(100% owner
unless otherwise
indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	37.	  	 Hospitalists of Pennsylvania, Inc.
  

No dba’s
  
 26-1752887
	  	PA	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	100	  	PA
 1/8/08

								
	38.	  	 InPatient Consultants of South Carolina, P.C.
  

No dba’s
  
 26-0224520
	  	SC (professional)	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	Adam Singer, MD	  	Adam Singer, MD	  	1,000	  	SC
 7/12/04

								
	39.	  	 Hospitalists of South Carolina, Inc.
  

No dba’s
  
 20-1217613
	  	SC	  	 Adam Singer, MD, President & CEO, Treasurer & CFO
 Devra Shapiro, Secretary
 Fernando Sarria, Corporate Controller
	  	Adam Singer, MD	  	IPC The Hospitalist Company, Inc.	  	1,000	  	SC
 5/11/04

								
	40.	  	 Hospitalists of Tennessee, Inc.
  

No dba’s
  
 20-4171280
	  	TN	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	1,000	  	TN

1/17/06

  
 11406 

															
	 No.
	  	 True Name,

Fictitious Name
(“dba”) and FEIN
	  	 State of
Domicile
and
Foreign
Qualifications
	  	 Officers
	  	 Directors
	  	 Stockholders,
Shareholders or
Members

(100% owner
unless otherwise
indicated)
	  	Shares of
Common
Stock
Issued	  	State and
Date of
Incorporation
or
Registration
	41.	  	 InPatient Consultants of Utah, Inc.
  

dba IPC of Utah
  
 20-2445465
	  	UT	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	 Adam Singer, MD
 R. Jeffrey
Taylor
 Devra Shapiro
	  	IPC The Hospitalist Company, Inc.	  	1,000	  	UT
 8/31/04

								
	42.	  	 InPatient Consultants of Wyoming, LLC
  

dba IPC of Wyoming, LLC
  
 20-2853543
	  	WY	  	 Adam Singer, MD, President & CEO
 R. Jeffrey Taylor, Secretary & COO
 Devra Shapiro, Treasurer & CFO

Fernando Sarria, Corporate Controller
	  	N/A	  	IPC The Hospitalist Company, Inc., Sole Member	  		  	WY
 4/25/05

  
 11406 

 Schedule VI.(b) to Wells Fargo Security Agreement – Locations 

IPC THE HOSPITALIST COMPANY, INC. 
  

					
	 Location Address
	  	 Location
	  	 Lessor

	 100 Michigan St., NE, Grand Rapids, MI 49503
	  	Grand Rapids, MI	  	Spectrum Health Hospitals
			
	 101W. Big Beaver Rd., Clinton Township, MI
	  	St. Joe’s West-MI	  	St. Joseph Mercy Hospital
			
	 1030 Harrington Blvd., Ste 202B, Mt. Clemens, MI
	  	Mt. Clemens, MI	  	Mt Clemens General Hospital
			
	 10540 Marty, Ste 100, Overland Park, KS 66212
	  	Overland Park, KS	  	96-OP Prop, L.L.C.
			
	 10901 Granada Lane, Leawood, KS 66211
	  	Leawood, KS	  	Michael J Bukaty & Maureen A Bukaty
			
	 111 Continental Drive, Ste 406, Newark, DE
	  	Newark, DE	  	Atapco Christiana, Inc.
			
	 111 Emerson St, Denver, CO 80218
	  	Denver, CO	  	Parkplace
			
	 119 Boone Ridge Dr., Ste 201, Johnson City, TN 37615
	  	Johnson City, TN	  	Red G, LLC
			
	 1200 Riverplace, Ste 620, Jacksonville, FL 32207
	  	Jacksonville	  	Parkway Properties LP
			
	 12125 Woodcrest Executive Dr., #220, St. Louis, MO
	  	St. Louis, MO	  	BSP Golub
			
	 1400 So. Potomac, Suite 150, Aurora, CO 80012
	  	Aurora, CO	  	HCA-HealthONE, LLC
			
	 14131 Midway Rd., Suite 620, Addison, TX 75001
	  	Dallas, TX	  	AmeriVest Greenhill Park
			
	 15 Salt Creek Lane, Ste 111, Hinsdale, IL 60521
	  	Chicago, IL	  	Cole Taylor Bank
			
	 1510 4th St. Ste 1, Berkeley, CA
	  	Bay Area	  	HFP Partnership
			
	 1585 N. Barrington Rd., Ste 501, Hoffman Estates, IL 60169
	  	Hoffman Estates, IL	  	Area, LLC
			
	 1601 Lancaster Dr, Ste 100, Grapevine, TX 76051
	  	Grapevine, TX	  	Nathan Graves (North DFW Urology)
			
	 1619 Greenwood St, Ste 204/Pueblo, CO 81003
	  	Denver, CO (Parkview)	  	Parkview Medical Center
			
	 1700 N. McMullen Booth Rd, Unit D-1, Clearwater, FL 33759
	  	Clearwater, FL	  	Joyner Rentals, c/o Climinell Real Estate Svcs of FL, LLC
			
	 1840 Wealthy St SE MC 426, Grand Rapids, MI 49506
	  	Grand Rapids, MI	  	Spectrum Health Hospitals
			
	 2000 Ogden Ave, Aurora, IL
	  	Aurora, IL	  	Copley Memorial Hospital
			
	 2121 Ponce de Leon Blvd., Ste 300, Coral Gables, FL
	  	SE Florida	  	2121 Ponce, LLP
			
	 2121 Ponce de Leon Blvd., Ste 500, Coral Gables, FL
	  	SE Florida	  	2121 Ponce, LLP
			
	 2333 Biddle Ave. Rm 445, Wyandotte, MI 48192
	  	Wyandotte, MI	  	Wyandotte Hospital & Med Ctr
			
	 23550 Haggerty Rd., Farmington Hills, MI 48335
	  	Farmington Hills, MI	  	Continuum Geriatric Services PLLC
			
	 2400 S. Peoria St., Ste 100, Aurora, CO 80014
	  	Aurora, CO	  	TC Aurora, LLC
			
	 2479 S. Clermont St., Denver, CO 80222
	  	Denver, CO	  	Christian Living Community
			
	 2510 West Dunlap Ave., Ste 290, Phoenix, AZ 85021
	  	Phoenix, AZ	  	Canyon Corporate Plaza Properties, LLC
			
	 2600 Genesys Prkwy, Ste 2600, Grand Blanc, MI 48439
	  	Grand Blanc, MI	  	Genesys Regional Medical Center
			
	 3602 S. Cooper, Ste 100, Arlington, TX 76015
	  	Arlington, TX	  	Dr. Rakesh Saini
			
	 3610 Central Ave., Ste 205, Riverside, CA 92506
	  	Riverside, CA	  	BH Central, LLC
			
	 36115 Schoolcraft Road, Livonia MI 48150
	  	Livonia, MI	  	Westwood Office Associates, LLC
			
	 365 Montauk Avenue, New London, CT 06320
	  	New London, CT	  	Lawrence & Memorial Hospital

  
 11406 

1 

					
			
	 3990 John R, #6927, Detroit, MI 48201
	  	Detroit Medical Center	  	Harper-Hutzel Hospital
			
	 415 Ocean Ave, New London, CT 06320
	  	New London, CT	  	Niall Duhig
			
	 4513 Executive Dr., 2nd Flr, Naples, FL 34119
	  	Naples, FL	  	Vocatus Medical Mgmt Svcs
			
	 4545 Post Oak Pl, Stes 130 & 110, Houston, TX 77027
	  	Houston, TX-Ste 130,135,110,104	  	Morrison Karsten Group
			
	 4605 Lankershim Blvd., Ste 208, No. Hollywood, CA 91602
	  	Corp-Suite 208	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 214, No. Hollywood, CA 91602
	  	Corp-Suite 214	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 220, No. Hollywood, CA 91602
	  	Corp-Ste 220	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 300, No. Hollywood, CA 91602
	  	Corp-Ste 300	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 400, No. Hollywood, CA 91602
	  	Corp-Ste 400	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 401, No. Hollywood, CA 91602
	  	Corp- Ste 401	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 408, No. Hollywood, CA 91602
	  	Corp-Ste 408	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 414, No. Hollywood, CA 91602
	  	Corp-Ste 410,414,419-420, 601,609,617 & 618	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 418, No. Hollywood, CA 91602
	  	Corp-Ste 418	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 421, No. Hollywood, CA 91602
	  	Corp-Ste 421	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 500, No. Hollywood, CA 91602
	  	Corp-Suite 500	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 510, No. Hollywood, CA 91602
	  	Corp-Suite 510	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 535, No. Hollywood, CA 91602
	  	Corp-Suite 535	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 540, No. Hollywood, CA 91602
	  	Corp-Suite 540	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 600, No. Hollywood, CA 91602
	  	Corp-Ste 600	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 614, No. Hollywood, CA 91602
	  	Corp-Ste 614	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 620, No. Hollywood, CA 91602
	  	Corp-Ste 620	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 806, No. Hollywood, CA 91602
	  	Corp-Suite 806	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 824, No. Hollywood, CA 91602
	  	Corp-Suite 824	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 830, No. Hollywood, CA 91602
	  	Corp-Ste 830	  	VDA Property Company
			
	 4605 Lankershim Blvd., Ste 840, No. Hollywood, CA 91602
	  	Corp-Ste 815 & 840	  	VDA Property Company
			
	 4967 Crooks, Suite 130, Troy, MI 48098
	  	Michigan	  	Sevenous Group Partners
			
	 499 E. Hampden Ave., Ste 100, Englewood, CO 80113
	  	Englewood, CO	  	MOB of Denver 4, LLC
			
	 5120 Highway 73, Evergreen, CO 80439
	  	Evergreen, CO	  	Seniors’ Resource Center
			
	 55 Madison Ave, Suite 310, Morristown, NJ 07645
	  	Morristown, NJ	  	55 Madison Avenue Associates, LLC
			
	 5500 E. Peakview Ave, Centennial, CO 80121
	  	Centennial, CO	  	Christial Living Community
			
	 613 Elizabeth St., Ste 702, Corpus Christi, TX 78404
	  	Corpus Christi	  	Christus Spohn Health System
			
	 6367 E. Tanque Verde Rd., #200, Tucson, AZ 85715
	  	Tucson, AZ	  	West Valley Properties
			
	 6375 E, Tanque Verde Rd., #110, Tucson, AZ 85715
	  	Tucson, AZ	  	West Valley Properties
			
	 657 Hemlock St, Ste 220, Macon, GA 31201
	  	Macon, GA	  	Aida A. Othman
			
	 6624 Fannin, Ste 2335, Houston, TX
	  	Houston, TX	  	St Luke’s Medical Tower
			
	 6857 W. Charleston Blvd., Las Vegas, NV
	  	Las Vegas	  	Pine Development
			
	 7000 No. Mopac Expressway, Ste 2103, Austin, TX 78731
	  	Austin, TX	  	RGN-Austin, LLC
			
	 7330 San Pedro, Ste 540, San Antonio, TX 78216
	  	San Antonio, TX	  	A & B Properties, Inc.
			
	 819 Worcester St., Ste 3, Springfield, MA
	  	Springfield, MA	  	Springfield Investment Group, LLC
			
	 850 E. Harvard Ave., Ste 305, Denver, CO 80210
	  	Denver, CO	  	PorterCare Adventist Health System

  
 11406 

					
			
	 8606 Boulder Court, Tampa, FL 33615
	  	Tampa, FL	  	Rocky Creek Retirement Properties, Inc.
			
	 90 Madison St., Ste 504, Denver, CO 80206
	  	Denver, CO	  	Ariana 3, LLC
			
	 9151 N. Yarrow St, Westminster, CO 80021
	  	Westminster, CO	  	Covenant Village of Colorado

  
 11406 

 SCHEDULE VII. 

INTELLECTUAL PROPERTY 
  

									
	(a)	  	IPC-The Hospitalist Company	  	2361351	  	6/27/2000	  	IPC The Hospitalist Company, Inc.
					
	(b)	  	IPC-LINK	  	2303823	  	12/28/1999	  	IPC The Hospitalist Company, Inc.
					
	(c)	  	IPC and design	  	3,448,918	  	6/17/08	  	IPC The Hospitalist Company, Inc.

  
 11406 

1GUARANTY AGREEMENT

 Exhibit 10.3 
 GUARANTY AGREEMENT 
 This GUARANTY AGREEMENT (this
“Guaranty”), dated as of August 4, 2011, is made by each of the undersigned Affiliates or Subsidiaries of IPC The Hospitalist Company, Inc. (the “Borrower”) and each of the other Affiliates or Subsidiaries of
the Borrower which becomes a party hereto pursuant to Section 4.15 hereof (each a “Guarantor” and collectively, the “Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative
agent for the Lenders (which for the avoidance of doubt includes the L/C Issuer) and as collateral agent for the Lender Rate Contract Counterparties and Lender Bank Product Providers (as such terms are defined in the Credit Agreement referred to
below) (in such capacity, together with its successors in such capacity, the “Administrative Agent”). 
 A. The
Borrower has entered into that certain Credit Agreement, dated of the date hereof (as the same from time to time hereafter may be amended, modified, supplemented or restated, the “Credit Agreement”), by and among the Borrower, the
financial institutions party thereto from time to time and the Administrative Agent, pursuant to which the Lenders have agreed to extend loans and other financial accommodations to the Borrower for the purposes, and on the terms and subject to the
conditions, set forth in the Credit Agreement. In addition, certain of the Lender Parties may, from time to time, enter into Lender Rate Contracts with the Borrower or provide Lender Bank Products to the Borrower. 

C. The Lender Parties are willing to make and maintain loans and other financial accommodations to the Borrower on and after the date of
the Credit Agreement, but only upon the condition, among others, that the Guarantors shall have executed and delivered this Guaranty to the Administrative Agent. 
 D. To induce the Administrative Agent and the Lender Parties to enter into, and to extend credit under, the Credit Agreement and the other Credit Documents, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each Guarantor has agreed to guarantee the Guaranteed Obligations upon the terms and conditions of this Guaranty. 
 E. Each Guarantor has obtained and may continue to obtain working capital and loans needed for its operations from the Borrower and the Borrower will obtain funds to provide or lend to such Guarantor from
the Lender Parties under the Credit Agreement and the other Credit Documents. In addition, each Guarantor expects to realize direct and indirect benefits as the result of the availability of the aforementioned credit facilities to the Borrower, as
the result of financial or business support which will be provided to such Guarantor by the Borrower. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 SECTION 1. DEFINITIONS. 

1.01. Definitions. Unless otherwise defined herein, all capitalized terms used in this Guaranty that are defined in the Credit
Agreement (including those terms incorporated by reference) shall have the respective meanings assigned to them in the Credit Agreement. In addition, the following terms shall have the following meanings under this Guaranty: 

“Bankruptcy Code” shall mean Title 11 of the United States Code. 

“Guaranteed Obligations” shall mean (a) any and all Obligations of the Borrower, (b) any and all other
obligations of the Borrower for the performance of its agreements, covenants and undertakings under or in respect of the Credit Documents, and (c) any and all other obligations of the Borrower for the payment of all amounts, liabilities and
indebtedness (whether for principal, interest, reimbursement, fees, charges, indemnification or otherwise) now or in the future owed to the Administrative Agent, any Lender Party or any such Person individually, and for the performance by the
Borrower of its agreements, covenants and undertakings, in each case under or in respect of any and all of the Credit Documents (including any Lender Rate Contracts and all documents relating to Lender Bank Products), it being acknowledged by each
Guarantor that such other obligations may arise or be created, incurred or assumed at any time and from time to time and in such manner and such circumstances and with such terms and provisions as the Borrower, the Administrative Agent, any Lender
Party or any such Person individually may agree without notice or demand of any kind or nature whatsoever to the Guarantors. The Guaranteed Obligations shall include interest accruing at the then applicable rate provided in the Credit Agreement or
in the other Credit Documents after the maturity thereof and interest accruing at the then applicable rate provided in the Credit Agreement or in the other Credit Documents after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to any Loan Party thereunder or any Obligor whether or not a claim for post-filing or post-petition interest is allowed or allowable in such proceeding. Each Guarantor acknowledges that some
extensions of credit under the Credit Agreement and the other Credit Documents may be available on a revolving basis. 

“Obligor” shall mean any additional or separate guarantor, surety or other Person that is directly or indirectly liable
for all or a portion of the Guaranteed Obligations or who has provided security for the Guaranteed Obligations. 
 1.02.
Interpretation. The rules of interpretation set forth in Article I of the Credit Agreement shall, to the extent not inconsistent with the terms of this Guaranty, apply to this Guaranty and are hereby incorporated by reference. 

SECTION 2. THE GUARANTEE. 
 2.01. Guarantee Provisions. 
 (a) Guarantee. Each Guarantor hereby
absolutely, irrevocably and unconditionally guarantees the timely payment in full when due (whether at stated maturity, by acceleration or otherwise) and performance of the Guaranteed Obligations in each case in accordance with their terms. Each
Guarantor hereby further agrees that if the Borrower shall fail 

  
 -2-

 
to pay in full when due (whether at stated maturity, by acceleration or otherwise) all or any part of the Guaranteed Obligations, such Guarantor will immediately pay the same, without any demand
or notice whatsoever, and that in the case of any extension of time of payment or renewal of all or any part of the Guaranteed Obligations, the same will be timely paid in full when due (whether at extended maturity, by acceleration or otherwise) in
accordance with the terms of such extension or renewal. This Guaranty is absolute, irrevocable and unconditional in nature and is made with respect to any and all Guaranteed Obligations now existing or in the future arising. Each Guarantor’s
liability under this Guaranty shall continue until payment in cash of all Guaranteed Obligations. This Guaranty is a guarantee of due and punctual payment and performance and not of collectibility. 

(b) Savings Clause. As to any Guarantor, if under any applicable law (including without limitation state and Federal fraudulent
transfer laws) the obligations of such Guarantor under Section 2.01(a) would otherwise be held or determined to be void, invalid or unenforceable or if the claims of the Lender Parties in respect of such obligations would be subordinated
to the claims of any other creditors on account of such Guarantor’s liability under Section 2.01(a), then, notwithstanding any other provision of this Guaranty to the contrary, the amount of the liability of such Guarantor shall,
without any further action by the Guarantors, any Lender Party, the Administrative Agent or any other Person, be automatically limited and reduced to the highest amount which is valid and enforceable and not subordinated to the claims of other
creditors as determined in such action or proceeding. Each Guarantor agrees that it has obtained and, to the extent necessary, will continue to obtain working capital and loans for its operations from the Borrower, and the Borrower will, to the
extent necessary, obtain funds to provide and lend to such Guarantor from the Lender Parties under the Credit Agreement and the other Credit Documents. In addition, all Guarantors reasonably anticipate realizing direct and indirect benefits as the
result of the availability of the aforementioned credit facilities to the Borrower, as the result of financial or business support which will be provided to the Guarantors by the Borrower. 

(c) Joint and Several Obligations. The obligations and liability of the Guarantors under this Guaranty are joint and several.
Except as expressly set forth in Section 2.01(b), the liability of the Guarantors is not limited in any respect. 

2.02. Acknowledgments, Agreements; Waivers and Consents. Each Guarantor acknowledges that the obligations undertaken by it under
this Guaranty involve the guarantee of obligations of Persons other than such Guarantor and that such obligations of each Guarantor are absolute, irrevocable and unconditional under any and all circumstances. In full recognition and in furtherance
of the foregoing, each Guarantor agrees that: 
 (a) Without affecting the enforceability or effectiveness of this Guaranty in
accordance with its terms and without affecting, limiting, reducing, discharging or terminating the liability of such Guarantor, or the rights, remedies, powers and privileges of the Administrative Agent and the Lender Parties under this Guaranty,
the Administrative Agent and the Lender Parties may, at any time and from time to time and without notice or demand of any kind or nature whatsoever: 

  
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 (i) amend, supplement, modify, extend, renew, waive, accelerate or otherwise
change the time for payment or performance of, or the terms of, all or any part of the Guaranteed Obligations (including any increase or decrease in the principal portion of, or rate or rates of interest on, all or any part of the Guaranteed
Obligations); 
 (ii) amend, supplement, modify, extend, renew, waive or otherwise change, or enter into or give,
any Credit Document or any agreement, security document, guarantee, approval, consent or other instrument with respect to all or any part of the Guaranteed Obligations, any Credit Document or any such other instrument or any term or provision of the
foregoing; 
 (iii) accept or enter into new or additional agreements, security documents, guarantees (including
letters of credit) or other instruments in addition to, in exchange for or relative to any Credit Document, all or any part of the Guaranteed Obligations or any collateral now or in the future serving as security for the Guaranteed Obligations;

 (iv) accept or receive (including from any Obligor) partial payments or performance on the Guaranteed
Obligations (whether as a result of the exercise of any right, remedy, power or privilege or otherwise); 
 (v)
accept, receive and hold any additional collateral for all or any part of the Guaranteed Obligations (including from any Obligor); 
 (vi) release, reconvey, terminate, waive, abandon, allow to lapse or expire, fail to perfect, subordinate, exchange, substitute, transfer, foreclose upon or enforce any collateral, security documents or
guarantees (including letters of credit or the obligations of any Obligor) for or relative to all or any part of the Guaranteed Obligations; 
 (vii) apply any collateral or the proceeds of any collateral or guarantee (including any letter of credit or the obligations of any Obligor) to all or any part of the Guaranteed Obligations in such manner
and extent as the Administrative Agent or any Lender Party may in its sole discretion determine, provided, that such application will not be made in contravention of the applicable Credit Document; 

(viii) release any Person (including any Obligor or other Guarantor) from any liability with respect to all or any part of
the Guaranteed Obligations; 
 (ix) settle, compromise, release, waive, liquidate or enforce upon such terms and
in such manner as the Administrative Agent or any Lender Party may determine or as applicable law may dictate all or any part of the Guaranteed Obligations or any collateral on or guarantee of (including any letter of credit issued with respect to)
all or any part of the Guaranteed Obligations (including with any Obligor); 
 (x) consent to the merger or
consolidation of, the sale of substantial assets by, or other restructuring or termination of the existence of the Borrower, any Loan Party or any other Person (including any Obligor); 

  
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 (xi) proceed against the Borrower, such Guarantor, any other Guarantor or
any Obligor of (including any issuer of any letter of credit issued with respect to) all or any part of the Guaranteed Obligations or any collateral provided by any Person and exercise the rights, remedies, powers and privileges of the
Administrative Agent and the Lender Parties under the Credit Documents or otherwise in such order and such manner as the Administrative Agent or any Lender Party may, in its discretion, determine, without any necessity to proceed upon or against or
exhaust any collateral, right, remedy, power or privilege before proceeding to call upon or otherwise enforce this Guaranty as to such Guarantor; 
 (xii) foreclose upon any deed of trust, mortgage or other instrument creating or granting liens on any interest in real property by judicial or nonjudicial sale or by deed in lieu of foreclosure, bid any
amount or make no bid in any foreclosure sale or make any other election of remedies to the maximum extent not prohibited by applicable law with respect to such liens or exercise any right of set-off; 

(xiii) obtain the appointment of a receiver with respect to any collateral for all or any part of the Guaranteed
Obligations and apply the proceeds of such receivership as the Administrative Agent or any Lender Party may in its discretion determine (it being agreed that nothing in this clause (xiii) shall be deemed to make the Administrative Agent or any
Lender Party a party in possession in contemplation of law, except at its option); 
 (xiv) enter into such other
transactions or business dealings with the Borrower, any other Loan Party, any Obligor or Affiliate thereof of all or any part of the Guaranteed Obligations as the Administrative Agent or any Lender Party may desire; and 

(xv) do all or any combination of the actions set forth in this Section 2.02(a). 

(b) The enforceability and effectiveness of this Guaranty and the liability of such Guarantor, and the rights, remedies, powers and
privileges of the Administrative Agent and the Lender Parties, under this Guaranty shall not be affected, limited, reduced, discharged or terminated, and each Guarantor hereby expressly waives any defense now or in the future arising (other than a
defense that the Guaranteed Obligations have been indefeasibly paid in full in cash), by reason of: 
 (i) the
illegality, invalidity or unenforceability of all or any part of the Guaranteed Obligations, any Credit Document or any agreement, security document, guarantee or other instrument relative to all or any part of the Guaranteed Obligations;

 (ii) any disability or other defense with respect to all or any part of the Guaranteed Obligations of the
Borrower, or any Obligor with respect to all or any part of the Guaranteed Obligations (including any issuer of any letters of credit), including the effect of any statute of limitations that may bar the enforcement of all or any part of the
Guaranteed Obligations or the obligations of any such Obligor; 
 (iii) the illegality, invalidity or
unenforceability of any security or guarantee (including any letter of credit) for all or any part of the Guaranteed Obligations or the lack of perfection or continuing perfection or failure of the priority of any lien on any collateral for all or
any part of the Guaranteed Obligations; 

  
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 (iv) the cessation, for any cause whatsoever (including, without limitation,
release, expiration, termination or the unenforceability of the underlying documentation), of the liability of the Borrower, any other Loan Party or any Obligor of all or any part of the Guaranteed Obligations (other than, subject to
Section 2.05, by reason of the full payment and performance of all Guaranteed Obligations); 
 (v)
any failure of the Administrative Agent or any Lender Party to marshal assets in favor of the Borrower or any other Person (including any Obligor), to exhaust any collateral for all or any part of the Guaranteed Obligations, to pursue or exhaust any
right, remedy, power or privilege it may have against the Borrower, any other Loan Party, any Obligor with respect to all or any part of the Guaranteed Obligations (including any issuer of any letter of credit) or any other Person or to take any
action whatsoever to mitigate or reduce such or any other liability of such Guarantor under this Guaranty, neither the Administrative Agent nor any Lender Party being under any obligation to take any such action notwithstanding the fact that all or
any part of the Guaranteed Obligations may be due and payable and that the Borrower may be in default of its obligations under any Credit Document; 
 (vi) any failure of the Administrative Agent or any Lender Party to give notice of sale or other disposition of any collateral (including any notice of any judicial or nonjudicial foreclosure or sale of
any interest in real property serving as collateral for all or any part of the Guaranteed Obligations) for all or any part of the Guaranteed Obligations to the Borrower, such Guarantor or any other Person (including any Obligor) or any defect in, or
any failure by such Guarantor or any other Person to receive, any notice that may be given in connection with any sale or disposition of any collateral; 
 (vii) any failure of the Administrative Agent or any Lender Party to comply with applicable laws in connection with the sale or other disposition of any collateral for all or any part of the Guaranteed
Obligations; 
 (viii) any judicial or nonjudicial foreclosure or sale of, or other election of remedies with
respect to, any interest in real property or other collateral serving as security for all or any part of the Guaranteed Obligations, even though such foreclosure, sale or election of remedies may impair the subrogation rights of such Guarantor or
may preclude such Guarantor from obtaining reimbursement, contribution, indemnification or other recovery from the Borrower, any Obligor or any other Person and even though the Borrower may not, as a result of such foreclosure, sale or election of
remedies, be liable for any deficiency; 
 (ix) any act or omission of the Administrative Agent, any Lender Party
or any other Person that directly or indirectly results in or aids the discharge or release of the Borrower, any Loan Party or any Obligor of all or any part of the Guaranteed Obligations or any security or guarantee for all or any part of the
Guaranteed Obligations by operation of law or otherwise; 

  
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 (x) any law which provides that the obligation of a surety or guarantor must
neither be larger in amount nor in other respects more burdensome than that of the principal or which reduces a surety’s or guarantor’s obligation in proportion to the principal obligation; 

(xi) the possibility that the obligations of the Borrower to the Administrative Agent and the Lender Parties may at any
time and from time to time exceed the aggregate liability of such Guarantor under this Guaranty; 
 (xii) any
counterclaim, set-off or other claim which the Borrower, any Loan Party, any Obligor or any other Person has or alleges to have with respect to all or any part of the Guaranteed Obligations; 

(xiii) any failure of the Administrative Agent or any Lender Party to file or enforce a claim in any bankruptcy or other
proceeding with respect to any Person; 
 (xiv) the election by the Administrative Agent or any Lender Party in
any bankruptcy proceeding of any Person, of the application or nonapplication of Section 1111(b)(2) of the Bankruptcy Code; 
 (xv) any extension of credit or the grant of any Lien under Section 364 of the Bankruptcy Code; 
 (xvi) any use of cash collateral under Section 363 of the Bankruptcy Code; 
 (xvii) any agreement or stipulation with respect to the provision of adequate protection in any bankruptcy proceeding of any Person; 

(xviii) the avoidance of any Lien in favor of the Administrative Agent or any Lender Party for any reason; 

(xix) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, liquidation or dissolution proceeding
commenced by or against any Person, including any discharge of, or bar or stay against collecting, all or any part of the Guaranteed Obligations (or any interest on all or any part of the Guaranteed Obligations) in or as a result of any such
proceeding; 
 (xx) any change in the corporate existence, structure or ownership of the Borrower, any other Loan
Party or any Obligor; 
 (xxi) any action taken by the Administrative Agent or any Lender Party, whether similar
or dissimilar to any of the foregoing, that is authorized by this Section 2.02 or otherwise in this Guaranty or by any other provision of any Credit Document or any omission to take any such action; or 

(xxii) any other circumstance whatsoever, whether similar or dissimilar to any of the foregoing, that might otherwise
constitute a legal or equitable discharge or defense of a surety or guarantor. 

  
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 (c) Each Guarantor hereby waives (i) any right of redemption with respect to the
collateral or security for the Guaranteed Obligations or for this Guaranty after the sale thereof, and all rights, if any, of marshalling of the collateral or security for the Guaranteed Obligations or for this Guaranty, (ii) any right (except
as shall be required by applicable statute and cannot be waived) to require the Administrative Agent or any Lender Party to pursue any remedy in the Administrative Agent’s or any Lender Party’s power whatsoever, (iii) presentment,
demand, notice of dishonor, protest, notice of protest and all other notices whatsoever with respect to the payment or performance of the Guaranteed Obligations or the amount thereof or any payment or performance by any Guarantor hereunder and
(iv) all rights to revoke this Guaranty at any time, and all rights to revoke any agreement executed by such Guarantor at any time to secure the payment and performance of such Guarantor’s obligations under this Guaranty. 

(d) Each Guarantor waives all rights and defenses arising out of an election of remedies by the Administrative Agent and the Lender
Parties, even though that election of remedies, such as a nonjudicial foreclosure with respect to collateral or security for the Guaranteed Obligations, has destroyed such Guarantor’s rights of subrogation and reimbursement against the
principal. 
 (e) Each Guarantor expressly waives, for the benefit of the Administrative Agent and the Lender Parties, all
set-offs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with
respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation, incurring or assumption of new or additional Guaranteed Obligations. Each Guarantor further expressly waives the benefit of any and
all statutes of limitation and any and all laws providing for the exemption of property from execution or for valuation and appraisal upon foreclosure, to the maximum extent not prohibited by applicable law. 

(f) Each Guarantor represents and warrants to the Administrative Agent and the Lender Parties that it has established adequate means of
obtaining financial and other information pertaining to the business, operations and condition (financial and otherwise) of the Borrower and its properties on a continuing basis and that such Guarantor is now and will in the future remain familiar
with the business, operations and condition (financial and otherwise) of the Borrower and its properties. Each Guarantor further represents and warrants that it has reviewed and approved each of the Credit Documents and is familiar with the
transaction contemplated by the Credit Documents. Each Guarantor hereby expressly waives and relinquishes any duty on the part of the Administrative Agent or the Lender Parties (should any such duty exist) to disclose to such Guarantor or any other
Obligor any matter of fact or other information related to the business, operations or condition (financial or otherwise) of the Borrower or its properties or to any Credit Document or the transactions undertaken pursuant to, or contemplated by, any
such Credit Document, whether now or in the future known by the Administrative Agent or any Lender Party. 
 (g) Each Guarantor
intends that its rights and obligations shall be those expressly set forth in this Guaranty and that its obligations, to the maximum extent not prohibited by applicable law, shall not be affected, limited, reduced, discharged or terminated by reason
of any principles or provisions of law which conflict with the terms of this Guaranty. 

  
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 (h) Each Guarantor acknowledges and agrees that there may be additional guaranty or security
agreements or similar documents executed by other Obligors in respect of all or a portion of the Guaranteed Obligations and the existence of any such guaranty or security agreement or similar document shall not in any way impair, reduce or limit
such Guarantor’s obligations hereunder. 
 (i) Without limiting the generality of any other provision hereof, each
Guarantor agrees that, in the event of the dissolution or insolvency of the Borrower, any Guarantor or any Obligor or the inability of the Borrower, any Guarantor or any Obligor to pay its debts as they mature, or an assignment by the Borrower, any
Guarantor or any Obligor for the benefit of creditors, or the institution of any proceeding by or against the Borrower, any Guarantor or any Obligor alleging that the Borrower, any Guarantor or any Obligor is insolvent or unable to pay its debts as
they mature (including any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding), or the appointment of a receiver for, or the attachment, restraint of or making or levying of any order of court or legal process
affecting, the property of the Borrower, any Guarantor or any Obligor, each Guarantor will pay to the Administrative Agent for the benefit of itself and the Lender Parties forthwith the full amount which would be payable hereunder by such Guarantor
if all of the Guaranteed Obligations were then due and payable, whether or not such event occurs at a time when any of the Guaranteed Obligations are otherwise due and payable. 

2.03. Understanding With Respect to Waivers and Consents. Each Guarantor represents, warrants and agrees that each of the waivers
and consents set forth in this Guaranty is made voluntarily and unconditionally after consultation with outside legal counsel and with full knowledge of its significance and consequences, with the understanding that events giving rise to any defense
or right waived may diminish, destroy or otherwise adversely affect rights which such Guarantor or any other Obligor otherwise may have against the Borrower, the Administrative Agent, any Lender Party or any other Person or against any collateral.
If, notwithstanding the intent of the parties that the terms of this Guaranty shall control in any and all circumstances, any such waivers or consents are determined to be unenforceable under applicable law, such waivers and consents shall be
effective to the maximum extent not prohibited by law. 
 2.04. Subrogation. Each Guarantor hereby agrees that, until the
payment in cash and satisfaction in full of all of the Guaranteed Obligations and the expiration and termination of the commitments of the Lenders under the Credit Documents, it shall not exercise any right, remedy, power or privilege, such as any
right of subrogation, contribution or indemnity or related remedy, power or privilege, arising (whether by contract or operation of law, including under the Bankruptcy Code) against the Borrower, any other Guarantor or any Obligor of all or any part
of the Guaranteed Obligations or any collateral or security for all or any part of the Guaranteed Obligations by reason of any payment or other performance pursuant to the provisions of this Guaranty and, if any amount shall be paid to such
Guarantor on account of such rights, remedies, powers or privileges, it shall hold such amount in trust for the benefit of, and pay the same over to, the Administrative Agent (for the benefit of the Lender Parties) on

  
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account of the Guaranteed Obligations. Each Guarantor understands that the exercise by the Administrative Agent or any Lender Party of any right, remedy, power or privilege that it may have under
the Credit Documents, any agreement, collateral or security document, guarantee or other instrument relative to all or any part of the Guaranteed Obligations or otherwise may affect or eliminate such Guarantor’s or any Obligor’s right of
subrogation or similar recovery against the Borrower, any other Guarantor, any Obligor or any collateral or security and that such Guarantor may therefore incur partially or totally nonreimbursable liability under this Guaranty. Nevertheless, each
Guarantor hereby authorizes and empowers the Administrative Agent and the Lender Parties to exercise, in its or their sole discretion, any combination of such rights, remedies, powers and privileges. Notwithstanding anything to the contrary
contained in this Guaranty or any other Credit Document, no Guarantor shall exercise any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against, and no Guarantor shall proceed or seek recourse against or with
respect to any property or asset of, the Borrower or any other Guarantor or Obligor (including after payment in full of the Guaranteed Obligations), and each Guarantor shall be deemed to have waived all such rights and remedies if all or any portion
of the Obligations have been satisfied in connection with an exercise of remedies in respect of the Equity Securities of the Borrower or such other Guarantor or Obligor whether pursuant to the Security Documents or otherwise. 

2.05. Reinstatement. The obligations of each Guarantor under this Guaranty shall be automatically reinstated if and to the extent
that for any reason any payment by or on behalf of the Borrower, any other Guarantor, any Obligor or any other Person or any other application of funds (including the proceeds of any collateral for all or any part of the Guaranteed Obligations) in
respect of all or any part of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of such Guaranteed Obligations, whether as a result of any proceedings in bankruptcy, reorganization or otherwise and each Guarantor
agrees that it will indemnify the Administrative Agent and each Lender Party on demand for all costs and expenses (including fees and expenses of counsel) incurred by the Administrative Agent or such Lender Party in connection with such rescission
or restoration. 
 2.06. Remedies. Each Guarantor hereby agrees that, between it on the one hand and the Administrative
Agent and the Lender Parties on the other, the obligations of the Borrower under the Credit Agreement and the other Credit Documents may be declared to be forthwith (or may become automatically) due and payable as provided in the Credit Agreement
for purposes of Section 2.01 notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations becoming due and payable as against the Borrower) and that, in the event of such declaration (or such
obligation being deemed due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable for purposes of Section 2.01. 

2.07. Separate Action. The Administrative Agent may bring and prosecute a separate action or actions against each Guarantor (or
any one or more of them) whether or not the Borrower, any other Guarantor, any Loan Party, any other Obligor or any other Person is joined in any such action or a separate action or actions are brought against the Borrower, any other Guarantor, any
Loan Party, any other Obligor, any other Person, or any collateral or security for all or any part of the Guaranteed Obligations. The obligations of each Guarantor under, and the effectiveness of, this Guaranty are not conditioned upon the existence
or continuation of any other guarantee (including any letter of credit) of or collateral or security for all or any part of the Guaranteed Obligations. 

  
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 2.08. Subordination. 

(a) Each Guarantor agrees that the payment by the Borrower, any other Loan Party or any Obligor of any indebtedness in
favor of such Guarantor (the “Subordinated Lender”) shall be subordinated and subject to the prior payment in cash in full of all amounts payable by the Borrower, such other Loan Party or such Obligor under the Credit Agreement or
this Guaranty, as the case may be, and any other Credit Document to which the Borrower, such other Loan Party or such Obligor is a party (“Senior Debt”) upon the terms of this Section. 

(b) Upon any distribution of assets of the Borrower, a Loan Party or an Obligor to creditors upon a liquidation or
dissolution of the Borrower, such Loan Party or such Obligor or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Borrower, such Loan Party or such Obligor or its property, (i) the Administrative
Agent and the Lender Parties shall be entitled to receive payment in full of all Senior Debt before the Subordinated Lender shall be entitled to receive any payment of principal of or interest on or any other amounts in respect of Indebtedness of
the Borrower, such Loan Party or such Obligor in favor of the Subordinated Lender (the “Subordinated Debt”); and (ii) until payment in cash in full of the Senior Debt and the Commitments under the Credit Documents shall have
terminated, any distribution of assets of any kind or character to which the Subordinated Lender would otherwise be entitled shall be paid by the Borrower, such Loan Party or such Obligor or by any receiver, trustee in bankruptcy, liquidating
trustee, agents or other person making such payment or distribution to, or if received by the Borrower, such Loan Party or such Obligor, shall be held for the benefit of and shall be forthwith paid or delivered to, the Administrative Agent for
distribution to the Administrative Agent and the Lender Parties, as applicable. 
 (c) If the Subordinated Lender
does not file proper claims or proofs of claim in the form required in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Borrower, a Loan Party or an Obligor or its property prior to 15 days before the
expiration of the time to file such claims, then (a) upon the request of the Administrative Agent, the Subordinated Lender shall file such claims and proofs of claim in respect of this instrument and execute and deliver such powers of attorney,
assignments and other instruments as are required to enable the Administrative Agent and the Lender Parties to enforce any and all claims upon or in respect of the Subordinated Debt and to collect and receive any and all payments or distributions
which may be payable or deliverable at any time upon or in respect of Subordinated Debt, and (b) whether or not the Subordinated Lender shall take the action described in the preceding clause (a) the Administrative Agent and the Lender
Parties shall nevertheless be deemed to have such powers of attorney as may be necessary for them to file appropriate claims and proofs of claim and otherwise exercise the powers described above. 

(d) No right of the Administrative Agent or any Lender Party to enforce the terms of this Section shall be impaired by any
act or failure to act by the Borrower, a Loan Party or an Obligor. Neither the terms of this Section nor the rights of the Administrative Agent and the Lender Parties hereunder shall be affected by any extension, renewal or modification of the terms
of, or the granting of any security in respect of, any Senior Debt or any exercise or nonexercise of any right, power or remedy with respect thereto. 

  
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 (e) Until the Senior Debt is paid in full and the Commitments under the
Credit Documents shall have terminated, the Subordinated Lender shall not exercise any right of subrogation that it may have now or hereafter as a result of its performance of this Guaranty. 

(f) Nothing in this Section shall (i) impair, as between the Borrower, such Loan Party or such Obligor and the
Subordinated Lender, the obligation of the Borrower, or such Loan Party or such Obligor, which is absolute and unconditional, to pay the principal of and interest on Subordinated Debt in accordance with its terms; (ii) affect the relative
rights of the Subordinated Lender and creditors of the Borrower, or such Loan Party or such Obligor other than the Administrative Agent and the Lender Parties; or (iii) prevent the Subordinated Lender from exercising its available remedies upon
an event of default under the Subordinated Debt, subject to the rights of the Administrative Agent and the Lender Parties to receive cash, property or other assets otherwise payable to the Subordinated Lender to the extent set forth in this Section.

 2.09. Right to Offset Balances. Each Guarantor agrees that, in addition to (and without any limitation of) any right
of set-off, banker’s lien or counterclaim any Lender Party may otherwise have, each Lender Party shall be entitled, at its option but only with the prior written consent of the Administrative Agent, to offset balances held by it for the account
of such Guarantor at any of its offices, in Dollars or in any other currency, against any Guaranteed Obligations to such Lender Party upon the occurrence and during the continuance of an Event of Default (regardless of whether such balances are then
due to such Guarantor). Any Lender Party so entitled shall promptly notify the applicable Guarantor and the Administrative Agent of any offset effected by it; provided that such Lender Party’s failure to give such notice shall not affect
the validity of such offset or the obligations of any Guarantor hereunder or under any other Credit Document. 
 2.10.
Payment of Guaranteed Obligations. Any amounts received by the Administrative Agent under this Guaranty from whatever source on accounts of the Guaranteed Obligations shall be applied by the Administrative Agent in the manner set forth in
Section 6.02 of the Credit Agreement for the application of proceeds of any sale, disposition or other realization upon all or any part of the Collateral. 
 SECTION 3. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE GUARANTORS. As of the date hereof and as of the date of each Credit Event, each Guarantor represents to the Administrative Agent
and the Lender Parties that each of the representations and warranties applicable to it under the Credit Agreement are true and correct as if made by such Guarantor. Each Guarantor agrees to comply with and be bound by each of the covenants,
agreements and conditions in the Credit Agreement applicable to it as if such Guarantor were a party to the Credit Agreement. 

  
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 SECTION 4. MISCELLANEOUS PROVISIONS. 

4.01. No Waiver. No failure or delay by the Administrative Agent or any Lender Party in exercising any remedy, right, power or
privilege under this Guaranty or any other Credit Document shall operate as a waiver of such remedy, right, power or privilege, nor shall any single or partial exercise of such remedy, right, power or privilege preclude any other or further exercise
of such remedy, right, power or privilege or the exercise of any other remedy, right, power or privilege. The remedies, rights, powers and privileges provided by this Guaranty are, to the extent not prohibited by law, cumulative and not exclusive of
any remedies, rights, powers or privileges provided by the other Credit Documents or by law. 
 4.02. Notices. All
notices, requests, demands, consents, instructions or other communications to or upon the Guarantors or any one of them or the Administrative Agent under this Guaranty shall be in writing and faxed, mailed, e-mailed or delivered, if to the
Guarantors or any one of them or to the Administrative Agent, at its respective facsimile number or address set forth below (or to such other facsimile number or address for any party as indicated in any notice given by that party to the other
parties). All such notices and communications shall be effective (a) when sent by an overnight courier service of recognized standing, on the second Business Day following the deposit with such service; (b) when mailed, first-class postage
prepaid and addressed as aforesaid through the United States Postal Service, upon receipt; (c) when delivered by hand, upon delivery; and (d) when sent by facsimile transmission or e-mail, upon confirmation of receipt. 

 

			
	 The Administrative Agent:
	  	Wells Fargo Bank, National Association
		  	433 N. Camden Drive, Suite 505
		  	MAC E2105-050
		  	Attention: Seth Evenson
		  	Tel. No. (310) 285-5912
		  	Fax No. (310) 278-6344
		  	E-mail: Seth.W.Evenson@wellsfargo.com

  
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	 The Guarantors:
	  	c/o IPC The Hospitalist Company, Inc.
		  	4605 Lankershim Boulevard, Suite 617
		  	North Hollywood, CA 91602
		  	Attention: Devra Shapiro
		  	Tel. No. (818) 766-3502
		  	Fax No. (818) 766-3999
		  	E-mail: dshapiro@ipcm.com
		
	 With a copy to:
	  	c/o IPC The Hospitalist Company, Inc.
		  	4605 Lankershim Boulevard, Suite 617
		  	North Hollywood, CA 91602
		  	Attention: Vice President of Legal Affairs
		  	Tel. No. (818) 753-7196
		  	Fax No. (818) 509-8186
		  	E-mail. pmelnick@ipcm.com

 4.03. Expenses, Etc. Each Guarantor agrees to pay or to reimburse the Administrative Agent and the
Lenders for all costs and expenses (including reasonable fees and expenses of outside legal counsel) that may be incurred by the Administrative Agent or the Lenders in any effort to enforce any of the obligations of the Guarantors under this
Guaranty, whether or not any lawsuit is filed, including all such costs and expenses (and reasonable outside attorneys’ fees and expenses) incurred by the Administrative Agent and the Lenders in any bankruptcy, reorganization, workout or
similar proceeding. All amounts due under this Guaranty (including under Section 2.01) and not paid when due shall bear interest until paid at a per annum rate equal to the Base Rate plus the highest Applicable Margin for Base Rate Loans
plus two percent (2.00%). 
 4.04. Amendments, Etc. The Administrative Agent and each Guarantor hereby acknowledge and
agree that the waiver, amendment and other provisions in Section 8.04 of the Credit Agreement apply to this Guaranty as to the Guarantors and are incorporated herein as though set forth in full. 

4.05. Successors and Assigns. This Guaranty is in favor of the Administrative Agent for the benefit of itself and the Lender
Parties and their respective successors and assigns and, in the event of an assignment of the Loans, Commitments or other amounts payable under the Credit Agreement or the other Credit Documents, the rights hereunder, to the extent applicable to the
indebtedness so assigned, may be transferred with such indebtedness. This Guaranty shall be binding upon the Guarantors and their respective successors and assigns and inure to the benefit of the Administrative Agent and the Lender Parties and their
respective successors and assigns. No Guarantor may assign or transfer its rights or obligations under this Guaranty without the prior written consent of the Administrative Agent. Any attempted assignment or transfer in violation of this Section
shall be null and void. 
 4.06. Survival. All representations and warranties made in this Guaranty or in any certificate
or other document delivered pursuant to or in connection with this Guaranty shall survive the execution and delivery of this Guaranty or such certificate or other document (as the case may be) or any deemed repetition of any such representation or
warranty. 

  
 -14-

 4.07. ENTIRE AGREEMENT. THIS GUARANTY AND THE OTHER CREDIT DOCUMENTS REPRESENT THE
COMPLETE AND FINAL AGREEMENT AMONG THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE LENDER PARTIES AND SUPERSEDE ALL PRIOR AGREEMENTS, WRITTEN OR ORAL, ON THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE LENDER PARTIES. 
 4.08. Partial Invalidity. If at any time any one or more of the provisions contained in this Guaranty should be held invalid, illegal or unenforceable in any respect, no party hereto shall be
required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained in this Guaranty shall not in any way be
affected or impaired. The parties hereto shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions. 
 4.09. Captions. The table of contents, captions and section headings appearing in
this Guaranty are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Guaranty. 
 4.10. Counterparts. This Guaranty may be executed in any number of identical counterparts, any set of which signed by all the parties hereto shall be deemed to constitute a complete, executed
original for all purposes. Transmission by facsimile, “pdf” or similar electronic copy of an executed counterpart of this Guaranty shall be deemed to constitute due and sufficient delivery of such counterpart. Any party hereto may request
an original counterpart of any party delivering such electronic counterpart. 
 4.11. GOVERNING LAW. THIS GUARANTY SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICTS OF LAW RULES OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK. 

4.12. SUBMISSION TO JURISDICTION. Each of the parties to this Guaranty irrevocably submits to the non-exclusive jurisdiction of
the courts of the State of New York and the courts of the United States of America located in New York, New York and agrees that any legal action, suit or proceeding arising out of or relating to this Guaranty or any of the other Credit Documents
(including, without limitation, any Security Documents) may be brought against such party in any such courts. Final judgment against any party in any such action, suit or proceeding shall be conclusive and may be enforced in any other jurisdiction
by suit on the judgment, a certified or exemplified copy of which shall be conclusive evidence of the judgment, or in any other manner provided by law. Nothing in this Section shall affect the right of any

  
 -15-

 
party to commence legal proceedings or otherwise sue any other party in any other appropriate jurisdiction, or concurrently in more than one jurisdiction, or to serve process, pleadings and other
papers upon any other party in any manner authorized by the laws of any such jurisdiction. The Guarantors agree that process served either personally or by registered mail shall, to the extent permitted by law, constitutes adequate service of
process in any such suit. Each of the parties to this Guaranty irrevocably waives to the fullest extent permitted by applicable law (a) any objection which it may have now or in the future to the laying of the venue of any such action, suit or
proceeding in any court referred to in the first sentence above; (b) any claim that any such action, suit or proceeding has been brought in an inconvenient forum; (c) its right of removal of any matter commenced by any other party in the
courts of the State of New York to any court of the United States of America; (d) any immunity which it or its assets may have in respect of its obligations under this Guaranty or any other Credit Document from any suit, execution, attachment
(whether provisional or final, in aid of execution, before judgment or otherwise) or other legal process; and (e) any right it may have to require the moving party in any suit, action or proceeding brought in any of the courts referred to above
arising out of or in connection with this Guaranty or any other Credit Document to post security for the costs of any party or to post a bond or to take similar action. 
 4.13. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER CREDIT DOCUMENTS (INCLUDING, WITHOUT LIMITATION, ANY SECURITY DOCUMENTS) OR THE TRANSACTIONS CONTEMPLATED BY THIS GUARANTY OR ANY OTHER CREDIT DOCUMENTS. 

4.14. Power of Attorney. Each Guarantor hereunder hereby grants to the Borrower an irrevocable power of attorney to act as its
attorney-in-fact with regard to matters relating to this Guaranty and each other Credit Document, including execution and delivery of any amendments, supplements, waivers or other modifications hereto or thereto, receipt of any notices hereunder or
thereunder and receipt of service of process in connection herewith or therewith. Each Guarantor hereby explicitly acknowledges that the Administrative Agent has executed and delivered this Guaranty and each other Credit Document to which it is a
party, and has performed its obligations under this Guaranty and each other Credit Document to which it is a party, in reliance upon the irrevocable grant of such power of attorney pursuant to this Section. 

4.15. Additional Guarantors. If, pursuant to the terms and conditions of the Credit Agreement, the Borrower shall be required to
cause any Person that is not a Guarantor to become a Guarantor hereunder, such Person shall execute and deliver to the Administrative Agent a Joinder Agreement in the form of Annex I and shall thereafter for all purposes be a party hereto and
have the same rights, benefits and obligations as a Guarantor party hereto with the same force and effect as if originally named as a Guarantor herein. 
 4.16. No Individual Lender Party Enforcement. By its entry into any Credit Document, each Lender Party agrees that this Guaranty may be enforced only by action of the Administrative Agent upon the
instructions of the Required Lenders and that no Lender Party shall have any right individually to seek to enforce or to enforce this Guaranty except as set forth in Section 2.09 hereof. 

  
 -16-

 [This Space Intentionally Left Blank] 

  
 -17-

 IN WITNESS WHEREOF, the undersigned have executed this Guaranty as of the date first above
written. 
  

					
	GUARANTOR(S):
	
	IPC THE HOSPITALIST COMPANY, INC.,
	a Delaware corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF ALABAMA,
 INC., an Alabama corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 HOSPITALISTS OF ARIZONA, INC.,
 an Arizona corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 HOSPITALISTS, INC.,

a California corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 HOSPITALISTS OF TEXAS, L.P.,
 a California limited partnership

		
	By:	 	Hospitalists, Inc., a California corporation
	Its:	 	General Partner
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer

 Signature Page to Guaranty (IPC) 

 
					
	
	 INPATIENT CONSULTANTS OF CALIFORNIA,
 INC., A CALIFORNIA PROFESSIONAL
 MEDICAL CORPORATION,

	a California professional medical corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF NEVADA,
 INC., A MEDICAL CORPORATION,
 a California professional medical corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF TENNESSEE,
 INC., A MEDICAL CORPORATION,
 a California professional medical corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF GEORGIA,
 INC., A MEDICAL CORPORATION,
 a California professional medical corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF COLORADO,
 P.C.,
 a Colorado professional corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer

 Signature Page to Guaranty (IPC) 

 
					
	
	IPC HOSPITALISTS OF COLORADO, INC.,
	a Colorado corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF DELAWARE,
 INC., a Delaware corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 IPC THE HOSPITALIST MANAGEMENT
 COMPANY, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 HOSPITALIST SERVICES OF FLORIDA, INC.,
 a Florida corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF FLORIDA,
 INC.,
 a Florida corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name:	 	Adam Singer, M.D.
		 	Title:	 	Chief Executive Officer

 Signature Page to Guaranty (IPC) 

 
			
	 HOSPITALISTS OF GEORGIA, INC.,
 a Georgia corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name: Adam Singer, M.D.
		 	Title:   Chief Executive Officer
	
	 HOSPITALISTS OF ILLINOIS, INC.,
 an Illinois corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name: Adam Singer, M.D.
		 	Title:   Chief Executive Officer
	
	INPATIENT CONSULTANTS OF ILLINOIS, P.C., an Illinois professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name: Adam Singer, M.D.
		 	Title:   Chief Executive Officer
	
	INPATIENT CONSULTANTS OF KANSAS, P.A., a Kansas professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name: Adam Singer, M.D.
		 	Title:   Chief Executive Officer
	
	INPATIENT CONSULTANTS OF KENTUCKY, INC., a Kentucky corporation
		
	By:	 	/s/ Adam Singer, M.D.
	Name:	 	Adam Singer, M.D.
	Title:	 	Chief Executive Officer

 Signature Page to Guaranty (IPC) 

 
			
	INPATIENT CONSULTANTS OF MARYLAND-SINGER, P.C., a Maryland professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name: Adam Singer, M.D.
		 	Title:   Chief Executive Officer
	
	 HOSPITALISTS OF MARYLAND, INC.,
 a Maryland corporation

		
	By:	 	/s/ Adam Singer, M.D.
	Name:	 	Adam Singer, M.D.
	Title:	 	Chief Executive Officer
	
	INPATIENT CONSULTANTS OF MICHIGAN, P.C., a Michigan professional corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	Name: Adam Singer, M.D.
		 	Title:   Chief Executive Officer
	
	 HOSPITALISTS OF MICHIGAN, INC.,
 a Michigan corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name: Adam Singer, M.D.
		 	Title:   Chief Executive Officer
	
	 INPATIENT CONSULTANTS OF TEXAS, PLLC,
 a Michigan professional limited liability company

		
	By:	 	/s/ Adam Singer, M.D.
		 	Name: Adam Singer, M.D.
		 	Title:   Sole Member

 Signature Page to Guaranty (IPC) 

 
			
	INPATIENT CONSULTANTS OF MISSOURI, INC., a Missouri corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

 

			
	 HOSPITALISTS OF NEVADA, INC.,
 a Missouri corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

 

			
	INPATIENT CONSULTANTS OF MISSISSIPPI, INC., a Mississippi corporation
		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

 

			
	 IPC HOSPITALISTS OF NEW ENGLAND, P.C.,
 a New Hampshire professional corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

 

			
	 HOSPITALISTS MANAGEMENT OF NEW HAMPSHIRE, INC.,
 a New Hampshire corporation

		
	By:	 	/s/ Adam Singer, M.D.
	Name:	 	Adam Singer, M.D.
	Title:	 	Chief Executive Officer

 Signature Page to Guaranty (IPC) 

 
			
	 IPC HOSPITALIST PHYSICIANS OF NEW JERSEY, P.C.,
 a New Jersey professional corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

	
	 HOSPITALISTS OF NORTH CAROLINA, INC.,
 a North Carolina corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

	
	 INPATIENT CONSULTANTS OF NORTH CAROLINA, P.C.,
 a North Carolina professional corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

	
	 INPATIENT CONSULTANTS OF OHIO, INC.,
 an Ohio corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

	
	 HOSPITALISTS OF OHIO, INC.,
 an Ohio corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

 Signature Page to Guaranty (IPC) 

 
			
	 INPATIENT CONSULTANTS OF PENNSYLVANIA, P.C.,
 a Pennsylvania professional corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

	
	 HOSPITALISTS OF PENNSYLVANIA, INC.,
 a Pennsylvania corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

	
	 INPATIENT CONSULTANTS OF SOUTH CAROLINA, P.C.,
 a South Carolina professional corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

	
	 HOSPITALISTS OF SOUTH CAROLINA, INC.,
 a South Carolina corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

	
	 HOSPITALISTS OF TENNESSEE, INC.,
 a Tennessee corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

 Signature Page to Guaranty (IPC) 

 
			
	 INPATIENT CONSULTANTS OF UTAH, INC.,
 a Utah corporation

		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

	
	INPATIENT CONSULTANTS OF WYOMING, LLC, a Wyoming limited liability company
		
	By:	 	IPC The Hospitalist Company, Inc. a Delaware corporation
		
	Its:	 	Sole Member
		
	By:	 	/s/ Adam Singer, M.D.
		 	 Name: Adam Singer, M.D.

Title:   Chief Executive Officer

 Signature Page to Guaranty (IPC) 

 ANNEX I 

JOINDER AGREEMENT 
 (Guaranty Agreement) 
 This JOINDER
AGREEMENT (Guaranty Agreement), dated as of             ,             , is delivered pursuant to
Section 4.15 of the Guaranty Agreement dated as of August 4, 2011, among each of the Affiliates and Subsidiaries of IPC The Hospitalist Company, Inc. (the “Borrower”) from time to time party thereto as Guarantors in
favor of Wells Fargo Bank, National Association, as Administrative Agent (as amended, restated, supplemented or modified from time to time, the “Guaranty Agreement”). Capitalized terms used herein but not defined herein are used
herein with the meaning given them in the Guaranty Agreement. 
 By executing and delivering this Joinder Agreement, the
undersigned, as provided in Section 4.15 of the Guaranty Agreement, hereby becomes a party to the Guaranty Agreement as a Guarantor thereunder with the same force and effect as if originally named as a Guarantor therein. 

The undersigned expects to realize direct and indirect benefits as the result of the availability of the aforementioned credit facilities
to the Borrower. 
 The undersigned hereby represents and warrants that each of the representations and warranties contained in
or incorporated into the Guaranty Agreement applicable to it is true and correct in all material respects on and as the date hereof as if made on and as of such date. This Joinder Agreement shall be governed by, construed and enforced in accordance
with, the internal law of the State of New York without reference to conflicts of law rules other than Section 5-1401 of the General Obligations Law of the State of New York except that matters concerning the validity and perfection of a
security interest shall be governed by the conflict of law rules set forth in the UCC. The undersigned hereby consents to the application of New York civil law to the construction, interpretation and enforcement of this Joinder Agreement, and to the
application of New York civil law to the procedural aspects of any suit, action or proceeding relating thereto, including, but not limited to, legal process, execution of judgments and other legal remedies. 

This Joinder Agreement may be executed in any number of identical counterparts, any set of which signed by all the parties hereto shall
be deemed to constitute a complete, executed original for all purposes. Transmission by facsimile, “PDF” or similar electronic format of an executed counterpart of this Joinder Agreement shall be deemed to constitute due and sufficient
delivery of such counterpart 

 IN WITNESS WHEREOF, the undersigned has caused
this Joinder Agreement to be duly executed and delivered as of the date first above written. 
  

			
	[ADDITIONAL GUARANTOR]
		
		 	
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	 ACKNOWLEDGED AND AGREED 
 as of the date of this Joinder Agreement
 first above written.

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 2.

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