Document:

Exhibit 4.9 

 

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of

 

February 6, 2020

 

among

 

GLOBANT, LLC,

as Borrower

 

CERTAIN FINANCIAL INSTITUTIONS,

as Lenders,

 

and

 

HSBC BANK USA, N.A.,

as Administrative Agent, Issuing Bank and
Swingline Lender

 

 

 

     

     

    

 

TABLE
OF CONTENTS

Page

 

	Article I Definitions	1
	Section 1.1   	Defined Terms	1
	Section 1.2   	Classification of Loans and Borrowings	32
	Section 1.3   	Terms Generally; Rules of Construction	32
	Section 1.4   	Accounting Terms and Determinations; IFRS	32
	Section 1.5   	Rounding	32
	Section 1.6   	Time of Day	33
	Section 1.7   	Divisions	33
	Section 1.8   	Amendment and Restatement; No Novation	33
	Section 1.9   	Availability of the LIBO Rate.	33
	Article II The Credits	34
	Section 2.1   	Commitments	34
	Section 2.2   	Loans and Borrowings	34
	Section 2.3   	Requests for Borrowings	35
	Section 2.4   	Swingline Loans	36
	Section 2.5   	Letters of Credit	39
	Section 2.6   	Funding of Borrowings	44
	Section 2.7   	Interest Elections	45
	Section 2.8   	Termination and Reduction of Commitments	46
	Section 2.9   	Repayment of Loans; Evidence of Debt	47
	Section 2.10   	Prepayment of Loans	48
	Section 2.11   	Fees	49
	Section 2.12   	Interest	50
	Section 2.13   	Alternate Rate of Interest	51
	Section 2.14   	Increased Costs	52
	Section 2.15   	Change in Legality	54
	Section 2.16   	Break Funding Payments	54
	Section 2.17   	Taxes	54
	Section 2.18   	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	59
	Section 2.19   	Mitigation Obligations; Replacement of Lenders	60
	Section 2.20  	 Cash Collateral	62
	Section 2.21   	Defaulting Lenders	62
	Section 2.22   	Incremental Facilities	65
	Section 2.23   	Effect of Benchmark Transition Event	67
	Article III Representations and Warranties	68
	Section 3.1   	Organization; Powers	68
	Section 3.2   	Authorization; Enforceability	68
	Section 3.3   	Governmental Approvals; No Conflicts	68
	Section 3.4   	Financial Condition; No Material Adverse Effect	69
	Section 3.5   	Properties	69
	Section 3.6   	Litigation and Environmental Matters	70
	Section 3.7   	Compliance with Laws and Contractual Obligations; No Defaults	70

 

     

     

    

 

	Section 3.8   	Investment Company Status; Other Laws	70
	Section 3.9   	Taxes	70
	Section 3.10   	ERISA Compliance	71
	Section 3.11   	Insurance	71
	Section 3.12   	Margin Regulations	71
	Section 3.13   	Subsidiaries; Equity Interests	71
	Section 3.14   	Sanctions	72
	Section 3.15   	Disclosure	72
	Section 3.16   	Security Documents	72
	Section 3.17   	Solvency, etc.	73
	Section 3.18   	Reserved	73
	Section 3.19   	Burdensome Obligations	73
	Section 3.20   	Labor Matters	74
	Section 3.21   	Reserved	74
	Section 3.22   	EEA Financial Institution	74
	Section 3.23   	Anti-Corruption	74
	Section 3.24   	Use of Proceeds	74
	Article IV Conditions Precedent	74
	Section 4.1   	Effective Date	74
	Section 4.2   	Each Credit Event	76
	Article V Affirmative Covenants	77
	Section 5.1   	Financial Statements and Other Information	77
	Section 5.2   	Notices of Material Events	79
	Section 5.3   	Existence; Conduct of Business	80
	Section 5.4   	Payment of Obligations	80
	Section 5.5   	Maintenance of Properties; Insurance	80
	Section 5.6   	Books and Records; Inspection Rights	81
	Section 5.7   	Compliance with Laws and Contractual Obligations	81
	Section 5.8   	Use of Proceeds	81
	Section 5.9   	Further Assurances	82
	Section 5.10   	Deposit Accounts	82
	Section 5.11  	Accuracy of Information	82
	Section 5.12   	Additional Information	83
	Article VI Negative Covenants	83
	Section 6.1   	Financial Covenants	83
	Section 6.2   	Indebtedness	83
	Section 6.3  	Liens	84
	Section 6.4   	Fundamental Changes	85
	Section 6.5   	Disposition of Property	86
	Section 6.6   	Investments, Loans, Advances, Guarantees and Acquisitions	87
	Section 6.7   	Hedging Agreements	88
	Section 6.8   	Restricted Payments	88
	Section 6.9   	Transactions with Affiliates	88
	Section 6.10   	Changes in Nature of Business	89
	Section 6.11   	Negative Pledges; Restrictive Agreements	89

 

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	Section 6.12   	Restriction of Amendments to Certain Documents	89
	Section 6.13   	Changes in Fiscal Periods	89
	Section 6.14   	Capital Expenditures	89
	Section 6.15   	Sanctions; Anti-Corruption	90
	Section 6.16   	Consolidated Net Revenue	90
	Section 6.17   	Lien on Equity Interests of the Borrower	90
	Article VII Events of Default	90
	Section 7.1   	Events of Default	90
	Section 7.2   	Application of Funds	93
	Article VIII The Administrative Agent	94
	Section 8.1   	Appointment and Authority	94
	Section 8.2   	Rights as a Lender	95
	Section 8.3   	Exculpatory Provisions	95
	Section 8.4   	Reliance by Administrative Agent	97
	Section 8.5   	Delegation of Duties	98
	Section 8.6   	Resignation of Administrative Agent	98
	Section 8.7   	Non-Reliance on Administrative Agent and Other Lenders	99
	Section 8.8  	No Other Duties, etc.	99
	Section 8.9   	Enforcement	100
	Section 8.10   	Administrative Agent May File Proofs of Claim	100
	Section 8.11   	Collateral and Guaranty Matters	101
	Section 8.12   	Lender Provided Hedging Agreements and Lender Provided Financial Service Products	102
	Section 8.13   	Merger	102
	Section 8.14   	Certain ERISA Matters	102
	Article IX Miscellaneous	103
	Section 9.1   	Notices; Effectiveness; Electronic Communication	103
	Section 9.2   	Waivers; Amendments	105
	Section 9.3   	Expenses; Indemnity; Damage Waiver	107
	Section 9.4   	Successors and Assigns.	109
	Section 9.5   	Survival	114
	Section 9.6   	Counterparts; Integration; Effectiveness; Electronic Execution	114
	Section 9.7   	Severability	115
	Section 9.8   	Right of Setoff	115
	Section 9.9   	Governing Law; Jurisdiction; Etc.	115
	Section 9.10   	Waiver of Jury Trial	116
	Section 9.11   	Headings	117
	Section 9.12   	Treatment of Certain Information; Confidentiality	117
	Section 9.13   	Interest Rate Limitation	118
	Section 9.14   	PATRIOT Act	118
	Section 9.15   	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	118
	Section 9.16   	Judgment Currency	119
	Section 9.17   	Acknowledgement Regarding Any Supported QFCs	119

 

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SCHEDULES:

 

	Schedule 2.1	-	Commitments
	Schedule 2.5	-	Existing Letters of Credit
	Schedule 3.6	-	Disclosed Matters
	Schedule 3.11	-	Insurance
	Schedule 3.13	-	Subsidiaries; Equity Interests
	Schedule 3.20	-	Labor Matters
	Schedule 6.2	-	Existing Indebtedness
	Schedule 6.3	-	Existing Liens
	Schedule 6.6	-	Existing Investments

 

EXHIBITS:

 

	Exhibit A-1	-	Form of Revolving Note
	Exhibit A-2	-	Form of Term Note
	Exhibit A-3	-	Form of Swingline Note
	Exhibit B	-	Form of Assignment and Assumption
	Exhibit C	-	[Reserved]
	Exhibit D-1	-	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit D-2	-	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit D-3	-	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit D-4	-	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit E	-	Form of Borrowing Request
	Exhibit F	-	Form of Interest Election Request
	Exhibit G	-	Form of Compliance Certificate
	Exhibit H	-	Form of Section 6.4 Acquisition Certificate

 

     iv

     

    

 

 

SECOND AMENDED AND
RESTATED CREDIT AGREEMENT dated as of February 6, 2020, among GLOBANT, LLC, a Delaware limited liability company (the “Borrower”),
the Lenders (as defined hereinafter) that are from time to time parties hereto, and HSBC BANK USA, N.A. (“HSBC”),
as Administrative Agent (in such capacity, the “Administrative Agent”), Issuing Bank (as defined hereinafter)
and Swingline Lender (as defined hereinafter).

 

PRELIMINARY STATEMENT:

 

WHEREAS, the Borrower,
the financial institutions party thereto as “Lenders” and HSBC BANK USA, N.A., as Administrative Agent are parties
to that certain Amended and Restated Credit Agreement, dated as of the First Amendment and Restatement Date (as defined below)
(as amended by that certain Amendment No. 1, dated as of July 26, 2019, and as may be further amended, amended and restated, supplemented
or otherwise modified to the date hereof, the “Existing Credit Agreement”).

 

WHEREAS, the Borrower
has requested that the Existing Credit Agreement be amended and restated to, among other things, extend the maturity date, and
increase the amount of the Commitments made available to the Borrower.

 

NOW, THEREFORE, in
consideration of their mutual agreements contained herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby amend and restate the Existing Credit Agreement in its entirety as
follows:

 

Article
I

Definitions

 

Section
1.1           
Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

 

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

 

“Administrative
Agent” has the meaning specified in the preamble and includes any successor administrative agent appointed under Article VIII.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

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

 

     1

     

    

 

“Agent Parties”
has the meaning specified in Section 9.1(d)(ii).

 

“Aggregate Credit
Exposure” means, at any time, the aggregate Total Credit Exposure of all of the Lenders.

 

“Agreement”
means this Second Amended and Restated Credit Agreement.

 

“Alternate Base
Rate” means, for any day, a rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the greatest
of (a) the Prime Rate, (b) 1/2 of one percent above the Federal Funds Effective Rate, (c) the LIBO Rate for a Eurodollar Loan with
a one-month Interest Period commencing on such day plus 1% and (d) 0%.

 

“Anti-Money
Laundering Laws” means the PATRIOT Act; the U.S. Money Laundering Control Act of 1986 and the regulations and rules promulgated
thereunder; the U.S. Bank Secrecy Act and the regulations and rules promulgated thereunder; and corresponding laws of (a) the European
Union designed to combat money laundering and terrorist financing and (b) jurisdictions in which the Borrower operates or in which
the proceeds of the Loans will be used or from which repayments of the Obligations will be derived.

 

“Applicable
Law” means, with respect to any Person, (x) all provisions of law, statute, treaty, ordinance, rule, regulation, requirement,
restriction, permit, certificate, decision, directive or order of any Governmental Authority applicable to such Person or any of
its property and (y) all judgments, injunctions, orders, writs and decrees of all courts and arbitrators in proceedings or actions
in which such Person is a party or by which any of its property is bound.

 

“Applicable
Percentage” means, with respect to any Lender at any time, subject to reallocation with respect to a Defaulting Lender
pursuant to Section 2.21:

 

(a) with respect to Revolving
Commitments, Revolving Loans, LC Exposure and Swingline Exposure, a percentage equal to a fraction, the numerator of which is such
Lender’s Commitment and the denominator of which is the aggregate Revolving Commitments of all Lenders (provided that,
if the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon such Lender’s
share of the aggregate Revolving Credit Exposures at that time);

 

(b) with respect to the
Term Loan Commitments and Term Loans, as the case may be, a percentage equal to a fraction, the numerator of which is the outstanding
principal amount of such Lender’s Term Loan Commitment or Term Loan, as the case may be, and the denominator of which is
the aggregate outstanding principal amount of all Term Loan Commitments or Term Loans, as the case may be; and

 

(c) with respect to the
Aggregate Credit Exposure, a percentage equal to a fraction, the numerator of which is the sum of such Lender’s Total Credit
Exposure, and the denominator of which is the sum of the Aggregate Credit Exposure of all Lenders.

 

     2

     

    

 

“Applicable
Rate” means, for any day, with respect to any Base Rate Loan or Eurodollar Loan, the applicable percentage set forth
below in the column entitled “Applicable Rate for Base Rate Loans” or “Applicable Rate for Eurodollar Loans”,
as applicable:

 
	Maximum Total
    

Leverage Ratio	 	Applicable
    

Rate for Base

 Rate Loans	 	 	Applicable

    Rate for

 Eurodollar

 Loans	 	 	Commitment

    Fee Rate	 	 	Delayed-Draw

    Fee Rate	 
	Less than 1.50:1.00	 	 	0.500	%	 	 	1.500	%	 	 	0.20	%	 	 	0.20	%
	Greater than or equal to 1.50:1.00	 	 	0.750	%	 	 	1.750	%	 	 	0.20	%	 	 	0.20	%

 

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

 

“Arranger”
means HSBC Bank USA, N.A. as arranger of the Facilities.

 

“Asset Sale”
means any Disposition of property or series of related Dispositions of property by the Borrower or any of its Subsidiaries (other
than Dispositions for value the Net Cash Proceeds of which do not exceed $25,000 in the aggregate in any fiscal year).

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 9.4), and accepted by the Administrative Agent, in substantially
the form of Exhibit B or any other form approved by the Administrative Agent.

 

“Availability
Period” means the period from and including the Effective Date to but excluding the earlier of the Revolving Maturity
Date and the date of termination of the Revolving Commitments.

 

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

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

“Base Rate”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate.

 

     3

     

    

 

“Benchmark Replacement”
means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent
and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining
such a rate by the Relevant Government Body with respect to such currency or (ii) any evolving or then-prevailing market convention
for determining a rate of interest as a replacement to the LIBO Rate for syndicated credit facilities denominated in such currency
and (b) the applicable Benchmark Replacement Adjustment for such Benchmark Replacement; provided that, if any Benchmark Replacement
as so determined would be less than zero, such Benchmark Replacement shall be deemed to be zero for the purposes of this Agreement.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the LIBO Rate with an Unadjusted Benchmark Replacement for each
applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may
be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration
to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Government Body or (ii)
any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement for United States
dollar-denominated syndicated credit facilities at such time.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes
(including changes to the definition of “Base Rate”, the definition of “Interest Period”, timing and frequency
of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides may
be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof
by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides
that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the
Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

 

“Benchmark Replacement
Date” means the earlier to occur of the following events with respect to the LIBO Rate with respect to a given currency:

 

(a)       in
the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public
statement or publication of information referenced therein and (ii) the date on which the administrator of the LIBO Rate permanently
or indefinitely ceases to provide the LIBO Rate with respect to such currency; or

 

(b)       in
the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.

 

     4

     

    

 

“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the LIBO Rate with respect to such
currency:

 

(a)       a
public statement or publication of information by or on behalf of the administrator of the LIBO Rate announcing that such administrator
has ceased or will cease to provide the LIBO Rate with respect to such currency, permanently or indefinitely, provided that, at
the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Rate with
respect to such currency;

 

(b)       a
public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate, the U.S. Federal
Reserve System, an insolvency official with jurisdiction over the administrator for the LIBO Rate, a resolution authority with
jurisdiction over the administrator for the LIBO Rate or a court or an entity with similar insolvency or resolution authority over
the administrator for the LIBO Rate or any other Relevant Government Body, which states that the administrator of the LIBO Rate
has ceased or will cease to provide the LIBO Rate permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the LIBO Rate with respect to such currency; or

 

(c)       a
public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate announcing that
the LIBO Rate with respect to such currency is no longer representative.

 

“Benchmark Transition
Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement
Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the
90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected
date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication)
and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable,
by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.

 

“Benchmark Unavailability
Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect
to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (x)
beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced
the LIBO Rate for all purposes hereunder in accordance with Section 2.23 and (y) ending at the time that a Benchmark Replacement
has replaced the LIBO Rate for all purposes hereunder pursuant to Section 2.23.

 

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

 

“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

     5

     

    

 

 

“Borrower”
has the meaning specified in the preamble.

 

“Borrower Materials”
has the meaning specified in Section 9.1(d)(i).

 

“Borrowing”
means (a) Loans (other than Swingline Loans) of the same Type and Class made, converted or continued on the same date and, in the
case of Eurodollar Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan.

 

“Borrowing Request”
means a request by the Borrower for a Borrowing in accordance with Section 2.3, which shall be substantially in the
form of Exhibit E.

 

“Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required
by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market.

 

“Capital Expenditures”
means all expenditures which, in accordance with IFRS, would be required to be capitalized and shown on the consolidated balance
sheet of the Borrower, including Capital Lease Obligations, but excluding (a) expenditures made in connection with the replacement,
substitution or restoration of assets to the extent financed (i) from insurance proceeds (or other similar recoveries) paid on
account of the loss of or damage to the assets being replaced or restored or (ii) with awards of compensation arising from the
taking by eminent domain or condemnation of the assets being replaced, and (b) expenditures attributable to intangibles to the
extent included in “Intangible Assets” on the consolidated balance sheet of the Borrower.

 

“Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to
be classified and accounted for as capital leases on a balance sheet of such Person under IFRS, and the amount of such obligations
shall be the capitalized amount thereof determined in accordance with IFRS.

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent and one or
more of the Issuing Banks or Lenders, as collateral for LC Exposure, Swingline Exposure, obligations of Lenders to fund participations
in respect of LC Exposure or Swingline Exposure and to indemnify the Administrative Agent under this Agreement, cash or deposit
account balances or, if the Administrative Agent and each applicable Issuing Bank or Swingline Lender shall agree in their sole
and absolute discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the
Administrative Agent and each applicable Issuing Bank or Swingline Lender. “Cash Collateral” shall have a meaning
correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

“Cash Equivalent
Investments” means:

 

(a)       direct
obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States
(or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in
each case maturing within one year from the date of acquisition thereof;

 

    6

     

    

 

(b)       investments
in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the
highest credit rating obtainable from S&P or from Moody’s;

 

(c)       investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States or any state thereof that has a combined capital and surplus
and undivided profits of not less than $500,000,000;

 

(d)       fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above
and entered into with a financial institution satisfying the criteria described in clause (c) above;

 

(e)       shares
of money market mutual or similar fund that (i) invests exclusively in assets satisfying the requirements of clauses (a)
through (c) of this definition, (ii) has net assets of not less than $5,000,000,000, and (iii) is rated AAA by S&P and
Aaa by Moody’s;

 

(f)       money
market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated
AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000;

 

(g)       deposit
accounts maintained with (i) any commercial bank satisfying the requirements of clause (c) of this definition or (ii) any
other commercial bank organized under the laws of the United States or any state thereof so long as the full amount maintained
with any such other bank is insured by the Federal Deposit Insurance Corporation;

 

(h)       securities
with maturities of one year or less from the date of acquisition issued or fully and unconditionally guaranteed by any state, commonwealth
or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory
or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or
foreign government (as the case may be) are rated at least A by S&P or A by Moody’s;

 

(i)        (i)
certificates of deposit or bankers’ acceptances or time deposits maturing within 180 days from the date of acquisition thereof,
in each case payable in Dollars or in the local currency where such funds are maintained and issued by any bank organized under
the laws of any country which is organized and existing under the laws of the country in which such Person is organized or doing
business and having at the date of acquisition thereof combined capital and surplus of not less than $500,000,000 (calculated at
the then applicable exchange rate) and (ii) deposit accounts or local equivalents maintained with any bank that satisfies the criteria
described in clause (i) above; and

 

    7

     

    

 

(j)        other
short-term investments utilized by any Loan Party, Foreign Subsidiary or other Subsidiary operating outside the United States in
accordance with normal investment practices for cash management in investments of a type analogous to the foregoing.

 

“CFC”
means a controlled foreign corporation (as that term is defined in Section 957(a) of the IRC).

 

“Change in Control”
means an event or a series of events by which (a) a Loan Party shall cease to own and control, of record and beneficially, directly
or indirectly, 100% of the aggregate issued and outstanding Equity Interests of the Borrower having ordinary voting power on a
fully diluted basis (which for this purpose shall exclude all Equity Interests that have not yet vested); (b) a Loan Party shall
cease to have the ability to elect (either through share ownership or contractual voting rights) a majority of the board of directors
or equivalent governing body of the Borrower; or (c) a majority of the board of directors of Globant S.A. (Luxembourg) are not
Continuing Directors.

 

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

 

“Class”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Loans, Term Loans or Swingline Loans.

 

“Collateral”
means any property of any Loan Party upon which a security interest in favor of the Administrative Agent for the benefit of the
Secured Parties is purported to be granted pursuant to any Security Document; provided, that only 65% of the total outstanding
voting Equity Interests of any first tier Subsidiary of a Loan Party that is a CFC (and none of the Equity Interests of any Subsidiary
of such CFC) shall be Collateral.

 

“Commitment”
means, with respect to each Lender, such Lender’s Revolving Commitment and Term Loan Commitment, as applicable. The initial
amount of each Lender’s Commitment is set forth on Schedule 2.1, or in the Assignment and Assumption pursuant
to which such Lender shall have assumed its Commitment, as applicable.

 

“Commitment
Fee Rate” means, the applicable percentage set forth in the column entitled “Commitment Fee Rate” in the
definition of “Applicable Rate”.

 

    8

     

    

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

“Communications”
has the meaning specified in Section 9.1(d)(ii).

 

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

 

“Computation
Period” means, as of any date of calculation, the immediately preceding four consecutive fiscal quarters.

 

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

 

“Consolidated”
means, when used with reference to financial statements or financial statement items of Globant S.A. (Luxembourg) and its Subsidiaries
or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of IFRS.

 

“Consolidated
EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without duplication,
for Globant S.A. (Luxembourg) and its Subsidiaries in accordance with IFRS, Consolidated Net Income for the most recently
completed Computation Period, (a) plus, to the extent deducted in determining such Consolidated Net Income, (i)
Consolidated Interest Expense, (ii) income tax expense, (iii) depreciation and amortization, (iv) non-cash (A) management
compensation expenses for such period and (B) impairment charges with respect to intangible assets for such period, (v)
reasonable and documented Transaction Costs, (vi) actual restructuring costs and integration costs in connection with any
Acquisition, in each case to the extent paid or made within twelve (12) months of the closing of such Acquisition, (vii) to
the extent not duplicative of any other expense or charge otherwise added back to Consolidated EBITDA, pro forma “run
rate” cost savings and operating expense reductions to be realized as a result of Acquisitions that are reasonably
identifiable, factually supportable and projected by the Borrower in good faith to result from actions that have been taken
or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of
the Borrower) within twelve (12) months after any such Acquisition, net the amount of actual benefits realized during such
period from such actions, provided, that the aggregate amount of any such Transaction Costs, restructuring and
integration costs, “run rate” cost savings and operating expense reductions added back to the definition of
Consolidated EBITDA under clauses (v) through (vii) of this definition during any fiscal quarter, shall not
exceed 10% of Consolidated EBITDA for such fiscal quarter, (viii) mark-to-market losses with respect to Hedging Agreements,
(ix) any loss incurred in connection with any sale or other disposition outside the ordinary course of business and (x) any
non-cash losses for such period in respect of the remeasurement of contingent liabilities from a prior Computation Period in
connection with any Acquisition permitted hereunder (b) minus, to the extent included in determining Consolidated Net
Income (i) any interest income, (ii) mark-to-market gains with respect to Hedging Agreements, (iii) any gain incurred in
connection with any sale or other disposition outside the ordinary course of business and (iv) any non-cash gains for such
period in respect of the remeasurement of contingent liabilities from a prior Computation Period in connection with any
Acquisition permitted hereunder.

 

    9

     

    

 

“Consolidated
Interest Expense” means, for any Computation Period, the sum of (a) all interest, premium payments, debt discount, fees,
charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred
purchase prices of assets, in each case to the extent treated as interest in accordance with IFRS, (b) all interest paid or payable
with respect to discontinued operations and (c) the portion of rent expense under Capital Lease Obligations that are treated as
interest in accordance with IFRS, in each case of or by Globant S.A. (Luxembourg) and its Subsidiaries on a Consolidated basis
for the relevant period.

 

“Consolidated
Net Income” means, as of any date of determination, the net income (or loss) of Globant S.A. (Luxembourg) and its Subsidiaries
on a Consolidated basis for the most recently completed Computation Period; provided that, Consolidated Net Income shall
exclude (a) extraordinary gains and extraordinary losses for such Computation Period, (b) the income of any Subsidiary to the extent
that the declaration or payment of dividends or similar distributions by such Subsidiary of that income is not at the time permitted
by operation of Applicable Law or the terms of its organizational documents or any agreement or instrument applicable to such Subsidiary,
(c) the income or loss of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with Globant
S.A. (Luxembourg) or any Subsidiary or the date that such Person’s assets are acquired by Globant S.A. (Luxembourg) or any
Subsidiary, to the extent that such income or loss is not attributable to Globant S.A. (Luxembourg) or any Subsidiary and (d) the
income of any Person in which any other Person (other than Globant S.A. (Luxembourg) or a Wholly Owned Subsidiary or any director
holding qualifying shares in accordance with Applicable Law) has a joint interest, except to the extent of the amount of dividends
or other distributions actually paid to Globant S.A. (Luxembourg) or a Wholly Owned Subsidiary by such Person during such Computation
Period.

 

“Consolidated
Net Revenue” means, as of any date of determination, the net revenue of Globant S.A. (Luxembourg) and its Subsidiaries
on a Consolidated basis for the most recently completed Computation Period.

 

“Consolidated
Total Debt” means, as of any date of determination, all Indebtedness of the Globant S.A. (Luxembourg) and its Subsidiaries
determined on a Consolidated basis (including any Indebtedness (contingent or otherwise) incurred in connection with an Acquisition
permitted hereunder) and, subject to the foregoing, excluding (a) contingent obligations in respect of Guarantees (except to the
extent constituting Guarantees in respect of Indebtedness of a Person other than any Loan Party), (b) obligations in respect of
one or more Hedging Agreements, (c) contingent obligations in respect of undrawn letters of credit and (d) solely for purposes
of calculating Maximum Total Leverage Ratio, that portion of Capital Lease Obligations attributable to operating lease liabilities
in accordance with IFRS.

 

“Continuing
Directors” means, as of an date of determination, any director or manager (or their equivalent) of Globant S.A.
(Luxembourg): (a) who was a director or manager (or their equivalent) on the Effective Date; or (b) whose nomination for
election to serve as director or manager (or its equivalent) of Globant S.A. (Luxembourg) is recommended by a majority of the
then Continuing Directors who at the time of such nomination are members of the Corporate Governance and Nominating Committee
of Globant S.A. (Luxembourg), or is otherwise elected to the board of directors or managers (or their equivalent) with the
approval of a majority of the then Continuing Directors at the time of such election.

 

    10

     

    

 

“Contractual
Currency” has the meaning set forth in Section 9.16.

 

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

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Covered Entity”
means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

 

“Covered Party”
has the meaning specified in Section 9.17(b).

 

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

 

“Default”
means any event or condition that constitutes an Event of Default or that with notice, lapse of time or both would become an Event
of Default.

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“Defaulting
Lender” means, subject to Section 2.21(b), any Lender that (a) has failed to (i) fund all or any
portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender
notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any
applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the
Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender any other amount required to be paid by it
hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two Business Days of the
date when due, (b) has notified the Borrower, the Administrative Agent, any Issuing Bank or the Swingline Lender in writing
that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect
(unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that
such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent,
together with any applicable default, shall be specifically identified in such writing or public statement) cannot be
satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to
confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations
hereunder (provided that, such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect
parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a
receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any
other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action; provided
that, a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in
that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest
does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to
reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d)
above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender
(subject to Section 2.21(b)) upon delivery of written notice of such determination to the Borrower, each Issuing
Bank, the Swingline Lender and each Lender.

 

    11

     

    

 

“Delayed-Draw
Fee Rate” means the applicable percentage set forth in the column entitled “Delayed-Draw Fee Rate” in the
definition of “Applicable Rate” above.

 

“Disclosed Matters”
means the actions, suits, litigation, investigations and proceedings and the environmental matters disclosed in Schedule 3.6.

 

“Disposition,”
with respect to any property, means any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition
thereof. The terms “Dispose” and “Disposed of” have meanings correlative thereto.

 

“Disqualified
Equity Interests” means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interest
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (i) matures or is
mandatorily redeemable (other than solely for Equity Interests that are not otherwise Disqualified Equity Interests), pursuant
to a sinking fund obligation or otherwise, (ii) is redeemable at the option of the holder thereof (other than solely for Equity
Interests that are not otherwise Disqualified Equity Interests), in whole or in part, (iii) provides for scheduled payments or
dividends in cash or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would
constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the latest of the Revolving Maturity
Date or Term Loan Maturity Date, as applicable; provided, that if such Equity Interests are issued to any plan for the benefit
of employees of Globant S.A. (Luxembourg) or its Subsidiaries or by any such plan to such employees, such Equity Interests shall
not constitute Disqualified Equity Interests solely because they may be required to be repurchased by the Borrower or its Subsidiaries
in order to satisfy applicable statutory or regulatory obligations.

 

    12

     

    

 

“Dollars”
or “$” refers to lawful money of the United States.

 

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

 

“Early Opt-in
Election” means the occurrence of:

 

(a)       a
determination by (i) the Administrative Agent, or (ii) the Required Lenders, with notification to the Administrative Agent (with
a copy to the Borrower), that the Required Lenders have determined that Dollar-denominated syndicated credit facilities (1) being
entered into at such time or (2) that include provisions similar to Section 2.23 are being executed or amended, as applicable,
to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and

 

(b)       the
election by (i) the Administrative Agent or (ii) the Required Lenders to declare that an Early Opt-in Election has occurred, and
the provision of written notice of such election by, as applicable, (x) the Administrative Agent to the Borrower and the Lenders
or (y) the Required Lenders to the Administrative Agent (with a copy to the Borrower).

 

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

 

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

 

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

 

“Effective Date”
means the date on which the conditions specified in Section 4.1 are satisfied (or waived in accordance with Section 9.2).

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 9.4(b)(iii), (v) and (vi)
(subject to such consents, if any, as may be required under Section 9.4(b)(iii)).

 

“Environmental
Laws” means all Applicable Law relating in any way to the environment, preservation or reclamation of natural resources,
the management, storage, use, holding, collection, accumulation, generation, manufacture, processing, treatment, stabilization,
disposition, handling, transportation, release or threatened release of any Hazardous Material or to health and safety matters.

 

    13

     

    

 

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

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof
to purchase or acquire any such equity interest.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and the rules and regulations promulgated under it.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under
Section 414(b) or (c) of the IRC or, solely for purposes of Section 302 of ERISA and Section 412 of the IRC, is
treated as a single employer under Section 414 of the IRC.

 

“ERISA Event”
means (a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with
respect to a Plan (other than an event for which the 30 day notice period is waived), (b) the determination that any Pension Plan
or Multiemployer Plan, as applicable, is considered an at-risk plan or that any Pension Plan or Multiemployer Plan, as applicable,
is endangered or is in critical status within the meaning of Sections 430, 431 or 432 of the IRC or Sections 303, 304 or 305 of
ERISA, (c) the incurrence by the Borrower or any ERISA Affiliate of any liability under Title IV of ERISA, other than for PBGC
premiums not yet due, (d) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice
relating to an intention to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan or the occurrence
of any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment
of a trustee to administer, any Pension Plan, (e) the appointment of a trustee to administer any Pension Plan, (f) the withdrawal
of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such
entity was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or the cessation of operations by the Borrower
or any ERISA Affiliate that would be treated as a withdrawal from a Pension Plan under Section 4062(d) of ERISA, (g) the partial
or complete withdrawal by the Borrower or any ERISA Affiliate from any Multiemployer Plan or (h) the taking of any action to terminate
any Pension Plan under Section 4041 or 4041A of ERISA.

 

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

 

    14

     

    

 

“Eurodollar,”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the LIBO Rate.

 

“Event of Default”
has the meaning specified in Article VII.

 

“Excluded Swap
Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of
the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any
Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures
Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for
any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and any other
 “keepwell, support or other agreement” for the benefit of such Guarantor and any and all guarantees of such Guarantor’s
Swap Obligations by other Loan Parties at the time the Guarantee of such Guarantor, or a grant by such Guarantor of a security
interest, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing
more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which
such Guarantee or security interest is or becomes excluded in accordance with the first sentence of this definition.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in
the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in
effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment
request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the
extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(g), and (d) any U.S. federal withholding
Taxes imposed under FATCA.

 

“Existing Credit
Agreement” has the meaning specified in the Preliminary Statement hereto.

 

“Existing Letter
of Credit” has the meaning specified in Section 2.5(a).

 

“Facility”
means each of (and “Facilities” means collectively both of) (a) the Term Loan Commitments and the extensions
of credit made thereunder (the “Term Facility”), (b) the Revolving Commitments and the extensions of credit
made thereunder (the “Revolving Facility”), and (c) each other credit facility that may be added to this Agreement
after the date hereof.

 

    15

     

    

 

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

 

“FCPA”
has the meaning specified in Section 3.23.

 

“Federal Funds
Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of
the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers,
as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day that is a Business Day, the average rate (rounded upwards, if necessary, to the next 1/100 of 1%) charged by HSBC for
such day for such transactions as determined by the Administrative Agent.

 

“Federal Reserve
Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

“Financial Officer”
means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person.

 

“First Amendment
and Restatement Date” means November 2, 2018.

 

“First Reaffirmation
of Luxembourg Guaranty” means the reaffirmation, dated as of the First Amendment and Restatement Date, of the Luxembourg
Guaranty Agreement by Globant S.A. (Luxembourg) in favor of the Administrative Agent for the benefit of the Secured Parties.

 

“First Reaffirmation
of Security Agreement” means the reaffirmation, dated as of the First Amendment and Restatement Date, of the Security
Agreement by the Borrower in favor of the Administrative Agent for the benefit of the Secured Parties.

 

“First Reaffirmation
of Spanish Guaranty” means the reaffirmation, dated as of the First Amendment and Restatement Date, of the Spanish Guaranty
Agreement by Globant S.A. (Spain) in favor of the Administrative Agent for the benefit of the Secured Parties.

 

“Fixed Charge
Coverage Ratio” means, with respect to any Computation Period, the ratio of (a) the amount equal to (i) Consolidated
EBITDA minus (ii) cash payments made in respect of operating lease liabilities in accordance with IFRS (other than in respect
of cash Interest Expense specified in clause (b)(i) of this definition) minus (iii) the sum of Restricted Payments, share
repurchases, income taxes paid in cash and Capital Expenditures (excluding any such Capital Expenditure to the extent made with
proceeds of insurance covering such capital asset) to (b) the sum of (i) cash Interest Expense plus (ii) scheduled principal
payments of Indebtedness of Globant S.A. (Luxembourg) and its Subsidiaries plus (iii) any cash payments made in respect
of contingent liabilities in connection with any Acquisition by Globant S.A. (Luxembourg) or any of its Subsidiaries.

 

    16

     

    

 

“Foreign Lender”
means a Lender that is not a U.S. Person.

 

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

 

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

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Bank, such Defaulting Lender’s Applicable
Percentage of the outstanding LC Exposure with respect to Letters of Credit issued by such Issuing Bank other than LC Exposure
as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized
in accordance with the terms hereof, and (b) with respect to any Swingline Lender, such Defaulting Lender’s Applicable Percentage
of outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders.

 

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

 

“Funding Rules”
means the requirements relating to the minimum required contributions (including any installment payments) to Pension Plans and
Multiemployer Plans, as applicable, and set forth in Sections 412 of the IRC and Section 302 of ERISA for periods prior to
the effective date of the Pension Protection Act of 2006 and Sections 412, 430, 431, 432 and 436 of the IRC and Sections 302, 303,
304 and 305 of ERISA for periods on and after the effective date of the Pension Protection Act of 2006.

 

“Globant S.A.
(Luxembourg)” means Globant S.A., a public limited company organized under the laws of the Grand Duchy of Luxembourg.

 

“Globant S.A.
(Spain)” means Globant S.A., a single shareholder corporation organized under the laws of the Kingdom of Spain.

 

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

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor
guaranteeing, or having the economic effect of guaranteeing, any Indebtedness or other obligation of any other Person (the
 “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the
payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such
Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other obligation, or (d) as an account party in respect of any letter of credit or letter of guaranty issued
to support such Indebtedness or obligation; provided that, the term “Guarantee” shall not include
endorsements for collection or deposit in the ordinary course of business.

 

    17

     

    

 

“Guarantor”
means Globant S.A. (Luxembourg), Globant S.A. (Spain) and each other Material Subsidiary that makes a guaranty of the Obligations
in favor of the Administrative Agent for the benefit of the Secured Parties pursuant to Section 5.9; provided, that
no CFC shall be a Guarantor.

 

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

 

“Hedging Agreement”
means any agreement with respect to any swap, cap, collar, forward, future or derivative transaction or option or similar agreement
involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or
economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or
any combination of these transactions; provided that, no phantom stock or similar plan providing for payments only on account
of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall
be a Hedging Agreement.

 

“HSBC”
has the meaning specified in the preamble.

 

“IBA”
has the meaning specified in Section 1.9(a).

 

“IFRS”
means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant
financial statements delivered under or referred to herein.

 

“Increased Cost
Lender” has the meaning specified in Section 2.19(b).

 

“Incremental
Revolving Commitment” has the meaning specified in Section 2.22(a).

 

“Incremental
Revolving Commitment Effective Date” has the meaning specified in Section 2.22(a).

 

“Incremental
Revolving Lender” has the meaning specified in Section 2.22(a).

 

    18

     

    

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are
customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property
acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding
accounts payable incurred in the ordinary course of business that are not more than 60 days past due or that are currently being
contested in good faith by appropriate proceedings in accordance with Section 5.4), (f) all Indebtedness of others secured
by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on
property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees
by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or
otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) Disqualified Equity
Interests of such Person, (k) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances,
and (l) all obligations, contingent or otherwise, of such Person under Hedging Agreements; provided that Indebtedness shall
not include (i) any purchase price adjustment, earn-out, holdback or deferred payment of a similar nature incurred in connection
with an Acquisition permitted under this Agreement so long as not evidenced by a note or similar written instrument (except to
the extent that the amount payable pursuant to such purchase price adjustment, earn-out, holdback or deferred payment is reflected,
or would otherwise be required to be reflected as a liability on a balance sheet prepared in accordance with IFRS) or (ii) prepaid
or deferred revenue in connection with the sale of goods and/or the performance of services (including those related to customer
advances) in the ordinary course of business. The Indebtedness of any Person shall include the Indebtedness of any other entity
(including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result
of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness
provide that such Person is not liable therefor.

 

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

 

“Indemnitee”
has the meaning specified in Section 9.3(b).

 

“Information”
has the meaning specified in Section 9.12.

 

“Interest Election
Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.7,
which shall be substantially in the form of Exhibit F.

 

“Interest Expense”
means, for any period, the consolidated interest expense of Globant S.A. (Luxembourg) and its Subsidiaries for such period (including
all imputed interest on Capital Lease Obligations).

 

    19

     

    

 

“Interest Payment
Date” means (a) with respect to any Base Rate Loan (other than a Swingline Loan), the last day of each March, June, September
and December, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which
such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration,
each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first
day of such Interest Period and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid.

 

“Interest Period”
means, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect; provided
that, (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day, and (b) any Interest Period that commences on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall
end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially
shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation
of such Borrowing.

 

“Investment”
means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any direct
or indirect advance, loan or other extension of credit (including by way of Guarantee or similar arrangement) or capital contribution
to (by means of any transfer of cash or other property or any payment for property or services for the account or use of others),
or any purchase or acquisition of Equity Interests, evidences of Indebtedness or other securities of, such other Person and all
other items that are or would be classified as investments on a balance sheet prepared in accordance with IFRS, and any purchase
or other acquisition (in one transaction or a series of transactions) of any assets of any other Person constituting a business
unit; provided that, the endorsement of negotiable instruments and documents in the ordinary course of business will not
be deemed to be an Investment.

 

“IRC”
means the Internal Revenue Code of 1986.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISP98”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the International
Chamber of Commerce, Publication Number 590 (or such later version thereof as may be in effect at the time of issuance).

 

“Issuing Bank”
means HSBC, in its capacity as issuer of Letters of Credit hereunder, or such other Lender as the Borrower may from time to time
select as an Issuing Bank hereunder pursuant to Section 2.5, with the consent of the Administrative Agent; provided
that, such Lender has agreed to be an Issuing Bank.

 

“Judgment Currency”
has the meaning set forth in Section 9.16.

 

    20

     

    

 

“LC Application”
means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by,
or otherwise acceptable to, the applicable Issuing Bank.

 

“LC Disbursement”
means a payment made by an Issuing Bank pursuant to a Letter of Credit.

 

“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b)
the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The
LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. For all purposes
of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn
thereunder by reason of the operation of Rule 3.14 of the ISP98 (or another rule or contractual provision having a similar effect),
such Letter of Credit shall be deemed to be outstanding in the amount so remaining available to be drawn.

 

“LC Sublimit”
means an amount equal to the lesser of (a) $5,000,000 and (b) the aggregate Revolving Commitments. The LC Sublimit is part of,
and not in addition to, the Revolving Facility.

 

“Lender”
means each Person listed on Schedule 2.1 and any other Person that shall have become a party hereto as a Lender pursuant
to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.
Unless the context requires otherwise, the term “Lender” includes the Swingline Lender.

 

“Lender Provided
Financial Service Product” means any agreement or other arrangements under which any Lender (under this Agreement or
the Existing Credit Agreement) or any Affiliate thereof provides any of the following products or services to any of the Loan Parties:
(a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) gift cards, (f) ACH transactions,
(g) cash management, including electronic funds transfer, controlled disbursement, accounts or services, (h) overdraft, or (i)
foreign currency exchange.

 

“Lender Provided
Hedging Agreement” means any Hedging Agreement between a Loan Party and a counterparty that is a Lender (under this Agreement
or the Existing Credit Agreement) or an Affiliate thereof.

 

“Letter of Credit”
means any standby letter of credit issued pursuant to this Agreement.

 

“LIBO
Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate per annum equal to the
London interbank offered rate as administered by ICE Benchmark Administration Limited (or any successor to, or substitute
for, such service, providing rate quotations comparable to those currently provided by ICE Benchmark Administration Limited,
as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable
to dollar deposits in the London interbank market) for deposits in Dollars (for delivery on such day) for such Interest
Period as displayed on the Bloomberg Page BBAM1 screen page that displays such rate (or, in the event such rate does not
appear on a page of the Bloomberg Page BBAM1 screen, on the appropriate page of such other information service that publishes
such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) at approximately
11:00 a.m. (London time) on the day which is two Business Days prior to the first day of such Interest Period for a term
comparable to such Interest Period; provided if such offered rate shall be less than zero, such rate shall be zero for
the purposes of this Agreement. In the event that no such rate is available to the Administrative Agent, LIBO Rate shall be
equal to a rate per annum equal to the average rate (rounded upwards, if necessary, to the next 1/100 of 1%) at which the
Administrative Agent determines that Dollars in an amount comparable to the amount of the applicable advances are being
offered to prime banks at approximately 11:00 a.m. (London time) on the day which is two Business Days prior to the first day
of such Interest Period for a term comparable to such Interest Period for settlement in immediately available funds by
leading banks in the London interbank market selected by the Administrative Agent; provided if such determination by
the Administrative Agent shall be less than zero, such rate shall be deemed to be zero for the purposed of this
Agreement.

 

    21

     

    

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset, and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities.

 

“Loan Document”
means this Agreement, the Luxembourg Guaranty Agreement, the Spanish Guaranty Agreement, the Security Documents, the First Reaffirmation
of Spanish Guaranty, the First Reaffirmation of Luxembourg Guaranty, the Second Reaffirmation of Spanish Guaranty, the Second Reaffirmation
of Luxembourg Guaranty, the Notes, the LC Applications and any other documents, agreements, certificates or instruments executed
by or on behalf of any Loan Party or entered into in connection herewith.

 

“Loan Party”
means, individually, each of the Borrower and each Guarantor and “Loan Parties” means, collectively, the Borrower
and Guarantors.

 

“Loans”
means the loans made by the Lenders to the Borrower pursuant to this Agreement.

 

“Luxembourg
Guaranty Agreement” means the guaranty, dated as of August 3, 2017, by Globant S.A. (Luxembourg) in favor of the Administrative
Agent for the benefit of the Secured Parties.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, assets, property, operations or financial condition of the
Loan Parties and the Subsidiaries of the Borrower, taken as a whole, (b) the ability of any Loan Party to perform any of its obligations
under any Loan Document, or (c) the validity or enforceability of this Agreement or any other Loan Document or the rights of or
remedies or benefits available to the Administrative Agent, the Issuing Banks and the Lenders under the Loan Documents.

 

    22

     

    

 

“Material Indebtedness”
means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Hedging Agreements, of
any one or more of the Loan Parties in an aggregate principal amount exceeding $10,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of any Loan Party in respect of any Hedging Agreement at any
time shall be the maximum aggregate amount that such Loan Party would be required to pay if such Hedging Agreement were terminated
at such time.

 

“Material Subsidiary”
means any direct and indirect Subsidiary of the Borrower that at any date of determination, holds more than $5,000,000 in assets
(as determined in accordance with IFRS) and has generated more than $5,000,000 in revenue (determined in accordance with IFRS)
for the Computation Period ending on the last day of the most recent period for which financial statements have been delivered
after the Effective Date pursuant to Section 5.1; provided that all Subsidiaries that are not individually a “Material
Subsidiary” shall not have aggregate total assets of more than $5,000,000 as of such date (determined in accordance with
IFRS) or have generated more than $5,000,000 in aggregate total revenues (determined in accordance with IFRS) for such Computation
Period.

 

“Maximum Total
Leverage Ratio” means, as of the last day of any fiscal quarter, the ratio of (a) Consolidated Total Debt as of such
day to (b) Consolidated EBITDA for the Computation Period ending on such day minus cash payments made in respect
of operating lease liabilities in accordance with IFRS (other than the portion of rent expense under Capital Lease Obligations
that are treated as interest expense in accordance with IFRS).

 

“Minimum Cash
Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances,
an amount equal to 103% of the Fronting Exposures of all Issuing Banks with respect to Letters of Credit issued and outstanding
at such time, and (b) otherwise, an amount determined by the Administrative Agent and the Issuing Banks in their sole and absolute
discretion.

 

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

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Net Cash
Proceeds” means in connection with any Asset Sale (other than an Asset Sale of receivables permitted under Section
6.5 pursuant to a true sale under a factoring or purchase agreement) or any Recovery Event, the proceeds thereof in the
form of cash and Cash Equivalent Investments (including any such proceeds received by way of deferred payment of principal
pursuant to a note or installment receivable or purchase price adjustment receivable or by the Disposition of any non-cash
consideration received in connection therewith or otherwise, but only as and when received) of such Asset Sale or Recovery
Event, net of attorneys’ fees, accountants’ fees, investment banking fees, amounts required to be applied to the
repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset that is the subject of such Asset Sale
or Recovery Event (other than any Lien pursuant to a Security Document) and other customary fees and expenses actually
incurred in connection therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after
taking into account any available tax credits or deductions and any tax sharing arrangements) and any reserve for adjustment
in respect of the sale price of such asset or assets established in accordance with IFRS (provided that, following the
termination of such reserves, proceeds equal to any unused reserves shall be applied in accordance with Section
2.10(b)(i)).

 

    23

     

    

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all
affected Lenders in accordance with the terms of Section 9.2(b), and (b) has been approved by the Required Lenders.

 

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

 

“Note”
has the meaning specified in Section 2.9(f).

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document,
or otherwise with respect to any Loan or Letter of Credit, in each case whether direct or indirect (including those acquired by
assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that
accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Law
naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding;
provided that the “Obligations” shall exclude any Excluded Swap Obligations.

 

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

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 2.19(b)).

 

“Participant”
has the meaning specified in Section 9.4(d).

 

“Participant
Register” has the meaning specified in Section 9.4(d).

 

“PATRIOT Act”
means the “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001” (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

    24

     

    

 

“Pension Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412
of the IRC or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA.

 

“Permitted Encumbrances”
means:

 

(a)       Liens
imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.4;

 

(b)       carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in
the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance
with Section 5.4;

 

(c)       pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations, other than any Lien imposed by ERISA;

 

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

 

(e)       judgment
liens in respect of judgments that do not constitute an Event of Default under Section 7.1(k);

 

(f)        easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of
business that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially
interfere with the ordinary conduct of business of the Borrower or any Subsidiary;

 

(g)       any
interest or title of a lessor under any operating lease entered into by the Borrower or any Subsidiary in the ordinary course of
its business and covering only the assets so leased;

 

(h)       leases
and subleases granted to others by the Borrower or any Subsidiary of the Borrower in the ordinary course of business on any real
property that do not materially interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries;

 

(i)        non-exclusive
licenses of intellectual property granted in the ordinary course of business which do not, in any case, (x) materially detract
from the value of the intellectual property subject thereto or (y) materially interfere with the ordinary conduct of the business
of the Borrower or any of its Subsidiaries and exclusive licenses of intellectual property granted in connection with any sale
of assets permitted hereunder;

 

(j)        Liens
in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection with
the importation of goods;

 

    25

     

    

 

 

(k)       Liens
arising solely by virtue of any statutory or common law provision relating to bankers’ liens, rights of setoff or similar
rights;

 

(l)       customary
restrictions on dispositions of assets to be disposed of pursuant to merger agreements, stock or asset purchase agreements and
similar agreements, in each case, to the extent the entry into such agreements is otherwise permitted hereunder;

 

(m)       Liens
securing lease, utility and other similar deposits in the ordinary course of business;

 

(n)       setoff
rights in connection with repurchase obligations in favor of the counterparty to such obligations in connection with Cash Equivalent
Investments of a type referred to in clause (d) of the definition thereof; and

 

(o)       customary
restrictions on assignment and transfer in intellectual property licenses under which the Borrower or any Subsidiary is a licensor
or licensee;

 

provided that,
the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.

 

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

 

“Plan”
means any employee benefit plan (as defined in Section 3(3) of ERISA, including a Pension Plan), maintained, contributed to
or required to be contributed to, by the Borrower or with respect to which the Borrower may have any liability.

 

“Platform”
means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.

 

“Prime Rate”
means the rate of interest per annum publicly announced from time to time by HSBC as its “prime rate” in effect at
its office located at New York, New York; each change in the Prime Rate shall be effective from and including the date such change
is publicly announced as being effective. The “prime rate” is a rate set by HSBC based upon various factors including
HSBC’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing
some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by HSBC shall take effect
at the opening of business on the day specified in the public announcement of such change.

 

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

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

“QFC Credit
Support” has the meaning specified in Section 9.17.

 

    26

     

    

 

“Recipient”
means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.

 

“Recovery Event”
means any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating
to any asset of any Person.

 

“Register”
has the meaning specified in Section 9.4(c).

 

“Regulation
U” means Regulation U of the FRB.

 

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

 

“Relevant Government
Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Removal Effective
Date” has the meaning specified in Section 8.6.

 

“Required Lenders”
means, at any time, Lenders, (a) with respect to Revolving Lenders, having more than 50% of the Revolving Credit Exposure and
(b) with respect to Term Lenders, having more than 50% of the Term Loan Commitments and outstanding Term Loans, as the case may
be; provided that, the Revolving Credit Exposure, Term Loan Commitments and outstanding Term Loans of any Defaulting Lender
shall be disregarded in determining Required Lenders at any time; provided  further that, if at any time
there are two or three Lenders, “Required Lenders” shall not be less than two Lenders.

 

“Required Revolving
Lenders” means, at any time, Revolving Lenders having more than 50% of the aggregate Revolving Credit Exposure of all
Revolving Lenders (excluding the Revolving Credit Exposure of any Defaulting Lender); provided that, if at any time there
are two or three Lenders, “Required Lenders” shall not be less than two Lenders.

 

“Resignation
Effective Date” has the meaning specified in Section 8.6(a).

 

“Responsible
Officer” means the chief executive officer, chief operating officer, president or Financial Officer of the Borrower,
Globant S.A. (Luxembourg) or Globant S.A. (Spain), as applicable.

 

“Restricted
Payment” means (i) any dividend or other distribution (whether in cash, securities or other property) with respect
to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation
or termination of any such Equity Interests in the Borrower or any Subsidiary or any option, warrant or other right to
acquire any such Equity Interests in the Borrower or any Subsidiary, (ii) any payment of management fees or similar fees by
the Borrower or any Subsidiary to any of its equity holders or any Affiliate thereof and (iii) any purchase of Equity
Interests from present or former officers, directors or employees (or their respective spouses, ex-spouses or estates) of any
Loan Party or any of their Subsidiaries in connection with restricted stock or the exercise of stock options, stock
appreciation rights or similar equity incentives or equity based incentives pursuant to management incentive plans upon the
death, disability, retirement, severance or termination of employment of such officer, director or employee.

 

    27

     

    

 

“Revolving Commitment”
means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans and to acquire participations
in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s
Revolving Credit Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to assignments by
or to such Lender pursuant to Section 9.4. The initial amount of each Lender’s Revolving Commitment is set forth
on Schedule 2.1, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving
Commitment, as applicable. The initial aggregate amount of the Revolving Lenders’ Revolving Commitments is $250,000,000.

 

“Revolving Credit
Exposure” means, as to any Revolving Lender at any time, the aggregate principal amount at such time of such Lender’s
outstanding Revolving Loans, LC Exposure and participation in Swingline Loans at such time.

 

“Revolving Facility”
has the meaning specified in the definition of “Facility” in this Section.

 

“Revolving Lender”
means, as of any date of determination, a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or
expired, a Lender with Revolving Credit Exposure.

 

“Revolving Loan”
means a Loan made pursuant to Section 2.1.

 

“Revolving Maturity
Date” means February 5, 2025 or any earlier date on which repayment of the Obligations in respect of Revolving Loans
is accelerated pursuant to the terms hereof.

 

“S&P”
means S&P Global Ratings, a division of Standard & Poor’s Financial Services LLC, and any successor thereto.

 

“Sanctions”
has the meaning specified in Section 3.14.

 

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

 

“Second Reaffirmation
of Luxembourg Guaranty” means the reaffirmation, dated as of the date hereof, of the Luxembourg Guaranty Agreement by
Globant S.A. (Luxembourg) in favor of the Administrative Agent for the benefit of the Secured Parties.

 

“Second Reaffirmation
of Security Agreement” means the reaffirmation, dated as of the date hereof, of the Security Agreement by the Borrower
in favor of the Administrative Agent for the benefit of the Secured Parties.

 

    28

     

    

 

“Second Reaffirmation
of Spanish Guaranty” means the reaffirmation, dated as of the date hereof, of the Spanish Guaranty Agreement by Globant
S.A. (Spain) in favor of the Administrative Agent for the benefit of the Secured Parties.

 

“Secured Obligations”
means, collectively, (i) the Obligations, and (ii) all obligations of any Loan Party under any Lender Provided Hedging Agreement
or any Lender Provided Financial Service Product, in each case whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after
the commencement by or against any Loan Party of any proceeding under any Debtor Relief Law naming such Person as the debtor in
such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided that, the
 “Secured Obligations” shall exclude any Excluded Swap Obligations.

 

“Secured Parties”
means the Administrative Agent, each Lender and any other holder of Secured Obligations.

 

“Security Agreement”
means the Security Agreement, dated as of August 3, 2017, made by the Borrower in favor of the Administrative Agent for the benefit
of the Secured Parties.

 

“Security Documents”
means the Security Agreement, the First Reaffirmation of Security Agreement, the Second Reaffirmation of Security Agreement and
all other security documents hereafter delivered to the Administrative Agent granting a Lien on any property of any Person to secure
the Secured Obligations.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

“Spanish Guaranty
Agreement” means the guaranty, dated as of August 3, 2017, by the Globant S.A. (Spain) in favor of the Administrative
Agent for the benefit of the Secured Parties.

 

“Subsidiary”
means, with respect to any Person, any other Person the accounts of which would be consolidated with those of such Person in such
Person’s consolidated financial statements if such financial statements were prepared in accordance with IFRS as well as
any other Person (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50%
of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such
date, owned, controlled or held, by such Person, or (b) that is, as of such date, otherwise Controlled by such Person. Unless the
context otherwise specifically requires, the term “Subsidiary” shall refer to a Subsidiary of the Borrower.

 

“Supported QFC”
has the meaning specified in Section 9.17.

 

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

 

    29

     

    

 

“Swingline Exposure”
means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any
Revolving Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.

 

“Swingline Lender”
means HSBC, in its capacity as lender of Swingline Loans hereunder, or such other Lender as the Borrower may from time to time
select, with the consent of the Administrative Agent, as the Swingline Lender hereunder pursuant to Section 2.4; provided
that, such Lender has agreed to be a Swingline Lender.

 

“Swingline Loan”
means a Loan made pursuant to Section 2.4.

 

“Swingline Sublimit”
means an amount equal to the lesser of (a) $5,000,000, and (b) the aggregate Revolving Commitments. The Swingline Sublimit is part
of, and not in addition to, the Revolving Facility.

 

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

 

“Term Facility”
has the meaning specified in the definition of “Facility” in this Section.

 

“Term Lender”
means, as of any date of determination, Lenders having a Term Loan Commitment or a Term Loan.

 

“Term Loan”
means an advance by any Term Lender under the Term Facility made pursuant to Section 2.1.

 

“Term Loan Commitment”
means (a) as to any Term Lender, the aggregate commitment of such Lender to make a Term Loan as set forth on Schedule 2.1
or in the Assignment and Assumption executed by such Lender pursuant to which such Lender shall have assumed its Term Loan Commitment,
as applicable, and (b) as to all Lenders, the aggregate commitment of all Lenders to make Term Loans, which aggregate commitment
is $100,000,000 on the date of this Agreement.

 

“Term Loan Commitment
Termination Date” means the earlier of (i) the first date on which Term Loans are funded in full pursuant to the terms
hereof and (ii) the date that is eighteen months following the Effective Date.

 

“Term Loan Maturity
Date” means February 5, 2025 or any earlier date on which repayment of the Obligations in respect of the Term Loans is
accelerated pursuant to the terms hereof.

 

“Term SOFR”
means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Government Body.

 

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“Total Credit
Exposure” means, as to any Lender at any time, the outstanding unused Commitments, the Revolving Credit Exposure and
the outstanding Term Loans of such Lender at such time.

 

“Trade Date”
has the meaning specified in Section 9.4(b)(i)(B).

 

“Transaction
Costs” means, with respect to the Transactions or any Acquisition, the reasonable and documented fees, charges and other
amounts related to the Transactions (including, in each case, any reasonable and documented underwriting, commitment, arrangement,
structuring or similar fees), reasonable and documented merger and acquisition fees (including any investment and banking or brokerage
fees, reasonable and documented legal fees and expenses, consulting and valuation fees, due diligence fees or any other fees and
expenses in connection therewith).

 

“Transactions”
means (a) the repayment of all Loans outstanding under the Existing Credit Agreement, together with all interest and other amounts
due and payable with respect thereto, (b) the execution, delivery and performance by the Loan Parties of the Loan Documents, (c)
the borrowing of Loans, (d) the use of the proceeds thereof and (e) the issuance of Letters of Credit.

 

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the LIBO Rate or the Alternate Base Rate.

 

“UK Bribery
Act” has the meaning specified in Section 3.23.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

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

 

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

 

“U.S. Special
Resolution Regimes” has the meaning specified in Section 9.17.

 

“U.S. Tax Compliance
Certificate” has the meaning specified in Section 2.17(g)(ii)(B)(3).

 

“Wholly Owned
Subsidiary” means, as to any Person, any other Person all of the Equity Interests of which (other than directors’
qualifying shares required by law) are owned by such Person directly and/or through other Wholly Owned Subsidiaries.

 

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

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

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Section
1.2           
Classification of Loans and Borrowings.
For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by
Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings
also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar
Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”).

 

Section
1.3           
Terms Generally; Rules of Construction. The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed
by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect
as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument
or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended,
amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns,
(c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections,
Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement,
(e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended,
modified or supplemented from time to time, and (f) the words “asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights.

 

Section
1.4           
Accounting Terms and Determinations; IFRS. Except as otherwise expressly provided
herein, all terms of an accounting or financial nature shall be construed in accordance with IFRS, as in effect from time to time;
provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision
hereof to eliminate the effect of any change occurring after the date hereof in IFRS or in the application thereof on the operation
of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision
hereof for such purpose), regardless of whether any such notice is given before or after such change in IFRS or in the application
thereof, then such provision shall be interpreted on the basis of IFRS as in effect and applied immediately before such change
shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

 

Section
1.5           
Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated
by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by
which such ratio is expressed herein and rounding the result up or down to the nearest number.

 

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Section
1.6           
Time of Day. Unless otherwise specified, all references herein to time of day shall be references to Eastern time
(daylight or standard, as applicable).

 

Section
1.7           
Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware
law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of
any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred
from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed
to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

 

Section 1.8           
Amendment and Restatement; No Novation. This Agreement constitutes an amendment and restatement of the Existing Credit
Agreement. All indebtedness and other obligations under the Existing Credit Agreement are hereby renewed and continued and hereafter
will be governed by this Agreement. The execution and delivery of this Agreement is not intended to constitute a novation of any
indebtedness or other obligations owing to the Lenders under the Existing Credit Agreement. As of the date hereof, the credit facility
described in the Existing Credit Agreement shall be amended, supplemented, modified, and restated in its entirety by the credit
facility described herein, and all loans and other obligations of the Borrower outstanding as of such date under the Existing Credit
Agreement shall be deemed to be loans and obligations outstanding under this Agreement without any further action by any Person,
except that the Administrative Agent, the Lenders and the lenders under the Existing Credit Agreement that are not Lenders under
this Agreement (if any) shall make such transfer and advances of funds, repayments of loan and obligations under the Existing Credit
Agreement, and other adjustments as are necessary in the opinion of the Administrative Agent so that the outstanding balance of
all Loans and Obligations hereunder on the Effective Date, including any Loans funded on the Effective Date under this Agreement,
reflect the Commitments of each Lender hereunder on the Effective Date. Notwithstanding anything to the contrary in the Existing
Credit Agreement or in this Agreement, no other documents or instruments, including any Assignment and Assumption, shall be, or
shall be required to be, executed in connection with any such assignments (all of which requirements are hereby waived), and such
assignments shall be deemed to be made with all applicable representations, warranties and covenants as if evidenced by an Assignment
and Assumption. On the Effective Date, the applicable Lenders shall make full cash settlement with one another either directly
or through the Administrative Agent, as the Administrative Agent may direct or approve, with respect to all assignments, reallocations
and other changes in Commitments and the portion of the outstanding Loans allocable to each Lender, such that after giving effect
to such settlements, the Commitments of each Lender shall be as set forth on Schedule 2.1. The Borrower shall not be required to
repay any loans or obligations under the Existing Credit Agreement in connection with the execution and delivery of this Agreement.

 

Section
1.9           
Availability of the LIBO Rate.

 

(a)               The
interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived from the London interbank
offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain
short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority
announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to
the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the
 “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that
commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate
reference rate upon which to determine the interest rate on LIBO Rate Loans. In light of this eventuality, public and private
sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the
London interbank offered rate. In the event that the London interbank market rate is no longer available or in certain other
circumstances as described in Section 2.23, the mechanisms for determining an alternative rate as set forth in Section
2.23 may be used.

 

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(b)              
There is no assurance that the composition or characteristics of any such alternative reference rate will be similar
to or produce the same value or economic equivalence as LIBO Rate or that it will have the same volume or liquidity as did LIBO
Rate prior to its discontinuance or unavailability.

 

(c)              
The Administrative Agent does not warrant or accept any responsibility for,
and shall not have any liability with respect to (a) the administration of, submission of
or any other matter related to LIBO Rate, any component definition thereof or rates reference
in the definition thereof or any alternative, comparable or successor rate thereto (including
any then-current Benchmark Replacement), including
whether the composition or characteristics of any such alternative, comparable or successor rate (including
any Benchmark Replacement) will be similar to, or
produce the same value of economic equivalence of, LIBO Rate or any Benchmark
Replacement, or (b) the effect, implementation or composition of any Benchmark
Replacement Conforming Changes.

 

Article
II

 

The Credits

 

Section
2.1           
Commitments. Subject to the terms and conditions set forth herein, (a) each
Revolving Lender (severally and not jointly) agrees to make Revolving Loans to the Borrower in Dollars from time to time during
the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure
exceeding such Lender’s Revolving Commitment then in effect, or (ii) the sum of the total Revolving Credit Exposure exceeding
the aggregate Revolving Commitments and (b) each Term Lender (severally and not jointly) agrees to make Term Loans available to
the Borrower from time to time beginning on the Effective Date and ending on the Term Loan Commitment Termination Date in an amount
equal to such Lender’s Term Loan Commitment; provided that, during such period, (i) the Borrower may request no more than
four Borrowings of Term Loans and (ii) each such Borrowing will be in an amount of not less than $10,000,000. Within the foregoing
limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.
Amounts repaid or prepaid in respect of Term Loans may not be reborrowed.

 

Section
2.2            Loans and Borrowings(a).
(a)Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and
Type made by the applicable Lenders ratably in accordance with their respective Commitments. The failure of any Lender to
make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided
that, the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to
make Loans as required. Any Swingline Loan shall be made in accordance with the procedures set forth in Section
2.4.

 

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(b)              
Subject to Section 2.13, each Term Borrowing
and Revolving Borrowing shall be comprised entirely of Base Rate Loans or Eurodollar
Loans as the Borrower may request in accordance with this Agreement;
provided that, all Borrowings made on the Effective
Date must be made as Base Rate Borrowings (unless the Borrower
executes a funding indemnity letter in form and substance reasonably satisfactory to the
Administrative Agent) but may be converted into Eurodollar Borrowings in accordance
with Section 2.7. Each Swingline Loan
shall be a Base Rate Loan. Each Lender at its option may make any Eurodollar
Loan by causing any domestic or foreign branch or Affiliate of such Lender
to make such Loan; provided that, any exercise of such option shall not affect
the obligation of the Borrower to repay such Loan in
accordance with the terms of this Agreement.

 

(c)              
At the commencement of each Interest Period for any Eurodollar
Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple
of $1,000,000 and not less than $5,000,000. At the
time that each Base Rate Borrowing is made, such Borrowing
shall be in an aggregate amount that is an integral multiple of $500,000 and not
less than $1,000,000; provided that, a Base Rate
Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Revolving Commitments
then in effect or is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.5(e).
Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000. Borrowings
of more than one Type and Class may be outstanding at the same time; provided
that, there shall not at any time be more than a total of seven Eurodollar Borrowings under the
Facilities outstanding.

 

(d)              
Notwithstanding any other provision of this Agreement, the Borrower
shall not be entitled to request, or to elect to convert or continue any Borrowing of any
Class if the Interest Period requested with respect thereto would end after the Revolving
Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term
Loans).

 

Section
2.3           
Requests for Borrowings. To request a Borrowing (other than a Swingline Borrowing,
which may be requested under Section 2.4(a)), the Borrower shall notify the Administrative Agent of such request by
submitting a Borrowing Request signed by the Borrower by (a) in the case of a Eurodollar Borrowing, not later than 1:00 p.m. three
Business Days before the date of the proposed Borrowing or (b) in the case of a Base Rate Borrowing, not later than 1:00 p.m. one
Business Day before the date of the proposed Borrowing; provided that, any such notice of a Base Rate Revolving Borrowing
to finance the reimbursement of an LC Disbursement as contemplated by Section 2.5(e) may be given not later than 10:00
a.m. on the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable and shall be submitted by hand delivery,
telecopy or electronic communication to the Administrative Agent. Each such Borrowing Request shall specify the following information
in compliance with Section 2.2:

 

    35

     

    

 

(i)               
the aggregate principal amount of the requested Borrowing;

 

(ii)              
the date of such Borrowing, which shall be a Business
Day;

 

(iii)           
   whether such Borrowing is to be a Base
Rate Borrowing or a Eurodollar Borrowing;

 

(iv)             
the Class of such Borrowing;

 

(v)              
in the case of a Eurodollar Borrowing, the initial Interest
Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest
Period”; and

 

(vi)            
the location and number of the Borrower’s account to which funds are
to be disbursed, which shall comply with the requirements of Section 2.6.

 

If no election as to
the Type of Borrowing is specified, then the requested Borrowing shall be a Base Rate Borrowing. If no Interest Period is specified
with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent
shall advise each Lender in the applicable Facility of the details thereof and of the amount of such Lender’s Loan to be
made as part of the requested Borrowing.

 

Section
2.4           
Swingline Loans.

 

(a)              
Subject to the terms and conditions set forth herein, the Swingline Lender, in reliance on the agreements of the
Revolving Lenders set forth in this Section, agrees to make Swingline Loans under the Revolving Commitments to the Borrower in
Dollars from time to time on any Business Day during the Availability Period, in an aggregate principal amount at any time outstanding
that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding the Swingline Sublimit, (ii)
the total Revolving Credit Exposure exceeding the total Revolving Commitments then in effect, or (iii) Revolving Credit Exposure
of any Revolving Lender exceeding such Lender’s Revolving Commitment; provided that, the Swingline Lender shall not be required
to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions
set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. Each Swingline Loan shall be in an amount that
is not less than $1,000,000. Swingline Loans shall be Base Rate Loans. Immediately upon the making of a Swingline Loan by the Swingline
Lender, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swingline
Lender a participation in such Swingline Loan in an amount equal to such Revolving Lender’s Applicable Percentage of the
amount of such Swingline Loan.

 

(b)               To
request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by submitting a Borrowing
Request signed by the Borrower (by hand delivery, telecopy or, if arrangements for doing so have been approved by the
Administrative Agent, electronic communication), not later than 12:00 noon on the day of a proposed Swingline Loan. Each such
notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested
Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the
Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to a deposit
account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of
an LC Disbursement as provided in Section 2.5(e), by remittance to the applicable Issuing Bank) by 3:00 p.m. on the
requested date of such Swingline Loan.

 

    36

     

    

 

(c)              
(i)            The Swingline Lender may, at any time and from time to time in its sole and absolute discretion, request,
on behalf of the Borrower (which hereby irrevocably authorizes the Swingline Lender to so request on its behalf), on one Business
Day’s notice given by the Swingline Lender not later than 12:00 noon, that each Revolving Lender make, and each Revolving
Lender hereby agrees to make, a Base Rate Loan in an amount equal to such Revolving Lender’s Applicable Percentage of the
amount of Swingline Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be
a Borrowing Request for purposes hereof) and in accordance with the requirements of Sections 2.2 and 2.3, without
regard to the minimums and multiples specified therein, but subject to the aggregate unused Revolving Commitments and the conditions
set forth in Section 4.2. The Swingline Lender shall furnish the Borrower with a copy of such Borrowing Request promptly
after delivering such notice to the Administrative Agent. Each Revolving Lender shall make an amount equal to its Applicable Percentage
of the amount specified in such Borrowing Request available to the Administrative Agent in immediately available funds (and the
Administrative Agent may apply Cash Collateral available with respect to the applicable Swingline Loan) for the account of the
Swingline Lender at the Administrative Agent’s office not later than 10:00 a.m. one Business Day after the date of such Borrowing
Request, whereupon, subject to clause (c)(ii) of this Section, each Revolving Lender that so makes funds available
shall be deemed to have made a Base Rate Loan to the Borrower in such amount.

 

(ii)             
If for any reason any Swingline Loan cannot be refinanced by a Revolving Borrowing in accordance with clause (c)(i)
of this Section, the request for Base Rate Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a
request by the Swingline Lender (or, if the Swingline Lender has not submitted a request for Base Rate Loans, the Swingline Lender
may request by notice to the Administrative Agent) that each of the Revolving Lenders fund its participation in the relevant Swingline
Loan and each Revolving Lender’s payment to the Administrative Agent for the account of the Swingline Lender pursuant to
clause (c)(i) shall be deemed payment in respect of such participation. The Administrative Agent shall notify the Borrower
of any participations in any Swingline Loan funded pursuant to this clause (c), and thereafter payments in respect
of such Swingline Loan (to the extent of such funded participations) shall be made to the Administrative Agent and not to the Swingline
Lender.

 

    37

     

    

 

(iii)           
Each Revolving Lender agrees that its obligation to acquire participations in Swingline Loans and make Revolving
Loans pursuant to this Section 2.4 is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such
payment shall be made without any offset, counterclaim, recoupment, defense, deduction, abatement, withholding or reduction whatsoever;
provided that, each Revolving Lender’s obligation to make Revolving Loans pursuant to this Section is subject to the
conditions set forth in Section 4.2.

 

(iv)            
Each Revolving Lender shall comply with its obligations under this Section 2.4(c) by wire transfer of
immediately available funds, in the same manner as provided in Section 2.6 with respect to Loans made by such Revolving
Lender (and Section 2.6 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the
Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. Any amounts
received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after
receipt by the Swingline Lender of the proceeds of a sale of participations therein (appropriately adjusted, in the case of interest
payments, to reflect the period of time during which such Revolving Lender’s participation was outstanding and funded and,
in the case of principal and interest payments, to reflect such Revolving Lender’s pro rata portion of such payment if such
payment is not sufficient to pay the principal of and interest on all Swingline Loans then due) shall be promptly remitted, in
like funds received, to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted
by the Administrative Agent, in such funds, to the Revolving Lenders that shall have made their payments pursuant to this Section 2.4(c)
and to the Swingline Lender, as their interests may appear; provided that, any such payment so remitted shall be repaid to the
Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to
the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this Section 2.4 shall
not relieve the Borrower of any default in the payment thereof.

 

(v)               Any
Swingline Lender may resign at any time by giving 30 days’ prior notice of its resignation to the Administrative Agent,
the Lenders and the Borrower. Upon receipt of any such notice of resignation, a successor Swingline Lender (which shall be a
Lender) may be appointed by the Required Lenders or the Borrower, in each case, with the consent of the Administrative Agent
(not to be unreasonably withheld, conditioned or delayed). If no such successor shall have been so appointed by the Required
Lenders or the Borrower and shall have accepted such appointment within 30 days after the retiring Swingline Lender gives
notice of its resignation (or such earlier day as shall be agreed by the Borrower), such resignation shall become effective
on such thirtieth day, whether or not a successor has been appointed. After the resignation of a Swingline Lender hereunder,
the retiring Swingline Lender shall remain a party hereto and shall continue to have all the rights and obligations of a
Swingline Lender under this Agreement and the other Loan Documents with respect to Swingline Loans made by it prior to such
resignation but shall not be required to make any additional Swingline Loans.

 

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Section
2.5           
Letters of Credit.

 

(a)              
General. Subject to the terms and conditions set forth herein, each Issuing Bank agrees, in reliance upon
the agreements of the Revolving Lenders set forth in this Section, (i) from time to time on any Business Day during the Availability
Period, to issue Letters of Credit, in forms reasonably acceptable to the Administrative Agent and such Issuing Bank, for the account
of the Borrower and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.5(b),
and (ii) to honor drawings under the Letters of Credit; provided that, no Issuing Bank shall be obligated to issue any Letter of
Credit or to amend or extend any Letter of Credit if, after giving effect thereto, (x) the total Revolving Credit Exposure would
exceed the total Revolving Commitments then in effect or (y) the LC Exposure would exceed the LC Sublimit. Letters of Credit shall
constitute utilization of the Revolving Commitments. In the event of any inconsistency between the terms and conditions of this
Agreement and the terms and conditions of any LC Application or other agreement submitted by the Borrower to, or entered into by
the Borrower with, any Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.
Notwithstanding anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue, and shall not issue,
any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with
any Person that is the subject of Sanctions, or in any country or territory that is the subject of Sanctions, or (ii) in any manner
that would result in a violation of any Sanctions by any party to this Agreement. It is hereby acknowledged and agreed that each
of the letters of credit described on Schedule 2.5 (each, an “Existing Letter of Credit”) shall constitute
a “Letter of Credit” for all purposes of this Agreement and shall be deemed issued under this Agreement on the Effective
Date.

 

(b)               Notice
of Issuance. Amendment, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment or
extension of an outstanding Letter of Credit), the Borrower shall deliver by hand or telecopy (or if arrangements for doing
so have been approved the Administrative Agent and by the applicable Issuing Bank, electronic communication) to such Issuing
Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment or extension) a notice
requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended or extended, and specifying
the date of issuance, amendment or extension (which shall be a Business Day), the date on which such Letter of Credit is to
expire (which shall comply with clause (c) of this Section), the amount of such Letter of Credit, the name and
address of the beneficiary thereof and such other information as shall be necessary to prepare, amend or extend such Letter
of Credit. The form of any requested Letter of Credit or any requested amendment or extension of a Letter of Credit shall be
reasonably acceptable to the applicable Issuing Bank. No Issuing Bank shall be obligated to issue any Letter of Credit (i) in
violation of any Applicable Law or policy of such Issuing Bank or any Revolving Lender, (ii) if any order, judgment or decree
of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing
such Letter of Credit, (iii) except as otherwise agreed by the Administrative Agent and such Issuing Bank, if such Letter of
Credit is in an initial stated amount less than $25,000, or (iv) if such Letter of Credit contains any provision for
automatic reinstatement of the stated amount after any drawing thereunder. If requested by the applicable Issuing Bank, the
Borrower also shall submit an LC Application in connection with any request for a Letter of Credit. A Letter of Credit shall
be issued, amended or extended only if (and upon issuance, amendment or extension of each Letter of Credit the Borrower shall
be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension (i) the LC Exposure
shall not exceed the LC Sublimit, (ii) the total Revolving Credit Exposure shall not exceed the total Revolving Commitments
then in effect, and (iii) the other conditions thereto set forth in this Agreement are met. No Issuing Bank shall be under
any obligation to amend or extend any Letter of Credit if (i) such Issuing Bank would have no obligation at such time to
issue the Letter of Credit in its amended form under the terms hereof, or (ii) the beneficiary of such Letter of Credit does
not accept the proposed amendment thereto.

 

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(c)              
Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of
(i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any extension thereof, one year
after such extension), and (ii) the date that is 30 days prior to the Revolving Maturity Date; provided that, any Letter of Credit
may, with the consent of the applicable Issuing Bank, be automatically extendable for successive one-year periods (which shall
in no event extend beyond the date referred to in the foregoing clause (ii)).

 

(d)              
Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount thereof) and without any further action on the part of any Issuing Bank or the Revolving Lenders, each applicable Issuing
Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from such Issuing Bank, a participation
in such Letter of Credit equal to such Revolving Lender’s Applicable Percentage of the aggregate amount available to be drawn
under such Letter of Credit. Each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent,
for the account of the applicable Issuing Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement made
by such Issuing Bank and not reimbursed by the Borrower on the date due as provided in clause (e) of this Section,
or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Lender agrees that its obligation
to acquire participations pursuant to this Section 2.5(d) in respect of Letters of Credit is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence
and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever.

 

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(e)               Reimbursement.
If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC
Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon on the
date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00
a.m. on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later
than 12:00 noon on (i) the Business Day that the Borrower receives such notice, if such notice is received prior to 10:00
a.m. on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if
such notice is not received prior to such time on the day of receipt; provided that, the Borrower may, subject to the
conditions to borrowing set forth herein, request in accordance with Section 2.3 or 2.4 that such payment
be financed with a Base Rate Revolving Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed,
the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Base Rate Revolving
Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each
Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such
Revolving Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Lender
shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner
as provided in Section 2.6 with respect to Loans made by such Revolving Lender (and Section 2.6 shall
apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly
pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by
the Administrative Agent of any payment from the Borrower pursuant to this Section 2.5(e), the Administrative
Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made
payments pursuant to this Section 2.5(e) to reimburse such Issuing Bank, then to such Revolving Lenders and such
Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this Section 2.5(e)
to reimburse any Issuing Bank for any LC Disbursement (other than the funding of Base Rate Revolving Loans or a Swingline
Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse
such LC Disbursement.

 

(f)                Obligations
Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in clause (e) of this
Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of
this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of
any Letter of Credit or this Agreement, or any term or provision therein or herein, (ii) any draft or other document
presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being
untrue or inaccurate in any respect, (iii) payment by any Issuing Bank under a Letter of Credit against presentation of a
draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a
legal or equitable discharge of, or provide a right of recoupment or setoff against, the Borrower’s Obligations
hereunder. None of the Administrative Agent, the Lenders or any Issuing Bank, or any of their Related Parties, shall have any
liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any
payment or failure to make any payment thereunder (irrespective of any circumstance referred to in the preceding sentence),
or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication
under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in
interpretation of technical terms or any consequence arising from causes beyond the control of any Issuing Bank; provided
that, the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrower to the extent of any
direct damages (as opposed to indirect, special, punitive, consequential or exemplary damages, claims in respect of which are
hereby waived by the Borrower to the extent permitted by Applicable Law) suffered by the Borrower that are caused by such
Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of
Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful
misconduct on the part of such Issuing Bank (as determined in a final and non-appealable judgment by a court of competent
jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the
foregoing and without limiting the generality thereof, the parties hereto expressly agree that the applicable Issuing Bank
may, in its sole and absolute discretion, either accept documents that appear on their face to be in substantial compliance
with the terms of the related Letter of Credit, without responsibility for further investigation, regardless of any notice or
information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict
compliance with the terms of such Letter of Credit, and such Issuing Bank shall not be responsible for the validity or
sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights
or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any
reason.

 

    41

     

    

 

(g)              
Disbursement Procedures. Each Issuing Bank shall, promptly following its receipt thereof, examine all documents
purporting to represent a demand for payment under a Letter of Credit issued by it. Such Issuing Bank shall promptly notify the
Administrative Agent and the Borrower in writing (by hand delivery, telecopy or, if arrangements for doing so have been approved
by the Administrative Agent, electronic communication) of such demand for payment and whether such Issuing Bank has made or will
make an LC Disbursement thereunder; provided that, any failure to give or delay in giving such notice shall not relieve the Borrower
of its obligation to reimburse such Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.

 

(h)              
Interim Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse
such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each
day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement,
at the rate per annum then applicable to Base Rate Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement
when due pursuant to clause (e) of this Section, then Section 2.12(c) shall apply. Interest accrued pursuant
to this clause (h) shall be for the account of the applicable Issuing Bank, except that interest accrued on and after
the date of payment by any Revolving Lender pursuant to clause (e) of this Section to reimburse such Issuing Bank shall
be for the account of such Revolving Lender to the extent of such payment.

 

(i)                
Replacement of Issuing Banks; Resignation of Issuing Bank.

 

(i)                 Any
Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced
Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such
replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid
fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(e). From and after the
effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an
Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter, and (ii) references herein to
the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such
successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder,
the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing
Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required
to issue additional Letters of Credit.

 

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(ii)             
Any Issuing Bank may resign at any time by giving 30 days’ prior notice of its resignation to the Administrative
Agent, the Lenders and the Borrower. Upon receipt of any such notice of resignation, a successor Issuing Bank (which shall be a
Lender) may be appointed by the Required Lenders or the Borrower, in each case, with the consent of the Administrative Agent (not
to be unreasonably withheld, conditioned or delayed). If no such successor shall have been so appointed by the Required Lenders
or the Borrower and shall have accepted such appointment within 30 days after the retiring Issuing Bank gives notice of its resignation
(or such earlier day as shall be agreed by the Borrower), such resignation shall become effective on such thirtieth day, whether
or not a successor has been appointed. After the resignation of an Issuing Bank hereunder, the retiring Issuing Bank shall remain
a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement and the other
Loan Documents with respect to Letters of Credit issued by it prior to such resignation but shall not be required to issue additional
Letters of Credit or to extend or increase any existing Letter of Credit.

 

(j)                 Cash
Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives
notice from the Administrative Agent or the Required Revolving Lenders (or, if the maturity of the Loans has been
accelerated, Revolving Lenders with LC Exposures representing greater than 50% of the aggregate LC Exposure) demanding the
deposit of cash collateral pursuant to this clause (j), the Borrower shall deposit in an account with the Administrative
Agent, in the name of the Administrative Agent and for the benefit of the Issuing Banks and the Revolving Lenders, an amount
in cash equal to 103% of the LC Exposure as of such date; provided that, upon the occurrence of any Event of Default
with respect to the Borrower described in Section 7.1(h) and Section 7.1(i), the obligation to deposit such
cash collateral shall become effective immediately, and such deposit shall become immediately due and payable without demand
or other notice of any kind. Such deposit shall be held by the Administrative Agent as collateral for the payment and
performance of the Obligations. The Borrower hereby grants to the Administrative Agent, for the benefit of the Issuing Banks
and the Revolving Lenders, and agrees to maintain, a first priority security interest in all such Cash Collateral to secure
the Secured Obligations, free and clear of all other Liens. The Administrative Agent shall have exclusive dominion and
control, including the exclusive right of withdrawal, over such cash collateral account and the amounts deposited therein
shall not bear interest. Moneys in such cash collateral account shall be applied by the Administrative Agent to reimburse the
Issuing Banks for LC Disbursements for which they have not been reimbursed and, to the extent not so applied, shall be held
for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of
the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposures representing greater than
50% of the aggregate LC Exposure), shall be applied to satisfy other Obligations. If the Borrower is required to provide an
amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not
applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been
cured or waived.

 

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(k)              
Applicability of ISP98. Unless otherwise expressly agreed by the applicable Issuing Bank and the Borrower
when a Letter of Credit is issued, the rules of ISP98 shall apply to each standby Letter of Credit.

 

Section
2.6           
Funding of Borrowings.

 

(a)              
Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 12:00 noon to the account of the Administrative Agent most recently designated by it for such purpose by notice
to the Lenders in an amount equal to such Lender’s Applicable Percentage; provided that, Swingline Loans shall be
made as provided in Section 2.4. The Administrative Agent will make such Loans available to the Borrower by promptly
crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New
York, New York and designated by the Borrower in the applicable Borrowing Request; provided that, Base Rate Revolving Loans
made to finance the reimbursement of an LC Disbursement as provided in Section 2.5(e) shall be remitted by the Administrative
Agent to the applicable Issuing Bank.

 

(b)              
Unless the Administrative Agent shall have received notice from a Lender
prior to the proposed date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s
share of such Borrowing, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance with clause (a)
of this Section and may, in its sole and absolute discretion in reliance upon such assumption, make available to the Borrower
a corresponding amount. In such event, if a Lender has not in fact made its share
of the applicable Borrowing available to the Administrative
Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding
amount with interest thereon, for each day from and including the date such amount is made
available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of such Lender, the greater of the Federal
Funds Effective Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation, or (ii) in the case of the Borrower,
the interest rate applicable to Base Rate Loans of the applicable Class. If such Lender
pays such amount to the Administrative Agent, then such amount shall constitute such
Lender’s Loan included in such Borrowing.
If the Borrower and such Lender shall pay such interest
to the Administrative Agent for the same or an overlapping period, the Administrative
Agent shall promptly remit to the Borrower the amount of such interest paid by the
Borrower for such period. Any payment by the Borrower shall
be without prejudice to any claim the Borrower may have against a Lender
that shall have failed to make such payment to the Administrative Agent. Nothing
in this Section 2.6(b) shall obligate the Administrative Agent to prefund any amount.

 

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Section
2.7            Interest
Elections(a). (a) Each Borrowing initially shall be of the Type and Class specified
in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as
specified in such Borrowing Request or as otherwise specified in Section 2.3. Thereafter, the Borrower may elect
to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may
elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to
different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders
holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate
Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.

 

(b)              
To make an election pursuant to this Section, the Borrower shall notify the
Administrative Agent of such election by submitting an Interest
Election Request signed by the Borrower by the time that a Revolving Borrowing
Request would be required under Section 2.3 if the Borrower
were requesting a Borrowing of the Type resulting
from such election to be made on the effective date of such election (it being understood
that such notification procedure also applies when the Borrower elects to continue or convert a Term Borrowing). Each such Interest
Election Request shall be irrevocable and shall be submitted by hand delivery or telecopy (or, if arrangements for doing
so have been approved by the Administrative Agent, electronic communication) to the Administrative
Agent.

 

(c)              
Each written Interest Election Request shall specify the following information
in compliance with Section 2.2:

 

(i)               
the Borrowing to which such Interest Election
Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof
to be allocated to each resulting Borrowing (in which case the information
to be specified pursuant to clauses (iii) and (iv)
below shall be specified for each resulting Borrowing);

 

(ii)              
the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day;

 

(iii)             
whether the resulting Borrowing is to be a Base
Rate Borrowing or a Eurodollar Borrowing; and

 

(iv)              if the resulting Borrowing is a Eurodollar
Borrowing, the Interest Period to be applicable thereto after giving effect to
such election, which shall be a period contemplated by the definition of the term “Interest
Period.”

 

If any such Interest
Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to
have selected an Interest Period of one month’s duration.

 

(d)              
Promptly following receipt of an Interest Election Request, the Administrative
Agent shall advise each Lender of the details thereof and of such Lender’s
portion of each resulting Borrowing.

 

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(e)              
If the Borrower fails to deliver a timely Interest
Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided herein,
at the end of such Interest Period such Borrowing shall
be converted to a Base Rate Borrowing. Notwithstanding any contrary provision hereof,
if an Event of Default has occurred and is continuing and the Administrative
Agent, at the request of the Required Lenders, so notifies the Borrower,
then, so long as an Event of Default is continuing (i) no outstanding Borrowing
may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid,
each Eurodollar Borrowing shall be converted to a Base Rate
Borrowing at the end of the Interest Period applicable thereto.

 

Section
2.8            
Termination and Reduction of Commitments.

 

(a)              
Unless previously terminated, the Revolving Commitments shall be automatically and permanently reduced to zero on
the Revolving Maturity Date. Unless previously terminated, Term Loan Commitments shall be automatically and permanently reduced
to zero on the Term Loan Commitment Termination Date.

 

(b)              
The Borrower may, at any time and from time to time, reduce or terminate the
Revolving Commitments or the Term Loan Commitments; provided that, (i) each partial
reduction of the Commitment shall be in a minimum amount of $10,000,000
or in an integral multiple of $1,000,000 in excess thereof, and (ii) the Borrower
shall not terminate or reduce the Revolving Commitments if, after giving effect to
any concurrent prepayment of the Loans in accordance with Section 2.10,
the sum of the Revolving Credit Exposure would exceed the aggregate Revolving Commitments.

 

(c)              
The Borrower shall notify the Administrative
Agent of any election to reduce or terminate the Term Loan Commitments or the Revolving Commitments
under clause (b) of this Section at least three Business Days prior to
the effective date of such reduction or termination, specifying such election and the effective
date thereof. Promptly following receipt of any such notice, the Administrative Agent shall
advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant
to this Section shall be irrevocable; provided that, any such notice of reduction or termination of the Term Loan Commitments
or the Revolving Commitments delivered by the Borrower may
state that such notice is conditioned upon the effectiveness of other credit facilities or closing of another transaction, in which
case such notice may be revoked by the Borrower (by notice to the Administrative
Agent on or prior to the specified effective date) if such condition is not satisfied.
Any reduction or termination of the Term Loan Commitments or the Revolving Commitments shall
be permanent.

 

(d)              
Each termination or reduction in the Term Loan Commitments shall be made ratably among the Term Lenders in accordance
with their applicable Term Loan Commitments. Each termination or reduction in the Revolving Commitments
shall be made ratably among the Revolving Lenders in accordance with their respective applicable Revolving Commitments.

 

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Section
2.9            
Repayment of Loans; Evidence of Debt.

 

(a)              
The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Revolving
Lender the then-unpaid principal amount of each Revolving Loan on the Revolving Maturity Date, (ii) to the Administrative Agent
for the account of each Term Lender the then-unpaid principal amount of each Term Loan on the Term Loan Maturity Date, and (iii)
to the Swingline Lender the then-unpaid principal amount of each Swingline Loan on the earlier of the Revolving Maturity Date and
the first date after such Swingline Loan is made that is the last day of a calendar month and is at least two Business Days after
such Swingline Loan is made; provided that, on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline
Loans then outstanding.

 

(b)              
The Borrower hereby unconditionally promises to pay to the Administrative
Agent, for the account of each Term Lender, such Term
Lender’s Applicable Percentage of the initial aggregate principal amount of
Term Loans extended to the Borrower in equal quarterly
amounts for each year following the Effective Date equal to the percentage set forth next
to such year in the table below (which payments shall be made, commencing with the first full fiscal quarter following
the Borrowing thereof, on the last day of each March, June, September and December of each
year), with any then-unpaid principal amount, together with all other amounts owed with respect thereto, payable on the Term
Loan Maturity Date:

 

	Year	Percentage
	Year 1	5.0%
	Year 2	5.0%
	Year 3	7.5%
	Year 4	10.0%
	Year 5	10.0%

 

 

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

 

(d)              
The Administrative Agent shall maintain accounts
in which it shall record (i) the amount of each Loan made hereunder
and any promissory note evidencing such Loan,
the Class and Type thereof and the Interest Period,
if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the
Borrower to each Lender hereunder, and (iii) the
amount of any sum received by the Administrative Agent hereunder for the account of the
Lenders and each Lender’s share thereof.

 

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(e)              
The entries made in the accounts maintained pursuant to clause (c)
or (d) of this Section shall be prima  facie evidence of the existence and amounts of the Obligations
recorded therein; provided that, the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Obligations
or the Loans in accordance with the terms of this Agreement.

 

(f)               
Any Lender may request that Loans made
by it be evidenced by a promissory note (each, a “Note”) substantially
in the form of Exhibit A-1 for the Revolving Note, Exhibit A-2 for the Term
Note, and Exhibit A-3 for the Swingline Note. In such event, the Borrower shall
prepare, execute and deliver to such Lender Notes payable to the order of such Lender
(or, if requested by such Lender, to such Lender
and its registered assigns). Thereafter, the Loans evidenced by such Notes
and interest thereon shall at all times (including after assignment pursuant to Section 9.4)
be represented by one or more Notes payable to the order of the payee named therein.

 

Section
2.10           Prepayment
of Loans.

 

(a)              
Voluntary. The Borrower shall have the right at any time and from time to time to prepay any Term Borrowing
or Revolving Loan in whole or in part, subject to prior notice in accordance with this Section. Each voluntary prepayment of the
Term Loans shall be applied to the remaining installments of the Term Loans in the direct order of maturity.

 

(b)               
Mandatory.

 

(i)      
The Borrower shall make a prepayment of the Loans
until paid in full upon the occurrence of any of the following at the following times and in the following amounts: Concurrently
with the receipt by the Borrower or any of its Subsidiary
of any Net Cash Proceeds from any Asset Sale
or Recovery Event, in an amount equal to 100% of such Net
Cash Proceeds; provided that, (x) so long as no Event of Default shall have
occurred and be continuing, and (y) upon written notice to the Administrative Agent, the
Borrower, directly or through one or more of its Subsidiaries,
shall have the option to invest such Net Cash Proceeds within 180 days of receipt thereof
in assets of the type used in the business of the Borrower
or any of its Subsidiaries; provided further that, if such Net
Cash Proceeds are not so reinvested within such 180-day period but are committed to be reinvested pursuant to a binding
obligation, the Borrower or its Subsidiaries (as
applicable) shall have an additional 90 days to reinvest such Net Cash Proceeds.

 

(ii)      
Mandatory prepayments of the Loans shall be applied, first, to prepayment of
the Term Loans to the remaining installments of the Term
Loans in the direct order of maturity; second, if all the Term Loans have been
paid in full, to prepayment of the Swingline Loans; third, if all Term
Loans and Swingline Loans have been paid in full, to repayment of outstanding LC
Disbursements; fourth, if all Term Loans, Swingline
Loans and outstanding LC Disbursements have been paid in full, to prepayment of
the Revolving Loans; and fifth, if all Term
Loans, Swingline Loans, outstanding LC
Disbursements and Revolving Loans have been paid in full, to Cash
Collateralize all LC Exposure, if any, in an amount equal to 103% of such LC
Exposure, on terms, pursuant to documentation, and in form and substance reasonably satisfactory to the Administrative
Agent and each applicable Issuing Bank.

 

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(c)              
Notice Matters. The Borrower shall notify the Administrative Agent (and, in
the case of prepayment of a Swingline Loan, the Swingline Lender) by submitting a written notice signed by the Borrower (by hand
delivery, telecopy or, if arrangements for doing so have been approved by the Administrative Agent, electronic communication) of
any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 1:00 p.m. three Business Days
before the date of prepayment, (ii) in the case of prepayment of a Base Rate Borrowing, not later than 1:00 p.m. one Business Day
before the date of prepayment, or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon on the date of
prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing
or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice
of termination of the Revolving Commitments as contemplated by Section 2.8, then such notice of prepayment may be revoked
if such notice of termination is revoked in accordance with Section 2.8. Promptly following receipt of any such notice
relating to a Term Borrowing or Revolving Borrowing, the Administrative Agent shall advise the Lenders in the applicable Facility
of the contents thereof. Each partial prepayment of any Term Borrowing or Revolving Borrowing under Section 2.10(a)
shall be in an amount that would be permitted in the case of an advance of a Term Borrowing or Revolving Borrowing of the same
Type as provided in Section 2.2. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12.
If a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall
also pay any amounts owing pursuant to Section 2.16.

 

(d)              
Overadvance. The Borrower shall prepay Revolving
Loans and Swingline Loans hereunder in such amounts and at such times (including in
connection with any optional or scheduled reduction of the total amount of the Revolving Commitments)
to assure that the total Revolving Credit Exposure does not exceed the then-current total
amount of Revolving Commitments.

 

Section
2.11      Fees.

 

(a)              
Commitment Fees. The Borrower
agrees to pay to the Administrative Agent for the account of each Revolving Lender
a commitment fee, which shall accrue at the Commitment Fee Rate per
annum of the average daily amount of the unused Revolving Commitment (if any) of
such Lender during the period from and including the
Effective Date to but excluding the date on which such Revolving Commitment
terminates. Accrued commitment fees shall be payable in arrears on the last day of
March, June, September and December of each year and on the date on which the Revolving Commitments
terminate, commencing on the first such date to occur after the date hereof.

 

(b)                Delayed-Draw
Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Term Lender a delayed-draw fee,
which shall accrue at the Delayed-Draw Fee Rate per annum of the amount of the unused Term Loan Commitment (if any) of such
Lender during the period from and including the Effective Date to but excluding the Term Loan Commitment Termination Date.
Accrued delayed-draw fees shall be payable in arrears on the last day of March, June, September and December of each year and
on the Term Loan Commitment Termination Date.

 

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(c)               
Letter of Credit Fees. The Borrower agrees to pay (i) to the Administrative
Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which
shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the average
daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during
the period from and including the Effective Date to but excluding the later of (x) the date on which such Revolving Lender’s
Revolving Commitment terminates and (y) the date on which such Revolving Lender ceases to have any LC Exposure (provided
that, this clause (i) is subject to Section 2.12(c)), and (ii) to each applicable Issuing Bank a fronting
fee of 0.25% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed
LC Disbursements) allocable to Letters of Credit issued by such Issuing Bank during the period from and including the Effective
Date to but excluding the later of the (x) date on which such Issuing Bank’s Revolving Commitments terminates and (y) the
date on which such Issuing Bank ceases to have any LC Exposure, as well as the applicable Issuing Bank’s standard fees with
respect to the issuance, amendment or extension of any Letter of Credit or processing of drawings thereunder. Participation fees
and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable
on the third Business Day following the last day of each such month, commencing on the first such date to occur after the Effective
Date; provided that, any accrued fees in respect of a Letter of Credit shall be payable on the date on which such Letter
of Credit terminates, all such fees shall be payable on the date on which the Revolving Commitments terminate, and any such fees
accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to the
Issuing Banks pursuant to this Section 2.11(c) shall be payable within 10 days after demand.

 

(d)              
Administrative Agent’s Fees. The Borrower
agrees to pay to the Administrative Agent, for its own account, fees payable in the
amounts and at the times separately agreed upon between the Borrower and the Administrative
Agent.

 

(e)               
Computation of Fees; Etc. All fees payable under this Section shall be computed on the basis of a year
of 360 days and shall be payable for the actual number of days elapsed (including the first
day but excluding the last day). Each determination by the Administrative Agent of a fee
hereunder shall be conclusive absent manifest error.
All fees payable hereunder shall be paid on the dates due, in immediately available funds,
to (i) the Administrative Agent for distribution, in the case of commitment
fees and participation fees, to the Lenders and (ii) to the applicable Issuing Bank, in
the case of fees payable to such Issuing Bank. Fees, once paid, shall be fully earned and shall not be refundable under
any circumstances.

 

Section
2.12            Interest.

 

(a)              
The Loans comprising each Base Rate Borrowing (including each Swingline Loan) shall bear interest at the Alternate
Base Rate plus the Applicable Rate.

 

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(b)              
The Loans comprising each Eurodollar Borrowing
shall bear interest at the LIBO Rate for the Interest
Period in effect for such Borrowing plus the Applicable
Rate.

 

(c)               
Notwithstanding anything to the contrary herein, upon the request of the Required
Lenders, at any time an Event of Default exists, (i) the
Applicable Rate with respect to each Loan and any Letter
of Credit shall be increased by 2%, and (ii) all other amounts payable by the Borrower
hereunder shall bear interest at a rate 2% above the rate applicable to Base Rate Borrowings
as provided in clause (a) above, in each of the foregoing clauses (i)
and (ii), after as well as before judgment; provided, that the increases described
in this clause (c) shall be effective immediately upon (x) any amount of principal of any Loan not being paid when due (without
regard to any applicable grace period), whether at stated maturity, by acceleration or otherwise, or (y) an Event of Default described
in Section 7.1(h) or Section 7.1(i).

 

(d)              
Accrued interest on each Loan shall be payable in arrears on each Interest
Payment Date for such Loan and, in the case of Revolving Loans, upon termination
of the Revolving Commitments; provided that, (i) interest accrued pursuant to clause (c)
of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan
(other than a prepayment of a Base Rate Revolving Loan
prior to the end of the Availability Period), accrued interest on the principal amount
repaid or prepaid shall be payable on the date of such repayment or prepayment, and (iii) in the event of any conversion of any
Eurodollar Loan prior to the end of the current Interest
Period therefor, accrued interest on such Loan shall be payable on the effective
date of such conversion.

 

(e)              
All interest hereunder shall be computed on the basis of a year of 360 days,
except that interest computed by reference to the Alternate Base Rate at times when the
Alternate Base Rate is based on the Prime Rate shall
be computed on the basis of a year of 365 days (or 366 days in a leap year) and, in each case, shall be payable for the actual
number of days elapsed (including the first day but excluding the last day). The applicable
Alternate Base Rate or LIBO Rate shall be determined
by the Administrative Agent, and such determination shall be
conclusive absent manifest error.

 

Section
2.13           Alternate
Rate of Interest. Subject to Section 2.23, notwithstanding any other provision of this Agreement, if prior to the commencement
of any Interest Period for a Eurodollar Borrowing:

 

(a)              
the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBO
Rate for an Interest Period with the duration of such Interest
Period; or

 

(b)               
the Administrative Agent is advised by the Required
Lenders that the LIBO Rate for such Interest Period
will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans
included in such Borrowing for an Interest Period
with the duration of such Interest Period;

 

then the
Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, followed promptly by written
confirmation thereof delivered by telecopy (or if arrangements for doing so have been approved by the Administrative Agent,
electronic communication) as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and
the Lenders that the circumstances giving rise to such notice no longer exist, then (i) any Interest Election Request that
requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing with an Interest
Period having the duration of such Interest Period shall be ineffective and any such Eurodollar Borrowing shall be repaid on
the last day of the then current Interest Period applicable thereto and (ii) if any Borrowing Request requests a Eurodollar
Borrowing with an Interest Period having the duration of such Interest Period, such Borrowing shall be made as a Eurodollar
Borrowing having an Interest Period with the shortest available duration described in the definition of “Interest
Period” or, in the absence of any such available duration, as a Base Rate Borrowing.

 

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Section
2.14           Increased
Costs.

 

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

 

(i)       
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender
(except any reserve requirement contemplated by Section 2.14(e));

 

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

 

(iii)     
impose on any Lender or any Issuing Bank or the London interbank market any
other condition, cost or expense (other than Taxes) affecting this Agreement
or Loans made by such Lender or any Letter of Credit
or participation therein;

 

and the result
of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing
or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, such Issuing
Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation
to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender,
Issuing Bank or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender
or other Recipient, the Borrower will pay to such Lender, Issuing Bank or other Recipient, as the case may be, such additional
amount or amounts as will compensate such Lender, Issuing Bank or other Recipient, as the case may be, for such additional costs
incurred or reduction suffered.

 

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

 

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

 

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

 

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

 

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Section
2.15             Change
in Legality. Notwithstanding any other provision of this Agreement, if any Change in Law shall make it unlawful for any
Lender to make or maintain, or convert any Loan into, a Eurodollar Loan, then, upon written notice by such Lender to the
Borrower and to the Administrative Agent, which notice shall specify the extent of such unlawfulness (e.g., whether such
unlawfulness applies to Eurodollar Loans generally or only to Interest Periods of a particular length):

 

(a)               
any request for the making or continuation of, or the conversion of Base Rate Loans
into, Eurodollar Loans shall, solely as to such Lender
and to the extent a Eurodollar Loan by such Lender
would be (or during the applicable Interest Period would become) unlawful, be disregarded
and the Loan of such Lender that would be part of
the applicable Borrowing of Eurodollar Loans shall
be made as, converted to or continue to be maintained as a Base Rate Loan (or bear interest
at such other rate as may be agreed between the Borrower and such Lender);
and

 

(b)              
each outstanding Eurodollar Loan of such Lender
shall, on the last day of the Interest Period therefor (unless such Loan
may be continued as a Eurodollar Loan for the full duration of any requested new
Interest Period without being unlawful) or on such earlier date as such Lender
shall specify is necessary pursuant to the applicable Change in Law, convert to a
Base Rate Loan.

 

Section
2.16             Break
Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an
Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.10),
(b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure
to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless
of whether such notice may be revoked under Section 2.8(c) and is revoked in accordance therewith), or (d) the assignment
of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower
pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and
expense attributable to such event. Such loss, cost or expense to any Lender shall be deemed to include an amount determined by
such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan
had such event not occurred, at the LIBO Rate that would have been applicable to such Loan, for the period from the date of such
event to the last day of the then-current Interest Period therefor (or, in the case of a failure to borrow, convert or continue,
for the period that would have been the Interest Period for such Loan) over (ii) the amount of interest that would accrue on such
principal amount for such period at the interest rate that such Lender would bid were it to bid, at the commencement of such period,
for Dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting
forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, including in reasonable summary detail
a description of the basis for such compensation and a calculation of such amount or amounts, shall be delivered to the Borrower
and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate
within ten (10) days after receipt thereof.

 

Section
2.17             Taxes.

 

(a)              
Issuing Bank; FATCA. For purposes of this Section 2.17, the term “Lender” includes
any Issuing Bank and the term “Applicable Law” includes FATCA.

 

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(b)              
Payments Free of Taxes. Any and all payments by or on account of any
obligation of any Loan Party under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by Applicable
Law. If any Applicable Law (as determined in the good faith discretion of an applicable
Withholding Agent) requires the deduction or withholding of any Tax
from any such payment by a Withholding Agent, then the applicable Withholding
Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld
to the relevant Governmental Authority in accordance with Applicable
Law and, if such Tax is an Indemnified Tax,
then the sum payable by the applicable Loan Party shall be increased as necessary so that
after such deduction or withholding has been made (including such deductions and withholdings
applicable to additional sums payable under this Section) the applicable Recipient receives
an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(c)               
Payment of Other Taxes by the Borrower.
The Borrower shall timely pay to the relevant Governmental
Authority in accordance with Applicable Law, or, at the option of the Administrative
Agent, timely reimburse it for the payment of, any Other Taxes.

 

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

 

(e)               
Indemnification by the Lenders. Each Lender shall severally indemnify
the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified
Taxes attributable to such Lender (but only to the extent that any Loan
Party has not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any
Taxes attributable to such Lender’s failure
to comply with the provisions of Section 9.4(d) relating to the maintenance
of a Participant Register, and (iii) any Excluded Taxes
attributable to such Lender, in each case, that are payable or paid by the Administrative
Agent in connection with any Loan Document, and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to any Lender by the Administrative
Agent shall be conclusive absent manifest error. Each Lender
hereby authorizes the Administrative Agent to set off and apply any and all amounts
at any time owing to such Lender under any Loan Document
or otherwise payable by the Administrative Agent to the Lender
from any other source against any amount due to the Administrative Agent under this
clause (e).

 

(f)                Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan
Party to a Governmental Authority pursuant to this Section 2.17,
such Loan Party shall deliver to the Administrative
Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.

 

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(g)               
Status of Lenders.

 

(i)        
Any Lender that is entitled to an exemption from or reduction of withholding
Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent,
at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by the Borrower or the Administrative
Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably
requested by the Borrower or the Administrative Agent as
will enable the Borrower or the Administrative
Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution and submission of such documentation (other than
such documentation set forth in Sections 2.17(g)(ii)(A) and 2.17(g)(ii)(B)
and 2.17(g)(ii)(D) below) shall not be required if, in the Lender’s reasonable
judgment, such completion, execution or submission would subject such Lender
to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii)       
Without limiting the generality of the foregoing, in the event that the Borrower
is a U.S. Person,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(D)             If
a payment made to a Lender under any Loan Document would
be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those
contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender shall
deliver to the Borrower and the Administrative Agent at
the time or times prescribed by law and at such time or times reasonably requested by the Borrower or
the Administrative Agent such documentation prescribed by Applicable
Law (including as prescribed by Section 1471(b)(3)(C)(i) of the IRC)
and such additional documentation reasonably requested by the Borrower or the Administrative
Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and
to determine that such Lender has complied with such Lender’s obligations under FATCA or
to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),
 “FATCA” shall include any
amendments made to FATCA after the date of this Agreement.

 

(h)          
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that
it has received a refund of any Taxes as to which it has been indemnified pursuant to this
Section 2.17 (including by the payment
of additional amounts pursuant to this Section 2.17),
it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund). Such
indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant
to this clause (h) (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) in the event that such indemnified
party is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this clause (h), in no event will
the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (h)
the payment of which would place the indemnified party in a less favorable net after-Tax position
than the indemnified party would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This clause (h)
shall not be construed to require any indemnified party to make available its Tax returns
(or any other information relating to its Taxes that
it deems confidential) to the indemnifying party or any other Person.

 

(i)                
Survival. Each party’s obligations under this Section 2.17
shall survive the resignation or replacement of the Administrative Agent or any assignment
of rights by, or the replacement of, a Lender, the termination of the Commitments
and the repayment, satisfaction or discharge of all other Obligations.

 

(j)                
Updates. Each Lender agrees that if any form or certification it previously
delivered pursuant to this Section 2.17 expires or becomes obsolete or inaccurate
in any respect, it shall update such form or certification or promptly notify the Borrower and
the Administrative Agent in writing of its legal inability to do so.

 

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Section
2.18             Payments
Generally; Pro Rata Treatment; Sharing of Set-offs.

 

(a)               
The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or
reimbursement of LC Disbursements, or of amounts payable under Section 2.14, 2.16 or 2.17, or otherwise)
prior to 2:00 p.m. on the date when due, in immediately available funds, without defense, deduction, recoupment, set-off or counterclaim.
Any amounts received after such time on any date may, in the sole and absolute discretion of the Administrative Agent, be deemed
to have been received on the next succeeding Business Day for purposes of calculating interest thereon and fees with respect thereto.
All such payments shall be made to the Administrative Agent at its offices at 425 5th Avenue, New York, NY 10018, except payments
to be made directly to any Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.14,
2.16, 2.17 and 9.3 shall be made directly to the Persons entitled thereto. The Administrative Agent shall
distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following
receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended
to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the
period of such extension; provided that if the next succeeding Business Day is after the Revolving Maturity Date or the
Term Loan Maturity Date, as applicable, payment shall be made on the immediately preceding Business Day. All payments hereunder
shall be made in Dollars.

 

(b)              
Except as otherwise provided in Section 7.2, if, at any time, insufficient funds are received by and available
to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements,
interest and fees then due hereunder, such funds shall be applied (i) first, towards payment
of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed
LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

 

(c)               
If any Lender shall, by exercising any right of setoff or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its Loans or
other obligations hereunder resulting in such Lender receiving
payment of a proportion of the aggregate amount of its Loans and accrued interest thereon
or other such obligations greater than its pro  rata share thereof as
provided herein, then the Lender receiving such
greater proportion shall (i) notify the Administrative Agent of such fact, and (ii) purchase
(for cash at face value) participations in the Loans and such other obligations
of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall
be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Loans and other amounts owing to them; provided that:

 

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

 

(y) the
provisions of this Section 2.18(c) shall not be construed to apply to (A) any payment made by the Borrower
pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the
existence of a Defaulting Lender), (B) the application of Cash Collateral provided for in Section 2.20 or (C) any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or
participations in LC Disbursements to any assignee or participant other than to the Borrower or any Subsidiary thereof (as to
which the provisions of this paragraph shall apply).

 

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

 

(d)              
Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment
is due to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that the Borrower will not make
such payment, the Administrative Agent may in its sole and absolute discretion assume that the Borrower has made such payment on
such date in accordance herewith and may, in its sole and absolute discretion in reliance upon such assumption, distribute to the
Lenders or the Issuing Banks, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment,
then each of the Lenders or the Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender or Issuing Bank, with interest thereon, for each day from and including the
date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal
Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
Nothing in this Section 2.18(d) shall obligate the Administrative Agent to prefund any amount.

 

(e)               
The obligations of the Lenders hereunder to
make Loans, to fund participations in Letters of Credit and Swingline Loans and to make
payments pursuant to Section 9.3(c) are several and not joint. The failure of
any Lender to make any Loan, to fund
any such participation or to make any payment under Section 9.3(c) on
any date required hereunder shall not relieve any other Lender
of its corresponding obligation to do so on such date, and no Lender shall be responsible
for the failure of any other Lender to so make its Loan,
to purchase its participation or to make its payment under Section 9.3(c).

 

Section
2.19             Mitigation
Obligations; Replacement of Lenders.

 

(a)                Designation
of a Different Lending Office. If any Lender requests compensation under Section 2.14,
or delivers a notice described in Section 2.15, or requires the Borrower to
pay any Indemnified Tax or additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to Section 2.17,
then such Lender shall (at the request of the Borrower)
use reasonable efforts to designate a different lending office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the judgment of such Lender, such designation
or assignment (i) would eliminate or reduce any amount payable pursuant to Section 2.14 or 2.17,
or illegality, as the case may be, in the future, and (ii) would not subject such Lender to
any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.
The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment.

 

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(b)              
Replacement of Lenders. If any Lender requests compensation under Section 2.14,
or if any Lender delivers a notice described in Section 2.15
or if the Borrower is required to pay any Indemnified Tax
or additional amount to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 2.17,
and, in each case, such Lender has declined or is unable to designate a different lending
office in accordance with Section 2.19(a) (each such Lender,
an “Increased Cost Lender”), or if any Lender
is a Defaulting Lender or a Non-Consenting Lender,
then the Borrower may, at its sole expense and effort, upon notice to such Lender
and the Administrative Agent, require such Lender
to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents
required by, Section 9.4), all of its
interests, rights (other than its existing rights to payments pursuant to Section 2.14
or Section 2.17) and obligations
under this Agreement and the related Loan Documents
to an Eligible Assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender
accepts such assignment); provided that:

 

(i)       
the Borrower shall have paid to the Administrative
Agent the assignment fee (if any) specified in Section 9.4
(other than in the case of the replacement of a Defaulting Lender or a Non-Consenting Lender);

 

(ii)      
such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and participations in LC Disbursements, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan
Documents (including any amounts under Section 2.16)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower
(in the case of all other amounts);

 

(iii)     
in the case of any such assignment resulting from a claim for compensation under Section 2.14
or payments required to be made pursuant to Section 2.17, such assignment will
result in a reduction in such compensation or payments thereafter;

 

(iv)     
in the case of any such assignment resulting from a notice of illegality under Section 2.15,
such assignment will eliminate such illegality;

 

(v)      
such assignment does not conflict with Applicable Law; and

 

(vi)     
in the case of any assignment resulting from a Lender becoming a Non-Consenting
Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

 

A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

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Section
2.20             Cash
Collateral. At any time that there shall exist a Defaulting Lender, within one Business Day following the written request
of the Administrative Agent or any Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize
the Issuing Banks’ Fronting Exposures with respect to such Defaulting Lender (determined after giving effect to Section 2.21(a)(iv)
and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Cash Collateral Amount.

 

(a)                
Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting
Lender, hereby grants to the Administrative Agent, for the benefit of any Issuing Bank, and agrees to maintain, a first priority
security interest in all such Cash Collateral as security for such Defaulting Lender’s obligation to fund participations
in respect of LC Exposure, to be applied pursuant to clause (b) below. If, at any time, the Administrative Agent determines
that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Banks as
herein provided, or that the total amount of such Cash Collateral is less than the Minimum Cash Collateral Amount, the Borrower
will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in
an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the applicable Defaulting
Lender).

 

(b)               
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided
under this Section 2.20 or Section 2.21 in respect of Letters of Credit shall be applied to the satisfaction
of the Defaulting Lender’s obligation to fund participations in respect of LC Exposure (including, as to Cash Collateral
provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior
to any other application of such property as may otherwise be provided for herein.

 

(c)                
Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce any Issuing
Bank’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.20
following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of
the applicable Lender), or (ii) the determination by the Administrative Agent and each Issuing Bank that there exists excess Cash
Collateral; provided that, subject to Section 2.21, the Person providing Cash Collateral and each Issuing Bank
may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations; provided 
further that, to the extent that such Cash Collateral was provided by the Borrower, any such Cash Collateral so held shall
remain subject to the security interest granted pursuant to the Loan Documents.

 

Section
2.21             Defaulting
Lenders.

 

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

 

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

 

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(ii)       Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative
Agent for the account of such Defaulting Lender (whether voluntary or
mandatory, at maturity, pursuant to Section 7.1 or otherwise), or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 9.8,
shall be applied at such time or times as may be determined by the Administrative Agent as
follows: first, to the payment of any amounts owing by such Defaulting Lender to
the Administrative Agent hereunder; second, to the payment on a pro  rata basis
of any amounts owing by such Defaulting Lender to any Issuing Bank or Swingline Lender hereunder; third, to Cash
Collateralize the Issuing Banks’ Fronting Exposures with respect to such Defaulting Lender in accordance with Section
2.20; fourth, as the Borrower may request (so long as no Default
or Event of Default exists), to the funding of any Loan in respect of which
such Defaulting Lender has failed to fund its
portion thereof as required by this Agreement, as determined by the Administrative
Agent; fifth, if so determined by the Administrative Agent in its sole
and absolute discretion, to be held in a deposit account as Cash Collateral for
release in such order as the Administrative Agent shall determine in order to satisfy
(x) such Defaulting Lender’s potential future funding obligations with
respect to Loans under this Agreement, and (y)
the Issuing Bank’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of
Credit issued under this Agreement, in accordance with Section 2.20; sixth, to the payment of any amounts owing
to the Lenders, the Issuing Banks or the Swingline Lender as a result of any judgment of a court of competent jurisdiction
obtained by any Lender, the Issuing Banks or the Swingline Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of
Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent
jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of
its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that, if (x) such payment is a payment of the principal amount of any Loans or LC
Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were
made, or the related Letters of Credit were issued, at a time when the conditions set forth in Section 4.2 were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all
Non-Defaulting Lenders on a pro  rata basis prior to being applied to the payment of any Loans of, or LC
Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in LC
Exposure and Swingline Loans are held by the Lenders pro  rata in accordance with the Commitments under
the applicable Facility without giving effect to Section 2.21(a)(iv). Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash
Collateral pursuant to this Section 2.21(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto.

 

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(iii)      
Certain Fees.

 

(A)            
No Defaulting Lender shall be entitled to receive any commitment fee pursuant to Section 2.11(a) for any period
during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would
have been required to have been paid to that Defaulting Lender).

 

(B)             
Each Defaulting Lender shall be entitled to receive participation fees under Section 2.11(c) with respect
to its participation in Letters of Credit for any period during which that Lender is a Defaulting Lender only to the extent allocable
to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section
2.20.

 

(C)             
With respect to any participation fees with respect to Letters of Credit not required to be paid to any Defaulting
Lender pursuant to clause (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such
fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in LC Exposure or
Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each
Issuing Bank and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the
extent allocable to such Issuing Bank’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z)
not be required to pay the remaining amount of any such fee.

 

(iv)     
Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in LC Exposure and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their
respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent
that (x) the conditions set forth in Section 4.2 are satisfied at the time of such reallocation (and, unless the Borrower
shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted
that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure
of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 9.15,
no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender
arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such
Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)      Cash
Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can only
partially, be effected, the Borrower shall, within one Business Day following notice by the Administrative Agent, without
prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal
to the Swingline Lender’s Fronting Exposure, and (y) second, Cash Collateralize the Issuing Banks’ Fronting
Exposure in accordance with the procedures set forth in Section 2.20.

 

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(b)              
Defaulting Lender Cure. If the Borrower,
the Administrative Agent, the Swingline Lender and each Issuing Bank agree in writing
that a Lender is no longer a Defaulting Lender,
the Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein (which may include
arrangements with respect to any Cash Collateral), that Lender will, to the extent
applicable, purchase at par that portion of outstanding Loans of the other Lenders or take
such other actions as the Administrative Agent may determine to be necessary to cause the
Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to
be held pro  rata by the Lenders in accordance with the Commitments under the
applicable Facility (without giving effect to Section 2.21(a)(iv)), whereupon such Lender
will cease to be a Defaulting Lender; provided that, no adjustment will
be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower
while that Lender was a Defaulting Lender;
and provided  further that, except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Lender
will constitute a waiver or release of any claim of any party hereunder arising
from that Lender’s having been a Defaulting Lender.

 

(c)               
New Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender
shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect
to such Swingline Loan, and (ii) no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless
it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

Section
2.22             Incremental
Facilities.

 

(a)               The
Borrower may by written notice to the Administrative Agent elect to request an increase in Revolving Commitments (the
 “Incremental Revolving Commitments”), which Incremental Revolving Commitments shall be on terms identical
to those applicable to the other Revolving Commitments in place on the applicable Incremental Revolving Commitment Effective
Date, by an amount (for all such requests) not in excess of $100,000,000 in the aggregate; provided that, (i) any such
request for an Incremental Revolving Commitment shall be in a minimum amount of $10,000,000 (or, if less, the remaining
portion of the available Incremental Revolving Commitments) and integral multiples of $1,000,000 in excess of such amount,
and (ii) the Borrower may not submit more than four such requests during the term of this Agreement. Each such notice shall
specify (i) the date (each, an “Incremental Revolving Commitment Effective Date”) on which the Borrower
proposes that the Incremental Revolving Commitments shall be effective, which shall be a date not less than 15 Business Days
(or such shorter period as agreed by the Administrative Agent) after the date on which such notice is delivered to the
Administrative Agent, and (ii) the identity of each Lender or other Person that is an Eligible Assignee (each, an
 “Incremental Revolving Lender”) to whom the Borrower proposes any portion of such Incremental Revolving
Commitments be allocated and the amounts of such allocations; provided that, any Lender approached to provide all or a
portion of the Incremental Revolving Commitments may elect or decline, in its sole discretion, to provide an Incremental
Revolving Commitment. Each Lender shall notify the Administrative Agent within the required time period whether or not it
agrees to provide any portion of the applicable Incremental Revolving Commitments and, if so, shall specify the amount of
such Incremental Revolving Commitments it desires to be allocated to it. Any Lender not responding within such time period
shall be deemed to have declined to increase its Commitments. Such Incremental Revolving Commitments shall become effective
as of such Incremental Revolving Commitment Effective Date; provided that, (i) the Borrower shall pay all reasonable
and documented out-of-pocket expenses (including any upfront fees and reasonable and documented fees and out-of-pocket
expenses of counsel) of the Incremental Revolving Lenders and the Administrative Agent, (ii) the Borrower shall have
delivered to the Administrative Agent a certificate dated as of such Incremental Revolving Commitment Effective Date and
signed by a Financial Officer (x) certifying and attaching the resolutions adopted by the Borrower approving the applicable
Incremental Revolving Commitments, and (y) certifying that (1) no Default exists on such Incremental Revolving Commitment
Effective Date before or after giving effect to such Incremental Revolving Commitments, (2) both before and after giving
effect to the Incremental Revolving Commitments, the representations and warranties of the Loan Parties contained herein and
in the other Loan Documents are true and correct in all material respects on and as of the Incremental Revolving Commitment
Effective Date (except to the extent such representations and warranties relate solely to an earlier date, in which case such
representations and warranties were true and correct in all material respects as of such earlier date), and (3) the Borrower
is in pro forma compliance with each of the financial covenants set forth in Section 6.1 as of the last
day of the most recently ended fiscal quarter after giving effect to such Incremental Revolving Commitments, calculated
assuming the Incremental Revolving Commitments are fully drawn, (iii) the Incremental Revolving Commitments shall be effected
pursuant to one or more agreements in form and substance satisfactory to the Administrative Agent, executed and delivered by
the Borrower, each Incremental Revolving Lender and the Administrative Agent, and each of which shall be recorded in the
Register and each Incremental Revolving Lender shall be subject to the requirements set forth in Section 2.17(g),
and (iv) the Borrower shall deliver or cause to be delivered a certificate as to the foregoing and any legal opinions,
reaffirmations of security, reaffirmations of guarantees or other documents reasonably requested by the Administrative Agent
in connection with any such transaction.

 

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On each Incremental
Revolving Commitment Effective Date, subject to the terms and conditions set forth in this Section, each Incremental Revolving
Commitment shall be a Revolving Commitment and part of the Revolving Facility (and not a separate Facility hereunder), each Incremental
Revolving Lender providing such Incremental Revolving Commitment shall be, and have all the rights of, a Revolving Lender, and
the Revolving Loans made by it on such Incremental Revolving Commitment Effective Date pursuant to this Section shall be Revolving
Loans, for all purposes of this Agreement. Except for purposes of this Section 2.22(a), any Incremental Revolving Commitments
that are designated as an increase to the Revolving Commitments shall be deemed to be effective as of the applicable Incremental
Revolving Commitment Effective Date, and after the effectiveness of such Incremental Revolving Commitments, Revolving Commitments
for all purposes of this Agreement.

 

(b)          The
Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Incremental
Revolving Commitment Effective Date. Any existing Revolving Lender that has a Note and participates in any Incremental
Revolving Commitment shall, following request therefor and substantially contemporaneously with the delivery of its Note to
be replaced to the Borrower, receive a replacement Note that evidences the aggregate principal amount of its Revolving Loans
outstanding hereunder. Any new Lender requesting a Note shall receive such a Note in an amount equal to the aggregate
principal amount of its Incremental Revolving Commitment.

 

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(c)          The
Incremental Revolving Commitments established pursuant to this Section 2.22, and all Revolving Loans thereunder, shall
constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan
Documents and shall, without limiting the foregoing, benefit equally and ratably with the Obligations from the Guarantors and security
interests created by the Security Documents.

 

Section
2.23        Effect
of Benchmark Transition Event.

 

(a)          
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon
the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower
may amend this Agreement to replace the LIBO Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark
Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such
proposed amendment to all Lenders and Borrower so long as the Administrative Agent has not received, by such time, written notice
of objection to such amendment from Lenders comprising the Required Lenders of each Class. Any such amendment with respect to an
Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative
Agent written notice that such Required Lenders accept such amendment. No replacement of the LIBO Rate with a Benchmark Replacement
pursuant to this Section 2.23(a) will occur prior to the applicable Benchmark Transition Start Date.

 

(b)        
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement,
the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding
anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming
Changes will become effective without any further action or consent of any other party to this Agreement.

 

(c)           
Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower
and the Lenders of (1) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related
Benchmark Replacement Date and Benchmark Transition Start Date, (2) the implementation of any Benchmark Replacement, (3) the effectiveness
of any Benchmark Replacement Conforming Changes and (4) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Administrative Agent or the Lenders pursuant to this Section
2.23(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of
an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent
manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each
case, as expressly required pursuant to this Section 2.23(c).

 

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(d)          
Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark
Unavailability Period, the Borrower may revoke any request for a Eurodollar Borrowing of, conversion to or continuation of Eurodollar
Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, in the case of a request
for a borrowing of, conversion to or continuation of Dollar denominated Loans, the Borrower will be deemed to have converted any
such request into a request for a Borrowing of or conversion to the Alternate Base Rate Loans. During any Benchmark Unavailability
Period, the component of the Alternate Base Rate based upon the LIBO Rate will not be used in any determination of the Alternate
Base Rate.

 

Article
III

Representations and Warranties

 

The Borrower represents
and warrants to the Administrative Agent, the Issuing Banks and the Lenders that:

 

Section
3.1         
Organization; Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, has all requisite power and authority to own or lease its property and
to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction
where its ownership, lease or operation of properties or the conduct of its business requires such qualification.

 

Section
3.2        
Authorization; Enforceability. The Transactions are within the corporate or other applicable organizational powers
of the Loan Parties and have been duly authorized by all necessary corporate or other applicable organizational actions and, if
required, actions by stockholder and other equity holders. This Agreement has been, and each other Loan Document, when delivered
hereunder, will have been, duly executed and delivered by each Loan Party that is a party thereto and constitutes, or will constitute,
a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

Section
3.3          Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or
any other action by, any Governmental Authority or any other Person, except such as have been obtained or made and are in
full force and effect, (b) will not violate any Applicable Law or the charter, by-laws or other organizational documents of
any Loan Party or any Subsidiary of the Borrower or any order of any Governmental Authority, (c) will not violate or result
in a default under any indenture, agreement or other instrument binding upon any Loan Party or any Subsidiary of the Borrower
or their assets, or give rise to a right thereunder to require any payment to be made by any Loan Party or any Subsidiary of
the Borrower, and (d) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any
Subsidiary of the Borrower (except for Liens created by the Security Documents).

 

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Section
3.4          
Financial Condition; No Material Adverse Effect.

 

(a)           
The Borrower has furnished the Lenders a balance sheet and statements of income, stockholders’ equity and cash
flows of Globant S.A. (Luxembourg) and its Subsidiaries on a Consolidated basis as of and for the fiscal year ended 2018, audited
on by independent public accountants. Such financial statements were prepared in accordance with IFRS consistently applied, present
fairly the financial position and results of operations and cash flows of Globant S.A. (Luxembourg) and its Subsidiaries on a Consolidated
basis as of such dates and for such periods.

 

(b)          
No Loan Party has any material liabilities, contingent or otherwise, or forward or
long-term commitments that are not disclosed in the financial statements referred to in Section 3.4(a) or in the notes
thereto. No Material Adverse Effect has occurred since December 31, 2018 and
no other facts or circumstances exist nor has any development or event occurred that has had or could reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect (other than the Disclosed Matters, but only to the extent amounts
paid in respect of any or all Disclosed Matters do not exceed in the aggregate $1,500,000).

 

(c)           
All balance sheets, all statements of income and of cash flows and all other financial information
of Globant S.A. (Luxembourg) and its Subsidiaries furnished pursuant to Section 5.1
have been and will for periods following the Effective Date
be prepared in accordance with IFRS consistently applied, and do or will
present fairly the financial condition of the Persons covered thereby on a Consolidated
basis as at the dates thereof and the results of their operations for the periods then ended.

 

(d)          
The forecasted balance sheet and statements of income and cash flows of Globant S.A.
(Luxembourg) and its Subsidiaries delivered pursuant to Section 5.1(d) were prepared on a Consolidated basis in good
faith on the basis of the assumptions stated therein, which assumptions were fair in light of the conditions existing at the time
of delivery of such forecasts, and represented, at the time of delivery, Globant S.A. (Luxembourg)’s reasonable
estimate of its future financial condition and performance, it being understood that such forecasts (i) are subject to significant
uncertainties and contingencies, many of which are beyond the Borrower’s control, that no assurance can be given that any
particular projections will be realized, the actual results may differ and that such differences may be material and (ii) are not
a guarantee of performance.

 

Section
3.5           
Properties. Each of the Borrower and its Subsidiaries has (i) in the case
of owned real property, good and marketable title to, (ii) in the case of owned personal property, good and valid title to, and
(iii) in the case of leased real or personal property, valid and enforceable leasehold interests (as the case may be) in, all its
real and personal property necessary or used in the ordinary conduct of its business, except for defects in title that could not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The property of the Borrower and
its Subsidiaries is subject to no Liens, other than Liens permitted by Section 6.3.

 

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Section
3.6          
Litigation and Environmental Matters.

 

(a)          
There are no actions, suits, litigation, investigations or proceedings by, of or before any arbitrator or Governmental
Authority pending against or, to the knowledge of the Borrower, threatened by or against or affecting any Loan Party or any Subsidiary
of the Borrower or against any of its property or assets (i) as to which there is a reasonable possibility of an adverse determination
and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect (other than the Disclosed Matters, but only to the extent amounts paid in respect of any or all Disclosed Matters do not
exceed in the aggregate $1,500,000), or (ii) that involve, or purport to affect or pertain to, this Agreement, any other Loan Document
or the Transactions.

 

(b)          
Except with respect to any matters that, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect, no Loan Party or Subsidiary
of the Borrower (i) has failed to comply with any Environmental Law or any remediation
order, notice of claim, notice of infraction or other order under any Environmental Law or
to obtain, maintain or comply with any permit, license or other approval required under any Environmental
Law, (ii) has become subject to any Environmental Liability, (iii) has received notice
of any claim with respect to any Environmental Liability, or (iv) knows of any basis for
any Environmental Liability.

 

(c)          
Except with respect to any other matters that, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, with respect to any real property
owned or leased by any Loan Party or any Subsidiary of the Borrower, (i) there has
been no release of Hazardous Materials at, from, or to the real property,
including the soils, surface waters, or ground waters thereof, and (ii) there are no conditions
at the real property which, with the passage of time, or giving of notice, or both, would
be reasonably likely to result in an Environmental Liability.

 

Section
3.7           
Compliance with Laws and Contractual Obligations; No Defaults. Each Loan Party
and each Subsidiary of the Borrower is in compliance in all material respects with all Applicable Laws. Each Loan Party and each
Subsidiary of the Borrower is in compliance with all of its Contractual Obligations, except where the failure to do so, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Neither any Loan Party nor any Subsidiary
of the Borrower is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation
of the Transactions.

 

Section
3.8           
Investment Company Status; Other Laws. No Loan Party or Subsidiary
of the Borrower is or is required to be registered as an “investment company” as defined in, or subject to regulation
under, the Investment Company Act of 1940.

 

Section
3.9            Taxes.
Each Loan Party and each Subsidiary of the Borrower has timely filed or caused to be filed all federal, state and other
material Tax returns and reports required to have been filed by it and has paid or caused to be paid all federal, state and
other material taxes, assessments, fees and other governmental charges required to have been paid by it or levied or imposed
upon it or its properties, income or assets otherwise due and payable, except Taxes that are being contested in good faith by
appropriate proceedings diligently conducted and for which the Borrower or such Subsidiary, as applicable, has set aside on
its books adequate reserves in accordance with IFRS.

 

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Section
3.10        ERISA
Compliance. Each Plan is in compliance in all material respects with all applicable requirements of ERISA, the IRC and other
Applicable Law. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA
Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.
No claim, action, suit, audit or investigation with respect to any Plan exists or has been commenced or, to the knowledge of the
Borrower, threatened, other than routine claims for benefits and except for such claims, actions, suits, audits and investigations
that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. There has been
no prohibited transaction or violation of the fiduciary responsibility rules arising under ERISA with respect to any Plan that
has resulted or could reasonably be expected to result in a Material Adverse Effect. The Borrower and each ERISA Affiliate has
complied with the Funding Rules with respect to each Pension Plan, and no waiver of the minimum funding requirements under the
Funding Rules has been applied for or obtained. As of the most recent valuation date for any Pension Plan, the funding target attainment
percentage (as defined in Section 430 of the IRC) is 60% or higher and no facts or circumstances exist that could reasonably
be expected to cause the funding target attainment percentage to drop below such threshold as of the most recent valuation date.

 

Section
3.11        Insurance.
Set forth on Schedule 3.11 is a complete and accurate summary of the property and casualty insurance program of the
Loan Parties as of the Effective Date (including the names of all insurers, policy numbers, expiration dates, amounts and types
of coverage, annual premiums, exclusions, deductibles, self-insured retention and a description in reasonable detail of any self-insurance
program, retrospective rating plan, fronting arrangement or other risk assumption arrangement involving any Loan Party). The properties
of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the
Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar
businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates.

 

Section
3.12        Margin
Regulations. No Loan Party and no Subsidiary thereof is engaged or will engage, principally or as one of its important activities,
in the business of purchasing or carrying margin stock (within the meaning of Regulation U), or extending credit for the purpose
of purchasing or carrying margin stock. No part of the proceeds of any Loan or any Letter of Credit have been used, directly or
indirectly, to purchase or carry, or to extend credit to others to purchase or carry, any margin stock (within the meaning of Regulation
U) or for any other purpose that entails a violation of any Regulations of the FRB, including Regulation U.

 

Section
3.13        Subsidiaries; Equity
Interests. No Loan Party has any Subsidiaries other than those specifically disclosed in Part I of Schedule 3.13
(and any Subsidiaries that are permitted to have been organized or acquired after the Effective Date in accordance with Section
6.6). All of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and
nonassessable and are owned by a Loan Party in the amounts specified on Part I of Schedule 3.13 free and
clear of all Liens (other than Liens created by the Security Documents and Liens permitted under Section 6.3). No Loan
Party has any equity investments in any other Person other than those specifically disclosed in Part II of Schedule 3.13
(and any Subsidiaries that are permitted to have been organized or acquired after the Effective Date in accordance with Section
6.6). All of the outstanding Equity Interests in the Borrower have been validly issued, and are fully paid and
nonassessable and are owned by Globant S.A. (Spain) in the amounts specified on Part III of Schedule 3.13
free and clear of all Liens.

 

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Section
3.14        Sanctions.
None of the Loan Parties, any of their respective Subsidiaries, any director or officer, or any employee, agent, or affiliate,
of the respective Loan Parties or any of their respective Subsidiaries is a Person that is, or is owned or controlled by Persons
that are, (i) the subject of any sanctions administered or enforced by the US Department of the Treasury’s Office of Foreign
Assets Control, the US Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury,
the Hong Kong Monetary Authority or other relevant sanctions authority (collectively, “Sanctions”), or (ii)
located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions, including,
without limitation, currently, Cuba, the Crimea region of Ukraine, Iran, North Korea and Syria.

 

Section
3.15        Disclosure.
The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any Loan
Party or any Subsidiary of the Borrower is subject, and all other matters known to it, that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect. The reports, financial statements, certificates or other information
(whether in writing or orally) furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender pursuant to
or in connection with the Loan Documents (as modified or supplemented by other information so furnished), when taken as a whole,
do not contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial
information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time made, it being understood that such forecasts (i) are not to be viewed as facts and are subject to significant
uncertainties and contingencies, many of which are beyond the Borrower’s control, that no assurance can be given that any
particular projections will be realized, that actual results may differ and that such differences may be material and adverse and
(ii) are not a guarantee of performance.

 

Section
3.16        Security
Documents. The Security Agreement has created, and continues to create, in favor of the Administrative Agent, for
the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and
proceeds thereof. In the case of the Collateral described in the Security Agreement, financing statements and other filings
in appropriate form have been filed in the appropriate offices, and the Borrower has granted, and continues to grant, a fully
perfected first priority Lien on, and security interest in, all right, title and interest of the Borrower in such Collateral
and the proceeds thereof solely to the extent a security interest can be perfected solely by such filing or other action
required thereunder as security for the Secured Obligations, in each case prior and superior in right to any other Person
(except for Liens permitted by Section 6.3).

 

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Section
3.17        Solvency,
etc.

 

(a)          
On the Effective Date, and immediately prior to and after giving effect to the Transactions and to the issuance of
each Letter of Credit and each Borrowing hereunder and the use of the proceeds thereof, with respect to the Borrower, individually,
(a) the fair value of its assets is greater than the amount of its liabilities (including contingent liabilities), (b) the present
fair saleable value of its assets is not less than the amount that will be required to pay the probable liability on its debts
as they become absolute and matured, (c) it is able to pay its debts and other liabilities (including contingent liabilities) as
they become absolute and matured in the ordinary course of business, (d) it does not intend to, and does not believe that it will,
incur debts or liabilities beyond its ability to pay as such debts and liabilities mature, and (e) it is not engaged in business
or a transaction, and is not about to engage in business or a transaction, for which its property would constitute unreasonably
small capital; provided that, the amount of contingent liabilities at any time shall be computed as the amount that, in
the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become
an actual or matured liability.

 

(b)          
On the Effective Date, and immediately prior to and after giving effect to the Transactions and each Borrowing hereunder
and the use of the proceeds thereof, (a) the fair value of the assets of the Loan Parties (on a Consolidated basis) is greater
than the amount of the liabilities (including contingent liabilities), (b) the present fair saleable value of the assets of the
Loan Parties (on a Consolidated basis) is not less than the amount that will be required to pay the probable liability of the Loan
Parties (on a Consolidated basis) on their debts as they become absolute and matured, (c) the Loan Parties (on a Consolidated basis)
are able to pay their debts and other liabilities (including contingent liabilities) as they become absolute and matured in the
ordinary course of business, (d) the Loan Parties do not intend to, and do not believe that they will, incur debts or liabilities
beyond their ability to pay as such debts and liabilities mature, and (e) the Loan Parties (on a Consolidated basis) are not engaged
in business or a transaction, and are not about to engage in business or a transaction, for which their property would constitute
unreasonably small capital; provided that, the amount of contingent liabilities at any time shall be computed as the amount
that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected
to become an actual or matured liability.

 

Section
3.18        Reserved.

 

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

 

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Section
3.20        Labor
Matters. Except as set forth on Schedule 3.20, no Loan Party is subject to any labor or collective bargaining
agreement. There are no existing or threatened strikes, lockouts or other labor disputes involving any Loan Party that, individually
or in the aggregate could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to employees
of the Loan Parties are not in violation of the Fair Labor Standards Act or any other Applicable Law dealing with such matters
in any material respect.

 

Section
3.21        Reserved

 

Section
3.22        EEA
Financial Institution. No Loan Party is an EEA Financial Institution.

 

Section
3.23        Anti-Corruption.
None of the Loan Parties or Subsidiaries of the Loan Parties or any of their respective directors or officers or, to the knowledge
of any of the Loan Parties or Subsidiaries of the Loan Parties, any of their respective agents, employees, Affiliates or any Person
acting on behalf of such party, is aware of or has taken any action, directly or indirectly, that would result in a violation by
such persons of any applicable anti-bribery law or Anti-Money Laundering Laws, rules or regulations in any applicable jurisdiction,
including but not limited to, the United Kingdom Bribery Act 2010 and the rules and regulations thereunder (the “UK Bribery
Act”), the U.S. Foreign Corrupt Practices Act of 1977, and the rules and regulations thereunder (the “FCPA”).
Furthermore, the Loan Parties and, to the knowledge of the Loan Parties, their respective Affiliates have conducted their business
in compliance with the UK Bribery Act, the FCPA and similar laws, rules or regulations and have instituted and maintain policies
and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

 

Section
3.24        Use
of Proceeds. The proceeds of the Loans and Letters of Credit shall be used to pay fees, commissions and expenses of the Transactions,
for lawful general corporate purposes (including, without limitation, payments in connection with Acquisitions permitted hereunder)
and working capital requirements of the Borrower.

 

Article
IV

 

Conditions Precedent

 

Section
4.1         
Effective Date. The obligations of the Lenders to make Loans and of the Issuing
Bank to issue Letters of Credit shall not become effective until the date on which each of the following conditions is satisfied
(or waived in accordance with Section 9.2):

 

(a)          
The Administrative Agent (or its counsel) shall have received from each party
hereto either (i) a counterpart of this Agreement signed on behalf of such party, or (ii)
written evidence satisfactory to the Administrative Agent (which may include
telecopy or electronic transmission of a signed signature page of this Agreement)
that such party has signed a counterpart of this Agreement.

 

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(b)          
The Administrative Agent shall have received the following, each in
form and substance satisfactory to the Administrative Agent:

 

(i)         
a counterpart of (x) the Second Reaffirmation of Luxembourg Guaranty Agreement executed
by Globant S.A. (Luxembourg) and (y) the Second Reaffirmation of Spanish Guaranty Agreement executed by Globant S.A. (Spain);

 

(ii)        
a counterpart of the Second Reaffirmation of Security Agreement executed by
the Borrower;

 

(iii)       
each document (including Uniform Commercial Code financing statements, if
any additional filings are necessary) required by the Security Documents or reasonably requested
by the Administrative Agent to be filed, registered or recorded in order to create in favor
of the Administrative Agent, for the benefit of the Secured
Parties, a perfected Lien on the Collateral that
is capable of being perfected by the filing of a Uniform Commercial Code financing statement described therein, prior to
all other Liens (subject only to Liens permitted
pursuant to Section 6.3), in proper form
for filing, registration or recording;

 

(iv)       
certified copies of Uniform Commercial Code and other Lien search reports
dated a date near to the Effective Date, listing all effective financing statements
and other Lien filings that name the Borrower (under
their current names and any previous names) as debtors, together with (A) copies of such financing statements or other Lien
filings, and (B) such Uniform Commercial Code termination statements or amendments or other Lien
terminations, as applicable, as the Administrative Agent may request;

 

(v)       
such documents, incumbency and other certificates as the Administrative Agent or
its counsel may reasonably request relating to the organization, existence and good standing of the Loan
Parties, the authorization of the Transactions, the identity, authority and capacity
of each Responsible Officer thereof authorized to act as a Responsible
Officer in connection with this Agreement and the other Loan
Documents and any other legal matters relating to the Loan Parties, this Agreement
or the Transactions (it being understood and agreed that the Administrative
Agent and the Lenders shall be entitled to conclusively rely on such documents, incumbency and certificates until notice
is received by the Administrative Agent from the Borrower
to the contrary);

 

(vi)       
evidence satisfactory to the Administrative Agent of the receipt of all consents
required to effect the Transactions, including all
regulatory approvals and licenses, if applicable;

 

(vii)      
evidence (if additional evidence is necessary) of the existence of insurance required to be maintained pursuant to
Section 5.5, together with evidence that the Administrative Agent has been named
as lender’s loss payee and an additional insured on all related insurance policies; and

 

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(viii)     
a certificate, dated the Effective Date and signed
by a Responsible Officer of the Borrower,
confirming compliance with the conditions set forth in clauses (a) and (b)
of Section 4.2.

 

(c)          
The Administrative Agent shall have received favorable written legal opinions
(addressed to the Administrative Agent and the Lenders and dated the Effective
Date) of New York counsel for the Loan Parties,
Luxembourg counsel to Globant S.A. (Luxembourg), and Spanish counsel to Globant S.A. (Spain), each in
form and substance reasonably satisfactory to the Administrative Agent, and covering such other matters relating to the
Loan Parties, the Loan Documents or the Transactions
as the Required Lenders shall reasonably request.

 

(d)          
Each Lender shall have received payment of all fees and other amounts due
and payable on or prior to the Effective Date, including,
to the extent invoiced at least one (1) Business Day prior to the Effective Date, reimbursement or payment of all out-of-pocket
expenses required to be reimbursed or paid by the Borrower hereunder.

 

(e)           
The Administrative Agent and each Lender shall
have received all documentation and other information required by bank regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including
the PATRIOT Act, in each case, to the extent requested in writing at least five (5) Business
Days prior to the Effective Date.

 

(f)           
Since December 31, 2018, there shall not have occurred any Material Adverse Effect.

 

(g)          
The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be
conclusive and binding.

 

Section
4.2           
Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of each Issuing
Bank to issue, amend or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

 

(a)          
The representations and warranties of the Loan Parties set forth in the Loan
Documents shall be true and correct in all material respects (except to the extent already qualified by materiality, in
which case any such representation or warranty shall be true and correct in all respects) on and as of the date of such Borrowing
or the date of issuance, amendment or extension of such Letter of Credit, as applicable, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except
to the extent already qualified by materiality, in which case any such representation or warranty shall be true and correct in
all respects) as of such earlier date.

 

(b)          
At the time of and immediately after giving effect to such Borrowing or the date
of issuance, amendment or extension of such Letter of Credit, as applicable, no Default
or Event of Default shall have occurred or is continuing.

 

Each Borrowing and each
issuance, amendment or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower
on the date thereof as to the matters specified in clauses (a) and (b) of this Section.

 

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Article
V

 

Affirmative Covenants

 

So long as any Lender
has any Commitment hereunder, any Loans, any Obligations or any other amount payable hereunder or under any other Loan Document
has not been paid in full, or any Letter of Credit remains outstanding (other than Letters of Credit as to which other arrangements
satisfactory to the Administrative Agent and the applicable Issuing Bank shall have been made), the Borrower covenants and agrees,
for itself and its Subsidiaries, with the Administrative Agent, the Issuing Banks and the Lenders that:

 

Section
5.1         
Financial Statements and Other Information. The Borrower shall furnish, or shall cause to be furnished, to the Administrative
Agent and each Lender:

 

(a)          
as soon as practicable, but in any event within 120 days after the end of each fiscal year:

 

(i)         
Globant S.A. (Luxembourg)’s audited balance sheet and related statements of operations, shareholders’
equity and cash flows as of the end of and for such year on a Consolidated basis, all reported on by independent public
accountants selected by Globant S.A. (Luxembourg) and reasonably acceptable to the Administrative
Agent (it being understood and agreed that Deloitte & Co. S.A. is deemed acceptable to the Administrative Agent) (without
any qualification or exception which (x) is of a “going concern” or similar nature (other than any qualifications arising
from the Loans hereunder maturing, in accordance with their terms on a non-accelerated basis, less than one year following the
date of such financial statements), (y) relates to the limited scope of examination of matters relevant to such financial statement,
or (z) relates to the treatment or classification of any item in such financial statement and which, as a condition to its removal,
would require an adjustment to such item the effect of which could be reasonably expected to result in a Default or Event of Default)
to the effect that such financial statements present fairly, in all material respects, the financial position and results of operations
of Globant S.A. (Luxembourg) and its Subsidiaries on a Consolidated basis in accordance
with IFRS consistently applied;

 

(ii)        
Borrower’s balance sheet and related statements of operations (which shall include, for the avoidance of doubt,
an accounts receivable report), as of the end of and for such year on a Consolidated basis, all certified by a Financial Officer
of the Borrower as presenting fairly, in all material respects, the financial position and results of operations of Borrower in
accordance with IFRS consistently applied;

 

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(b)          
as soon as practicable, but in any event within 60 days after the end of each
of the first three fiscal quarters of each fiscal year of the Borrower’s and Globant S.A.
(Luxembourg)’s balance sheet and related statements of operations (which shall include, for the avoidance of doubt,
with respect to the Borrower only, an accounts receivable report), shareholders’ equity and
cash flows as of the end of and for such fiscal quarter and the then-elapsed portion of the fiscal year, each certified by a Financial
Officer of the Borrower and Globant S.A. (Luxembourg), respectively, as presenting fairly, in all material respects, the
financial position and results of operations of the Borrower and Globant S.A. (Luxembourg)’s
consolidated Subsidiaries on a Consolidated basis in accordance with IFRS
consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

 

(c)          
concurrently with any delivery of financial statements under clause (a)
or (b) above, a duly completed and executed Compliance
Certificate of a Financial Officer of the Borrower
and Globant S.A. (Luxembourg), as applicable, (i) certifying as to whether a Default or
Event of Default has occurred or is continuing and, if a Default or Event of Default has
occurred and is continuing, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii)
setting forth reasonably detailed calculations demonstrating compliance with Sections 6.1, and (iii) stating whether any
change in IFRS or in the application thereof has occurred since the date of the audited
financial statements referred to in Section 3.4 and, if any such change has
occurred, specifying the effect of such change on the financial statements accompanying such certificate;

 

(d)          
as soon as available, but in any event within 90 days after the end of each fiscal
year of Globant S.A. (Luxembourg), forecasts prepared by management of Globant S.A. (Luxembourg) on a Consolidated basis, in form
satisfactory to the Administrative Agent and the Required Lenders, of statements of income of Globant S.A. (Luxembourg) and its
Subsidiaries on a quarterly basis for the immediately following fiscal year and any projected changes in financial position of
Globant S.A. (Luxembourg) and its Subsidiaries and a description of the underlying assumptions applicable thereto, and as soon
as available, significant revisions, if any, of such forecast with respect to such fiscal year;

 

(e)            promptly
following any request therefor, such other information regarding the operations,
business affairs and financial condition of any Loan Party or any Subsidiary of the Borrower
(including, without limitation, information and certifications regarding whether the Guarantors constitute “eligible
contract participants” as defined in the Commodity Exchange Act and the regulations thereunder), or compliance
with the terms of the Loan Documents, as the Administrative
Agent or any Lender may reasonably request. The Administrative Agent and each
Lender agrees to keep all information obtained by them pursuant to this clause (e) confidential in accordance with Section
9.12. Notwithstanding the foregoing, no Loan Party or Subsidiary thereof shall be required to disclose any information to
the extent that (i) such Loan Party or Subsidiary is prohibited from furnishing such other information (x) by Applicable Law
or (y) a binding confidentiality obligation owed by such Loan Party or such Subsidiary to any third party (provided that such
confidentiality obligations were not entered into in contemplation of the requirements of this Section 5.1(e)), it
being understood and agreed that this Section 5.1(e) shall not be applied to augment the periodic reporting obligation
of any Loan Party under this Agreement, (ii) such information constitutes non-financial trade secrets or non-financial
proprietary information or (iii) such information is subject to attorney client privilege or constitutes attorney work
product; provided that, in each case, the Borrower shall provide notice to the Administrative Agent that such
information is being withheld and (other than with respect to clause (iii) above) the Borrower shall use its
commercially reasonable efforts to obtain the relevant consents and to communicate, to the extent both feasible and permitted
under applicable law or confidentiality obligation, the applicable information.

 

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Section
5.2         
Notices of Material Events. The Borrower shall furnish to the Administrative Agent for distribution to each Lender
written notice of the following:

 

(a)          
promptly, and in any event within three (3) days after any Responsible Officer of the Borrower
or any other Loan Party obtains knowledge thereof, the occurrence of any Default
or Event of Default;

 

(b)          
promptly, and in any event within three (3) days after any Responsible Officer of the Borrower
or any other Loan Party obtains knowledge thereof, the filing or commencement of
any action, suit or proceeding by or before any arbitrator or Governmental Authority against
or affecting any Loan Party or any Subsidiary of the Borrower that, if adversely determined,
could reasonably be expected to result in a Material Adverse Effect;

 

(c)           
promptly upon a Responsible Officer of the Borrower or any Loan Party obtaining
knowledge thereof, the occurrence of any ERISA Event (or the maintenance, commencement or,
to the knowledge of the Borrower, threat of any claim, action, suit, audit or investigation
with respect to any Plan other than routine claims for benefits) that, alone or together
with any other ERISA Events that have occurred (and any such claims, actions, suits, audits
or investigations with respect to any Plan that are being maintained or have commenced or,
to the knowledge of the Borrower, have been threatened), could
reasonably be expected to result in liability of the Borrower and its Subsidiaries
in an aggregate amount exceeding $500,000;

 

(d)          
promptly upon any Responsible Officer of the Borrower or any other Loan
Party obtaining knowledge thereof, any material change in accounting policies or financial reporting practices by any
Loan Party or any Subsidiary of the Borrower;

 

(e)           
promptly upon any Responsible Officer of the Borrower or any Loan Party obtaining
knowledge thereof, any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect,
including, without limitation, (i) breach or non-performance of, or any default under, a Contractual Obligation of any Loan Party
or any Subsidiary of the Borrower and (ii) the commencement of, or any material development in, any litigation or proceeding affecting
any Loan Party or any Subsidiary of the Borrower, including pursuant to any applicable Environmental Laws; and

 

(f)           
promptly, and in any event, within three (3) days after any Responsible Officer of the Borrower or any other Loan
Party obtains knowledge thereof, the occurrence of any of the actions or events set forth in clauses (h), (i) or
(j) of Section 7.1 with respect any Subsidiary of a Loan Party.

 

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Each notice delivered
under this Section shall be accompanied by a statement of a Responsible Officer setting forth the details of the event or
development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

Section
5.3         
Existence; Conduct of Business. Each Loan Party shall, and shall cause each other Loan Party and each Material Subsidiary
to, do or cause to be done all things necessary to (a) preserve, renew and keep in full force and effect its legal existence and
good standing (or its jurisdictional equivalent) under the laws of the jurisdiction of its organization, (b) maintain all requisite
power and authority to carry on its business as now conducted, (c) except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, preserve, renew and keep in full force and effect its
qualification to do business in, and its good standing (or its jurisdictional equivalent) in, every jurisdiction where such qualification
is required, and (d) preserve, renew and keep in full force and effect all other rights, qualifications, licenses, permits, privileges
and franchises necessary or desirable to the conduct of its business; provided that, the foregoing shall not prohibit any
merger, consolidation, liquidation or dissolution expressly permitted under Section 6.4.

 

Section
5.4         
Payment of Obligations. Each Loan Party shall, and shall cause each Subsidiary
of the Borrower to, pay as the same shall become due and payable all of its material obligations and liabilities, including Tax
liabilities, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings diligently
conducted, and (b) the Borrower or such Loan Party or such Subsidiary of the Borrower has set aside on its books adequate reserves
with respect thereto in accordance with IFRS.

 

Section
5.5         
Maintenance of Properties; Insurance. The Borrower shall, and shall cause
each other Loan Party to, (a) keep and maintain all property material to the conduct of its business in good working order and
condition, ordinary wear and tear excepted, (b) make all necessary repairs thereto and renewals and replacements thereof except,
in the case of each of clauses (a) and (b), where the failure to do so could not reasonably be expected to have a
Material Adverse Effect, and (c) maintain, with financially sound and reputable insurance companies that are not Affiliates of
the Borrower, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or
similar businesses operating in the same or similar locations. The Borrower shall cause each issuer of an insurance policy to provide
the Administrative Agent with an endorsement (i) showing the Administrative Agent as lenders loss payee with respect to each policy
of property or casualty insurance and naming the Administrative Agent and each Lender as an additional insured with respect to
each policy of liability insurance, (ii) providing that 30 days’ notice shall be given to the Administrative Agent prior
to any cancellation of, material reduction or change in coverage provided by or other material modification to such policy, and
(iii) reasonably acceptable in all other respects to the Administrative Agent.

 

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Section
5.6         
Books and Records; Inspection Rights(a). (a)Each Loan Party shall, and shall
cause each Subsidiary of the Borrower to, keep proper books of record and account in which complete and accurate entries, in all
material respects, in conformity with IFRS consistently applied are made of all dealings and transactions in relation to its assets,
business and activities.

 

(b)         
Each Loan Party shall, and shall cause each Subsidiary of the Borrower to,
permit any representatives designated by the Administrative Agent or any Lender,
upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and
to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and
as often as reasonably requested; provided that, when a Default or Event of Default has
occurred or is continuing, the Administrative Agent or any Lender
(or any of their respective representatives) may do any of the foregoing at the expense of the Borrower
at any time during normal business hours and without advance notice. All such inspections or audits by the Administrative
Agent shall be at the Borrower’s expense; provided
that (i) so long as no Default or Event of Default exists, the Borrower shall not be required to reimburse the Administrative Agent
for inspections or audits more frequently than once in each fiscal year and (ii) any such reimbursement shall be limited to reasonable
and documented expenses. The Borrower hereby authorizes and instructs its independent
accountants to discuss the Borrower’s affairs, finances and condition with the Administrative
Agent and any Lender, at the Administrative Agent’s
or such Lender’s request; provided, that, unless an Event of Default shall
have occurred and is continuing, the Borrower shall have been afforded a reasonable opportunity to be present at any such discussions.
The Administrative Agent and each Lender agrees to keep all information obtained by them pursuant to this Section confidential
in accordance with Section 9.12. Notwithstanding the foregoing, no Loan Party or Subsidiary thereof shall be required to
disclose any information to the extent that (i) such Loan Party or Subsidiary is prohibited from furnishing such other information
(x) by Applicable Law or (y) a binding confidentiality obligation owed by such Loan Party or such Subsidiary to any third party
(provided that such confidentiality obligations were not entered into in contemplation of the requirements of this Section 5.6),
it being understood and agreed that this Section 5.6 shall not be applied to augment the periodic reporting obligation of
any Loan Party under this Agreement, (ii) such information constitutes non-financial trade secrets or non-financial proprietary
information or (iii) such information is subject to attorney client privilege or constitutes attorney work product; provided
that, in each case, the Borrower shall provide notice to the Administrative Agent that such information is being withheld and (other
than with respect to clause (iii) above) the Borrower shall use its commercially reasonable efforts to obtain the relevant
consents and to communicate, to the extent both feasible and permitted under applicable law or confidentiality obligation, the
applicable information.

 

Section
5.7         
Compliance with Laws and Contractual Obligations. Each Loan Party shall, and shall cause each Subsidiary of the Borrower
to, comply in all material respects with Applicable Law (including Environmental Laws, Sanctions and Anti-Money Laundering Laws),
and perform in all material respects its Contractual Obligations.

 

Section
5.8         
Use of Proceeds. The proceeds of the Loans and Letters of Credit shall be used only to pay Transaction Costs, for
lawful general corporate purposes (including, without limitation, payments in connection with Acquisitions permitted hereunder)
and working capital of the Borrower. No part of the proceeds of any Loan or Letter of Credit shall be used, whether directly or
indirectly, for any purpose that entails a violation of any Regulation of the FRB, including Regulations T, U and X.

 

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Section
5.9          
Further Assurances.

 

(a)          
Each Loan Party shall take such actions as are necessary or as the Administrative Agent or the Required Lenders may
reasonably request from time to time, at the Borrower’s expense, to carry out more effectively the purposes of the Loan Documents
and to ensure that the Secured Obligations are secured by substantially all of the assets of the Borrower and each Material Subsidiary
(as well as all Equity Interests of each Domestic Subsidiary and 65% of all Equity Interests of each Foreign Subsidiary that is
owned by either the Borrower or a Domestic Subsidiary) and guaranteed by Globant S.A. (Luxembourg), Globant S.A. (Spain) and each
Material Subsidiary (including, upon the acquisition or creation thereof, any Material Subsidiary acquired or created after the
Effective Date), in each case as the Administrative Agent may determine in its reasonable discretion; provided that, no
Loan Party shall be required to (i) take any collateral perfection action other than the filing of Uniform Commercial Code financing
statements or (ii) bear the costs or expenses of any collateral perfection other than as described in clause (i), in each
case, except following the request of the Administrative Agent following the occurrence and during the continuance of an Event
of Default.

 

(b)          
Reserved.

 

(c)          
If any Material Subsidiary is formed or acquired after the Effective
Date, the Borrower shall promptly, and in any event within 30
days (or such longer period as the Administrative Agent may agree) after such newly formed or acquired Material Subsidiary
is formed or acquired, notify the Administrative Agent thereof, and cause such Material
Subsidiary to become a Guarantor by delivering to the Administrative
Agent any applicable Security Documents (in each case in the form contemplated hereby
or otherwise acceptable to the Administrative Agent), duly executed and delivered by such Material
Subsidiary, pursuant to which such Material Subsidiary agrees to be bound by the
terms and provisions thereof, such Security Documents to be accompanied by appropriate corporate resolutions, other corporate documentation
and legal opinions in form and substance reasonably satisfactory to the Administrative Agent and
its counsel.

 

(d)          
The Borrower shall furnish to the Administrative
Agent at least 30 days’ prior written notice of any change (i)
in any Loan Party’s legal name (as set forth in its certificate of organization
or like document), (ii) in the jurisdiction of incorporation or organization of any Loan Party
or in the form of its organization, or (iii) in any Loan Party’s organizational
identification number (if applicable).

 

(e)         
Not later than five days after delivery of financial statements pursuant to Section 5.1(a),
the Borrower shall deliver to the Administrative Agent a certificate duly executed by a Responsible Officer of the Borrower (i)
setting forth any updates to Schedule 3.13 or (ii) confirming that there has been no change in such information since the
Effective Date or the most recent certificate delivered pursuant to this Section (as applicable).

 

Section
5.10        Deposit
Accounts. Unless the Administrative Agent otherwise consents in writing, the Borrower shall maintain its primary operating
accounts with the Administrative Agent or any Lender.

 

Section
5.11        Accuracy
of Information. The Borrower will ensure that any information, including financial
statements or other documents, prepared by or on behalf of the Borrower and furnished to the Administrative Agent or the
Lenders in connection with any Loan Document or any amendment or modification thereof or waiver thereunder contains no
material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not materially misleading, and the furnishing of such information shall be
deemed to be a representation and warranty by the Borrower on the date thereof as to the matters specified in this Section 5.11.

 

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Section
5.12      Additional
Information. Promptly following any request therefor, provide information and documentation reasonably requested by the Administrative
Agent or any Lender to evidence compliance with Section 3.14, or for the purpose of the Administrative Agent’s or
such Lender’s compliance with “know your customer” and Anti-Money Laundering Laws, rules and regulations, including,
without limitation, the PATRIOT Act and FCPA.

 

Article
VI

 

Negative Covenants

 

So long as any Lender
has any Commitment hereunder, any Loans, any Obligations or any other amount payable hereunder or under any other Loan Document
has not been paid in full, or any Letter of Credit remains outstanding (other than Letters of Credit as to which other arrangements
satisfactory to the Administrative Agent and the applicable Issuing Bank shall have been made), the Borrower covenants and agrees,
for itself and on behalf of its Subsidiaries, with the Administrative Agent, the Issuing Banks and the Lenders that:

 

Section
6.1          
Financial Covenants.

 

(a)          
Fixed Charge Coverage Ratio. The Borrower shall not permit the Fixed
Charge Coverage Ratio for any Computation Period to be less than 1.25 to 1.00 for such period.

 

(b)          
Maximum Total Leverage Ratio. The Maximum Total Leverage Ratio as of
the last day of any Computation Period shall not exceed 3.00 to 1.00 for such period.

 

Section
6.2         
Indebtedness. The Borrower shall not, and shall not cause or permit any Subsidiary
of the Borrower to, create, incur, assume or permit to exist any Indebtedness, except:

 

(a)           
Indebtedness created under the Loan Documents;

 

(b)          
Indebtedness existing on the date hereof and
set forth in Schedule 6.2, and extensions, renewals
and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof, except reasonable fees
and expenses incurred in connection with such extension, renewal or replacement, or change any direct or contingent obligor with
respect thereto;

 

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(c)           
Indebtedness of the Borrower to any
Subsidiary and of any Subsidiary to the Borrower
or any other Subsidiary;

 

(d)         
Guarantees by the Borrower of Indebtedness
otherwise permitted hereunder of any Subsidiary and
by any Subsidiary of Indebtedness otherwise permitted
hereunder of the Borrower or any other Subsidiary;

 

(e)         
Indebtedness of the Borrower or any
Subsidiary of the Borrower incurred to finance the acquisition,
construction, repair, development or improvement of any fixed or capital assets, including Capital
Lease Obligations and any Indebtedness assumed in connection with the acquisition
of any such assets or secured by a Lien on any such assets prior to the acquisition
thereof, and extensions, renewals and replacements of any such Indebtedness that
do not increase the outstanding principal amount thereof except reasonable fees and expenses incurred in connection with such extension,
renewal or replacement; provided that, (i) such Indebtedness is incurred prior to
or within 90 days after such acquisition or the completion
of such construction, repair, development or improvement, and (ii) the aggregate principal amount of Indebtedness
permitted by this clause (e) shall not exceed $2,000,000
at any time outstanding;

 

(f)           
Indebtedness of any Person that becomes
a Subsidiary of the Borrower after the date hereof;
provided that, (i) such Indebtedness exists at the time such Person
becomes a Subsidiary of the Borrower and is not created in contemplation of or in
connection with such Person becoming a Subsidiary of the
Borrower, and (ii) the aggregate principal amount of Indebtedness permitted by this
clause (f) shall not exceed $2,000,000 at
any time outstanding;

 

(g)          
Reserved. 

 

(h)          
obligations (contingent or otherwise) of the Borrower
or any Subsidiary existing or arising under any Hedging
Agreement permitted under Section 6.7;

 

(i)           
Reserved.

 

(j)           
contingent liabilities arising with respect to customary indemnification obligations
in favor of sellers, unsecured earn-outs or deferred purchase price obligations, or other
similar contingent payment obligations in connection with Acquisitions permitted under Section 6.4 and purchasers
in connection with Dispositions permitted under Section 6.5;
and

 

(k)          
other unsecured Indebtedness in an aggregate principal amount not exceeding
$2,000,000 at any time outstanding.

 

Section
6.3         
Liens. The Borrower shall not, and shall not cause or permit any of its Subsidiaries
to create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign
or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except:

 

(a)           
Liens pursuant to any Loan Document;

 

(b)          
Permitted Encumbrances;

 

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(c)          
any Lien on any property or asset
of the Borrower or any Subsidiary existing
on the date hereof and set forth in Schedule 6.3;
provided that, (i) such Lien shall not apply to any other property
or asset of the Borrower or any Subsidiary,
and (ii) such Lien shall secure only those obligations which
it secures on the date hereof and extensions, renewals and replacements thereof that do not increase
the outstanding principal amount thereof except for reasonable fees and expenses incurred in connection with such extension, renewal
or replacement;

 

(d)          
any Lien existing on any property or asset prior to the acquisition thereof by the
Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior
to the time such Person becomes a Subsidiary; provided that, (i) such Lien is not created in contemplation of or in connection
with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property
or assets of the Borrower or any Subsidiary, and (iii) such Lien shall secure only those obligations which it secures on the date
of such acquisition or the date such Person becomes a Subsidiary, as the case may be and extensions, renewals and replacements
thereof that do not increase the outstanding principal amount thereof except for reasonable fees and expenses incurred in connection
with such extension, renewal or replacement;

 

(e)          
Liens on fixed or capital assets acquired, constructed or improved by the
Borrower or any Subsidiary; provided that,
(i) such security interests secure Indebtedness permitted by clause (e)
of Section 6.2, (ii) such security interests and the Indebtedness
secured thereby are incurred prior to or within 90 days after such acquisition
or the completion of such construction or improvement, (iii) the Indebtedness secured
thereby does not exceed the cost or fair market value, whichever is lower, of the fixed or capital assets being acquired, constructed
or improved, and (iv) such security interests shall not apply to any other property or assets
of the Borrower or any Subsidiary; and

 

(f)           
Liens and rights of setoff of banks and securities intermediaries in respect
of deposit accounts and securities accounts maintained
in the ordinary course of business.

 

Section
6.4         
Fundamental Changes. No Loan Party shall, and no Loan Party shall cause or permit any Subsidiary of the Borrower
to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell,
transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of its assets,
or all or substantially all of the Equity Interests of any Subsidiary (in each case, whether now owned or hereafter acquired),
or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have
occurred and be continuing (i) any Person may merge with and into the Borrower in a transaction in which the Borrower is the surviving
corporation, (ii) any Person (other than the Borrower, Globant S.A. (Luxembourg) or Globant S.A. (Spain)) may merge into any Subsidiary
in a transaction in which the surviving entity is a Subsidiary, (iii) any Subsidiary may sell, transfer, lease or otherwise dispose
of its assets to the Borrower or to a Wholly Owned Subsidiary, (iv) any Subsidiary may liquidate or dissolve if the Borrower determines
in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous
to the Lenders (v) any merger or consolidation to effect an Investment permitted under Section 6.6 or a Disposition permitted
under Section 6.5, and (vi) any Acquisition by a Loan Party or any Wholly Owned Subsidiary where:

 

 

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(A)            
immediately before and after giving effect to such Acquisition, no Default
shall exist;

 

(B)             
immediately before and after giving effect to such Acquisition on a pro forma basis,
as at the end of the most recent fiscal quarter for which financial statements are delivered, (x) the Maximum Total Leverage Ratio
shall be no greater than 2.25 to 1.00, and (y) the Loan Parties shall be in pro  forma compliance with
the Fixed Charge Coverage Ratio set forth in Section 6.1(a);

 

(C)             
in the case of the Acquisition of any Person,
the board of directors or other applicable managing entity of such Person shall have approved
such Acquisition;

 

(D)            
if requested by the Administrative Agent, reasonably prior to such Acquisition,
the Administrative Agent shall have received complete executed or conformed copies of each
material document, instrument and agreement to be executed in connection with such Acquisition
together with all lien search reports and
lien release letters and other documents as the Administrative
Agent may require to evidence the termination of Liens on the assets or business
to be acquired;

 

(E)             
the provisions of Sections 5.9 and 5.12 shall be satisfied; and

 

(F)             
if requested by the Administrative Agent, reasonably prior to such Acquisition, the
Borrower shall have delivered to the Administrative Agent a certificate of its Chief Financial Officer in the form of Exhibit
H attached hereto certifying as to compliance with the requirements set forth in clauses (A) through (E) above;

 

provided
that, any such merger involving a Person that is not a Wholly Owned Subsidiary immediately prior to such merger shall not
be permitted unless also permitted by Section 6.6.

 

Section
6.5           
Disposition of Property. The
Borrower shall not, and shall not cause or permit any of its Subsidiaries to, Dispose of any of its property, whether now owned
or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Equity Interests
to any Person, except:

 

(a)              
the Disposition of obsolete or worn out property
in the ordinary course of business;

 

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

 

(c)              
the sale or issuance of any Subsidiary’s Equity
Interests to the Borrower or any other Loan Party
or, in the case of any Subsidiary that is not a Loan Party, to any other Subsidiary that is not a Loan Party;

 

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(d)              
any Disposition of assets (i) from one Foreign
Subsidiary to another Foreign Subsidiary, (ii) from one Domestic Subsidiary to another
Domestic Subsidiary, (iii) from one Loan Party to another Loan
Party or (iv) from a Subsidiary to a Loan Party;

 

(e)              
sales of Cash Equivalent Investments in the ordinary course of business and
for fair market value;

 

(f)               
Disposition of receivables pursuant to a true sale under a factoring or receivables purchase agreement; provided
that (i) the purchase price for the receivables shall be the fair market value with a market standard discount for a sale or receivables
under a factoring or purchase agreement; (ii) the purchase price is paid 100% in cash; (iii) the Net Cash Proceeds of such sale
are deposited into the Borrower’s operating accounts at the Administrative Agent or Citibank, N.A. on the day such proceeds
are paid to the Borrower; and (iv) the aggregate purchase price of such receivables sold during any Fiscal Year under such a factoring
or purchase agreement shall not exceed $15,000,000; and

 

(g)              
the Disposition of other property not
described in clauses (a) through (f)
above for not less than fair market value as long as (i) at least 75% of the consideration therefor consists of cash and Cash
Equivalent Investments, and (ii) the aggregate fair market value of such property so
disposed of does not exceed $1,000,000.

 

Section
6.6           
Investments, Loans, Advances, Guarantees
and Acquisitions. The Borrower shall not, and shall not cause or permit any of
its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a Wholly Owned Subsidiary
prior to such merger) any Investment, except:

 

(a)              
Cash Equivalent Investments;

 

(b)              
Investments by the Borrower in the
Equity Interests of its Subsidiaries;

 

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

 

(d)              
loans or advances made by the Borrower to
any Subsidiary and made by any Subsidiary to the
Borrower or any other Subsidiary;

 

(e)              
Guarantees constituting Indebtedness permitted
by Section 6.2;

 

(f)               
(i) advances to officers, directors and employees of the Borrower and Subsidiaries
in an aggregate amount not to exceed $50,000 at any time outstanding, for travel,
entertainment, relocation and analogous ordinary business purposes and (ii) Investments consisting of loans to employees to finance
the purchase of Equity Interests (other than Disqualified Equity Interests) of the Borrower pursuant to employee stock purchase
plans or agreements approved by the Borrower’s board of directors in an aggregate principal amount not to exceed $50,000
outstanding at any time;

 

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

 

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

 

(i)                
non-cash consideration received, to the extent permitted by the Loan Documents,
in connection with the Disposition of property permitted
by this Agreement;

 

(j)                
Investments to consummate Acquisitions permitted by Section 6.4; 

 

(k)              
Hedging Agreements permitted by Section 6.7, to the extent any such Hedging Agreement constitutes an Investment;

 

(l)                
Investments listed on Schedule 6.6
as of the Effective Date; and

 

(m)            
Investments existing when a Person becomes a Subsidiary or at the time such Person
merges or consolidates with the Borrower or any Subsidiary as permitted under Section 6.4, so long as such Investments were
not made in contemplation of such Person becoming a Subsidiary or of such consolidation, merger or Acquisition; 

 

provided that,
any Investment that when made complies with the requirements of the definition of the term “Cash Equivalent Investment”
may continue to be held notwithstanding that such Investment if made thereafter would not comply with such requirements.

 

Section
6.7           
Hedging Agreements. The Borrower shall not, and shall not cause or permit
any of its Subsidiaries to, enter into any Hedging Agreement, except (a) Hedging Agreements entered into to hedge or mitigate risks
to which the Borrower or any such Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower
or any Subsidiary), and (b) Hedging Agreements entered into in order to effectively cap, collar or exchange interest rates (from
fixed to floating rates, from one floating rate to another floating rate, from floating to fixed rates, or otherwise) with respect
to any interest-bearing liability or investment of the Borrower or any such Subsidiary.

 

Section
6.8           
Restricted Payments. The Loan Parties shall not, and shall not cause or permit
any of their Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payments in an aggregate
amount that exceeds $10,000,000 during any fiscal year.

 

Section
6.9           
Transactions with Affiliates.

 

(a)               No
Loan Party shall, and no Loan Party shall cause or permit any Subsidiary of the Borrower to, sell, lease or otherwise
transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage
in any other transactions with, any of its Affiliates, except (i) in the ordinary course of business on terms and conditions
not less favorable to such Loan Party or Subsidiary than could be obtained on an arm’s-length basis from unrelated
third parties, (ii) transactions between or among the Loan Parties not involving any other Affiliates, (iii) transactions
expressly permitted pursuant to this Agreement, (iv) employment, consulting, severance and other service or benefit related
arrangements between the Loan Parties and their respective officers and employees in the ordinary course of business, (v) the
payment of ordinary course customary fees, expenses and indemnities to directors, officers, employees and consultants of the
Loan Parties, and (vi) any transaction with an Affiliate that, as such, has been expressly approved by either a majority of
such Loan Party’s independent directors or a committee of such Loan Party’s directors consisting solely of
independent directors, in each case, in accordance with such independent directors’ fiduciary duties in their capacity
as such and upon advice from independent counsel.

 

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(b)              
The Borrower shall not maintain intercompany payables owed to any of its Affiliates organized under the laws of the
Argentine Republic, except to the extent (i) such payables qualify under Section 6.9(a)(i) above and (ii) the aggregate
amount of such payables do not exceed an amount equal to five times the average monthly amount of such Affiliates’ billings
for the immediately preceding 12 month period.

 

Section
6.10        Changes
in Nature of Business. No Loan Party or any Subsidiary of a Loan Party shall engage in any business other than businesses of
the type conducted by such entity on the date of execution of this Agreement and businesses reasonably incidental or related thereto
and any reasonable extension thereof.

 

Section
6.11        Negative
Pledges; Restrictive Agreements. The Borrower shall not, and shall not cause or permit any of its Subsidiaries to, directly
or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any
condition upon (a) the ability of the Borrower or any such Subsidiary to create, incur or permit to exist any Lien upon any of
its property, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its Equity
Interests or to make or repay loans or advances to the Borrower or any such Subsidiary or to Guarantee Indebtedness of the Borrower
or any such Subsidiary or transfer any of its properties to any Loan Party; provided that, (i) the foregoing shall not apply
to restrictions and conditions imposed by Applicable Law or by the Loan Documents, (ii) the foregoing shall not apply to customary
restrictions and conditions contained in agreements relating to the sale of any asset or a Subsidiary of the Borrower pending such
sale; provided that, such restrictions and conditions apply only to the asset or the Subsidiary of the Borrower that is
to be sold and such sale is permitted hereunder, and (iii) clause (a) of the foregoing shall not apply to customary
provisions in leases and other contracts restricting the assignment thereof.

 

Section
6.12        Restriction
of Amendments to Certain Documents. No Loan Party shall amend such Person’s articles or certificates of organization
or formation, operating agreement or other agreement, instrument or document affecting such Person’s organization, management
or governance, in each case, in any respect which is materially adverse to the Lenders.

 

Section
6.13        Changes
in Fiscal Periods. No Loan Party shall change its fiscal year to end on a day other than December 31 or change its method of
determining fiscal quarters.

 

Section 6.14       
Capital Expenditures. The Borrower will not, and will not permit any other Loan Party or Subsidiary thereof to,
make or commit to make any Capital Expenditure,except for such Capital Expenditures made in the ordinary course of business during
any fiscal year in an aggregate amount not to exceed 10% of the Consolidated Net Revenue for such period.

 

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Section
6.15        Sanctions;
Anti-Corruption.

 

(a)              
The Borrower will not, directly or indirectly, use the proceeds of the Loans or any Letter of Credit, or lend, contribute
or otherwise make available such proceeds to any Loan Party or any Subsidiary of a Loan Party, joint venture partner or other Person,
(i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding,
is, or whose government is, the subject of Sanctions, or (ii) in any other manner that would result in a violation of Sanctions
by any Person (including any Person participating in the Loans or Letters of Credit, whether as Administrative Agent, Arranger,
Issuing Bank, Lender, underwriter, advisor, investor or otherwise).

 

(b)              
No part of the proceeds of the Loans or any Letter of Credit will be used, directly or indirectly (i) in furtherance
of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person
in violation of the UK Bribery Act, the FCPA or any other applicable anti-corruption
law or otherwise, or (ii) for any other payment that could constitute a violation of any applicable anti-bribery law or anti-corruption
law (including, without limitation, the UK Bribery Act or the FCPA).

 

Section 6.16       
Consolidated Net Revenue. The percentage of the Consolidated Net Revenue attributed
to the Borrower and its Subsidiaries shall not be less than 60% of the Consolidated Net Revenue.

 

Section 6.17       
Lien on Equity Interests of the Borrower. The Borrower shall not cause or permit
any Guarantor to create, incur, assume or suffer to exist any Lien upon the Equity Interests of the Borrower other than any Lien
in favor of the Administrative Agent for the benefit of the Secured Parties.

 

Article
VII

 

Events of Default

 

Section
7.1           
Events of Default. If any of the following events (“Events of Default”)
shall occur:

 

(a)              
the Borrower shall fail to pay any principal of any Loan
or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether
at the due date thereof or at a date fixed for prepayment thereof, by reason of acceleration or otherwise;

 

(b)              
the Borrower shall fail to pay any interest on any Loan
or any fee or any other amount (other than an amount referred to in clause (a) of this Section) payable under
this Agreement or any other Loan Document, when and
as the same shall become due and payable, and such failure shall continue unremedied for a period of three
(3) Business Days;

 

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(c)              
any representation or warranty made or deemed made by or on behalf of the Borrower
or any other Loan Party in or in connection with this Agreement,
any other Loan Document or any amendment or modification hereof
or thereof or waiver hereunder or thereunder, or in any report, certificate, financial
statement or other document furnished pursuant to or in connection with this Agreement,
any other Loan Document or any amendment or modification hereof
or thereof or waiver hereunder or thereunder, shall prove to have been incorrect
or misleading in any material respect (except for representations and warranties that are qualified by materiality, which shall
not be incorrect or misleading in any respect) when made or deemed made;

 

(d)              
any Loan Party shall fail to observe or perform any covenant, condition or
agreement contained in Section 2.20, Section 5.1(a),
(b), and (c), Section 5.2, Section 5.3 (with respect to the
existence of any Loan Party), Section 5.6(b), Section 5.8 or Section 5.9
or in Article VI;

 

(e)              
the Borrower or any other Loan Party shall fail to observe or perform any covenant,
condition or agreement contained in this Agreement or any other Loan Document (other than those specified in clause(a),
(b) or (d) of this Section), and such failure shall continue unremedied for a period of 30 days after the earlier
of (x) notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender),
and (y) the date a Responsible Officer of the Borrower or such other Loan Party becomes aware of such failure;

 

(f)               
any Loan Party shall fail to make any payment (whether of principal or interest
and regardless of amount) in respect of any Material Indebtedness, when and as the same
shall become due and payable, which failure shall continue beyond any applicable cure period specified in the agreement or instrument
governing such Material Indebtedness;

 

(g)              
any event or condition occurs that results in any Material Indebtedness becoming
due prior to its scheduled maturity or that enables or permits (with or without the giving of notice,
the lapse of time or both) the holder or holders of any Material Indebtedness or
any trustee or agent on its or their behalf to cause any Material Indebtedness to become
due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity or (in the case
of any Material Indebtedness constituting a Guarantee)
to become payable; provided that, this clause (g) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness
if such voluntary sale or transfer is permitted under this Agreement;

 

(h)              
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of any Loan Party or any Subsidiary
of the Borrower or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect, or (ii) the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for any Loan Party or any Subsidiary of the Borrower or
for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days
or an order or decree approving or ordering any of the foregoing shall be entered;

 

(i)                 any
Loan Party or any Subsidiary of the Borrower shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail
to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this
Section, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for any Loan Party or any Subsidiary of the Borrower or for a
substantial part of any of its assets, (iv) file an answer admitting the material allegations of a petition filed against it
in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose
of effecting any of the foregoing;

 

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(j)                
any Loan Party or any Subsidiary of the Borrower
shall admit in writing its inability or fail generally to pay its debts as they become due;

 

(k)              
one or more judgments for the payment of money in an aggregate amount in excess of $1,000,000
shall be rendered against a Loan Party any Subsidiary
or any combination thereof (not paid or covered by insurance) and the same shall remain undischarged for a period of 60
consecutive days during which execution shall not be effectively stayed, or any action shall
be legally taken by a judgment creditor to attach or levy upon any assets of a Loan Party or any Subsidiary
to enforce any such judgment;

 

(l)                
an ERISA Event shall have occurred that, when
taken together with all other ERISA Events that have occurred, could reasonably be expected
to result in a Material Adverse Effect;

 

(m)            
any provision of any Loan Document, at any time after its execution
and delivery and for any reason other than as expressly permitted hereunder or thereunder
or satisfaction in full of all the Obligations, shall cease to be in full force and effect;
or any Loan Party or any other Person acting on any Loan
Party’s behalf shall contest in any manner the validity or enforceability of any material provision of any Loan
Document in writing; or any Loan Party shall deny that it has any or further liability
or obligation under any Loan Document, or shall purport to revoke, terminate or rescind
any provision of any Loan Document;

 

(n)              
a Change in Control shall occur; or

 

(o)              
any of the actions or events set forth in clauses (h), (i) or (j) of this Section 7.1
shall occur with respect to one or more Subsidiaries of any Loan Party, and such action or event could reasonably be expected to
(after giving effect to any applicable threshold or grace period), individually or in the aggregate, result in a Material Adverse
Effect;

 

then, and in every
such event (other than an event with respect to the Borrower described in clause (h) or (i) of this
Section), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request
of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or
different times: (i) terminate the Commitments, and thereupon the Commitments (if not theretofore terminated) shall terminate
immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the
principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other
Obligations of the Borrower (including all amounts of LC Exposure, whether or not the beneficiary of any then-outstanding
Letter of Credit shall have demanded payment thereunder) accrued hereunder, shall become due and payable immediately, without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any
event with respect to the Borrower described in clause (h) or (i) of this Section, the Commitments (if not
theretofore terminated) shall automatically terminate and the principal of the Loans then outstanding, together with accrued
interest thereon and all fees and other Obligations of the Borrower and the other Loan Parties (including all amounts of LC
Exposure, whether or not the beneficiary of any then-outstanding Letter of Credit shall have demanded payment thereunder)
accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Borrower. With respect to all Letters of Credit having undrawn and unexpired
amounts at the time of an acceleration pursuant to this clause, the Borrower shall at such time deposit in a cash collateral
account opened by the Administrative Agent an amount equal to 103% of the aggregate then undrawn and unexpired amount of such
Letters of Credit in accordance with Section 2.5(j).

 

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Section
7.2           
Application of Funds. After the exercise of remedies provided for in Section 7.1 (or after the Loans
have automatically become immediately due and payable and the LC Exposure has automatically been required to be Cash Collateralized),
any amounts received on account of the Secured Obligations shall be applied by the Administrative Agent in the following order:

 

First, to
payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (other than principal
and interest, but including legal expenses payable under Section 9.3 and amounts payable under Article II)
payable to the Administrative Agent in its capacity as such;

 

Second,
to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and
interest) payable to the Lenders (including legal expenses payable under Section 9.3 and amounts payable under Article II),
ratably among them in proportion to the amounts described in this clause Second payable to them;

 

Third, to
payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans and LC Disbursements,
ratably among the holders of such Secured Obligations in proportion to the respective amounts described in this clause Third
payable to them;

 

Fourth,
to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and LC Disbursements, the
termination value under Lender Provided Hedging Agreements and Lender Provided Financial Service Products and to Cash
Collateralize the portion of the LC Exposure comprised of the aggregate undrawn amount of Letters of Credit as provided in Section
7.1, ratably among the holders of such Secured Obligations in proportion to the respective amounts described in this clause Fourth
held by them; provided that, Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts
received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other
Loan Parties to preserve the allocation to Secured Obligations otherwise set forth above in this Section;

 

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Fifth, to
the payment of all other Secured Obligations of the Loan Parties that are due and payable to the Administrative Agent and the other
Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Secured Obligations owing to the
Administrative Agent and the other Secured Parties on such date; and

 

Last, the
balance, if any, after all of the Secured Obligations have been paid in full, to the Borrower or as otherwise required by Applicable
Law.

 

Subject to Sections
2.5(j) and 2.20, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth
above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash
Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other
Secured Obligations, if any, in the order set forth above and, if no Secured Obligations remain outstanding, remitted to the Borrower.

 

Notwithstanding the
foregoing, Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor
or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation
to Obligations otherwise set forth above in this Section.

 

Article
VIII

 

The Administrative Agent

 

Section
8.1           
Appointment and Authority.

 

(a)              
Each of the Lenders and the Issuing Banks hereby irrevocably appoints HSBC to
act on its behalf as the Administrative Agent hereunder and under the other Loan
Documents and authorizes the Administrative Agent to take such actions on its behalf
and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are
solely for the benefit of the Administrative Agent, the Lenders and the Issuing Banks, and
neither the Borrower nor any other Loan Party shall
have any rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent”
herein or in any other Loan Documents (or any other
similar term) with reference to the Administrative Agent is not intended to connote any
fiduciary or other implied (or express) obligation arising under agency doctrine of any Applicable
Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative
relationship between contracting parties.

 

(b)               Each Lender hereby
authorizes the Administrative Agent to (i) execute, deliver and perform as a collateral agent
under this Agreement and each other Loan
Document to which the Administrative Agent is or is intended to be a party,
(ii) exercise and enforce any and all rights, powers and remedies provided to the Administrative
Agent or any Lender by this Agreement and
each other Loan Document to which the Administrative
Agent is or is intended to be a party, any applicable law, or any other
document, instrument, or agreement, and (iii) take any other action under this Agreement and
each other Loan Document to which the Administrative
Agent is or is intended to be a party which Administrative Agent in its sole
discretion shall deem advisable and in the best interests of the Lenders. Notwithstanding the foregoing, the Administrative
Agent shall not commence an enforcement action (as such term is defined in the Loan
Documents) except at the direction of the Required Lenders; provided
that, if the Administrative Agent is prohibited by any court order or applicable
law from commencing any enforcement action, the Administrative Agent shall not
be obligated to commence such enforcement action until such authority is obtained. All decisions with respect to the type of
enforcement action which is to be commenced shall be made by, and all actions with respect to prosecution and settlement of
such enforcement action shall require the direction of the Required Lenders, and the Administrative
Agent shall not be required to take any enforcement action in the absence of any such direction. The Administrative
Agent will use its commercially reasonable efforts to pursue diligently the prosecution of any enforcement action,
which the Administrative Agent is so authorized or directed to initiate pursuant to
this Agreement. The Administrative Agent shall
make available to the Lenders copies of all notices it receives in connection with the Collateral or
any enforcement action promptly upon receipt. Subject to the terms of this Agreement,
the Administrative Agent agrees to administer and enforce this Agreement and
the other Security Documents to which it is a party and to foreclose upon, collect and
dispose of the Collateral and to apply the proceeds therefrom, for the benefit of the Secured
Parties, as provided in this Agreement, and otherwise to perform its duties and obligations as
a “collateral agent” hereunder in
accordance with the terms hereof.

 

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Section
8.2           
Rights as a Lender. The Person serving as the Administrative Agent hereunder
shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were
not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated
or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.
Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any
other advisory capacity for, and generally engage in any kind of business with, the Borrower or any Subsidiary or other Affiliate
thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.
The obligations of each Lender under the Loan Documents are several and not joint. Failure by any Lender to perform its obligations
under the Loan Documents does not affect the obligations of any other Lender under the Loan Documents.

 

Section
8.3           
Exculpatory Provisions.

 

(a)              
The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein and in the other Loan
Documents, and its duties hereunder shall be administrative in nature. Without limiting
the generality of the foregoing, the Administrative Agent:

 

(i)             
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default
has occurred and is continuing;

 

(ii)             
shall not have any duty to take any discretionary action or exercise any discretionary power, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the
Administrative Agent is required to exercise as directed in writing by the Required
Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents); provided that, the Administrative
Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative
Agent to liability or that is contrary to any Loan Document or Applicable
Law, including for the avoidance of doubt any action that may be in violation of
the automatic stay under any Debtor Relief Law or that may affect a forfeiture, modification
or termination of property of a Defaulting Lender in
violation of any Debtor Relief Law, and the Administrative
Agent shall in all cases be fully justified in failing or refusing to act hereunder or
under any other Loan Document unless it first receives further assurances of its indemnification
from the Lenders that it may require, including prepayment of any related expenses and any
other protection it requires against any and all costs, expenses and liabilities it may incur in taking or continuing to take any
such action; in no event shall the Administrative Agent be required to expend or risk any
of its own funds or otherwise incur any liability, financial or otherwise, in the performance of its duties hereunder
or in the exercise of any of its rights or powers;

 

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(iii)            
shall not, except as expressly set forth herein and in the other Loan
Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information
relating to the Borrower or any of its Affiliates
that is communicated to or obtained by the Person serving as the Administrative
Agent or any of its Affiliates in any capacity; and

 

(iv)            
shall not incur any liability for not performing any act of fulfilling any duty, obligation or responsibility hereunder
by reason of any occurrence beyond the control of the Administrative
Agent (including but not limited to any act or provision of any present or future
law or regulation or Governmental Authority, any act of God or war, civil unrest, local
or national disturbance or disaster, any act of terrorism or the unavailability of the Federal Reserve Bank wire or facsimile or
other wire or communication facility).

 

(b)              
Neither the Administrative Agent nor any of its directors, officers, employees
or agents shall be liable for any action taken or not taken by it (i) with the consent or at the request or direction of the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative
Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 9.2
and Section 7.1), which consent or direction the Administrative
Agent may solicit at any time, or (ii) in the absence of its own gross negligence or willful misconduct as determined by
a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent
shall be deemed not to have knowledge of any Default unless and until notice describing
such Default is given to the Administrative Agent in
writing by the Borrower, a Lender or an Issuing Bank
referring to this Agreement, describing such Default and
stating that such notice is a “Notice of Default” or “Notice
of Event of Default”.

 

The Administrative
Agent shall take such action with respect to such Default as may be directed by the
Required Lenders in accordance with the terms of this Agreement;
provided that unless and until the Administrative Agent has received any such direction
from the Required Lenders, the Administrative Agent may
(but shall not be obligated to) take such action, or refrain from taking such action, with respect to any such Default
as it shall deem advisable or in the best interest of the Lenders and Issuing Banks.

 

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(c)              
The Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement
or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii)
the performance or observance of any covenant, agreement or other term or condition set
forth herein or therein or the occurrence of any Default,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other
Loan Document or any other agreement, instrument
or document, or (v) the satisfaction of any condition set forth in Article IV
or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to the Administrative Agent.

 

(d)              
Nothing in this Agreement shall require the Administrative
Agent or any of its Related Parties to carry out any “know your customer”
or other checks in relation to any Person on behalf of any Lender
and each Lender confirms to the Administrative Agent
that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement
in relation to such checks made by the Administrative Agent or any of its Related
Parties.

 

(e)              
The Administrative Agent shall be entitled to take any action or refuse to
take any action which the Administrative Agent regards as necessary for the Administrative
Agent to comply with any Applicable Law, regulation or court order or the rules,
operating procedures or market practice of any relevant stock exchange or other market or clearing system.

 

Section
8.4           
Reliance by Administrative Agent. The Administrative Agent shall be entitled
to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed
by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also
may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall
not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or
the issuance, extension or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender
or an Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing Bank unless
the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Bank prior to the making of such
Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for
the Borrower), independent accountants and other experts selected by it, at the expense of the Borrower and/or the Lenders, as
applicable, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts.

 

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Section
8.5           
  Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.
The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or
through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to
the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the Facilities as well as activities as Administrative Agent. The Administrative Agent shall not be responsible
for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a
final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection
of such sub-agent.

 

Section
8.6           
Resignation of Administrative Agent.

 

(a)              
The Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Banks and the
Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower,
to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office
in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed
by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but
shall not be obligated to), on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent meeting the
qualifications set forth above; provided that, in no event shall any such successor Administrative Agent be a Defaulting
Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on
the Resignation Effective Date.

 

(b)              
If the Person serving as Administrative Agent
is a Defaulting Lender pursuant to clause (d)
of the definition thereof, the Required Lenders may, to the extent permitted by Applicable
Law, by notice in writing to the Borrower and such Person
remove such Person as Administrative Agent and,
in consultation with the Borrower, appoint a successor. If no such successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within
30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal
Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal
Effective Date.

 

(c)               With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under
the other Loan Documents (except that in the case of any Collateral held
by the Administrative Agent on behalf of the Lenders or the Issuing Banks under any Loan
Document, the retiring or removed Administrative Agent shall continue to hold
such Collateral until such time as a successor Administrative
Agent is appointed), and (ii) except for any indemnity payments owed to the retiring or removed Administrative
Agent, all payments, communications and determinations provided to be made by,
to or through the Administrative Agent shall instead be made by or to each Lender and
Issuing Bank directly, until such time, if any, as the Required Lenders appoint a
successor Administrative Agent as provided for above. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative
Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative
Agent), and the retiring or removed Administrative Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan
Documents. The fees payable by the Borrower to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and
such successor. After the retiring or removed Administrative Agent’s resignation
or removal hereunder and under the other Loan
Documents, the provisions of this Article and Section 9.3 shall
continue in effect for the benefit of such retiring or removed Administrative Agent,
its sub-agents and their respective Related Parties in respect of any action taken or
omitted to be taken by any of them while the retiring or removed Administrative Agent was
acting as Administrative Agent.

 

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(d)              
In addition to the resignation rights set forth in Section 2.4(c)(v) and Section 2.5(i)(ii), any resignation
by HSBC as Administrative Agent pursuant to this Section shall also constitute its resignation as Issuing Bank and Swingline Lender.
Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank and Swingline Lender, (ii) the
retiring Issuing Bank and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or
under the other Loan Documents, and (iii) the successor Issuing Bank shall issue letters of credit in substitution for the Letters
of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Bank
to effectively assume the obligations of the retiring Issuing Bank with respect to such Letters of Credit.

 

Section
8.7           
Non-Reliance on Administrative Agent and Other Lenders. Each Lender and Issuing
Bank acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments
in a business enterprise or securities. Each Lender and Issuing Bank represents that it is engaged in making, acquiring or holding
commercial loans in the ordinary course of its business and that it has, independently and without reliance upon the Administrative
Agent or any other Lender or any of their Related Parties and based on such documents and information (which may contain material,
non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it
has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and Issuing Bank also
acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their
Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.

 

Section
8.8            No
Other Duties, etc. Anything herein to the contrary notwithstanding, the Arranger shall not have any powers, duties or
responsibilities under this Agreement or any other Loan Document, except in its capacity, as applicable, as the
Administrative Agent, a Lender or an Issuing Bank hereunder.

 

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Section
8.9           
Enforcement. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority
to enforce rights and remedies hereunder and under the other Loan Documents against any Loan Party shall be vested exclusively
in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by,
the Administrative Agent in accordance with Section 8.1 for the benefit of all the Lenders and the Issuing Banks; provided
that, the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that
inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Issuing
Bank or Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as Issuing Bank
or Swingline Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from enforcing its right
to payment when due of the principal of and interest on its Loans, fees and other amounts owing to such Lender under the Loan Documents,
(d) any Lender from exercising setoff rights in accordance with Section 9.8 (subject to the terms of Section 2.18),
or (e) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to any Loan Party under any Debtor Relief Law; and provided further that, if at any time there is no Person acting
as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise
ascribed to the Administrative Agent pursuant to this Article VIII, and (ii) in addition to the matters set forth in
clauses (b), (c), (d) and (e) of the preceding proviso and subject to Section 2.18,
any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by
the Required Lenders.

 

Section
8.10        Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial
proceeding under any other Applicable Law relative to any Loan Party, the Administrative Agent (irrespective of whether the principal
of any Loan or LC Exposure shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated)
by intervention in such proceeding or otherwise:

 

(a)              
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans,
LC Exposure and all other Obligations that are owing and unpaid and to file such
other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Banks and the Administrative
Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders, the Issuing Banks and the Administrative Agent and their respective
agents and counsel and all other amounts due the Lenders, the Issuing Banks and the Administrative
Agent under Sections 2.11 and 9.3) allowed in such judicial proceeding;
and

 

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(b)               to
collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender and Issuing Bank to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to
the Lenders and the Issuing Banks, to pay to the Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Sections 2.11 and 9.3.

 

Section
8.11        Collateral
and Guaranty Matters(a). (a) The Lenders irrevocably authorize the
Administrative Agent, at its option and in its sole and absolute discretion,

 

(i)                
to release any Lien on any property granted
to or held by the Administrative Agent under any Loan Document
(v) upon termination of all Commitments and payment in full of all Obligations
(other than contingent indemnification obligations) and the expiration or termination
of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent
and the applicable Issuing Bank shall have been made), (w) that is sold or otherwise disposed
of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition
permitted under the Loan Documents, (x) subject to Section 9.2,
if approved, authorized or ratified in writing by the Required Lenders, (y) relating to
Collateral consisting of a debt instrument if the Indebtedness
evidenced thereby has been paid in full, or (z) where such release (A) corrects manifest error in the Administrative Agent’s
sole and absolute discretion or (B) is expressly permitted under the Loan Documents;

 

(ii)             
to subordinate any Lien on any property granted to or held by the Administrative
Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.3(e) or to
any Permitted Encumbrance; and

 

(iii)           
to release any Guarantor from its obligations
under the Loan Documents if such Person ceases
to be a Subsidiary as a result of a transaction permitted under the Loan
Documents.

 

Upon request by the
Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release
or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the
Loan Documents pursuant to this Section 8.11.

 

(b)              
The Administrative Agent shall not be responsible for or have a duty to ascertain
or inquire into any representation or warranty regarding the existence, value or collectability of any Collateral,
the existence, priority or perfection of the Administrative Agent’s Lien thereon,
or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative
Agent be responsible or liable to the Lenders for any failure to monitor, maintain or insure any portion of the Collateral.

 

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(c)              
The Administrative Agent may refrain from enforcing the Collateral
unless instructed by the Required Lenders. The Administrative
Agent may, subject to any contrary instructions from the Required Lenders, cease enforcement at any time.

 

Section 8.12       
Lender Provided Hedging Agreements and Lender Provided Financial Service Products.
No holder of Secured Obligations in respect of Lender Provided Hedging Agreements or Lender Provided Financial Service Products
shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan
Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity
as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision
of this Article VIII to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other
satisfactory arrangements have been made with respect to, such Secured Obligations unless the Administrative Agent has received
written notice of such Secured Obligations, together with such supporting documentation as the Administrative Agent may reasonably
request, from the applicable Lender or Affiliate of a Lender.

 

Section
8.13        Merger.
Any entity into which the Administrative Agent in its individual capacity may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidations which the Administrative Agent in its individual capacity
may be party, or any corporation to which substantially all of the corporate trust or agency business of the Administrative Agent
in its individual capacity may be transferred, shall be the Administrative Agent under this Agreement without further action.

 

Section
8.14        Certain
ERISA Matters 

 

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

 

(i)                
such Lender is not using “plan assets” of one or more Benefit Plans with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this
Agreement,

 

(ii)              the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving
insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled
separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE
96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such
Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement,

 

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(iii)           
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such
Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement,
(C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge
of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement, or

 

(iv)            
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in
its sole discretion, and such Lender.

 

(b)              
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such
Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person becomes a Lender party hereto, to, and (y) covenants,
from the date such Person becomes a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party,
that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement
(including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan
Document or any documents related hereto or thereto).

 

Article
IX

 

Miscellaneous

 

Section
9.1           
Notices; Effectiveness; Electronic Communication.

 

(a)              
Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in clause (b)
below), all notices and other communications provided for herein
shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail,
sent by telecopy or electronic communication as follows:

 

(i)                 if
to the Borrower or any other Loan Party, to it at 875 Howard Street, Suite 320, San
Francisco, CA 94103, Attention: General Counsel /Chief Financial Officer / Treasurer (Telephone No. (877) 215-5230 ext.
18083/19763; E-mail: juan.urthiage@globant.com with copies to matias.corvalan@globant.com and gcoffice@globant.com), with a
copy to Sistemas Globales S.A., Ing. Butty 240, Laminar Tower, 9th Floor, Ciudad Autónoma de Buenos Aires, 1001,
Argentina, Attention: General Counsel /Chief Financial Officer / Treasurer;

 

(ii)             
if to the Administrative Agent, to HSBC Bank USA, N.A. at HSBC
Bank USA, National Association, Corporate Trust Loan Agency, 425 5th Avenue (8E6), New York, NY 10018 (Telecopy No. (917)
229-6659; Telephone No. (212) 535-7253; E-mail: ctlany.loanagency@us.hsbc.com); and

 

(iii)           
if to a Lender, to it at its address (or telecopy number or e-mail address)
set forth in its Administrative Questionnaire.

 

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Notices sent by hand
or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices
sent by telecopy shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient,
shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices delivered through
electronic communications, to the extent provided in clause (b) below, shall be effective as provided in said clause (b).

 

(b)              
Electronic Communications. Notices and other communications
to the Lenders and the Issuing Banks hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures
approved by the Administrative Agent; provided that, the foregoing shall not apply
to notices to any Lender or Issuing Bank pursuant to Article II
if such Lender or Issuing Bank, as applicable, has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative
Agent or the Borrower may, in its sole and absolute discretion, agree to accept notices
and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that, approval of
such procedures may be limited to particular notices or communications.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement) and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause
(i), of notification that such notice or communication is available and identifying the website address therefor; provided
that, for both clauses (i) and (ii) above, if such notice, e-mail or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business
on the next Business Day for the recipient.

 

(c)              
Change of Address, etc. Any party hereto may change its address, telecopy number or e-mail address for notices
and other communications hereunder by notice to the other parties hereto.

 

(d)              
Platform.

 

(i)                
The Borrower (on behalf of itself and each other Loan
Party) agrees that the Administrative Agent may, but shall not be obligated to, make
the Communications (as defined below) (including of
materials and/or information provided by or on behalf of the Borrower
hereunder (collectively, the “Borrower Materials”)) available
to the Issuing Banks and the other Lenders by posting the Communications on the Platform.

 

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(ii)             
The Platform is provided “as is” and “as available”.
The Agent Parties (as defined below) do not warrant the adequacy of the Platform
and expressly disclaim liability for errors or omissions in the Communications. No
warranty of any kind, express, implied or statutory, including any warranty of merchantability,
fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made
by any Agent Party in connection with the Communications
or the Platform. In no event shall the Administrative
Agent or any of its Related Parties (collectively, the “Agent
Parties”) have any liability to the Borrower or the other Loan
Parties, any Lender or any other Person or
entity for damages of any kind, including direct or indirect, special, incidental, consequential,
punitive or exemplary damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s,
any other Loan Party’s or the Administrative Agent’s
transmission of communications through the Platform.
 “Communications” means, collectively, any notice, demand, communication,
information, document or other material provided by or on behalf of the Borrower
or any other Loan Party pursuant to any Loan Document
or the transactions contemplated therein which is distributed to the Administrative
Agent, any Lender or any Issuing Bank by means of electronic communications
pursuant to this Section, including through the Platform.

 

Section
9.2           
Waivers; Amendments.

 

(a)              
No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of
any other right or power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement
or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by clause (b)
of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed
as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice
or knowledge of such Default at the time.

 

(b)               No Loan
Document nor any provision thereof may be waived, amended or modified except, in the case of this Agreement,
pursuant to an agreement or agreements in writing entered into by the Borrower and
the Required Lenders or, in the case of any other Loan
Document, by an agreement in writing entered into with the consent of the Required
Lenders; provided that, no such agreement shall:

 

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(i)                
increase the Commitment of any Lender without
the written consent of such Lender (it being understood and agreed that a waiver of any condition
precedent set forth in Section 4.1 or the waiver of any Default, Event of Default, mandatory prepayment or mandatory reduction
of the Commitments shall not constitute an increase of any Commitment of any Lender);

 

(ii)               
reduce the principal amount of any Loan or LC Disbursement or reduce the rate
of interest thereon, or reduce any fees or any other amounts payable hereunder, without
the written consent of each Lender directly affected thereby (it being understood and agreed
that a waiver of an increase to the Applicable Rate pursuant to Section 2.12(c) shall require the consent of only the Required
Lenders);

 

(iii)              
postpone the scheduled date of payment (it being understood and agreed that a waiver of a Default shall require the
consent of only the Required Lenders) of the principal amount of any Loan or LC Disbursement,
or any interest thereon, or any fees or any other amounts payable hereunder, or reduce the
amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment,
without the written consent of each Lender directly affected thereby;

 

(iv)              change
any provision of any Loan Document in a manner that would alter the pro  rata sharing of payments required
thereby (including under Sections 2.18(b), Section 2.18(c) and Section
7.2) or pro rata reduction or termination of Commitments in accordance with Section 2.8(d) without, in each case,
the written consent of each Lender;

 

(v)              
release any Guarantor from a Guaranty (other than in connection with the transactions
permitted under Section 6.4 or the sale of such Guarantor in a transaction permitted under Section 6.5) or release
all or substantially all of the Collateral in any transaction or series of related transactions (other than as authorized in Section
8.11 or as otherwise specifically permitted or contemplated in this Agreement or the Security Agreement), in each case without
the written consent of each Lender;

 

(vi)             
change (A) any provision of this Section or the definition of “Required Lenders” or any other provision
hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination
or grant any consent hereunder (other than the definition specified in clause (B) of this Section 9.2(b)(vi)),
without the written consent of each Lender, or (B) the definition of “Required Revolving Lenders” without the written
consent of each Revolving Lender under the Revolving Facility; or

 

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(vii)             
amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline
Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the
case may be.

 

Notwithstanding anything
herein to the contrary, the Administrative Agent may,
with the consent of the Borrower only, amend, modify or supplement this Agreement
or any other Loan Document to cure any ambiguity, omission, defect or inconsistency.

 

Notwithstanding anything
to the contrary in this Agreement or in any other Loan Document, this Agreement and the other Loan Documents may be amended with
the written consent of only the Administrative Agent and the Borrower to the extent necessary in order to evidence and implement
any increase in Revolving Commitments pursuant to Section 2.22.

 

Section
9.3           
Expenses; Indemnity; Damage Waiver.

 

(a)              Costs
and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket
expenses incurred by the Administrative Agent and its Affiliates
(including the reasonable fees, charges and
disbursements of counsel for the Administrative Agent, which shall be limited to one primary counsel
and, to the extent appropriate, one local counsel in each relevant jurisdiction) in connection with (A) the syndication
of the Facilities, the preparation, negotiation, execution,
delivery, recordation and filing (including all recording and filing fees, and all mortgage,
intangible and other taxes) (it being understood and agreed that the Borrower shall not
be responsible for the payment of any such fees, charges or disbursements incurred by any Lender or counsel for such Lender other
than HSBC in its role as Administrative Agent) and (B) administration of this Agreement and
the other Loan Documents, or any amendment, modification or waiver of the provisions hereof
or thereof (whether or not the transactions contemplated hereby or thereby shall
be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by any Issuing Bank in connection with the
issuance, amendment or extension of any Letter of Credit or any demand for payment thereunder, and (iii) all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent, any Lender
or any Issuing Bank (including the fees, charges
and disbursements of any counsel for the Administrative Agent, any Lender
or any Issuing Bank, which shall be limited to one primary counsel for the Administrative Agent, any Issuing Banks and the Lenders
(taken as a whole), one local counsel (in each reasonably necessary jurisdiction) and one special counsel (for each reasonably
necessary specialty) and, in the case of a conflict of interest of any of the foregoing counsel, one additional local and/or special
counsel (as applicable)), in connection with the enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its
rights under this Section, or (B) in connection with the Loans made or Letters of Credit
issued hereunder, including all such reasonable
and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans
or Letters of Credit.

 

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(b)              Indemnification
by the Borrower.  The Borrower shall
indemnify the Administrative Agent (and any sub-agent thereof), each Lender
and each Issuing Bank, and each Related Party of each of the foregoing Persons (each
such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses (including the fees, charges and
disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or
asserted against any Indemnitee by any Person (including the Borrower or
any other Loan Party) arising out of, in connection with, or as a result of (i) the execution or
delivery of this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder or the
consummation of the transactions contemplated hereby or thereby, (ii) any Loan or
Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a
demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply
with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from
any property owned or operated by the Borrower or any Subsidiary (except to the extent such presence or release is (A)
attributable solely to the gross negligence or willful misconduct of any Lender (as determined by a court of competent
jurisdiction by a final, nonappealable judgment) and (B) occurred following such Lender’s taking possession of the
property due to (x) the foreclosure on such property by such Lender or (y) such Lender having become successor-in-interest to
any Loan Party with respect to such property), or any Environmental Liability related
in any way to the Borrower or any Subsidiary,
or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether
based on contract, tort or any other theory, whether brought by a third party or by the Borrower or
any other Loan Party, and regardless of whether any Indemnitee is
a party thereto; provided that, such indemnity shall not, as to any Indemnitee,
be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of
competent jurisdiction by final and nonappealable judgment to (A) have resulted (i) from the gross negligence or willful
misconduct of such Indemnitee or (ii) a claim brought by the Borrower or any other Loan Party
against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan
Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim, or
(B) have arisen out of any dispute that does not involve an act or omission of any Loan Party or any Subsidiary and that is
brought by an Indemnitee against another Indemnitee; provided, further, that the Borrower shall only be
responsible for the fees, charges and disbursements of one primary counsel for the Administrative Agent and the Lenders
(taken as a whole), one local counsel (in each reasonably necessary jurisdiction) and one special counsel (for each
reasonably necessary specialty) and, in the case of a conflict of interest of any of the foregoing counsel, one additional
local and/or special counsel (as applicable). This Section 9.3(b) shall
not apply with respect to Taxes other than any Taxes that
represent losses, claims, damages, liabilities and related expenses arising from any non-Tax claim.

 

(c)              Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to indefeasibly
pay any amount required under clause (a) or (b) of this Section to be paid by it to the Administrative
Agent (or any sub-agent thereof), any Issuing Bank, any Swingline Lender or any Related
Party of any of the foregoing, each Lender severally
agrees (i) to pay with respect to clause (a) of this Section, and (ii) indemnify with respect to clause (b) of
this Section, Administrative Agent (or any such sub-agent), such Issuing Bank, such
Swingline Lender or such Related Party, as the case may be, such Lender’s pro  rata
share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s
share of the Total Credit Exposure at such time) of such unpaid amount (including any
such unpaid amount in respect of a claim asserted by such Lender); provided
that, with respect to such unpaid amounts owed to any Issuing Bank or Swingline Lender solely in its capacity as such, only
the Revolving Lenders shall be required to pay such unpaid amounts, such payment to be made severally among them based on
such Revolving Lenders’ Applicable Percentages (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought); provided  further that, the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative
Agent (or any such sub-agent), such Issuing Bank or such Swingline Lender in its capacity as such, or against any
Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), such Issuing Bank or any
such Swingline Lender in connection with such capacity. The obligations of the Lenders under this clause (c) are
subject to the provisions of Section 2.18(e).

 

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(d)              Waiver
of Consequential Damages, etc. To the fullest extent permitted by Applicable Law, the
Borrower shall not assert, and hereby waives, any claim against any Indemnitee,
and in no event shall any Indemnitee be liable, on any theory of liability, for loss of
profits, goodwill, reputation, business opportunity or for indirect, special, punitive, consequential or exemplary damages (as
opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the transactions contemplated hereby or thereby, any Loan
or Letter of Credit, or the use of the proceeds thereof, whether or not the Indemnitee
has been advised of the possibility of damages. No Indemnitee referred to in clause (b)
above shall be liable for any damages arising from the use by unintended recipients of any information
or other materials distributed by it through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan
Documents or the transactions contemplated hereby or thereby.

 

(e)              
Payments. All amounts due under this Section shall be payable not later
than 10 days after demand therefor.

 

(f)               
Survival. Each party’s obligations under this Section shall
survive the termination of the Loan Documents and payment of the other Obligations.

 

Section
9.4           
Successors and Assigns.

 

(a)              
Successors and Assigns Generally. The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except
that the Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of the Administrative Agent and each
Lender, and no Lender may assign or otherwise transfer
any of its rights or obligations hereunder except (i) to an assignee in accordance with
the provisions of clause (b) of this Section, (ii) by way of participation in accordance with the provisions of clause (d)
of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of clause (e)
of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in clause (d)
of this Section and, to the extent expressly contemplated hereby, the Related Parties of
each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement.

 

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(b)              
Assignments by Lenders. Any Lender may at any time assign to one or
more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitments and
the Loans at the time owing to it); provided that (in each case with respect to any
Facility), any such assignment shall be subject to the following conditions:

 

(i)                
Minimum Amounts.

 

(A)            
in the case of an assignment of the entire remaining amount of the assigning Lender’s
Commitment and/or the Loans at the time owing to
it (in each case with respect to any Facility) or in the case of an assignment to a Lender,
an Affiliate of a Lender or an Approved
Fund, no minimum amount need be assigned; and

 

(B)             
in any case not described in clause (b)(i)(A) of this Section, the aggregate amount of the Commitment
(which for this purpose includes Loans outstanding thereunder) or, if the applicable
Commitment is not then in effect, the principal outstanding balance of the Loans
of the assigning Lender subject to each such assignment (determined as of the date
the Assignment and Assumption with respect to such assignment is delivered to the Administrative
Agent or, if a “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date) shall not be less than $5,000,000,
in the case of any assignment in respect of the Revolving Facility, or $1,000,000, in the case of any assignment in respect of
the Term Facility, unless each of the Administrative Agent and, so long as no Event
of Default has occurred and is continuing, the Borrower otherwise consents (each
such consent not to be unreasonably withheld or delayed).

 

(ii)             
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s rights and obligations under
this Agreement with respect to the Loan or the Commitment
assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its
rights and obligations among separate Facilities on a non-pro rata basis.

 

(iii)           
Required Consents. No consent shall be required for any assignment except to the extent required by clause (b)(i)(B)
of this Section and, in addition:

 

(A)            
the consent of the Borrower (such consent not to be unreasonably withheld
or delayed) shall be required unless (x) an Event of Default has occurred and is continuing
at the time of such assignment or (y) such assignment is to a Lender, an Affiliate
of a Lender or an Approved Fund; provided
that, the Borrower shall be deemed to have consented to any such assignment unless it shall
object thereto by written notice to the Administrative Agent within five
(5) Business Days after having received notice thereof; and

 

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(B)             
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required
for assignments in respect of (i) the Revolving Facility or any unfunded Commitments with respect to the Term Facility if such
assignment is to a Person that is not a Lender with a Commitment in respect of such Facility, an Affiliate of such Lender or an
Approved Fund with respect to such Lender, or (ii) any Term Loans to a Person that is not a Lender, an Affiliate of a Lender or
an Approved Fund; and

 

(C)             
the consent of each Issuing Bank and Swingline Lender (such consent not to be unreasonably withheld or delayed) shall
be required for assignments in respect of the Revolving Facility if such assignment is to a Person that is not a Lender with a
Revolving Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender.

 

(iv)             
Assignment and Assumption. The parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and
Assumption, together with a processing and recordation fee of $3,500; provided
that, the Administrative Agent may, in its sole and absolute discretion, elect to waive
such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender,
shall deliver to the Administrative Agent an Administrative
Questionnaire.

 

(v)              
No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower
or any of the Borrower’s Affiliates or
Subsidiaries, or (B) to any Defaulting Lender or
any of its Subsidiaries, or any Person who, upon
becoming a Lender hereunder, would constitute a Defaulting
Lender or a Subsidiary thereof.

 

(vi)             
No Assignment to Natural Persons. No such assignment shall be made to a natural Person
(or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person or relative(s)
thereof).

 

(vii)             Certain
Additional Payments. In connection with any assignment of rights and obligations of
any Defaulting Lender hereunder, no such assignment shall be effective unless and
until, in addition to the other conditions thereto set forth herein, the parties to
the assignment shall make such additional payments to the Administrative Agent in an
aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the
assignee of participations or subparticipations, or other compensating actions, including funding,
with the consent of the Borrower and the Administrative
Agent, the applicable pro  rata share of Loans previously
requested but not funded by the Defaulting Lender, to each of which the applicable
assignee and assignor irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such
Defaulting Lender to the Administrative Agent, each Issuing Bank, each Swingline Lender and each other Lender hereunder (and
interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations
in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the
event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under
Applicable Law without compliance with the provisions of this clause, then the assignee of such interest shall be deemed to
be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

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Subject to acceptance
and recording thereof by the Administrative Agent pursuant to clause (c) of this Section, from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent
of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and
the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to
the benefits of Sections 2.14 and 9.3 with respect to facts and circumstances occurring prior to the effective
date of such assignment; provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment
by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s
having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does
not comply with this clause shall be treated for purposes of this Agreement as a sale by such Lender of a participation in
such rights and obligations in accordance with clause (d) of this Section.

 

(c)              
Register. The Administrative Agent,
acting solely for this purpose as an agent of the Borrower, shall maintain at its offices
at 452 Fifth Avenue, New York, NY 10018 a copy of each Assignment and Assumption delivered
to it and a register for the recordation of the names and addresses of the Lenders, and
the Commitments of, and principal amounts (and stated interest) of the Loans
owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register
shall be conclusive absent manifest error, and the Borrower,
the Administrative Agent and the Lenders shall treat each Person
whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Agreement.
The Register shall be available for inspection by the Borrower
and any Lender, at any reasonable time and from time to time upon reasonable prior
notice. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee, the assignee’s Administrative
Questionnaire (unless the assignee shall already be a Lender hereunder), the processing
and recordation fee referred to in clause (b) of this Section and any written consent to such assignment required
by clause (b) of this Section, the Administrative Agent shall accept such Assignment
and Assumption and record the information contained therein in the Register;
provided that, if either the assigning Lender or the assignee shall have failed to
make any payment required to be made by it pursuant to this Agreement, the Administrative
Agent shall have no obligation to accept such Assignment and Assumption and record
the information therein in the Register unless and
until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register
as provided in this clause (c).

 

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(d)              
Participations. Any Lender may at any time, without the consent of,
or notice to, the Borrower or the Administrative Agent,
sell participations to any Person (other than a natural Person,
or a holding company, investment vehicle or trust for, or owned and operated for the primary
benefit of, a natural Person, or the Borrower or
any of the Borrower’s Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s
rights and/or obligations under this Agreement (including
all or a portion of its Commitment and/or the Loans
owing to it); provided that, (i) such Lender’s obligations
under this Agreement shall remain unchanged, (ii) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations,
and (iii) the Borrower, the Administrative Agent, the Issuing
Banks and Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations
under this Agreement. For the avoidance of doubt, each Lender
shall be responsible for the indemnity under Section 2.17(e) with respect
to any payments made by such Lender to its Participant(s).

 

Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that, such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to
any amendment, modification or waiver described in the first proviso to Section 9.2(b) that affects such
Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.16
and 2.17 (subject to the requirements and limitations therein, including the requirements under Section 2.17(g)
(it being understood that the documentation required under Section 2.17(g) shall be delivered to the
participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (b)
of this Section; provided that, such Participant (A) agrees to be subject to the provisions of Section 2.19
as if it were an assignee under clause (b) of this Section, and (B) shall not be entitled to receive any
greater payment under Section 2.14 or Section 2.17, with respect to any participation, than its
participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells
a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower
to effect the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by
Applicable Law, each Participant also shall be entitled to the benefits of Section 9.8 as though it were a
Lender; provided that, such Participant agrees to be subject to Section 2.18(c) as though it were a
Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and
stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the
 “Participant Register”); provided that, no Lender shall have any obligation to disclose all or any
portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document)
to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of
credit, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person
whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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

 

Section
9.5           
Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates
or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by
the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and any issuance
of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that
the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation
or warranty at the time any credit is extended hereunder, and shall continue in full force and effect so long as the principal
of or any accrued interest on any Loan or any fee or any other amount payable under any Loan Document is outstanding and unpaid
or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.14,
2.16, 2.17, 2.18 and 9.3, and Article VIII shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the Obligations, the expiration or termination
of the Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent
and the applicable Issuing Bank shall have been made) and the Commitments or the termination of this Agreement or any provision
hereof.

 

Section
9.6           
Counterparts; Integration; Effectiveness; Electronic Execution.

 

(a)              
Counterparts; Integration; Effectiveness. This Agreement may be executed
in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. This Agreement and the
other Loan Documents, and any separate letter agreements with respect to fees payable to
the Administrative Agent, constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.1,
this Agreement shall become effective when it shall have been executed by the Administrative
Agent and when the Administrative Agent shall have received counterparts hereof
that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement by telecopy
or in electronic (i.e., “pdf” or “tif”)
format shall be effective as delivery of a manually executed counterpart of this Agreement.

 

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(b)               Electronic
Execution of Assignments. The words “execution,” “signed,”
 “signature,” and words of like import in any Assignment
and Assumption shall be deemed to include electronic signatures or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature or the use of a paper-based recordkeeping system, as the case may
be, to the extent and as provided for in any Applicable Law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

 

Section
9.7           
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the
validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

 

Section
9.8           
Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Bank and
each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by
Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held, and other obligations (in whatever currency) at any time owing, by such Lender, such Issuing Bank or
any such Affiliate, to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations
of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or
such Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand
under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent
or unmatured or are owed to a branch, office or Affiliate of such Lender or such Issuing Bank different from the branch, office
or Affiliate holding such deposit or obligated on such indebtedness; provided that, in the event that any Defaulting Lender
shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent
for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated
by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing
Banks and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing
in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights
of each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates may have. Each Lender and
Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided
that, the failure to give such notice shall not affect the validity of such setoff and application.

 

Section
9.9           
Governing Law; Jurisdiction; Etc. 

 

(a)               Governing
Law. This Agreement and the other Loan Documents and
any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or
relating to this Agreement or any other Loan Document (except,
as to any other Loan Document, as expressly set forth therein) and the transactions contemplated
hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New
York, without regard to conflicts of law principles except Title 14 of Article 5
of the New York General Obligations law.

 

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(b)              
Jurisdiction. The Borrower irrevocably and unconditionally agrees that
it will not commence any action, litigation or proceeding of any kind or description, whether
in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent,
any Lender, any Issuing Bank or any Related Party of
the foregoing in any way relating to this Agreement or any other Loan
Document or the transactions relating hereto or thereto, in any forum other than
the courts of the State of New York sitting in New York
County, and of the United States District Court for the Southern District of New York,
and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction
of such courts and agrees that all claims in respect of any action, litigation or proceeding of any kind or description, whether
in law or equity, whether in contract or in tort or otherwise, in any way relating to this Agreement
or any other Loan Document or the transactions relating
hereto or thereto may be heard and determined in such New York State court or, to the fullest
extent permitted by Applicable Law, in such federal court. Each of the parties hereto agrees
that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by Applicable Law. Nothing in this
Agreement or in any other Loan Document shall affect
any right that the Administrative Agent, any Lender or any
Issuing Bank may otherwise have to bring any action or proceeding relating to this Agreement
or any other Loan Document against the Borrower,
any other Loan Party or their properties in the courts of any jurisdiction.

 

(c)              
Waiver of Venue. The Borrower irrevocably and unconditionally waives,
to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter
have to the laying of venue of any action or proceeding arising out of or relating to this Agreement
or any other Loan Document in any court referred to in clause (b) of
this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable
Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)              
Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for
notices in Section 9.1. Nothing in this
Agreement will affect the right of any party hereto to serve process in any other manner
permitted by Applicable Law.

 

Section
9.10        Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

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Section
9.11        Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

Section
9.12        Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the Issuing Banks agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed: (a) to its Affiliates and
to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any
regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority,
such as the National Association of Insurance Commissioners), (c) to the extent required by Applicable Law or by any subpoena or
similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedy hereunder or under any
other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights
hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to
(i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under
this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative, credit insurance or other
transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder,
(g) with the consent of the Borrower, or (h) to the extent such Information (x) becomes publicly available other than as a result
of a breach of this Section, or (y) becomes available to the Administrative Agent, any Lender, any Issuing Bank or any of
their respective Affiliates on a nonconfidential basis from a source other than the Borrower or any Subsidiary. In addition, the
Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market
data collectors, similar service providers to the lending industry (including league table providers) and service providers to
the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and
the Commitments.

 

For purposes of this
Article, “Information” means all information received from the Borrower or any Subsidiary relating to the Borrower
or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative
Agent, any Lender or any Issuing Bank on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary; provided
that, in the case of information received from the Borrower or any Subsidiary after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided
in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree
of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

    117

     

    

 

Section
9.13        Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest on such Loan under Applicable Law (collectively
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted
for, charged, taken, received or reserved by the Lender holding such Loan in accordance with Applicable Law, the rate of interest
payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum
Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable
as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect
of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with
interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

 

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

 

Section
9.15        Acknowledgment
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the
contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability
is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to,
and acknowledges and agrees to be bound by:

 

(a)              
the application of any Write-Down and Conversion Powers by an EEA
Resolution Authority to any such liabilities arising hereunder which may be payable
to it by any party hereto that is an EEA Financial Institution; and

 

(b)              
the effects of any Bail-in Action on any such liability, including,
if applicable:

 

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

 

(ii)             
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA
Financial Institution, its parent undertaking, or a bridge institution that may be
issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will
be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

    118

     

    

 

(iii)           
the variation of the terms of such liability in connection with the exercise of the write-down
and conversion powers of any EEA Resolution Authority.

 

Section
9.16        Judgment
Currency. This is an international loan transaction in which the specification of Dollars and the payment in New York is of
the essence, and the obligations of the Borrower and each other Loan Party under this Agreement and each of the other Loan Documents
to make payments in a specified currency (the “Contractual Currency”) shall not be discharged or satisfied by
any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Contractual Currency,
except to the extent such tender or recovery results in the effective receipt by the Recipient to which payment is owed, acting
in good faith and using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency,
of the full amount of the Contractual Currency of the amounts payable to such Recipient under this Agreement. If, for the purpose
of obtaining or enforcing judgment against any Loan Party in any court or in any jurisdiction, it becomes necessary to convert
into or from any currency other than the Contractual Currency (such other currency being herein referred to as the “Judgment
Currency”) an amount due in the Contractual Currency, the conversion shall be made, at the rate of exchange at which,
in accordance normal banking procedures, the Recipient could purchase such Contractual Currency at the principal office of the
Recipient in New York, New York with the Judgment Currency on the Business Day next preceding the day on which such judgment becomes
effective. The obligation of the Borrower and each other Loan Party in respect of any sum due from it to the Recipient hereunder
or under any other Loan Document shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged
only to the extent that, on the Business Day following receipt by the Recipient of any sum adjudged to be due hereunder in the
Judgment Currency the Recipient may, in accordance with normal banking procedures, purchase and transfer the Contractual Currency
to New York, New York with the amount of the Judgment Currency so adjudged to be due, and the Borrower and each other Loan Party
hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify the Recipient against, and to pay the
Recipient, on demand, in the Contractual Currency, the amount (if any) by which the sum originally due to the Recipient in the
Contractual Currency hereunder exceeds the amount of the Contractual Currency so purchased and transferred.

 

Section
9.17        Acknowledgement
Regarding Any Supported QFCs(a).

 

(a)               To
the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Hedging Agreement or any other
agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a
 “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the
Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special
Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable
notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State
of New York and/or of the United States or any other state of the United States):

 

    119

     

    

 

(b)              
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC
Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property
securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer
would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,
obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event
a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States
or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the
parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported
QFC or any QFC Credit Support.

 

[Signature page follows]

 

    120

     

    

 

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

 

		GLOBANT, LLC,

		as Borrower

 

		By 	/Juan Urthiague/

		Name:	Juan Urthiague

		Title:	Chief Financial Officer

 

[Signature Page
 – Second Amended and Restated Credit Agreement]

 

     

     

    

 

		HSBC BANK USA, NATIONAL ASSOCIATION,

		as Administrative Agent

 

		By	/Keisha
                                         McLaughlin /

		Name:	Keisha McLaughlin

		Title:	Assistant Vice President

 

[Signature Page – Second Amended and
Restated Credit Agreement]

 

     

     

    

 

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION, 

as Issuing Bank
	 	 
	 	By	 /Vanessa Printz/
	 	Name: Vanessa Printz
	 	Title: Senior Vice President

 

[Signature Page – Second Amended and Restated Credit Agreement]

 

     

     

    

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION, 

as Swingline Lender
	 	 
	 	By	 /Vanessa Printz/
	 	Name: Vanessa Printz
	 	Title: Senior Vice President

 

[Signature Page – Second Amended and Restated Credit Agreement]

 

     

     

    

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION, 

as Lender
	 	 
	 	By	 /Vanessa Printz/
	 	Name: Vanessa Printz
	 	Title: Senior Vice President

 

[Signature Page – Second Amended and
Restated Credit Agreement]

 

     

     

    

 

	 	BANK OF AMERICA, N.A.,
	 	as Lender
	 	 
	 	By	/Maxim Volkov/
	 	Name: Maxim Volkov
	 	Title: Managing Director

 

[Signature Page – Second Amended and
Restated Credit Agreement]

 

 

     

     

    

 

	 	BBVA USA,
	 	as Lender
	 	 
	 	By	/Chris Dowler/
	 	Name: Chris Dowler
	 	Title: Senior Vice President

 

[Signature Page – Second Amended and
Restated Credit Agreement]

 

     

     

    

 

	 	BNP PARIBAS,
	 	as Lender
	 	 
	 	By	/Geraud Haissat/
	 	Name: Geraud Haissat
	 	Title: Managing Director
	 	 
	 	By	/Louis-Marie Angevin/
	 	Name: Louis-Marie Angevin
	 	Title: Vice President

 

[Signature Page – Second Amended and
Restated Credit Agreement]

 

     

     

    

 

	 	CITIBANK, N.A.,
	 	as Lender
	 	 
	 	By	/Daniel Gouger/
	 	Name: Daniel Gouger
	 	Title: Vice President

 

[Signature Page – Second Amended and
Restated Credit Agreement]

 

     

     

    

 

 

	 	JPMORGAN CHASE BANK, N.A.,
	 	as Lender
	 	 
	 	By	 /Christopher Vohmann/
	 	Name: Christopher Vohmann
	 	Title: Executive Director

 

    

     

    

 

	 	SILICON VALLEY BANK,
	 	as Lender
	 	 
	 	By	/Alex Grotevant/
	 	Name: Alex Grotevant
	 	Title: Vice President

 

    

     

    

 

	 	TRUIST BANK,
	 	as Lender
	 	 
	 	By	/Johnetta Bush/
	 	Name: Johnetta Bush
	 	Title: Director

 

    

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Lender
	 	 
	 	By	/Glenn Leyrer/
	 	Name: Glenn Leyrer
	 	Title: Vice President

 

    

     

    

 

Schedule 2.1

 

Commitments

 

	Lender	Revolving Commitment	Percentage
	HSBC Bank USA, N.A.	$50,000,000.00	20%
	Citibank, N.A.	$35,714,285.71	14.3%
	BBVA USA	$35,714,285.71	14.3%
	BNP Paribas	$35,714,285.71	14.3%
	Truist Bank	$18,571,428.57	7.4%
	US Bank National Association	$18,571,428.57	7.4%
	Silicon Valley Bank	$18,571,428.57	7.4%
	JPMorgan Chase Bank, N.A.	$18,571,428.57	7.4%
	Bank of America, N.A.	$18,571,428.57	7.4%
	Total:	$250,000,000.00	100%

 

 

	Lender	Term Loan Commitment	Percentage
	HSBC Bank USA, N.A.	$20,000,000.00	20%
	Citibank, N.A.	$14,285,714.29	14.3%
	BBVA USA	$14,285,714.29	14.3%
	BNP Paribas	$14,285,714.29	14.3%
	Truist Bank	$7,428,571.43	7.4%
	US Bank National Association	$7,428,571.43	7.4%
	Silicon Valley Bank	$7,428,571.43	7.4%
	JPMorgan Chase Bank, N.A.	$7,428,571.43	7.4%
	Bank of America, N.A.	$7,428,571.43	7.4%
	Total:	$100,000,000.00	100%

 

     

     

    

 

Schedule 2.5

 

Existing Letters of Credit

 

 

Guarantee No. FNGMLM951653 in the aggregate
principal amount of EUR 392,277.41, issued by HSBC France to Software Product Creation S.L.
for the benefit of Infinorsa Gestión Inmobiliaria y Financiera S.A.

 

     

     

    

 

Schedule 3.6

 

Disclosed Matters

 

·     TAX
CLAIM BY THE TAX AUTHORITY IN UNITED STATES (U.S.

INTERNAL REVENUE SERVICE).

 

Certain of our non-U.S.
subsidiaries are currently under examination by the U.S. Internal Revenue Service (“IRS”) regarding payroll and employment
taxes primarily in connection with services performed by employees of certain of our subsidiaries in the United States from 2013
to 2015. On May 1, 2018, the IRS issued 30- day letters to those subsidiaries proposing total assessments of $1.4 million plus
penalties and interest for employment taxes for those years. Our subsidiaries filed protests of these proposed assessments with
the IRS on July 16, 2018.

 

·     TAX
CLAIM BY THE TAX AUTHORITY IN COLOMBIA (UNIDAD
DE

GESTION PENSIONAL Y PARAFISCALES “UGPP”)

 

Our Colombian subsidiary is currently
under examination by the UGPP regarding social contribution payments for the year 2016. On November 6, 2019, the UGPP issued a
demand letter to the Colombian subsidiary proposing a preliminary assessment of $2.1 million plus penalties and interest for social
contribution payments during such year and requesting the Colombian subsidiary to revert with its own assessment. The response
letter to be issued by the Colombian subsidiary is due on February 8, 2020, after which letter the UGPP will have six months to
issue its final determination.

 

·     CIVIL
COMPLAINT

 

On August 8, 2019,
Certified Collectibles Group, LLC (“CCG”) and its affiliates filed a complaint in the U.S. District Court for the Middle
District of Florida, Tampa Division, (Civil Action No. 19-CV-1962) against Globant S.A. and Globant, LLC. The complaint, arising
from a dispute relating to a service contract, alleges nine causes of action against Globant, LLC: (1) fraudulent inducement of
contract; (2) fraud; (3) fraudulent concealment; (4) negligent misrepresentation; (5) breach of contract and breach of express
warranty; (6) violation of Florida’s Deceptive and Unfair Trade Practices Act; (7) professional negligence; (8) declaratory
judgment; and (9) unjust enrichment. The complaint names Globant S.A. as a defendant with respect to several of these causes of
action (counts 2-4, 6-7, and 9), on the alleged theory that Globant S.A. was an “alter ego” or agent of Globant, LLC.
Globant, LLC has filed a motion to dismiss the complaint for failure to state a claim, and Globant S.A. has filed a motion to dismiss
for lack of personal jurisdiction. CCG has opposed these filings. The court has not yet ruled on the motions to dismiss.

 

     

     

    

 

Schedule
                                         3.11 Insurance [see attached]

    	 

    	 

    

 

GLOBLLC-03
                                         CJOHNSON6 01/30/2020 NAME: (A/C, No):(415) 512-1115 COVERAGES CERTIFICATE NUM BER: REVISION
                                         NUM BER: $ JECT (Per accident) STATUTE ER $ THE EXPIRATION DATE THEREOF, NOTICE WILL
                                         BE DELIVERED IN ACORD 25 (2016/03) © 1988-2015 ACORD CORPORATION. All rights reserved.
                                         The ACORD name and logo are registered marks of ACORD HSBC Bank USA, N.A. As administrative
                                         Agent and its successors and assigns *P O Box 1165 Buffalo , NY 14203 SHOULD ANY OF THE
                                         ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE ACCORDANCE WITH THE POLICY PROVISIONS. THIS
                                         IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED
                                         NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTW ITHSTANDING ANY REQUIREMENT, TERM OR
                                         CONDITION OF ANY CONTRACT OR OTHER DOCUMENT W ITH RESPECT TO WHICH THIS CERTIFICATE MAY
                                         BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS
                                         SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOW N MAY
                                         HAVE BEEN REDUCED BY PAID CLAIMS. INSR LTR TYPE OF INSURANCE ADDL INSD SUBR WVD POLICY
                                         NUMBER POLICY EFF (MM/DD/YYYY) POLICY EXP (MM/DD/YYYY) LIMIT S A X COMMERCIAL GENERAL
                                         LIABILITY x x 57UUNZM9229 02/06/2020 02/06/2021 EACH OCCURRENCE $1,000,000 CLAIMS-MADEOCCUR
                                         DAMAGE TO RENTED PREMISES (Ea occurrence) 300,000 MED EXP (Any one person) $10,000 PERSONAL
                                         & ADV INJURY $1,000,000 GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $2,000,000
                                         X POLICYPRO-LOC OTHER: PRODUCTS - COMP/OP AGG $2,000,000 $ A AUTOMOBILE LIABILIT Y 57UUNZM9229
                                         02/06/2020 02/06/2021 COMBINED SINGLE LIMIT (Ea accident) $1,000,000 ANY AUTO BODILY
                                         INJURY (Per person) $ OWNED AUTOS ONLY HIRED AUTOS ONLY SCHEDULED AUTOS NON-OWNED AUTOS
                                         ONLY BODILY INJURY (Per accident) $ X X PROPERTY DAMAGE $ $ A UMBRELLA LIAB EXCESS LIAB
                                         X OCCUR CLAIMS-MADE 57RHUZM8888 02/06/2020 02/06/2021 EACH OCCURRENCE $10,000,000 X AGGREGATE
                                         $10,000,000 DED X RETENTION $ $ B WORKERS COMPENSAT ION AND EMPLOYERS' LIABILIT YY /
                                         N ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED? (Mandatory in NH) If yes,
                                         describe under DESCRIPTION OF OPERATIONS below N / A x 57WEZU8722 07/15/2019 07/15/2020
                                         X PER OTH-E.L. EACH ACCIDENT $1,000,000 E.L. DISEASE - EA EMPLOYEE $1,000,000 E.L. DISEASE
                                         - POLICY LIMIT $1,000,000 A COMMERCIAL PROPERT Y 57UUNZM9229 02/06/2020 02/06/2021 BPP
                                         / TIB 8,022,500 DESCRIPT ION OF OPERAT IONS / LOCAT IONS / VEHICLES (ACORD 101, Additional
                                         Remarks Schedule, may be attached if more space is required) 10 days notice of cancellation
                                         for non payment of premium and 30 days notice for all other cancellations. HSBC Bank
                                         USA, N.A, as Administrative Agent, and its successors and assigns are named additional
                                         insured respects the written contract with the named insured. “Attn: Insurance
                                         Department X CERTIFICATE OF LIABILITY INSURANCE DATE (MM/DD/YYYY) THIS CERTIFICATE IS
                                         ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER.
                                         THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE
                                         AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT
                                         BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE
                                         HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies)
                                         must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject
                                         to the terms and conditions of the policy, certain policies may require an endorsement.
                                         A statement on this certificate does not confer rights to the certificate holder in lieu
                                         of such endorsement(s). PRODUCER License # 0757776 HUB International Insurance Services
                                         Inc. 44 Second Street San Francisco, CA 94105 CONTACT PHONE (A/C, No, Ext): (415) 512-2100
                                         FAX E-MAIL ADDRESS: INSURER(S) AFFORDING COVERAGE NAIC # INSURER A : Sentinel Insurance
                                         Company, Ltd. 11000 INSURED Globant, LLC 875 Howard Street San Francisco, CA 94103 INSURER
                                         B : Hartford Insurance Group 914 INSURER C : INSURER D : INSURER E : INSURER F :

    	 

    	 

    

 

THIS
                                         ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. POLICY CHANGES This endorsement
                                         forms a part of the Policy numbered below: POLICY NUMBER: 57 UUN ZM9229K2 CHANGE NUMBER:
                                         006 Policy Change Effective Date: 01/30/20 Named Insured: GLOBAL LLC SWEET & BAKER
                                         INS BROKERS .797 INC Producer's Name: Pro Rata Factor: Description of Change(s): ANY
                                         CHANGES IN YOUR PREMIUM WILL BE REFLECTED IN YOUR NEXT BILLING STATEMENT. IF YOU ARE
                                         ENROLLED IN REPETITIVE EFT DRAWS FROM YOUR BANK ACCOUNT, CHANGES IN PREMIUM WILL CHANGE
                                         FUTURE DRAW AMOUNTS. THIS IS NOT A BILL. NO PREMIUM DUE AT POLICY DATE. PROPERTY CHANGE
                                         CHOICE EFFECTIVE HARTFORD PROPERTY CHANGED FIRE INSURANCE COMPANY CHOICE COVERAGE PART
                                         IS 1 IS REVISED PREMISES LOSS PAYEE(S): LENDER'SLOSS PAYABLE IS ADDED: SEE LOSS PAYABLE
                                         PROVISIONS FORM NUMBERS OF COVERAGE PARTS AND ENDORSEMENTS ADDED TO THIS POLICY AT ENDORSEMENT
                                         ISSUE: SEE ABOVE FOR COMPANY NAME IH12011185LENDERS LOSS PAYEE(S) Countersigned by (Where
                                         required by law) 01/30/20 Authorized Representative Date Form HM 12 01 01 07T

    	 

    	 

    

 

POLICY NUMBER: 57 UUN ZM9229 CHANGE NUMBER: 006 THIS ENDORSEMENT
CHANGES THE POLICY. PLEASE READ IT CAREFULLY. This endorsement modifies insurance provided under the following: LENDERS LOSS PAYEE(S)
PROPERTY CHOICECOVERAGE PART HSBC BANK USA,NA AS ADMINISTRATIVE AGENT ITS SUCCESSORSAND/OR ASSIGNS P.O. BOX 1165 BUFFALO, NY 14203
RE: LOC 001 875 HOWARD ST SAN FRANCISCO, CA 94103 Form IH 12 01 11 85 SEQ.NO. 01 Printed in U.S.A.

    	 

    	 

    

 

Schedule 3.13

 

Subsidiaries; Equity Interests

 

	Company	 	Jurisdiction	 	Ownership	 
	Globant
    España S.A. (sociedad unipersonal)	 	Spain	 	100% Globant S.A.	 
	 
	Software Product Creation S.L.	 	Spain	 	52.28% Globant España S.A. (sociedad unipersonal)	 
	 	 	 	 	47.72% Globant S.A.	 
	Globant France S.A.S.	 	France	 	100% Globant S.A.	 
	Sistemas UK Ltd.	 	England & Wales	 	100% Globant España S.A. (sociedad unipersonal)	 
	We Are London Ltd.	 	England & Wales	 	100% Globant España S.A. (sociedad unipersonal)	 
	Globant Bel LLC	 	Belarus	 	95.00% Globant España S.A. (sociedad unipersonal)	 
	 	 	 	 	05.00% Software Product Creation S.L.	 
	Small Footprint S.R.L.	 	Romania	 	100% Globant España S.A. (sociedad unipersonal)	 
	Globant, LLC	 	USA	 	100% Globant España S.A. (sociedad unipersonal)	 
	Globant Canada Corp.	 	Canada	 	100% Globant España S.A. (sociedad unipersonal)	 
	Global Systems Outsourcing S. de R.L.	 	Mexico	 	99.99% Globant España S.A. (sociedad unipersonal)	 
	 	 	 	 	00.01% IAFH Global S.A.	 
	Sistemas Colombia S.A.S.	 	Colombia	 	99.99% Globant España S.A. (sociedad unipersonal)	 
	 	 	 	 	00.01% Software Product Creation S.L.	 
	Globant Peru S.A.C.	 	Peru	 	99.99% Globant España S.A. (sociedad unipersonal)	 
	 	 	 	 	00.01% Software Product Creation S.L.	 
	Sistemas Globales Chile Asesorías Ltda.	 	Chile	 	95.00% Globant España S.A. (sociedad unipersonal)	 
	 	 	 	 	05.00% Software Product Creation S.L.	 
	Globant Brasil Consultoria Ltda.	 	Brazil	 	99.999995% Globant España S.A. (sociedad unipersonal)	 
	 
	 	 	 	 	00.000005% Software Product Creation S.L.	 
	Sistemas Globales Uruguay S.A.	 	Uruguay	 	100% Globant España S.A. (sociedad unipersonal)	 
	Difier S.A.	 	Uruguay	 	100% Globant España S.A. (sociedad unipersonal)	 
	IAFH Global S.A.	 	Argentina	 	99.998013% Globant España S.A. (sociedad unipersonal)	 
	 	 	 	 	00.00198712% Software Product Creation S.L.	 
	Sistemas Globales S.A.	 	Argentina	 	89.85% Globant España S.A. (sociedad unipersonal)	 
	 	 	 	 	10.15% Software Product Creation S.L.	 
	Huddle Group S.A.	 	Argentina	 	98.60% Globant España S.A. (sociedad unipersonal)	 
	 	 	 	 	01.40% Software Product Creation S.L.	 
	Globers S.A.	 	Argentina	 	95.00% IAFH Global S.A.	 
	 	 	 	 	05.00% Sistemas Globales S.A.	 
	Dynaflows S.A.	 	Argentina	 	94.99% Sistemas Globales S.A.	 
	 	 	 	 	05.01% Globant España S.A. (sociedad unipersonal)	 
	Globant Ventures S.A.S.	 	Argentina	 	100% Sistemas Globales S.A.	 
	Globant India Pvt. Ltd.	 	India	 	98.47% Globant España S.A. (sociedad unipersonal)	 

 

     

     

    

 

	Company	 	Jurisdiction	 	Ownership	 
	Software Product Creation S.L. - Dubai Branch	 	Dubai	 	Branch of Software Product Creation S.L.	 
	 
	Avanxo (Bermuda) Limited	 	Bermuda	 	100% Globant España S.A. (sociedad unipersonal)	 
	Avanxo México S.A.P.I. de C.V.	 	Mexico	 	99.999993% Avanxo (Bermuda) Limited	 
	 	 	 	 	00.00000689%
    Avanxo Brasil Tecnología da Informacao Ltda.	 
	Avanxo Servicios S.A. de C.V.	 	Mexico	 	90.00% Avanxo México S.A.P.I. de C.V.	 
	 	 	 	 	10.00%
    Avanxo Brasil Tecnología da Informacao Ltda.	 
	Avanxo Colombia	 	Colombia	 	Branch of Avanxo (Bermuda) Limited	 
	Avanxo - Sucursal del Perú	 	Peru	 	Branch of Avanxo (Bermuda) Limited	 
	Avanxo Brasil Tecnología da Informacao Ltda.	 	Brazil	 	99.99% Avanxo (Bermuda) Limited	 
	 
	 	 	 	 	00.01% Avanxo México S.A.P.I. de C.V.	 
	Orizonta Consultoria de Negocios e Tecnologia Ltda.	 	Brazil	 	99.997% Avanxo Brasil Tecnología da Informacao Ltda.	 
	 	 
	 	 	 	 	00.003% Avanxo México S.A.P.I. de C.V.	 
	Avanxo S.A.	 	Argentina	 	99.965819% Avanxo (Bermuda) Limited	 
	 	 	 	 	00.03418074% Software Product Creation S.L.	 
	Belatrix Global Corporation S.A	 	Spain	 	100% Globant España S.A. (sociedad unipersonal)	 
	Belatrix Services Corp.	 	USA	 	100% Belatrix Global Corporation S.A.	 
	Belatrix Colombia S.A.S.	 	Colombia	 	100% Belatrix Global Corporation S.A.	 
	Belatrix Peru S.A.C.	 	Peru	 	95.00% Belatrix Global Corporation S.A.	 
	 	 	 	 	05.00% Software Product Creation S.L.	 
	BSF S.A.	 	Argentina	 	99.956495% Belatrix Global Corporation S.A.	 
	 	 	 	 	00.04350525% Software Product Creation S.L.	 

 

     

     

    

 

Schedule 3.20

 

Labor Matters

 

None.

     

     

    

 

Schedule 6.2

 

Existing Indebtedness

 

Standby Letter of Credit No. 69608879 in the aggregate principal
amount of $287,100.00, issued by Citibank, N.A. to Globant, LLC for the benefit of 251 PAS LLC.

 

     

     

    

 

Schedule 6.3

Existing Liens

 

	Filing	Secured Party	File Date	Collateral
	UCC-1 20196455021	JPMORGAN CHASE BANK, N.A.	9/17/19	All accounts receivable which arise out of the sale of goods and services by Debtor to Johnson & Johnson Services, Inc., a New Jersey corporation and/or its subsidiaries or affiliates (individually or collectively, "Buyer"), which accounts receivable are now or in the future assigned and sold by Supplier to the Investors party to the Receivables Purchase Agreement among Supplier, the Investors party thereto and the Investor Agent party thereto, as amended, modified or supplemented from time to time (each, a "Purchased Receivable"), but only from and after the date such Purchased Receivables are sold by Supplier to Investor, and all Ancillary Rights with respect to such Purchased Receivables.
	UCC-1 20199254025	BANCO SANTANDER, S.A.	12/27/19	All Debtor's right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising, and wherever located, all Receivables and all Associated Rights from time to time and such other property thereunder sold by the Debtor to Secured Party pursuant to that certain Uncommitted Receivables Purchase and Servicing Agreement dated as of 23 December 2019 between Debtor as Original Seller and Secured Party as Purchaser (as the same may be amended, modified or amended and restated from time to time, the "RPA"), together with all present and future accounts, instruments, documents, chattel paper and general intangibles relating to such Receivables and all proceeds thereof.

 

     

     

    

 

Schedule 6.6

 

Existing Investments

 

None.Exhibit 4.14

 

EQUITY PURCHASE
AGREEMENT

 

This EQUITY PURCHASE
AGREEMENT (this “Agreement”), is entered into as of August 9, 2019 by and among, (i) Globant
España S.A. (sociedad unipersonal) (“Globant I” or the “Majority Purchaser”),
(ii) Software Product Creation S.L. (“Globant II” or the “Minority Purchaser”, and together
with Globant I, “Globant” or the “Purchasers”), (iii) Luis Héctor Robbio, an individual
resident in Argentina (“LHR”), (iv) Federico Luis Robbio, an individual resident in Argentina (“FLR”),
(v) Alejandro Héctor Robbio, an individual resident in Spain (“AHR”, and together with LHR and FLR,
the “Sellers”, and, together with Globant, each a “Party” and jointly, the “Parties”).

 

RECITALS

 

WHEREAS, as described
in Exhibit A hereto, the Sellers own all of the issued and outstanding Equity Interests of Belatrix Global Corporation
S.A., a Spanish stock company (Sociedad Anónima) (respectively, “Belatrix Spain” or the “Company”
and the “Belatrix Spain Interests”);

 

WHEREAS, as described
in Exhibit A hereto, Belatrix Spain owns all of the issued and outstanding Equity Interests of (i) Belatrix Colombia
S.A.S., a Colombian simplified stock company (respectively, “Belatrix Colombia” and the “Belatrix
Colombia Interests”), (ii) Belatrix Software, Inc., a Florida profit corporation (respectively, “Belatrix US”
and the “Belatrix US Interests”), and (iii) Belatrix Services Corp, a Florida profit corporation (respectively,
 “Belatrix Services” and the “Belatrix Services Interests”);

 

WHEREAS, as described
in Exhibit A hereto, Belatrix Spain and the Sellers collectively own all of the issued and outstanding Equity Interests
of (i) BSF S.A., an Argentinian corporation (Sociedad Anónima) (respectively, “Belatrix Argentina”
and the “Belatrix Argentina Interests”), and (ii) Belatrix Perú S.A., a Peruvian closely held corporation
(Sociedad Anónima Cerrada) (respectively, “Belatrix Peru” and the “Belatrix Peru Interests”).

 

WHEREAS, the Parties
desire to enter into this Agreement pursuant to which the Sellers agree to sell to Globant and Globant agrees to purchase from
the Sellers all of the Purchased Interests owned by the Sellers, on and subject to the terms and conditions contained herein.

 

NOW, THEREFORE, in
consideration of and subject to the promises and the mutual agreements, terms and conditions herein contained, the benefits to
be derived therefrom and other good and valuable consideration, the Parties hereby agree as follows:

 

    

     

    

 

ARTICLE 1

PURCHASE AND SALE
OF EQUITY

 

1.1.         Purchase
and Sale. At the Closing, upon the terms and subject to the conditions set forth herein:

 

(a) the Sellers shall
sell, convey, assign, transfer, and deliver to the Majority Purchaser, and the Majority Purchaser shall purchase and acquire from
the Sellers, the Belatrix Spain Interests, and all right, title, interest and entitlement therein and thereto (including without
limitation, the right to receive dividends, distributions, capital contributions or any return of capital declared, paid or made
by the Company on or after the Closing Date), free and clear of any and all Liens; leaving the Sellers without any shareholding,
equity or membership interest of any nature whatsoever in the Company; and

 

(b) the Sellers shall
sell, convey, assign, transfer, and deliver to the Minority Purchaser, and the Minority Purchaser shall purchase and acquire from
the Sellers, the Belatrix Argentina Minority Interests and the Belatrix Peru Minority Interests, and all right, title, interest
and entitlement therein and thereto (including without limitation, the right to receive dividends, distributions, capital contributions
or any return of capital declared, paid or made by Belatrix Argentina and Belatrix Peru on or after the Closing Date), free and
clear of all Liens; leaving the Sellers without any shareholding, equity or membership interest of any nature whatsoever in any
of the Subsidiaries.

 

1.2.         Purchase
Price. Subject to the adjustments set forth herein, including those adjustments contemplated in Sections 1.3., 1.4., 1.5.
hereof, and any adjustments for Damages, the total aggregate consideration for the purchase of the Purchased Interests from the
Sellers by Globant, together with any goodwill of the business of the Company and the Subsidiaries (the “Business”),
and for any and all the other obligations of the Sellers hereunder, including the non-competition and non-solicitation obligations
assumed by the Sellers pursuant to this Agreement, shall be of US$65,000,000 (sixty five million US Dollars) (the “Purchase
Price”), which has been calculated on a fully diluted basis, including any and all warrants, options and rights with
respect thereto, whether or not currently existing or exercisable and assuming cash-free and debt-free balance sheet. The Purchase
Price shall be payable to the Sellers in accordance with Section 1.3 and in proportion to their respective ownership of Equity
Interests in the Company and in the Subsidiaries, as described in the allocation certificate enclosed hereto as Exhibit
1.2.(a) (such ownership percentage, the “Sellers’ Ownership Percentage”). The Sellers and Globant
acknowledge and agree that the Purchase Price reflects the fair market value of the Purchased Interests as reasonably determined
by the Sellers and the Globant on an arm’s length basis.

 

1.3.         Payment
of the Purchase Price. (a) Subject to the conditions set forth in this Agreement, the Purchase Price shall be payable to the
Sellers in accordance with the following payment structure:

 

(i) At Closing,
a fixed payment of US$62,000,000 (sixty two million US Dollars) (the “Closing Payment”), less any deduction
or withholding as provided in this Agreement. From the Closing Payment, an amount equal to (A) US$5,750,000 (five million seven
hundred fifty thousand US Dollars) (the “Escrow Base Amount”), plus (B) US$500,000 (five hundred thousand US
Dollars) (the “Escrow Additional Amount”, and together with the Escrow Base Amount, the “Escrow Amount”)
shall be deposited directly by Globant into a US bank account opened by the Sellers pursuant to the Escrow Agreement and shall
be held in escrow until the twenty-fourth (24) month anniversary of the Closing Date and subsequently disbursed in accordance
with the terms, conditions and provisions thereof. Any Escrow Amount that shall be transferred to the Sellers, shall be subject
to any deduction or withholding as set forth herein (including, but not limited to the provisions of ARTICLE 7 hereof) and subject
to the Escrow Amount release instructions as established in the Escrow Agreement.

 

     

     

    

 

(ii) Within
ninety (90) calendar days after the end of the Deferred Consideration Period, unless a Deferred Consideration Objection Notice
is delivered as provided in Section 1.4 below (the “Deferred Consideration Payment Date”), a deferred consideration
payment of US$3,000,000 (three million US Dollars) (the “Deferred Consideration Payment”), which shall be subject
to (in addition to deductions for Damages as provided herein) the achievement by the Company of a Revenue growth of at least twenty
percent (20%) for the twelve-month period commencing on August 1, 2019 (the “Deferred Consideration Period”)
in comparison with the Annual Revenue Base (the “Revenue Target”). The Deferred Consideration Payment will
be reduced by an amount equal to the one stated in Section 2.2.(b)(ii) below if paid to the Covered Employees.

 

If the Company
does not achieve the Revenue Target, the Sellers shall not be entitled to receive the Deferred Consideration Payment or any other
greater or lesser amount for any reason whatsoever based on partial achievements or performance of any other variables.

 

On the contrary,
and following the example below, if the Company surpasses the Revenue Target, the Deferred Consideration Payment shall be (i)
increased by US$350,000 (three hundred fifty thousand US Dollars) for every one percent (1%) of increase of Revenue growth in
comparison with the Annual Revenue Base in excess of such Revenue Target, and (ii) reduced by the High Performance Bonus amount
paid in accordance with Schedule 2.2.(a); provided that, in case that such percentage is not a whole number, the relevant payable
amount shall be calculated on a proportional basis. For example, and without taking into account the amounts set forth in Section
2.2.(b)(ii) and Schedule 2.2.(a), (X) if the Revenue growth in comparison with the Annual Revenue Base during the Deferred Consideration
Period exceeds the Revenue Target in 2.20%, the Deferred Consideration Payment payable to the Sellers would be increased by an
amount of US$770,000; (Y) if the Revenue growth in comparison with the Annual Revenue Base during the Deferred Consideration Period
exceeds the Revenue Target in 3.65%, the Deferred Consideration Payment payable to the Sellers would be increased by an amount
of US$1,277,500.

 

The Sellers
hereby expressly, unconditionally and irrevocably waive, to the fullest extent permitted by applicable law, any right they may
have in the future to invoke force majeure or any other similar legal statute or doctrine (whether at Law or in equity) or the
occurrence of any event or circumstance (such as, but not limited to, inflation in the employment market or government-mandated
salary adjustments in any jurisdiction where the Company and the Subsidiaries operate or severe FX fluctuations against the US
dollar) that would give rise to any right of the Sellers to request an adjustment of the Revenue Target or entail the payment
of the Deferred Consideration Payment or any portion thereof without the achievement of the Revenue Target as stipulated by the
Parties in this Agreement.

 

    

     

    

 

As stipulated
in Section 1.7., during the Deferred Consideration Period Globant shall be responsible for the management, supervision, direction
and control of the Company. In this respect, Sellers acknowledge and agree that Globant shall have no duty or obligation vis-à-vis
the Sellers to approve, authorize or facilitate any transaction affecting the Business of the Company after the Closing if
such transaction is proposed on terms, conditions or circumstances (including pricing, staffing and/or allocation levels and/or
legal terms) which are inconsistent with Globant’s or the Company’s past practice or outside of the ordinary course
of the Company’s Business. Notwithstanding the foregoing, Globant undertakes to carry out the management, supervision, direction
and control of the Company as stipulated in ARTICLE 1.7 below during the Deferred Consideration Period. Globant undertakes to
ensure that, during such Deferred Consideration Period, the Company is able to access adequate level of funding, either through
direct funding or by external financing, to ensure the operation of the Company and its Subsidiaries towards the achievement of
the Revenue Target in accordance with the amounts and concepts detailed in the investment plan attached hereto as Exhibit
1.3. as a reference to be followed by the Parties.

 

(b) The achievement
or, if applicable, overachievement of the Revenue Target shall be measured, for purposes hereof, considering the Company with
its Subsidiaries on a consolidated basis and based on Globant’ audited financial statements, accounting and financial information,
as prepared by Globant and audited by external auditors in accordance with Globant’s internal policies and procedures, consistently
applied in accordance with international financial reporting standards (“IFRS”).

 

(c) Except as otherwise
provided herein, all amounts of the Purchase Price payable to the Sellers in cash will be payable in immediately available funds
to the accounts previously informed by each of the Sellers at least five (5) Business Days before the Closing Date.

 

(d) At Closing, the
Sellers shall subscribe the number of shares of Globant S.A. (Luxembourg) restricted common stock (the “G-Shares”)
that may be purchased in accordance with the calculation of the G-Shares price per share set forth herein, for a total purchase
price equal to US$5,000,000 (five million US dollars) (the “G-Shares Amount”) by executing a subscription agreement
in the form of Exhibit 1.3.(d) hereto (the “Subscription Agreement”). In order to determine the
number of G-Shares that the Sellers shall be entitled to receive with respect to the G-Shares Amount corresponding to the Closing
Payment, the G-Shares shall be valued at the price per share resulting on the volume weighted average trading price for the 60-day
period until 2 days prior to Closing as quoted in the New York Stock Exchange (NYSE:GLOB). G-Shares shall be subject to a twelve
(12)-month lock-up period commencing on the Closing Date, during which the Sellers shall not, without the prior written consent
of Globant, offer, pledge (except in case that such a pledge would not trigger the transfer or conveyance of the G-Shares to a
third party within the lock-up periods set forth herein), sell, announce the intention to sell, contract to sell, sell any option
or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any of the G-Shares (each, a “Transfer”), in accordance with
the following schedule: (i) during the first 180 calendar days after the Closing Date, no Transfer of G-Shares shall be allowed,
(ii) from the 181st day and until the 270th day after the Closing Date, the Sellers shall be allowed to Transfer up to 1/3 of
the G-Shares subscribed, (c) from the 271 day and until the first anniversary of the Closing Date, the Sellers shall be allowed
to Transfer up to an additional 1/3 of the G-Shares subscribed, and (d) after the first anniversary of the Closing Date, the Sellers
shall be allowed to Transfer any remaining G-Shares subscribed. Upon the expiration of the applicable lock-up periods indicated
above, Globant shall, following all the necessary formalities and requirements under applicable Law, collaborate with the Sellers
to remove any restrictive legend or stop transfer instruction with respect to the G-Shares so that the Sellers would be allowed
to resell them in the US open market through the New York Stock Exchange.

 

    

     

    

 

1.4.         Deferred
Consideration Report. Dispute Resolution. (a) Within sixty (60) calendar days after the closing of the Deferred Consideration
Period, Globant shall prepare and deliver to the Sellers a report stating Globant’ determination of the Deferred Consideration
Payment (the “Deferred Consideration Report”).

 

(b) Unless any of
the Sellers (acting jointly or individually) object to Globant’ determination of the Deferred Consideration Payment as set
forth in the Deferred Consideration Report (the “Dissenting Seller”) by the delivery to Globant of a written
notice setting forth the basis for such objection (an “Deferred Consideration Objection Notice”) within fifteen
(15) Business Days after the Sellers’ receipt of the Deferred Consideration Report (or if, at any time, Sellers accept the
Deferred Consideration Report by written notice to Globant), the Deferred Consideration Report shall be conclusive and binding
for all purposes of this Agreement, in the absence of any manifest error. In the event that the Dissenting Seller delivers a Deferred
Consideration Objection Notice, the obligation of Globant to pay the Deferred Consideration Payment to all the Sellers shall be
suspended during the pendency of the resultant dispute resolution process as set forth herein below.

 

(c) In the event
that any of the Dissenting Sellers (acting jointly or individually) timely delivers a Deferred Consideration Objection Notice,
Globant and the Sellers, acting jointly, shall first use diligent good faith efforts to resolve such dispute between themselves.
If they are unable to resolve such dispute within thirty (30) calendar days after the delivery of the Deferred Consideration Objection
Notice, then the dispute shall be submitted to a financial arbitrator (the “Financial Arbitrator”) (acting
as arbitrator and not as an expert) for determination as follows:

 

(i) The
Sellers, will nominate, within the ten (10) Business Days following the failure to resolve directly the dispute, two (2) firms
from the list of accounting firms listed in Exhibit 1.4.(c) under items 1 to 4 thereof.

 

(ii) The
Purchasers will have a term of ten (10) Business Days following the receipt of the nomination for Financial Arbitrators to elect
one of the firms from the two (2) firms designated by the Sellers. If the Purchasers fail to choose a firm within the given time,
the Sellers will choose the Financial Arbitrator from the two (2) firms designated by the Sellers. In case the designated firm
is not able to act as a Financial Arbitrator, the other firm designated by the Sellers shall be deemed chosen by the Purchasers
or the Sellers, as the case may be, to act as Financial Arbitrator. In case this second firm is not able to act as a Financial
Arbitrator, Purchasers or Sellers, as the case may be, shall choose from the other two firms listed in Exhibit 1.4.(c)
under items 1 to 4. In case none of the firms listed under items 1 to 4 of Exhibit 1.4.(c) are able to act as Financial
Arbitrators, the Sellers shall nominate the firms listed under items 5 and 6 of Exhibit 1.4.(c) for Purchasers to
elect one of such two (2) firms. In case the designated firm is not able to act as a Financial Arbitrator, the other firm designated
by the Sellers shall be deemed chosen by the Purchasers to act a Financial Arbitrator. If neither of such firms are able to act
as Financial Arbitrators, Purchasers and Sellers shall jointly agree on the nomination of a reputable firm to act as Financial
Arbitrator. If they cannot reach an agreement on who the Financial Arbitrator shall be, within the ten (10) Business Days following
the date on which the last of the firms listed on Exhibit 1.4.(c), refused to act as Financial Arbitrator, then
the arbitration provision in Section 12.13. shall apply.

 

    

     

    

 

(iii)
The Purchasers and the Sellers (acting jointly) shall submit to the Financial Arbitrator, within fifteen (15) Business Days after
the date of the engagement of the Financial Arbitrator, copies of (A) the Deferred Consideration Report, (B) the Deferred Consideration
Objection Notice, and (C) a list of all unresolved objections raised by the Sellers with respect to the calculation of the Deferred
Consideration Payment in the applicable Deferred Consideration Report (the “Unresolved Deferred Consideration Objections”).
Each of Globant, on the one hand, and the Sellers (acting jointly), on the other hand, shall submit to the Financial Arbitrator
(with a copy delivered to the other Parties on the same day), within thirty (30) calendar days after the date of the engagement
of the Financial Arbitrator, a memorandum (which may include supporting exhibits) setting forth their respective positions on
the Unresolved Deferred Consideration Objections. The Financial Arbitrator may, at its discretion, conduct a meeting concerning
the Unresolved Deferred Consideration Objections, at which meeting Globant and the Sellers (or their designees) shall have the
right to present additional documents, materials and other information and to have present their respective advisors, counsel
and accountants. In connection with the resolution of the Unresolved Deferred Consideration Objections, and except as set forth
in the previous sentence, there shall be no other hearings or oral examinations, testimony, depositions, discovery or other similar
proceedings. Each of Globant, on the one hand, and the Sellers (acting jointly), on the other hand, shall make available to the
other Party and the Financial Arbitrator, as the case may be, such documents, books, records, work papers, facilities, personnel
and other information as the Financial Arbitrator may reasonably request to review the Deferred Consideration Report and to resolve
the Unresolved Deferred Consideration Objections.

 

(iv) As
soon as practicably possible but no later than within fifteen (15) Business Days, the Financial Arbitrator shall prepare and distribute
to the Parties a written report setting forth the Financial Arbitrator’s determination of the Deferred Consideration Payment
and the Financial Arbitrator’s reasons therefor. Globant shall then be obligated to make the applicable Deferred Consideration
Payment, pursuant to this Agreement as if such Deferred Consideration Payment calculation had been set forth in the original applicable
Deferred Consideration Report. The decision rendered by the Financial Arbitrator and set forth in such report shall be final,
conclusive and binding upon the Parties, judgment thereon may be entered and enforced in any court of competent jurisdiction,
and such decision shall not be subject to appeal by any party.

 

(v) Each
Party will bear its own expenses in taking its case to the Financial Arbitrator. However, the fees and expenses of the Financial
Arbitrator in connection with the final resolution of any such dispute shall be borne by the non-prevailing party.

 

(d) If applicable,
Globant shall, within five (5) Business Days after the Deferred Consideration Report is deemed conclusive and binding (either
due to express acknowledgement by the Sellers, failure of the Sellers to deliver a Deferred Consideration Objection Notice in
a timely manner or a final decision by the Financial Arbitrator rendering so) pay or cause to be paid any amount of the Deferred
Consideration Payment owed to the Sellers.

 

    

     

    

 

1.5          Adjustment
for other Financial Variables.

 

(a) Working Capital
Adjustment.

 

(i) The
Purchase Price has been established considering that at Closing the Company shall have the required Net Working Capital to conduct
its operations in the ordinary course of business in the amount of not less than US$3,500,000 (the “Target Net Working
Capital”). In this Agreement, the term “Net Working Capital” refers to current assets minus current liabilities;
where current assets are comprised of accounts receivable, prepaid expenses and other current assets, and current liabilities
are comprised of accounts payable and accrued expenses, as determined in accordance with IFRS consistently applied and to the
extent not specifically modified pursuant to the provisions of this Agreement. In case of discrepancy between IFRS and the provisions
of this Agreement, the latter shall prevail. For illustrative purposes, an example of the calculation and items reflected in the
Net Working Capital as of May 31 is included in Schedule 1.5.1.(a)(i) attached hereto.

 

(ii) Within
ninety (90) calendar days following Closing, Globant shall review and confirm that the Net Working Capital of the Company at Closing
was at least equal to the Target Net Working Capital and shall calculate and determine the actual Net Working Capital of the Company
at Closing (the “Definitive Net Working Capital”) in accordance with IFRS consistently
applied and to the extent not specifically modified pursuant to the provisions of this Agreement. In case of discrepancy between
IFRS and the provisions of this Agreement, the latter shall prevail.

 

(iii)
The Closing Payment shall be adjusted, either by (1) an increase, in the amount that the Definitive Net Working Capital exceeds
the Target Net Working Capital, or (2) a decrease, in the amount that the Target Net Working Capital exceeds the Definitive Net
Working Capital. If the Definitive Net Working Capital is greater than the Target Net Working Capital, then the amount that results
from subtracting the Target Net Working Capital from the Definitive Net Working Capital, shall be paid by Globant to the Sellers,
in proportion to the Sellers’ Ownership Percentage, within the five (5) Business Days following the date in which the Definitive
Net Working Capital was finally determined to the Sellers Accounts. If the Definitive Net Working Capital is less than the Target
Net Working Capital, then the amount that results from subtracting the Definitive Net Working Capital from the Target Net Working
Capital, shall be paid by the Sellers, in proportion to the Sellers’ Ownership Percentage, to Globant within the five (5)
Business Days following the date in which the Definitive Net Working Capital was finally determined to the account designated
in writing by Globant at least three (3) Business Days prior to such payment. If any such amount is not paid as set forth herein,
the applicable Party shall be entitled to (i) deduct the corresponding amount from any following payment to be made to the other
Party, or (ii) request payment of the corresponding amount from the Escrow Amount. For the avoidance of doubt, liability of the
Sellers for any adjustments or amounts due in accordance herewith shall be several and joint.

 

    

     

    

 

(b) Accounts Receivable
Adjustment.

 

(i) Prior
to Closing, the Sellers shall deliver to Globant a certificate including a list of the Company’s Accounts Receivable as
of August 7, 2019, including the amount and due date of each Account Receivable, provided that no unbilled accounts receivable
shall be included in such list (the “Accounts Receivable Certificate”).

 

(ii) At
any time during the twelve months after the Closing Date the Purchasers shall be entitled to seek payment from the Sellers, and
the Sellers (jointly and severally) shall be required to compensate the Purchasers, to the extent any Accounts Receivable outstanding
on the Closing Date, as listed in the Accounts Receivable Certificate, remained uncollected 120 calendar days following the due
date of each of such Accounts Receivable for any reason whatsoever (including its accounting as Bad Debt) (each an “Account
Receivable Reduction”).

 

(iii)
Any Account Receivable Reduction shall be paid by the Sellers, in proportion to the Sellers’ Ownership Percentage, on a
date no later than five (5) Business Days after each Account Receivable Reduction has been communicated to the Sellers and in
any event no later than twelve months after the Closing Date to the account designated in writing by Purchasers at least three
(3) Business Days prior to such payment. If any such amount is not paid within the aforementioned 5-Business Day period, the Purchasers
shall be entitled to (i) deduct the corresponding amount from any following payment to be made to the Sellers, or (ii) request
payment of the corresponding amount from the Escrow Amount. For the avoidance of doubt, liability of the Sellers for any adjustments
or amounts due in accordance herewith shall be several and joint. For the avoidance of doubt, once the Account Receivable Reduction
has been duly paid by the Sellers in favor of the Purchasers, the Sellers will be entitled to initiate the collection of the relevant
amounts from the corresponding third parties and, in the event that the relevant Company’s Accounts Receivable is eventually
paid up to the Company, the Purchasers shall reimburse the Sellers, proportionally, for the corresponding amount, less applicable
expenses incurred by the Company, Globant or any Affiliate thereof in connection with such collection.

 

(iv) The
Parties acknowledge and agree that neither the Company nor Globant has an obligation to initiate any collection proceeding of
any nature with respect to uncollected accounts, but will handle such accounts receivable in the ordinary course of business and
will make commercially reasonable efforts to collect them during the 120 calendar days following their due date.

 

(c) Minimum Required
Cash Adjustment.

 

(i) Prior
to Closing, the Sellers shall calculate and provide an estimate of the Minimum Required Cash as of the Closing Date and the Estimated
Cash at Closing and deliver such information together with the relevant information used for such calculation to Globant (the
 “Estimated Closing Cash Certificate”).

 

(ii) The
Closing Payment shall be adjusted, either by (1) an increase, in the amount that the Estimated Cash at Closing exceeds the Minimum
Required Cash, or (2) a decrease, in the amount that the Minimum Required Cash exceeds the Estimated Cash at Closing.

 

    

     

    

 

(iii)
Within ninety (90) calendar days following Closing, Globant shall prepare and deliver to Sellers a statement setting forth its
calculation of the Cash as of immediately prior to the Closing (the “Definitive Closing Cash Statement”). Such
calculation shall be made in accordance with IFRS consistently applied and to the extent not specifically modified pursuant to
the provisions of this Agreement. In case of discrepancy between IFRS and the provisions of this Agreement, the latter shall prevail.

 

(iv) If
the definitive Cash at Closing as determined in the Definitive Closing Cash Statement (the “Definitive Cash at Closing”)
is greater than the estimated Cash at Closing as determined in the Estimated Closing Cash Certificate (the “Estimated
Cash at Closing”) then, the amount that results from subtracting the Estimated Cash at Closing from the Definitive Cash
at Closing, shall be paid by Globant to the Sellers, in proportion to the Sellers’ Ownership Percentage, within the five
(5) Business Days following the date in which the Definitive Cash at Closing was finally determined to the Sellers Accounts. If
the Definitive Cash at Closing is lesser than the Estimated Cash at Closing, then the amount that results from subtracting the
Definitive Cash at Closing from the Estimated Cash at Closing, shall be paid by Sellers to Purchasers within five (5) Business
Days following the date in which the Definitive Cash at Closing was finally determined to the account designated in writing by
Globant at least three (3) Business Days prior to such payment. If any such amount is not paid as set forth herein, the applicable
Party shall be entitled to (i) deduct the corresponding amount from any following payment to be made to the other Party, or (ii)
request payment of the corresponding amount from the Escrow Amount. For the avoidance of doubt, liability of the Sellers for any
adjustments or amounts due in accordance herewith shall be several and joint.

 

(d)           Adjustments.
Dispute Resolution. In case of any controversy in connection with the adjustments provided for in Sections 1.5.(a), 1.5.(b)
and 1.5.(c), the Parties shall first use diligent good faith efforts to resolve such dispute between themselves during thirty
(30) calendar days following the delivery of a written notice of any of the Parties to the others indicating the grounds of the
dispute. If they are unable to resolve such dispute within thirty (30) calendar days, then the dispute shall be submitted to the
Financial Arbitrator for determination and the procedure set forth in Section 1.4.(c) shall apply mutatis mutandi.

 

1.6           Additional
Adjustments.

 

(a) In the event that: (i) any Seller
violates the Non-Competition and/or Non-Solicitation Obligations set forth in this Agreement, or (ii) there is a “Cause
for Non-Payment” (as defined below) applicable to any Seller prior to the Deferred Consideration Payment Date; then Globant
shall deduct or withhold from the Escrow Amount the amounts corresponding to the Damages incurred or suffered by any of the Globant
Indemnified Parties. Under no circumstance shall the Deferred Consideration Payment payable in favor of the Sellers be withheld
or retained due to a Cause for Non-Payment, except in case that the amount of the Damages arising therefrom suffered by the Globant
Indemnified Parties before the Deferred Consideration Payment Date exceeds the Escrow Base Amount. For the avoidance of doubt,
if there is no Damage as a result of any of the Causes for Non-Payment, the Escrow Amount will not be withheld and the Sellers
will not be liable unless a Damage is suffered. For purposes of this Agreement, a “Cause for Non-Payment” shall
be deemed to exist if any of the Sellers:

 

    

     

    

 

(i) willfully
and materially violated any written Company and/or Globant’s material policies or material standards of conduct;

 

(ii) represented
the Company, Globant or any Affiliate thereof in businesses out of its corporate purposes or performs on behalf of any of them
acts of mere indulgence, which for the purposes of this Agreement are defined as significant acts without consideration for the
Company, Globant or any Affiliate thereof, including but not limited to, transactions with any related party of any of the Sellers
and/or granting guarantees for third parties’ obligations;

 

(iii)
has been disqualified from acting as a manager, director or officer under any applicable Law or by virtue of a criminal conviction;
or for being under the effects of penalty which forbids, even temporarily, the access to public office or to carry out acts of
commerce; or for being convicted for bankruptcy, fraud, bribe, corruption, misrepresentation, graft or embezzlement crimes or
crimes against the public economy, any national financial system, antitrust Laws and crimes against public faith or property;
or is convicted of, or pleads no contest or guilty to, a misdemeanor that Globant reasonably believes has had or will have a material
detrimental effect on the Company or Globant, or any felony;

 

(iv) has
been formally charged in a proceeding by a relevant prosecutor or Governmental Body of making or receiving illegal payments and
returns, as well as any corruption acts, or of committing any act of personal dishonesty that is intended to result in any of
the Sellers’ personal enrichment, or any willful act that constitutes gross misconduct;

 

(v) intentionally
breached a material confidentiality obligation arising from this Agreement or any other agreement under his employment relationship
with the Company, Globant or any Affiliate thereof, that affects and damages the business of the Company, Globant or any Affiliate
thereof or the business of any of their clients; or

 

(vi) performed
fraudulent acts or omissions; or performed any acts or omissions acting with willful misconduct or gross negligence which adversely
affect the Company, Globant or any Affiliate thereof, or performed any acts of defamation, libel and slander against the Company,
or Globant or any Affiliate thereof.

 

(b) In the event that
any of the Sellers’ employment is voluntarily terminated by such Seller prior to the last day of the Deferred Consideration
Period, such Seller will remain entitled to receive, subject to the achievement by the Company of the Revenue Target and any other
adjustments and deductions as provided herein, his share of the Deferred Consideration Payment under Section 1.3.(a)(ii) in accordance
with the terms and conditions set forth therein. Additionally, in the event that any of the Seller’s employment is terminated
by the Company, Globant or any Affiliate thereof for any reason other than Cause for Non-Payment, such Seller will be entitled
to receive, subject to the achievement by the Company of the Revenue Target and any other adjustments and deductions as provided
herein, his share of the Deferred Consideration Payment and his share of the Integration Payment.

 

    

     

    

 

(c) In the event of
total permanent disability or death of a Seller, such Seller, or his legal successors or representatives, as the case may be,
will be entitled to receive, subject to the achievement by the Company of the Revenue Target and any other adjustments and deductions
as provided herein, his share of the Deferred Consideration Payment under Section 1.3.(a)(ii) in accordance with the terms and
conditions set forth therein.

 

1.7.         Management
during the Deferred Consideration Period.

 

(a) The Parties
agree and acknowledge that Globant shall be responsible for the management, supervision, direction and control of the Company.
Globant shall use all such powers and authorities as it may have in relation to the Company to procure that the Company is integrated
into Globant’s operations seeking synergies between the teams while, to the extent reasonably possible, avoid disrupting
the ordinary course of the Business as developed in a manner consistent with the Company’s past practice.

 

(b) The Sellers
shall have such roles and responsibilities as detailed in their respective employment offer letters. The Sellers agree and acknowledge
that, as employees of the Company, they shall be subject to compliance with applicable Law
and Globant’s internal policies, including financial (in particular, approved budgets), legal, human resources, banking
and treasury policies.

 

(c)
After Closing, the Parties shall collaborate and endeavor for the Company to adopt, during the Deferred Consideration Period,
as many as Globant processes and tools as possible without disrupting the ordinary course of the Business as developed in a manner
consistent with the Company’s past practice; provided, however, that the Parties agree and acknowledge that in any
case, after Closing, all processes and tools relating to legal, finance (including accounting, treasury and planning) and corporate
(non-commercial) matters must be integrated as soon as practicable and all staff personnel of the Company within the relevant
areas will follow and become subject to Globant’s internal policies and management.

 

(d) The Sellers
and Globant management shall have periodic meetings, at least quarterly, which can also be conducted electronically or telephonically
to review the performance and the prospects of the Company during the Deferred Consideration Period.

 

(e) The Sellers
acknowledge and agree that (i) there is no assurance that the Sellers will receive the Deferred Consideration Payment, which shall
be contingent upon the achievement of the Revenue Target, and (ii) the Parties solely intend the express provisions of this Agreement
to govern their contractual relationship with respect to the Deferred Consideration Payment.

 

(f) The Parties
understand and agree that (i) the contingent rights to receive any Deferred Consideration Payment shall not be represented by
any form of certificate or other instrument, are not transferable, except by operation of Laws relating to descent and distribution,
divorce and community property, and do not constitute an equity or ownership interest in Purchasers or the Company, (ii) the Sellers
shall not have any rights as a security holder of Purchasers or the Company as a result of Sellers’ contingent right to
receive the Deferred Consideration Payment hereunder, and (iii) no interest is payable with respect to the Deferred Consideration
Payment.

 

    

     

    

 

(g) Should the Sellers
consider that any action of the Purchasers, Globant or any Affiliate thereof violate or conflict with any of the provisions set
forth in this Section 1.7. and it may adversely affect the ability of the Company to achieve the Revenue Target, the Sellers shall
notify Globant in writing about such circumstance as promptly as possible. In any such case, the Parties shall endeavor to agree
on a mutually satisfactory course of action with respect to the relevant matter; provided, however, that if the Parties
fail to resolve the matter within fourteen (14) calendar days after their first discussion, Globant will determine the course
of action to be followed at its sole and exclusive discretion, notwithstanding the right of the Sellers to submit the matter to
arbitration pursuant to Section 12.13. if they deem to have been adversely affected by Globant’s decision.

 

1.8.         Corporate
Reorganization during the Deferred Consideration Period. Nothing in this Agreement or any ancillary document shall prevent
Globant from executing any corporate reorganization of any nature in order to integrate the Company or any of its Subsidiaries
into Globant’s corporate structure; provided that, as a result of any such corporate reorganization the provisions
of Section 1.7. above are not breached and continue to apply. If after Closing, Globant decides to execute any corporate reorganization
as a result of which the Company or any Subsidiary ceases to exist as currently known, either by way of merger, consolidation,
split-up, or otherwise, the Purchasers and the Sellers agree that the Revenue Target and milestones necessary to determine the
payment contemplated under Section 1.3.(a)(ii) of this Agreement shall be calculated separately as if such corporate reorganization
had not occurred and the Company or the relevant Subsidiary continued to be a separate corporate group as currently known. In
such case, any and all references to the “Company” in sections of
this Agreement relating to the calculation of the payments contemplated in Section hereof shall be deemed a reference to
the relevant business unit that continues the Company’s business within Globant’s organization. As per the above,
Globant undertakes during the process of the corporate reorganization to inform the Sellers regarding the corporate reorganization,
providing as well any documentation that may reasonably be requested by the Sellers.

 

ARTICLE 2

ADDITIONAL PAYMENTS

 

2.1.         Integration
Payment. (a) In addition to the Purchase Price, adjusted as contemplated in this Agreement, the Sellers shall be entitled
to receive an integration payment for an aggregate collective amount of US$1,000,000 (one million US Dollars), to be allocated
equally amongst the Sellers (the “Integration Payment”); provided that, such Integration Payment shall
be subject to the permanence of all three Sellers in the Company or any Affiliate of Globant until the first anniversary of the
Closing in order for them to collaborate during such period (the “Integration Period”) in the integration of
the Company into Globant. With regard thereto, in the event that: (i) any Seller violates the Non-Competition and/or Non-Solicitation
Obligations set forth in this Agreement, or (ii) there is a “Cause for Non-Payment” (as defined above) during the
Integration Period, then none of the Sellers shall be entitled to receive, and Globant shall not be required to pay, the Integration
Payment or any portion thereof; provided, however, that in case of total permanent disability, death or voluntary termination
of employment of a Seller and provided, further, that there is no other cause for non-payment pursuant to clauses (i) or
(ii) above, the remaining Sellers shall be entitled to receive their pro rata share of the Integration Payment (i.e., US$333,333
each). In the event of dismissal other than for Cause for Non-Payment of a Seller by the Company or Globant, then the Sellers
shall remain entitled to receive, subject to any applicable adjustments and deductions as provided herein, the Integration Payment,
in accordance with the terms and conditions set forth therein and provided, further, that there is no other cause for non-payment
pursuant to clauses (i) or (ii).

 

    

     

    

 

(b) The Integration
Payment, if applicable, shall be payable by Globant to the Sellers within ten (10) Business Days following the end of the Integration
Period, in immediately available funds to the accounts previously informed by each of the Sellers to Globant, at least five (5)
Business Days before the end of the Integration Period.

 

2.2.         Management
Transaction Bonus.

 

(a) The Parties acknowledge
and agree that Cash payments in the aggregate amount of up to US$4,995,969 (four million nine hundred ninety five thousand nine
hundred and sixty-nine US Dollars) (it being understood that such amount is the total amount to be spent by the Parties as bonus
payments for the Covered Employees and includes any applicable withholding, Taxes, social security and other contributions) will
be paid by the Company to the Covered Employees, as follows:

 

	(i)	An aggregate amount of up to US$
                                         2,426,270, as indicated and in the terms of Schedule 2.2(a), shall be paid
                                         to the Covered Employees in connection with their past tenure and continuing efforts
                                         towards the Company (the “Loyalty Bonus”).

 

	(ii)	An aggregate amount of up to
                                         US$1,284,849, as indicated in Schedule 2.2(a), shall be payable to the
                                         Covered Employees in accordance with the payment schedule and subject to the terms and
                                         conditions set forth therein (the “Personal Performance Bonus”).

 

	(iii)	An aggregate amount of up to
                                         US$1,284,849, as indicated in Schedule 2.2(a), shall be payable
                                         to the Covered Employees in accordance with the payment schedule and subject to the terms
                                         and conditions set forth therein (the “Company Growth Bonus”, and
                                         together with the Loyalty Bonus and the Personal Performance Bonus, the “Transaction
                                         and Retention Bonus”).

 

(b) Globant’s
total contribution to the payment of the Transaction and Retention Bonus shall amount to up to US$1,500,000 (one million five
hundred thousand US Dollars). The remaining amounts (i.e., up to US$3,495,969) shall be paid as follows: (i) US$2,586,120 shall
be contemplated in the calculation of the Minimum Required Cash, and (ii) US$909,850 shall be paid by the Company and, if paid,
will be considered a reduction of the Deferred Consideration Payment as stated in Section 1.3.(ii) above. For the avoidance of
doubt, the amount of US$909,850 shall be payable only if the Revenue Target is achieved.

 

Any amounts contemplated
in the calculation of the Minimum Required Cash for the payment of a portion of the Transaction and Retention Bonus but not effectively
paid and remaining in the Company shall be immediately returned to the Sellers in proportion to the Sellers’ Ownership Percentage
as additional amount of Purchase Price.

 

    

     

    

 

(c) The Sellers shall
cooperate with the Company in connection with the distribution of the Transaction and Retention Bonus to the Covered Employees
of the Company and all related employee communications. Globant shall provide or cause the Company to provide to the Sellers (or
their designees on a confidential basis) information and records used for the calculation of the Transaction and Retention Bonus
and proof of the payment of the Transaction and Retention Bonus to the Covered Employees to confirm the due payment of the Transaction
and Retention Bonus in accordance with the terms of this Agreement.

 

ARTICLE 3

CLOSING

 

3.1.         Closing.
Subject to the provisions of ARTICLE 4 below, the closing (“Closing”) shall take place at the offices
of the Spanish public notary Ms. Cristina Requena Torrecillas with offices in Barcelona, or at other place as the Parties may
agree, at 2:00 p.m. Spain time, on August 9, 2019 and if Closing does not occur on such date, on the date that is five (5) Business
Days after the last of the Conditions to Closing is satisfied or waived by the applicable Party hereto (the “Closing
Date”). If the Closing does not occur by August 31, 2019, then this Agreement, and the obligations of each Party under
this Agreement, shall automatically terminate and be of no force and effect. At Closing, the events set out in Section 3.2 shall
take place, to the extent possible, simultaneously. The obligations of each of the Parties under this ARTICLE 3 are interdependent
and the Closing shall not be deemed to have occurred unless all of these obligations are complied with and are fully effective
or waived by the applicable Party.

 

3.2.         Closing
Actions. At the Closing, notwithstanding other actions at Closing that may be contemplated in other provisions of this Agreement,
the following actions shall be taken:

 

	(I)	Closing actions in connection
                                   with Belatrix Spain:

 

		(a)	The Sellers and the Majority
                                         Purchaser shall provide to each other (and also to the Spanish public notary) the public
                                         deeds formalizing the powers of attorney that are sufficient to carry out all the actions
                                         on Closing.

 

		(b)	The Purchasers which are Spanish
                                         legal entities shall provide the shareholders’ resolutions approving the transaction
                                         in the framework of this Agreement, especially for the purpose of Article 160.f) of the
                                         Spanish Capital Corporations Act.

 

		(c)	The Sellers shall exhibit to
                                         the Majority Purchaser (and also to the Spanish public notary as regards Belatrix Spain)
                                         the legal titles (escrituras) to the Belatrix Spain Interests and shall deliver
                                         the nominative titles (títulos nominativos) representing the Belatrix Spain
                                         Interests being sold and transferred, as prove of their ownership of the Belatrix Spain
                                         Interests.

 

		(d)	The Sellers and the Majority
                                         Purchaser shall grant the Spanish public transfer deed whereby (i) this Agreement shall
                                         be notarized; (ii) the Belatrix Spain Interests shall be transferred to the Majority
                                         Purchaser; and (iii) acknowledgment of receipt of the Closing Payment shall be granted.

	 	 	 
		(e)	The
                                         Parties shall instruct the Spanish public notary to annotate the transfer of the Belatrix
                                         Spain Interests in the legal titles (escrituras)
                                         of those Equity Interests.

 

		(f)	A
                                         general shareholders’ meeting of the Company shall be held by the Majority Purchaser
                                         in order to acknowledge the resignation of the relevant directors of the Company and
                                         to appoint new director(s) in substitution thereof as well as to revoke any powers of
                                         attorney granted prior to Closing to act on behalf of the Company.

 

    

     

    

 

The
minutes (actas) and certificates formalizing these corporate resolutions shall (i) approve
the management of the resigning directors up to the Closing, and (ii) thank for their services rendered to the Company thus far
and (iii) state that no claim will be brought against the resigning directors, except of in the event of willful misconduct, for
their performance as directors of the Company.

 

		(g)	The
                                         Parties shall instruct the Spanish public notary to file with the Commercial Registry
                                         in electronic form, on the Closing, the abovementioned corporate resolutions concerning
                                         the Company. 

 

		(h)	The
                                         newly appointed management body of the Company shall formalize a public deed regarding
                                         the declaration of sole shareholder of the Company.

 

		(i)	The
                                         Majority Purchaser shall formalize a public deed regarding the declaration of the ultimate
                                         beneficial owner (titular real) of the Majority
                                         Purchaser to comply with the Anti-Money Laundering and Counter Terrorist Financing Law
                                         10/2010 of April 28, 2010, in relation to Royal Decree 304/2014 of May 5, 2014 approving
                                         the Regulations on that Law.

 

		(j)	The
                                         Company’s management body shall register the transfer of the Belatrix Spain Interests
                                         in the Company’s nominative shares book.

 

		(k)	Globant
                                         shall receive a certificate from the Secretary of the Company (Secretario del
                                         Consejo) certifying that the Belatrix Spain Interests
                                         are freely transferable and have no encumbrances or charges and all the requirements
                                         set by the Spanish Capital Corporations Act and by the Company’s bylaws have been
                                         complied with for the transfer of the Belatrix Spain Interests.

 

	(II)	Closing actions in connection with the transaction as a whole:

 

(a) Globant shall
make payment of the Closing Payment to the Sellers, in the manner contemplated in Section 1.3.(a) above and adjusted as set forth
in Section 1.5., and shall be paid in the manner described in an instruction in the form of a flow of funds memo to be sent by
the Sellers to Globant at least four (4) Business Days prior to Closing. Upon accreditation of the Closing Payment in the respective
accounts, the Sellers shall deliver to Globant a duly executed acknowledgement confirming receipt of the Closing Payment. Regarding
the Belatrix Spain Interests the acknowledgment confirming receipt of the Closing Payment shall be granted in the Spanish transfer
deed as set out in section 3.2(I)(d) above. It is expressly agreed that the amounts corresponding to the Closing Payment, the
Escrow Base Amount, the Escrow Additional Amounts or any amounts payable by the Purchasers hereunder may be funded and paid indistinctly
by either Globant I or Globant II or in such proportions as Globant may determine.

 

    

     

    

 

(b) Each
of the Sellers shall execute and deliver to Globant any and all documents in form and substance satisfactory to Globant, such
that as on the Closing Date, the Sellers shall have sold, transferred and assigned the Purchased Interests to Globant, and Globant
will collectively , directly and/or through the Company, own one hundred percent (100%), and not less than one hundred percent
(100%), of the Belatrix Spain Interests, the Belatrix Colombia Interests, the Belatrix US Interests, the Belatrix Services Interests,
the Belatrix Argentina Interests and the Belatrix Peru Interests, free and clear of any Liens. The direct transfer of the Belatrix
Spain Interests (and indirect transfer of the Belatrix Colombia Interests, the Belatrix US Interests and the Belatrix Services
Interests) shall be formalized by means of the Spanish transfer deed as set out in section 3.2(I)(d) above.

 

(c) Each
of the Sellers and any other Person directly or indirectly appointed by the Sellers shall withdraw as directors and officers of
the Company and the Subsidiaries. Each outgoing officer and director of the Company and the Subsidiaries (the “Outgoing
Officers and Directors”) shall deliver a resignation, release and a waiver of claims for fees (except for the aggregate
amount of USD 12,064 owned by Belatrix Argentina to the Sellers), labor and any other dues whatsoever, and their resignation from
any appointment as attorney-in-fact issued by the Company and the Subsidiaries satisfactory to Globant. In relation to the Company
and in accordance to Spanish law, the attorney-in-fact will not resign to his appointment but rather, his powers of attorney will
be revoked by means of the resolutions to be drafted and executed by the Majority Purchaser before the Spanish notary as set out
in clause section 3.2(I)(f) above.

 

(d) As applicable,
and subject to the Closing actions in connection with Belatrix Spain
described in section 3.2(I) above, the Company and the Subsidiaries shall hold meetings of their shareholders and/or board
of directors and/or executive board, as applicable (or act by unanimous written consent, if permitted), wherein resolutions to
take the following actions shall be duly adopted:

 

(i) The
appointment of such persons as Globant may nominate as directors and officers of the Company and the Subsidiaries;

 

(ii) Accept
and record the resignations of the Outgoing Officers and Directors;

 

(iii)
To the extent required under applicable Laws, endorse the Belatrix Peru Interests and issue new certificates representing the
same, on the name of Globant I or Globant II, as applicable; and

 

(iv) Take,
as promptly as practicable, all such other actions as may be required to be undertaken by the Company and the Subsidiaries under
their Organizational Documents or by any applicable Law for the time being in force, to give effect to the transaction contemplated
hereby, including by way of making appropriate entries in the statutory registers or stock ledger of the Company and the Subsidiaries
and making any filings with any Companies Registry or similar authority in each applicable jurisdiction.

 

(e) The
Sellers shall execute and deliver to Globant a certificate stating that, as of the Closing Date, (a) each of the representations
and warranties of the Sellers set forth in ARTICLE 5 of this Agreement remain true and correct in all respects on and as of the
Closing Date (except to the extent such representations and warranties speak expressly as of an earlier date, in which case such
representations and warranties shall be true and correct in all material respects as of such earlier date) as though made on and
as of such date; (b) the obligations contained in this Agreement to be performed or complied by Sellers on or prior to the Closing
Date, shall have been performed or duly complied with in all material respects; and (c) the conditions set forth in Section 4.2.(c),
4.2.(d), 4.2.(e) and 4.2.(g) have been complied.

 

    

     

    

 

(f) The
Purchasers shall execute and deliver to the Sellers a certificate stating that, as of the Closing Date, (a) each of the representations
and warranties of the Purchasers set forth in ARTICLE 6 of this Agreement remain true and correct in all respects on and as of
the Closing Date (except to the extent such representations and warranties expressly speak as of an earlier date, in which case
such representations and warranties shall be true and correct in all material respects as of such earlier date) as though made
on and as of such date; and (b) the obligations contained in this Agreement to be performed or complied by Purchasers on or prior
to the Closing Date, shall have been performed or duly complied with in all material respects.

 

(g) The Sellers
and the Minority Purchaser shall execute the Belatrix Argentina Purchase Agreement, in form and substance reasonably satisfactory
to the Sellers and the Minority Purchaser.

 

(h) The Sellers
and Globant II shall execute the Belatrix Peru Purchase Agreement, in form and substance reasonably satisfactory to the Sellers
and the Minority Purchaser, and in compliance with the terms of the Belatrix Peru bylaws and Peruvian corporate laws.

 

(i) The
Sellers shall deliver to (a) Belatrix Argentina (with a copy to Globant) notices of transfer, duly executed by Sellers, in accordance
with section 215 of the Argentine Companies Law 19,550 as amended (the “ACL”), dated as of the Closing Date
and addressed to the respective board of directors of Belatrix Argentina, necessary for the registration on the books and records
of Belatrix Argentina of the transfer of the Belatrix Argentina Minority Interests to Globant II, free and clear of all Liens;
and (b) Belatrix Peru (with a copy to Globant) notices of transfer, duly executed by Sellers, dated as of the Closing Date and
addressed to the respective board of directors of Belatrix Peru, necessary for the registration on the books and records of Belatrix
Peru of the transfer of the Belatrix Peru Minority Interests to Globant II, free and clear of all Liens.

 

(j) The
register of members, stock ledger or similar registry of the Company and the Subsidiaries shall be updated under applicable Law
to reflect (i) Globant I as the sole owner of the Belatrix Spain Interests, and (ii) Globant II as shareholder of Belatrix Argentina
and Belatrix Peru, and together with the Company as the exclusive and only shareholders of Belatrix Argentina and Belatrix Peru.

 

(k) The
Sellers shall make available at the Companies’ corresponding offices to Globant:

 

(i) all
original and signed documents and contracts, all information and details of the Company and the Subsidiaries’ bank accounts,
checkbooks, digital certificates and passwords;

 

(ii) all
other files, papers, books (including stock books, minutes books, shareholders’ registries and stock ledgers), statutory
documents and records as may be inter alia maintained under applicable Laws related to the Company and the Subsidiaries as may
be in their possession; and

 

    

     

    

 

(iii)
all documents relating to the Intellectual Property rights and confidential information of the Company, without retaining any
copies thereof; and shall also deliver any other property belonging to the Company which may be in the possession of the Sellers
or any nominee or Affiliate of the Sellers.

 

(l) Each
of the Sellers shall execute an Employment Agreement in substantially the form set forth in Exhibit 3.2.(l), and
any other customary employment documentation (including Globant’s standard non-disclosure agreements and in the case of
AHR, as employee of Belatrix US, also an arbitration agreement) granting in their favor the necessary faculties to manage, supervise
and direct the Business of Company as specified in Section 1.7.

 

(m) The
Sellers shall execute the Subscription Agreement, in the form set forth in Exhibit 1.3.(d).

 

(n) The Sellers
and the Purchasers shall execute the Escrow Agreement, in substantially the form set forth in Exhibit 3.2.(n) (the
 “Escrow Agreement”).

 

(o) The
Sellers and the Purchasers shall execute and deliver, or cause to be executed and delivered by the Company and the Subsidiaries,
such other agreements, consents, documents, instruments and writings as are reasonably required to be delivered by them or the
Companies and the Subsidiaries pursuant to this Agreement or otherwise reasonably required to consummate the transactions contemplated
hereby.

 

ARTICLE 4

CONDITIONS TO
CLOSING

 

4.1.         Mutual
Conditions. The respective obligations of Sellers and Globant to effect the transaction contemplated in this Agreement are
subject to the satisfaction prior to the Closing Date of the following conditions:

 

(a) No Injunctions
or Restraints. No temporary restraining order, preliminary or permanent injunction or other order issued by any court of competent
jurisdiction or any Governmental Body other legal restraint or prohibition preventing the consummation of the transactions contemplated
by this Agreement or any other Transaction Document shall be in effect.

 

(b) No Action.
No Governmental Body or other Person shall have commenced or threatened to commence any Legal Proceeding against any of the Parties
or any Affiliate thereof: (a) challenging or seeking the recovery of damages in connection with the transactions contemplated
by this Agreement or any other Transaction Document; (b) seeking to prohibit or limit the exercise by Purchasers of any material
right pertaining to the ownership of any of Purchased Interests or the Equity Interests of any Subsidiary of the Company; (c)
that (if adversely determined) would reasonably be expected to have the effect of preventing, delaying, making illegal or otherwise
interfering with the transactions contemplated by this Agreement or any other Transaction Document; or (d) seeking to compel Globant
or any Affiliate thereof to dispose of or hold separate any material assets as a result of the transactions contemplated by this
Agreement or any other Transaction Document.

 

    

     

    

 

(c) Antitrust Clearance in Colombia.
The Sellers and Globant shall have received the Colombian Antitrust Clearance.

 

4.2.         Conditions
to Close for Globant. The obligation of Globant to effect the transaction contemplated by this Agreement is subject to the
satisfaction of the following conditions, unless expressly waived in writing, in whole or in part, by Globant:

 

(a) Each of the representations
and warranties of the Sellers set forth in ARTICLE 5 below, shall be true and correct in all respects as of the Closing Date (except
to the extent such representations and warranties speak expressly as of an earlier date, in which case such representations and
warranties shall be true and correct in all respects as of such earlier date) as though made on and as of such date;

 

(b) The Sellers shall
have performed in all respects all obligations required to be performed by them under this Agreement at or prior to the Closing
Date, and no breach of any covenant included in ARTICLE 8 has occurred;

 

(c) The Sellers shall
have obtained, if applicable, the requisite waivers of any rights of first refusal or other restrictions on transfer from the
shareholders of the Company or any of the Subsidiaries in respect of the sale of their respective proportion of the Equity Interests
to the Purchasers;

 

(d) There shall not
have occurred any Material Adverse Effect, and no event, circumstance or other Effect shall have occurred or shall exist that,
in combination with all other events, circumstances and other Effects, would reasonably be expected to have or result in a Material
Adverse Effect. “Material Adverse Effect” means any change, event, effect, claim, circumstance or matter (each,
an “Effect”) that (considered together with all other Effects) is, or would reasonably be expected to be or
to become, materially adverse and relating to (a) the condition, usefulness, value or benefits of the Purchased Interests; (b)
the condition, liabilities, operations, results of operations of the businesses operated by the Company and its Subsidiaries;
or (c) Globant’s right or ability to own or otherwise exercise rights of as holder of the Purchased Interests;

 

(e) All stock options,
warrants and other instruments convertible into, exchangeable for or otherwise representing a right to purchase or acquire ordinary
or preferred shares of capital stock or other equity interests or securities of the Company or any of the Subsidiaries shall have
been terminated, on terms and conditions satisfactory to Globant;

 

(f) The
Sellers shall have provided the Flow of Funds instructions to Globant in order for Globant to perform payment of the Closing Payment
and the Escrow Amount;

 

(g) All approvals,
consents, ratifications, permissions, permits, waivers or authorizations (including any governmental approval, authorization or
clearance) required for the purchase and sale of the Purchased Interests shall have been obtained and are in full force and effect;

 

(h) An officer of
the Company shall have delivered to Globant a certificate certifying that the conditions specified in Sections 4.2.(a), (b) and
(c) have been fulfilled; and

 

    

     

    

 

(i) Each of the Sellers
and the Key Employees shall have entered into a Severance Agreement, in substantially the form set forth in Exhibit 4.2.(i),
with the Company and/or the respective Subsidiary that is his or her employer and those Severance Agreements entered into with
Belatrix Argentina shall have been filed for homologation (homologación) with the applicable Governmental Body with
jurisdiction over labor matters.

 

4.3.         Conditions
to Close for the Sellers. The obligation of the Sellers to effect the transactions contemplated hereby is subject to the satisfaction
of the following conditions unless waived, in whole or in part, by the Sellers:

 

(a) Each of the representations
and warranties of the Purchasers set forth in ARTICLE 6 of this Agreement shall be true and correct in all respects as of the
Closing Date (except to the extent such representations and warranties expressly speak as of an earlier date, in which case such
representations and warranties shall be true and correct in all respects as of such earlier date) as though made on and as of
such date;

 

(b) Globant shall
have performed in all respects all obligations required to be performed by Globant under this Agreement at or prior to the Closing
Date; and

 

(c) Globant shall
have passed a resolution (in a form satisfactory to the Sellers), authorizing the person(s) signing this Agreement to so sign.

 

ARTICLE 5

REPRESENTATIONS
AND WARRANTIES 

OF THE SELLERS

 

The Sellers, jointly and severally, represent
and warrant to the Purchasers that, except as set forth on the Disclosure Schedule
attached as Schedule 5 to this Agreement (the “Disclosure Schedule”), the following representations are true
and complete as of the date hereof and as of the Closing Date, except as otherwise indicated or otherwise agreed by the Parties
in this Agreement. The Disclosure Schedule shall be arranged in sections corresponding to the numbered and lettered sections and
subsections contained in this ARTICLE 5, and the disclosures in any section or subsection of the Disclosure Schedule shall qualify
other sections and subsections in this ARTICLE 5 to the extent it is readily apparent from a reading of the face of the disclosure
(without independent reference to the text of any documents or agreements referred to therein) that such disclosure is applicable
to such other sections and subsections.

 

For purposes of these representations
and warranties, even if there may or may not be express references to the Subsidiaries, the term “Company” shall always
be deemed to include the Company and all of its Subsidiaries and branches thereof (and any predecessor thereof), unless otherwise
noted herein and except with respect to Sections 5.1., 5.2. and 5.3.

 

    

     

    

 

 

 

5.1          Organization,
Good Standing and Authority of the Company and its Subsidiaries. Capitalization.

 

(a) The Company is
a Spanish corporation (Sociedad Anónima) duly organized and validly existing, and is in good standing under the
Laws of the jurisdiction of its organization, has full power and authority to own, operate or lease the properties and assets
owned, operated and leased by the Company and to carry on its businesses, as it has and is currently conducted, and is licensed,
authorized or qualified to do business, and is in good standing, in all other jurisdictions in which the properties owned or leased
by the Company or the operation of its business requires that the Company be qualified or authorized to do business. All stock
company actions taken by the Company in connection with this Agreement and the other Transaction Documents will be duly authorized
on or prior to Closing.

 

(b) Each Subsidiary
is a company duly organized and validly existing, and each Subsidiary or branch of the Company is in good standing under the Laws
of the jurisdiction of its organization or incorporation, has full power and authority to own, operate or lease the properties
and assets owned, operated and leased by the Subsidiary or branch and to carry on its businesses, as it has and is currently conducted,
and is licensed, authorized or qualified to do business, and is in good standing, in all other jurisdictions in which the properties
owned or leased by each of them or the operation of its business requires that the Subsidiary or branch be qualified or authorized
to do business. All company actions taken by the Company and/or any Subsidiary in connection with this Agreement and the other
Transaction Documents will be duly authorized on or prior to Closing.

 

(c) Section
5.1.(c) of the Disclosure Schedule contains detailed information of the Company, its Subsidiaries and branches, including
the jurisdiction in which each of it is incorporated or organized, the jurisdictions in which it is qualified to do business,
its authorized share capital or equity interests, the number of units or class of share capital or interests thereof duly issued
and outstanding, the names of all equity owners and the number of capital shares or other equity interests owned by each equity
owner, member or interest holder as of the date hereof and at Closing.

 

5.2.         The
Sellers have delivered to Globant at Closing Date complete, true and correct copies of the charter documents or certificate of
formation, operating agreement and registrations with the applicable authorities of the Company, the Subsidiaries and branches,
in effect as of this date and as of Closing as included in Section 5.2.(a) of the Disclosure Schedule The list of
directors, officers, legal representatives, managers and members of the Company, its Subsidiaries and branches as included in
Section 5.2.(b) of the Disclosure Schedule is a complete and updated list of such positions and members of the Company
and its Subsidiaries as of the date hereof.

 

5.3.         Authority.
This Agreement has been duly executed and delivered by the Company and each of the Sellers and constitutes a legal, valid and
binding obligation of the Company and such Seller, enforceable in accordance with its terms. The Sellers have full legal right
and power and all authority required to enter into this Agreement and to consummate the transactions contemplated hereby, and
are not subject to any legal, judicial or contractual restraint concerning the disposition of their properties in general or of
the Purchased Interests specifically.

 

5.4.          No
Claims. Neither the Company, the Subsidiaries nor the Sellers have received any notice or threat in writing of, and there
are no pending, Legal Proceedings, which could reasonably be expected to:

 

    

     

    

 

(a) enjoin, restrict
or prohibit the transfer of the Purchased Interests as contemplated by this Agreement; or

 

(b) prevent them
from fulfilling their respective obligations under this Agreement.

 

5.5.         No
Conflict. Neither the execution and delivery of this Agreement by the Company or the Sellers nor the consummation of the transactions
contemplated herein by each of the Sellers will: (i) violate or conflict with or result in the breach of any Law or any order,
judgment, injunction, stipulation or award entered by or with any Governmental Body or of any of the terms, conditions or provisions
of, or constitute a default under or give rise to any right of termination, cancellation or acceleration (whether after the giving
of notice or the lapse of time or both) pursuant to any of the terms conditions or provisions of, any note, indenture, mortgage,
lease or other agreement, contract or instrument to which such Seller or the Company are a party or are bound or affected or result
on the creation of any Lien upon the Purchased Interests, the properties, assets, operations or business of the Company or the
Sellers; or (ii) violate the by Laws or the Organizational Documents of the Company or the Subsidiaries or any Law applicable
to the Company or the Subsidiaries. 

 

5.6.         Capitalization.

 

(a)       Exhibit
A sets forth the capitalization table of the Company and the Subsidiaries, respectively. Each of (i) the Sellers owns
all of the Belatrix Spain Interests, the Minority Belatrix Argentina Interests and the Minority Belatrix Peru Interests, and (ii)
the Company owns all of the Belatrix Colombia Interests, Belatrix US Interests and Belatrix Services Interests; in respect of
clauses (i) and (ii), in the number and class indicated in Exhibit A, free and clear of any Liens. The Equity Interests
set forth in Exhibit A represent one hundred percent (100%) of the issued and outstanding share capital of the Company
and the Subsidiaries, as detailed therein. All of Equity Interests set forth therein have been duly authorized and issued and
are legally and beneficially owned directly by the Sellers or by the Company, as the case may be, in the manner set forth in Exhibit
A, and are fully paid and non-assessable. All of such Equity Interests were issued in compliance with applicable Laws.
Such Equity Interests were not issued in violation of the Organizational Documents of the Company or any Subsidiary or any other
agreement, arrangement or commitment to which a Seller or the Company or any Subsidiary is a party and are not subject to or in
violation of any preemptive or similar rights of any other Person or entity.

 

(b) Each Seller has
good and marketable title to the Purchased Interests of the Company, Belatrix Argentina and Belatrix Peru owned by such Seller,
and has the full right, power and authority to sell, assign, transfer and deliver such Purchased Interests.

 

(c) After giving effect
to the Closing, the capital stock of the Company will be as described in Section 5.6.(c) of the Disclosure Schedule,
and all of it is duly and validly authorized and issued, fully paid and non-assessable, free and clear of all Liens. Globant I
will be the sole shareholder of the Company holding one hundred percent (100%) of the Belatrix Spain Interests and, collectively
with Globant II, of one hundred percent (100%) of the Belatrix Colombia Interests, the Belatrix US Interests, the Belatrix Services
Interests, the Belatrix Argentina Interests and the Belatrix Peru Interests, in all cases, free and clear of any Liens.

 

    

     

    

 

5.7.         Options
and Commitments.

 

(a) There are no put
options, call options, commitments (including but not limited to revocable or irrevocable capital contributions), exchange rights,
preferential rights, shareholders agreements, plans or other covenants of any nature that are outstanding, that provide for the
purchase, issue or sale of any of the Purchased Interests or agreements that grant to any Person conversion or exchange rights
in connection with the Equity Interests of the Company or the Subsidiaries, or pursuant to which any Person may be entitled to
receive or subscribe in any capacity, shares issued or to be issued by the Company or the Subsidiaries, nor are there any special
rights to receive dividends or other distributions in respect of such securities of the Company or the Subsidiaries.

 

(b) There are no outstanding
or authorized, or any promise to issue or grant, stock appreciation rights, stock option agreements, phantom stock, profit participation,
or similar rights with respect to the Company or any of the Subsidiaries. There are no voting trusts or other agreements or understandings
to which the Company, any of the Subsidiaries, or any Seller is a party with respect to the voting of the capital shares or other
equity interest of the Company and/or any of the Subsidiaries.

 

(c) There no outstanding,
or any promise to issue or grant, warrants or other instruments convertible into, exchangeable for or otherwise representing a
right to purchase or acquire ordinary or preferred shares of capital stock or any other equity interests or securities of the
Company and/or any of the Subsidiaries.

 

(d) Except for this
Agreement, there are no agreements or other commitments that are legally binding and enforceable, or other rights or arrangements
in existence with respect to the issue, redemption, conversion, exchange, vote or transfer of any of the Equity Interests of the
Company and/or any of the Subsidiaries, except for those arising from the imperative legal precepts of each applicable Law.

 

5.8.          Powers
of Attorney. Except for those included in Section 5.8 of the Disclosure Schedule, the Company has not granted
any power of attorney or similar authority which remains in force as of the Closing Date.

 

5.9.          Litigation.
Except as set forth in Section 5.9 of the Disclosure Schedule, there is no claim, action, cause of action, demand,
Lawsuit, arbitration, notice of violation, proceeding, litigation, citation, summons, subpoena or investigation of any nature,
civil, criminal, administrative, regulatory or otherwise, whether at Law or in equity (an “Action”) initiated
or, to the best of the Company’s or each of the Seller’s Knowledge, threatened (a) against the Company or any Seller
or any officer, director or employee arising out of their relationship with the Company, (b) that questions the validity of the
Transaction Documents or the right of the Company or each Seller to enter into them, or to consummate or delay the transactions
contemplated thereunder, or (c) that would, either individually or in the aggregate, be reasonably expected to be material to
the Company and its Subsidiaries, taken as a whole. Neither Seller, nor the Company or any of its officers or directors is a party
or is named as subject to the provisions of any writ, judgment, decree, award, ruling, injunction or similar order of or consent
agreement with any Governmental Body, in each case whether preliminary or final, written or oral (an “Order”)
(in the case of officers or directors, such as would affect the Company) except for those included in Section 5.9 of the disclosure
Schedule. There is no action, suit, proceeding or investigation by any Seller or the Company pending or which any Seller or the
Company intends to initiate. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending
or threatened in writing (or any basis therefor known to the Company or any Seller, as applicable) involving the prior employment
of any of the Company’s officers, employees, its services provided in connection with the business, any information or techniques
allegedly proprietary to any of their former officers or employers or their obligations under any agreements with prior employers.

 

    

     

    

 

5.10. Taxes.

 

(a) The Company
has filed in a timely manner (within any applicable extension periods) with the appropriate Governmental Bodies (central, state,
local or foreign) all Tax Returns required to be filed on or before the date hereof and each such Tax Return was correct and complete
when filed, and were prepared in compliance with all applicable Laws.

 

(b) All
Taxes with respect to any taxable period ending on or prior to the Closing Date (including such Taxes for any straddle
period which are allocable for such period ending prior to the Closing Date) and all Taxes due and payable (whether or not shown
as due) on Tax Returns required to be filed on or before the Closing Date with respect to the Company have been paid in full or
adequate reserves or the accrual therefor have been provided and reflected on the Financial Statements of the Company pursuant
to Section 5.12 of this Agreement.

 

(c) There are no
outstanding agreements or waivers extending the statutory period of limitations applicable to any federal, state, local or foreign
income or other Tax returns required to be filed by or with respect to the Company.

 

(d) None
of the Tax Returns of or with respect to the Company is currently being audited or examined by any federal, state, local
or foreign taxing Governmental Body. No such audits or examinations are being conducted or are threatened in writing with respect
to the Company or any Seller. No extensions or waivers of statutes of limitations have been given or requested with respect to
any Taxes of the Company. There is not any extension of time in force with respect to the due date for the filing of any Tax return
or with respect to the Company.

 

(e) No assessment,
deficiency or adjustment for any Taxes has been asserted, proposed or threatened with respect to any Taxes or Tax returns of or
with respect to the Company. The Company has paid all Taxes due under applicable Law. No claim has been made by any Taxing Authority
in any jurisdiction where the Company does not file Tax Returns that it is, or may be, subject to Tax by that jurisdiction. There
are no Liens on any of the Equity Interests or on any of the assets of the Company that arose in connection with any failure or
alleged failure to pay any Tax or file any Tax Return.

 

(f) There is no
dispute or claim concerning any Tax Liability of the Company notified by any means whatsoever, by any federal, state, local or
foreign taxing Governmental Body. The Company has not received any ruling from any Governmental Body with respect to Taxes.

 

(g) The Financial
Statements of the Company accurately reflect unpaid Taxes for the periods covered thereby.

 

    

     

    

 

(h) The
Company is not a party to or bound by any Tax allocation, sharing or indemnity agreements or arrangements. The Company
has not been notified by any means whatsoever, by any federal, state, local or foreign Governmental Body that it is required to
pay any amount for Taxes of any Person as a transferee or successor, by contract or otherwise.

 

(i) All
Taxes that the Company is or was required to withhold or collect in connection with amounts paid or owing to any shareholder,
former shareholder, employee, independent contractor, creditor, customer, member or other party have been duly withheld or collected,
and to the extent required, have been paid to the proper central, state, local or foreign taxing Governmental Body or other Person.
The Company has complied with all information reporting and backup withholding provisions of applicable Law.

 

(j) No payments
are due or will become due by the Company pursuant to any Tax indemnification agreement.

 

(k) There is no
fact which has occurred prior to the Closing that will lead any Governmental Body to request from the Company and their shareholders,
members of the board of directors or similar corporate body to make any payment because of breach of any Laws in respect of Tax.

 

(l) All agreements
and transactions to which the Company is or has been a party have been made at arm's length basis. The Company is in compliance
in all material aspects with all applicable transfer pricing Laws.

 

(m) The Company
has not at any time entered into or been party to any transactions, schemes or arrangements that either: (a) were entered into
solely or wholly or mainly with a view to avoiding, reducing, postponing or extinguishing any actual or potential Liability to
Tax; (b) could be reclassified for the purposes of Tax under any legislation, enactment or other Law or otherwise by any Governmental
Body or statutory body or authority; or (c) which could result in any claim or proceeding against the Company or used as evidence
against it in any proceedings pertaining to Tax avoidance, either against the Company, or any of the shareholders.

 

(n) The Financial
Statements of the Company and each of the Subsidiaries accurately reflect unpaid and accrued taxes of the Company and each of
the Subsidiaries for the periods covered thereby. No material deficiency for any taxes has been assessed with respect to the Company
and each of the Subsidiaries that has not been abated, paid in full or adequately provided for on or disclosed in the Financial
Statements, and the Company and each of the Subsidiaries has paid all material taxes due and the execution and delivery of this
Agreement nor the consummation of the transactions contemplated herein will not conflict or result any deficiency for any Taxes
or result in a change in the accounting method or principles or in its auditing practices.

 

(o) The unpaid Taxes
of the Company do not exceed the reserve for Taxes (rather than any reserve for deferred Taxes established to reflect timing differences
between book and Tax income) set forth on the face of the most recent balance sheet (rather than in any notes thereto). Since
the date of the most recent balance sheet, the Company has not incurred any Liability for Taxes arising from extraordinary gains
or losses, as that term is used in IFRS, outside the ordinary course of business consistent with past custom and practice.

 

    

     

    

 

(p) The Company
will not be required to include any item of income or gain in, or exclude any item of deduction or loss or other tax benefit from,
taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any (a) change in method
of accounting for a taxable period ending on or prior to the applicable Closing Date; (b) use of an improper method of accounting
for a taxable period ending on or prior to the applicable Closing Date; (c) ‘‘closing agreement’’ as described
in Section 7121 of the Code (or any corresponding or similar provision of state, local, or non-U.S. income Tax Law) executed on
or prior to the applicable Closing Date; (d) intercompany transaction; (e) installment sale or open transaction disposition made
on or prior to the Closing Date; or (f) prepaid amount received on or prior to the applicable Closing Date.

 

(q) The Company
has never been a United States real property holding corporation within the meaning of Section 897(c) of the Code.

 

(r) The Company
(a) is not a domestic corporation for purposes of any provision of the Code, (b) is not a ‘‘controlled foreign corporation’’
as defined in Section 957 of the Code, (c) is not a ‘‘passive foreign investment company’’ within the
meaning of Section 1297 of the Code, and (d) does not have a permanent establishment (within the meaning of an applicable Tax
treaty) or otherwise has an office or fixed place of business in a country other than the country in which it is organized. Neither
the Company nor any Subsidiary except for Belatrix US, has made an election to be treated as an association taxable as a corporation
for U.S. federal income tax purposes.

 

(s) The Company
is not and has not been a party to any “reportable transaction” as defined in Section 6707A(c)(1) of the Code and
the United States Treasury regulations.

 

(t) Except as set
forth in Section 5.10 of the Disclosure Schedule, no Tax is required under any Law to be withheld or deducted from
any amount constituting the Purchase Price.

 

(u) Neither the
Company nor any Subsidiary has participated in any way in any transaction designated by, or required to be disclosed to, a Governmental
Body as a “tax shelter” or similar or analogous designation, or any transaction with respect to which Taxes assessed
on audit may be increased as a result of the terms or circumstances of the transaction under the Tax Laws of any jurisdiction.

 

5.11.       Consents
and Approvals. The execution, delivery and performance of this Agreement
and consummation of the transactions contemplated hereby by the Company or the Sellers will not require such Seller or the Company
to obtain any permit, consent, waiver, authorization or approval of, or make any filing with or give notice to, any Person, entity
or Governmental Body, except for those permits, consents, antitrust clearance, approvals and authorizations necessary to consummate
the transactions contemplated in this Agreement, especially regarding the Colombian Antitrust Clearance and the Argentinian Antitrust
Clearance and those detailed in ARTICLE 3 (including, but not limited to, the shareholders’ resolutions approving the transaction
in the framework of this Agreement, especially for the purpose of Article 160.f) of the Spanish Capital Corporations Act). The
Company has satisfied and obtained all necessary corporate requirements, rights and permits of any kind and has the power and
authority to conduct its business as presently being conducted, and to own, lease, use and operate its assets in the jurisdictions
where they are currently located, and in the manner in which they are currently being used and operated. No misrepresentations
or omissions have been made by the Company or the Sellers in obtaining the Colombian Antitrust Clearance.

 

    

     

    

 

5.12.       Financial
Statements. (a) Section 5.12 of the Disclosure Schedule contains a true, correct and complete copy of (i) the
audited financial statements of the Company and each of the Subsidiaries, for the fiscal year ended on December 31, 2018, and
(ii) the unaudited financial statements of the Company and each of the Subsidiaries for the applicable interim period ended on
June 30, 2019 (jointly (i) and (ii), the “Financial Statements”). In addition, at Closing the Sellers will
deliver to Globant, financial information of the Company and each of the Subsidiaries relating to revenues, financial debt and
cash balances in the Company’s bank accounts, accounts receivable (including unbilled receivables), and accounts payable
as of the Closing Date (the “Financial Information as of the Closing Date”). The Financial Statements (i) comply
with all applicable accounting requirements, and (ii) were prepared in accordance with IFRS applied on a consistent basis throughout
the periods covered thereby.

 

(b) The Financial
Statements (i) present in all respects the consolidated assets, liabilities, business, financial condition, results of operations
and cash flows of the Company and its Subsidiaries, as of the indicated dates and for the indicated periods, subject in the case
of the interim consolidated financial statements referred to above to year-end accruals made in the ordinary course of business,
and (ii) have been duly approved, accepted, ratified, filed or endorsed in accordance with all applicable Laws, applicable accounting
principles and the Organizational Documents of each of the Company and the Subsidiaries. The Financial Statements as well as the
actual financial results reflected in the financial data are complete and correct and fairly stated in accordance with the books
and records of the Company and the Subsidiaries and present the results of operations and the cash flows of the Company and its
Subsidiaries as at the dates specified, in conformity with IFRS, in all cases applied on a consistent basis. The accruals and/or
provisions recorded as accounted for in the applicable Financial Statements, including accruals for vacation expenses, severance
payments, bonus and prepayment accruals, warranties and Taxes for each of the Company and the Subsidiaries are accounted for on
such applicable Financial Statements and are adequate and properly reflect the expenses associated therewith in accordance with
the applicable accounting principles, in each case. The Financial Information as of the Closing Date to be delivered at Closing
will be complete and correct and will fairly reflect the information stated therein in accordance with the books and records of
the Company and the Subsidiaries.

 

(c) There are no significant
deficiencies in the internal controls of the Company which could adversely affect the ability of any Company to record, process,
summarize and report financial data. The management of the Company has not identified for the Company’s outside auditors
any material weaknesses in internal controls nor is it aware of any fraud, whether or not material, that involves management or
other employees who have a significant role in the internal controls of the Company. The Company maintain accurate books and records
reflecting their respective assets and liabilities and maintain proper and adequate internal accounting controls which provide
assurance that (i) transactions are executed with management’s authorization, (ii) transactions are recorded as necessary
to permit preparation of the financial statements of the Company and to maintain accountability for the Company’s assets,
(iii) access to assets of the Company is permitted only in accordance with management’s authorization, (iv) the reporting
of assets of Company is compared with existing assets at regular intervals, and (v) accounts, notes and other receivables and
inventory were recorded accurately, and proper and adequate procedures are implemented to effect the collection thereof on a current
and timely basis.

 

    

     

    

 

(d) The Company maintains
disclosure controls and procedures that are effective to ensure that all material information concerning the Company is made known
on a timely basis to the individuals responsible for the preparation of the Company’s financial statements.

 

(e) Section 5.12.(e)
of the Disclosure Schedule lists (i) all securitization transactions and “off-balance sheet arrangements” (as
such term is understood pursuant to applicable accounting principles) effected by the Company, and (ii) all non-audit services
performed by the Company’s auditors for the Company.

 

(f) The Company has
not extended or maintained credit, arranged for the extension of credit, modified or renewed an extension of credit, in the form
of a personal loan or otherwise, to or for any director or executive officer of the Company.

 

(g) The books of account
and other financial records of the Company: (i) reflect all material items of income and expense and all material assets and liabilities
required to be reflected therein in accordance with the applicable accounting principles; (ii) are in all material respects complete
and correct; and (iii) do not contain or reflect any material inaccuracies or discrepancies.

 

(h) Since January
1, 2013, neither the Company nor, to the Sellers’ Knowledge, any officer, director, agent or other representative of the
Company has received or otherwise had or obtained knowledge of any complaint, allegation, assertion or claim whether written or
oral, regarding the accounting or auditing practices, procedures, methodologies or methods of the Company with respect to the
Financial Statements or the internal accounting controls of the Company, including any written or oral complaint, allegation,
assertion or claim that the Company has engaged in questionable accounting or auditing practices. Neither the Company nor any
of the Company’s accountants has identified or been made aware of (i) any fraud, whether or not material, that involves
the Company’s management or any other current or former employee, consultant, contractor or director of the Company who
has a role in the preparation of financial statements or the internal accounting controls utilized by the Company or (ii) any
claim or allegation regarding any of the foregoing.

 

    

     

    

 

5.13.       Ordinary
Course. Since December 31, 2018, the Company has conducted its business in the ordinary and usual course of business and consistent
with past practice and have not (i) suffered any damage or other casualty loss (whether or not covered by insurance); (ii) issued,
sold, transferred, leased any properties or assets, merged with, entered into a consolidation, acquired an interest or a substantial
portion of assets or business of any Person or otherwise acquired any material asset, or made any capital expenditure or commitment
for any capital expenditure other than the ordinary course of business consistent with past practice except for a certain real
estate plot located at General Espejo No. 759, Mendoza (Argentina); (iii) issued or sold any units, membership interests, capital
stock, notes, bonds or other securities, or any option, warrant or other right to acquire the same, of, or any other interest
in the Company; (iv) borrowed any amount or incurred or become subject to any liabilities or entered into any guarantee, permitted
or allowed any of the assets or properties (whether tangible or intangible) of the Company to be subjected to any encumbrance
of any nature or discharged or otherwise obtained the release of any encumbrance or paid or otherwise discharged any Liability
of any nature; (v) made any loan or advances to, guarantees for the benefit of, or investments in, any Persons; (vi) directly
or indirectly engaged in any transaction, agreement or entered into any arrangement with any officer, director, member or other
affiliate or relative of such Person; (vii) amended its Organizational Documents; (viii) made any change in the accounting method
or principles or in its auditing practices; (ix) failed to pay any creditor any amount owed to such creditor when due; (x) entered
into any agreement, arrangement or transaction with any of its directors, officers, managers, members, employees or shareholders
(or with any relative, beneficiary or spouse of such Person); (xi) granted, increased or promised to increase or announced any
increase, in the wages, salaries, compensation, bonuses, incentives, pension or other benefits payable by the Company (except
for that deriving from compliance with the applicable collective labor agreement or applicable legislation, and without prejudice
of the periodic increases in the salaries that are part of the ordinary course of business and practices of the Company and the
payment of a bonus to Mr. Alejandro Héctor Robbio for an amount of USD 337,143 paid by Belatrix Software Inc.); (xii) amended,
terminated, canceled or compromised any claims or waived any other rights of value; (xiii) allowed any permit that was issued
or relates to the Company or otherwise relates to any asset of the Company to lapse or terminate or failed to renew any such permit
or any insurance policy; (xiv) amended, modified or consented to the termination of any contract with clients or any of the Company's
rights thereunder; (xv) made any charitable contribution or made any express or deemed election or settled or compromised any
Liability, with respect to Taxes of the Company; or (xvi) entered into an agreement whether in writing or otherwise or granted
similar rights or commitments to do any of the foregoing.

 

5.14.       Liabilities.
The Company does not have any debt, Liability, obligations or loss contingencies of any kind, except those reflected in the Financial
Statements and liabilities incurred since the date of the Financial Statements in the ordinary course of the business consistent
with past practices which do not and could not have a Material Adverse Effect on the Company.

 

    

     

    

 

5.15.       Material
Contracts. Section 5.15. of the Disclosure Schedule sets forth a list of all material contracts, agreements
and instruments of the Company (each, a “Material Contract”). There are no other agreements, understandings,
instruments, contracts or proposed transactions to which the Company is a party or by which it is bound that (i) involve (A) any
major customer (“Major Customer Agreements”), (B) payment obligations (contingent or otherwise) of, or payments
from, the Company in excess of US$100,000, (C) any restrictions or limitations on the Company’s right to do business or
compete in any area or any field with any Person or to develop, distribute, operate, or otherwise engage in the Company’s
products and services or the business of the Company, (D) the grant to any Person other than the Company of any exclusive license,
supply, distribution or other rights, “most favored nation” rights, rights of first refusal, rights of first negotiation
or similar rights, or exclusive rights to purchase any of the Company’s products or services, or (E) any real property leases,
or (ii) are otherwise material to the Company or its business. Each Material Contract is valid and binding on the Company in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar Laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by
other equitable principles of general application, and is in full force and effect. The Company has not waived, or assigned or
purposed or agreed to assign to any other Person, any of its material rights under any Material Contract. The Company has performed
all obligations required to be performed by it and is not in default under or in breach of nor in receipt of any claim of default
or breach under any such contracts, agreement or instrument to which the Company is a party or by which the Company is bound.
There are no Material Contracts imposing obligations on the Company which compliance could reasonably be expected to be beyond
the operational possibilities of the Company, in the ordinary course of business, and, to the Sellers’ Knowledge, there
are no current or past events that could potentially delay, hinder or impede compliance of such Material Contracts’ obligations,
nor are there any irregularities in any project assigned to the Company that could result in a material breach, early termination
of or claim under such Material Contracts. No event has occurred which with
the passage of time or the giving of notice or both would result in a default, breach or event of default by the Company or event
of acceleration, termination or claim under any such contracts, agreement or instrument to which the Company is subject. Neither
the execution and delivery of this Agreement nor the consummation of the transactions contemplated herein will conflict with or
result in the breach of any of the terms, conditions or provisions of, or constitute a default under or give rise to any right
of termination, cancellation or acceleration (whether after the giving of notice or the lapse of time or both) of any Material
Contract to which the Company is a party or by which the Company, or any of its respective properties or assets, are bound or
affected. There are no claims of default or breach under any contract, agreements or instrument to which the Company is a party
or by which is bound. and there is no other event or circumstance that will or would reasonably be expected to give rise to or
serve as a reasonable basis for the commencement of any such claim by third parties.

 

5.16.       Assets.

 

(a) The Company has
clear, good, valid and marketable title to, or a valid leasehold interest in its assets, whether owned, leased or used, free and
clear of all Liens. The Company owns or has a valid leasehold interest in all assets necessary for the conduct of its business
as presently conducted. Section 5.16.(a) of the Disclosure Schedule includes a detail of immovable assets and inventory
of movable assets of the Company as registered in the Financial Statements.

 

(b) Where
any tangible assets are used but not owned by the Company, there has not occurred any event of default or any other event or circumstance
which may entitle any third party to terminate any agreement or license in respect of the use of such assets. All leases pursuant
to which the Company leased (whether as lessee or lessor) any real or any other tangible property used in their business are valid
and effective.

 

(c) The Company owns
or has the right to use each asset necessary for the effective operation of their businesses as now carried on. All assets owned
or used by the Company are in their possession and under their control.

 

 

5.17.       Banking
 & Finance.

 

(a) Section
5.17.(a) of the Disclosure Schedule accurately sets forth, with respect to each account maintained by or for the benefit
of the Company at any bank or other financial institution:

 

		(i)	the name
                                         and location of the institution (including bank code) at which such account is maintained;

 

    

     

    

 

		(ii)	the name
                                         in which such account is maintained, the account number;

		(iii)	a description
                                         of such account and the purpose for which such account is used; and

		(iv)	the names
                                         of all individuals authorized to draw on or make withdrawals from such accounts.

 

(b) Except
as set forth in Section 5.17.(b) of the Disclosure Schedule, there is no current or past borrowings (including credit,
loan, financial lease, factoring arrangements) for the Company. The Company has not lent any money that has not been repaid.

 

(c) No encumbrance
nor any guarantee, suretyship, indemnity or similar commitment has been given by or entered into by the Company in respect of
its obligations or the obligations of a third party including any shareholders of the Company.

 

(d) The
consummation of the transaction will not result in any present or future indebtedness of the Company becoming due, or capable
of being declared due and payable, prior to its stated maturity or any loan facilities of the Company being withdrawn under any
agreement or arrangement.

 

(e) The
Company has not created any charge or other security interest, since its incorporation, in favor of any Person as security for
any loan, borrowing or other financial assistance incurred by the Company.

 

5.18.       Clients.
(a) Section 5.18. of the Disclosure Schedule sets forth for the Company: (i) the clients measured by revenues generated
from each such client as of Closing Date, and (ii) the clients currently under contract (measured by revenues expected but not
guaranteed to be generated) for the following 12-month period. To the best of the Sellers’ Knowledge, none of such clients
identified pursuant to clause (ii) above has informed to the Company that: (A) it is terminating or considering terminating the
handling of its business by the Company, as a whole or in respect of any particular project or service; or (B) is planning to
reduce its future spending with the Company in any manner. None of the current contracts of such clients with the Company entitles
the client to terminate it due to the consummation of the transactions contemplated in this Agreement. All contractual relationships
between the Company and its clients are in full force and effect pursuant to applicable Laws on the Closing Date and such contracts
are not expiring or subject to renegotiation before ninety (90) days following Closing, provided that the terms and conditions
of the contract currently in force with Banco de Crédito del Perú are under renegotiation.

 

Without limitation,
none of the Sellers, gives any representation or warranty concerning any estimates, forecasts, projections or other predictions
regarding the clients of the Company. Any information or materials that may have been provided or made available to the Purchasers
or any of their Affiliates or their respective representatives are not, and shall not be deemed to be, representations and warranties
of the Sellers, except as set forth in this ARTICLE 5. The Sellers hereby expressly disclaim any reliance whatsoever on any representation,
warranty or other statement of the Sellers, except for the representations and warranties set forth in this ARTICLE 5.

 

(b) The consummation of the transactions
contemplated by this Agreement shall not affect the continuity of the business and operations of the Company as currently conducted,
including any relationship with any key vendor, provider or supplier.

 

    

     

    

 

5.19.       Accounts
Receivable. All accounts receivable of the Company reflected in the Financial Statements and on the Financial Information
as of the Closing Date (other than those already paid) are valid bona fide accounts receivables subject to no setoffs or counterclaims,
other than in accordance with applicable accounting principles (IFRS) or as required by applicable Law, and are current (i.e.,
a period of time no longer than 120 calendar days has elapsed since its due date) and collectible in the ordinary course of business
of the Company (within sixty (60) calendar days after the date on which it first became due and payable) (net of allowances for
doubtful accounts as reflected thereon and as determined in accordance with IFRS consistently applied) (the “Accounts
Receivable”). A true, correct and complete list of the Accounts Receivable of the Company reflected on the Financial
Information as of the Closing Date, showing the aging thereof, is included in Section 5.19. of the Disclosure Schedule.
The Company has not received any notice from an account debtor stating that any account receivable is subject to any contest,
claim or setoff by such account debtor. No Person has any Lien on Accounts Receivable or any part thereof, and no agreement for
rebate, deduction, free goods, discount or other deferred price or quantity adjustment has been made with respect to any such
Accounts Receivable.

 

5.20.       Prepayments,
Prebilled Invoices and Deposits.

 

(a) Section
5.20.(a) of the Disclosure Schedule sets forth, as of July 31, 2019 (i) all prepayments, prebilled invoices and deposits
that have been received by the Company from customers for products or services to be performed, after such date, and (ii) with
respect to each such prepayment, prebilled invoice or deposit, (A) the party and contract credited, (B) the date received or invoiced,
(C) the products and/or services to be delivered and (D) the conditions for the return of such prepayment, prebilled invoice or
deposit. All such prepayments, prebilled invoices and deposits for the Company, to the extent that they were received prior to
December 31, 2018, are properly accrued for on the applicable Financial Statements.

 

5.21.       Intellectual
Property.

 

(a) Patents.
Section 5.21.(a) of the Disclosure Schedule sets forth an accurate and complete list of all Patents in which the
Company or one of its Subsidiaries has an ownership interest or which have been exclusively licensed to the Company or one of
its Subsidiaries (collectively the “Company Patents”), identifying for each of the Patents (A) the patent number
and issue date (if issued) or application number and filing date (if not issued), (B) its title, (C) the named inventors, (D)
whether it is owned by or exclusively licensed to the Company or one of its Subsidiaries and (E) its current status. No Company
Patent has been or is now involved in any interference, reissue or reexamination proceeding and, to the Sellers’ Knowledge,
no such action is or has been threatened with respect to any of the Company Patents and there is no patent of a third party interfering
with any Company Patent.

 

(b) Copyrights.
Section 5.21.(b) of the Disclosure Schedule sets forth an accurate and complete list of all registered Copyrights
owned (in whole or in part) by or exclusively licensed to the Company or any of its Subsidiaries, all pending applications for
registration of Copyrights filed anywhere in the world, and all unregistered Copyrights that are material to the business of the
Company, that are owned (in whole or in part) by or exclusively licensed to the Company or any of its Subsidiaries (collectively
the “Company Copyrights”).

 

    

     

    

 

(c) Trademarks.
Section 5.21.(c) of the Disclosure Schedule sets forth an accurate and complete list of all registered and material
unregistered Marks owned (in whole or in part) or exclusively licensed by the Company or any of its Subsidiaries (collectively
 “Company Marks”), and specifically lists all registrations and applications for registration with all Governmental
Bodies that have been obtained or filed with regard to such Company Marks, identifying for each (A) its registration (as applicable)
and application numbers, (B) whether it is owned by or exclusively licensed to the Company or the relevant Subsidiary, (C) its
current status and (D) the class(es) of goods or services to which it relates. All Company Marks registered with any Governmental
Body, and for which applications to register have been filed with such Governmental Body which are being used, have been continuously
used in the form appearing in, and in connection with, the goods and services listed in their respective registration certificates
and applications therefor, respectively. There has been no prior use of any material Company Mark by any third party that would
confer upon such third party superior rights in such Company Mark. No Company Mark has been or is now involved in any opposition
or cancellation proceeding and, to the Sellers’ Knowledge, no such action is or has been threatened with respect to any
of the Company Marks.

 

(d) Actions to
Protect Intellectual Property. Each of the Company and its Subsidiaries has taken commercially reasonable steps in accordance
with standard industry practices to protect its material Intellectual Property Rights and maintain the confidentiality of all
of the Trade Secrets of the Company or any of its Subsidiaries and other confidential information of the Company or its Subsidiaries.

 

(e) Adverse Ownership
Claims. Neither the Company nor any of its Subsidiaries has received any written notice or claim challenging the ownership
by the Company or any of its Subsidiaries of any of the material Intellectual Property Rights owned (in whole or in part) or exclusively
licensed to the Company or any of its Subsidiaries or suggesting that any other Person has any claim of legal or beneficial ownership
with respect thereto, nor to the Sellers’ Knowledge, is there a reasonable basis for any such claim.

 

(f) Validity and
Enforceability. Each of the registered Company Marks, the Company Patents and registered Company Copyrights (collectively,
the “Company Registered IP”) is valid and enforceable (provided however, no representation or warranty is made
regarding the validity or enforceability of any patent application), and neither the Company nor any of its Subsidiaries has received
any written notice or claim challenging or questioning the validity or enforceability of any of the Company Registered IP or indicating
an intention on the part of any Person to bring a claim that any of the Company Registered IP is invalid or unenforceable or has
been misused.

 

(g) Status and
Maintenance of Company Registered IP. The Company has not taken any action or failed to take any action (including the manner
in which it has conducted its business, or used or enforced, or failed to use or enforce, any of the Company Registered IP) that
would result in the abandonment, cancellation, forfeiture, relinquishment, invalidation or unenforceability of any of the Company
Registered IP (including, with respect to the Company Patents, failing to disclose any known material prior art in connection
with the prosecution of patent applications). All Company Registered IP has been registered or obtained in accordance with all
applicable legal requirements and are currently in effect and in compliance with all applicable legal requirements (including,
in the case of registered Company Marks, the timely post-registration filing of affidavits of use and incontestability and renewal
applications). The Company has timely paid all filing, examination, issuance, post-registration and maintenance fees, annuities
and the like associated with or required with respect to any of the Company Registered IP.

 

    

     

    

 

(h) Inbound License
Agreements. Section 5.21.(h) of the Disclosure Schedule sets forth a complete and accurate list of all Inbound
License Agreements, indicating the title and the parties thereto. The rights licensed under each Inbound License Agreement shall
be exercisable by the Company on and after the applicable Closing to the same extent as by the Company or its applicable Subsidiary
prior to the applicable Closing. No loss, breach or expiration of any Intellectual Property Rights licensed to the Company or
any of its Subsidiaries under any Inbound License Agreement is pending or reasonably foreseeable or, to the Sellers’ Knowledge,
threatened. No licensor under any Inbound License Agreement has any ownership or exclusive license rights in or with respect to
any improvements made by the Company or any Subsidiary to the Intellectual Property Rights licensed thereunder.

 

(i) Outbound License
Agreements. Section 5.21.(i) of the Disclosure Schedule accurately identifies each Outbound License Agreement.
With respect to each Outbound License Agreement, the Company or a Subsidiary thereof is the sole and exclusive owner of all Improvements
of the software or other Technology licensed under such Outbound License Agreement, including all Improvements made by the licensee
or third parties. All software or other Technology provided by the Company or any of its Subsidiaries under any Outbound License
Agreement is in compliance with all applicable Laws and the terms of such Outbound License Agreement.

 

(j) Sufficiency
of IP Assets. The Company Intellectual Property Rights constitutes all of the Intellectual Property Rights necessary for the
conduct of the business of the Company as currently conducted.

 

(k) No Encumbrances.
Except for Inbound License Agreements, Outbound License Agreements, and any agreements referenced in the exclusions to those two
defined terms, there are no outstanding options, licenses, agreements, claims, Liens, encumbrances or shared ownership interests
of any kind relating to the Company Intellectual Property Rights, nor is the Company or any of its Subsidiaries bound by or a
party to any other options, licenses or agreements of any kind (including any source code escrow arrangement) with respect to
the Technology or Intellectual Property Rights of any other Person.

 

(l) No Infringement
by the Company or Third Parties. None of the products, processes, services, or other technology or materials, or any other
Intellectual Property Rights, developed, used, leased, licensed, sold, imported, or otherwise distributed or disposed of, or otherwise
commercially exploited by or for the Company or any of its Subsidiaries, nor any other activities or operations of the Company
or any of its subsidiaries, infringes upon, misappropriates, violates, dilutes or constitutes the unauthorized use of, any Intellectual
Property Rights of any third party, and neither the Company nor any of its Subsidiaries has received any written notice or claim
asserting or suggesting that any such infringement, misappropriation, violation, dilution or unauthorized use is or may be occurring
or has or may have occurred. No Company Intellectual Property Right is subject to any outstanding order, judgment, decree, stipulation
or agreement restricting the use thereof by the Company or any such Subsidiary or, in the case of any Intellectual Property Rights
licensed to others, restricting the sale, transfer, assignment or licensing thereof by the Company or any of its Subsidiaries
to any Person. To the Sellers’ Knowledge, no third party is misappropriating, infringing, diluting or violating any Intellectual
Property Rights owned by or exclusively licensed to the Company or any of its Subsidiaries.

 

    

     

    

 

(m) Inventions
by Personnel. It will not be necessary to use any inventions of any of its employees or contractors (or Persons it currently
intends to hire) made prior to their employment by the Company or any of its Subsidiaries. Each former and current employee, contractor,
advisor and consultant of the Company or any of its Subsidiaries that has been or currently is involved in the development of
Company Intellectual Property Rights for the Company or any of its Subsidiaries has validly assigned to the Company or a Subsidiary
all Technology and Intellectual Property Rights that he or she owned prior to such assignment that they developed in the course
of their employment (in the case of employees) and/or in the course of their engagement (in the case of contractors, advisors
and consultants) and that are incorporated or embodied in any Company Intellectual Property Right owned by the Company or any
of its Subsidiaries or are otherwise related to the business of the Company.

 

(n) Open Source.
Neither the Company nor any Subsidiary has embedded, used or distributed any open source, copyleft or community source code (including
but not limited to any libraries or code, software, technologies or other materials that are licensed or distributed under any
General Public License, Lesser General Public License or similar license arrangement or other distribution model described by
the Open Source Initiative at www.opensource.org, collectively “Open Source Software”) in connection with any
of its products or services that are generally available or in development in any manner that would materially restrict the ability
of the Company or any Subsidiary to protect its proprietary interests in any such product or service or in any manner that requires,
or purports to require (i) any Company Intellectual Property Right (other than the Open Source Software itself) be disclosed or
distributed in source code form or be licensed for the purpose of making derivative works, (ii) any restriction on the consideration
to be charged for the distribution of any Company Intellectual Property Right, (iii) the creation of any material obligation for
the Company or any Subsidiary with respect to Company Intellectual Property Rights owned by the Company or any Subsidiary, or
the grant to any third party of any rights or immunities under Company Intellectual Property Rights owned by the Company or any
Subsidiary or (iv) any other material limitation, restriction or condition on the right of the Company or any Subsidiary with
respect to its use or distribution of any Company Intellectual Property Rights.

 

(o) Employee
Agreements. Each current and past employee, consultant, advisor, contractor and officer of the Company has executed an agreement
with the Company regarding confidentiality and proprietary information (the “Confidential Information Agreements”).
No current or former employee, consultant, advisor, contractor or officer has excluded works or inventions from his or her assignment
of inventions pursuant to such employee’s Confidential Information Agreement. To the best of the Sellers’ Knowledge,
none of the Company’s employees, consultants, advisors, contractors or officers is in violation of such Confidential Information
Agreements.

 

    

     

    

 

5.22.       Insurance.

 

(a) The Company has
any and all insurance required by applicable Law or by any contractual obligation assumed by the Company. The Company carries
insurance with respect to its properties, assets and business in the amounts and under policies as stated in Section 5.22
of the Disclosure Schedule, including such policies of insurance that are required to the nature of the business conducted
by it and pursuant to the contracts with clients of the Company, and each such policy is in full force and effect (including renewals
thereof) as of the Closing Date. To the best of the Sellers’ Knowledge, the properties, assets and business of the Company
are not undersecured in comparison with the standards of the market where each of the Company and its Subsidiaries operates.

 

(b) There
are no notifications served in compliance with applicable Law with regards to any Liability under such insurances being avoided
by the insurers, and transactions contemplated hereby do not have the effect of terminating, or entitling any insurer to terminate,
or cover under any such insurance. Such insurance policies shall remain in full force and effect from and after the Closing Date.
The Company has not received, and none of the Sellers has received, any written notice of cancellation, of, premium increase with
respect to, or alteration of coverage under, any of such insurance policies. All premiums due under such insurance policies have
been paid in accordance with the terms thereof.

 

(c) No claim
is outstanding by the Company under any policy of insurance held by it and there are no circumstances likely to give rise to such
a claim.

 

5.23.       Employees.

 

(a) The Company is
in compliance in all material respects with all applicable foreign, federal, state and local Laws, rules and regulations relating
to labor practices, employment, Labor Agreements and Labor Permits and Regulations including, without limitation, provisions and
regulations thereof relating to terms and conditions of employment, employment practices, health and safety, wages and hours,
child labor, immigration, employment discrimination, disability rights, benefits, equal opportunity, plant closures and layoffs,
affirmative action, workers’ compensation, labor relations, employee leave issues and unemployment insurance and the payment
of social security and other Taxes.

 

(b) The Company
materially complies with all contractually and statutory based payment obligations regarding the employees. All salaries and other
payments that have become due to the employees and workers have been duly paid, and there are no payments outstanding to any of
its employees and workers. Vacations, bonuses, mandatory bonuses and any other labor and social security obligations and Taxes
accrued until Closing in connection with employees of the Company have been paid or the accrual therefore is reflected pursuant
to Section 5.12 of this Agreement.

 

(c) The Company
has no labor relations problems (including, without limitation, any union organization activities, threatened or actual strikes
or work stoppages or grievances). Neither the Company nor
any of its employees is subject to any non-compete, nondisclosure, confidentiality, employment, consulting or similar agreements
relating to, affecting or in conflict with the present or proposed business activities of the Company.

 

(d) There is no
pending outstanding or, to the best of Sellers’ Knowledge, threatened claim from any of the Company’s employees against
the Company and the Sellers are not aware of any circumstances which may give rise to such a claim.

 

    

     

    

 

(e) Section
5.23.(e) of the Disclosure Schedule sets forth the number of each employee’s record number, hire date of employment,
date of incorporation of benefits, job title, monthly basic compensation and any other type of compensation, place of work, type
of employment, eligibility to obtain bonus, annual days of paid time off, and other benefits for each regular, full time or part
time employee of the Company. There are no written employment contracts related to any employees of the Company and no consulting
agreements to which the Company is a party, except as set forth in Section 5.23.(e) of the Disclosure Schedule.
Section 5.23.(e) of the Disclosure Schedule lists each employee benefit plan sponsored, maintained, contributed
to by the Company or to which the Company has any Liability, contingent or otherwise, for the benefit of any employee or former
employee of the Company. The Company has not granted or promised an increase in any employee’s compensation, bonuses, incentives
or any benefit that would become effective after the Closing, except for the transfer of record ownership of vehicles currently
under leasing from Belatrix Argentina to Key Employees or to Sellers.

 

(f) Section
5.23.(f) of the Disclosure Schedule, sets forth a list of the Company’s employee’s and workers entitled to
receive performance bonus to be paid as of the Closing Date for the period January 1, 2019 to December 31, 2019, including, their
position and bonus range for each position and reflecting any and all Company ́s bonus policies, performance bonus, profit
sharing, commission, discretionary bonus arrangements, share option schemes, profit related pay schemes, or employee share ownership
plans of the Company for each such Company’s employee’s and/or workers. There has been no alteration or amendment
to the Company’s bonus policies during the past three years. The Company has no outstanding debt or payment obligation of
any nature related to employee’s performance bonus or any other obligation.

 

(g) Section
5.23.(g) of the Disclosure Schedule, sets forth the current profit sharing, commission, discretionary bonus arrangements,
share option schemes, profit related pay schemes, or employee share ownership plans in respect of any of the directors, employees
or workers of the Company.

 

(h) The consummation
of the transaction contemplated hereby will not entitle any manager, director, officer or employee to terminate their employment
and receive any payment or other benefits (except for the Transaction and Retention Bonus referred to in Section 2.2 above) or
result in the acceleration of the time of payment or vesting of any awards or benefits under any Labor Agreements or Employee
Benefit Plans. Company has not made or agreed to make a payment or provided or agreed to provide a benefit to a present or former
director or officer, employee or worker or to their dependants in connection with, or related to the transaction contemplated
hereby (except for the Transaction and Retention Bonus referred to in Section 2.2 above).

 

(i) Section
5.23.(i) of the Disclosure Schedule sets forth a list of the Company’s current independent contractors and for each
the initial start date of the engagement, termination date of the engagement, a description of the remuneration arrangements applicable
to each independent contractors and a brief description of the services provided.

 

    

     

    

 

(j) Section
5.23.(j) of the Disclosure Schedule sets forth a list of the Company’s employees considered to be the “Management
Team”. As of the date of this Agreement, none of the employees in the Management Team list, except for Mr. Juan Fernando
Valdemoros who will work for the Company until July 31st, 2019, have given written notice to the Company or any of the Sellers
to resign from his or her employment or has terminated his or her employment with the Company. None of the Selling Parties has
any reason to believe that any of such key employees intend to resign from employment after consummation of the transactions contemplated
by this Agreement.

 

5.24.       Compliance
with Law; Permits.

 

(a) The Company has
complied, in all material respects, with all applicable Laws and is not in violation of any applicable Law relating to the operation
of its business, and has not received notice of any such violation. All permits, licenses, approvals, certifications, registrations,
consents and similar authorizations of the Company required to conduct its business and to own, lease, use and, when applicable,
operate its assets are currently in full force and effect, are not in default, and are valid under applicable Laws according to
their terms, notwithstanding those permits, licenses, approvals, certifications, registrations, consents and similar authorizations
which, as the case may be, may be subject to ordinary and customary proceedings of prorogation or extension. There is no legal
action, governmental proceeding or investigation pending against the Company or threatened against the Company to terminate, suspend
or modify any permit and the Company is in compliance in all respects with the terms and conditions of all permits, including
all requirements for notification, filing, reporting, and maintenance of records.

 

(b) All legal and
procedural requirements in relation to all mandatory filings with all Governmental Bodies have been duly and properly complied
with in all material respects and the Company is not in violation of any material requirements or obligations pursuant to any
applicable Laws.

 

(c) Neither the Company
nor any of the Sellers or any of their directors, officers or employees, executive officers, directors or any individual, entity,
or organization holding any ownership interest or controlling interest in either Company or the Sellers is an individual, entity,
or organization with whom Globant is prohibited from dealing by any United States Law, regulation, or executive order, including,
without limitation, names appearing on the U.S. Department of the Treasury’s Office of Foreign Assets Control’s and
Specially Designated Nationals and Blocked Persons List.

 

5.25.       Affiliated
Transactions.

 

(a) No manager, officer,
director, employee, stockholder or affiliate of the Company or any individual known to be related by blood, marriage or adoption
to any such individual or any entity in which any such Person or individual owns any beneficial interest, is a party to any outstanding
contract with the Company or has any interest in any property used by the Company, except for the property located at Darragueira
7097, Chacras de Coria, Lujan de Cuyo, Mendoza, Argentina, which is owned by LHR and Ms. María Cristina Gagliardi.

 

(b) All contracts,
agreements and arrangements between the Company and related parties have always been on arms' length terms and in compliance with
transfer pricing rules and regulations.

 

    

     

    

 

5.26.       Dividends.
Except as set forth in Section 5.26. of the Disclosure Schedule, since December 31, 2018, the Company has not declared
or distributed any dividends or made other distributions (whether in cash, stock, or property, or any combination thereof). There
are no dividends due to any present or past shareholder of the Company.

 

5.27.       Sellers
Credit. Except as detailed in Section 5.27 of the Disclosure Schedule, none of the Sellers holds a credit or
any right to receive a payment from the Company nor the Company holds a credit or any right to receive payments from the Sellers
(due to personal expenses or any other reason). Should the Company be reimbursed for such credit or set-off against other existing
Sellers’ debts, the Sellers shall have a right to be duly reimbursed with the relevant amount received by the Company.

 

5.28.       Books
and Records. (a) The books of accounting of the Company have been fully, properly and accurately maintained in all respects,
and contain in all respects true, complete and accurate records of all matters required by Law to be entered therein. The Sellers
represent and warrant that the registrations made in the books of accounting reflect valid, genuine and legitimate transactions.
(b) The books of accounts and other financial records of the Company: (i) reflect all items of the Financial Statements and of
income and expense and all assets and liabilities required to be reflected therein in accordance with applicable Laws and regulations,
(ii) are in all respects complete and correct, and do not contain or reflect any inaccuracies or discrepancies and (iii) have
been maintained in accordance with applicable generally accepted accounting practices as applicable. There is no untrue, false
or misleading information as well as no undisclosed liabilities in the statutory books, Financial Statements and records of the
Company which may lead to unexpected liabilities of the Company.

 

5.29.       Office
Leases. Section 5.29. of the Disclosure Schedule includes a list of the lease agreements (“Lease Agreements”)
with respect to all of the real property leased or subleased to and occupied and used (or to be occupied and used) by the Company
in conducting the operations of its business (the “Leased Real Property”). The Company has a valid leasehold
interest in the Leased Real Property and the Lease Agreements are in full force and effect and there are no disputes or conflicts
whatsoever pending or threatened against the Company in relation to the Lease Agreements. As of the Closing Date, there are no
amounts due and unpaid by the Company under the Lease Agreements for any period before Closing or with respect to the Leased Real
Property and the Company is not in breach of any of its obligations under the Lease Agreements.

 

5.30.       No
other Investments. Except as listed in Section 5.30. of the Disclosure Schedule, the Company does not own or
has any ownership interests of any kind, or is the beneficiary directly or indirectly of any shares or participation interests
of any kind of outstanding capital stock or securities convertible into or exchangeable or exercisable for capital stock or, or
any other equity interest in any other Person.

 

    

     

    

 

5.31.       Unlawful
Payments. The Company is and has been in compliance, as may be applicable, with the FCPA, 15 U.S.C. §§ 78dd-1, et
seq., the Organization for Economic Cooperation and Development Convention Against Bribery of Foreign Public Officials in International
Business Transactions and legislation implementing such convention, all other international anti-bribery conventions, the UK Bribery
Act, Sections 256 to 259, 266, 268 and 300 bis of the Argentine Criminal Code (Código Penal de la Nación),
Argentine Law No 25,188, Argentine National Decree No 41/99, Argentine Law No 27,401, the Colombian Laws No 1474 of 2011 and 1778
of 2016 and articles 407 and 433 of the Colombian Criminal Code (Código Penal), the Peruvian Criminal Code, Peruvian
Law No 30424 and its modifications, and all applicable anti-corruption or bribery Laws and all applicable Laws with the purpose
or effect for the prevention of money laundering or terrorist financing in any jurisdiction in which any Company has conducted
its business (collectively, “Anti-Bribery Laws”). The Company has not received any written communication from
any Governmental Body that alleges that the Company, or any current or former representative thereof, is or may be in violation
of, or has, or may have, any Liability under, any Anti-Bribery Laws, and no such potential violation of Anti-Bribery Laws has
been discovered by or brought to the attention of any Company since December 31, 2013. The Company has not made or anticipates
making any disclosures to any Governmental Body for potential violations of Anti-Bribery Laws. None of any Company’s current
or former representatives is currently an officer, agent or employee of a Governmental Body. Neither the Company nor any of their
respective current or former representatives has directly or indirectly offered, given, reimbursed, paid or promised to pay, or
authorized the payment of, any money or other thing of value (including any fee, gift, sample, travel expense or entertainment)
or any commission payment payable to (a) any Person who is an official, officer, agent, employee or representative of any Governmental
Body or of any existing or prospective customer (whether or not owned by a Governmental Body), (b) any political party or official
thereof, (c) any candidate for political or political party office or (d) any other Person affiliated with any such customer,
political party or official or political office, in each case while knowing or having reason to believe that all or any portion
of such money or thing of value would be offered, given, reimbursed, paid or promised, directly or indirectly, for purposes not
allowable under the Anti-Bribery Laws, to any such official, officer, agent, employee, representative, political party, political
party official, candidate, individual, or other Person affiliated with any such customer, political party or official or political
office.

 

5.32.       U.S.
Sanctions, Export Control and Anti-Money Laundering Laws. Neither the Sellers, the Company nor any of its directors, officers,
employees, nor, to the Company’s or any of the Sellers’ Knowledge, any agent or any other Person acting for or on
behalf of the Company (a) is designated on any prohibited Persons or entities list of any Sanctions Governmental Authority, including,
but not limited to, the U.S. Office of Foreign Assets Control (“OFAC”) Specially Designated Nationals and Blocked
Persons List, the U.S. Department of Commerce Denied Persons List, the Commerce Entity List, and the U.S. Department of State
Debarred List, (b) participated in any transaction on behalf of the Company or any Seller involving such designated Person, or
any country that is subject to economic sanctions administered by OFAC or other Sanctions Governmental Body, to the extent such
a transaction is or would be prohibited by such sanctions, (c) exported (including, but not limited to, deemed exportation) or
re-exported, directly or indirectly, any good, technology or services on behalf of the Company or any Seller in violation of any
applicable export control or economic sanctions Laws, rules or regulations administered by a Sanctions Governmental Authority,
or (d) participated on behalf of the Company or any Seller in any export, re-export or transaction connected with any purpose
prohibited by applicable anti-money laundering, export control or economic sanctions Laws, rules or regulations, including support
for international terrorism and nuclear, chemical or biological weapons proliferation. Each of the Company and the Sellers is
in compliance with all applicable Anti-Money-Laundering Laws.

 

    

     

    

 

 

5.33.       Data
Privacy. In connection with the collection, storage, transfer (including, without limitation, any transfer across national
borders) and/or use of any personally identifiable information from any individuals, including, without limitation, any employees,
customers, prospective customers, and/or other third parties (collectively, “Personal Information”), the Company
is and since its formation has been, in compliance in all material respects with all applicable Laws in all relevant jurisdictions
and the requirements of any contract or codes of conduct to which the Company is a party. The Company has taken all and is continuing
to take commercially reasonable steps to comply in all material respects with the requirements of the EU General Data Protection
Regulation 2016/769 (the “GDPR”). The Company has commercially reasonable physical, technical, organizational
and administrative security measures and, at its headquarters only, a written policy in place to protect all Personal Information
collected by it or on its behalf from and against unauthorized access, use and/or disclosure. The Company is and since its formation
has been, to the Sellers’ Knowledge, in compliance in all material respects with all Laws relating to data loss, theft and
breach of security notification obligations.

 

5.34.       Foreign
Exchange Laws. (a) The Company has complied with all exchange Laws applicable to its business and operations, including those
issued by the Central Bank of Colombia, the Central Bank of Peru and the Central Bank of Argentina, and in particular, without
limiting the generality of the foregoing, has complied in all material respects with governing rules for foreign exchange inflow
and outflow, settlement of foreign currency from exports and/or funding from abroad, minimum time and/or averages applicable to
repayment of financing from abroad, payment of imports, rules regarding advance of founds and pre-financing exports, and any other
transaction made or needed to be made according to applicable Laws and has filed on a timely basis with the applicable Governmental
Body all documents required to be filed in compliance with the aforementioned rules and its related regulations. All records of
foreign investments have been timely registered in accordance with the applicable Laws, and such records are correct, accurate,
truthful and up-to-date, reflecting the status of the Company’s investments.

 

(b) Each of the Sellers, to the extent
required by applicable foreign exchange Laws, has (a) duly filed all returns, forms and documentation related to his investment
in the Company and/or the Subsidiaries, as applicable, with the applicable Governmental Body, (b) complied with all foreign exchange
obligations in accordance with applicable Law with respect to his investment in the Company and/or the Subsidiaries, as applicable,
and any other foreign exchange transaction performed by such Seller that involves the Company and/or the Subsidiaries, as applicable,
and (c) not been notified of any Legal Proceeding or alleged breach or been sanctioned for any breach of foreign exchange Laws
with respect to such Seller’s investment in the Company or the Subsidiaries and any other foreign exchange transaction performed
by such Seller, as applicable, that involves the Company and/or the Subsidiaries.

 

5.35.       Effects
of Due Diligence. The performance by Globant, its auditors and counsel of a legal, tax, technical and accounting audit of
the Company and other due diligence tasks carried out by them or by others at their request prior to or the date hereof, or the
results thereof, in no way limit or exclude the liabilities of Sellers under this Agreement, except for those liabilities included
in the Disclosure Schedule (subject to any specific treatment agreed in connection therewith).

 

None of the rights of Globant hereunder
shall be limited or affected in any respect by reason of any knowledge acquired by Globant, or its agents or representatives,
of the business, liabilities or rights of the Company, in the conduct of due diligence reviews or otherwise except for those liabilities
included in the Disclosure Schedule (subject to any specific treatment agreed in connection therewith).

 

     

     

    

 

5.36.       Environmental
and Safety Laws. The Company is in compliance with all Environmental Laws applicable to the conduct of the business of the
Company and there has been no release of any pollutant, contaminant or toxic or hazardous material, substance or waste or petroleum
or any fraction thereof (other than office and cleaning supplies which are safely maintained) (each, a “Hazardous Substance”)
on, upon, into or from any site currently or heretofore owned, leased or otherwise used by the Company.

 

5.37.       Customs.
The Company has complied in all material respects with all applicable Laws on customs and foreign trade. The Company has submitted
on time and according to applicable Laws all customs destinations and they were complete and accurate in all material respects,
reflecting all customs duties and responsibilities required by applicable Laws. Import and exports transactions made by the Company
have been at market prices, and prices have been duly declared under applicable customs Laws. To the Sellers’ Knowledge,
there is no Action against the Company pending, whether administrative or judicial level, in relation to foreign trade issues.

 

5.38.       Brokers
and Financial Advisors. The Sellers have retained 7 Mile Advisors, LLC as financial advisor for the transaction contemplated
hereby. Sellers shall be joint and severally responsible for any payment and fees or commissions due to 7 Mile Advisors, LLC.
Neither the Company nor any Seller has entered into any engagement or contract to pay any fees or commissions to any broker, finder
or agent as result of the execution and delivery of this Agreement or the consummation of the transactions contemplated by this
Agreement. The Company has no outstanding fees, expenses or any other amounts payable to Juan Carlos García and/or Taxland
for any concept whatsoever.

 

5.39.       Solvency.
The Company is not insolvent or unable to pay its debts nor has any insolvency proceedings of any nature, including without limitation,
winding up, bankruptcy, receivership, reorganization, composition or arrangement with creditors, voluntary or involuntary, whether
or not been initiated by the Company or threatened against the Company or initiated against the Company nor has the Company appointed,
or received or sent any written notice for the appointment of, a liquidator or provisional liquidator or administrator to the
Company or any of its assets.

 

5.40.       Material
Adverse Effect. To the best of the Sellers’ Knowledge, no change, event, occurrence or circumstance has occurred or
is subsisting or threatened which, individually or in the aggregate with any other changes, events, occurrences or circumstances,
has had, would, or might reasonably in any such case, constitute a Materially Adverse Effect on the Company, its business, assets
or financial position.

 

5.41.       Full
Disclosure. To the best of the Sellers’ Knowledge, there are no facts pertaining to the Company or the Sellers, which
could affect adversely the Company, or its business or which are likely in the future to affect adversely the Company or its business
and which have not been disclosed in this Agreement, the Disclosure Schedule or the Financial Statements. To the best of the Sellers’
Knowledge, no representation, warranty or statement by the Sellers in this Agreement, or in any Schedule, statement or certificate
furnished to Globant pursuant to this Agreement, contains any untrue statement of a material fact or omits to state a material
fact necessary to make the statements made herein, in light of the circumstances under which they were made, not misleading. To
the best of the Sellers’ Knowledge, there is no fact or circumstance relating to the affairs of the Company and/or its business
which has not been disclosed to the Globant, which could impact the decision of Globant to enter into this Agreement.

 

     

     

    

 

5.42.       No
other Representation or Warranties. No Reliance. Except for the representations and warranties contained in this ARTICLE 5,
neither the Sellers nor any other person makes any other express or implied representation or warranty on behalf of Sellers.

 

Without limitation, none of the Sellers,
their Affiliates, and the representatives of any of the foregoing gives any representation or warranty concerning the solvency
of any customer. It is understood that any estimates, forecasts, projections or other predictions and any other information or
materials that have been provided or made available to Purchasers or any of their Affiliates or their respective representatives
are not, and shall not be deemed to be, representations and warranties of the Sellers or any of their Affiliates or any of their
respective representatives. The Purchasers hereby expressly disclaim (and shall cause its Affiliates, shareholders, and any other
interest holders of any kind whatsoever to expressly disclaim, as and when requested) any reliance whatsoever on any representation,
warranty or other statement of the Sellers, their Affiliates or representatives, except for the representations and warranties
set forth in this Article 5.

 

ARTICLE 6

REPRESENTATIONS AND WARRANTIES OF PURCHASERS

 

The Purchasers represent and warrant to
the Sellers that the following representations are true and complete as of the date hereof and as of the Closing Date:

 

6.1.         Organization
of Purchasers. Each of the Purchasers is a corporation duly organized, validly existing and in good standing under the Laws
of the jurisdiction where it is incorporated and where it operates.

 

6.2.         Authority.
Each of the Purchasers has full corporate power and authority to execute and deliver this Agreement and to consummate the transactions
contemplated herein. This Agreement has been duly authorized, executed and delivered by each of the Purchasers, the relevant board
approvals and the relevant governmental required approvals or permits from relevant authorities, if any, and constitutes a legal,
valid and binding obligation of the Purchasers, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and similar Laws of general application relating to or affecting creditors’ rights and to general equity principles.

 

6.3.         No
Conflict. Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated herein
by the Purchasers will violate any provision of the certificate of incorporation or bylaws of the Purchasers.

 

6.4.        Consents
and Approvals. Other than as specifically enumerated herein, the execution, delivery and performance of this Agreement by
the Purchasers, and the Purchasers’ ownership of the Purchased Interests upon consummation of the Closing, will not require
the Purchasers to obtain any permit, consent, waiver, authorization or approval of, or make any filing with or give notice to,
any Person other than those which are not material.

 

     

     

    

 

6.5.         Litigation.
There is no Action, or to the best of the Purchasers’ knowledge, threatened against the Purchasers that questions the validity
of the Transaction Documents or the right of the Purchasers to enter into them, or to consummate or delay the transactions contemplated
thereunder.

 

6.6.         Funding.
Each of the Purchasers has sufficient funds or immediately available financing to consummate the transactions contemplated by
this Agreement and to satisfy their respective obligations thereunder, including payment of the Purchase Price and fees and expenses
relating to the transactions contemplated by this Agreement and the Transaction Documents. Each of the Purchasers acknowledges
and agrees that its obligations are not subject to any conditions regarding Purchasers’ or any other person's ability to
obtain financing for the consummation of the transactions contemplated by this Agreement.

 

6.7.         Foreign
Corrupt Practices Act. Neither of the Purchasers nor any of their directors, officers, employees, nor, to the Purchasers’
knowledge, any of their agents have, directly or indirectly, made, offered, promised or authorized any payment or gift of any
money or anything of value to or for the benefit of any “foreign official” (as such term is defined in the FCPA),
foreign political party or official thereof or candidate for foreign political office for the purpose of (a) influencing any official
act or decision of such official, party or candidate, (b) inducing such official, party or candidate to use his, her or its influence
to affect any act or decision of a foreign Governmental Body, or (c) securing any improper advantage, in the case of (a), (b)
and (c) above, in order to assist any of the Purchasers in obtaining or retaining business for or with, or directing business
to, any person. Neither of the Purchasers nor any of its directors, officers, employees nor, to the Purchasers’ knowledge,
any of its agents have made or authorized any bribe, rebate, payoff, influence payment, kickback or other unlawful payment of
funds or received or retained any funds in violation of any Law, rule or regulation. Neither of the Purchasers or any of their
officers, directors or employees are the subject of any allegation, voluntary disclosure, investigation, prosecution or other
enforcement action related to any Anti-Bribery Law. The Purchasers are in compliance with all applicable Anti-Bribery Laws.

 

6.8.        
U.S. Sanctions, Export Control and Anti-Money Laundering Laws. Neither of the Purchasers nor any of their directors, officers,
employees, nor, to the Purchasers’ knowledge, any agent or any other person acting for or on behalf of the Purchasers (a)
is designated on any prohibited persons or entities list of any Sanctions Governmental Authority, including, but not limited to,
the OFAC Specially Designated Nationals and Blocked Persons List, the U.S. Department of Commerce Denied Persons List, the Commerce
Entity List, and the U.S. Department of State Debarred List, (b) participated in any transaction on behalf of any of the Purchasers
involving such designated Person, or any country that is subject to economic sanctions administered by OFAC or other Sanctions
Governmental Authority, to the extent such a transaction is or would be prohibited by such sanctions, (c) exported (including,
but not limited to, deemed exportation) or re-exported, directly or indirectly, any good, technology or services on behalf of
any of the Purchasers in violation of any applicable export control or economic sanctions Laws, rules or regulations administered
by a Sanctions Governmental Authority, or (d) participated on behalf of any of the Purchasers in any export, re-export or transaction
connected with any purpose prohibited by applicable antimony laundering, export control or economic sanctions Laws, rules or regulations,
including support for international terrorism and nuclear, chemical or biological weapons proliferation. The Purchasers are in
compliance with all applicable Anti-Money Laundering Laws.

 

     

     

    

 

6.9.         No
other Representation or Warranties. No Reliance. Except for the representations and warranties contained in this ARTICLE 6,
neither the Purchasers nor any other person makes any other express or implied representation or warranty on behalf of the Purchasers
or any Affiliate thereof.

 

Without limitation, none of the Purchasers,
their Affiliates, and the representatives of any of the foregoing gives any representation or warranty concerning any estimates,
forecasts, projections or other predictions and any other information or materials that may have been provided or made available
to the Sellers or any of their Affiliates or their respective representatives are not, and shall not be deemed to be, representations
and warranties of the Purchasers or any of their Affiliates or any of their respective representatives. The Purchasers hereby
expressly disclaim (and shall cause its Affiliates, shareholders, and any other interest holders of any kind whatsoever to expressly
disclaim, as and when requested) any reliance whatsoever on any representation, warranty or other statement of the Purchasers,
their Affiliates or representatives, except for the representations and warranties set forth in this Article 6.

 

6.10.       No
Purchasers’ Material Adverse Effect. To the Purchasers’ knowledge, since December 31, 2018, there shall not have
occurred any Purchasers’ Material Adverse Effect. For purposes hereof, (i) “Purchasers’ knowledge” shall
mean the actual knowledge of the Chief Executive Officer, the Chief Financial Officer or the General Counsel of Globant and the
knowledge that each such person would have reasonably obtained in the performance of each such person's duties, and (ii) “Purchasers’
Material Adverse Effect” means any change, event, effect, circumstance or matter (each, an “Effect”) that (considered
together with all other Effects) is, or would reasonably be expected to be, materially adverse on (a) the business, assets, property,
operations or financial condition of Globant and its subsidiaries, taken as a whole, (b) the ability of Globant to perform any
of its obligations hereunder, or (c) the validity or enforceability of this Agreement.

 

ARTICLE 7

INDEMNIFICATION

 

7.1.         Indemnification
by Sellers. The Sellers shall, jointly and severally, defend, indemnify and hold harmless the Globant Indemnified Parties
from and against any and all Damages incurred or suffered by any of the Globant Indemnified Parties, based upon, relating to,
resulting from, arising out of or otherwise in connection with:

 

(a) any breach, inaccuracy,
or failure to be true, as of the date of this Agreement or as of the Closing Date, of the representations and warranties of the
Sellers contained in ARTICLE 5, or contained in any certificate delivered in connection herewith;

 

(b) any failure to
perform, breach or default in the performance of any covenant or agreement of any Seller contained in this Agreement or any other
agreement or instrument furnished by such Seller, to the Purchasers pursuant to this Agreement;

 

(c) any failure of any Seller to have good,
valid and marketable title to the Purchased Interests issued in the name of such Seller, free and clear of all Liens;

 

     

     

    

 

(d) any Claim by any
equityholder or former equityholder of the Company or any of its Subsidiaries, or any other Person, seeking to assert, or based
upon: (i) the ownership or rights to ownership of any equity interests of the Company or any of its Subsidiaries; (ii) any rights
of an equityholder (other than the right of a Seller to receive consideration pursuant to this Agreement), including any option,
preemptive rights or rights to notice or to vote; (iii) any rights under the Organizational Documents of the Company or any Subsidiary;

 

(e) any Claim, penalty,
Tax, or other Liability arising from or in connection with the employment relationship of any of the Sellers with the Company
or any of its Subsidiaries for any reason whatsoever; and

 

(f) any of the items set forth in Exhibit
7.1.(f).

 

7.2.         Indemnification
by Purchasers. The Purchasers shall, jointly and severally, defend, indemnify and hold harmless the Sellers from and against
any and all Damages incurred or suffered by any of the Sellers, based upon, relating to, resulting from, arising out of or otherwise
in connection with:

 

(a) any breach, inaccuracy,
or failure to be true, as of the date of this Agreement or as of the Closing Date, of the representations and warranties of Purchasers
contained in ARTICLE 6, or contained in any certificate delivered in connection herewith;

 

(b) any failure to
perform, breach or default in the performance of any covenant or agreement of any of the Purchasers contained in this Agreement
or any other agreement or instrument furnished by such Purchaser to the Sellers pursuant to this Agreement; and

 

(c) any failure by
Globant S.A. (Luxembourg) to validly issue, grant marketeable title in the G-Shares issued in the name of the Sellers, free and
clear of all Liens other than the restrictions to Transfers arising from the contractual lock-up periods contemplated in Section
1.3.(d) hereof and applicable US or Luxembourg securities laws.

 

7.3.         Indemnification
Claims.

 

(a) Any Person seeking
indemnification under Section 7.1. or Section 7.2. (each, an “Indemnified Party”) shall assert any Claim for
indemnification, including any Third-Party Claim, by delivering written notice thereof (a “Claim Notice”) to
the party from which indemnification is sought (the “Indemnifying Party”) promptly after learning of the basis
for such Claim; provided that the failure to so notify the party from which indemnification is sought shall not limit the Indemnified
Party’s rights to indemnification hereunder except to the extent that an Indemnifying Party is actually and materially prejudiced
by such failure. Each Claim Notice shall describe in reasonable detail the nature of the Claim specifying in reasonable detail
the basis for the Claim, as well as the Damages relating thereto (which, if not determinable at such time, may be a reasonable
good faith estimate thereof (such amount of Damages or such good faith estimate, as applicable, a “Claimed Amount”)),
and attach copies of all material written evidence thereof that the Indemnified Party has received from any Person that is not
a party hereto or an Affiliate of a Party hereto (a “Third Party”) to the date of the Claim Notice.

 

     

     

    

 

(b) Notice of Third-Party
Claims. In the event of a Claim brought by a Third Party (a “Third-Party Claim”), the Indemnified Party
shall give to the Indemnifying Party prompt and detailed notice thereof, but in any event no later than ten (10) Business Days
after receipt of such notice of such Third-Party Claim or within such shorter period of time as may reasonably be required to
permit the Indemnifying Party to adequately respond to any such claim; provided, however, that the failure to provide such
notice or any delay in providing such notice shall not release any Indemnifying Party from any of their obligations under this
ARTICLE 7 or prevent any Indemnified Party from being indemnified for any Damages except to the extent the Indemnifying Party
is materially prejudiced by such failure or delay (and then only to the extent of such prejudice). Such notice to the Indemnifying
Party shall describe the Third-Party Claim in reasonable detail and, as the case may be, shall have copy of the documentation
received therewith enclosed. In addition, such notice by the Indemnified Party shall indicate the Claimed Amount of Damages, if
reasonably practicable, that have been or may be sustained by the Indemnified Party.

 

(c) Defense of
Third-Party Claims. The Sellers shall be entitled to undertake the defense of the Third-Party Claim by giving notice to Globant
within five (5) Business Days (or, as necessary, prior to the expiration of three quarters of the term available to reply to or
answer the Third Party Claim) after receipt of the notice of Third-Party Claim (as referred above). In the absence of such a notice
by the Sellers, the Sellers shall be deemed to have waived their right to undertake the defense of such Third-Party Claim and
Globant shall be entitled to assume and have sole control over the defense and investigation of such Third-Party Claim and will
be entitled to negotiate a settlement or compromise of, or consent to the entry of an Order with respect to, such Claim; provided
that, if the Sellers are the Indemnifying Party, such settlement, compromise or consent shall be permitted only with the prior
written consent of the Sellers (as the Indemnifying Party), which consent shall not be unreasonably withheld, conditioned or delayed.
If the Sellers have waived their right to the defense, the Sellers shall be entitled to participate in (but not control) such
defense and investigation with counsel reasonably acceptable to Globant at the sole cost and expense of the Sellers. Upon request,
Globant will provide the Sellers with copies of complaints, pleadings, notices and material communications with respect to such
Third-Party Claim.

 

(d) Assistance
for Third-Party Claims. The Indemnifying Party and the Indemnified Party will use commercially reasonable efforts to cooperate
with each other in all reasonable respects in connection with the defense of any Third-Party Claim, including making available
to the party who is undertaking and controlling the defense of any Third-Party Claim (the “Defending Party”),
at the Indemnifying Party’s expense: (i) those employees and agents whose assistance, testimony or presence is necessary
or desirable to assist the Defending Party in evaluating and in defending any Third-Party Claim; and (ii) all documents, records
and other materials in the possession of such party reasonably required by the Defending Party for its use in defending any Third-Party
Claim.

 

     

     

    

 

7.4.         Survival

 

(a) Unless otherwise
specified in this Section 7.4 or elsewhere in this Agreement, all provisions of this Agreement shall survive the Closing and the
consummation of the transactions contemplated hereby and shall not be affected in any respect by the occurrence of the Closing
or any investigation conducted by any party hereto and any information or knowledge which such party may have or receive, except
as set forth in the Disclosure Schedule, and such provisions shall continue in full force and effect in accordance with their
terms for a twenty four (24) month period since the Closing Date; provided, however, that, except with respect to claims
based on fraud, intentional or knowing misrepresentation, willful breach or willful misconduct, all representations and warranties
that are covered by the indemnification obligations in Section 7.1.(a) shall expire after a twenty-four (24) month period from
the Closing Date; provided further, however, that (i) the representations and warranties set forth in Sections 5.1., 5.2.,
5.3., 5.4., 5.5., 5.6., 5.7., 5.21, 5.25(a)., 5.27. and 5.38. shall survive until the expiration of the applicable statute of
limitations, and (ii) the representations and warranties set forth in Sections 5.10. and 5.23. (to the extent related to Tax)
shall survive until the date that is ninety (90) days after the expiration of the applicable statute of limitations (taking into
account any tolling periods and other extensions) (the representations and warranties described in the foregoing clauses (i) and
(ii), the “Fundamental Representations”). Furthermore, notwithstanding anything in this Agreement to the contrary,
all indemnification obligations resulting from the matters indicated in Section 7.1.(c), through Section 7.1.(f) shall survive
until the expiration of the applicable statute of limitations (the “Special Indemnification Matters”). All
covenants, agreements or obligations required to be performed pursuant to this Agreement that by their terms are required to be
performed prior to the Closing shall survive until ninety (90) days following performance, satisfaction or waiver. The covenants,
agreements or obligations required to be performed pursuant to this Agreement that by their terms are required to be performed
following the Closing shall survive until the later of (i) the date of full and final performance, and (ii) ninety (90) days following
expiration of the longest permitted applicable statute of limitations under the corresponding applicable Law of the country in
which the breach has arisen. Neither Party shall have any liability hereunder in respect of any claims made after the relevant
periods mentioned above. Nevertheless, if a claim has been duly notified as per the above prior to expiration of the applicable
survival period, then the claims for such potential Damage will not be extinguished by the passage of the applicable survival
period until duly resolved.

 

(b) If Globant delivers
to the Sellers, before expiration of a representation, warranty, covenant or agreement, a Claim Notice based upon a breach of
such representation, warranty, covenant or agreement, then the applicable representation, warranty, covenant or agreement shall
survive until, but only for purposes of, the resolution of the matter covered by such notice.

 

7.5.         Limitations.

 

(a) The Sellers shall
not be liable for Damages which, individually considered, are lower than an amount equal to US$10,000 (the “De Minimis
Exclusion”). Any Damages not exceeding the De Minimis Exclusion shall be considered non-indemnifiable Damages under
this Agreement. A series of Claims of the same nature having in common the same cause or origin shall be considered to be a single
Claim for the purposes of the De Minimis Exclusion. With respect to claims for Damages arising under Section 7.1.(a), the Sellers
shall not be liable for any Damage until the aggregate amount of such Damages exceeds US$200,000 (at which point the Sellers shall
become liable for all Damages under Section 7.1.(a) from the first US Dollar); provided that the limitations set forth in this
sentence shall not apply to Damages based upon, in connection with or resulting from (i) fraud, intentional or knowing misrepresentation,
willful breach or willful misconduct on the part of any Seller, (ii) a breach, inaccuracy or failure to be true of any of the
Fundamental Representations, or (iii) any of the Special Indemnification Matters.

 

     

     

    

 

(b) The aggregate
total amount in respect of which the Sellers may be liable under Section 7.1.(a) or resulting from any of the Special Indemnification
Matters to the Globant Indemnified Parties shall not exceed the amount of US$11,500,000; provided, however, that the aggregate
Liability of the Sellers for breach, inaccuracy or failure to be true of Fundamental Representations shall be limited to the Purchase
Price effectively received by the Sellers until the date the particular Damage is payable; provided, further, that the
aggregate Liability of the Sellers in respect of fraud, intentional or knowing misrepresentation, willful breach or willful misconduct
shall not be limited.

 

(c) Subject to the
applicable limitations set forth in this ARTICLE 7, any amounts due to any Globant Indemnified Party pursuant to this ARTICLE
7 will be satisfied first from the Escrow Amount, and if the remaining Escrow Amount is insufficient to pay in full such amounts
due to any Globant Indemnified Party, such Globant Indemnified Party may seek payment of any such amounts (or any portion thereof)
from the Sellers, jointly and severally. Additionally, until the first anniversary since the Closing Date, if the Damages exceed
the Escrow Amount, any Globant Indemnified Party will have a right to set off the exceeding amount corresponding to the Damages
against the Deferred Consideration Payment. For the avoidance of doubt, this set off right shall only be in force between the
Closing Date and the Deferred Compensation Payment Date.

 

(d) Notwithstanding
anything in this Agreement to the contrary: (i) each Seller acknowledges and agrees that it does not have any right of indemnification,
contribution or reimbursement from or remedy against the Company or any Subsidiary as a result of any indemnification it is required
to make under or based upon, arising out of, cause by or in connection with the breach or inaccuracy of any representation, warranty,
covenant or other obligation contained in this Agreement or any other Transaction Document (including any such breach or inaccuracy
of a representation, warranty, covenant or other obligation of or with respect to the Company or any Subsidiary); and (ii) each
Seller hereby releases, waives and forever discharges any right to indemnification, contribution or reimbursement that it may
have at any time against the Company or any Subsidiary under or based upon, arising out of, caused by or in connection with the
breach or inaccuracy of any representation, warranty, covenant or other obligation in this Agreement or any other Transaction
Document.

 

(e) Except for rights
for indemnification arising from the items set forth in Schedule 7.1.(f), the rights to indemnification set forth in this ARTICLE
7 shall exclude any claims regarding matters which have been disclosed by the Sellers in the Disclosure Schedule attached as Schedule
5 to this Agreement. The rights to indemnification set forth in this ARTICLE 7 shall not be affected by (i) any investigation
conducted by or on behalf of any Globant Indemnified Party or any knowledge acquired (or capable of being acquired) by any Globant
Indemnified Party, whether before or after the date of this Agreement or the Closing Date, with respect to the inaccuracy or noncompliance
with any representation, warranty, covenant or obligation which is the subject of indemnification hereunder, or (ii) any waiver
by Globant of any closing condition relating to the accuracy of representations and warranties or the performance of or compliance
with agreements and covenants.

 

(f) Notwithstanding
anything to the contrary in this Agreement, for purposes of determining (i) whether there has been a breach of any representation
or warranty set forth in ARTICLE 5, and (ii) the amount of Damages for which any Globant may be entitled to indemnification under
this ARTICLE 7, each such representation or warranty shall be deemed to have been made without any qualifications or limitations
as to materiality (including any qualifications or limitations made by reference to a Material Adverse Effect).

 

     

     

    

 

(g) The Parties agree
that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof
and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they
are entitled according to this Agreement. Except in the case of intentional fraud or willful misconduct committed with the knowledge
of any of the Parties (as to which none of the limitations set forth in this ARTICLE 7 will apply), from and after the Closing,
the rights of any Indemnified Party under this ARTICLE 7 (including, any right to specific performance) will be the sole and exclusive
remedy of such Indemnified Party with respect to claims for breach or inaccuracy of any of the representations, or warranties,
or breach of any of the covenants and agreements, in each case, that are indemnifiable under this ARTICLE 7.

 

7.6.        Damages
Net of Insurance and Recovery. In calculating amounts payable to an Indemnified Party, the amount of any indemnified Damages
shall be computed net of (i) payments actually recovered by the Indemnified Party under any insurance policy, with respect to
such Damages, less any increase in the corresponding premium and (ii) any prior recovery by the Indemnified Party from any Third
Party with respect to such Damages. If an Indemnified Party recovers an amount from an insurance policy or any other Third Party
in respect of Damages that is the subject of indemnification hereunder after all or a portion of such Damages has been paid by
an indemnifier pursuant to this Article, the Indemnified Party will promptly remit to the indemnifier the excess (if any) of (i)
the amount paid by the indemnifier in respect of such Damages, plus the amount received from the insurance policy or Third Party
in respect thereof, less (ii) the full amount of Damages.

 

7.7.        No
Duplicative Recovery. Where substantially the same events or circumstances qualify under one or more single or multiple claims
or under one or more provisions of this Agreement, the Indemnified Party seeking indemnification shall not be entitled to double
or duplicative recovery of Damages arising out of such events or circumstances, or to calculate its Damages by duplicating or
double counting its Damages arising out of such events or circumstances. For the avoidance of doubt, if the Indemnified Party
is entitled to bring the claim under more than one provision of this Agreement, such Indemnified Party may choose at its sole
and absolute discretion the provision or provisions under which it seeks indemnification.

 

7.8.       
Subrogation. To the extent that an Indemnifying Party makes any payment pursuant to this ARTICLE 7 in respect of Damages
for which any Indemnified Party has a right to recover against a Third Party (including an insurance company), such Indemnifying
Party shall be subrogated to the right of such Indemnified Party to seek and obtain recovery from such Third Party, except, that
if such Indemnifying Party shall be prohibited from such subrogation, such Indemnified Party shall seek recovery from such Third
Party on such Indemnifying Party’s behalf and pay any such recovery to such Indemnifying Party.

 

7.9.       
Fraud; Willful Misconduct. Notwithstanding any other provisions of this Agreement, in no event shall any Indemnified Party
be entitled to indemnification pursuant to this ARTICLE 7 to the extent any Damages were solely attributable to such Indemnified
Party’s bad faith, willful misconduct or intentional fraud.

 

     

     

    

 

7.10.       
Mitigation. Each of the Indemnified Parties shall use their commercially reasonable efforts to take or cause to be taken
all reasonable steps to mitigate their Damages upon and after becoming aware of any event that could reasonably be expected to
give rise to Damages that may be indemnifiable under this ARTICLE 7 to the extent required by any applicable Law.

 

7.11.       
Exclusive Remedy. The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed
in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition
to any other remedy to which they are entitled according to this Agreement. Except in the case of intentional fraud or willful
misconduct committed with the knowledge of any of the Parties (as to which none of the limitations set forth in this ARTICLE 7
will apply), from and after the Closing, the rights of any Indemnified Party under this ARTICLE 7 (including, any right to specific
performance) will be the sole and exclusive remedy of such Indemnified Party with respect to claims for breach or inaccuracy of
any of the representations, or warranties, or breach of any of the covenants and agreements, in each case, that are indemnifiable
under this ARTICLE 7.

 

ARTICLE 8

COVENANTS 

 

8.1.       Access
to Information. During the period from the date hereof and continuing until the earlier of the termination of this Agreement
or the Closing Date, the Purchasers shall be entitled, through its employees and representatives, to enter upon and make such
investigation of the assets, properties, business and operations of the Company and its Subsidiaries and such examination of the
books and records, financial condition and operations of the Company and its Subsidiaries as Purchasers may desire (in a manner
so as to not interfere with the normal business operations of the Company and its Subsidiaries); provided, however, the
Purchasers may not communicate with any customers, vendors, suppliers, creditors or employees of the Company and its Subsidiaries
with respect to the Business without the prior written consent of the Company or of the Sellers. Any such investigation and examination
shall be conducted during normal business hours. Notwithstanding the foregoing, the Company may withhold any document (or portions
thereof) or information (a) that is subject to the terms of a non-disclosure agreement with a third party, (b) that constitutes
privileged attorney-client communications or attorney work product and the transfer of which, or the provision of access to which,
as reasonably determined by the Company’s counsel, constitutes a waiver of any such privilege, (c) if the provision of access
to such document (or portion thereof) or information, as determined by the Company’s counsel, would reasonably be expected
to conflict with applicable Laws or (d) relating to the sale process regarding the Equity Interests or bids received from others
in connection with any such process.

 

8.2.       Conduct
of Business.

 

(a) During the period
from the date hereof and continuing until the earlier of the termination of this Agreement or the Closing Date, the Sellers shall
cause the Company and its Subsidiaries to carry on the Business of the Company and its business organization in all material respects
in the ordinary course consistent with past practice.

 

(b) Except as expressly
provided herein or as consented to in writing by Globant or required by Law, from the date hereof and continuing until the earlier
of the termination of this Agreement or the Closing Date, the Sellers shall, and shall cause the Company to conduct the Business
of the Company in the ordinary course of business consistent with past practice. Without limiting the foregoing, from the date
hereof and continuing until the earlier of the termination of this Agreement or the Closing Date, the Sellers shall not, and shall
cause the Company and its Subsidiaries not to:

 

     

     

    

 

(i)
transfer, issue, grant, deliver or sell or authorize or propose the issuance, delivery or sale of, any ordinary stock or preferred
stock or securities convertible into, or subscriptions, rights, warrants or options to acquire, or other agreements or commitments
of any character obligating it to issue any such ordinary stock or preferred stock or other convertible securities or any stock
or rights pursuant to phantom stock agreements or stock option agreements;

 

(ii)
effect any recapitalization, reclassification or like change in its capitalization;

 

(iii)
amend its certificate of incorporation or by-Laws or other Organizational Documents;

 

(iv)
enter into or agree to enter into any merger or consolidation with any corporation or other entity, or acquire securities owned
by any other company or individual;

 

(v)
(A) increase the annual level of compensation of any of its directors or executive officers, (B) grant any unusual or extraordinary
bonus, benefit or other direct or indirect compensation to any of its directors or executive officers, (C) increase the coverage
or benefits available under any (or create any new) severance pay, termination pay, vacation pay, company awards, salary continuation
for disability, sick leave, deferred compensation, bonus or other incentive compensation, insurance, pension, or other employee
benefit plant or arrangement made to, for, or with any of its directors or executive officers of otherwise modify or amend or
terminate any such plan or arrangement or (D) enter into any employment, deferred compensation, severance, consulting, non-competition
or similar agreement (or amend any such agreement) involving any of its directors or executive officers, except, in each case
as required by applicable Law from time to time in effect or by the terms of any employee plan;

 

(vi)
acquire any properties, rights or other assets, in each case, other than in the ordinary course of business, or sell, assign,
license, transfer, convey, lease or otherwise dispose of any of its material properties or rights;

 

(vii)
make, change or revoke any Tax election, settle or compromise any Tax claim or Liability, incur any Liability for Taxes other
than in the ordinary course of business consistent with past practice, change (or make a request to any Governmental Body to change)
any aspect of its method of accounting for Tax purposes, or waive or extend any statute of limitations in respect of Taxes or
period within which an assessment or reassessment of Taxes may be issued;

 

(viii)
increase current indebtedness of the Company and its Subsidiaries in an amount higher than US$100,000 in the aggregate;

 

(ix)
agree, in writing or otherwise, to take any of the foregoing actions, or take any action or agree, in writing or otherwise, to
take any action which would in any material respect impede or delay the ability of the Parties to satisfy any of the conditions
set forth in this Agreement; or

 

     

     

    

 

8.3.         Exclusivity.
During the period from the date hereof and continuing until the earlier of the termination of this Agreement or the Closing Date,
without the prior approval of the Purchasers, none of the Company or any of its shareholders, directors, officers, employees,
agents or representatives will, directly or indirectly, solicit, facilitate or encourage proposals from or enter into or continue
discussions or negotiations with or furnish any nonpublic information to any other Person regarding the possible sale of the Purchased
Interests (including any security that is convertible into capital stock of the Company or any of the Subsidiaries), a material
portion of the Company’s assets or any merger or similar transaction or any financing transaction (an “Alternative
Transaction”). Upon the signing and delivery of this Agreement, to the extent it has not already done so, the Sellers
will, and will cause the Company to, immediately terminate any ongoing discussions with any other third parties regarding a possible
Alternative Transaction and request the return of any confidential information provided to third parties in connection with a
potential Alternative Transaction. The Sellers will, and will cause the Company to, deal exclusively with the Purchasers notwithstanding
any such third party proposals.

 

8.4.         Publicity.
Globant and the Sellers agree that no public release or announcement concerning the transactions contemplated hereby shall be
issued without the prior consent of the other Party, except where such announcement is required under applicable Law or the rules
of any stock exchange or trading system. Notwithstanding the preceding sentence, upon the Closing, the Parties may issue a press
release in form and substance reasonably satisfactory to the Sellers and Globant.

 

8.5.         Further
Assurances. Subject to the terms and conditions herein provided, the Parties shall do or cause to be done all such commercially
reasonable acts and things as may be necessary, proper or advisable, consistent with all applicable Laws, to consummate and make
effective the Transactions, as soon as reasonably practicable. Without limiting the foregoing, each Party shall use its commercially
reasonable efforts, and the other Parties shall cooperate with such efforts, to execute and deliver, or cause to be executed and
delivered, such further documents and instruments, in each case as may be necessary or proper in the reasonable judgment of any
Party to carry out the provisions and purposes of this Agreement.

 

     

     

    

 

8.6.         Non-Competition.
Each Seller acknowledges and agrees that such Seller has had access to or received and may continue to have access to valuable
confidential information and trade secrets of the Company (including its Subsidiaries) and exposure to key suppliers, service
providers, and clients or customers of the Company (including its Subsidiaries). Accordingly, because of such Seller’s access
to, and knowledge of, the Company’s confidential information and trade secrets and key suppliers, service providers and
clients or customers, as well as Seller’s extraordinary position within the Company, such Seller would be in a unique position
to divert business from the Company and to commit irreparable damage to the Company were such Seller to be allowed to compete
with the Company or to commit any of the other acts prohibited below. Each Seller therefore recognizes that the assumption of
non-competition and non-solicitation obligations by such Seller is a key consideration and an essential condition for Globant’s
decision to enter into this Agreement, and is necessary to protect the legitimate interests of the Company and in order to protect
the legal rights and interests of all Parties under this Agreement. Each Seller acknowledges and agrees that the limitations of
time, geography, and scope of activity set forth in this ARTICLE 8 are reasonable because, among other things, the Company is
engaged in a highly competitive industry; the Sellers have had and may continue to have access to the trade secrets and know-how
of the Company, including without limitation the plans and strategy (and in particular, the competitive strategy) of Company;
and these limitations are necessary to protect the trade secrets, Confidential Information, and goodwill of the Company. Accordingly,
each Seller (and unless it is authorized in writing by Globant) hereby undertakes, (i) for the period of thirty (30) months from
the Closing Date; or (ii) eighteen (18) months of termination of employment with the Company of such Seller; whichever occurs
last, the obligation not to, directly or indirectly, on his own account, jointly with or on behalf of any other Person or corporation
as an independent contractor, partner, joint venture partner or agent, or as principal, or otherwise on any account or pretense
or as a trustee, officer, director, manager, shareholder, employee, advisor, or agent of any corporation, trust or other business
organization or commercial entity, compete with the Company, Globant and/or its Affiliates, in any state or country, territory
or jurisdiction, in activities defined for the purposes of this Section 8.6 as follows: the business of providing outsourced services
of (a) consulting, (b) design, development, maintenance and implementation of custom software applications, custom digital products
and custom websites, (c) consulting and advise for the purpose of digital transformation, and, any other activities carried out
by Globant and/or the Company, including the Subsidiaries and Globant’s subsidiaries as of the date of this Agreement (the
 “Activities”), being therefore the Sellers prevented from doing the following (“Non-Competition Obligation”)
unless it is authorized in writing by Globant:

 

(a) Holding any equity
interest (other than minority interest representing more than 2% (two percent)) in companies whose activities are the same as
or similar to or are directly or indirectly competing with the Activities;

 

(b) Rendering consultancy,
management or other similar services in connection to the Activities to third parties (including but not limited to the past and
/ or current clients of the Company or its Subsidiaries);

 

(c) Becoming a director,
officer, trustee, agent, advisor, manager, an employee services renderer or consultant or contractor of any company or business
organization or commercial entity which activities are the same or similar to or are directly or indirectly competing with the
Activities; or

 

(d) Commencing, owning,
operating, managing, joining, establishing, engaging in, assisting, having an interest in, controlling, or carrying on, or attempting
to or agreeing to commence, own, operate, manage, join, establish, engage in, assist, have an interest in, control, or carry on
an Activity which is the same as or substantially similar to the Activities, in any manner other than holding any minority interest
representing no more than 5% (five percent) in companies whose activities are the same as or similar to or are directly or indirectly
competing with the Activities.

 

     

     

    

 

8.7.        Non-Solicitation.
Each Seller hereby undertakes, (i) for the period of thirty (30) months from the Closing Date or (ii) eighteen (18) months of
termination of employment with the Company of such Seller; whichever occurs last, shall not, whether directly or indirectly, by
themselves or in association with or through any Person, in any manner whatsoever, to (i) contract, subcontract or enter into
a joint venture with any of the employees or managers of the Company, Globant or any of Globant’s Affiliates among themselves
and/or any of them with any of this family members; (ii) tender for, canvass or solicit or attempt to tender for, canvass or solicit
the business of or employment of any client or customer of the Company; (iii) induce or attempt to induce any client, customer
or supplier of the Company to cease to deal with the Company or otherwise interfere with the relationship between such client,
customer or supplier and the Company; or (iv) perform any actions towards co-opting the clients of the Company and/or interrupting
any transaction in progress among the Company and such clients (with regards to the Company’s Activities); or (v) assist,
influence, encourage or induce such action in any manner whatsoever (the “Non-Solicitation Obligation”).

 

8.8.        Cooperation
after Closing. The Sellers shall grant to Globant (or its designees) access, after Closing, at all reasonable times to all
of the documents, information, books, data files, and records relating to the Company (including the Subsidiaries) within the
possession of the Sellers that are not transferred to the Purchasers pursuant to this Agreement, as applicable, and shall afford
Globant the right to take extracts therefrom and to make copies thereof, to the extent reasonably necessary to permit Globant
(or its designees) to prepare any document that must be filed with any Governmental Body, respond to audits and investigations,
prosecute protests, appeals and refund claims and to conduct negotiations with Taxing Authorities or with third parties. The Sellers
shall in particular within the following 15 calendar days from Closing Date provide Globant with (i) unaudited financial statements
as of July 31, 2019 and (ii) written waiver from each of the clients listed in Schedule 8.8 taking notice of the
transactions contemplated by this Agreement and confirming that neither of them will terminate the relevant master services agreement
or similar services agreement entered into with the Company and/or any of the Subsidiaries currently in force due to, or as a
result of, the transactions contemplated hereby.

 

Globant shall grant or cause the Company
to grant to the Sellers (or their designees) access at all reasonable times to all of the information, books and records relating
to the Company within the possession of Globant or the Company, and shall afford the Sellers (or their designees) the right to
take extracts therefrom and to make copies thereof, in each case to the extent reasonably necessary to permit the Sellers (or
their designees) to prepare responses, respond to audits and investigations, prosecute protests, appeals and claims and to conduct
negotiations with any Governmental Body or with third parties. For the avoidance of doubt, under no circumstance shall the level
of cooperation of the Sellers referred to herein, be considered as a Cause for Non-Payment regarding the Deferred Consideration
Payment. The Sellers and Globant undertake to cooperate, after Closing, to implement cost effective measures in the Company and
their processes as well as to analyze, identify and boost synergies for the mutual benefit of the Parties.

  

ARTICLE 9

MERGER CONTROL

 

9.1.       Antitrust
Approvals. In addition to the Colombian Antitrust Clearance contemplated as a condition precedent to the Closing, Globant
and Sellers hereby expressly acknowledge and consent that the transaction envisaged in this Agreement is subject to approval by
the antitrust authorities in Argentina and represent:

 

     

     

    

 

(a) Notwithstanding
the cooperation obligations assumed by the Sellers and Globant below and the fact that the submission of the antirust filings
will be made by the Sellers and Purchasers jointly, Globant shall take the lead of the process and will be responsible for deciding
the strategy to be followed and shall have full control of the proceedings, meetings and communications with the antitrust authorities,
including, but not limited to, the drafting and timing of the Form F-1 and subsequent responses to the requests for information
issued by the antitrust authorities, and the Sellers will provide all necessary assistance to such filing and execute all documents
to the extent they are required in such connection. The Sellers and Globant shall use their commercially reasonable efforts to
take, or cause to be taken, all actions, and to do, or cause to be done, all things to obtain the unconditional approval by the
antitrust authorities (the “Argentinian Antitrust Clearance”) as soon as practicable after the date hereof,
which actions shall include, without limitation: (i) filing, or causing to be filed, as soon as practicable, but in any event
not later than seven (7) days after the Closing Date, and on a date to be determined by Globant, any notification, filings or
other submissions under Law 25,156 and its complementary regulations, including, filing the properly completed Form F-1 with the
antitrust authorities together with the necessary documents in connection with the transaction; (ii) providing as soon as practicable
any additional information and documents requested by the antitrust authorities necessary, proper or advisable to obtain the Argentinean
Antitrust Clearance; and (iii) taking any action necessary to prevent, defend or mitigate the effect of any litigation or administrative
proceeding involving the Argentinian Antitrust Clearance adversely affecting the transactions contemplated by this Agreement.
At least ten (10) Business Days prior to filing of the Form F-1, the Sellers shall provide Globant with all the documents or information
necessary to prepare the antitrust filing related to the Sellers and the Company (including the Subsidiaries). At least ten (10)
Business Days prior to each subsequent deadline in the merger control proceedings, the Sellers shall provide Globant with all
the documents or information necessary to submit to the antitrust authorities related to the Sellers and the Company (including
the Subsidiaries). Finally, the Sellers shall promptly notify Globant of any notice or communication received from the antitrust
authorities, and shall provide Globant with copies of such notice or communication.

 

(b) For the purposes
of this Section, the transaction would be deemed rejected if the antitrust authorities issue a decision (i) rejecting the transaction
under the terms of Section 13.c) of the Argentine Antitrust Law, or (ii) subordinating the transaction to conditions or restrictions
under the terms of Section 13.b) of the Antitrust Law (the “Rejection Decision”). Each of the Parties shall
promptly give to the other party notice of any information in its possession regarding any Rejection Decision (including all notices,
documents and court papers) and promptly transmit to the other Party a copy of all documents received or sent in that respect.
In case of a Rejection Decision, this Agreement shall constitute a valid and binding agreement and the transactions contemplated
hereby shall be deemed consummated and final as among the Parties. Upon issuance of a Rejection Decision, the Purchasers shall
be entitled, at their sole discretion, to: (i) accept the remedies proposed by the antitrust authorities; (ii) propose other remedies
as it deem fit; (iii) implement one or more transactions, at Globant’s sole election, involving the direct or indirect sale,
assignment, totally or partially, of the Purchased Interests or its rights over the Purchased Interests, or a portion thereof,
to a third party, without having the same any right to compensation or otherwise. The Sellers shall provide the collaboration
that may be required to consummate such transactions with the third party purchaser.

 

     

     

    

 

(c) Upon the issuance
of a Rejection Decision, for the exclusive purpose of transferring the Purchased Interests, or a portion thereof, to a third party,
Sellers shall grant and deliver to the Purchasers special irrevocable powers of attorney to, and for the benefit of, the Purchasers
and/or the persons who the Purchasers may appoint to (i) transfer the Purchased Interests, or a portion thereof, to a third party
purchaser, (ii) take all reasonable actions to obtain the relevant approval from the antitrust authorities, (iii) subscribe the
relevant documentation to transfer the Purchased Interests, or a portion thereof, to a third party purchaser and perfect any ancillary
actions derived thereto and make the relevant filings to record the transfer of the Purchased Interests to the third party purchaser,
and (iv) collect, on behalf of the Sellers but for the exclusive benefit of the Purchasers, from the third party purchaser the
purchase price of the Purchased Interests. It is hereby expressly agreed that the powers of attorney shall be in force for a period
beginning on the date of issuance of the Rejection Decision and ending on the date that is ten (10) years from the date thereof
or the possible maximum legal term according to the applicable Laws of their issuance.

 

9.2.        Other
Antitrust Filings. If applicable, the Parties agree to comply with any other pre or post-Closing mandatory merger control
notification or requests of approval before the relevant Antitrust Authorities in any jurisdiction where the Company or any Subsidiary
has made material sales.

 

ARTICLE 10

SELLERS’ TAXES

 

10.1.       Allocation.
Each of the Sellers shall be responsible for Taxes and associated expenses allocated to such Seller and will file all Tax Returns
required to be filed to report Taxes imposed on or with respect to the transactions contemplated by this Agreement. Each Seller
will be solely liable for and will pay all such Taxes, and will indemnify, defend, and hold harmless Globant from and against
any and all Liability for the payment of such Taxes and the filing of such Tax returns.

 

10.2.       Pre-Closing
Taxable Periods. With respect to any income Tax Return covering a taxable period ending on or before the Closing Date (a “Pre-Closing
Taxable Period”) that is required to be filed after the Closing Date with respect to the Company or any Subsidiary (a)
Globant shall cause the Company to prepare or cause to be prepared such Tax Return as otherwise required by applicable Law, and
shall deliver such Tax Return to the Sellers for its review and comments at least fifteen (15) days prior to the due date (including
extensions) for filing such Tax Return, (b) Globant shall consider in good faith any reasonable comments provided in writing by
the Sellers within ten (10) days of receipt of the draft Tax Return, and (c) Globant shall cause such Tax Return to be duly and
timely filed with the appropriate Taxing Authority and shall pay, or cause to be paid, all Taxes shown as due and payable on such
Tax Return or, as applicable, its allocable share of such Taxes; provided that, if the Taxes shown as due and payable on such
Tax Return or, as applicable, the Sellers’ allocable share of such Taxes were not reflected as a liability in the calculation
of the Net Working Capital, the Sellers’ shall immediately pay the relevant amounts to the Purchasers and, if not paid by
the Sellers within ten (10) Business Days after being required by the Purchasers to do so, the Purchasers shall be entitled to
deduct such relevant amounts from the Escrow Amount.

 

     

     

    

 

10.3.       Straddle
Taxable Periods. With respect to any Tax Return covering a taxable period beginning on or before the Closing Date and ending
after the Closing Date (a “Straddle Taxable Period”) that is required to be filed after the Closing Date with
respect to the Company, (a) Globant shall prepare or cause such Tax Return to be prepared as required by applicable Law, and shall
deliver a draft of such Tax Return to the Sellers, for its review and approval at least fifteen (15) days prior to the due date
(including extensions) for filing such Tax Return, (b) the Parties shall cooperate and consult with each other in order to finalize
such Tax Return, and (c) thereafter, subject to the Sellers’ payment to the Purchasers (provided that, if not paid
by the Sellers within ten (10) Business Days after being required by Purchasers to do so, the Purchasers shall be entitled to
deduct the relevant amounts from the Escrow Amount) of any portion of any Taxes shown as due and payable on such Tax Return with
respect to the portion of the period that ends on the Closing Date that was not reflected as a liability in the calculation of
Net Working Capital, the Purchasers shall cause such Tax Return to be executed and duly and timely filed with the appropriate
Taxing Authority and shall pay all Taxes shown as due and payable on such Tax Return. Tax Liability for a Straddle Taxable Period
shall be apportioned between the portion of the taxable period ending on the Closing Date and the portion of the taxable period
beginning after the Closing Date. Such apportionments shall be made on a per diem basis for (i) income, turn over and similar
Taxes, including Taxes based on net-worth capital, intangibles or similar items, and (ii) exemptions, allowances or deductions
that are calculated on an annual basis (such as the deduction for depreciation). Such apportionment shall be made for all other
Taxes on the basis of a “closing of the books” as of the end of the Closing Date.

 

10.4.       Cooperation.
The Sellers shall grant to the Purchasers (or its designees) access at all reasonable times to all of the documents, information,
books and records relating to the Company within the possession of the Sellers that are not transferred to the Purchasers pursuant
to this Agreement, as applicable, and shall afford Globant (or its designees) the right to take extracts therefrom and to make
copies thereof, to the extent reasonably necessary to permit the Purchasers (or their designees) to prepare Tax Returns, respond
to Tax audits and investigations, prosecute Tax protests, appeals and refund claims and to conduct negotiations with Taxing Authorities.
Globant shall grant or cause the Company to grant to the Sellers (or their designees) access at all reasonable times to all of
the information, books and records relating to the Company for taxable periods and portions of taxable periods through the Closing
Date within the possession of the Purchasers or the Company, and shall afford the Sellers (or their designees) the right to take
extracts therefrom and to make copies thereof, in each case to the extent reasonably necessary to permit the Sellers (or their
designees) to prepare Tax Returns, respond to Tax audits and investigations, prosecute Tax protests, appeals and refund claims
and to conduct negotiations with Taxing Authorities. After the Closing Date, the Parties will preserve all information, records
or documents in their respective possessions relating to liabilities for Taxes of the Company for Pre-Closing Taxable Periods
or Straddle Taxable Periods until six months after the expiration of any applicable statute of limitations (including extensions
thereof) with respect to the assessment of such Taxes.

 

     

     

    

 

ARTICLE 11

TERMINATION

 

11.1.       Termination.
This Agreement may be terminated at any time prior to the Closing:

 

(a) by the mutual
written consent of the Sellers and Purchasers;

 

(b) by Purchasers
by written notice to the Sellers if Purchasers are not then in material breach of any provision of this Agreement and there has
been a material breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made by Sellers
pursuant to this Agreement that would give rise to the failure of any of the conditions specified in ARTICLE 4 and such breach,
inaccuracy or failure has not been cured by Sellers within fifteen (15) days of the receipt of written notice of such breach from
Purchasers;

 

(c) by Sellers by
written notice to Purchasers if Sellers are not then in material breach of any provision of this Agreement and there has been
a material breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made by Purchasers
pursuant to this Agreement that would give rise to the failure of any of the conditions specified in ARTICLE 4 and such breach,
inaccuracy or failure has not been cured by Purchasers within fifteen (15) days of Purchasers’ receipt of written notice
of such breach from the Sellers; or

 

(d) by Purchasers
or Sellers in the event that (i) there shall be any Law that makes consummation of the transactions contemplated by this Agreement
illegal or otherwise prohibited or (ii) any Governmental Body shall have issued a Governmental Order restraining or enjoining
the transactions contemplated by this Agreement, and such Governmental Order shall have become final and non-appealable.

 

11.2.       Effect
of Termination. In the event of the termination of this Agreement in accordance with this ARTICLE 11 or if the Closing does
not occur by August 31st, 2019, this Agreement shall forthwith become void and there shall be no liability on the part of any
Party hereto except:

 

(a) as set forth in
this ARTICLE 11 and ARTICLE 12 hereof, as applicable; and

 

(b) that nothing herein
shall relieve any Party hereto from liability for any willful breach of any provision hereof.

 

11.3.       Effect
of Closing. Each Party shall be deemed to have waived its respective rights to terminate this Agreement upon the completion
of the Closing at Closing Date. No such waiver shall constitute a waiver of any other rights arising from the nonfulfillment of
any condition precedent set forth in ARTICLE 4 unless such waiver is made in writing.

 

ARTICLE 12

GENERAL

 

12.1.       Amendment
and Modification. This Agreement may only be amended, modified or supplemented by the written agreement of the Parties hereto.

 

12.2.       Waiver
of Compliance. Any failure of Purchasers, on the one hand, or Sellers, on the other hand, to comply with any obligation, agreement
or condition contained herein may be waived only if set forth in an instrument in writing signed by the Party or Parties to be
bound by such waiver, but such waiver or failure to insist upon strict compliance with such obligation, agreement or condition
shall not operate as a waiver of, or estoppel with respect to, any other failure.

 

     

     

    

 

12.3.       Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable Law or public
policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic
or legal substance of the transactions contemplated herein is not affected in any manner materially adverse to any Party. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Governmental Body
making such determination is authorized and instructed to modify this Agreement so as to effect the original intent of the parties
as closely as possible in order that the transactions contemplated herein are consummated as originally contemplated to the fullest
extent possible.

 

12.4.       Expenses
and Transaction Taxes. Except as otherwise expressly provided in this Agreement, all costs and expenses incurred by
the Parties hereto in connection with the transactions contemplated by this Agreement, including negotiation of any documents
and ancillary agreements (the “Transaction Documents”), shall be borne solely and entirely by the Party that
has incurred in such expenses. All Taxes and costs incurred by the Parties hereto in connection with the transactions contemplated
by this Agreement including negotiation of any Transaction Documents shall be borne solely and entirely by the Party that has
incurred in such Taxes, expenses or costs. It is further clarified that, if applicable, all expenses in relation to the payment
of stamp duty or Tax related to the execution of any transfer of the Purchased Interests to Globant shall be borne by Globant
and the Sellers in equal parts. Any notarial costs and expenses and any costs and expenses related to the Escrow Agreement incurred
in the execution of the Transaction shall be borne by Globant and the Sellers by halves. If any cost or expense is charged or
paid by either Sellers or the Purchasers, such Sellers or Purchasers shall as soon as practicable be reimbursed from the other
Party with its corresponding 50% share. As exception to the above, Purchasers shall in the proportions they deem fit pay for the
legal fees of Sellers relating to the transactions contemplated in this Agreement.

 

12.5.       Parties
in Interest. Other than as specifically provided herein, this Agreement is not intended to and shall not confer upon
any Person, other than the Parties hereto (and persons specifically granted indemnification rights hereunder), any rights or remedies
with respect to the subject matter or any provision hereof.

 

12.6.       Notices.
All notices and other communications hereunder shall be in writing and shall be deemed given if delivered by electronic mail,
hand, mailed by registered or certified mail (return receipt requested), sent by facsimile or sent by Federal Express or other
recognized overnight courier to the parties at the following addresses (or at such other address for a party as shall be specified
by like notice):

 

 

If to Sellers
to:

 

Alejandro Héctor Robbio

Telephone: +1 801 673-8331

Mailing Address: 1007 North Federal Hwy #2004, Fort
Lauderdale, FL 33304

e-mail address: alerobbio@gmail.com

 

     

     

    

 

Luis Héctor Robbio

Telephone: +54 9 261 691-4930

Mailing Address: Cipoletti 2953 – Torre 1
4A, 5501 - Mendoza, Argentina

e-mail address: luisrobbio1@gmail.com

 

Federico Luis Robbio

Telephone: +54 9 261 691-5010

Mailing Address: Alte Brown 1151 B Las Candelas
2 F5 – Chacras de Coria – Mendoza – Argentina – CP 5505

e-mail address: federicoluisrobbio@gmail.com

 

With a copy (which shall not
constitute notice) to:

 

J&A
Garrigues, S.L.P.

For
the attention of Ferran Escayola and Rebeca Cayón

Address:
Avda. Diagonal 654, 1-D

Barcelona,
08034, Spain

e-mail
address: Ferran.Escayola@garrigues.com

e-mail
address: Rebeca.Cayon@garrigues.com

 

If to Purchasers to:

 

Globant

Ing. Butty 240, 6th
floor

City of Buenos Aires

Argentina

Attn.: General Counsel

e-mail
address: gcoffice@globant.com

 

With a copy (which shall not
constitute notice) to:

 

Patricio
Pablo Rojo

Laprida
1380, 7th Floor

City
of Buenos Aires

Argentina

e-mail
address: patriciopablorojo@yahoo.com

 

Any of the above addresses may be changed
at any time by notice given as provided above; provided, however, that any such notice of change of address shall be effective
only upon receipt. All notices, requests or instructions given in accordance herewith shall be deemed received on (i) the date
of receipt if hand delivered, (ii) on the date of receipt if transmitted by facsimile, (iii) the date indicated for receipt on
the return receipt, if mailed by registered or certified mail and (iv) the date of receipt specified by the carrier, if sent by
Federal Express or other recognized overnight courier. If notices, requests or instructions are given by facsimile, a confirming
copy will be sent by hand, or mailed by registered or certified mail.

 

12.7.       Counterparts.
This Agreement may be executed and delivered in one or more counterparts, all of which shall be considered one and the same agreement
and shall become effective when all the counterparts have been signed by each of the Parties and delivered to the other party.
A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have
the same legal effect as delivery of an original signed copy of this Agreement. An original of this Agreement duly signed by the
Parties shall be notarized before the Spanish public notary on Closing Date.

 

     

     

    

 

12.8.       Entire
Agreement. This Agreement (which term shall be deemed to include the exhibits and schedules hereto and the other certificates,
documents and instruments delivered hereunder) and the Transaction Documents constitute the entire agreement of the parties hereto
and supersede all prior agreements, letters of intent, discussions and understandings, both written and oral, between the parties
with respect to the subject matter of this Agreement, other than the Transaction Documents. There are no representations or warranties,
agreements or covenants other than those expressly set forth in this Agreement.

 

12.9.       Assignment.
This Agreement and all of the rights and obligations hereunder may not be assigned by the Sellers, in whole or in part, without
the previous written consent of Globant, except to their respective legal successors according to applicable Law in case of death
or total permanent disability. The Purchasers may assign this Agreement and all of the rights and obligations to any Affiliate
of the Purchasers or to any third party without the prior consent of the Sellers; provided, however, that if this Agreement
or the rights and obligations hereunder are assigned by Globant to a third party before the expiration of the Deferred Consideration
Period, Globant shall pay in favor of the Sellers within ten (10) Business Days since the date of the assignment, the higher of
(i) the Deferred Consideration Payment for an amount of US$3,000,000 (three million US Dollars) or (ii) the amount of US$3,000,000
(three million US Dollars) plus US$350,000 (three hundred fifty thousand US Dollars) multiplied by the percentage points of Revenue
growth by comparing the Revenue from the month in which the Agreement is assigned with the Revenue corresponding to the same month
of the previous year.

 

12.10.     Publicity.
Disclosure. Except by prior mutual consent, neither Sellers nor Purchasers shall issue any press releases or make any other
public announcement or statement concerning this Agreement and the transactions contemplated hereby, provided, however, that Purchasers
and their Affiliates shall be entitled to disclose the terms of this Agreement, and make any announcement and filing (including
a filing of this Agreement and its Schedules) required by any applicable Law and, in particular, by any securities and public
offerings Laws of the United States of America and/or Luxembourg.

 

12.11.     Further
Assurances. At any time on or after the date hereof, the Parties shall upon request
each perform such acts, execute and deliver such instruments, assignments and other documents and do all such other things consistent
with the terms of this Agreement as may be reasonably necessary to accomplish the transactions contemplated in
this Agreement or otherwise to carry out the purposes of this Agreement.

 

12.12.     Governing
Law. This Agreement (and any claims or disputes arising out of or related hereto or the transactions contemplated hereby or
to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated
on common law, statute or otherwise) and (except to the extent, if any, expressly set forth therein) the other Transaction Documents
shall be governed in all respects, including validity, interpretation, and effect, by and construed in accordance with the internal
Laws of the State of New York (including in respect of the statute of limitations or other limitations period applicable to any
claim, controversy or dispute) without giving effect to any choice or conflict of Law provision or rule that would cause the application
of Laws of any jurisdictions other than those of the State of New York; provided, however, that (a) the Laws of Spain that
are mandatorily applicable to the internal affairs of the Company shall apply to the Company, (b) the Laws of Argentina that are
mandatorily applicable to the internal affairs of Belatrix Argentina shall apply to Belatrix Argentina, (b) the Laws of the State
of Florida, US, or any state thereof that are mandatorily applicable to the internal affairs of Belatrix US and Belatrix Services
shall apply to Belatrix US and Belatrix Services, (c) the Laws of Colombia that are mandatorily applicable to the internal affairs
of Belatrix Colombia shall apply to Belatrix Colombia, and (e) the Laws of Peru that are mandatorily applicable to the internal
affairs of Belatrix Peru shall apply to Belatrix Peru.

 

     

     

    

 

12.13.     Arbitration.
All disputes arising out or in connection with the Agreement (a “Controversy”) shall be resolved in one of
the following ways:

 

(a)
By mutual agreement of the Parties involved in the Controversy, expressed by a letter signed by the parties thereto, whereby the
Parties involved in the Controversy shall endeavor to negotiate a settlement of the Controversy. If the Parties fail to resolve
the Controversy within twenty-one (21) calendar days after their first discussion, they shall commit to a personal meeting, at
a location mutually acceptable to the Parties in the City of Buenos Aires, Argentina, for two (2) Business Days to negotiate a
solution to the Controversy, and only if they fail to resolve such Controversy according to this Section 12.13.(a), the Controversy
shall be resolved as provided in Section 12.13.(b) below. The letter of mutual agreement to negotiate may set forth rules, procedures,
time limits and other matters agreed to by the Parties.

 

(b) If the Parties
fail to resolve the Controversy in accordance with Section 12.13.(a) above, such Controversy shall be finally settled under the
Rules of Arbitration at Law of the International Chamber of Commerce for the time being in force (which rules are deemed to be
incorporated by reference in this Section 12.13.(b)) by three (3) arbitrators appointed in accordance with such rules; provided,
however, that if the Controversy is for an amount of less than US$5,000,000, only one (1) arbitrator to be appointed in accordance
with such rules shall intervene to settle the Controversy. The place of the arbitration shall be the City of Miami, State of Florida,
United States of America, and the language of the arbitration shall be English. Notwithstanding anything to the contrary in this
Section 12.13.(b), documents and other evidence in the arbitration may be submitted in Spanish if Spanish is the original language
of the document or evidence, and witnesses and experts may provide testimony in Spanish if Spanish is their mother language or
if they so elect. The Parties hereby waive the right to demand the posting of bond for costs.

 

(c) With the broadest
scope as permitted by Law, the Parties hereto waive their right to file legal actions against the arbitration award and exceptions
against its execution. The enforcement or execution of any award may be requested before the competent courts of any competent
jurisdiction.

 

12.14.     Attorneys
Fee. If any action is brought for the enforcement or interpretation of this Agreement
or relating to an alleged dispute, breach, default or misrepresentation in connection with any of the provisions of this Agreement,
the successful or prevailing Party as determined by the judge or arbitrator shall be entitled to recover attorneys’ fees
and other costs incurred in addition to any other relief to which such Party may be entitled.

 

     

     

    

 

12.15.     Confidential
Information. Each of the Sellers hereby agrees (i) to hold and to cause each of such
party’s agents, employees and representatives to hold the Company’s and Globant’s Confidential Information in
strict confidence and to take reasonable precautions to protect such Confidential Information, (ii) not to make any use whatsoever
at any time of such Confidential Information except as contemplated hereunder, and (iv) not to copy or reverse engineer any such
Confidential Information. For purposes of this Section 12.15, “Confidential Information” shall mean, without
limitation: (a) any information that is specifically marked as “Confidential”; (b) any notes, analyses, compilations,
studies, interpretations, or other documents prepared or furnished by the Company or Globant related to any of the transactions
contemplated by this Agreement; (c) information which the management of the Company or Globant has requested in writing to be
kept confidential; (d) information which is disclosed verbally and identified as confidential at the time of disclosure; and (e)
information of which, by its nature, must be kept confidential in order to prevent adverse consequences to the business of the
Company or Globant.

 

12.16.     Interpretation.
For purposes of this Agreement, (a) the words “include,” “includes” and “including” shall
be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c)
the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer
to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles, Sections, Disclosure
Schedules and Exhibits mean the Articles and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (y)
to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and
modified from time to time to the extent permitted by the provisions thereof and (z) to a statute means such statute as amended
from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall
be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting an
instrument or causing any instrument to be drafted. The Disclosure Schedules and Exhibits referred to herein shall be construed
with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

 

12.17.     Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

12.18.     Spousal
Consent. Mrs. Laura Carolina Castro (also known as Laura Carolina Robbio), Alejandro Héctor Robbio’s spouse,
execute, personally or duly represented by means of a valid power of attorney, this Agreement to express her consent with the
transactions contemplated hereunder in accordance with section 470 of the Argentine Civil and Commercial Code.

 

* * *

 

[signature pages follow]

 

     

     

    

 

	/s/  Luis Héctor Robbio	 	/s/  Federico Luis Robbio
	 	 	 
	Mr. Luis Héctor Robbio	 	Mr. Federico Luis Robbio

 

 

	/s/  Alejandro Héctor Robbio	 	 
	 	 	 
	Mr. Alejandro Héctor Robbio	 	 

 

 

	/s/  Sol Mariel Noello	 	 
	Globant España S.A.U.	 	 
	duly represented by Ms. Sol Mariel Noello	 	 

 

 

	/s/  Sol Mariel Noello	 	 
	Software Product Creation S.L.	 	 
	duly represented by Ms. Sol Mariel Noello	 	 

 

     

     

    

 

SCHEDULE A

 

DEFINITIONS

 

For purposes of this Agreement and its
Exhibits and Schedules, and notwithstanding those definitions included in other parts of the Agreement (including its Schedules,
Annexes and Exhibits), and unless the context clearly indicates otherwise, the terms of which the first letter is written in an
upper case shall have the meaning ascribed to it in this Schedule.

 

“Accounts
Receivable” shall have the meaning set forth in Section 5.19. of this Agreement.

 

“Accounts
Receivable Certificate” shall have the meaning set forth in Section 1.5. of this Agreement.

 

“Accounts
Receivable Reduction’’ shall have the meaning set forth in Section 1.5. of this Agreement.

 

“Action”
shall have the meaning set forth in Section 5.10. of this Agreement.

 

“Activities”
shall have the meaning set forth in Section 8.6 of this Agreement.

 

“Agreement”
has the meaning set forth in the first paragraph of this Agreement.

 

“Affiliate”
means, with respect to a specified Person, a Person that directly, or indirectly through one or more intermediaries, controls,
is controlled by or is under common control with, the specified Person. In addition to the foregoing, if the specified Person
is an individual, the term “Affiliate” also includes (a) the individual’s spouse, (b) the members of the immediate
family (including parents, siblings and children) of the individual or of the individual’s spouse and (c) any corporation,
limited liability company, general or limited partnership, trust, association or other business or investment entity that directly
or indirectly, through one or more intermediaries controls, is controlled by or is under common control with any of the foregoing
individuals. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled
by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of a Person, whether through the ownership of voting securities, by Contract or otherwise.

 

“AHR”
has the meaning set forth in the first paragraph of this Agreement.

 

“Alternative
Transaction” shall have the meaning set forth in Section 8.3. of this Agreement.

 

“Annual
Revenue Base” shall mean an amount of US$ 35,655,000.

 

“Anti-Bribery
Laws” has the meaning set forth in Section 5.33. of this Agreement.

 

     

     

    

 

“Anti-Money
Laundering Laws” means any and all applicable anti-money laundering Laws issued, administered or enforced by any Governmental
Body, including, without limitation, the U.S. Bank Secrecy Act and the USA Patriot Act, Colombian Laws No. 1121 of 2006 and the
1708 of 2014, and article 323 of the Colombian Criminal Code (Código Penal), Argentine Laws No 25,246 and 25,188,
as amended and complemented, and any decree, regulation, resolution, rule or guidelines issued by the Governmental Authority in
charge of supervising anti-money laundering matters, including, without limitation, international conventions including the United
Nations Convention against Illicit Traffic in Narcotic Drugs and Money Laundering 1988, the United Nations Convention for the
Suppressing of the Financing of Terrorism 1999, the United Nations Convention against Transnational Organized Crime 2000, the
Inter-American Convention against Terrorism and Money Laundering 2002 and Peruvian Legislative Decree No 1106.

 

“Argentinian
Antitrust Clearance’’ shall have the meaning set forth in Section 9.1. of this Agreement.

 

“Bad Debt”
means any debt that is still unpaid after one hundred and twenty (120) calendar days from its due date.

 

“Belatrix
Argentina” has the meaning set forth in the recitals of this Agreement.

 

“Belatrix
Argentina Interests” has the meaning set forth in the recitals of this Agreement.

 

“Belatrix
Argentina Minority Interests” means the 0.040% of the Belatrix Argentina Interests directly held by the Sellers as beneficial
and record owners of such Equity Interests.

 

“Belatrix
Argentina Purchase Agreement” means that certain share purchase agreement, to be entered into among the Sellers and
the Minority Purchaser in relation to the Belatrix Argentina Minority Interests.

 

“Belatrix
Colombia” has the meaning set forth in the recitals of this Agreement.

 

“Belatrix
Colombia Interests” has the meaning set forth in the recitals of this Agreement.

 

“Belatrix
Peru” has the meaning set forth in the recitals of this Agreement.

 

“Belatrix
Peru Interests” has the meaning set forth in the recitals of this Agreement.

 

“Belatrix
Peru Minority Interests” means the 5.00% of the Belatrix Peru Interests directly held by the Sellers as beneficial and
record owners of such Equity Interests.

 

“Belatrix
Peru Purchase Agreement” means that certain share purchase agreement, to be entered into among the Sellers and the Minority
Purchaser in relation to the Belatrix Peru Minority Interests.

 

“Belatrix
Services” has the meaning set forth in the recitals of this Agreement.

 

“Belatrix
Services Interests” has the meaning set forth in the recitals of this Agreement.

 

“Belatrix
Spain” has the meaning set forth in the first whereas of this Agreement.

 

     

     

    

 

“Belatrix
Spain Interests” has the meaning set forth in the recitals of this Agreement.

 

“Belatrix
US” has the meaning set forth in the recitals of this Agreement.

 

“Belatrix
US Interests” has the meaning set forth in the recitals of this Agreement.

 

“Business”
has the meaning set forth in Section 1.2 of this Agreement.

 

“Business
Day” means any day of the year on which national banking institutions in the City of Buenos Aires, Argentina, Barcelona,
Spain and New York, New York, United States of America are open to the public for conducting business and are not required or
authorized to close.

 

“Cash”
shall mean any sum related to the amounts held by the Company and the Subsidiaries in cash and/or in bank accounts or cash equivalents
(other than cash and cash equivalents that are not freely usable by the Company or the relevant Subsidiary because they are subject
to restrictions or limitations on use or distribution by Law or contract).

 

“Claim”
means any demand, claim, charge, action, suit, hearing, information request, proceeding (whether at law or in equity and including
administrative proceedings), petition, complaint, notice of violation, arbitration, inquiry or investigation of, by or before
any Governmental Body or before any arbitrator, or other litigation or similar proceeding, whether civil, criminal, administrative,
arbitral or investigative.

 

“Claim
Notice” shall have the meaning set forth in Section 7.3. of this Agreement.

 

“Claimed
Amount” has the meaning set forth in Section 7.3. of this Agreement.

 

“Closing”
shall have the meaning set forth in Section 3.1. of this Agreement.

 

“Closing
Date” shall have the meaning set forth in Section 3.1. of this Agreement.

 

“Closing
Payment” shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Colombian
Antitrust Authority” means the Superintendence of Industry and Commerce (Superintendencia de Industria y Comercio)
of Colombia.

 

“Colombian
Antitrust Clearance” means (a) the Colombian Antitrust Authority having adopted a decision stating that either the transaction
contemplated herein (i) falls outside the scope of Colombian merger control rules, or (ii) is unconditionally authorized without
the need to apply remedies, or (iii) is conditionally authorized subject to compliance with specific remedies set forth by the
Colombian Antitrust Authority, or (b) the Colombian Antitrust Authority having failed to adopt a decision authorizing or objecting
the transaction contemplated herein within the statutory timeframe.

 

“Company”
has the meaning set forth in the first whereas of this Agreement.

 

“Company
Copyrights” shall have the meaning set forth in Section 5.22. of this Agreement.

 

     

     

    

 

“Company
Growth Bonus” has the meaning set forth in Section 2.2.(a)(ii) of this Agreement.

 

“Company
Marks” shall have the meaning set forth in Section 5.22. of this Agreement.

 

“Company
Patents” shall have the meaning set forth in Section 5.22. of this Agreement.

 

“Company
Registered IP” shall have the meaning set forth in Section 5.22. of this Agreement.

 

“Confidential
Information” shall have the meaning set forth in Section 12.15 of this Agreement.

 

“Confidential
Information Agreements” shall have the meaning set forth in Section 5.22. of this Agreement.

 

“Controversy”
shall have the meaning set forth in Section 12.13 of this Agreement.

 

“Covered
Employees” shall have the meaning set forth in Schedule 2.2(a) of this Agreement.

 

“Deferred
Payment Date’’ shall have the meaning set forth in Section 1.6. of this Agreement.

 

“Damages”
means any direct damages (daño emergente) resulting from any claims, debts, obligations and other Liabilities, diminution
in value, monetary damages, fines, fees, penalties, interest obligations, deficiencies, losses, costs and expenses (including
amounts paid or payable in settlement, interest, court costs, costs of investigations, fees and expenses of attorneys, accountants,
financial advisors and other experts, and other expenses of litigation, arbitration or other dispute resolution procedures), whether
or not involving a Third Party Claim, including any costs of defending any Third Party Claims or enforcing the Indemnified Parties’
rights under this Agreement. Damages shall also include (i) any damages resulting from the obligation to make a provision of funds
for litigation purposes, as long as the provision of funds has been requested by a Court or a Governmental body, statutory body
or authority in the framework of a litigation procedure in course, and (ii) any damages resulting from the requirement under IFRS
to record a provision of the respective claim, debt, obligation or Liability in the financial statements of any Indemnified Party;
provided, however, that in case of making a provision, the Sellers shall be reimbursed if said damages do not materialize and
the provision is reimbursed by the relevant Court, Governmental body, statutory body or authority, or if such provision is reversed
by the relevant Indemnified Party (but up the extent of the reversal). Damages shall not include special, indirect, consequential,
punitive or other special damages, including loss of profits (lucro cesante), loss of revenue or income, cost of capital,
or loss of goodwill or business reputation or opportunity suffered or incurred by any applicable Indemnified Party as a result
of any direct Damage or an action, suit, proceeding, determination or demand (whether judicial or not) instituted against the
Indemnified Party.

 

“Defending
Party’’ shall have the meaning set forth in Section 7.3. of this Agreement.

 

     

     

    

 

“Definitive
Cash at Closing’’ shall have the meaning set forth in Section 1.5. of this Agreement.

 

“Definitive
Closing Cash Statement’’ shall have the meaning set forth in Section 1.5. of this Agreement.

 

“Definitive
Net Working Capital” shall have the meaning set forth in Section 1.5. of this Agreement.

 

“Disclosure
Schedule” shall have the meaning set forth in the preamble of ARTICLE 5 of this Agreement.

 

“Deferred
Bonus” shall have the meaning set forth in Schedule 2.2(a) of this Agreement.

 

“Deferred
Consideration Objection Notice” shall have the meaning set forth in Section 1.4. of this Agreement.

 

“Deferred
Consideration Payment” shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Deferred
Consideration Payment Date” shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Deferred
Consideration Period” shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Deferred
Consideration Report” shall have the meaning set forth in Section 1.4. of this Agreement.

 

“Effect”
shall have the meaning set forth in Section 4.2. of this Agreement.

 

“Employee
Benefit Plan” shall mean any welfare benefit plan, pension benefit plan, deferred compensation plan or arrangement,
any agreement, plan, program, fund, policy, contract or arrangement providing compensation, pension, retirement, superannuation,
profit sharing, thirteenth month, severance, change in control, termination indemnity, redundancy pay, bonus, incentive compensation,
group insurance, death benefit, health, cafeteria, flexible benefit, medical expense reimbursement, dependent care, stock option,
stock purchase, stock appreciation rights, savings, consulting, vacation pay, holiday pay, life insurance, or other employee benefit
or fringe benefit plan, program or arrangement covering any employee or former employee of the Company (or any of its Subsidiaries),
and the beneficiaries and dependents of any employee or former employee, regardless of whether it is private, funded, unfunded,
financed by the purchase of insurance, contributory or noncontributory.

 

“Environmental
Laws” means any Law, regulation, or other applicable requirement relating to (x) releases or threatened release of Hazardous
Substance, (y) pollution or protection of employee health or safety, public health or the environment or (z) the manufacture,
handling, transport, use, treatment, storage, or disposal of Hazardous Substances.

 

     

     

    

 

“Equity
Interest” means, with respect to any Person, (a) any share, partnership or membership interest, unit of participation
or other similar interest (however designated) in such Person, and (b) any warrant, purchase right, conversion right, exchange
right or other agreement or contractual obligation which would entitle any other Person to acquire any such interest in such Person
(including share appreciation, phantom share, profit participation or other similar rights) or otherwise would entitle any Person
to any share in the equity, capital, profit, earnings, losses or gains of, such Person.

 

“Escrow
Agreement’’ shall have the meaning set forth in Section 3.2. of this Agreement.

 

“Escrow
Additional Amount” shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Escrow
Amount” shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Escrow
Base Amount” shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Estimated
Cash at Closing’’ shall have the meaning set forth in Section 1.5. of this Agreement.

 

“Estimated
Closing Cash Certificate’’ shall have the meaning set forth in Section 1.5. of this Agreement.

 

“FCPA”
shall mean the U.S. Foreign Corrupt Practices Act of 1977.

 

“FLR”
has the meaning set forth in the first paragraph of this Agreement.

 

“Financial
Arbitrator” shall have the meaning set forth in Section 1.4. of this Agreement.

 

“Financial
Statements” shall have the meaning set forth in Section 5.12.

 

“Fundamental
Representations” have the meaning set forth in Section 7.4. of this Agreement.

 

“GDPR”
shall have the meaning set forth in Section 5.33.

 

“G-Shares”
shall have the meaning set forth in Section 1.3. of this Agreement.

 

“G-Shares
Amount” shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Globant”
has the meaning set forth in the first paragraph of this Agreement.

 

“Globant
I” has the meaning set forth in the first paragraph of this Agreement.

 

“Globant
II” has the meaning set forth in the first paragraph of this Agreement.

 

     

     

    

 

“Globant
Indemnified Parties” means the Purchasers, their respective Affiliates (including, after the Closing, each of the Company
and the Subsidiaries), and each of their respective employees, directors, officers, agents, shareholders, members, and partners
and each of the heirs, executors, successors and assigns of any of the foregoing.

 

“Governmental
Body” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality
of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority
or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the
force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Hazardous
Substance” shall have the meaning set forth in Section 5.37. of this Agreement.

 

“High Performance
Bonus” shall have the meaning set forth in Schedule 2.2(a) of this Agreement.

 

“IFRS”
shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Inbound
License Agreement” means any agreement granting to the Company or any of its Subsidiaries any license under or with
respect to any Intellectual Property Rights, other than (A) the nonexclusive license to the Company or any of its Subsidiaries
of standard, generally commercially available, “off-the-shelf” third party products and services, (B) Open Source
Software, or (C) Confidential Information Agreements. A covenant not to assert any Intellectual Property Right against the Company
or any of its Subsidiaries will be deemed to be an Inbound License Agreement.

 

“Indemnified
Parties” means the Purchasers and the Sellers, their respective Affiliates, and each of the Purchaser’s employees,
directors, officers, agents, shareholders, members, and partners and each of the Sellers heirs, executors, successors and assigns
of any of the foregoing.

 

“Indemnifying
Party” shall have the meaning set forth in Section 7.3. of this Agreement.

 

“Integration
Payment’’ shall have the meaning set forth in Section 2.1. of this Agreement.

 

“Integration
Period’’ shall have the meaning set forth in Section 2.1. of this Agreement.

 

“Intellectual
Property Rights” means all rights arising from or associated with the following, whether protected, created or arising
under the Laws of any jurisdiction of the world: (a) patents and patent applications, including continuation, divisional, continuation-in-part,
reexamination and reissue patent applications, and any patents issuing therefrom, and rights in respect of utility models or industrial
designs (collectively, “Patents”); (b) copyrights and registrations and applications therefor, including software
(collectively, “Copyrights”); (c) trade names, trademarks and service marks (registered and unregistered),
domain names, URLs, and other Internet addresses or identifiers, social media handles, trade dress and similar rights, and registrations
and applications to register any of the foregoing (collectively, “Marks”); (d) non-public Technology, and other
proprietary or confidential business information that derives economic value (actual or potential) from not being generally known
to other persons who can obtain economic value from its disclosure or use, including customer lists, but excluding any published
Copyrights or published Patents that may cover or protect any of the foregoing (collectively, “Trade Secrets”);
(e) mask work and similar rights protecting integrated circuit or chip topographies or designs (collectively, “Mask Works”);
and (f) moral rights, publicity rights and any other proprietary, intellectual or industrial property rights of any kind or nature
that do not comprise or are not protected by Marks, Patents, Copyrights, Trade Secrets or Mask Works.

 

     

     

    

 

“Key Employees”
shall mean Mr. Horacio Yenaropulos, Mr. Fernando Valdemoros, Mr. Horacio Cappa, Mr. Ariel Seoane, Mr. Gustavo Loubet, Mr. José
Gramaglia, Mr. Santiago Noziliglia, Mr. Fernando González and Mr. Franco Fiorini.

 

“Labor
Agreement” shall mean each management, employment, severance, consulting, service agreement or similar agreement or
contract between the Company (including any of its Subsidiaries) and any current, former, or retired employee, officer, or director
of the Company (or any of its Subsidiaries) and/or independent consultants or contractors.

 

“Labor Permits
and Regulations” shall mean any foreign, federal, state and local Laws, rules and regulations relating to the relocation,
repatriation, expatriation, visas, work permit of any nature applicable to any current, former, or retired employee, officer,
or director of the Company and its Subsidiaries or branches and/or independent consultants or contractors.

 

“Law”
means any federal, state, municipal or local or foreign statute, law, ordinance, regulation, rule, code, order, constitution,
treaty, common law, judgment, decree, other requirement or rule of law of any Governmental Body.

 

“Lease
Agreements” shall have the meaning set forth in Section 5.30. of this Agreement.

 

“Leased
Real Property” shall have the meaning set forth in Section 5.30. of this Agreement.

 

“Legal Proceeding”
means any claim, action, demand, suit, litigation, arbitration, proceeding (including any civil, criminal, administrative, regulatory,
investigative or appellate proceeding), hearing, inquiry, audit, notice of violation, subpoena, summons, examination or investigation
commenced, brought, conducted or heard by or before, or otherwise involving, any court or other Governmental Body or any arbitrator
or arbitration panel.

 

“LHR”
has the meaning set forth in the first paragraph of this Agreement.

 

“Liability”
means any liability or obligation (whether known or unknown, whether asserted or unasserted, whether absolute or contingent),
whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due).

 

“Lien”
shall mean any liens, encumbrances, mortgages, pledges, charges, options, rights, community property interests, security interests,
agreements, claims or restrictions of any nature whatsoever, including any restriction on use, voting, transfer, receipt of income
or exercise of any other attribute of ownership, recorded or unrecorded.

 

     

     

    

 

“Loyalty
Bonus” has the meaning set forth in Section 2.2.(a)(i) of this Agreement.

 

“Majority
Customer Agreement” has the meaning set forth in Section 5.16. of this Agreement.

 

“Majority
Purchaser” has the meaning set forth in the first paragraph of this Agreement.

 

“Material
Adverse Effect” shall have the meaning set forth in Section 4.2. of this Agreement.

 

“Material
Contract” shall have the meaning set forth in Section 5.16. of this Agreement.

 

“Minimum
Required Cash” shall mean the amount of Cash the Company (including its Subsidiaries) needs at Closing to settle the
following items: (a) its financial debt as of the Closing Date (including any outstanding principal amount thereunder and accrued
and payable interest and/or expenses up to Closing Date), (b) outstanding debt related to any tax amnesty program in effect as
of the Closing Date, (c) Taxes or withholding amounts payable in connection with any dividend or other distribution to the Sellers
made during the year 2019 and prior to Closing, (d) an amount of US$2,586,120 (including any withholding, Taxes or social security
or other contributions) for the payment of the Transaction and Retention Bonus, pursuant to Section 2.2. hereof, (e) the vacations
of personnel accrued for periods before the year 2019 and unpaid prior to the Closing Date, (f) amounts collected from clients
of the Company on or prior to the Closing Date for services not yet rendered as of the Closing Date, (g) an amount of up to US$160,000
in professional fees, (h) Taxes and expenses relating to the transfer of record ownership of vehicles currently under leasing
from Belatrix Argentina to Key Employees or to the Sellers, as applicable, (i) any amounts due by Belatrix Argentina to the Sellers
in their capacity as directors to the extent not offset by the amounts due by the Sellers to the Company or the Subsidiaries,
as applicable, attributable to personal expenses, advances or any other reason, (j) fines and/or penalties related to filing (or
failure to file) US Tax Form 5472, and (k) outstanding amounts under or in connection with the Severance Agreements entered into
between Belatrix Argentina and each of the Key Employees and the Sellers.

 

“Minority
Purchaser” has the meaning set forth in the first paragraph of this Agreement.

 

“Net Working
Capital” shall have the meaning set forth in Section 1.5. of this Agreement.

 

“Non-Competition
Obligation” shall have the meaning set forth in Section 8.6. of this Agreement.

 

“Non-Labor
Revenue” shall mean all revenue related to customarily reimbursable expenses of a project (including but not
limited to travel, accommodation, flight tickets, meals, etc.).

 

“Non-Solicitation
Obligation” shall have the meaning set forth in Section 8.7. of this Agreement.

 

     

     

    

 

“Open Source
Software” shall have the meaning set forth in Section 5.22. of this Agreement.

 

“Order”
shall have the meaning set forth in Section 5.10. of this Agreement.

 

“Organizational
Documents” means, with respect to any Person (other than an individual), (a) the certificate or articles of incorporation
or organization and any joint venture, limited liability company, operating or partnership agreement and other similar documents
adopted or filed in connection with the creation, formation or organization of such Person and (b) all by-laws, voting agreements
and similar documents, instruments or agreements relating to the organization or governance of such Person, in each case, as amended
or supplemented.

 

“Outbound
License Agreement” means any agreement under which the Company or any of its Subsidiaries grants any Person any license
or other right, title or interest (whether or not currently exercisable and including a right to receive a license) under or with
respect to any Intellectual Property Rights or Technology, other than the nonexclusive license of the Company’s software
and products in the ordinary course of business pursuant to standard end-user agreements. For the avoidance of doubt, a covenant
by the Company or any of its Subsidiaries not to assert any Intellectual Property Right against a Person shall be deemed to be
an Outbound License Agreement.

 

“Parties”
has the meaning set forth in the first paragraph of this Agreement.

 

“Party”
has the meaning set forth in the first paragraph of this Agreement.

 

“Person”
means any natural person, firm, limited liability company, general or limited partnership, association, corporation, unincorporated
organization, company, joint venture, trust, Governmental Body or other entity.

 

“Personal
Information” shall have the meaning set forth in Section 5.33. of this Agreement.

 

“Personal
Performance Bonus” has the meaning set forth in Section 2.2.(a)(iii) of this Agreement.

 

“Pre-Closing
Taxes” means (a) any Taxes of a the Company (or any Subsidiary) with respect to any Pre-Closing Taxable Period or the
portion of the taxable period ending on and including the Closing Date with respect to any Straddle Taxable Period, (b) any Taxes
attributable to any breach or inaccuracy of any representation in Section 5.10 (without giving effect to any limitations or qualifications
as to materiality, knowledge or similar limitations), (c) any Taxes for which the Company or any Subsidiary (or any predecessor
of the foregoing) is held liable by reason of such entity being included in any consolidated, affiliated, combined or unitary
group at any time on or before the Closing Date, (d) any Taxes imposed on or payable by third parties with respect to which the
Company or any Subsidiary has an obligation to indemnify such third party pursuant to a transaction consummated on or prior to
the Closing, and (e) the Sellers’ share of Taxes pursuant to Section 12.4 of this Agreement.

 

     

     

    

 

“Purchase
Price” shall have the meaning set forth in Section 1.2. of this Agreement.

 

“Purchased
Interests” means the Belatrix Spain Interests, the Belatrix Argentina Minority Interests and the Belatrix Peru Minority
Interests.

 

“Purchasers”
has the meaning set forth in the first paragraph of this Agreement.

 

“Pre-Closing
Taxable Period” shall have the meaning set forth in Section 10.2. of this Agreement.

 

“Rejection
Decision” shall have the meaning set forth in Section 9.1. of this Agreement.

 

“Revenue”
shall mean, for any applicable period, all revenue of the Company, but excluding
any project expenses to be reimbursed (travel, hotel, meals, third-party services, etc. –non-labor costs–) related
to the services rendered; excluding any interest income, and provided further that revenue shall be net of any Bad Debt. For the
avoidance of doubt, Non-Labor Revenue shall not be deemed and shall not be included in the calculation of Revenue. Further, it
is understood that with respect to the reselling of software licences, susbscriptions or other services or products in which the
Company acts as agent of other parties, the amount to be computed as “Revenue” for purposes hereunder shall be the
amount billed to clients net of the costs to purchase such licences, subscriptions or other relevant services or products.

 

“Revenue
Target” shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Sanctions
Governmental Authority” means the United States Government (including without limitation, OFAC), the United Nations
Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority in any jurisdiction.

 

“Sellers”
has the meaning set forth in the first paragraph of this Agreement.

 

“Sellers’
Knowledge” or any similar phrase or qualification based on knowledge, shall mean the actual knowledge of any of the
Sellers and the knowledge that each such person would have reasonably obtained in the performance of each such person's duties
as director, officer or employee of the Company.

 

“Sellers’
Ownership Percentage” shall have the meaning set forth in Section 1.2. of this Agreement.

 

“Straddle
Taxable Period” shall have the meaning set forth in Section 10.3. of this Agreement.

 

“Subscription
Agreement” shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Subsidiary”
means any corporation, partnership, trust, limited liability company or other non-corporate business enterprise in which any Person
holds stock or other ownership interests representing (a) more than 50% of the voting power of all outstanding stock or ownership
interests of such entity or (b) the right to receive more than 50% of the net assets of such entity available for distribution
to the holders of outstanding stock or ownership interests upon a liquidation or dissolution of such entity. In this Agreement,
unless otherwise noted herein, the term the “Subsidiaries” refers, collectively, to Belatrix Argentina, Belatrix
Peru, Belatrix Colombia, Belatrix US and Belatrix Services.

 

     

     

    

 

“Target
Net Working Capital” shall have the meaning set forth in Section 1.5. of this Agreement.

 

“Tax Return”
means any return, declaration, report, claim for refund, information return or statement or other document relating to Taxes,
including any schedule or attachment thereto, and including any amendments thereof.

 

“Taxes”
means any and all taxes, charges, fees, duties, contributions, levies or other similar assessments or Liabilities, including income,
turnover tax, GMF, gross receipts, corporation, ad valorem, premium, value-added, net worth, capital stock, capital gains, documentary,
recapture, alternative or add-on minimum, disability, registration, recording, excise, real property, personal property, sales,
use, consumption, license, lease, service, service use, transfer, withholding, employment, unemployment, insurance, social security,
national insurance, business license, business organization, environmental, workers compensation, payroll, profits, severance,
stamp, occupation, escheat, windfall profits, customs duties, franchise, estimated and other taxes of any kind whatsoever imposed
by any Governmental Body, or any agency or political subdivision thereof, and any interest, fines, penalties, assessments or additions
to tax imposed with respect to or related to such items, and Taxes shall include any of the foregoing that a Person may be subject
to as principal obligor, substitute obligor, retention agent, collection agent or under any other title or character.

 

“Tax Return”
means any return, declaration, report, claim for refund, information return or other document relating to Taxes, including any
schedule or attachment thereto, and including any amendments thereof.

 

“Taxing
Authority” means any central, federal, state, local or foreign Government, entity, agency, body or Person that is authorized
by law or by any other regulation to impose, levy, collect, audit, assess, make a claim or take any other decision concerning
Taxes.

 

“Technology”
means all algorithms, application programming interfaces, apparatus, databases and data collections, diagrams, designs, formulae,
discoveries, inventions (whether or not patentable), know-how, concepts, ideas, methods, improvements, network configurations
and architectures, processes, technical data, proprietary information, schematics, specifications, software code (in any form
including source code and executable or object code), techniques, domain names, URLs, social media handles, web sites, works of
authorship, and other forms of technology.

 

“Third
Party” shall have the meaning set forth in Section 7.3. of this Agreement.

 

“Third-Party
Claim” shall have the meaning set forth in Section 7.3. of this Agreement.

 

“Transaction
and Retention Bonus” shall have the meaning set forth in Section 2.2. of this Agreement.

 

“Transaction
Documents” shall have the meaning set forth in 12.4. of this Agreement.

 

     

     

    

 

“Transfer”
shall have the meaning set forth in Section 1.3. of this Agreement.

 

“Unresolved
Deferred Consideration Objections” shall have the meaning set forth in Section 1.4. of this Agreement.

 

“US Dollar”
or “US$” shall mean the United States dollar, lawful currency of the United States of America.

  

*        *        *

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