Document:

Arrowhead Merger Agreement

 Exhibit 10.16 
 FINAL EXECUTION VERSION 
  

 
 AGREEMENT AND PLAN OF MERGER

 dated as of December 15, 2011 
 by and among 
 BROWN & BROWN, INC., 

PACIFIC MERGER CORP., 
 ARROWHEAD GENERAL INSURANCE AGENCY SUPERHOLDING CORPORATION 
 and

 SPECTRUM EQUITY INVESTORS V, L.P. 
  

 

 TABLE OF CONTENTS 

Page 
  

							
	 ARTICLE I. DEFINITIONS
	  	 	2	  
			
	 SECTION 1.1
	 	Certain Definitions	  	 	2	  
	 SECTION 1.2
	 	Other Definitional and Interpretative Matters	  	 	14	  
		
	 ARTICLE II. THE MERGER
	  	 	18	  
			
	 SECTION 2.1
	 	The Merger	  	 	18	  
	 SECTION 2.2
	 	Effects of the Merger	  	 	18	  
	 SECTION 2.3
	 	Closing Matters	  	 	18	  
	 SECTION 2.4
	 	Effective Time	  	 	20	  
	 SECTION 2.5
	 	Certificate of Incorporation and Bylaws; Directors and Officers.	  	 	21	  
	 SECTION 2.6
	 	Conversion of Securities	  	 	21	  
	 SECTION 2.7
	 	Treatment of Stock-based Awards	  	 	22	  
	 SECTION 2.8
	 	Post-Closing Purchase Price Adjustment.	  	 	23	  
	 SECTION 2.9
	 	Earn-Out Amount	  	 	26	  
	 SECTION 2.10
	 	Fold-In Acquisitions	  	 	33	  
	 SECTION 2.11
	 	Withholding Rights	  	 	34	  
		
	 ARTICLE III. PAYMENT TO EQUITYHOLDERS; EXCHANGE OF CERTIFICATES
	  	 	35	  
			
	 SECTION 3.1
	 	Payment to Equityholders; Exchange of Certificates	  	 	35	  
	 SECTION 3.2
	 	Company Debt	  	 	37	  
	 SECTION 3.3
	 	Dissenting Shares	  	 	37	  
	 SECTION 3.4
	 	No Further Ownership Rights in Shares of Company Common Stock; Closing of Company Transfer Books	  	 	37	  
		
	 ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	38	  
			
	 SECTION 4.1
	 	Corporate Status	  	 	38	  
	 SECTION 4.2
	 	Authority; Merger Approval.	  	 	38	  
	 SECTION 4.3
	 	No Conflict; Government Authorizations.	  	 	39	  
	 SECTION 4.4
	 	Capitalization.	  	 	39	  
	 SECTION 4.5
	 	Financial Statements	  	 	41	  
	 SECTION 4.6
	 	Absence of Certain Changes	  	 	41	  
	 SECTION 4.7
	 	Taxes	  	 	42	  
	 SECTION 4.8
	 	Legal Proceedings	  	 	43	  
	 SECTION 4.9
	 	Compliance with Laws; Permits; Filings.	  	 	43	  
	 SECTION 4.10
	 	Environmental Matters	  	 	44	  
	 SECTION 4.11
	 	Employee Matters and Benefit Plans.	  	 	45	  
	 SECTION 4.12
	 	Labor	  	 	46	  
	 SECTION 4.13
	 	Intellectual Property	  	 	47	  
	 SECTION 4.14
	 	Contracts.	  	 	47	  
	 SECTION 4.15
	 	Bankruptcy	  	 	48	  
	 SECTION 4.16
	 	Real Property	  	 	48	  
	 SECTION 4.17
	 	Assets.	  	 	49	  
	 SECTION 4.18
	 	Related Party Transactions	  	 	49	  
	 SECTION 4.19
	 	Bank Accounts	  	 	50	  

  
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	 SECTION 4.20
	 	Insurance	  	 	50	  
	 SECTION 4.21
	 	Carriers and Client Accounts	  	 	50	  
	 SECTION 4.22
	 	Finder’s Fee	  	 	51	  
	 SECTION 4.23
	 	No Other Representations or Warranties	  	 	51	  
		
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB
	  	 	52	  
			
	 SECTION 5.1
	 	Corporate Status	  	 	52	  
	 SECTION 5.2
	 	Authority	  	 	52	  
	 SECTION 5.3
	 	No Conflict; Government Authorization.	  	 	52	  
	 SECTION 5.4
	 	Legal Proceedings	  	 	53	  
	 SECTION 5.5
	 	Solvency	  	 	53	  
	 SECTION 5.6
	 	Financing	  	 	53	  
	 SECTION 5.7
	 	Due Diligence Investigation	  	 	54	  
	 SECTION 5.8
	 	Finder’s Fee	  	 	54	  
	 SECTION 5.9
	 	Investment Representations	  	 	54	  
	 SECTION 5.10
	 	No Prior Activities	  	 	54	  
	 SECTION 5.11
	 	No Other Representations or Warranties	  	 	55	  
		
	 ARTICLE VI. ADDITIONAL AGREEMENTS
	  	 	55	  
			
	 SECTION 6.1
	 	Conduct Prior to the Effective Time	  	 	55	  
	 SECTION 6.2
	 	Access to Information.	  	 	57	  
	 SECTION 6.3
	 	Confidentiality	  	 	58	  
	 SECTION 6.4
	 	Efforts; Consents; Regulatory and Other Authorizations	  	 	59	  
	 SECTION 6.5
	 	Further Action	  	 	60	  
	 SECTION 6.6
	 	Indemnification; Directors’ and Officers’ Insurance	  	 	60	  
	 SECTION 6.7
	 	Employee Benefit Matters	  	 	61	  
	 SECTION 6.8
	 	Provision Respecting Legal Representation	  	 	62	  
	 SECTION 6.9
	 	Tax Matters	  	 	63	  
	 SECTION 6.10
	 	Disclosure Schedules; Supplementation and Amendment of Schedules	  	 	67	  
	 SECTION 6.11
	 	Exclusivity	  	 	67	  
	 SECTION 6.12
	 	Errors and Omissions and Employment Practices Liability Extended Reporting (“Tail”) Coverage	  	 	67	  
		
	 ARTICLE VII. CONDITIONS TO CLOSING
	  	 	69	  
			
	 SECTION 7.1
	 	Conditions to Obligations of the Company	  	 	69	  
	 SECTION 7.2
	 	Conditions to Obligations of Parent and Merger Sub	  	 	69	  
	 SECTION 7.3
	 	Frustration of Closing Conditions	  	 	70	  
		
	 ARTICLE VIII. TERMINATION, AMENDMENT AND WAIVER
	  	 	70	  
			
	 SECTION 8.1
	 	Termination	  	 	70	  
	 SECTION 8.2
	 	Procedure Upon Termination	  	 	71	  
	 SECTION 8.3
	 	Effect of Termination	  	 	71	  
	 SECTION 8.4
	 	Extension; Waiver	  	 	71	  

  
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	 ARTICLE IX. INDEMNIFICATION
	  	 	72	  
			
	 SECTION 9.1
	 	Survival of Representations	  	 	72	  
	 SECTION 9.2
	 	Right to Indemnification	  	 	73	  
	 SECTION 9.3
	 	Limitations on Liability	  	 	74	  
	 SECTION 9.4
	 	Defense of Third-Party Claims	  	 	75	  
	 SECTION 9.5
	 	Subrogation	  	 	76	  
	 SECTION 9.6
	 	Limitation on Damages	  	 	76	  
	 SECTION 9.7
	 	Characterization of Indemnification Payments	  	 	77	  
	 SECTION 9.8
	 	Prosecution of Escheat Matters	  	 	77	  
		
	 ARTICLE X. GENERAL PROVISIONS
	  	 	77	  
			
	 SECTION 10.1
	 	Equityholders’ Representative.	  	 	77	  
	 SECTION 10.2
	 	Expenses	  	 	79	  
	 SECTION 10.3
	 	Costs and Attorneys’ Fees	  	 	79	  
	 SECTION 10.4
	 	Notices	  	 	79	  
	 SECTION 10.5
	 	Public Announcements	  	 	80	  
	 SECTION 10.6
	 	Severability	  	 	81	  
	 SECTION 10.7
	 	Entire Agreement	  	 	81	  
	 SECTION 10.8
	 	Assignment	  	 	81	  
	 SECTION 10.9
	 	No Third-Party Beneficiaries	  	 	81	  
	 SECTION 10.10
	 	Waivers and Amendments	  	 	81	  
	 SECTION 10.11
	 	Governing Law; Consent to Jurisdiction	  	 	82	  
	 SECTION 10.12
	 	Waiver of Jury Trial	  	 	82	  
	 SECTION 10.13
	 	Specific Performance	  	 	83	  
	 SECTION 10.14
	 	Counterparts	  	 	83	  

 EXHIBITS 
  

			
	Exhibit A	  	Confidential Information and Non-Disclosure Agreement
	Exhibit B	  	Escrow Agreement
	Exhibit C	  	Non-Compete Agreement
	Exhibit D	  	Opinion of Equityholders’ Counsel
	Exhibit E	  	Release
	Exhibit F	  	Written Consent
	Exhibit G	  	Fold-In Acquisitions Examples

 SCHEDULES 
  

			
	Schedule 1.1(a)	  	Transaction Compensation
	Schedule 1.1(b)	  	Transaction Tax Benefit Schedule
	Schedule 2.3(b)(viii)	  	Key Employee Agreements
	Schedule 2.3(b)(xii)	  	Required Consents
	Schedule 2.11	  	Withholding
	Schedule 6.9(d)	  	Transfer Taxes

  
 iii

 AGREEMENT AND PLAN OF MERGER 

THIS AGREEMENT AND PLAN OF MERGER (this “Agreement”) is made and entered into as of December 15, 2011 by and
among BROWN & BROWN, INC., a Florida corporation (“Parent”), PACIFIC MERGER CORP., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub”), and ARROWHEAD GENERAL
INSURANCE AGENCY SUPERHOLDING CORPORATION, a Delaware corporation (the “Company”), and SPECTRUM EQUITY INVESTORS V, L.P., a Delaware limited partnership, solely in its capacity as the Equityholders’ Representative
hereunder (the “Equityholders’ Representative”). 
 WHEREAS, the respective Boards of Directors of Parent,
Merger Sub and the Company have determined that the merger of Merger Sub with and into the Company (the “Merger”) is advisable and in the best interests of their respective stockholders, and such Boards of Directors have approved
the Merger, upon the terms and subject to the conditions set forth in this Agreement, pursuant to which each share of common stock, par value $0.01 per share of the Company (the “Company Common Stock”), issued and outstanding
immediately prior to the Effective Time, other than shares owned or held directly or indirectly by Parent or the Company and other than Dissenting Shares, shall be converted into the right to receive the consideration set forth in this Agreement;

 WHEREAS, within one (1) Business Day following the execution and delivery of this Agreement, the Equityholders’
Representative shall execute and deliver the Written Consent to Parent, which Written Consent when executed and delivered shall be sufficient to obtain the Required Company Stockholder Approval; 

WHEREAS, promptly following the execution and delivery of this Agreement, the respective Boards of Directors of Merger Sub and the
Company shall present this Agreement for adoption by the respective stockholders of Merger Sub and the Company and for approval of the Merger and the other transactions contemplated by this Agreement; and 

WHEREAS, Parent, Merger Sub and the Company desire to make certain representations, warranties, covenants and agreements in connection
with the transactions contemplated by this Agreement and also prescribe various conditions to the transactions contemplated by this Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing premises, the
mutual covenants, promises and agreements hereinafter set forth, the mutual benefits to be gained by the performance thereof, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and accepted,
the parties to this Agreement, intending to be legally bound, hereby agree as follows: 

  
 1 

 ARTICLE I. 
 DEFINITIONS 
 SECTION 1.1 Certain Definitions. As used in this
Agreement, the following terms shall have the following respective meanings: 
 “ACM” means American Claims
Management, Inc., a California corporation. 
 “Action” means any claim, action, suit or proceeding, arbitral
action, governmental inquiry, criminal prosecution as to which written notice has been provided to the applicable party. 

“Affiliate” means, when used with respect to a specified Person, another Person that either directly or indirectly,
through one or more intermediaries, controls, is controlled by, or is under common control with, the specified Person. For purposes of this Agreement, “control” means the possession, directly or indirectly, of the power to direct, or cause
the direction of, the management and policies of a Person, whether through ownership of voting securities, contract or otherwise, and “controlled” and “controlling” shall have correlative meanings. 

“AGIA” means Arrowhead General Insurance Agency, Inc., a Minnesota corporation. 

“Aggregate Exercise Price” means the sum of all of the exercise prices for Company Options that are outstanding at the
Effective Time. 
 “Applicable Percentage” means, with respect to any Equityholder, a ratio, expressed as a
percentage (rounded to four decimal places), equal to (x) the sum of (i) the aggregate number of shares of Company Common Stock held by such holder immediately prior to the Effective Time, plus (ii) the aggregate number of
shares of Company Common Stock issuable in respect of all outstanding Company RSU Awards held by such holder at the Effective Time, plus (iii) the aggregate number of shares of Company Common Stock issuable upon the exercise in full for
cash of all outstanding Company Options held by such holder at the Effective Time, divided by (y) the Fully Diluted Common Stock Number. 
 “Balance Sheet Date” means November 30, 2011. 

“Base Merger Consideration” means Four Hundred Million Dollars ($400,000,000.00). 

“Business” means the business and operations of each of the Group Companies, as conducted as of the date of this
Agreement. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which banks are
required or authorized by Law to be closed in New York, New York. 
 “Carrier” means any insurance company,
surety, insurance pool, risk retention group, risk purchasing group, self-insured group, reinsurer, Lloyd’s of London syndicate, state fund or pool or other risk assuming entity in which any insurance, reinsurance, or bond has been placed or
obtained. 
  

  
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 “Cash” means cash and cash equivalents determined in accordance with GAAP,
using the policies, conventions, methodologies and procedures used by the Company in preparing the Company Financial Statements. 
 “Client” means any Person to whom any insurance products or services have been provided by an applicable Person. 
 “Client Account” means collectively, (a) the right to payment of a monetary obligation, whether or not earned by performance, for the provision of any insurance products or services
to any Client, and (b) the goodwill and business relationship with such Client relating to the provision of any insurance products or services to such Client. 
 “Closing Cash” means the aggregate amount of Cash of the Group Companies as of the close of business on the Closing Date, prior to giving effect to the transactions contemplated hereby.

 “Closing Debt” means the aggregate principal amount of, and accrued interest on and any pre-payment and
interest rate swap buyout costs and expenses relating to, all Debt of the Group Companies as of the close of business on the Closing Date, prior to giving effect of the transactions contemplated hereby. 

“Closing Statement” means the Closing Statement, setting forth the payment and/or allocation the Base Merger
Consideration at Closing. 
 “Closing Working Capital” means (i) the aggregate dollar amount of all
Current Assets (excluding any income Tax related assets (for example, but not by way of limitation, estimated income Tax payments and deferred income Taxes) and any inadequately collateralized notes receivable), less (ii) the aggregate
dollar amount of all Current Liabilities including, without limitation, (1) the Group Companies’ aggregate liability for FICA, FUTA and SUTA Taxes with respect to all Transaction Compensation; any RSU Payments; and any Option Payments
under Section 3.1(a), which shall be estimated on the Estimated Closing Balance Sheet and not subject to change in the Closing Balance Sheet, (2) any liabilities for potential draw-downs under any certificates of deposit securing
any letter of credit obligations, (3) accrued profit sharing expenses, (4) Transfer Taxes, (5) payments made in connection with the termination of deferred compensation arrangements, as set forth in Schedule 1.1(a), and
(6) deferred revenues and any loss and loss adjusting expense liabilities, including both the current and long-term portions of such deferred revenues and such loss and loss adjusting expense liabilities (but excluding Debt, Unpaid Company
Transaction Expenses, the fair market value of derivatives and any income Tax related liabilities), in the case of each of clause (i) and clause (ii), as of the close of business on the Closing Date, prior to giving effect of the transactions
contemplated hereby. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Commissions” means (a) commission revenues, including Overrides (if any) and GSCs (if any), plus
(b) fees (other than Service Fees) in addition to or in lieu of commissions, provided such fees are disclosed and otherwise permissible in accordance with applicable law, 

  
 3 

 
plus (c) premium financing commissions, provided such fees are billed and received in accordance with applicable law, in each case net of any Commissions or referral fees paid
to any third party producing or referring agent or broker. Commissions do not include Contingent Revenues. 
 “Company
Employee” means each employee of the Group Companies. 
 “Company Option Plan” means the Amended and
Restated Arrowhead General Insurance Agency SuperHolding Corporation Equity Incentive Plan, effective December 31, 2009. 

“Company Options” means all outstanding options to purchase or otherwise acquire shares of Company Common Stock, whether
vested or unvested, granted pursuant to the Company Option Plan. 
 “Company Preferred Stock” means the Series
A preferred stock, par value $0.01 per share, of the Company. 
 “Company PSU Awards” means any awards of
preferred stock units, including any awards of performance-based preferred stock units, outstanding under the Company PSU Plan. 

“Company PSU Plan” means the Preferred Stock Unit Plan of Arrowhead General Insurance Agency SuperHolding Corporation,
effective March 15, 2009. 
 “Company RSU Awards” means any awards of restricted stock units, including
any awards of performance-based restricted stock units, outstanding under the Company RSU Plans. 
 “Company RSU
Plans” means the Amended and Restated 2007 Stock Unit Plan of Arrowhead General Insurance Agency SuperHolding Corporation, dated March 31, 2009, and the Amended and Restated 2008 Stock Unit Plan of Arrowhead General Insurance Agency
SuperHolding Corporation, dated March 31, 2009. 
 “Confidential Information and Non-Disclosure Agreement”
means those certain Confidential Information and Non-Disclosure Agreements, in the form attached as Exhibit A hereto. 

“Confidentiality Agreement” means the Mutual Non-Disclosure Agreement between Arrowhead General Insurance Agency, Inc.
and Parent, dated as of September 9, 2011. 
 “Contingent Revenues”— 

(a) Contingent Revenues means all contingent, bonus, profit-sharing, subsidies, and similar incentive-based revenues, including, without
limitation, all sliding-scale commissions arrangements. 
 (b) Contingent Revenues exclude: 

  
 4 

 (i) any specific percentage commission on premium to be paid by a Carrier set at the time of
purchase, renewal, placement or servicing of an insurance policy; 
 (ii) any specific fee, to the extent legally permissible,
to be paid by the Client Account in addition to or in lieu of such specific percentage commission; 
 (iii) a combination of
such commissions and fees; and 
 (iv) Overrides. 
 “Contract” means any legally binding contract, agreement, indenture, note, bond, loan, instrument, lease, conditional sales contract, mortgage, license, or other commitment or
arrangement. 
 “Current Assets” means current assets determined under GAAP and calculated in accordance with
Section 2.8(a). 
 “Current Liabilities” means current liabilities determined under GAAP and
calculated in accordance with Section 2.8(a). 
 “Damages” means any liabilities, losses, damages,
penalties, fines, costs or expenses (including (a) reasonable attorneys and other professional advisory fees and expenses actually incurred, (b) applicable interest, and (c) an allocated portion, based upon devoted man-hours at a
reasonable hourly rate for each applicable employee, of direct compensation expense for any employee of Parent or any Group Company who will be required to devote a material portion of such employee’s time in gathering information and otherwise
assisting in the prosecution of the resolution of the Escheat Matters). 
 “Debt” means both the current and
long-term portions of any amount owed without duplication in respect of (i) borrowed money, (ii) all outstanding letters of credit, (iii) capitalized lease obligations, (iv) all Liabilities related to or arising out of any prior
acquisition or business combination, including any earnout, performance, bonus or other contingent payment arrangement, (v) reimbursement obligations, foreign exchange contracts and arrangements designed to provide protection against
fluctuations in interest or currency exchange rates, including amounts payable to unwind such contracts or arrangements, including termination fees, prepayment penalties, break fees and the like; and (vi) all accrued and unpaid interest,
prepayment penalties or premiums on, or any guarantees with respect to, any of the obligations referred to in the foregoing clauses (i) through (v); provided, however, that notwithstanding the foregoing, Debt shall not be deemed
to include any accounts payable or any un-drawn letters of credit. 
 “DGCL” means the General Corporation Law
of the State of Delaware. 
 “Earn-Out Amount” means (a) Five Million Dollars ($5,000,000.00) of the Base
Merger Consideration, less (b) any amount by which Year Three EBITDA is less than $41,000,000.00; provided, however, that the Earn-Out Amount shall not exceed the amount of the Earn-Out Distributions. 

  
 5 

 “Earn-Out Distributions” shall have the meaning set forth in the Escrow
Agreement. 
 “Earn-Out Equityholders” means all of the Management Equityholders other than Lewis DeFuria.

 “Employee Benefit Plan” means any material plan, program, policy, agreement or arrangement (whether oral or
written) maintained for the benefit of any current or former employee or director relating to employment, severance, termination or benefits, including each employment agreement, severance agreement, retention agreement, bonus plan, deferred
compensation plan, pension plan, stock option plan, stock purchase plan, stock appreciation right or phantom stock plan, equity-based compensation arrangement, fringe benefit, incentive plan, profit-sharing plan, retirement plan, medical plan,
vacation pay or sick pay plan, retiree medical plan, severance pay plan, change in control agreement, including any “employee benefit plan” within the meaning of Section 3(3) of ERISA, provided to any current or former director,
officer, employee, or consultant of the Company, the Subsidiaries, or any ERISA Affiliate, which is maintained, sponsored, or contributed to by the Company, the Subsidiaries, or any ERISA Affiliates, or for which any such Person otherwise has any
present or future Liability. 
 “Encumbrance” means any security interest, pledge, mortgage, lien, charge,
adverse claim of ownership or use, defect of title or other similar encumbrance. 
 “Environmental Law” means
any applicable Laws as in effect as of the date of this Agreement which regulate or relate to the protection or clean up of the environment; the use, treatment, storage, transportation, handling, disposal or release of Hazardous Materials, the
preservation or protection of waterways, groundwater, drinking water, air, wildlife, plants or other natural resources; or the health and safety of persons or property, including without limitation, protection of the health and safety of employees.

 “Equityholder” means any holder of (i) Company Common Stock that is entitled to receive Per Share
Merger Consideration under Section 2.6 and that has not perfected its appraisal rights pursuant to Section 3.3, (ii) Company RSU Awards that is entitled to receive an RSU Payment under Section 2.7(a), or
(iii) Company Options that is entitled to receive an Option Payment under Section 2.7(b). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, any successor statute thereto, and the
rules and regulations promulgated thereunder. 
 “ERISA Affiliate” means any trade or business, whether or not
incorporated, that together with the Company or any Subsidiary, would be deemed a “single employer” within the meaning of Section 4001 of ERISA. 
 “Escheat Matters” means any Damages, whether or not resulting from the breach of any representation or warranty by the Company under this Agreement, arising from the failure of any Group
Company to pay an amount to any Governmental Authority, and/or to file any applicable report or return with, any Governmental Authority pursuant to any abandoned property, escheat or similar Law, which exceed the amounts that have been accrued for,
or with respect to which there is a segregated cash account, on the Closing Balance Sheet. 

  
 6 

 “Escrow Agent” means First Republic Bank, N.A. 

“Escrow Agreement” means that certain Escrow Agreement, in the form attached as Exhibit B hereto, to be
entered into as of the Closing Date by and among Parent, the Escrow Agent and the Equityholders’ Representative. 

“Fully Diluted Common Stock Number” shall equal (i) the aggregate number of shares of Company Common Stock issued
and outstanding immediately prior to the Effective Time, plus (ii) the aggregate number of shares of Company Common Stock subject to all outstanding Company RSU Awards at the Effective Time (including any Company RSU Award which vests at
or as of the Effective Time), plus (iii) the aggregate number of shares of Company Common Stock issuable upon the exercise in full of all outstanding Company Options that are exercisable at the Effective Time (including any Company
Option which vests at or as of the Effective Time), less (iv) the aggregate number of shares of Company Common Stock to be cancelled at the Effective Time pursuant to Section 2.6(a). 

“GAAP” means generally accepted accounting principles in the United States. 

“Governmental Authority” means any government, any governmental entity, commission, board, agency or instrumentality,
and any court, tribunal or judicial body, or quasi-governmental authority, whether federal, state, county, local or foreign. 

“Governmental Order” means any order, judgment, injunction or decree issued, promulgated or entered by or with any
Governmental Authority of competent jurisdiction. 
 “Group Company” means any of the Company and any of the
Subsidiaries. 
 “GSCs” means guaranteed supplemental commissions. 

“Hazardous Material” means any pollutant, chemical, substance and any toxic, infectious, carcinogenic, reactive,
corrosive, ignitable or flammable chemical, or chemical compound, or hazardous substance, material or waste, whether solid, liquid or gas, that is subject to regulation, control or remediation under any Environmental Laws, including without
limitation, asbestos, urea, formaldehyde, PCBs, radon gas, or petroleum products. 
 “HSR Act” means the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, any successor statute thereto, and the rules and regulations promulgated thereunder. 
 “Income Tax” means a Tax based on net income, net profits, gross receipts, or similarly based, regardless of how such Tax is denominated by a Governmental Authority, but shall not include
sales, use, payroll, withholding, personal or real property Tax. 
 “Income Tax Return” means any Tax Return
relating to Income Tax. 
 “Individual Financial Product” means any individual life, long-term care, annuity,
disability, accident, cancer, dental, or hospital confinement insurance policies, or any other insurance, financial or estate planning product sold to individuals or their estates (either directly or through a group arrangement), whereby forty
percent (40%) or more of the policy premium is paid during the first year of the policy term. 

  
 7 

 “Institutional Equityholders” means Spectrum Equity Investors V, L.P.,
Spectrum V Investment Managers’ Fund, L.P., JMI Equity Fund V, L.P., and JMI Equity Fund (AI), L.P. 
 “Insurance
Products or Services” means any insurance or reinsurance-related policies, programs, or services (a) provided or offered by, or (b) under development and to be imminently provided or offered by, any Group Company. 

“Intellectual Property” means all intellectual property, including (i) patents and applications therefor and all
divisionals, reissues, renewals, registrations, confirmations, re-examinations, certificates of inventorship, extensions, continuations and continuations-in-part thereof, (ii) trademarks, trade dress, service marks, trade names, brand names,
logos and slogans, and pending applications to register the same, (iii) copyrights and copyrightable works, including all writing, reports, analyses, evaluation protocols, designs, computer software, code, databases, software systems, mask
works or other works, and pending applications to register the same, (iv) domain names and (v) trade secrets, methods, processes, practices, formulas and techniques. 
 “IRS” means the United States Internal Revenue Service, and any successor agency thereto. 
 “Jumbo Account” means California Restaurant Mutual Benefit Corporation. 
 “Key Employee Agreements” means, collectively, (a) the Management Employee Agreements, and (b) Confidential Information and Non-Disclosure Agreements between the Surviving
Corporation and each of those Group Company employees set forth in Schedule 2.3(b)(viii). 
 “Knowledge of the
Company” or “known to the Company” and any other phrases of similar import means, with respect to any matter in question relating to the Group Companies, the actual knowledge of each of the Management Equityholders after
reasonable inquiry by them of those members of management having primary responsibility for the matters that are the subject of such representation or warranty and without any further duty of inquiry or other investigation. 

“Law” means any federal, state, county, local or foreign statute, law, ordinance, Governmental Order or regulation or
code of any Governmental Authority of competent jurisdiction. 
 “Liability” means any and all debts,
liabilities and obligations of any kind or nature, whether accrued or fixed, absolute or contingent, matured or unmatured, or determined or determinable. 
 “Management Employee Agreements” means mutually agreeable (a) employment agreements by and among Parent, the Surviving Corporation, and the Management Equityholders,
(b) Confidential Information and Non-Disclosure Agreements by and among Parent, the Surviving Corporation, and the Management Equityholders, and (c) Performance Stock Agreements by and between Parent and the Management Equityholders.

  
 8 

 “Management Equityholder Life Policies” means any life insurance policies
purchased by Parent or the Surviving Corporation on the lives of one or more of the Management Equityholders, pursuant to the terms and conditions of the employment agreements among Parent, the Surviving Corporation, and the Management
Equityholders. 
 “Management Equityholders” means D. McDonald Armstrong, Stephen Bouker, Stephen Boyd, Mark
Corey, Lewis DeFuria, Matthew Lubien, Scott Marshall, Deirdre Millwood, Ryan O’Connor, Dhara Patel, Rebecca Pinto, Michael Powell, Robert K. Schraner, Ronda Sedillo, and Chris L. Walker. 

“Material Adverse Effect” means any change or effect that is materially adverse to the business, operations, financial
condition, results of operations or assets of the Group Companies, taken as a whole, or the Company’s, any Subsidiary’s, or any Equityholder’s ability to perform its material obligations under this Agreement and the other Transaction
Agreements and to consummate the transactions contemplated hereby and thereby on a timely basis; provided, however, that none of the following shall be deemed, either alone or in combination with any other change or effect, to
constitute, and no change or effect arising from or attributable or relating to any of the following shall be taken into account in determining whether there has been, a Material Adverse Effect: (i) the negotiation (including activities
relating to due diligence), execution, delivery, public announcement or pendency of this Agreement or any of the transactions contemplated herein or any actions taken in compliance herewith, including the impact thereof on the relationships of the
Group Companies with customers, suppliers, distributors, consultants, employees or independent contractors or other third parties with whom the Group Companies has any relationship; (ii) conditions affecting the industries in which the Group
Companies operate or participate, the U.S. economy or financial markets or any foreign markets or any foreign economy or financial markets in any location where the Group Companies operate, which conditions do not have a material disproportionate
impact on the Group Companies, taken as a whole, or on AGIA or ACM individually; (iii) compliance with the terms of, or the taking of any action required by, this Agreement, or otherwise taken with the consent of Parent; (iv) any breach by
Parent or Merger Sub of this Agreement or the Confidentiality Agreement; (v) the taking of any action by Parent or any of Parent’s Affiliates; (vi) any change in GAAP or applicable Laws (or interpretation thereof) which changes do not
have a material disproportionate impact on the Group Companies, taken as a whole or on AGIA or ACM individually; (vii) any acts of God, calamities, acts of war, terrorism or military action or the escalation thereof; (viii) national or
international political, general economic, social conditions or changes in the financial or capital markets, which events do not have a material disproportionate impact on the Group Companies, taken as a whole or on AGIA or ACM individually;
(ix) any action required to be taken under applicable Laws, including any actions taken or required to be taken by any Group Company in order to obtain any approval or authorization for the consummation of the Merger under applicable antitrust
or competition Laws; (x) any increase in the cost or change in the availability of financing necessary for the Parent and Merger Sub to consummate the transactions contemplated hereby; (xi) any action taken, or failure to take any action,
or such other change or event, in each case to which Parent has consented, or the failure to take actions specified in Section 6.1 due to Parent’s failure to 

  
 9 

 
consent thereto following request by the Company; or (xii) any failure, in and of itself, by the Company to meet any projections, forecasts, or revenue or earnings predictions for any period
(it being understood that the facts and circumstances giving rise or contributing to such failure may be taken into account in determining whether there has been a Material Adverse Effect). 

“Non-Compete Agreement” means those certain Non-Competition, Non-Solicitation, Confidentiality and Non-Disclosure
Agreements, in the form attached as Exhibit C-1 and C-2 hereto, to be entered into as of the Closing Date by and among Parent, the Company and the Principal Equityholders. 

“Opinion of Equityholder’s Counsel” means that certain written opinion of counsel of the Company and the
Equityholders’ Representative, in the form attached as Exhibit D hereto, dated the Closing Date. 

“Organizational Documents” means, with respect to any entity, the certificate of incorporation, articles of
incorporation, bylaws or equivalent governing documents of such entity. 
 “Overrides” means a fixed rate
compensation method for the provision of insurance services expressed either as a flat fee or as a percentage of the cost of a service. 
 “Parent Indemnitees” means Parent, Merger Sub, the Surviving Corporation, the Group Companies (after the Closing), their Affiliates (as to the Group Companies, after the Closing), and
their respective directors, officers, employees, agents, representatives, successors, and assigns. 
 “Per Share Merger
Consideration” means the quotient of (i) (A) the Base Merger Consideration, plus (B) the Aggregate Exercise Price plus (C) the Closing Working Capital, minus (D) the Target Working Capital,
minus (E) the aggregate PSU Payments to be paid with respect to the Company PSU Awards, minus (F) the Unpaid Company Transaction Expenses, minus (G) the Closing Debt, and divided by (ii) the Fully
Diluted Common Stock Number. 
 “Permit” means any license, franchise or permit with any Governmental Authority
required by applicable Law for the operation of the Business. 
 “Permitted Encumbrances” means
(i) Encumbrances for Taxes and other governmental charges that are not delinquent or are being contested in good faith by appropriate proceedings; (ii) all cashiers’, landlords’, workmen’s, repairmen’s,
warehousemen’s and carriers’ liens and other similar liens imposed by Law, incurred in the ordinary course of business; (iii) all Laws and Governmental Orders; (iv) zoning, building codes, entitlement, and other land use and
environmental regulations of any Governmental Authority; (v) all pledges or deposits in connection with workers compensation, unemployment insurance and other social security legislation; (vi) Encumbrances that will be released and
discharged at or prior to the Closing; (vii) all leases, subleases, licenses, concessions or service contracts to which any Person or any of its Subsidiaries is a party; (viii) Encumbrances identified on documents or writings included in
the public records; and (ix) all other liens and mortgages, covenants, imperfections in title, charges, easements, restrictions and other Encumbrances which do not, individually or in the aggregate, materially detract from the value of, or
materially interfere with, the present use, enjoyment, or transferability of, the asset or property subject thereto or affected thereby. 

  
 10 

 “Person” means any individual, general or limited partnership, firm,
corporation, limited liability company, association, trust, unincorporated organization or other entity. 

“Post-Closing Tax” means any Tax relating to a Post-Closing Tax Period. 

“Post-Closing Tax Period” means any Tax period beginning after the Closing Date and that portion of any Straddle Period
beginning after the Closing Date. 
 “Pre-Closing Tax” means any Tax relating to a Pre-Closing Tax Period.

 “Pre-Closing Tax Period” means any Tax period ending on or before the Closing Date and that portion of any
Straddle Period ending on the Closing Date. 
 “Principal Equityholders” means (a) the Institutional
Equityholders and (b) the following Management Equityholders: D. McDonald Armstrong, Stephen Bouker, Stephen Boyd, Lewis DeFuria, Scott Marshall, and Chris L. Walker. 
 “Producer” means any independent third-party sub-producers for whom the Subsidiaries have placed or provided any Insurance Products or Services. 

“Release” means that certain Release of the Institutional Equityholders and the Management Equityholders, in the form
attached as Exhibit E hereto, dated as of the Closing Date. 
 “Required Company Stockholder Approval”
means the approval of this Agreement and the transactions contemplated hereby by the affirmative vote (by action taken at a meeting or by written consent) of a majority of the shares of Company Common Stock outstanding on the record date for a
stockholders meeting. 
 “Section 280G Waiver” means, with respect to any Person, a written agreement waiving
such Person’s right to receive any “excess parachute payments” (within the meaning of Section 280G of the Code and the regulations promulgated thereunder) and to accept in substitution therefor the right to receive such payments
only if approved by the stockholders of the Companies in a manner that complies with Section 280G(b)(5)(B) of the Code. 

“Senior Executives” means D. McDonald Armstrong, Stephen Bouker, Stephen Boyd, Mark Corey, Lewis DeFuria, Tomer Eilam,
Matthew Lubien, Scott Marshall, Lawrence Moonan, Deirdre Millwood, Adam Nordost, Ryan O’Connor, Dhara Patel, Rebecca Pinto, Michael Powell, Mark Richardson, Peter Savas, Robert K. Schraner, Ronda Sedillo, Joseph Shomphe, and Christopher T.
Uchida, and Chris L. Walker. 
 “Service Fees” means fees charged for services such as consulting, program
design and implementation, third-party administration, risk management, or other services not directly related to the placement of insurance coverage, pursuant to the terms of a written Contract with the Client Account. 

  
 11 

 “Special Matter” means any one or more of the following indemnity matters:

 (a) As to Parent’s right to indemnity under this Agreement: 

(i) Any breach of the Company’s representations and warranties contained in Section 4.1 (Corporate Status),
Section 4.2 (Authority; Merger Approval), Sections 4.3(a)(i) and (a)(ii) and Section 4.3(b) as it relates to Governmental Authority (No Conflict; Government Authorizations), Section 4.4
(Capitalization), Section 4.7 (Taxes), Section 4.10 (Environmental Matters), or Section 4.22 (Finder’s Fee); 
 (ii) Any Pre-Closing Taxes of a Group Company (except to the extent such Taxes were included as a liability in the calculation of Closing Working Capital); 

(iii) Any breach by any Group Company (prior to the Closing) or the Equityholders’ Representative or failure by any Group Company
(prior to the Closing) or the Equityholders’ Representative to perform (or cause to be performed) any of the covenants or agreements under Section 6.9 (Tax Matters) or Section 6.1(b)(x); 

(iv) Any Damages, in excess of any accrued liabilities on the Closing Balance Sheet, arising from or in connection with (A) any
Group Company’s participation in any captive reinsurance, underwriting gains or losses, or any other risk-bearing or risk-sharing activities of any Group Company before the Closing or (B) without limiting the foregoing, any Group
Company’s ownership or operation of Alternative Re Ltd. Cell 16G – Cypress Point (Other); or 
 (v) Any Escheat
Matters. 
 (b) As to the Equityholders’ right to indemnity under this Agreement: 

(i) Any breach of Parent’s representations and warranties contained in Section 5.1 (Corporate Status),
Section 5.2 (Authority), Section 5.3(b) (Government Authorization), or Section 5.8 (Finder’s Fee); 
 (ii) Any Post-Closing Taxes of a Group Company, except for, subject to the limitations of Section 9.3(h), any Post-Closing Taxes arising from or as a result of any (A) breach of the
Company’s representations and warranties contained in Section 4.7 (Taxes) or (B) breach by any Group Company (prior to the Closing) or the Equityholders’ Representative or failure by any Group Company (prior to the
Closing) or the Equityholders’ Representative to perform (or cause to be performed) any of the covenants or agreements under Section 6.9 (Tax Matters) or Section 6.1(b)(x); or 

(iii) Any breach by Parent or the Surviving Corporation or any of its Subsidiaries or failure by Parent, the Surviving Corporation or
any of its Subsidiaries to perform (or cause to be performed) any of the covenants or agreements under Section 6.9 (Tax Matters). 

  
 12 

 “Stockholders Agreement” means that certain Amended and Restated
Stockholders Agreement, dated as of March 31, 2009, among the Equityholders’ Representative, Spectrum V Investment Managers’ Fund, L.P., Arrowhead General Insurance Agency Holding Corp., the Company, and each of the stockholders named
therein. 
 “Straddle Period” means any Tax period beginning before or on and ending after the Closing Date.

 “Subsidiary” means with respect to any entity, that such entity shall be deemed to be a
“Subsidiary” of another Person if such other Person directly or indirectly owns, beneficially or of record, (i) an amount of voting securities of other interests in such entity that is sufficient to enable such Person to elect at
least a majority of the members of such entity’s board of directors or other governing body, or (ii) at least a majority of the outstanding equity interests of such entity. 

“Target Working Capital” means Nine Million Dollars ($9,000,000.00). 

“Tax” or “Taxes” means any and all taxes (together with any all interest, penalties, additions to tax
and additional amounts imposed with respect thereto) imposed by any Governmental Authority, including income, estimated income, gross receipts, profits, business, license, occupation, franchise, capital stock, real or personal property, sales, use,
transfer, value added, employment or unemployment, social security, disability, alternative or add-on minimum, customs, excise, stamp, environmental, commercial rent or withholding taxes. 

“Tax Contest” means any audit, other administrative proceeding or inquiry or judicial proceeding involving
Taxes. 
 “Tax Return” means any report, declaration, return, information return, claim for refund, or
statement relating to Taxes, including any schedule attached thereto, and including any amendments thereof. 
 “Taxing
Authority” means the IRS and any other domestic or foreign Governmental Authority responsible for the administration or collection of any Taxes. 
 “Transaction Agreements” means this Agreement, the Escrow Agreement and each other agreement related hereto or thereto. 

“Transaction Compensation” means the payments to be made the Persons described on Schedule 1.1(a) to this
Agreement in connection with the transactions contemplated hereby. 
 “Transaction Tax Benefit Items” means the
items defined in, and calculated in accordance with, the “Transaction Tax Benefit Schedule” attached as Schedule 1.1(b) to this Agreement on the date hereof, provided that such items are actually deductible under applicable
Law. The Company shall deliver the final Transaction Tax Benefit Schedule to Parent and Merger Sub at least three (3) Business Days prior to the Closing. 

  
 13 

 “Transfer Taxes” means any and all transfer, documentary, sales, use, gross
receipts, stamp, registration, value added, recording, escrow and other similar Taxes and fees (including any penalties and interest) incurred in connection with the transactions contemplated by this Agreement (including any real property or
leasehold interest transfer or gains tax and any similar Tax). 
 “Treasury Regulations” means the United
States Treasury regulations promulgated under the Code. 
 “Unpaid Company Transaction Expenses” means
(i) the fees and disbursements payable to the financial advisors referenced in Section 4.22; (ii) the fees and disbursements payable to Latham & Watkins LLP, legal counsel of any Group Company that are payable by any
Group Company in connection with the transactions contemplated by this Agreement; and (iii) all other miscellaneous expenses or costs, in each case, incurred by the Company or Subsidiaries directly in connection with the transactions
contemplated by this Agreement (including any severance, retention, or other payments due and owing to employees, consultants, or other third parties as a result of the transactions contemplated by this Agreement), but only to the extent they have
not been paid by any Group Company in Cash on or prior to the close of business on the Closing Date and have, accordingly, not reduced the Closing Cash; provided, however, that the foregoing clause (ii) and (iii) shall not
include any fees, expense or disbursements incurred by Parent, or by the Surviving Corporation which are on behalf of Parent, fees and expenses incurred by or on behalf of any Group Company in connection with any financing transactions of Parent and
Parent Subsidiaries, and the fees and expenses of Parent’s attorneys, accountants and other advisors. 
 “Written
Consent” means that certain written consent of the Equityholders’ Representative, in the form attached as Exhibit F hereto, approving and adopting this Agreement and the Merger. 

“Year Three EBITDA” means the Group Companies’ total annual EBITDA (as described in Section 2.9) during
Year Three. 
 SECTION 1.2 Other Definitional and Interpretative Matters. 

(a) Certain Other Definitions. As used in this Agreement, the following terms shall have the respective meanings ascribed thereto in the
respective sections of this Agreement set forth opposite each such term below: 
  

			
	 Term
	  	Section
	 Accounting Firm
	  	2.8(c)
	 Acquisition Proposal
	  	6.11
	 Agreement
	  	Preamble
	 Annual Meeting Charge
	  	2.9(d)
	 Certificate of Merger
	  	2.4
	 Certificates
	  	3.1(a)
	 Closing
	  	2.3(a)
	 Closing Balance Sheet
	  	2.8(b)

  
 14 

			
	 Term
	  	Section
	 Closing Date
	  	2.3(a)
	 Closing Date Schedule
	  	2.8(b)
	 Company
	  	Preamble
	 Company Benefit Plans
	  	4.11(a)
	 Company Common Stock
	  	Recitals
	 Company Cure Period
	  	8.1(c)
	 Company Disclosure Schedule
	  	Article IV
	 Company Financial Statements
	  	4.5
	 Company Indemnified Parties
	  	6.6(a)
	 Company Intellectual Property
	  	4.13(a)
	 Company Material Contract
	  	4.14(a)
	 Company Pre-Closing Certificate
	  	2.8(a)
	 Dispute Notice
	  	2.8(c)
	 Dissenting Shares
	  	3.3
	 Earn-Out Amount Dispute Notice
	  	2.9(g)
	 Earn-Out Amount Expert Calculations
	  	2.9(g)
	 Earn-Out Amount Review Period
	  	2.9(g)
	 Earn-Out Amount Statement
	  	2.9(g)
	 Earn-Out Period
	  	2.9(d)
	 EBITDA
	  	2.9(b)
	 Effective Time
	  	2.4
	 Equityholder Reserve
	  	3.1(a)
	 Equityholders’ Representative
	  	Preamble
	 Escrow Fund
	  	3.1(a)
	 Estimated Closing Cash
	  	2.8(a)
	 Estimated Closing Debt
	  	2.8(a)
	 Estimated Working Capital
	  	2.8(a)
	 Estimated Unpaid Company Transaction Expenses
	  	2.8(a)
	 Excess Coverage Provision
	  	6.12(a)
	 Expert Calculations
	  	2.8(c)
	 Expiration Date
	  	9.1
	 Fold-In Acquisition
	  	2.10(a)
	 Fold-In Acquisitions Cost of Capital Charge
	  	2.10(a)
	 Fold-In Acquisitions Payments Amount
	  	2.10(a)
	 Fold-In Acquisitions Support Charge
	  	2.10(a)
	 Holder Group
	  	6.8
	 Indemnitee
	  	9.4(a)
	 Indemnitor
	  	9.4(a)
	 Insurance Policies
	  	4.20
	 Leased Real Property
	  	4.16
	 Merger
	  	Recitals
	 Merger Sub
	  	Preamble
	 New Profit Center
	  	2.9(e)
	 New Profit Center Leader
	  	2.9(e)

  
 15 

			
	 Term
	  	Section
	 Non-Compete Amount
	  	3.1(a)
	 Optionholder
	  	2.7(b)
	 Option Payment
	  	2.7(b)
	 Parent
	  	Preamble
	 Parent Cure Period
	  	8.1(d)
	 Parent Subsidiaries
	  	5.4
	 Pre-Closing Period
	  	6.1(a)
	 Premiums/Fees Receivable
	  	2.9(d)
	 PSU Holder
	  	2.7(c)
	 PSU Payment
	  	2.7(c)
	 Required Tail Coverage
	  	6.12(a)
	 Required Tail Deductible
	  	6.12(b)
	 Review Period
	  	2.8(c)
	 RSU Holder
	  	2.7(a)
	 RSU Payment
	  	2.7(a)
	 Salary Increase Pool
	  	2.9(d)
	 Section 280G
	  	6.7(c)(i)
	 Section 280G Soliciting Material
	  	6.7(c)(iii)
	 Section 409A
	  	4.11(g)
	 Solvent
	  	5.5
	 Subleased Real Property
	  	4.16
	 Surviving Corporation
	  	2.1
	 Terminated Plans
	  	2.3(b)
	 Terminating Company Breach
	  	8.1(c)
	 Terminating Parent Breach
	  	8.1(d)
	 Third-Party Claim
	  	9.4(a)
	 Transfer
	  	2.9(f)
	 Transferred Account
	  	2.9(f)
	 TTB Carryback
	  	6.9(e)
	 TTB Carryforward
	  	6.9(e)
	 VCP
	  	6.13
	 Year Three
	  	2.9(d)
	 Year Two
	  	2.9(d)

 (b) Interpretive Matters. Unless otherwise expressly provided herein, for purposes of this
Agreement, the following rules of interpretation shall apply: 
 (i) Calculation of Time Period. When calculating the
period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is a
non-Business Day, the period in question shall end on the next succeeding Business Day. 

  
 16 

 (ii) Dollars. Any reference in this Agreement to Dollars or $ shall mean U.S.
dollars. 
 (iii) Exhibits/Schedules. The Exhibits and Schedules to this Agreement are hereby incorporated and made a
part hereof and are an integral part of this Agreement. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. The Company may, at its option,
include in the Schedules items that are not material in order to avoid any misunderstanding, and such inclusion, or any references to dollar amounts, shall not be deemed to be an acknowledgement or representation that such items are material, to
establish any standard of materiality or to define further the meaning of such terms for purposes of this Agreement or otherwise. Information disclosed pursuant to any Schedule hereto shall be deemed to be disclosed to Parent for purposes of any
other Schedule to the extent that the relevance of such disclosure to such other Schedule is reasonably apparent from the face of such disclosure. Any capitalized terms used in any Schedule or Exhibit but not otherwise defined therein shall be
defined as set forth in this Agreement. 
 (iv) Gender and Number. Any reference in this Agreement to gender shall
include all genders, and words imparting the singular number only shall include the plural and vice versa. 
 (v)
License. The word “license” (regardless of the tense when used as a verb or single or plural form when used as a noun) shall include the term “sublicense” (and its corresponding forms) and vice versa. 

(vi) Headings. The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other
subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. All references in this Agreement to any “Section” are to the corresponding
Section of this Agreement unless otherwise specified. 
 (vii) Herein. The words such as “herein,”
“hereinafter,” “hereof,” and “hereunder” and any other words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including all of the Schedules and Exhibits to this
Agreement) and not merely to a particular term or provision of this Agreement or subdivision in which such words appear unless the context otherwise requires. 
 (viii) Including. The word “including” or any variation thereof means “including, without limitation” and shall not be construed to limit any general statement that it follows
to the specific or similar items or matters immediately following it. 
 (ix) Threatened. The word
“threatened” or any variation thereof means “threatened in writing”. 
 (c) Unless otherwise defined in this
Agreement, accounting terms shall have the respective meanings assigned to them in accordance with GAAP consistently applied with the policies, conventions, methodologies and procedures used by the Company in preparing the audited Company Financial
Statements as of and for the period ended December 31, 2010. 

  
 17 

 (d) The parties hereto have participated jointly in the negotiation and drafting of this
Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party
by virtue of the authorship of any provision of this Agreement. Any reference to any Law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. 

ARTICLE II. 

THE MERGER 

SECTION 2.1 The Merger. Upon the terms and subject to the conditions of this Agreement, and in accordance with the DGCL, Merger Sub
shall be merged with and into the Company at the Effective Time. Following the Merger, the separate corporate existence of Merger Sub shall cease, and the Company shall continue as the surviving corporation (the “Surviving
Corporation”) and shall succeed to and assume all the rights and obligations of the Company and Merger Sub in accordance with the DGCL. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time, all of the
property, rights, privileges and powers of the Company and Merger Sub shall vest in the Surviving Corporation, and all of the debts, liabilities and duties of the Merger Sub shall become the debts, liabilities and duties of the Surviving
Corporation. 
 SECTION 2.2 Effects of the Merger. At and after the Effective Time, the Merger shall have the effects set
forth in the DGCL. 
 SECTION 2.3 Closing Matters. 

(a) Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at
the offices of Latham & Watkins LLP, 233 South Wacker Drive, Suite 5800, Chicago, Illinois 60606 on the date which is three (3) Business Days after the date on which all the conditions set forth in Article VII shall have been
satisfied or waived (other than those conditions that by their terms are to be satisfied at the Closing, but subject to the fulfillment or waiver of those conditions), or such other time and place as Parent and the Company may mutually agree (such
date hereinafter, the “Closing Date”). 
 (b) Closing Deliveries of the Company and the Equityholders’
Representative. At the Closing, the Company and the Equityholders’ Representative, as applicable, shall deliver to Parent: 
 (i) The stock record book, minute book and seal (if any) of each of the Group Companies (such delivery shall be deemed to have occurred if the stock record book, minute book and seal (if any) of a Group
Company are located on the premises of any Group Company); 
 (ii) The Certificates, in accordance with
Section 3.1(a)(i); 
 (iii) A certificate, duly executed by an authorized officer of the Company, dated the Closing
Date, certifying that the conditions in Section 7.2(a) have been fulfilled; 

  
 18 

 (iv) A certificate, duly executed by the Secretary or Assistant Secretary of the Company,
dated the Closing Date, to the effect that attached thereto is a true and complete copy of the (A) applicable Organizational Documents for each Group Company, (B) certificate of good standing or similar instrument for each Group Company
from the state of such entity’s incorporation, (C) resolutions of the Board of Directors of the Company approving and authorizing the execution, delivery, and performance of this Agreement, the Other Transaction Agreement and the
transactions contemplated herein and therein, and recommending this Agreement, the Other Transaction Agreements and the transactions contemplated herein and therein, to the Equityholders for their approval; and (D) resolutions of the Board of
Directors of the Company (1) terminating the Company’s 401(k) plan, deferred stock plan, other equity-based compensation plans, and other Employee Benefits Plans (except Employee Welfare Benefit Plans, as defined in Section 3(1) of
ERISA), with such termination, contingent upon the consummation of the Acquisition, to be effective before the Closing Date (the “Terminated Plans”), (2) providing that no contributions shall be made to the Terminated Plans
after the termination date, (3) if appropriate under applicable Law or the terms of the Terminated Plans, directing the Company’s legal counsel to apply for a determination letter from the IRS with respect to the termination of the
Terminated Plan and to submit a Notice of Intent to Terminate to all participants and beneficiaries under the Terminated Plans, (4) terminating or transferring any life insurance policies procured by the Company for its benefit on the lives of
any Equityholders or any directors or officers of the Company, together with any agreements to provide any such life insurance policies at the expense of the Company, and (5) terminating any and all leases of employee vehicles and any
agreements with employees related to the provision of vehicles, or (unless otherwise by Parent) for the payment of a periodic vehicle allowance, by the Company; 
 (v) A certificate, duly executed by the Secretary or Assistant Secretary of the Company, dated the Closing Date, to the effect that the Written Consent was duly adopted by the Equityholders’
Representative and such Written Consent, as attached to such certificate, is true, correct and complete, remains in full force and effect, and has not been amended, rescinded, or modified; 

(vi) As and to the extent requested by Parent in writing no later than three (3) Business Days before the Closing, resignation
letters from the directors and officers of the Group Companies, effective as of the Closing; 
 (vii) The Non-Compete
Agreement, executed by the Principal Equityholders and the Company; 
 (viii) The Key Employee Agreements, executed by those
employees of the Group Companies set forth in Schedule 2.3(b)(viii); 
 (ix) The Escrow Agreement, executed by the
Equityholders’ Representative and the Escrow Agent; 
 (x) The Release, executed by the Institutional Equityholders and
the Management Equityholders; 

  
 19 

 (xi) The Opinion of Equityholder’s Counsel, executed by the Equityholder’s
external legal counsel; 
 (xii) Evidence, in form reasonably acceptable to Parent, of receipt of the consents set forth in
Schedule 2.3(b)(xii); 
 (xiii) The Closing Statement, executed by the Equityholders’ Representative; 

(xiv) Evidence, in form reasonably acceptable to Parent, that all financial obligations owed to any of the Group Companies by any
Equityholder or any Affiliate, director, or officer of the Company, any of the Subsidiaries, or any of the Equityholders, have been paid in full prior to Closing; 
 (xv) Evidence, in form reasonably acceptable to Parent, of the Company’s arrangement to purchase the Required Tail Coverage; 
 (xvi) Evidence, in form reasonably acceptable to Parent, of written acknowledgment by the Company and all other parties to the Stockholders Agreement, that such Stockholders Agreement will be terminated
effective as of the Closing; and 
 (xvii) All necessary forms and certificates complying with applicable Law, duly executed
and acknowledged within thirty (30) days prior to the Closing Date, certifying that the transactions contemplated hereby are exempt from withholding under Section 1445 of the Code, along with written authorization for Parent to deliver
such notice form to the Internal Revenue Service on behalf of the Company and the Subsidiaries upon Closing. 
 (c) Closing
Deliveries of Parent and Merger Sub. At the Closing, Parent shall deliver to the Equityholders’ Representative, the Principal Equityholders, the Equityholders, the PSU Holders, the Escrow Agent, or the holders of the Closing Debt, as
applicable: 
 (i) A certificate, duly executed by an authorized officer of each of Parent and Merger Sub, dated the Closing
Date, certifying that the conditions of Section 7.1(a) have been fulfilled; 
 (ii) Payments for those amounts
described in, and in accordance with the terms and conditions of, Section 3.1(a), Section 3.1(b), and Section 3.2; 
 (iii) The Non-Compete Agreement, executed by Parent; 
 (iv) The Key Employee
Agreements, executed by the Surviving Corporation; and 
 (v) The Escrow Agreement, executed by Parent. 

SECTION 2.4 Effective Time. On the Closing Date, Parent and the Company shall cause to be filed with the Secretary of State of the
State of Delaware a properly executed certificate of merger conforming to the requirements of the DGCL and in form and substance 

  
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consistent with the requirements of this Agreement and otherwise reasonably satisfactory to Parent, executed in accordance with the relevant provisions of the DGCL (the “Certificate of
Merger”). The Merger shall become effective on the date and at the time that the Certificate of Merger is filed with the Secretary of State of the State of Delaware or at such subsequent time as Parent and the Company shall agree and as
shall be specified in the Certificate of Merger (the “Effective Time”). 
 SECTION 2.5 Certificate of
Incorporation and Bylaws; Directors and Officers. 
 (a) At the Effective Time and without any further action on the part of
the Company or Merger Sub, the Company’s Certificate of Incorporation shall be amended to read in its entirety as the certificate of incorporation of Merger Sub reads as in effect immediately prior to the Effective Time, until thereafter
changed or amended as provided therein or by applicable Law; provided, that such certificate of incorporation shall reflect as of the Effective Time “Arrowhead General Insurance Agency SuperHolding Corporation” as the name of the
Surviving Corporation. The Bylaws of Merger Sub, as in effect immediately prior to the Effective Time, shall be the Bylaws of the Surviving Corporation until thereafter changed or amended as provided therein or by the certificate of incorporation of
the Surviving Corporation and applicable Law. 
 (b) The directors of Merger Sub immediately prior to the Effective Time shall
be the directors of the Surviving Corporation as of the Effective Time, until the earlier of their resignation or removal or otherwise ceasing to be a director or until their respective successors are duly elected and qualified, as the case may be,
in each case in the manner provided in the certificate of incorporation of the Surviving Corporation or the bylaws of the Surviving Corporation or as otherwise provided by applicable law. 

(c) The officers of the Company immediately prior to the Effective Time shall be the officers of the Surviving Corporation as of the
Effective Time, until the earlier of their resignation or removal or otherwise ceasing to be an officer or until their respective successors are duly elected and qualified, as the case may be, in each case in the manner provided in the certificate
of incorporation of the Surviving Corporation or the bylaws of the Surviving Corporation or as otherwise provided by applicable law. 
 SECTION 2.6 Conversion of Securities. At the Effective Time, by virtue of the Merger and without any action on the part of (i) the holder of any shares of Company Common Stock or any shares of
capital stock of Merger Sub, or (ii) Parent or Merger Sub: 
 (a) Each share of Company Common Stock that is held in the
treasury of the Company and each share of Company Common Stock owned by Parent, Merger Sub or any other wholly-owned subsidiary of Parent shall be cancelled and retired and no consideration shall be delivered in exchange therefor. 

(b) Subject to Section 2.6(d), Section 2.8, Section 2.9, and Section 3.1(a), each share
of Company Common Stock issued and outstanding immediately prior to the Effective Time (other than shares of Company Common Stock to be canceled in accordance with Section 2.6(a) and other than Dissenting Shares) shall be converted at
the Effective Time into the 

  
 21 

 
right to receive an amount in cash, without interest, equal to the Per Share Merger Consideration. All such shares of Company Common Stock, when so converted, shall no longer be outstanding and
shall automatically be canceled and retired, and each holder of a Certificate representing any such shares of Company Common Stock shall cease to have any rights with respect thereto, except the right to receive the Per Share Merger Consideration
with respect to such shares of Company Common Stock and the amounts payable pursuant to Section 2.8(d)(ii), Section 3.1 and Section 6.9(e). 
 (c) Each issued and outstanding share of the capital stock of Merger Sub shall be converted into and become as of the Effective Time one (1) validly issued, fully paid and nonassessable share of
common stock, par value $0.01 per share, of the Surviving Corporation. 
 (d) Prior to the Closing, the Company, at its expense
(which expense shall be paid in cash or accrued in Unpaid Company Transaction Expenses prior to Closing), shall convert Lewis DeFuria’s rights under his current employment agreement with Arrowhead General Insurance Agency, Inc. into the right
to receive (i) $8,000,000.00 of performance payment, (ii) $500,000.00 of retirement bonus and (iii) $6,500,000.00. 
 SECTION 2.7 Treatment of Stock-based Awards. 
 (a) Treatment of Company RSU
Awards. Subject to Section 2.8 and Section 3.1(a), at the Effective Time, each Company RSU Award shall be cancelled in consideration of payment to the holder thereof (each, an “RSU Holder”) of an amount in
cash equal to the product obtained by multiplying (i) the aggregate number of shares of Company Common Stock subject to each Company RSU Award held by such RSU Holder as of immediately prior to the Effective Time, by (ii) the Per Share
Merger Consideration (such amount, an “RSU Payment”). The Company shall take all necessary actions, including providing any required notice to RSU Holders and obtaining any required consents from RSU Holders, necessary to effect the
transactions described in this Section 2.7(a) pursuant to the terms of the Company RSU Plans and any agreement evidencing a Company RSU Award. 
 (b) Treatment of Company Options. Subject to Section 2.8 and Section 3.1(a), at the Effective Time, each Company Option that has not been exercised prior to the Effective
Time shall be cancelled in consideration of payment to the holder thereof (each, an “Optionholder”) of an amount in cash equal to the product obtained by multiplying (i) the aggregate number of shares of Company Common Stock
issuable upon the exercise of each unexercised Company Option held by such Optionholder as of immediately prior to the Effective Time, by (ii) the excess, if any, of (x) the Per Share Merger Consideration over (y) the exercise price
per share of such Company Option (such amount, an “Option Payment”). The Company shall take all necessary actions, including providing any required notice to Optionholders, necessary to effect the transactions described in this
Section 2.7(b) pursuant to the terms of the Company Option Plan and any agreement evidencing a Company Option. 

(c) Treatment of Company PSU Awards. At the Effective Time, each Company PSU Award shall be cancelled in consideration of payment
to the holder thereof (each, a “PSU Holder”) of an amount in cash equal to the product obtained by multiplying (i) the aggregate number of shares of Company Preferred Stock subject to each Company PSU Award

  
 22 

 
held by such PSU Holder as of immediately prior to the Effective Time, by (ii) the sum of (x) the liquidation preference required to be paid for such share of Company Preferred Stock,
plus (y) an amount equal to a prorated dividend for the period from the Dividend Payment Date (as defined in the Amended and Restated Certificate of Incorporation of the Company) immediately prior to the Closing Date pursuant to the
Company Preferred Stock designations outlined in the Amended and Restated Certificate of Incorporation of the Company (such amount, the “PSU Payment”). The Company shall take all necessary actions, including providing any required
notice to PSU Holders and obtaining any required consents from PSU Holders, necessary to effect the transactions described in this Section 2.7(c) pursuant to the terms of the Company PSU Plan and any agreement evidencing a Company PSU
Award. 
 SECTION 2.8 Post-Closing Purchase Price Adjustment. 

(a) Pre-Closing Estimate. At least three (3) Business Days prior to the Closing, the Company shall deliver to Parent and the
Equityholders’ Representative (i) the estimated unaudited balance sheet of the Company on the close of business on the Closing Date (the “Estimated Closing Balance Sheet”), together with (ii) a certificate of the
Company (the “Company Pre-Closing Certificate”) executed on its behalf by the Chief Financial Officer of the Company that sets forth in reasonable detail the Company’s good faith estimate of the Per Share Merger Consideration
as well as its estimates of Closing Working Capital (the “Estimated Working Capital”), Closing Debt (“Estimated Closing Debt”), and Unpaid Company Transaction Expenses (“Estimated Unpaid Company Transaction
Expenses”), such Estimated Closing Balance Sheet and other estimates to be prepared in accordance with GAAP, using the policies, conventions, methodologies and procedures used by the Company in preparing the audited Company Financial
Statements as of and for the period ended December 31, 2010. The amount set forth as Estimated Working Capital, Estimated Closing Debt, or Estimated Unpaid Company Transaction Expenses, as applicable, on the Company Pre-Closing Certificate
shall be deemed to be Estimated Working Capital, Estimated Closing Debt or Estimated Unpaid Company Transaction Expenses, as applicable, for all purposes under this Agreement, provided that prior to the Company’s delivery of the
Estimated Closing Balance Sheet and the Company Pre-Closing Certificate, Parent shall have a reasonable opportunity to review and consult with the Company with respect to the Company’s preparation of the Estimated Closing Balance Sheet and the
above estimates set forth in the Company Pre-Closing Certificate. 
 (b) Calculation. As promptly as practicable, but in
no event later than sixty (60) days following the Closing Date, the Surviving Corporation shall, at its expense, (i) cause to be prepared, in accordance with GAAP, using the policies, conventions, methodologies and procedures used by the
Company in preparing the Company Financial Statements, an unaudited balance sheet of the Company on the close of business on the Closing Date (the “Closing Balance Sheet”), together with a statement (the “Closing Date
Schedule”) setting forth in reasonable detail the Surviving Corporation’s calculation of Closing Working Capital, Closing Debt and Unpaid Company Transaction Expenses, and (ii) deliver to the Equityholders’ Representative the
Closing Balance Sheet and the Closing Date Schedule, together with a certificate of the Surviving Corporation executed on its behalf by its Chief Financial Officer confirming that the Closing Balance Sheet and the Closing Date Schedule were properly
prepared in good faith and in accordance with GAAP, using the policies, conventions, methodologies and procedures used by the Company in preparing the Company Financial 

  
 23 

 
Statements. Solely in connection with the preparation of the Closing Balance Sheet and Closing Date Schedule, Parent agrees that it shall not, and shall cause the Surviving Corporation not to,
take any actions with respect to the accounting books and records of the Surviving Corporation on which the Closing Balance Sheet or Closing Date Schedule are to be based that are not consistent with the past practices of the Group Companies.

 (c) Review; Disputes. 
 (i) From and after the Effective Time, the Surviving Corporation shall provide the Equityholders’ Representative and any accountants or advisors retained by the Equityholders’ Representative
with full access to the books and records of the Surviving Corporation for the purposes of: (A) enabling the Equityholders’ Representative and its accountants and advisors to calculate, and to review the Surviving Corporation’s
calculation of, Closing Working Capital, Closing Cash, Closing Debt, Unpaid Company Transaction Expenses; and (B) identifying any dispute related to the calculation of any of Closing Working Capital, Closing Cash, Closing Debt, or Unpaid
Company Transaction Expenses in the Closing Date Schedule. The reasonable fees and expenses of any such accountants and advisors retained by the Equityholders’ Representative shall be paid by the Equityholders’ Representative and
reimbursed to the Equityholders’ Representative pursuant to Section 10.1(b). 
 (ii) If the
Equityholders’ Representative disputes the calculation of any of Closing Working Capital, Closing Cash, Closing Debt and Unpaid Company Transaction Expenses set forth in the Closing Date Schedule, then the Equityholders’ Representative
shall deliver a written notice (a “Dispute Notice”) to the Surviving Corporation and the Escrow Agent at any time during the sixty (60) day period commencing upon receipt by the Equityholders’ Representative of the Closing
Balance Sheet, the Closing Date Schedule and the related certificate of the Surviving Corporation’s Chief Financial Officer, all as prepared by the Surviving Corporation in accordance with the requirements of Section 2.8(b) (subject
to extension for any period of inadequate access to the underlying records) (the “Review Period”). The Dispute Notice shall set forth the basis for the dispute of any such calculation in reasonable detail. 

(iii) If the Equityholders’ Representative does not deliver a Dispute Notice to the Surviving Corporation prior to the expiration
of the Review Period, the Surviving Corporation’s calculation of Closing Working Capital, Closing Debt and Unpaid Company Transaction Expenses set forth in the Closing Date Schedule shall be deemed final and binding on Parent, the Surviving
Corporation, the Equityholders’ Representative and the Equityholders for all purposes of this Agreement. 
 (iv) If the
Equityholders’ Representative delivers a Dispute Notice to the Surviving Corporation prior to the expiration of the Review Period, then the Equityholders’ Representative and the Surviving Corporation shall use commercially reasonable
efforts to reach agreement on the portions of Closing Working Capital, Closing Debt and Unpaid Company Transaction Expenses which were timely disputed in the Dispute Notice. Except to the extent set forth in a Dispute Notice timely delivered, the
Surviving Corporation’s calculation of Closing Working Capital, Closing Debt and Unpaid Company Transaction Expenses set forth in the Closing Date Schedule shall be deemed final and binding on Parent, the Surviving Corporation,

  
 24 

 
the Equityholders’ Representative and the Equityholders in all other respects for all purposes of this Agreement. If the Equityholders’ Representative and the Surviving Corporation are
unable to reach agreement on disputed portions of Closing Working Capital, Closing Debt and Unpaid Company Transaction Expenses within thirty (30) days after the end of the Review Period, the parties shall refer such dispute and submit their
related workpapers to KPMG, or such other nationally recognized independent accounting firm that is mutually agreed upon by the Surviving Corporation and the Equityholders’ Representative (such firm, or any successor thereto, being referred to
herein as the “Accounting Firm”) after such thirtieth (30th) day. In connection with the resolution of any such dispute by the Accounting Firm: (i) each of the Surviving Corporation and the Equityholders’ Representative shall have a reasonable
opportunity to make written submissions in support of its position to the Accounting Firm, and meet with the Accounting Firm to provide its views as to any disputed issues with respect to the calculation of any of Closing Working Capital, Closing
Debt and Unpaid Company Transaction Expenses; (ii) each of the Surviving Corporation and the Equityholders’ Representative shall promptly provide, or cause to be provided, to the Accounting Firm all information, and to make available to
the Accounting Firm its personnel, as are reasonably necessary to permit the Accounting Firm to resolve such disputes; (iii) the Accounting Firm shall determine Closing Working Capital, Closing Debt and Unpaid Company Transaction Expenses in
accordance with the terms of this Agreement within thirty (30) days of such referral and upon reaching such determination shall deliver a copy of its calculations (the “Expert Calculations”) to the Equityholders’
Representative, Surviving Corporation and the Escrow Agent; and (iv) the determination made by the Accounting Firm of Closing Working Capital, Closing Debt and Unpaid Company Transaction Expenses shall be final and binding on Parent, the
Surviving Corporation, the Equityholders’ Representative and the Equityholders for all purposes of this Agreement, absent manifest error. In calculating Closing Working Capital, Closing Debt and Unpaid Company Transaction Expenses, (x) the
Accounting Firm shall be limited to addressing any particular disputes referred to in the Dispute Notice and (y) each such amount shall be no greater than the higher corresponding amount calculated by the Equityholders’ Representative and
the Surviving Corporation, as the case may be, and no lower than the lower corresponding amount calculated by the Equityholders’ Representative and the Surviving Corporation, as the case may be. The Expert Calculations shall reflect in detail
the differences, if any, between Closing Working Capital, Closing Debt and Unpaid Company Transaction Expenses reflected therein and Closing Working Capital, Closing Debt and Unpaid Company Transaction Expenses set forth in the Closing Date
Schedule. The fees and expenses of the Accounting Firm shall be borne by the Surviving Corporation and the Equityholders’ Representative in proportion to how close each party’s position was to the determination of the Accounting Firm (it
being understood that any fees and expenses of the Accounting Firm payable by the Equityholders’ Representative shall be reimbursed pursuant to Section 10.1(b)). All negotiations pursuant to this Section 2.8 shall be
treated as compromise and settlement negotiations for the purposes of Rule 408 of the Federal Rules of Evidence and comparable state rules of evidence, and all submissions to the Accounting Firm shall be treated as confidential information.

 (d) Payment Upon Final Determination of Adjustments. 

(i) If (A) the difference of Closing Working Capital, less Closing Debt and Unpaid Company Transaction Expenses, as finally
determined in accordance with Section 2.8(c), is less than (B) the difference of Estimated Working Capital, less Estimated 

  
 25 

 
Closing Debt and Estimated Unpaid Company Transaction Expenses, as finally estimated in accordance with Section 2.8(a), then the Equityholders’ Representative shall pay the
amount of such deficiency to the Surviving Corporation solely from the Escrow Fund. Notwithstanding any provision of this Agreement to the contrary, the Surviving Corporation’s sole recourse for payment of any such deficiency pursuant to this
Section 2.8(d)(i) shall be the Escrow Fund and neither Parent nor the Surviving Corporation or any of their respective Affiliates shall have any claim against any Equityholder in respect thereof. 

(ii) If (A) the difference of Closing Working Capital, less Closing Debt and Unpaid Company Transaction Expenses, as finally
determined in accordance with Section 2.8(c), less (B) the difference of Estimated Working Capital, less Estimated Closing Debt and Estimated Unpaid Company Transaction Expenses, as finally estimated in accordance with
Section 2.8(a), is greater than zero, then the Surviving Corporation shall, no later than one Business Day after such determination (or, if such Equityholder is a holder of Company Common Stock and has not exchanged such
Equityholder’s Certificates pursuant to Article III, then upon such exchange by such Equityholder), cause to be paid to each Equityholder by delivery of immediately available funds to such Equityholder an amount equal to the product
of such excess multiplied by such Equityholder’s Applicable Percentage. 
 SECTION 2.9 Earn-Out Amount. 

(b) Notwithstanding anything in this Agreement to the contrary, within sixty (60) days following the third
(3rd) anniversary of the Closing Date, Parent shall
pay to the Earn-Out Equityholders, as consideration for their Company Common Stock, the final Earn-Out Amount. The final Earn-Out Amount shall be allocated to each Earn-Out Equityholder based on a ratio, the numerator of which is such Earn-Out
Equityholder’s Applicable Percentage and denominator of which is the aggregate of all Earn-Out Equityholders’ Applicable Percentages. 
 (c) For purposes of this Agreement, “EBITDA” means earnings before interest, taxes, depreciation, and amortization. EBITDA will be determined in accordance with GAAP and Parent’s
standard accounting methodology and procedures, consistently applied. Notwithstanding the foregoing, if there is any conflict between Parent’s standard accounting methodology and practices and the terms of this Agreement, then solely for
purposes of calculating the Earn-Out Amount hereunder, the terms of this Agreement will govern. For clarity, the definition of EBITDA under this Agreement shall be used solely for purposes of determining the Earn-Out Amount hereunder and the
aggregate awarded shares of Parent’s common stock to the Management Equityholders under their respective Performance Stock Agreements, and not to determine the financial performance of the Group Companies for any other purpose. 

(d) Without limiting the foregoing: 
 (i) EBITDA will be computed without regard to “extraordinary items” of gain or loss as that term shall be defined in GAAP; 

(ii) EBITDA will not include any gains, losses or profits realized from the sale of any assets; 

  
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 (iii) Notwithstanding any GAAP requirement that any Group Company or Parent post accruals
for (A) direct bill Commissions or (B) Contingent Revenues on its balance sheet, for purposes of determining the Earn-Out Amount, direct bill Commissions and Contingent Revenues are recognized when received (i.e., on a cash basis).

 (iv) Agency bill Commissions are recognized as follows: 

(A) For agency bill policies for which premiums are paid in full at inception rather than in installments, such Commissions are
recognized on the later of the policy effective date (as indicated in the policy) or the date that the premium was billed to the Client (as indicated in the premium invoice). 
 (B) For agency bill policies for which premiums are paid in installments during the policy period, such Commissions are recognized on the later of the payment due date for each installment (as indicated
in the policy) or the date each installment was billed to the Client (as indicated in the invoice for each installment), provided, however, that notwithstanding the foregoing, during the Earn-Out Period: 

(1) With respect to the Group Companies’ personal auto, residential property, and residential earthquake programs, for agency bill
policies for which premiums are paid in installments during the policy period, such Commissions are recognized in full on the later of (a) the transaction date (as indicated in the invoice and (b) the effective date of such policy; and

 (2) Commissions for workers compensation policies are recognized on an earned basis, in equal monthly amounts of one-twelfth
(1/12) over the policy year; 
 (v) Service Fees are recognized as follows: (A) policy, billing, and reinstatement
fees are recognized on the effective date of the related policy; and (B) fees for claims administration, loss control, and other risk management services are recognized ratably as such services are rendered, measured consistently with current
practices. 
 (e) Notwithstanding anything herein to the contrary, the following shall apply to the calculation of EBITDA:

 (i) Revenues shall exclude the following items: 
 (A) Late fees charged to Client Accounts, provided that policy cancellation fees and policy reinstatement fees shall be included as Service Fees and shall not be excluded as late fees hereunder;

 (A) First year Commissions earned from any Individual Financial Products unless earned by a business line approved by
Parent; 
 (B) Any Commissions earned from any (1) Individual Financial Products written on the lives of any Senior
Executive, any director, officer or key employee of any Group Company or any Institutional Equityholder, or any family member of any Senior Executive or any director, officer or key employee of any Group Company or any Institutional Equityholder, or
(2) Insurance Products or Services placed or provided for any Group Company, any Institutional Equityholder, or any of their respective Affiliates; 

  
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 (B) Interest; 
 (C) Countersignature fees; 
 (D) Commissions derived from any insurance coverages
written with any Carrier not approved by Parent’s Market Security Committee; 
 (E) Commissions accrued on the Group
Companies’ or Parent’s balance sheet and attributable to direct bill policies or GSCs; 
 (F) Any revenues recognized
during the three (3)-year period beginning February 1, 2012, and ending January 31, 2015 (the “Earn-Out Period”) under GAAP to reflect any changes in the fair value of the Earn-Out Amount; 

(G) Any benefits paid to Parent under any Management Equityholder Life Policy purchased by Parent; and 

(H) Any purchase price or other consideration that Parent or any Group Company receives from any sale or transfer of Client Accounts
during the Earn-Out Period, except as otherwise provided below. 
 (ii) Except with respect to Commissions generated from
endorsements or audits, no more than twelve (12) months’ of revenues generated from any one Client Account will be included in any twelve (12)-month period. 
 (iii) If any accounts receivable for premiums or Service Fees due from a Client Account (“Premiums/Fees Receivable”) are written off as bad debt in accordance with Parent’s accounts
receivable collection policy, as the same may be modified on a company-wide basis from time to time, during the Earn-Out Period, any corresponding Commissions or Service Fees that were previously recognized as revenue during the Earn-Out Period, and
not otherwise reduced (e.g., by cancellation credits), will be excluded dollar-for-dollar from revenues; provided, however, that if such Premiums/Fees Receivable are later collected during the Earn-Out Period, any corresponding Commissions or
Services Fees will be included in revenues. No Commissions or Service Fees corresponding to Premiums/Fees Receivable that were written-off as uncollectible bad debt before the Effective Time and are later collected during the Earn-Out Period will be
included in revenues. 
 (iv) In calculating revenues, earned Commissions will be reduced for any cancellations or non-renewals
effective during the Earn-Out Period, or recorded or received between the end of the Earn-Out Period and the calculation and payment of the final Earn-Out Amount, for any policies placed before or during the Earn-Out Period for the Jumbo Account.

 (v) EBITDA will reflect all expenses actually incurred by the Group Companies and the following corporate expenses charged
by Parent to its profit centers: 

  
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 (A) A charge (not to exceed 1.60% of annual revenues), consistent with the charge to
Parent’s other profit centers, for Parent’s premium and deductible expense for its errors and omissions (E&O) and other insurance coverages; 
 (B) Charges for actual legal and other professional fees paid to third-party service providers and incurred by or on behalf of the Group Companies; 

(vi) A charge for actual costs attributable to attendance at Parent’s annual sales meeting; 

(vii) A charge for the full amount of any judgment or settlement (in the case of any errors and omissions (E&O) or employment
practices liability (EPL) claim, up to a maximum of $100,000.00), and the full amount of all related legal fees, costs and expenses (regardless of the type of claim), with respect to any claim arising on or after the Closing Date against any Group
Company, net of any applicable insurance proceeds actually paid (any applicable deductibles, judgment or settlement amount, and all related legal fees, costs and expenses for any Action pending as of, or any claim arising before, the Closing Date,
will be subject to Parent’s indemnity rights under Article IX); 
 (viii) Charges for the total compensation
expense (including direct compensation and bonus compensation, group health plan and other Employee Benefit Plan-related expenses, expense accruals for paid time off (PTO) for applicable employees, and all compensation-related Tax-related
liabilities) for all employees of the Group Companies, provided that as to new hires whose direct compensation qualifies for subsidization under Parent’s corporate assistance program, such subsidized direct compensation will not be
included within Expenses. For the second twelve (12)-month period (“Year Two”) and third twelve (12)-month period (“Year Three”) of the Earn-Out Period, the direct compensation expense charge may, subject to
Parent’s prior written approval, include an increase of up to three and one-half percent (3.5%) of the total direct compensation expense of New Profit Center employees, other than Management Equityholders, over the prior twelve (12)-month
period (such increase, the “Salary Increase Pool”). The Salary Increase Pool, if any, will be distributed in Year Two and Year Three as annual salary increases among New Profit Center employees other than Management
Equityholders in such amounts as the New Profit Center Leader may determine in his or her discretion. 
 (ix) Expenses will
also include charges for depreciation, in accordance with Parent’s standard accounting methodology and practices, for computers, furniture and other tangible personal property acquired by the Group Companies on or after the Effective Time in
excess of $750,000.00 per year, unless otherwise approved by Parent; and 
 (x) Expenses for optional marketing
materials, programs, and services offered by Parent that any Group Company orders or in which any Group Company elects to participate. 
 (xi) The following are excluded from “Expenses”: 
 (A) Any acquisition
amortization expense related to the Merger; 

  
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 (B) Parent’s income tax expense; 

(C) Parent’s cost of capital; 
 (D) Any premium expense incurred by Parent in connection with the purchase of any Management Equityholder Life Policy; 
 (E) Any expenses recognized during the Earn-Out Period under GAAP to reflect any changes in the fair value of the Earn-Out Amount; and 

(F) Any expenses associated with compliance with (w) Parent’s quality control guidelines; (x) Parent’s accounting
methodology, procedures, guidelines, and internal controls; (y) the Sarbanes-Oxley Act of 2002, as amended, and other applicable Law; and (z) any necessary information technology (IT) upgrades as required by Parent. 

(f) Management of New Profit Center During Earn-Out Period. For a period extending at least for the Earn-Out Period: 

(i) The Group Companies will be collectively operated as a new profit center of Parent (the “New Profit Center”) and
shall be managed by a profit center leader (the “New Profit Center Leader”). Chris L. Walker will serve as the New Profit Center Leader during the Earn-Out Period, unless otherwise agreed between Mr. Walker and Parent or
Mr. Walker’s employment with Parent or the Group Companies terminates for any reason before the end of the Earn-Out Period. 
 (ii) The management of the New Profit Center will be generally consistent with the past business practices and corporate policies of the Group Companies, subject to compliance with: Parent’s quality
control guidelines; Parent’s accounting methodology, procedures, guidelines, and internal controls; the Sarbanes-Oxley Act of 2002, as amended, and other applicable Law; any necessary information technology (IT) upgrades as required by Parent;
and generally the requirement to manage the New Profit Center for the long-term benefit of Parent and Parent’s shareholders. 
 (iii) The New Profit Center Leader may not make any managerial decision, including any decision to minimize the New Profit Center’s expenses in the Earn-Out Period (including by implementing material
staff reductions that are not dictated by a corresponding reduction in business or, in individual cases and with Parent’s reasonable prior written approval, by a legitimate business reason, unrelated to the determination of whether the maximum
Earn-Out Amount will be achieved), for the primary purpose of maximizing EBITDA and the Earn-Out Amount. Conversely, Parent may not take any action, including any action to increase the New Profit Center’s expenses during the Earn-Out Period,
for the primary purpose of minimizing EBITDA. 
 (g) Acquisitions or Transfers During Earn-Out Period. 

 (i) During the Earn-Out Period, no acquisitions by Parent or the New Profit Center will be merged into the New Profit Center
unless mutually agreed by the parties. Any mutually agreed Fold-In Acquisitions will be treated in accordance with Section 2.10. 

  
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 (ii) If Parent elects to sell, transfer, assign, or remove (“Transfer”)
any Client Accounts of the New Profit Center during the Earn-Out Period, an amount equal to (1) the core Commissions and Service Fees earned by the Group Companies during the twelve (12)-month period immediately preceding the effective date of
such Transfer, less any such Commissions or Service Fees that the Group Companies have already recognized before the effective date of the Transfer (“Net Core Revenue”), times (2) the EBITDA Margin, will be
credited for purposes of calculating EBITDA for Year Three. The term “EBITDA Margin” means the quotient of EBITDA earned by the Group Companies during the twelve (12)-month period immediately preceding the effective date of such
Transfer, divided by Net Core Revenue. 
 (h) Calculation. As promptly as practicable, but in no event later than
sixty (60) days following the end of Year Three, the Surviving Corporation shall, at its expense, (i) cause to be prepared a statement (the “Earn-Out Amount Statement”) setting forth in reasonable detail the Surviving
Corporation’s calculation of EBITDA for Year Three and the final Earn-Out Amount, giving effect to any Fold-In Acquisitions consummated during the Earn-Out Period in accordance with Section 2.10, and (ii) deliver to Chris L.
Walker, as representative for the Earn-Out Equityholders, the Earn-Out Amount Statement. For purposes of this subsection (h), references to “Chris L. Walker” shall include any Earn-Out Equityholder that replaces or succeeds Chris L. Walker
as the Earn-Out Equityholders’ representative under this subsection (h). 
 (i) During Year Three, the Surviving
Corporation shall provide Chris L. Walker and any accountants or advisors retained by Chris L. Walker with full access to the books and records of the Surviving Corporation for the purposes of: (A) enabling Chris L. Walker and the retained
accountants and advisors to calculate, and to review the Surviving Corporation’s calculation of, EBITDA and the Earn-Out Amount; and (B) identifying any dispute related to the calculation of EBITDA or the Earn-Out Amount in the Earn-Out
Amount Statement. The reasonable fees and expenses of any such accountants and advisors retained by Chris L. Walker shall be paid by the Earn-Out Equityholders and not Parent or the Surviving Corporation. 

(ii) If Chris L. Walker disputes the calculation of EBITDA or the Earn-Out Amount set forth in the Earn-Out Amount Statement, then Chris
L. Walker shall deliver a written notice (an “Earn-Out Amount Dispute Notice”) to the Surviving Corporation at any time during the sixty (60) day period commencing upon receipt by Chris L. Walker of the Earn-Out Amount
Statement (subject to extension for any period of inadequate access to the underlying records) (the “Earn-Out Amount Review Period”). The Earn-Out Amount Dispute Notice shall set forth the basis for the dispute of any such
calculation in reasonable detail. 
 (iii) If Chris L. Walker does not deliver an Earn-Out Amount Dispute Notice to the
Surviving Corporation prior to the expiration of the Earn-Out Amount Review Period, the Surviving Corporation’s calculation of EBITDA and the Earn-Out Amount set forth in the Earn-Out Amount Statement shall be deemed final and binding on
Parent, the Surviving Corporation, Chris L. Walker and the Earn-Out Equityholders for all purposes of this Agreement. 
 (iv)
If Chris L. Walker delivers an Earn-Out Amount Dispute Notice to the Surviving Corporation prior to the expiration of the Earn-Out Amount Review Period, then 

  
 31 

 
Chris L. Walker and the Surviving Corporation shall use commercially reasonable efforts to reach agreement on the portions of the EBITDA and Earn-Out Amount calculation which were timely disputed
in the Earn-Out Amount Dispute Notice. Except to the extent set forth in an Earn-Out Amount Dispute Notice timely delivered, the Surviving Corporation’s calculation of EBITDA and the Earn-Out Amount set forth in the Earn-Out Amount Statement
shall be deemed final and binding on Parent, the Surviving Corporation, Chris L. Walker and the Earn-Out Equityholders in all other respects for all purposes of this Agreement. If Chris L. Walker and the Surviving Corporation are unable to reach
agreement on disputed portions of the EBITDA and/or the Earn-Out Amount calculations set forth in the Earn-Out Amount Statement within thirty (30) days after the end of the Earn-Out Amount Review Period, the parties shall refer such dispute and
submit their related workpapers to the Accounting Firm after such 30th day. In connection with the resolution of any such dispute by the Accounting Firm: (A) each of the Surviving Corporation and Chris L. Walker shall have a reasonable
opportunity to make written submissions in support of its position to the Accounting Firm, and meet with the Accounting Firm to provide its views as to any disputed issues with respect to the calculation of EBITDA and/or the Earn-Out Amount;
(B) each of the Surviving Corporation and the Equityholders’ Representative shall promptly provide, or cause to be provided, to the Accounting Firm all information, and to make available to the Accounting Firm its personnel, as are
reasonably necessary to permit the Accounting Firm to resolve such disputes; (C) the Accounting Firm shall determine EBITDA and the Earn-Out Amount in accordance with the terms of this Agreement within thirty (30) days of such referral and
upon reaching such determination shall deliver a copy of its calculations (the “Earn-Out Amount Expert Calculations”) to Chris L. Walker and Surviving Corporation Agent; and (D) the determination made by the Accounting Firm of
EBITDA and the Earn-Out Amount shall be final and binding on Parent, the Surviving Corporation, Chris L. Walker and the Earn-Out Equityholders for all purposes of this Agreement, absent manifest error. In calculating EBITDA and the Earn-Out Amount,
(x) the Accounting Firm shall be limited to addressing any particular disputes referred to in the Earn-Out Amount Dispute Notice and (y) each such amount shall be no greater than the higher corresponding amount calculated by Chris L.
Walker and the Surviving Corporation, as the case may be, and no lower than the lower corresponding amount calculated by Chris L. Walker and the Surviving Corporation, as the case may be. The Earn-Out Amount Expert Calculations shall reflect in
detail the differences, if any, between EBITDA and the Earn-Out Amount reflected therein and EBITDA and the Earn-Out Amount set forth in the Earn-Out Amount Statement. The fees and expenses of the Accounting Firm shall be borne by the Surviving
Corporation and Chris L. Walker in proportion to how close each party’s position was to the determination of the Accounting Firm. All negotiations pursuant to this subsection (g) shall be treated as compromise and settlement
negotiations for the purposes of Rule 408 of the Federal Rules of Evidence and comparable state rules of evidence, and all submissions to the Accounting Firm shall be treated as confidential information. 

(v) The Surviving Corporation shall, no later than one Business Day after the final determination of EBITDA and the Earn-Out Amount in
accordance with this subsection (g) by delivery of immediately available funds to each Earn-Out Equityholder, an amount equal to the product of the final Earn-Out Amount multiplied by a fraction, the numerator of which is the number of shares
of Company Common Stock held by such Earn-Out Equityholder as of the Closing Date, and the denominator of which is the total number of shares of Company Common Stock held by all Earn-Out Equityholders as of the Closing Date. 

  
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 SECTION 2.10 Fold-In Acquisitions. 

(a) As used herein, the term: 
 (i) “Fold-In Acquisition” means the acquisition by Parent or the Group Companies of any insurance intermediary operation (A) which any Senior Executive identifies and introduces to
Parent during the Earn-Out Period as an acquisition prospect, (B) which Parent, any Group Company, or any of their Affiliates had not previously identified and contacted as an acquisition prospect, (C) as to which any Senior Executive
materially contributed to the consummation of the acquisition during his or her employment with the Group Companies after the Closing Date, and (D) which acquisition either (1) combines with and into (“folds into”) the New Profit
Center or (2) operates as a branch of the New Profit Center under the management of the New Profit Center Leader. For avoidance of doubt, those insurance intermediary organizations set forth in Schedule 2.10(a)(i) shall be considered
Fold-In Acquisitions provided the conditions set forth in clauses (B), (C), and (D) above are otherwise satisfied and Parent’s or any Group Company’s acquisition of such organization is completed during the Earn-Out Period.

 (ii) “Fold-In Acquisitions Cost of Capital Charge” means the sum of: 

(A) Six percent (6%) of the aggregate purchase price paid or payable by Parent, the applicable Group Company, or the applicable
Affiliate thereof, as the case may be, on any Fold-In Acquisitions completed during the first or second years of the Earn-Out Period, plus 
 (B) four percent (4%) of the aggregate purchase price paid or payable by Parent, the applicable Group Company, or the applicable Affiliate thereof, as the case may be, on any Fold-In Acquisitions
completed during the third year of the Earn-Out Period. 
 (iii) “Fold-In Acquisitions Payments Amount” means
the sum of: 
 (A) one hundred percent (100%) of the quotient of (1) the aggregate purchase price paid or payable by
Parent, the applicable Group Company, or the applicable Affiliate thereof, as the case may be, on any Fold-In Acquisitions completed during the first or second year of the Earn-Out Period, divided by (2) fifteen (15), plus 

(B) sixty-seven percent (67%) of the quotient of (1) the aggregate purchase price paid or payable by Parent, the applicable
Group Company, or the applicable Affiliate thereof, as the case may be, on any completed Fold-In Acquisitions during the third year of the Earn-Out Period, divided by (2) fifteen (15). 

(iv) “Fold-In Acquisitions Support Charge” means an aggregate charge for Parent’s support services in
investigating, negotiating, completing, and integrating Fold-In Acquisitions, equal to thirty-three percent (33%) of the pro forma EBITDA for any Fold-In Acquisition, as of the effective date of such Fold-In Acquisition. 

(b) During the Earn-Out Period, Parent shall permit the Senior Executives to use commercially reasonable efforts to identify, meet with,
and introduce prospective Fold-In 

  
 33 

 
Acquisition opportunities to Parent and the Group Companies, provided that such activities do not materially interfere with the satisfactory performance the Senior Executives’ duties
under their employment agreements with the Group Companies or, without Parent’s prior written consent, require that any business time be expended by any other employee of the Group Companies. 

(c) Any Fold-In Acquisition shall be subject to Parent’s prior approval and satisfactory due diligence investigation. Prior to the
completion of any acquisition that might reasonably meet the definition of a Fold-In Acquisition, Parent and the New Profit Center Leader, shall mutually agree in writing as to whether such acquisition shall be deemed a Fold-In Acquisition. Fold-In
Acquisitions that will physically combine operations into the New Profit Center’s offices and that are completed during the Earn-Out Period shall fold into the New Profit Center’s office as quickly as reasonably possible, subject to the
availability of sufficient office space, distance from the New Profit Center’s offices or other transactional issues that might require the Fold-In Acquisition be a new stand-alone office. 

(d) In determining Year Three EBITDA and the Earn-Out Amount under Section 2.9, for each Fold-In Acquisition: 

(i) EBITDA shall include all EBITDA earned from such Fold-In Acquisition during Year Three; and 

(ii) The Fold-In Acquisitions Cost of Capital Charge, the Fold-In Acquisitions Payments Amount, and the Fold-In Acquisitions Support
Charge for such Fold-In Acquisition shall be deducted dollar-for-dollar from the Earn-Out Amount; provided, that the Fold-In Acquisitions Support Charge shall only be applied in the year the applicable Fold-In Acquisition is consummated.

 (e) Solely for illustrative purposes, Exhibit G to this Agreement sets forth examples of the effect of certain Fold-In
Acquisitions on EBITDA; the Fold-In Acquisitions Cost of Capital Charge, the Fold-In Acquisitions Payments Amount, and the Fold-In Acquisitions Support Charge for such Fold-In Acquisitions; and the resulting effect on the Earn-Out Amount. In the
event of a conflict between Exhibit G and the terms of this Agreement, the terms of this Agreement shall control and govern. 
 SECTION 2.11 Withholding Rights. Parent and the Surviving Corporation, as the case may be, shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this
Agreement to any Equityholder any amounts which are required to be deducted and withheld with respect to the making of such payment under the Code, or any applicable provision of state, local or foreign Tax Law, including the types of withholding
disclosed on Schedule 2.11; provided, however, that (a) before making any such deduction or withholding, Parent or the Surviving Corporation, as applicable, shall give the Equityholders’ Representative notice of the
intention to make such deduction or withholding (such notice, which shall include the authority, basis and method of calculation for the proposed deduction or withholding, shall be given at least a commercially reasonable period of time before such
deduction or withholding is required, in order for the Equityholders’ Representative to obtain reduction of or relief from such deduction or withholding), (b) Parent or the Surviving Corporation, as applicable, shall cooperate 

  
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with the Equityholders’ Representative to the extent reasonable in efforts to obtain reduction of or relief from such deduction or withholding, and (c) Parent or the Surviving
Corporation, as applicable, shall timely remit to the appropriate Governmental Authority any and all amounts so deducted or withheld and timely file all Tax Returns and provide to the Equityholders’ Representative such information statements
and other documents required to be filed or provided under applicable Tax Law. To the extent that amounts are so withheld or paid over to or deposited with the relevant Governmental Authority by Parent or the Surviving Corporation in accordance with
the foregoing, such amounts shall be treated for all purposes of this Agreement as having been paid to the Equityholder in respect of which such deduction and withholding was made by Parent or the Surviving Corporation. 

ARTICLE III. 
 PAYMENT TO EQUITYHOLDERS; EXCHANGE OF CERTIFICATES 
 SECTION 3.1 Payment
to Equityholders; Exchange of Certificates. 
 (a) Payment to Equityholders. At the Closing, (i) each holder of
Company Common Stock shall deliver to the Surviving Corporation for cancellation the stock certificates representing such holder’s shares of Company Common Stock (collectively, the “Certificates”), together with (A) a
letter of transmittal, in form reasonably satisfactory to Parent, including, among other terms, (x) a statement acknowledging that delivery of the consideration to be paid to such holder under this Agreement shall be effected, and risk of loss
and title to Company Common Stock held by such holder shall pass, only upon delivery of the applicable Certificates, (y) representations and warranties as to ownership and title to such Company Common Stock, and (z) wire transfer
instructions for such holder, duly completed and validly executed in accordance with the instructions thereto, (B) an IRS Form W-8 or W-9, as applicable, duly completed and validly executed in accordance with the instructions thereto, and
(C) a written consent to delivery of such holder’s shares of Company Common Stock, in form reasonably satisfactory to Parent, by each married holder from such holder’s spouse, as may be required pursuant to California community
property law, duly completed and validly executed in accordance with the instructions thereto (together, the “Certificate Package”); (ii) (A) Parent shall, or shall cause the Surviving Corporation to, pay the aggregate Per
Share Merger Consideration to all Equityholders, other than Lewis DeFuria, pursuant to Section 2.6 to the account or accounts designated in such Equityholder’s letter of transmittal by means of a wire transfer of immediately
available funds, against delivery of such Equityholder’s Certificate Package, (B) Parent shall pay to the Surviving Corporation, and shall cause the Surviving Corporation to pay to all Equityholders through the Company’s payroll
system, the aggregate RSU Payments to be paid pursuant to Section 2.7(a), which payments shall be subject to withholding as contemplated under Section 2.11, (C) Parent shall pay to the Surviving Corporation, and shall
cause the Surviving Corporation to pay to all Equityholders through the Company’s payroll system, the aggregate Option Payments to be paid pursuant to Section 2.7(b), which payments shall be subject to withholding as contemplated
under Section 2.11, and (D) Parent shall pay to the Surviving Corporation, and shall cause the Surviving Corporation to pay to Lewis DeFuria through the Company’s payroll system, the amount owed to Lewis DeFuria pursuant to
Section 2.6(d), which payment shall be subject to withholding as contemplated under Section 2.11, except that (w) the amount of the Per Share Merger Consideration to be paid at the Closing, and to be used to determine
the aggregate RSU Payments and the aggregate Option 

  
 35 

 
Payments, shall be based on the Estimated Working Capital, Estimated Closing Debt and Estimated Unpaid Company Transaction Expenses instead of the Closing Working Capital, Closing Debt and Unpaid
Company Transaction Expenses, (x) the sum of One Hundred Thousand Dollars ($100,000.00) (the “Non-Compete Amount”) shall be deducted from the aggregate Per Share Merger Consideration, the aggregate RSU Payments
and the aggregate Option Payments and paid to the Principal Equityholders, with each Principal Equityholder receiving Ten Thousand Dollars ($10,000.00) in consideration of entering into the Non-Compete Agreement; (y) the sum of Thirty
Million Dollars ($30,000,000.00) (the “Escrow Fund”) shall be deducted from the aggregate Per Share Merger Consideration, the aggregate RSU Payments and the aggregate Option Payments and such Escrow Fund shall be delivered to
the Escrow Agent to hold in accordance with the terms of the Escrow Agreement, and (z) the sum of Five Hundred Thousand Dollars ($500,000.00) (the “Equityholder Reserve”) shall be deducted from the aggregate Per Share
Merger Consideration, the aggregate RSU Payments and the aggregate Option Payments and delivered to the Equityholders’ Representative to hold in accordance with Section 10.1; and (iii) Parent shall, or shall cause the Surviving
Corporation to, deliver the Escrow Fund to the Escrow Agent pursuant to the Escrow Agreement and the Equityholder Reserve to the Equityholders’ Representative, it being understood and agreed that the Escrow Fund and the Equityholder Reserve
shall be deducted from, and credited toward, each Equityholder in proportion to such Equityholder’s Applicable Percentage. 

(b) Payment to PSU Holders. At the Closing, Parent shall pay to the Surviving Corporation, and shall cause the Surviving
Corporation to pay to all PSU Holders through the Company’s payroll system, the aggregate PSU Payments to be paid pursuant to Section 2.7(c), which payments shall be subject to withholding as contemplated under
Section 2.11. 
 (c) Exchange of Certificates. Upon surrender of a Certificate for cancellation to the
Surviving Corporation, together with the other documents included in the Certificate Package, each duly completed and validly executed in accordance with the instructions thereto, the Certificates so surrendered shall forthwith be cancelled, and the
holder of the Certificate shall be entitled to receive in exchange therefor, the Per Share Merger Consideration payable to such holder pursuant to Section 2.6. Until so surrendered, each outstanding Certificate shall be deemed from and
after the Effective Time, for all corporate purposes, to evidence only the right to receive the Per Share Merger Consideration pursuant to Section 2.6, without interest thereon. 

(d) Lost, Stolen or Destroyed Certificates. If any Certificate shall have been lost, stolen or destroyed, upon (i) the making
of an affidavit of that fact by the Person claiming such Certificate to be lost, stolen or destroyed and (ii) the execution and delivery to the Surviving Corporation by such Person of an indemnity agreement in customary form and substance,
Parent or the Surviving Corporation shall, subject to Section 3.1(a), issue, in exchange for such lost, stolen or destroyed Certificate, the amount of cash, without interest, that such Person would have been entitled to receive had such
Person surrendered such lost, stolen or destroyed Certificate to the Surviving Corporation pursuant to Section 2.6. 

(e) No Liability. Notwithstanding anything to the contrary in this Section 3.1, neither the Company, Parent nor the
Surviving Corporation shall be liable to any Person for any amount properly paid to a public official pursuant to any abandoned property, escheat or similar Law. 

  
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 SECTION 3.2 Company Debt. Prior to the Closing, the Company shall (i) deliver a
notice of prepayment with respect to any Closing Debt, and (ii) deliver to the Parent payoff letters related to such Closing Debt, duly executed by the lenders party thereto, confirming the amount of such Closing Debt and the agreement to
release the Company or such Subsidiary, as applicable, from (A) all obligations with respect to such Closing Debt as of the payment of such Closing Debt, and (B) Encumbrances associated with such Debt. Simultaneously with the Closing,
Parent shall repay, or cause to be repaid, on behalf of the Group Companies, any outstanding amount of Closing Debt of the Group Companies by wire transfer of immediately available funds as directed by the holders of such Closing Debt. 

SECTION 3.3 Dissenting Shares. If required by the DGCL, but only to the extent required thereby, shares of Company Common Stock
which are issued and outstanding immediately prior to the Effective Time and which are held by holders of such shares of Company Common Stock who have properly exercised appraisal rights with respect thereto in accordance with the DGCL (the
“Dissenting Shares”) shall not be exchangeable for the right to receive the Per Share Merger Consideration, and holders of such shares of Company Common Stock shall be entitled to receive payment of the appraised value of such
shares of Company Common Stock in accordance with the provisions of the DGCL unless and until such holders fail to perfect or effectively withdraw or lose their rights to appraisal and payment under the DGCL. If, after the Effective Time, any such
holder fails to perfect or effectively withdraws or loses such right, such shares of Company Common Stock shall thereupon be treated as if they had been converted into and to have become exchangeable for, at the Effective Time, the right to receive
the Per Share Merger Consideration. The Company shall give Parent and Merger Sub prompt notice of any written demands for appraisal, withdrawals of demands for appraisal and any other related instruments received by the Company. The Company shall
not, except with the prior written consent of Parent (which consent shall not be unreasonably withheld, conditioned or delayed), voluntarily make any payment with respect to any demands for appraisal or settle or offer to settle any such demand.

 SECTION 3.4 No Further Ownership Rights in Shares of Company Common Stock; Closing of Company Transfer Books. At and
after the Effective Time, each holder of Company Common Stock shall cease to have any rights as a stockholder of the Company, except for, in the case of a holder of Company Common Stock (other than shares to be cancelled pursuant to
Section 2.6(a) or Dissenting Shares), the right to surrender his or her Certificate in exchange for payment of the Per Share Merger Consideration and the amounts payable pursuant to Section 2.8(d)(ii), Section 3.1
and Section 6.9(e) or, in the case of a holder of Dissenting Shares, to perfect his or her right to receive payment for his or her shares of Company Common Stock pursuant to the DGCL, and no transfer of shares of Company Common Stock
shall be made on the stock transfer books of the Surviving Corporation. At the Effective Time, the stock transfer books of the Company shall be closed, and no transfer of shares of Company Common Stock shall thereafter be made. If, after the
Effective Time, Certificates are presented to the Surviving Corporation, they shall be cancelled and exchanged as provided for in this Agreement. 

  
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 ARTICLE IV. 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 Contemporaneously with the
execution and delivery of this Agreement by the Company to Parent and Merger Sub, the Company shall deliver to Parent and Merger Sub a confidential disclosure schedule (the “Company Disclosure Schedule”). Nothing in the Company
Disclosure Schedule is intended to broaden the scope of any representation, warranty or covenant of the Company contained in this Agreement. Subject to the exceptions and qualifications set forth in the Company Disclosure Schedule, the Company
hereby represents and warrants to Parent and Merger Sub that the following representations and warranties are true and correct: 

SECTION 4.1 Corporate Status. Each of the Group Companies (i) is duly organized, validly existing and in good standing under
the Laws of the jurisdiction of its incorporation, (ii) has all requisite power and authority to carry on its Business and (iii) is duly qualified to do business and is in good standing in each of the jurisdictions in which the ownership,
operation or leasing of its properties and assets and the conduct of its business requires it to be so qualified, licensed or authorized, except where the failure to have such power and authority, to be in good standing or to be duly qualified to
conduct business, would not result in a material monetary cost to the Group Companies or a forfeiture of material rights by the Group Companies. The Organizational Documents of the Group Companies, as amended to date, copies of which have been
delivered to Parent for review prior to Closing, are true, complete, and correct in all material respects. 
 SECTION 4.2
Authority; Merger Approval. 
 (a) Each of the Company and the Equityholders’ Representative has all necessary
corporate power and authority to enter into this Agreement and the other Transaction Agreements to which it is a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated by this Agreement and the
other Transaction Agreements to which it is a party. The execution, delivery and performance of this Agreement and each of the other Transaction Agreements to which the Company or the Equityholders’ Representative is a party by each of the
Company and the Equityholders’ Representative, as applicable, and the consummation of the transactions contemplated herein and therein have been duly and validly authorized by all necessary corporate action on the part of the Company and the
Equityholders’ Representative, as applicable, and upon receipt by the Company of the Required Company Stockholder Approval, the Company shall have obtained all necessary authorizations and approvals from its Board of Directors and stockholders
required in connection therewith. This Agreement and each of the other Transaction Agreements to which the Company or the Equityholders’ Representative is a party have been duly executed and delivered by the Company and the Equityholders’
Representative, as applicable, and (assuming due authorization, execution and delivery by the other parties to this Agreement) constitutes a valid and legally binding obligation of the Company and the Equityholders’ Representative, as
applicable, enforceable against the Company and the Equityholders’ Representative, as applicable, in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws
relating to or affecting creditors’ rights generally. 

  
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 (b) The Required Company Stockholder Approval is the only vote of the holders of any of the
Company’s capital stock necessary to approve this Agreement and the Merger. 
 SECTION 4.3 No Conflict; Government
Authorizations. 
 (a) The execution and delivery of this Agreement and the other Transaction Agreements, the performance by
the Company of its obligations hereunder and thereunder, and the consummation by the Company of the transactions contemplated by this Agreement and the other Transaction Agreements, does not and will not, directly or indirectly, (i) conflict
with, or result in any violation of the Organizational Documents of the Company; (ii) subject to the matters described in Section 4.3(b), conflict with or result in a violation, termination, suspension, or revocation of any Permit,
Governmental Order or Law applicable to any Group Company, or any of their property or assets; or (iii) except as set forth in Section 4.3(a) of the Company Disclosure Schedule, violate, result in a breach of, or constitute a
default (with or without due notice or lapse of time, or both) under, or give rise to any penalty or premium or to any rights of modification, termination, cancellation or acceleration of any obligation, or to loss of a benefit under, or result in
the creation or imposition of any Encumbrance upon any of the properties, rights or assets of any Group Company pursuant to, any Company Material Contract to which any Group Company is a party or by which any of them is bound or affected;
provided, however, that the foregoing does not include any representation or warranty as to any consequences resulting from any fact or circumstance relating solely to Parent or any of its Affiliates; or (iv) violate, result in a
breach of or constitute a default (with or without due notice or lapse of time, or both) under, or give rise to any penalty or premium or to any rights of modification, termination, cancellation or acceleration of any obligation, or to loss of a
benefit under, any Company Material Contract to which any Equityholder is a party or bound or by which any of their properties or assets may be bound or otherwise subject. 
 (b) Except as set forth in Section 4.3(b) of the Company Disclosure Schedule, no consent or approval of, or registration, declaration, notice or filing with, any Governmental Authority or
Person is required to be obtained or made by, or given to, any Group Company in connection with the execution, delivery and performance of this Agreement and the other Transaction Agreements or the consummation of the transactions contemplated
hereby or thereby, other than (i) compliance with and filings as may be required under the HSR Act and any applicable foreign antitrust Laws, (ii) the filing of the certificate of merger or other documents with the Secretary of State of
the State of Delaware, and (iii) where the failure to obtain such consent or to make such registration, declaration, notice, or filing would not reasonably be expected to have a Material Adverse Effect. 

SECTION 4.4 Capitalization. 
 (a) The authorized capital stock of the Company consists of (i) 175,000 shares of Company Common Stock, of which [105,979.2713] shares are issued and outstanding as of the date hereof, and
(ii) 5,000 shares of Company Preferred Stock, none of which are issued and outstanding as of the date hereof. All issued and outstanding shares of Company Common Stock have been duly authorized, validly issued, fully paid, nonassessable and
free and clear of any and all Encumbrances and free and clear of any covenant, condition, restriction, voting trust 

  
 39 

 
arrangement or adverse claim of any kind and have been issued in compliance with all applicable securities Laws. There are no (A) outstanding options, warrants, calls, preemption rights,
subscriptions, stock appreciation rights, phantom stock rights, carried interests or other rights, convertible securities, agreements, obligations or commitments of any character of any Group Company or any Equityholder to issue, transfer, or sell
any shares of capital stock, options, warrants, calls, or other equity interest of any kind whatsoever in any Group Company or securities convertible into or exchangeable for such shares, (B) contractual obligations of any Group Company to
repurchase, redeem, or otherwise acquire any capital stock or equity interest of any Group Company, or (C) voting trusts, proxies, shareholder agreements (other than the Stockholders Agreement), or similar understandings or agreements to which
any Equityholder or any Group Company is a party with respect to the capital stock of any Group Company, other than (x) Company RSU Awards relating in the aggregate to [9,269.0218] shares of Company Common Stock under the Company RSU
Plans, (y) Company Options representing in the aggregate the right to purchase [6,443.2180] shares of Company Common Stock under the Company Option Plan and (z) Company PSU Awards relating in the aggregate to [472.4769359]
shares of Company Preferred Stock under the Company PSU Plan. 
 (b) Section 4.4(b) of the Company Disclosure
Schedule lists the authorized and outstanding capital stock of the Company’s Subsidiaries. All of the issued and outstanding capital stock of the Company’s Subsidiaries are held by the Company and are duly authorized, validly issued, fully
paid, nonassessable and free and clear of any and all Encumbrances and free and clear of any covenant, condition, restriction, voting trust arrangement or adverse claim of any kind. The shares of capital stock of the Company’s Subsidiaries have
been issued in compliance with all applicable securities Laws and none of such shares (i) are subject to preemptive rights or rights of first refusal or (ii) were issued in violation of any preemptive, subscription or other similar rights
under any provision of applicable Law, the Organizational Documents of Company or its Subsidiaries or any Company Material Contract. 
 (c) Except for this Agreement and the Stockholders Agreement, the Company is not a party to, and does not otherwise have any Knowledge of the current existence of, any stockholder agreement, voting trust
agreement or any other similar contract, agreement, arrangement, commitment, plan or understanding restricting or otherwise relating to the voting, dividend, ownership or transfer rights of any shares of capital stock of the Company. 

(d) Except as set forth on Section 4.4(d) of the Company Disclosure Schedule, no Group Company directly or indirectly owns
any equity or similar interest in, or any interest convertible into or exchangeable or exercisable for, at any time, any equity or similar interest in, any Person or joint venture. Section 4.4(d) of the Company Disclosure Schedule sets
forth the name, owner, jurisdiction of formation or organization (as applicable) and percentages of outstanding equity securities owned, directly or indirectly, by each Group Company, with respect to each Person of which such Group Company owns,
directly or indirectly, any equity or equity-related securities.
 (e) No Affiliate of any Group Company, or, to the Knowledge
of the Company, any Equityholder, has any oral or written contractual obligation or arrangement to pay any consideration, as a retention bonus, performance bonus or other arrangement, at or after the Closing to any (i) Equityholder other than
in proportion to such Equityholder’s Applicable 

  
 40 

 
Percentage, or (ii) employee or independent contractor of any Group Company, for the purpose of incentivizing such Equityholder, employee, or independent contractor to continue his or her
employment or engagement with any Group Company and/or to achieve or to assist others to achieve certain individual, program, or company-wide financial performance goals. 
 SECTION 4.5 Financial Statements. A true and complete copy of (i) the audited consolidated financial statements of the Group Companies (including the balance sheet and the related statements
of income, stockholders’ equity and cash flows) as of and for the years ended December 31, 2008, 2009 and 2010 and (ii) the unaudited consolidated financial statements of the Company as of and for the eleven (11) months ended
November 30, 2011, (collectively, the “Company Financial Statements”) are set forth in Section 4.5 of the Company Disclosure Schedule. The Company Financial Statements (including in each case, the notes thereto, if
any) present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Company and its consolidated Subsidiaries as of the dates thereof and for the periods covered thereby, in accordance
with GAAP, consistently applied; provided, however, that the unaudited Company Financial Statements do not include all footnotes or normal year-end closing adjustments in accordance with GAAP. 

SECTION 4.6 Absence of Certain Changes. Except as contemplated by this Agreement, between the Balance Sheet Date and the date of
this Agreement, there has not been, occurred or arisen: 
 (a) any event or condition of any kind or character that has had, or
would reasonably be expected to have, a Material Adverse Effect; 
 (b) any sale, assignment, transfer, lease, license or other
disposition, or agreement to sell, assign, transfer, lease, license or otherwise dispose of, any of the fixed assets of the Company having a value, in any individual case, in excess of $200,000.00; 

(c) any acquisition (by merger, consolidation or other combination, or acquisition of stock or assets or otherwise) by the Company of any
corporation, partnership or other business organization, or any division thereof, for consideration, in any individual case, in excess of $200,000.00; 
 (d) any material change in any method of financial accounting or financial accounting practice used by any Group Company, including such changes as are required by GAAP, as applicable; 

(e) (i) any employment, deferred compensation, bonus, severance or similar agreement or arrangement entered into or amended by the
Company, except any employment agreement providing for compensation of less than $100,000.00 per annum; (ii) any increase in the compensation payable, or to become payable, by the Company to any directors or officers of any Group Company or the
presidents of any divisions of any Group Company; or (iii) any increase in the coverage or benefits available under any benefit plan, payment or arrangement made to, for or with such directors, officers, Company Employees, agents or
representatives, other than increases, payments or provisions which are in normal amounts and are made in the ordinary course of business consistent with past practice, or which are made pursuant to a contractual obligation or are required by
applicable Law; or 

  
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 (f) any agreement, other than this Agreement, to take any actions specified in this
Section 4.6. 
 SECTION 4.7 Taxes. Except as set forth in Section 4.7 of the Company Disclosure
Schedule: 
 (a) The Group Companies have duly and timely filed with the appropriate Taxing Authorities all federal and state
Income Tax Returns and other material Tax Returns required to be filed by the Group Companies (taking into account all applicable extensions). All such Tax Returns are complete and accurate in all material respects. The Group Companies have timely
paid all Taxes required to have been paid by them for all taxable periods through the date hereof whether or not shown as due on such Tax Returns. The Group Companies currently are not the beneficiary of any extension of time within which to file
any Tax Return. Since January 1, 2007, no written claim and, to the Knowledge of the Company, no oral claim has been received by any Group Company from an authority in a jurisdiction where the Company does not file Tax Returns that the Company
is or may be subject to taxation by that jurisdiction. 
 (b) No material deficiencies for Taxes with respect to any Group
Company have been claimed, proposed or assessed in writing by any Taxing Authority or other Governmental Authority, which deficiency has not yet been settled, except for such deficiencies which are being contested in good faith by appropriate
proceedings and which are shown as a liability on the Company Financial Statements. No Group Company has waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency, nor has
any request been made in writing for any such extension or waiver. 
 (c) There are no Encumbrances for Taxes upon any asset of
any Group Company (other than Permitted Encumbrances). 
 (d) The Group Companies have timely withheld, collected, deposited or
paid all Taxes required to have been withheld, collected, deposited or paid, as the case may be, in connection with amounts paid or owing to any employee, independent contractor, creditor or stockholder. 

(e) No Group Company is a party to, or has any obligation under, any Tax sharing, Tax allocation, Tax indemnity or similar agreement or
arrangement (excluding customary Tax indemnification provisions in commercial Contracts not primarily relating to Taxes). 
 (f)
The Company has not been a United States real property holding corporation within the meaning of Code Section 897(c)(2) during the applicable period described in Code Section 897(c)(1)(A)(ii). 

(g) Since January 1, 2007, no Group Company has at any time been a member of any affiliated group required to join in the filing of
consolidated federal income Tax Returns, or otherwise joined in the filing of other Tax Returns on a consolidated, combined or unitary group basis. 

  
 42 

 (h) No closing agreement pursuant to Section 7121 of the Code (or any predecessor
provision) or any similar provision of any state, local or foreign Law has been entered into by or on behalf of any Group Company which would have binding effect on any Group Company for any taxable year ending after the Closing Date. 

(i) Since January 1, 2007, no Group Company has made a change in method of accounting or has agreed to or is required to make a
change in method of accounting in its Tax Returns that would require it to make any adjustment to its computation of income pursuant to Section 481(a) of the Code (or any predecessor provision), there is no application pending with any Taxing
Authority requesting permission for any such change in any accounting method of any Group Company and no Governmental Authority has proposed in writing any such adjustment or change in accounting method. 

(j) The unpaid Taxes of the Group Companies did not, as of the date of the most recent balance sheet set forth in the Company Financial
Statements, exceed the reserve for Tax Liability (rather than any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on such balance sheet. Since the date of such balance sheet, the Group
Companies have not incurred any liability for Taxes arising from extraordinary gains or losses, as that term is used in GAAP, outside the ordinary course of business. 
 (k) No Group Company has distributed stock of another Person, or has had its stock distributed by another Person, in a transaction that was purported or intended to be governed in whole or in part by
Section 355 of the Code. 
 (l) No Group Company is or has been a party to any “listed transaction” or, to the
Knowledge of the Company, any other “reportable transaction” as defined in Treasury Regulations Section 1.6011-4(b). 
 (m) No Group Company will be required to include any material item of income in, or exclude any material item of deduction from, taxable income for any taxable period (or portion thereof) ending after the
Closing Date as a result of any installment sale or open transaction disposition made on or prior to the Closing Date or prepaid amount received on or prior to the Closing Date. 

SECTION 4.8 Legal Proceedings. Except as set forth in Section 4.8 of the Company Disclosure Schedule, as of the date
hereof, there are no Actions pending by or against any Group Company or any executive officer or director of any Group Company in his or her capacity as such, and no Group Company or any executive officer or director of any Group Company has
received a threat of any such Action. 
 SECTION 4.9 Compliance with Laws; Permits; Filings. 

(a) Except as set forth in Section 4.9 of the Company Disclosure Schedule, to the Knowledge of the Company, since
January 1, 2009, each Group Company has been and is in compliance with all applicable Laws and Governmental Orders, including but not limited to 

  
 43 

 
Laws relating to the insurance sold, Taxes, zoning, building codes, antitrust, occupational safety and health, industrial hygiene, environmental protection, Hazardous Material and Environmental
Laws, consumer product safety, product liability, hiring, wages, hours, employee benefit plans and programs, collective bargaining and the payment of withholding and Social Security Taxes, except for any non-compliance that did not have or would not
reasonably be expected to have a Material Adverse Effect. Except as set forth in Section 4.9 of the Company Disclosure Schedule, to the Knowledge of the Company, since January 1, 2009, neither the Company nor its Subsidiaries has
received any notice of any violation of any such Law or Governmental Order in excess of $150,000.00 or that resulted in a material change in the way the business of any Group Company has been conducted. 

(b) Except as would not result in a material monetary cost to the Group Companies or a forfeiture of material rights by the Group
Companies, each Group Company holds all Permits issued by the appropriate Governmental Authorities that are necessary to the conduct of its respective business as presently conducted and all such Permits are in full force and effect in all material
respects. Except as would not result in a material monetary cost to the Group Companies or a forfeiture of material rights by the Group Companies, no Group Company (i) is in violation or default of any such Permit held by it or (ii) has
received any written notification from any Governmental Authority that it intends to or is threatening to revoke, suspend, modify or limit any Permit. Except as would not result in a material monetary cost to the Group Companies or a forfeiture of
material rights by the Group Companies, the applicability and validity of each such Permit will not be adversely affected by the consummation of the transactions contemplated by this Agreement. The Company has made available to Parent true and
complete copies of each Permit, including each insurance producer and similar Permits. No Group Company is in receipt of any written notice of violation or other notification from any Governmental Authority or other third party, alleging that any
such Person has committed any act, or failed to act, in any manner or under any circumstances which could result in the revocation, suspension, modification, or limitation by any Governmental Authority of any Permit. 

(c) Except as set forth in Section 4.9(c) of the Company Disclosure Schedule and except as would not result in a material
monetary cost to the Group Companies or a forfeiture of material rights by the Group Companies, each Group Company has filed all reports, statements, documents, registrations, filings, or submissions required to be filed by such entities or with
respect to any Carrier on whose behalf they are required to make such reports, statements, documents, registrations, filings, or submissions with any Governmental Authority. All such reports, registrations, filings, and submissions are in compliance
(and complied at the relevant time) in all material respects with Law and no deficiencies have been asserted in writing by any such Governmental Authority with respect to such reports, registrations, filings, or submissions that have not been
remedied. 
 SECTION 4.10 Environmental Matters. 

(a) Each Group Company complies, and has complied, in all material respects, with all applicable Environmental Laws, which compliance
includes possession of all Permits required under applicable Environmental Laws. 

  
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 (b) There is not now and, to the Knowledge of the Company, has not been any Hazardous
Materials used, generated, treated, stored, transported, disposed of, or released from any Company owned, leased or operated property associated with the business except in full compliance with all applicable Environmental Laws. 

(c) No Group Company has received any notice of alleged, actual or potential responsibility for, or any inquiry or investigation
regarding, any release or threatened release of Hazardous Materials or alleged violation of, or non-compliance with, any Environmental Law. 
 SECTION 4.11 Employee Matters and Benefit Plans. 
 (a)
Section 4.11(a) of the Company Disclosure Schedule lists all Employee Benefit Plans of the Group Companies (“Company Benefit Plans”). Each Company Benefit Plan has been established, maintained and administered at all
times in accordance with the terms of all applicable Laws and with the terms of such Company Benefit Plan, except as would not result in a Material Adverse Effect. Except for routine claims for benefits, no litigation, claims or disputes are pending
or, to the Knowledge of the Company, threatened that give rise to a Material Adverse Effect on the part of Company Benefit Plan or any Group Company, with respect to any Company Benefit Plan. No Company Benefit Plan is a “multiemployer
plan” within the meaning of Section 3(37) of ERISA or is a “multiple employer plan” within the meaning of Section 413(c) of the Code. There are no proceedings, audits or investigations pending before the IRS, the United
States Department of Labor or other Governmental Authority with respect to any Company Benefit Plan, nor to the Knowledge of the Company is any such proceeding or investigation threatened. 

(b) No Company Benefit Plan is subject to Title IV of ERISA or Section 412 of the Code and none of any Group Company or other member
of a controlled group of trades or businesses with any Group Company within the meaning of Section 414(b), (c), (m) or (o) of the Code has any obligation or liability in respect of any “employee benefit plan” (within the
meaning of Section 3(3) of ERISA) subject to Title IV of ERISA. 
 (c) Complete copies of all Company Benefit Plans have
been made available to Parent and, to the extent applicable: (i) any related trust agreement; (ii) the most recent determination letter; (iii) all material employee communications (including all summary plan descriptions and summaries
of material modifications); (iv) the most recent determination letter received from the IRS for each Company Benefit Plan intended to qualify under Sections 401(a) and 501(a) of the Code; (v) the coverage and nondiscrimination testing for
the last three (3) years for each Company Benefit Plan intended to qualify under Sections 401(a) and 501(a) of the Code; and (vi) for the most recent three (3) years, the Form 5500 and attached schedules. 

(d) Each Company Benefit Plan intended to qualify under Sections 401(a) and 501(a) of the Code has received a favorable determination
letter or opinion letter from the IRS on which it may rely, and no event has occurred that would reasonably be expected to cause such letter to be revoked or any such Company Benefit Plan or its underlying trust to fail to qualify under
Section 401(a) or 501(a) of the Code, as applicable. 

  
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 (e) Except as set forth on Section 4.11(e) of the Company Disclosure Schedule,
and the acceleration of vesting of any unvested Company RSU Awards, Company Options or Company PSU Awards, no Company Benefit Plan exists that would result in the payment to any current or former employee, director or consultant of any money or
other property or accelerate or provide any other rights or benefits to any current or former employee, director or consultant as a result of the transactions contemplated by this Agreement. Except as set forth on Section 4.11(e) of the
Company Disclosure Schedule, and after taking into account the provisions of Section 6.7(c), there is no Contract, plan or arrangement (written or otherwise) covering any current of former employee, director or consultant that, individually or
collectively, would reasonably be expected to give rise to the payment of any amount that would not be deductible pursuant to the terms of Section 280G of the Code. Except as set forth in Section 4.11(e) of the Company Disclosure
Schedule, none of any Group Company has any indemnity or gross-up obligation for any taxes or interest imposed under Section 4999 or Section 280G of the Code. 
 (f) With respect to each Company Benefit Plan: (i) to the Knowledge of the Company, no fiduciary has any liability for breach of fiduciary duty or any other failure to act or comply in connection
with the administration or investment of the assets of any such Company Benefit Plan under ERISA; (ii) no prohibited transaction, as defined in Section 406 of ERISA or Section 4975 of the Code, has occurred, excluding transactions
effected pursuant to a statutory or administration exemption, and (iii) all contributions and premiums have been timely made as required under ERISA, the Code, other applicable law and/or the terms of the respective Company Benefit Plan.

 (g) Each Company Benefit Plan that is a “nonqualified deferred compensation plan” (as defined in
Section 409A(d)(1) of the Code) to the extent applicable, has been maintained in compliance in both form and in operation with Code Section 409A, except where such non-compliance may be corrected under IRS correction programs without any
material liability to the Group Companies or any of their employees. No Group Company (i) has been required to report to any government or regulatory authority any corrections made or taxes due as a result of a failure to comply with
Section 409A and (ii) has any indemnity or gross-up obligation for any taxes or interest imposed or accelerated under Section 409A. 
 (h) None of the Company Benefit Plans promises or provides medical or other welfare benefits subsequent to termination of employment to any Person except as required by Section 4980B of the Code and
Sections 601 to 608 of ERISA and any similar state laws. 
 SECTION 4.12 Labor. The Group Companies are in compliance in
all material respects with all currently applicable Laws respecting employment, discrimination in employment, terms and conditions of employment, wages, hours and occupational health and employment practices and is not engaged in any unfair labor
practice. None of any Group Company is a party to any collective bargaining agreement or any other labor-related agreements with any labor union or labor organization. To the Knowledge of the Company, there are currently no activities or proceedings
by any labor organization, union, group or association or representative thereof to organize any employees of any Group Company, and, to the Knowledge of the Company, there have been no such activities or proceedings within the one-year period prior
to the date of this Agreement. There are no labor disturbances, labor strikes or work stoppages pending against any Group Company. 

  
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 SECTION 4.13 Intellectual Property. 

(a) Section 4.13(a) of the Company Disclosure Schedule sets forth a true and complete list of all (i) patents and patent
applications, (ii) trademark and service mark registrations and applications, and (iii) copyrights registrations and applications, and (iv) computer software (other than commercially available software purchased or licensed for less
than a total cost of $50,000.00 in the aggregate), in each case that are owned by any Group Company and necessary to the operation of the Business as currently conducted (“Company Intellectual Property”). With respect to each item
of Company Intellectual Property, (x) either the Company or one of its Subsidiaries owns all right, title, and interest in and to, or has a valid and enforceable license to use, the item free of Encumbrances other than Permitted Encumbrances;
(y) no Equityholder or any Affiliates (other than the Group Companies) own any Company Intellectual Property; and (z) the Company has not received written notice of any pending or threatened Action, judgment, decision, settlement or ruling
by or before any Governmental Authority or arbitrator that challenges the legality, validity, enforceability of the Company’s ownership of any Company Intellectual Property. 

(b) No Group Company has received written notice during the past two (2) years alleging any Group Company has infringed,
misappropriated or otherwise violated the Intellectual Property rights of any other Person. To the Knowledge of the Company, no other Person is infringing, misappropriating or otherwise violating Company Intellectual Property. Immediately after the
Closing, the Company Intellectual Property will be owned or licensed by the Group Companies on terms substantially identical to those under which the Group Companies owned or licensed the Company Intellectual Property immediately prior to the
Closing. 
 SECTION 4.14 Contracts. 
 (a) Section 4.14(a) of the Company Disclosure Schedule sets forth a true and complete list of each of the following Contracts (including any amendments or modifications thereto through the
date hereof) to which any Group Company are a party or by which it is bound (each, a “Company Material Contract” and collectively, the “Company Material Contracts”): 

(i) any indenture, credit agreement, loan agreement, security agreement, guarantee, note, mortgage or other evidence of Debt or
agreement providing for Debt, in each case in excess of $100,000.00; 
 (ii) any Contract for the sale of any of material
assets after the date hereof; 
 (iii) any Contract between any Group Company, on the one hand, and any director, officer or
Affiliate of any Group Company, on the other hand; 
 (iv) any Contract containing a covenant not to compete restricting any
Group Company, including, any Contract imposing exclusive dealing obligations or limitations on any Group Company, in any geographic area anywhere in the world or during any period of time; 

  
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 (v) any Contract which creates a partnership or joint venture or similar arrangement;

 (vi) any Contract providing for current or future payments or receipts in excess of $250,000.00 in the current or coming
fiscal year; and 
 (vii) any Contract with a term of more than thirty-six (36) months. 

(b) Except as set forth in Section 4.14(b) of the Company Disclosure Schedule, (i) no Group Company and, to the
Knowledge of the Company, none of the other parties to any Company Material Contract, is in breach of or default under any Company Material Contract; (ii) no Group Company has received any written notice or claim of any breach or default from
the counterparty to any Company Material Contract; and (iii) each Company Material Contract is in full force and effect and is valid, binding and enforceable by the parties thereto in accordance with its terms, except as such enforceability may
be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, and no event has occurred which, by notice or lapse of time or both, would constitute a default or
event of default. True and complete copies of each written Company Material Contract (and written summaries of oral Company Material Contracts) have been made available to Parent. This Section 4.14(b) does not apply to any Contract that
constitutes a lease of Leased Real Property or Subleased Real Property, which is addressed exclusively in Section 4.16. 
 (c) No Group Company has guaranteed the performance of any Person (other than the performance of the Company or any of the Subsidiaries) under any Contract including, without limitation, any premium
financing obligation on behalf of any Client. 
 SECTION 4.15 Bankruptcy. Since January 1, 2009, none of the
Institutional Equityholders, the Management Equityholders, the Company, or any of its Subsidiaries, has filed any voluntary petition in bankruptcy, consented to the filing of a bankruptcy proceeding against it, or been adjudicated bankrupt or
insolvent, filed or consent to any the filing of any petition or answer seeking any reorganization, liquidation, dissolution or similar relief under any bankruptcy, insolvency, or other debtor relief law. 

SECTION 4.16 Real Property. None of any Group Company owns any real property. Section 4.16 of the Company Disclosure Schedule
sets forth a true and complete list of all of the real property that is leased by any Group Company (the “Leased Real Property”) or that is subject to a sublease by any Group Company to any third party (“Subleased Real
Property”). Each of any Group Company has a valid leasehold interest in each Leased Real Property as provided in the applicable lease, free and clear of any Encumbrances other than Permitted Encumbrances. None of any Group Company or, to
the Knowledge of the Company, the applicable landlord (i) is in material default under the lease for any Leased Real Property or (ii) has been informed in writing that the lessor under any of such leases has taken action or threatened to
terminate the lease before the expiration of the lease. None of any Group Company 

  
 48 

 
or, to the Knowledge of the Company, the applicable subtenant (i) is in material default under the sublease for any Subleased Real Property, (ii) has been informed in writing that the
subtenant under any of such leases has taken action or threatened to terminate the sublease before the expiration of the sublease, or (iii) has given written notice or taken action or threatened to terminate the sublease before the expiration
of the sublease. Each lease or sublease to which any Group Company is a party is in full force and effect and is valid, binding and enforceable by the parties thereto in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally. 
 SECTION 4.17 Assets. 
 (a) The Group Companies own and hold, free and clear
of any Encumbrances (except for Permitted Encumbrances), sole and exclusive right, title and interest in and to their respective properties assets, and personal property, including but not limited to those reflected on the Company Financial
Statements. 
 (b) Except as set forth in Section 4.17(b) of the Company Disclosure Schedule, no capital
expenditures are contemplated by any Group Company. 
 (c) During the twelve (12) months prior to the date of this
Agreement, none of the Group Companies or their employees has placed or provided any securities products or services for any Client Account. 
 (d) No Group Company is a party to, or bound by, any agreement, instrument or understanding (other than Permitted Encumbrances) restricting the transfer of the Company’s assets. There are no existing
agreements, options, commitments, rights or privileges, whether preemptive or contractual, of any Person to acquire any of the Company’s assets, properties, or rights or any interest therein. 

(e) Except as set forth in Section 4.17(e) of the Company Disclosure Schedule, no insurance is currently placed by any Group
Company for any Client Account with any Carrier that is not (i) rated by A.M. Best Company or is rated less than “A-” by A.M. Best Company or (ii) admitted, authorized, licensed, or otherwise eligible to write insurance coverage
on a surplus lines basis in the jurisdiction in which the covered risk is located. 
 (f) Except as set forth in
Section 4.17(f) of the Company Disclosure Schedule, no Group Company has entered into any Contract relating to any acquisitions, mergers, and/or purchases or sales of material assets (including purchases or sales of Client Accounts)
within the past three (3) years. 
 (g) Section 4.17(g) of the Company Disclosure Schedule sets forth a true
and complete list of the Company’s Tangible Personal Property as of the date hereof. 
 SECTION 4.18 Related Party
Transactions. To the Knowledge of the Company, except as set forth in Section 4.18 of the Company Disclosure Schedule: 

  
 49 

 (a) neither the Equityholders nor any Affiliate of the Equityholders has, directly or
indirectly, any obligation to or cause of action or claim against any Group Company; 
 (b) no Group Company has any loan or
advance in excess of $10,000.00 to any Equityholder, officer, director, or employee thereof; 
 (c) no officer or director of
any Group Company, or any Affiliate thereof, or any such Person has, directly or indirectly: 
 (i) an equity interest of five
percent (5%) or more in any Person that purchases from or sells or furnishes to any Group Company any goods or otherwise does business with any Group Company, or 
 (ii) a beneficial interest in any Company Material Contract under which any Group Company is obligated or bound or to which the property of any Group Company may be subject, other than employment
Contracts; or 
 (iii) none the Company, any of its Subsidiaries, or any of their directors, officers, or employees is a party
to any transaction with any Group Company, except for services as employees, officers, or directors. 
 SECTION 4.19 Bank
Accounts. Section 4.19 of the Company Disclosure Schedule lists all bank accounts of each Group Company. 

SECTION 4.20 Insurance. Section 4.20 of the Company Disclosure Schedule contains a true and complete list of all
policies of fire, casualty, liability, workers compensation, product liability, and other forms of insurance owned or held by any Group Company, including the name of the issuing Carrier, policy limits, deductibles or self-insured retention amounts,
and policy expiration dates (“Insurance Policies”). Except as set forth in Section 4.20 of the Company Disclosure Schedule, except for any Insurance Policies that will be the subject of Required Tail Coverages, all
Insurance Policies will remain in full force and effect after the Closing. To the Knowledge of the Company, all Insurance Policies are valid, outstanding, and enforceable policies and provide insurance coverage for the Group Companies’ assets
and operations of their businesses, of the kinds, and in the amounts and against the risks required to comply with Law and/or any contractual obligations. The activities and operations of the Group Companies have been conducted in a manner so as to
conform in all material respects to all applicable provisions of the Insurance Policies. Since January 1, 2009, except as set forth in Section 4.20 of the Company Disclosure Schedule, no Group Company has received any notice of
cancellation or nonrenewal with respect to, or disallowance of any claim under, or material increase in premium for, any Insurance Policies. No Group Company has incurred any employee theft or employee dishonesty losses or made any claims for
employee theft or dishonesty in the past three (3) years. 
 SECTION 4.21 Carriers and Client Accounts. 

(a) Section 4.21(a) of the Company Disclosure Schedule sets forth a list of the top ten (10) Carriers and a list of the
top ten (10) Producers (each by revenue) of each of the Subsidiaries, in each case for the fiscal year ended December 31, 2010, and for the eleven (11)

  
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month-period ended November 30, 2011. Except as set forth in Section 4.21(a) of the Company Disclosure Schedule, between January 1, 2010, and the date of this Agreement, no
Group Company has received any written notice from any such Carrier or any such Producer (either directly or through any insurance intermediary) to the effect that such Carrier or such Producer will, other than in the ordinary course of business,
stop, cancel, non-renew, materially decrease the rate of, or adversely change the terms with respect to, sales by or to any of the Subsidiaries (whether as a result of the consummation of the transactions contemplated by this Agreement or
otherwise). 
 (b) Except as set forth in Section 4.21(b) of the Company Disclosure Schedule, no Group Company is
engaged in any risk-bearing or risk-sharing activities, in any capacity, including, without limitation, as a party to any Contract whereby the Company or any of the Subsidiaries agrees (i) to return any portion of its Commissions to any Carrier
based upon the loss ratios generated by any insurance program that the Company or any of the Subsidiaries administers for such Carrier, (ii) to participate in any underwriting gains or losses, and/or (iii) otherwise to bear any portion of
the total insurance risk placed through any insurance program administered by the Company or any of the Subsidiaries for any Carrier. 
 SECTION 4.22 Finder’s Fee. Except as set forth in Section 4.22 of the Company Disclosure Schedule, the Company has not incurred any liability or obligation to any party for any
brokerage, investment bankers’ or finders’ fees or commissions in connection with the transactions contemplated by this Agreement, and any such fees or commissions shall be treated as Unpaid Company Transaction Expenses hereunder.

 SECTION 4.23 No Other Representations or Warranties. Except for the specific representations and warranties expressly
set forth in this Article IV (as modified by the Company Disclosure Schedule), neither the Company nor any of its Affiliates, representatives or agents makes any other representation or warranty, express or implied, with respect to the
Company, its Subsidiaries, any of their respective businesses, financial projections, assets, liabilities or operations, or the transactions contemplated by this Agreement, and the Company disclaims any other representations or warranties, whether
made by the Company, its Subsidiaries or any of their respective Affiliates, officers, directors, employees, agents or representatives. Except for the specific representations and warranties contained in this Article IV (as modified by the
Company Disclosure Schedule), the Company hereby disclaims all liability and responsibility for any representation, warranty, projection, forecast, statement, or information made, communicated, or furnished (orally or in writing) to Parent, Merger
Sub or their respective Affiliates or representatives (including any opinion, information, projection, or advice that may have been or may be provided to Parent or Merger Sub by any director, officer, employee, agent, consultant, or representative
of the Company, its Subsidiaries or any of their respective Affiliates). The Company makes no representations or warranties to Parent or Merger Sub regarding (i) merchantability or fitness for any particular purpose, (ii) the operation of
the business by Parent after the Closing, or (iii) the probable success or profitability of any Group Company. 

  
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 ARTICLE V. 
 REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB 
 Parent and Merger
Sub hereby jointly and severally represent and warrant to the Company that the following representations and warranties are true and correct: 
 SECTION 5.1 Corporate Status. Each of Parent and Merger Sub (i) is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its incorporation, (ii) has
all requisite power and authority to carry on its business as it is now being conducted, and (iii) is duly qualified to do business and is in good standing in each of the jurisdictions in which the ownership, operation or leasing of its
properties and assets and the conduct of its business requires it to be so qualified, licensed or authorized. The Organizational Documents of Parent and Merger Sub, as amended to date, copies of which have been delivered to the Company prior to
Closing, are true, complete, and correct in all material respects. 
 SECTION 5.2 Authority. Each of Parent and Merger
Sub has all necessary corporate power and authority to enter into this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated by this Agreement and the other Transaction Agreements to which it is a party. The
execution, delivery and performance of this Agreement and the other Transaction Agreements to which Parent or Merger Sub is a party by Parent and Merger Sub, as applicable, and the consummation of the transactions contemplated herein and therein
have been duly and validly authorized by all necessary corporate action on the part of Parent and Merger Sub, as applicable, and each of Parent and Merger Sub shall have obtained all necessary authorizations and approvals from its Board of Directors
and stockholders required in connection therewith. This Agreement and each of the other Transaction Agreements to which Parent or Merger Sub is a party have been duly executed and delivered by each of Parent and Merger Sub, as applicable, and
(assuming due authorization, execution and delivery by the other parties to this Agreement) constitutes a valid and legally binding obligation of each of Parent and Merger Sub, as applicable, enforceable against each of Parent and Merger Sub, as
applicable, in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally. 

SECTION 5.3 No Conflict; Government Authorization. 
 (a) The execution and delivery of this Agreement and the other Transaction Agreements to which Parent or Merger Sub is a party, the performance by each of Parent and Merger Sub of its obligations
hereunder and thereunder, and the consummation by each of Parent and Merger Sub of the transactions contemplated by this Agreement and the other Transaction Agreements to which it is a party, does not and will not, directly or indirectly,
(i) conflict with, or result in any violation of the Organizational Documents of Parent or Merger Sub; (ii) subject to the matters described in Section 5.3(b), conflict with or result in a violation, termination, suspension, or
revocation of any Permit, Governmental Order or Law applicable to Parent or Merger Sub, or any of their property or assets; or (iii) violate, result in a breach of, or constitute a default (with or without due notice or lapse of time, or both)
under, or give rise to any penalty or premium or to any rights of modification, termination, cancellation or acceleration of any obligation or to loss of a material benefit under, or result in the creation or imposition of any Encumbrance upon any
of the properties, rights or assets of Parent or Merger Sub pursuant to, any material Contract to which Parent or Merger Sub is a party or by which it is bound or affected. 

  
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 (b) No consent or approval of, or registration, declaration, notice or filing with, any
Governmental Authority is required to be obtained or made by, or given to, Parent or Merger Sub in connection with the execution, delivery and performance of this Agreement and the other Transaction Documents or the consummation of the transactions
contemplated hereby or thereby, other than (i) compliance with and filings as may be required under the HSR Act and any applicable foreign antitrust Laws, (ii) the filing of the certificate of merger or other documents with the Secretary
of State of the State of Delaware, and (iii) where the failure to obtain such consent or to make such registration, declaration, notice, or filing would not reasonably be expected to have a material adverse effect on Parent or materially impair
the ability of Parent or Merger Sub to consummate the transactions contemplated by this Agreement or the other Transaction Agreements. 
 SECTION 5.4 Legal Proceedings. As of the date hereof, there are no Actions pending by or against or, to the knowledge of each of Parent and Merger Sub, threatened against, Parent, Merger Sub or any
other Subsidiaries of Parent (“Parent Subsidiaries”), or any executive officer or director of Parent or Merger Sub in his or her capacity as such that would be reasonably likely to have a material adverse effect on Parent or
materially impair the ability of Parent or Merger Sub to consummate the transactions contemplated by this Agreement. 
 SECTION
5.5 Solvency. As of the Closing, and after giving effect to all of the transactions contemplated by this Agreement, the Surviving Corporation will be Solvent. For purposes of this Section 5.5, “Solvent” means
that, with respect to any Person and as of any date of determination, (i) the amount of the “present fair saleable value” of the assets of such Person, will, as of such date, exceed the amount of all “liabilities of such Person,
contingent or otherwise,” as of such date, as such quoted terms are generally determined in accordance with applicable federal laws governing determinations of the insolvency of debtors, (ii) the present fair saleable value of the assets
of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its indebtedness as its indebtedness becomes absolute and matured, (iii) such Person will not have, as of such date,
an unreasonably small amount of capital with which to conduct its business and (iv) such Person will be able to pay its indebtedness as it matures. For purposes of the foregoing definition only, “indebtedness” means a liability in
connection with another Person’s (y) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or
(z) right to any equitable remedy for breach of performance if such breach gives rise to a right of payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed,
secured or unsecured. 
 SECTION 5.6 Financing. Each of Parent and Merger Sub affirms that it is not a condition to the
Closing or to any of its other obligations under this Agreement that Parent and/or Merger Sub obtain financing for or related to any of the transactions contemplated hereby. Parent has, and Parent will have at the Effective Time, the funds necessary
to make the payments required under Article II, to pay all fees and expenses to be paid by Parent and Merger Sub in 

  
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connection with the transactions contemplated by this Agreement, fund the working capital requirements of the Surviving Corporation after the Closing and to satisfy all other payment obligations
that may arise in connection with, or may be required in order to consummate, the transactions contemplated by this Agreement. 

SECTION 5.7 Due Diligence Investigation. Parent has had an opportunity to discuss the business, management, operations and
finances of the Group Companies with their respective officers, directors, employees, agents, representatives and Affiliates, and has had an opportunity to inspect the facilities of the Group Companies. Parent and Merger Sub have conducted to their
satisfaction, their own independent investigation of the conditions, operations and business of the Group Companies and, in making their determination to proceed with the transactions contemplated by this Agreement, Parent and Merger Sub have relied
on the results of their own independent investigation. In making its decision to execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement, Parent has relied solely upon the representations and warranties
of the Company set forth in Article IV (and acknowledges that such representations and warranties are the only representations and warranties made by the Group Companies) and has not relied upon any other information provided by, for or on
behalf of the Group Companies, or their respective agents or representatives, to Parent in connection with the transactions contemplated by this Agreement. Parent has entered into the transactions contemplated by this Agreement with the
understanding, acknowledgement and agreement that no representations or warranties, express or implied, are made with respect to future prospects (financial or otherwise) of the Group Companies. Parent acknowledges that no current or former
stockholder, director, officer, employee, Affiliate or advisor of the Group Companies has made or is making any representations, warranties or commitments whatsoever regarding the subject matter of this Agreement, express or implied. 

SECTION 5.8 Finder’s Fee. Parent and Merger Sub have not incurred any liability or obligation to any party for any brokerage,
investment bankers’ or finders’ fees or commissions in connection with the transactions contemplated by this Agreement. 
 SECTION 5.9 Investment Representations. Parent is not acquiring the Company with a view to or for sale in connection with any distribution of the Company Common Stock within the meaning of the
Securities Act. Parent (a) is an “accredited investor” (as defined in Regulation D under the Securities Act); (b) is able to bear the economic risk of its investment in the Company; (c) acknowledges that the Company Common
Stock has not been registered under the Securities Act and therefore is subject to certain restrictions on transfer unless registered for resale or subject to an exempt transaction under the Securities Act and any applicable state securities Law
and, the Company is under no obligation to file a registration statement with the Commission with respect to the Company Common Stock and (d) has such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risks of its investment in the Company. 
 SECTION 5.10 No Prior Activities. Merger Sub has not incurred
nor will it incur any liabilities or obligations, except those incurred in connection with its organization and with the negotiation of this Agreement and the performance of its obligations hereunder and the consummation of the transactions
contemplated by this Agreement, including the Merger. Except as contemplated by this Agreement, Merger Sub had not engaged in any business 

  
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activities of any type or kind whatsoever, or entered into any agreements or arrangements with any Person, or become subject to or bound by any obligation or undertaking. As of the date of this
Agreement, all of the issued and outstanding capital stock of Merger Sub is owned beneficially and of record by Parent, free and clear of all Encumbrances (other than those created by this Agreement and the transactions contemplated by this
Agreement). 
 SECTION 5.11 No Other Representations or Warranties. Except for the specific representations and
warranties expressly set forth in this Article V, neither Parent, Merger Sub, nor any of their Affiliates, representatives or agents makes any other representation or warranty, express or implied, with respect to Parent, Merger Sub, the
Surviving Corporation, any of their respective businesses, financial projections, assets, liabilities or operations, or the transactions contemplated by this Agreement, and Parent and Merger Sub disclaim any other representations or warranties,
whether made by Parent, Merger Sub, or any of their respective Affiliates, officers, directors, employees, agents or representatives. Except for the specific representations and warranties contained in this Article V, Parent and Merger Sub
hereby disclaims all liability and responsibility for any representation, warranty, projection, forecast, statement, or information made, communicated, or furnished (orally or in writing) to the Company, the Subsidiaries, or their respective
Affiliates or representatives (including any opinion, information, projection, or advice that may have been or may be provided to the Company, the Subsidiaries, or their respective Affiliates or representatives by any director, officer, employee,
agent, consultant, or representative of the Parent, Merger Sub, or any of their respective Affiliates). 
 ARTICLE VI.

 ADDITIONAL AGREEMENTS 
 SECTION 6.1 Conduct Prior to the Effective Time. 
 (a) Unless Parent
otherwise consents in writing (which consent shall not be unreasonably withheld, conditioned or delayed) and except as otherwise contemplated by this Agreement or set forth in the Company Disclosure Schedule, during the period commencing with the
execution and delivery of this Agreement and terminating upon the earlier to occur of the Effective Time and the termination of this Agreement pursuant to and in accordance with Section 8.1 (the “Pre-Closing Period”),
the Company shall, and shall cause its Subsidiaries to, conduct the Business in the ordinary course. During the Pre-Closing Period, no party to this Agreement (including the Equityholders’ Representative) shall take, or cause to be taken, any
action which would materially interfere with the consummation of the transactions contemplated by this Agreement or materially delay the consummation of such transactions. 
 (b) Without limiting the foregoing, except as otherwise contemplated by this Agreement or set forth in Section 6.1 of the Company Disclosure Schedule, during the Pre-Closing Period, the
Company shall not, and shall cause its Subsidiaries to not, do or cause to be done any of the following without the prior written consent of Parent (which consent shall not be unreasonably withheld, conditioned or delayed): 

(i) issue any Company Common Stock or capital stock of the Company’s Subsidiaries, except upon the exercise of Company RSU Awards,
Company Options or Company PSU Awards; 

  
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 (ii) create any Encumbrance on any assets or properties (whether tangible or intangible) of
any Group Company, other than (y) Permitted Encumbrances; and (z) Encumbrances that will be satisfied upon the payment of the applicable portion of the Closing Debt; 

(iii) sell, assign, transfer, lease, license or otherwise dispose of, or agree to sell, assign, transfer, lease, license or otherwise
dispose of, any of the fixed assets of any Group Company having a value, in any individual case, in excess of $100,000.00; 

(iv) acquire (by merger, consolidation or combination, or acquisition of stock or assets or otherwise) any corporation, partnership or
other business organization or division thereof; 
 (v) (A) enter into or amend any employment, deferred compensation,
severance or similar agreement, except any employment agreement providing for compensation of less than $100,000.00 per annum; (B) increase the compensation payable, or to become payable, by any Group Company to directors or officers of any
Group Company; or (C) increase the coverage or benefits available under any Employee Benefit Plan, payment or arrangement made to, for or with any director, officer, Company Employee, agent or representative, other than increases, payments or
provisions which are in normal amounts and are made in the ordinary course of business consistent with past practice, or which are made pursuant to a contractual obligation or are required by applicable Law; 

(vi) materially change any method of financial accounting or financial accounting practice used by any Group Company, other than such
changes required by GAAP, as applicable; 
 (vii) amend the Organizational Documents of any Group Company; 

(viii) establish, adopt, enter into, amend a plan or agreement of complete or partial liquidation, dissolution, restructuring, merger,
consolidation, recapitalization or other reorganization; 
 (ix) enter into any agreement to take, or cause to be taken, any of
the actions set forth in this Section 6.1(b); or 
 (x) make or change any Tax election, change any annual Tax
accounting period, change any method of Tax accounting, enter into any closing agreement with respect to any Tax, settle any Tax claim or any assessment or surrender any right to claim a Tax refund. 

(c) Without in any way limiting any Party’s rights or obligations under this Agreement, the parties understand and agree that
(i) during the Pre-Closing Period, nothing contained in this Agreement shall give Parent, directly or indirectly, the right to control or direct the operation of the Company and (ii) during the Pre-Closing Period, the Company and the
Equityholders shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over their respective businesses and operations. 

  
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 SECTION 6.2 Access to Information. 

(a) Subject to the terms of the Confidentiality Agreement and other confidentiality obligations and similar restrictions that may be
applicable to information furnished to any Group Company by third parties that may be in the Company’s or any of its Subsidiaries’ possession from time to time, during the Pre-Closing Period, upon reasonable notice and during normal
business hours, the Group Companies shall, and shall cause the directors, officers, employees, agents and representatives of each Group Company to, (i) afford the directors, officers, employees and authorized agents and representatives of
Parent reasonable access to the offices, properties, books and records of the Group Companies, and (ii) furnish to the directors, officers, employees and authorized agents and representatives of Parent such additional financial and operating
data and other information regarding the assets, properties and business of any Group Company as Parent may from time to time reasonably request in order to assist Parent in fulfilling its obligations under this Agreement and to facilitate the
consummation of the transactions contemplated by this Agreement; provided, however, (A) any such access shall be conducted in such a manner as not to interfere unreasonably with the operation of the business conducted by any Group
Company; (B) any intrusive environmental tests or assessments sought to be performed on any Leased Real Property (including any tests that involve drilling, excavation or the collection of samples of soils, groundwater, surface water, drinking
water, building materials or other environmental media) shall require the prior written consent of the Company (which consent shall not be unreasonably withheld, conditioned, or delayed); (C) Parent or any of its representatives shall not
contact or have any discussions with any of the landlords/sub-landlords, tenants/subtenants, customers or suppliers of any Group Company without the prior written consent of the Company (which consent shall not be unreasonably withheld, conditioned,
or delayed); (D) Parent shall be responsible for any damage to any Leased Real Property or any other assets or property of any Group Company caused by Parent or any of its representatives; (E) except as required by applicable Law, the
Company shall not be required to (or cause any of the Company’s Subsidiaries to) disclose any information related to the sale of the Company or any activities in connection therewith, including the solicitation of proposals from third parties
in connection with the sale of the Company or its representatives’ evaluation thereof, including projections, financial or other information related thereto; and (F) the Company shall not be required to (or cause any of the Company’s
Subsidiaries to) so confer, afford such access or furnish such copies or other information (1) to the extent that doing so would result in the breach of any confidentiality or similar agreement to which any Group Company is a party,
(2) that is competitively sensitive, or (3) the disclosure of which would reasonably be expected to result in the loss of attorney-client privilege, provided that the Company shall use its reasonable efforts to allow for such access
or disclosure in a manner that does not result in a breach of such agreement or a loss of attorney-client privilege. 
 (b) For
a period of seven (7) years following the Closing, Parent shall, and shall cause the Surviving Corporation and its Subsidiaries, to preserve and keep, or cause to be preserved and kept, all original books and records in respect of any Group
Company in the possession of Parent, the Surviving Corporation, its Subsidiaries, or their respective Affiliates. The Equityholders’ Representative, upon reasonable notice and for any reasonable business purpose and at the Equityholders’
Representative’s own cost and expense, shall have access during normal business hours to examine, inspect and copy such books and records. At the sole cost and expense of the Equityholders’ Representative, Parent, the Surviving Corporation
and its 

  
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Subsidiaries shall provide the Equityholders’ Representative with, or cause to be provided to the Equityholders’ Representative, such original books and records as the
Equityholders’ Representative shall reasonably request in connection with any Action to which the Equityholders’ Representative or any Equityholder is a party or in connection with the requirements of any Law applicable to the
Equityholders’ Representative or any Equityholder. After the seven (7) year anniversary of the Closing, to the extent that any such books or records relate to Taxes, the obligations of the Equityholders’ Representative under
Section 6.9 or any then-pending indemnification claims under Article IX, before Parent, the Surviving Corporation, its Subsidiaries or any of their respective Affiliates shall dispose of any of such books and records, Parent or
the Surviving Corporation shall give at least thirty (30) calendar days’ prior written notice of such intention to dispose to the Equityholders’ Representative, and the Equityholders’ Representative shall be given an opportunity
to remove and retain all or any part of such books and records as the Equityholders’ Representative may elect. The Equityholders’ Representative shall treat confidentially any nonpublic information about the Surviving Corporation that it
obtains under this Section 6.2(b). 
 SECTION 6.3 Confidentiality. 

(a) The parties hereby agree to be bound by and comply with the terms of the Confidentiality Agreement, which are hereby incorporated
into this Agreement by reference and shall continue in full force and effect until the Effective Time, such that the information obtained by such parties, or their respective officers, employees, agents or representatives, during any investigation
conducted pursuant to Section 6.2, or in connection with the negotiation and execution of this Agreement or the consummation of the transactions contemplated by this Agreement, or otherwise, shall be governed by the terms of the
Confidentiality Agreement. 
 (b) Except as required by applicable Law, legal or administrative process, or stock exchange
listing requirements, and only after compliance with Section 6.3(c) below, each of the parties shall maintain the terms of this Agreement, including the consideration payable by Parent hereunder, in strict confidence and shall not
disclose such terms to any third party (except such Party’s limited partners, attorneys, accountants and other professional advisors, any applicable Governmental Authority (such as the federal IRS and the applicable state department of
revenue), the Accounting Firm and otherwise in connection with the enforcement of the parties’ rights against any other party) without the prior written consent of all parties to this Agreement. 

(c) If any Party (Parent and Merger Sub, on the one hand, and the Company and the Equityholders’ Representative, on the other hand,
each being considered one Party for purposes of this Section 6.3(c)) or any of its representatives is requested pursuant to, or required by, applicable Law, legal or administrative process, or stock exchange listing requirements, to
disclose the terms of this Agreement, such party will notify the other party promptly in writing of such request or requirement and the reason for such request or requirement, so that the other party may seek a protective order or other appropriate
remedy or, in its sole discretion, waive compliance with the terms of Section 6.3(b). If no such protective order or other remedy is obtained, or that the other party does not waive compliance with Section 6.3(b), such party
will furnish only that portion of this Agreement that it is reasonably advised by its counsel is legally required and will exercise commercially reasonable efforts, at the expense of the other party, to

  
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obtain reliable assurance that confidential treatment will be accorded the disclosed portions of this Agreement to the extent possible. Notwithstanding the foregoing, the parties acknowledge and
agree that Parent may be required under applicable Law to file a copy of this Agreement in its filings with the Securities and Exchange Commission. 
 SECTION 6.4 Efforts; Consents; Regulatory and Other Authorizations. 
 (a)
Each party to this Agreement shall use its commercially reasonable efforts to (i) take, or cause to be taken, all appropriate action, and do, or cause to be done, all things necessary, proper or advisable under applicable Law or otherwise to
promptly consummate and make effective the transactions contemplated by this Agreement and (ii) obtain all authorizations, consents, orders and approvals of, and give all notices to and make all filings with, all Governmental Authorities and
other third parties that may be or become necessary for the performance of its obligations under this Agreement and the consummation of the transactions contemplated by this Agreement (provided that no party shall be required to pay or commit to pay
any amount to (or incur an obligation in favor of) any Person from whom such authorization, consent, order or approval may be required other than required filing fees). Each party to this Agreement shall cooperate with the other parties to this
Agreement in promptly seeking to obtain all such authorizations, consents, orders and approvals, giving such notices and making such filings. 
 (b) In furtherance and not in limitation of the terms of Section 6.4(a), to the extent required by applicable Law, each of Parent and the Company shall file, or cause to be filed, a
Notification and Report Form pursuant to the HSR Act with respect to the transactions contemplated by this Agreement within three (3) Business Days after the date of this Agreement (including, in the case of Parent, a request for early
termination of the applicable waiting period under the HSR Act), shall supply promptly any additional information and documentary material that may be requested by any Governmental Authority (including the Antitrust Division of the United States
Department of Justice and the United States Federal Trade Commission) pursuant to the HSR Act, and shall cooperate in connection with any filing under applicable antitrust Laws and in connection with resolving any investigation or other inquiry
concerning the transactions contemplated by this Agreement commenced by any Governmental Authority, including the United States Federal Trade Commission, the Antitrust Division of the United States Department of Justice or the office of any state
attorney general. Each party shall promptly (i) supply the other with any information which may be required in order to effectuate such filings and (ii) supply any additional information which reasonably may be required by a Governmental
Authority of any jurisdiction and which the parties may reasonably deem appropriate. No party shall independently participate in any meeting, or engage in any substantive conversation, with any Governmental Authority in respect to any such filings,
investigation or other inquiry without giving the other party prior notice of the meeting or conversation and, unless prohibited by such Governmental Authority, the opportunity to attend or participate. The parties will consult and cooperate with
one another in connection with any analyses, appearances, presentations, memoranda, briefs, arguments, opinions and proposals made or submitted by or on behalf of any party in connection with proceedings under or relating to the HSR Act or other
antitrust laws. Each party shall (A) give the other party prompt notice of the commencement or threat of commencement of any Action by or before any Governmental Authority with respect to the transactions contemplated by this Agreement,
(B) keep the other party informed as to the status of any such Action or threat, and (C) promptly inform the other party of any communication to or from any Governmental Authority regarding the transactions contemplated by this Agreement.

  
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 SECTION 6.5 Further Action. Subject to the terms and conditions provided in this
Agreement, each of the parties to this Agreement shall use its commercially reasonable efforts to deliver, or cause to be delivered, such further certificates, instruments and other documents, and to take, or cause to be taken, such further actions,
as may be necessary, proper or advisable under applicable Law to consummate and make effective the transactions contemplated by this Agreement. 
 SECTION 6.6 Indemnification; Directors’ and Officers’ Insurance. 

(a) For a period of six (6) years following the Effective Time, Parent shall, and shall cause the Surviving Corporation to,
(i) indemnify and hold harmless each present and former director and officer of the Group Companies (collectively, the “Company Indemnified Parties”), against any and all Damages incurred or suffered by any of the Company
Indemnified Parties in connection with any Liabilities or any Action, whether civil, criminal, administrative or investigative, arising out of or pertaining to matters existing or occurring at or prior to the Effective Time, whether asserted or
claimed prior to, at or after the Effective Time, to the fullest extent that any Group Company would have been permitted under applicable Law and under the Organizational Documents of any Group Company, in each case as in effect on the date of this
Agreement, to indemnify such Company Indemnified Parties and (ii) advance expenses as incurred by any Company Indemnified Party in connection with any matters for which such Company Indemnified Party is entitled to indemnification from Parent
pursuant to this Section 6.6(a) to the fullest extent permitted under applicable Law or, if greater, under the Organizational Documents of any Group Company; provided, however, that the Company Indemnified Party to whom
expenses are advanced provides a written agreement to repay such advances if it is ultimately and finally determined by a court of competent jurisdiction and all rights of appeal have lapsed that such Company Indemnified Party is not entitled to
indemnification under applicable Law, the Organizational Documents of any Group Company, and pursuant to this Section 6.6(a). 
 (b) From and after the Effective Time, the Organizational Documents of the Surviving Corporation and its Subsidiaries shall contain provisions no less favorable in all material respects with respect to
indemnification, advancement of expenses and exculpation of the Company Indemnified Parties then are currently set forth in the Organizational Documents of any Group Company. Any indemnification agreements with the Company Indemnified Parties in
existence on the date of this Agreement shall be assumed by the Surviving Corporation in the Merger, without any further action, and shall survive the Merger and continue in full force and effect in accordance with their terms. 

(c) For a period of six (6) years following the Effective Time, Parent shall maintain, or shall cause the Surviving Corporation for
itself to maintain, in effect a directors’ and officers’ liability insurance policy covering those persons who are currently covered by the directors’ and officers’ liability insurance policies of the Group Companies (copies of
which have been heretofore delivered by the Company to Parent and its agents and representatives) with coverage in amount and scope at least as favorable as the Company’s existing coverage;

  
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provided, that this Section 6.6(c) shall be deemed to have been satisfied if a prepaid policy or policies (i.e., “tail coverage”) have been obtained by the
Company at the Company’s expense (to be treated as an Unpaid Company Transaction Expense hereunder), which policy or policies provide such directors and officers with the coverage described in this Section 6.6(c) for an aggregate
period of not less than six (6) years with respect to claims arising from facts or events that occurred on or before the Closing Date, including with respect to the transactions contemplated by this Agreement. The premiums for such prepaid
policies shall be paid in full at or prior to the Effective Time and such prepaid policies shall be non-cancelable. If such prepaid policies have been obtained prior to the Effective Time, Parent shall, and shall cause the Surviving Corporation to,
maintain such policies in full force and effect, and continue to honor the obligations thereunder. 
 (d) In the event Parent or
the Surviving Corporation (or any of its successors or assigns) (i) consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers or
conveys all or substantially all of its properties and assets to any Person, then, and in each such case, proper provision shall be made so that such continuing or surviving corporation or entity or transferee of such assets, as the case may be,
shall assume all of the obligations set forth in this Section 6.6. 
 (e) The terms and provisions of this
Section 6.6 are intended to be in addition to the rights otherwise available to the Company Indemnified Parties by applicable Law, Organizational Documents or Contract, and shall operate for the benefit of, and shall be enforceable by,
the Company Indemnified Parties and their respective heirs and representatives, each of whom is an intended third party beneficiary of this Section 6.6. The obligations under this Section 6.6 shall not be terminated or
modified in such a manner as to affect adversely any Company Indemnified Party without the consent of such affected Company Indemnified Party. 
 SECTION 6.7 Employee Benefit Matters. 
 (a) For purposes of determining
eligibility to participate, vesting and entitlement to benefits where length of service is relevant under any benefit plan or arrangement of Parent, the Surviving Corporation or any of their respective Subsidiaries, Company Employees as of the
Effective Time shall receive service credit for service with the Group Companies to the same extent such service credit was granted under the Company Benefit Plans, subject to offsets for previously accrued benefits and no duplication of benefits.
Parent and the Surviving Corporation shall use commercially reasonable efforts to (i) to the extent permissible under the terms and conditions of Parent’s welfare benefit plans (provided Parent shall not be required to amend or modify any
such welfare benefit plans) cause to be waived all limitations as to preexisting conditions exclusions and waiting periods with respect to participation and coverage requirements applicable to the Company Employees under any welfare benefit plans
that such employees may be eligible to participate in after the Effective Time, other than limitations or waiting periods that are already in effect with respect to such employees and that have not been satisfied as of the Effective Time under any
welfare benefit plan maintained for the Company Employees immediately prior to the Effective Time and (ii) to the extent permissible under the terms and conditions of Parent’s welfare benefit plans (provided Parent shall not be required to
amend or modify any such welfare benefit plans) cause each Company Employee to be provided with credit for any co-payments and deductibles paid prior to the Effective Time in satisfying any applicable deductible or out-of-pocket requirements under
any welfare plans (other than a Company Benefit Plan) that such employees are eligible to participate in after the Effective Time. 

  
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 (b) Except as prohibited by applicable Law, Parent shall have the right to terminate
employees and modify or terminate employee working conditions, including employee benefits, following the Closing. 
 (c)
Section 280G. 
 (i) The Company shall use commercially reasonable efforts to obtain and deliver to Parent, prior
to the solicitation of the requisite stockholder approval described in Section 6.7(c)(ii) a Section 280G Waiver from each Person who is a “disqualified individual” (within the meaning of Section 280G of the Code and
the regulations promulgated thereunder (“Section 280G”)), as determined immediately prior to the initiation of the solicitation of the requisite stockholder approval as described in Section 6.7(c)(ii), related to certain
payments or benefits to be received by such Person in connection with the transactions contemplated by this Agreement to the extent that such payments or benefits, unless the requisite stockholder approval of such parachute payments is obtained
pursuant to Section 6.7(c)(ii), would not be deductible by the Companies under Section 280G. 
 (ii) As soon
as practicable following the delivery by the Company to Parent of the Section 280G Waiver, the Company shall submit to its stockholders for approval in accordance with Section 280G(b)(5)(B) of the Code any payments and/or benefits that are
subject to a Section 280G Waiver, such that such payments and benefits shall not be deemed to be “parachute payments” under Section 280G, and prior to the Effective Time Parent shall deliver to Parent any written consents related
to the shareholder approval of any payments and/or benefits that are subject to a Section 280G Waiver. 
 (iii) The form
of the Section 280G Waiver and any materials to be submitted to the Company’s stockholders in connection with seeking the requisite stockholder approval (the “Section 280G Soliciting Materials”) shall be subject to
reasonable review and approval by Parent. The Company will promptly advise Parent in writing if, at any time prior to the Effective Time, to the Company’s Knowledge, any facts exists that might make it necessary or appropriate to amend or
supplement the Section 280G Soliciting Materials in order to make statements contained or incorporated by reference therein not misleading or to comply with applicable Law. 

(d) The terms and provisions of this Section 6.7 shall be binding upon and inure solely to the benefit of each of the parties
to this Agreement, and nothing in this Section 6.7, express or implied, is intended to confer upon any other person (including, for the avoidance of doubt, any Company Employee) any rights or remedies of any nature whatsoever, as a
third-party beneficiary of this Agreement or otherwise, under or by reason of this Section 6.7. 
 SECTION 6.8
Provision Respecting Legal Representation. Each of the parties to this Agreement hereby agrees, on its own behalf and on behalf of its directors, members, partners, officers, employees and Affiliates, that Latham & Watkins LLP may
serve as counsel to 

  
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each and any holder of Company Common Stock or capital stock of the Company’s Subsidiaries, and each of their respective Affiliates (individually and collectively, the “Holder
Group”), on the one hand, and the Company, on the other hand, in connection with the negotiation, preparation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, and that, following
consummation of the transactions contemplated hereby, Latham & Watkins LLP (or any successor) may serve as counsel to the Holder Group or any director, member, partner, officer, employee or Affiliate of the Holder Group, in connection with
any litigation, claim or obligation arising out of or relating to this Agreement or the transactions contemplated by this Agreement notwithstanding such representation and each of the parties hereto hereby consents thereto and waives any conflict of
interest arising therefrom, and each of such parties shall cause any Affiliate thereof to consent to waive any conflict of interest arising from such representation. 
 SECTION 6.9 Tax Matters. 
 (a) Preparation of Tax Returns.

 (i) The Equityholders’ Representative will prepare or cause to be prepared all Tax Returns for the Group Companies for
all Pre-Closing Tax Periods which are filed after the Closing Date. No later than twenty (20) days prior to filing, the Equityholders’ Representative will deliver or cause to be delivered to Parent all such Tax Returns and any related work
papers and will permit Parent to review and comment on each such Tax Return and will make such revisions to such Tax Returns as are reasonably requested by Parent unless otherwise required by applicable Law. Parent shall timely file or cause to be
timely filed each such Tax Return and timely pay or cause to be timely paid the amount of any Taxes shown due thereon to the appropriate Taxing Authorities; provided, however, that the Equityholders’ Representative shall reimburse
Parent or the applicable Group Company for the amount of such Taxes, to the extent such Taxes were not included as a liability in the calculation of Closing Working Capital, no later than thirty (30) days after the filing of the applicable Tax
Return. 
 (ii) To the extent that any Tax Returns of the Group Companies relate to any Straddle Periods, Parent will prepare
or cause to be prepared in a manner consistent with the prior Tax Returns of the Company and its Subsidiaries unless otherwise required by applicable Law and file or cause to be filed any such Tax Returns. Parent will permit the Equityholders’
Representative to review and comment on each such Tax Return described in the preceding sentence at least twenty (20) days prior to filing such Tax Returns and will make such revisions to such Tax Returns as are reasonably requested by the
Equityholders’ Representative unless otherwise required by applicable Law. Parent will timely pay or cause to be timely paid the amount of any Taxes shown as due on such Tax Returns to the appropriate Taxing Authorities; provided, however, that
the Equityholders’ Representative shall reimburse Parent or the applicable Group Company for the portion of such Taxes which relates to the portion of the Straddle Period ending on the Closing Date, to the extent such Taxes were not included as
a liability in the calculation of Closing Working Capital,, no later than thirty (30) days after the filing of the applicable Tax Return. For purposes of this clause (ii) and other relevant provisions of this Agreement (including
Article IX), in the case of any Taxes that are imposed on a periodic basis and are payable for a Straddle Period, the portion of such Tax which relates to the portion of such Straddle Period ending on the Closing Date will (A) in the
case of any Taxes other than 

  
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Taxes based upon or related to income or receipts, be deemed to be the amount of such Tax for the entire Straddle Period multiplied by a fraction (1) the numerator of which is the number of
days in the portion of such Straddle Period ending on the Closing Date and (2) the denominator of which is the number of days in the entire Straddle Period, and (B) in the case of any Tax based upon or related to income or receipts be
deemed equal to the amount which would be payable if the relevant taxable period ended on the Closing Date. Any credits relating to a Straddle Period will be taken into account as though the relevant taxable period ended on the Closing Date. All
determinations necessary to give effect to the foregoing allocations will be made in a manner consistent with GAAP and the prior practice of the Group Companies unless otherwise required by applicable Law. 

(iii) Subject to Section 6.9(e), Parent shall not amend (or cause to be amended) any Tax Return of any Group Company for any
Pre-Closing Tax Period or, to the extent it would affect any Pre-Closing Taxes, any Straddle Period, or make (or cause to be made) any Tax election that has retroactive effect to any Pre-Closing Tax Period or, to the extent it would affect any
Pre-Closing Taxes, any Straddle Period, in each case without the prior written consent of the Equityholders’ Representative, which consent shall not be unreasonably withheld. 

(b) Cooperation. Parent, the Surviving Corporation and the Equityholders’ Representative shall reasonably cooperate, as and
to the extent reasonably requested by the other party, in connection with the filing of Tax Returns pursuant to this Agreement, any Tax Contest, and complying with the provisions of Section 6.9(e). Such cooperation shall include the
retention and (upon the other party’s request) the provision of records and information which are reasonably relevant to any such Tax Contest and making employees available on a mutually convenient basis to provide additional information and
explanation of any material provided hereunder. 
 (c) Contest Provisions. 

(i) Notwithstanding anything to the contrary in this Agreement, each party hereto will, at its own expense, control any Tax Contest for
any taxable period for which that party is charged with payment or indemnification responsibility under this Agreement. In the case of any Tax Contest relating to a Straddle Period (to the extent such Tax Contest relates to or would affect
Post-Closing Taxes) or Post-Closing Tax Period, Parent will control such Tax Contest and will consult in good faith with the Equityholders’ Representative as to the conduct of such Tax Contest. In no event will the Equityholders’
Representative settle any Tax Contest relating to any Pre-Closing Tax Period or, to the extent such settlement would affect Post-Closing Taxes, any Tax Contest relating to any Straddle Period, in a manner which would adversely affect Parent, without
the prior written consent of Parent, which consent may not be unreasonably withheld, conditioned or delayed. In no event will Parent, the Surviving Corporation or any of its Subsidiaries settle any Tax Contest relating to any Post-Closing Tax Period
or, to the extent such settlement would affect Pre-Closing Taxes, any Tax Contest relating to any Straddle Period, in a manner which would adversely affect any Equityholder, without the prior written consent of the Equityholders’
Representative, which consent may not be unreasonably withheld, conditioned or delayed. 

  
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 (ii) Each party hereto will, at the expense of the requesting party, execute or cause to be
executed any IRS Form 2848 power of attorney or other documents reasonably requested by such requesting party to enable it to take any and all actions such party reasonably requests with respect to any Tax Contest that the requesting party controls.

 (iii) Each party hereto will promptly forward to the other party all written notifications and other written communications,
including if available the original envelope showing any postmark, from any Taxing Authority received by such party relating to any liability for Taxes for any taxable period for which a party is charged with payment or indemnification
responsibility under this Agreement and each indemnifying party will promptly notify, and consult with, each indemnified party as to any action it proposes to take with respect to any liability for Taxes for which it is required to indemnify another
party, and will not enter into any closing agreement or final settlement with any Taxing Authority with respect to any such liability without the written consent of the indemnified parties, which consent may not be unreasonably withheld. The failure
by a party to provide timely notice under this subsection will not relieve the other party from its indemnification obligations under this Agreement with respect to the subject matter of any notification not timely forwarded, except to the extent
the other party is actually harmed thereby. 
 (d) Transfer Taxes. All Transfer Taxes shall be borne by the Company
(which Transfer Taxes shall be accrued as a liability on the Closing Balance Sheet) and, to the extent of any excess over such accrual, the Equityholders. Schedule 6.9(d) sets forth the Company’s good faith estimate of all applicable
Transfer Taxes. The Equityholders’ Representative hereby agrees to file in a timely manner, at its own expense, all necessary documents (including, but not limited to, all Tax Returns) with respect to all such amounts for which the
Equityholders are so liable. 
 (e) Transaction Tax Benefits. Notwithstanding anything to the contrary in this Agreement,
the parties agree that: 
 (i) The Transaction Tax Benefit Items shall be reported on applicable Income Tax Returns solely as
Income Tax deductions of the Company, the Surviving Corporation or their Subsidiaries, as applicable, for a Pre-Closing Tax Period and shall not be treated or reported as Income Tax deductions for a Post-Closing Tax Period (including under Treasury
Regulations Section 1.1502-76(b)(1)(ii)(B) or any comparable or similar provision under state or local Law), unless otherwise required by applicable Law. In connection with the foregoing, unless otherwise requested by the Equityholders’
Representative, Parent shall cause the Company or the Surviving Corporation, as applicable, to make an election under Revenue Procedure 2011-29, 2011-18 IRB 746, to treat seventy percent (70%) of any success-based fees that were paid by or on
behalf of the Company or the Surviving Corporation, and that were included in the Transaction Tax Benefit Schedule, as an amount that did not facilitate the Merger and therefore as deductible in a Pre-Closing Tax Period for U.S. federal income Tax
purposes, unless otherwise required by applicable Law. 
 (ii) To the extent that any Group Company has paid estimated Income
Taxes for any Pre-Closing Tax Period and the amount of the estimated Income Taxes that were paid with respect to such Tax period exceeds the amount of the estimated Income Tax liability 

  
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with respect to such Tax period (taking into account the Transaction Tax Benefit Items), the Equityholders’ Representative shall prepare or cause to be prepared IRS Form 4466 (Corporation
Application for Quick Refund of Overpayment of Estimated Tax) with any other IRS forms as may be reasonably necessary (including IRS Form 8302 (Electronic Deposit of Tax Refund of $1 Million or More)) and any analogous application for a state refund
of an overpayment of estimated state Income Taxes with respect to such Tax period. Any such refund application shall be treated as an Income Tax Return that is subject to analogous review, comment and filing procedures to those set forth in
Section 6.9(a)(i). Within fifteen (15) Business Days of the receipt from the applicable Taxing Authority of a refund as a result of such a refund application, Parent shall pay or cause to be paid an amount equal to such refund to
accounts designated by the Equityholders’ Representative for distribution to the Equityholders. 
 (iii) To the extent
that the Company, the Surviving Corporation or any of their Subsidiaries (or any of their successors) has a net operating loss that is attributable to the deduction of Transaction Tax Benefit Items, the Equityholders’ Representative shall
prepare or cause to be prepared any claim for refund (including IRS Form 1139 or any successor form, and any comparable state or local forms) or amended Tax Return to effect a carryback of such loss (a “TTB Carryback”) to the
fullest extent permitted by Law. Any such refund claim shall be treated as an Income Tax Return that is subject to analogous review, comment and filing procedures to those set forth in Section 6.9(a)(i). Unless otherwise required by
applicable Law, any TTB Carryback shall be utilized to its fullest extent prior to the utilization of any carryback of any Tax attribute of the Company, the Surviving Corporation or any of their Subsidiaries (or any of their successors) generated
during a Post-Closing Tax Period. Within fifteen (15) Business Days of the receipt from the applicable Taxing Authority of a refund as a result of such a refund claim, Parent shall pay or cause to be paid an amount equal to such refund to
accounts designated by the Equityholders’ Representative for distribution to the Equityholders. 
 (iv) To the extent
that, after the application of Section 6.9(e)(ii) and Section 6.9(e)(iii), the Company, the Surviving Corporation or any of their Subsidiaries (or any of their successors) has a net operating loss carryforward that is attributable
to the Transaction Tax Benefit Items (a “TTB Carryforward”), then Parent shall pay or cause to be paid to accounts designated by the Equityholders’ Representative for distribution to the Equityholders an amount equal to the sum
of (A) one hundred percent (100%) of the amount by which (1) the amount of state Taxes that Parent, the Group Companies, and Parent’s other subsidiaries (or any of their successors), reporting as a combined group, would have been
required to pay in the State of California during the period beginning on the Closing Date and ending December 31, 2016, but for the TTB Carryforward, exceeds (2) the amount of state Taxes actually payable in the State of California by
Parent, the Group Companies, and Parent’s other subsidiaries (or any of their successors), reporting as a combined group, in such period, plus (B) fifty percent (50%) of the amount by which (1) the amount of U.S. federal Taxes
that Parent, the Group Companies, and Parent’s other subsidiaries (or any of their successors), reporting as a consolidated group, would have been required to pay during the period beginning on the Closing Date and ending December 31,
2016, but for the TTB Carryforward, exceeds (2) the amount of U.S. federal Taxes actually payable by Parent, the Group Companies, and Parent’s other subsidiaries (or any of their successors), reporting as a consolidated group, in such
period; provided, however, that, unless otherwise required by applicable Law, such amount shall be determined (x) by Parent in its reasonable discretion, exercised in good faith, and (y) prior to taking into account any Tax

  
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attribute of Parent, the Group Companies, and Parent’s other subsidiaries (or any of their successors) generated during the period beginning on the Closing Date and ending December 31,
2016. Parent shall make such payments, or cause such payments to be made, within fifteen (15) Business Days of filing the Tax Return for the Tax year(s) in which such TTB Carryforward is utilized. 

(f) Overlap Provisions. In the event of any conflict or overlap between the provisions of this Section 6.9 and
Article IX, the provisions of this Section 6.9 shall control. 
 SECTION 6.10 Disclosure Schedules;
Supplementation and Amendment of Schedules. From time to time prior to the Closing, the Company shall have the right to supplement or amend the Company Disclosure Schedule with respect to any matter hereafter arising or discovered after the delivery
of the Company Disclosure Schedule pursuant to this Agreement; provided, however, that such supplements or amendments to the Company Disclosure Schedule shall have no effect for the purposes of determining the satisfaction of any
condition to Closing set forth in Article VII. Such supplements or amendments to the Company Disclosure Schedule shall also, for purposes of determining whether the Company has breached any of its representations and warranties hereunder for
any purpose other than Section 7.2(a), not be deemed to amend the Company Disclosure Schedule hereto and the sections of the Company Disclosure Schedule referenced in such supplement or amendment. 

SECTION 6.11 Exclusivity. The Company agrees that after the date hereof until the earlier of the Closing or the termination of this
Agreement in accordance with its terms, it shall not, and it shall cause its Subsidiaries and Affiliates and shall use its reasonable best efforts to cause the officers, directors, managers, employees, investment bankers, attorneys, accountants,
agents, advisors, representatives and Affiliates of the Group Companies not to, directly or indirectly: (a) solicit, initiate, or knowingly facilitate or encourage the submission of any Acquisition Proposal; (b) participate in any
discussions or negotiations regarding, or furnish to any Person any information with respect to, or take any other action knowingly to facilitate or encourage any inquiries or the making of any proposal that constitutes, or could be expected to lead
to, any Acquisition Proposal; (c) grant any waiver or release under any standstill or similar agreement with respect to any class of the Company’s or any Company Subsidiaries’ securities; or (d) enter into any agreement with
respect to any Acquisition Proposal. The Company agrees to promptly notify Parent upon receipt by the Company of any Acquisition Proposal. For purposes of this Section 6.11, “Acquisition Proposal” means any offer or
proposal for, or indication of interest in, a merger, consolidation, stock exchange, business combination, reorganization, recapitalization, liquidation, dissolution or other similar transaction which involves any purchase of at least 51% of the
assets of the Group Companies, taken as a whole, or any capital stock of any Group Company, other than the transactions contemplated by this Agreement. 
 SECTION 6.12 Errors and Omissions and Employment Practices Liability Extended Reporting (“Tail”) Coverage. 
 (a) On or before the Closing Date, the Company will arrange to purchase, at the Company’s expense (to be treated as an Unpaid Company Transaction Expense hereunder), extended reporting period
(“tail”) coverage extensions for each of the Company’s professional 

  
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liability (E&O) insurance policy and employment practices liability (EPL) insurance policy (each and collectively, the “Required Tail Coverage”). The Required Tail
Coverage shall extend for a period of at least five (5) years from the Effective Time, shall have the same limits and deductibles currently in effect, and shall otherwise be in form reasonably acceptable to Parent. Without limiting the
generality of the foregoing, the endorsement or policy evidencing the Required Tail Coverage shall not contain an “other insurance” or similar provision that purports to make the Required Tail Coverage excess rather than primary and
non-contributory coverage as to any error or omission or EPL occurrence arising before later of the Closing Date and the Effective Time (an “Excess Coverage Provision”). If the Required Tail Coverage is procured as an endorsement to
the Company’s existing E&O insurance policy or EPL insurance policy, and the existing policy contains an Excess Coverage Provision, the Required Tail Coverage endorsement shall amend the existing policy to (i) remove the Excess
Coverage Provision and (ii) state expressly that the Required Tail Coverage shall be primary and non-contributory as to any error or omission or EPL occurrence arising before the Effective Time. 

(b) Notwithstanding the foregoing, it is the parties’ intent that, subject to the terms and conditions of Article IX of this
Agreement: (i) as between the Required Tail Coverage and any coverage that might be available under Parent’s policies, the Required Tail Coverage shall be primary and non-contributory; (ii) Parent may seek indemnity from the Escrow
Fund for any deductibles or retentions under the Required Tail Coverage (“Required Tail Deductible”)to the extent permitted under Article IX. 
 (c) After the Closing, with respect to any Action that names or otherwise involves any Company Group, Parent, the Surviving Corporation, or their Affiliates as to which defense and/or coverage may be
available for the Company Group, the Surviving Corporation, Parent or their Affiliates under the Required Tail Coverage, Parent may, at its option and sole discretion, directly pay any applicable Required Tail Deductible under the Required Tail
Coverage to the appropriate Carrier and seek indemnity for such Required Tail Deductible pursuant to Article IX. Nothing in this Section 6.12 shall limit or affect the parties’ indemnity rights and obligations under
Article IX. 
 SECTION 6.13 Proration of January 2012 Income and Adjustment of Closing Working
Capital. Notwithstanding anything in this Agreement to the contrary, in the event the Merger closes in January 2012: 

(a) January Income (as defined below) shall be multiplied by a fraction (the “Proration Factor”), the numerator of which
is the number of days in the period beginning on January 1, 2012, and ending on the Closing Date, and the denominator of which is thirty-one (31). The product of January Income times the Proration Factor shall be deemed the
reportable income for January 2012 for the Group Companies prior to the Closing Date, and the balance of January Income minus such product shall be deemed reportable income for January 2012 for the Group Companies on and after the Closing
Date. The term “January Income” means (i) total revenues earned by the Group Companies during calendar month January 2012, minus (ii) total expenses (excluding Unpaid Company Transaction Expenses and
interest expense) incurred by the Group Companies during calendar month January 2012, as determined in accordance with the Group Companies’ standard accounting practices and methodology applied on a consistent basis. 

  
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 (b) Closing Working Capital shall determined using Closing Working Capital as of
December 31, 2011, as adjusted by an amount equal to (i) the Proration Factor times (ii) the difference of (A) Closing Working Capital as of January 31, 2012, minus (B) Closing Working Capital as of
December 31, 2011. 
 ARTICLE VII. 
 CONDITIONS TO CLOSING 
 SECTION 7.1 Conditions to Obligations of the
Company. The obligations of the Company to consummate the Merger and the other transactions contemplated by this Agreement shall be subject to the satisfaction, fulfillment or written waiver by the Company, at or prior to the Closing, of each of
the following conditions: 
 (a) Representations and Warranties; Covenants. (i) The representations and warranties
of Parent and Merger Sub set forth in Article V shall be true and correct in all material respects at and as of the date of this Agreement and as of the Closing Date as though then made (except that those representations and warranties that
are made as of a specific date need only be true and correct in all material respects as of such date); and (ii) the covenants and agreements set forth in this Agreement to be performed or complied with by Parent and Merger Sub at or prior to
the Effective Time shall have been performed or complied with in all material respects. 
 (b) No Governmental Order. No
Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in effect and has the effect of making the Merger or any other transactions contemplated by this Agreement illegal or otherwise
restraining or prohibiting the consummation of the Merger or any of the other material transactions contemplated by this Agreement. 
 (c) HSR Act. The waiting period under the HSR Act, if applicable, shall have expired or been terminated. 
 (d) Closing Deliveries. The Parent shall have made those payments and delivered each of the agreements, certificates, instruments and other documents that it is obligated to deliver pursuant to
Section 2.3(c). 
 SECTION 7.2 Conditions to Obligations of Parent and Merger Sub. The obligations of Parent
and Merger Sub to consummate the Merger and the other transactions contemplated by this Agreement shall be subject to the satisfaction, fulfillment or written waiver by Parent, at or prior to the Closing, of each of the following conditions:

 (a) Representations and Warranties; Covenants. (i) The representations and warranties of the Company set forth in
Article IV shall be true and correct at and as of the date of this Agreement and as of the Closing Date (except that those representations and warranties that are made as of a specific date need only be true and correct in all respects as of
such date), except where the failure of such representations and warranties to be true and correct has not had, individually or in the aggregate, a Material Adverse Effect; (ii) the covenants and agreements set forth in this Agreement to be
performed or complied with by the Company at or prior to the Closing shall have been performed or complied with in all material respects; and (iii) Parent shall have received an officer’s certificate of the Company, dated as of the Closing
Date, certifying as to the matters set forth in clauses (i) and (ii) of this Section 7.2(a). 

  
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 (b) No Governmental Order. No Governmental Authority shall have enacted, issued,
promulgated, enforced or entered any Governmental Order which is in effect and has the effect of making the Merger or any of the other material transactions contemplated by this Agreement illegal or otherwise restraining or prohibiting the
consummation of the Merger or any of the other transactions contemplated by this Agreement. 
 (c) HSR Act. The waiting
period under the HSR Act, if applicable, shall have expired or been terminated. 
 (d) No Material Adverse Effect. Since
the date of this Agreement, there shall not have occurred and be continuing any Material Adverse Effect on the Group Companies; and 
 (e) Closing Deliveries. The Company and the Equityholders’ Representative shall have delivered each of the agreements, certificates, instruments and other documents that they are obligated to
deliver pursuant to Section 2.3(b). 
 SECTION 7.3 Frustration of Closing Conditions. None of the Company,
Parent or Merger Sub may rely on the failure of any condition set forth in Section 7.1 or Section 7.2, as the case may be, if such failure was caused by such party’s (or in the case of Parent or Merger Sub, either such
party’s) failure to comply with any provision of this Agreement. 
 ARTICLE VIII. 

TERMINATION, AMENDMENT AND WAIVER 
 SECTION 8.1 Termination. This Agreement may be terminated at any time prior to the Closing only as follows: 
 (a) by the mutual written consent of Parent, Merger Sub and the Company; 
 (b) by
either the Company, on the one hand, or Parent and Merger Sub, on the other hand, by written notice to the other party if any Governmental Authority with jurisdiction over such matters shall have issued a Governmental Order permanently restraining,
enjoining or otherwise prohibiting the Merger or any of the other transactions contemplated by this Agreement, and such Governmental Order shall have become final and unappealable; provided, however, that the terms of this
Section 8.1(b) shall not be available to any party unless such party shall have used its best efforts to oppose any such Governmental Order or to have such Governmental Order vacated or made inapplicable to the Merger or other
transaction contemplated by this Agreement to which such Governmental Order relates; 
 (c) by Parent and Merger Sub, if there
shall have been a material breach of any representation, warranty, covenant or agreement by the Company or the Equityholders’ Representative set forth in this Agreement, such that the conditions specified in Section 7.2 would not be
satisfied at Closing (a “Terminating Company Breach”), except that, if such Terminating Company Breach is curable by the Company or the Equityholders’ Representative through the exercise of commercially reasonable efforts,
then, for a period of up to thirty (30) days (the “Company Cure Period”), such termination shall not be effective, and such termination shall become effective only if the Terminating Company Breach is not cured within the
Company Cure Period; 

  
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 (d) by the Company, if there shall have been a material breach of any representation,
warranty, covenant or agreement by Parent or Merger Sub set forth in this Agreement, such that the conditions specified in Section 7.1 would not be satisfied at Closing (a “Terminating Parent Breach”), except that, if
such Terminating Parent Breach is curable by Parent or Merger Sub through the exercise of commercially reasonable efforts, then, for a period of up to thirty (30) days (the “Parent Cure Period”), such termination shall not be
effective, and such termination shall become effective only if the Terminating Parent Breach is not cured within the Parent Cure Period; or 
 (e) by Parent and Merger Sub, if the Company fails to deliver the executed Written Consent to Parent by 5:00 P.M. California time on the Business Day immediately following the date of this Agreement; and

 (f) by either the Company, on the one hand, or Parent and Merger Sub, on the other hand, by written
notice to the other party if the Merger shall not have been consummated on or before [•]1 (the “Outside Date”), unless the failure to consummate the Merger on or prior to such date is the result of any action or
inaction under this Agreement by the party seeking to terminate the Agreement pursuant to the terms of this Section 8.1(f). 
 SECTION 8.2 Procedure Upon Termination. In the event of termination by Parent or the Company, or both, pursuant to Section 8.1 hereof, written notice thereof shall forthwith be given to
the other party or parties, and this Agreement shall terminate, and the Merger shall be abandoned, without further action by Parent or the Company. 
 SECTION 8.3 Effect of Termination. In the event of termination of this Agreement pursuant to and in accordance with Section 8.1, this Agreement shall forthwith become void and of no
further force or effect whatsoever and there shall be no liability on the part of any party to this Agreement; provided, however, that notwithstanding the foregoing, nothing contained in this Agreement shall relieve any party to this
Agreement from any liability resulting from or arising out of any intentional, material breach of any agreement or covenant hereunder; and provided, further, that notwithstanding the foregoing, the terms of Section 6.3,
this Section 8.2 and Article X shall remain in full force and effect and shall survive any termination of this Agreement made in accordance with Section 8.1. 

SECTION 8.4 Extension; Waiver. At any time before the Closing Date, the parties may (a) extend the time
for the performance of any of their obligations or other acts, (b) waive any inaccuracies in the representations and warranties contained herein or in any document delivered pursuant hereto, and (c) waive compliance with any of the
agreements or conditions contained herein. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such party. 

 
  

	1 	 Insert date sixty (60) days following execution of this Agreement 

  
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 ARTICLE IX. 
 INDEMNIFICATION 
 SECTION 9.1 Survival of Representations (a) The
representations and warranties made by the Company in Article IV, on the one hand, and by Parent and Merger Sub in Article V, on the other hand, shall survive the Closing and shall expire (i) eighteen (18) months after the
Effective Time, (ii) as to any such representations and warranties the breach of which is a Special Matter, other than Tax related Special Matters and Escheat Matters, three (3) years after the Effective Time; (ii) as to any Tax
related Special Matters, sixty (60) days following the expiration of all applicable statutes of limitations; and (iv) as to any Escheat Matters, the first to occur of (A) the written acknowledgment by the applicable Governmental
Authority that the liability associated with such Escheat Matters has been fully discharged and (B) sixty days following the expiration of all applicable statutes of limitations (as applicable, the “Expiration Date”);
provided, however, that if, at any time prior to the applicable Expiration Date, (A) Parent (acting in good faith) delivers to the Equityholders’ Representative a written notice alleging the existence of (1) an
inaccuracy in or a breach of any of the representations and warranties made by the Company in Article IV or (2) an otherwise indemnifiable event (and setting forth in reasonable detail the basis for the Parent’s belief that such an
inaccuracy or breach may exist or the belief that an otherwise indemnifiable event has occurred), or (B) the Equityholders’ Representative (acting in good faith) delivers to the Surviving Corporation a written notice alleging the existence
of (1) an inaccuracy in or a breach of any of the representations and warranties made by Parent and Merger Sub in Article V or (2) an otherwise indemnifiable event (and setting forth in reasonable detail the basis for the belief of
the Equityholders’ Representative that such an inaccuracy or breach may exist or the belief that an otherwise indemnifiable event has occurred) and asserting a claim for recovery under Section 9.2 based on such alleged inaccuracy or
breach or indemnifiable event, then, in the case of clause (A) or clause (B), the claim asserted in such notice as it shall relate to the specific subject matter described in such notice shall survive the Expiration Date, and, as set forth in
the Escrow Agreement, the aggregate amounts of such asserted claims shall remain with the Escrow Agent and shall not be released from the Escrow Fund until such time as such claim is fully and finally resolved. All covenants and agreements contained
herein which by their terms contemplate full performance at or prior to the Closing shall terminate upon the Closing. Each covenant or agreement contained herein which is to be performed by its terms after the Closing shall survive until the last
date for performance of such covenant or agreement as provided in this Agreement. (b) Notwithstanding anything in this Agreement to the contrary, if any Parent Indemnitee (acting in good faith) asserts any claim after Closing in respect of any
Escheat Matter (an “Escheat Claim”), and, as of eighteen (18) months after the Effective Time, the Group Companies have not received written acknowledgment by the applicable Governmental Authority that the liability associated
with such Escheat Claim has been fully discharged or the statute of limitations (plus sixty (60) days) has not expired (an “Undischarged Escheat Claim”), then: (i) the greater of (A) the aggregate of all Undischarged
Escheat Claims, and (B) the amount of Two Million Five Hundred Thousand Dollars ($2,500,000.00) (as applicable, the “Escheat Matters Reserve”), shall remain with the Escrow Agent and shall not be released from the Escrow
Fund; and (ii) upon thirty (30) months after the Effective Time, the Escheat Matters Reserve, less the aggregate amount of any Undischarged Escheat Claims that remain subject to an outstanding written demand for payment from a Governmental
Authority as of such time, and any other outstanding and unsatisfied claims for Escheat Matters, shall be released to the Equityholders’ Representative. For clarity, 

  
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the amount of any indemnity claims, including any indemnity claims for outstanding written demand for payment of any Undischarged Escheat Claims and other claims for Escheat Matters, pending at
the time that any portion of the Escrow Fund is otherwise due to be released to the Equityholders’ Representative, will not be released from the Escrow Fund and will remain with the Escrow Agent until such time as such claims are fully and
finally resolved, in accordance with this Article IX and the Escrow Agreement. 
 SECTION 9.2 Right to
Indemnification. 
 (a) Parent Indemnitees’ Right to Indemnification. 

(i) Subject to the limitations set forth in Section 9.2(a)(ii) and Section 9.3, from and after the Effective
Time, the Parent Indemnitees shall be entitled to be indemnified, solely from the Escrow Fund, against any Damages incurred or sustained by the Parent Indemnitees arising out of or as a result of: (i) any breach of any representation or
warranty set forth in Article IV. Solely for purposes of determining the amount of Damages actually incurred by the Parent Indemnitees, the representations and warranties set forth in Article IV shall be read without giving effect to
any materiality, Material Adverse Effect or similar materiality qualification set forth therein; provided, however, that the representation set forth in Section 4.6(a) shall be read giving effect to the Material Adverse
Effect qualification set forth therein. Subject to the limitations set forth in Section 9.2(a)(ii) and Section 9.3, any indemnification of the Parent Indemnitees pursuant to this Section 9.2(a) shall be paid
solely and exclusively from the Escrow Fund in accordance with the terms of the Escrow Agreement, and no holder of Company Common Stock, Company RSU Awards, Company Options, or any other Person shall be liable for any Damages directly, including
with respect to any deficiency with respect to the Escrow Fund. 
 (ii) Subject to the limitations set forth in
Section 9.3, from and after the Effective Time, the Parent Indemnitees shall be entitled to be indemnified, first from the Escrow Fund, and then, only to the extent the Escrow Fund is insufficient, solely with respect to Damages incurred
or sustained by the Parent Indemnitees arising out of or as a result of any Special Matter, from each Equityholder, on a several and not joint basis, in accordance with such Equityholder’s Applicable Percentage of any Damages incurred or
sustained by the Parent Indemnitees pursuant to this Section 9.2(a). No Equityholder shall be liable pursuant to this Section 9.2(a)(ii) for an aggregate amount in excess of the aggregate Per Share Merger Consideration
actually received by such Equityholder pursuant to this Agreement. 
 (b) Equityholder Right to Indemnification.

 (i) Subject to the limitations set forth in Section 9.3, from and after the Effective Time, the Equityholders
shall be entitled to be indemnified by Parent and the Surviving Corporation against any Damages incurred by any of the Equityholders arising out of or as a result of: (i) any breach of any representation or warranty set forth in Article
V, without giving effect to any materiality, Material Adverse Effect or similar materiality qualification set forth in any such representations or warranties; or (ii) any material breach of any covenant or agreement of Parent or the
Surviving Corporation set forth in this Agreement which is to be performed by its terms after the Closing. 

  
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 (ii) Subject to the limitations set forth in Section 9.3, from and after the
Effective Time, the Equityholders shall be entitled to be indemnified by Parent and the Surviving Corporation, on a joint and several basis, from and against any Damages incurred or sustained by the Equityholders arising out of or as a result of any
Special Matter. 
 SECTION 9.3 Limitations on Liability. 

(a) Except as provided for in Section 9.2(a)(ii), the right of the Parent Indemnitees to be indemnified from the Escrow Fund
pursuant to this Article IX shall be the sole and exclusive remedy with respect to any breach of any representation or warranty of the Company contained in, or any other breach by the Company of, this Agreement. Except as provided for in
Section 9.2(a)(ii), neither the Equityholders’ Representative nor any current or former stockholder, director, officer, employee, Affiliate or advisor of the Company, of its Subsidiaries or of any Equityholder shall have any
Liability of any nature to the Parent Indemnitees with respect to any breach of any representation or warranty contained in, or any other breach of, this Agreement. 
 (b) The right of the Equityholders to be indemnified pursuant to this Article IX shall be the sole and exclusive remedy with respect to any breach of any representation or warranty of Parent or
Merger Sub contained in, or any other breach by Parent or Merger Sub of, this Agreement. No current or former stockholder, director, officer, employee, Affiliate or advisor of Parent or of Merger Sub shall have any Liability of any nature to any
Equityholder or any Affiliate of any Equityholder with respect to any breach of any representation or warranty contained in, or any other breach of, this Agreement. 
 (c) Without limiting the effect of any other limitation contained in this Article IX, the indemnification provided for in Section 9.2 shall not apply except to the extent that the
aggregate Damages against which any Indemnitee would otherwise be entitled to be indemnified under this Article IX exceeds Four Million Dollars ($4,000,000.00), in which event Indemnitee shall, subject to the other limitations
contained herein, be entitled to be indemnified only against the portion of such Damages in excess of such amount. For purposes of this Section, the Parent Indemnitees, on the one hand, and the Equityholders, on the other hand, shall be considered
one “Indemnitee”. Nothing in this Section 9.3(c) will limit any remedy any of the Parent Indemnitees or any of the Equityholders may have against any Person for any applicable Special Matter. 

(d) Without limiting the effect of any other limitation contained in this Article IX, for purposes of computing the amount of any
Damages incurred by any Indemnitee (the Parent Indemnitees, on the one hand, and the Equityholders, on the other hand, being considered one “Indemnitee” for purposes of this Section) under this Article IX, there shall be deducted
(i) an amount equal to the amount of any Tax benefit actually realized by Parent or any of its Affiliates in connection with such Damages or any of the circumstances giving rise thereto; and (ii) an amount equal to the amount of any
insurance proceeds, indemnification payments, contribution payments or reimbursements received or reasonably expected to be realized by Parent or any of its Affiliates in connection with such Damages or any of the circumstances giving rise thereto
(it being understood that Indemnitee and any of its Affiliates shall use commercially reasonable efforts to obtain such proceeds, payments or reimbursements prior to 

  
 74 

 
seeking indemnification under this Article IX). The calculation of Damages shall not include losses arising because of a change after Closing in Law or accounting policy. To the extent
that a claim for indemnification by the Parent Indemnitees hereunder relates to a Liability incurred by the Company and there is an accrual on the Company Financial Statements as of the Balance Sheet Date in respect of such Liability, then the
determination of Damages in respect of such claim shall be net of such accrual. 
 (e) Without limiting the effect of any other
limitation contained in this Article IX, the Parent Indemnitees shall not be entitled to indemnification under this Article IX to the extent that such indemnifiable event actually gave rise to an adjustment to the Per Share Merger
Consideration made following the Closing pursuant to Section 2.8. 
 (f) Nothing in this Section 9.3
shall limit any remedy the Parent Indemnitees or any of the Equityholders may have against any Person for actual fraud involving a knowing and intentional misrepresentation of a fact, or a knowing and intentional omission of a fact, material to the
transactions contemplated by this Agreement, made or omitted with the intent of inducing any other party hereto to enter into this Agreement and upon which such other party has relied (as opposed to any fraud claim based on constructive knowledge or
negligent misrepresentation or similar theory) under applicable tort laws. 
 (g) Upon any Indemnitee becoming aware of any
claim as to which indemnification may be sought by such Indemnitee pursuant to this Article IX, such Indemnitee shall utilize reasonable efforts, consistent with normal practices and policies and good commercial practice, to mitigate such
Damages. 
 (h) Notwithstanding anything to the contrary in this Agreement, the Parent Indemnitees shall not be entitled to
indemnification pursuant to this Article IX with respect to any Tax attributes (including, without limitation, tax basis, tax credits and net operating losses) of any Group Company. 

SECTION 9.4 Defense of Third-Party Claims. 
 (a) Upon receipt by any Person seeking to be indemnified pursuant to Section 9.2 (the “Indemnitee”) of notice of any actual or possible Action that has been or may be brought
or asserted by a third party against such Indemnitee and that may be subject to indemnification hereunder (a “Third-Party Claim”), the Indemnitee shall promptly give notice of such Third-Party Claim to the Person from whom
indemnification is sought under Section 9.2 (the “Indemnitor”) indicating the nature of such Third-Party Claim and the stated basis therefor and the amount of Damages claimed pursuant to such Third-Party Claim, to the
extent known, provided, however, that no delay on the part of the Indemnitee in notifying the Indemnitor (or, if applicable, the Carrier for any applicable Required Tail Coverage) shall relieve the Indemnitor from its obligations hereunder,
except and to the extent the Indemnitor is prejudiced by such delay. 
 (b) The Indemnitor shall have thirty (30) days
after receipt of the Indemnitee’s notice of a given Third-Party Claim to elect, at its option, to assume the defense of any such Third-Party Claim, in which case: (i) the attorneys’ fees, other professionals’ and experts’
fees and court or arbitration costs incurred by the Indemnitor in connection with defending such Third-Party Claim shall be payable by such Indemnitor; (ii) the Indemnitee shall not be entitled to be 

  
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indemnified for any costs or expenses incurred by the Indemnitee in connection with the defense of such Third-Party Claim; (iii) the Indemnitee shall be entitled to monitor such defense at
its expense; (iv) the Indemnitee shall make available to the Indemnitor all books, records and other documents and materials that are under the direct or indirect control of the Indemnitee or any of its Subsidiaries or other Affiliates and that
the Indemnitor considers reasonably necessary or desirable for the defense of such Third-Party Claim; (v) the Indemnitee shall execute such documents and take such other actions as the Indemnitor may reasonably request for the purpose of
facilitating the defense of, or any settlement, compromise or adjustment relating to, such Third-Party Claim; (vi) the Indemnitee shall otherwise fully cooperate as reasonably requested by the Indemnitor in the defense of such Third-Party
Claim; (vii) the Indemnitee shall not admit any liability with respect to such Third-Party Claim; and (viii) the Indemnitor shall not enter into any agreement providing for the settlement or compromise of such Third-Party Claim or consent
to the entry of a judgment with respect to such Third-Party Claim without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld, conditioned or delayed) if such settlement agreement imposes on the Indemnitee or
any of its Subsidiaries or other Affiliates any obligation other than an obligation to pay monetary Damages in an amount less than the aggregate cash amount remaining in the Escrow Fund; provided that, if in the reasonable opinion of counsel
for the Indemnitees, there is a reasonable likelihood of a conflict of interest between the Indemnitor and the Indemnitee, then the reasonable cost of one counsel for all of the Indemnitees shall be borne by the Indemnitor. If the Indemnitor elects
not to defend such Third-Party Claim, then (x) the Indemnitee shall diligently defend such Third-Party Claim, and (y) the Indemnitee shall have no right to seek indemnification under this Article IX in respect of such Third-Party
Claim for any agreement providing for the settlement or compromise of such Third-Party Claim or the consent to the entry of a judgment with respect to such Third-Party Claim entered into without the prior written consent of the Indemnitor (which
consent shall not be unreasonably withheld, conditioned or delayed); provided, however, that except as otherwise set forth in this Agreement, in no event shall the maximum aggregate Liability of the Equityholders for indemnification
claims payable by the Equityholders hereunder exceed the Escrow Fund. 
 SECTION 9.5 Subrogation. To the extent that an
Indemnitee is entitled to indemnification pursuant to this Article IX, the Indemnitor shall be entitled to exercise, and shall be subrogated to, any rights and remedies (including rights of indemnity, rights of contribution and other rights
of recovery) that the Indemnitee or any of the Indemnitee’s Subsidiaries or other Affiliates may have against any other Person with respect to any Damages, circumstances or matter to which such indemnification is directly or indirectly related.
The Indemnitee shall permit the Indemnitor to use the name of the Indemnitee and its Affiliates in any transaction or in any proceeding or other matter involving any of such rights or remedies, and the Indemnitee shall take such actions as the
Indemnitor may reasonably request for the purpose of enabling the Indemnitor to perfect or exercise the right of subrogation of the Indemnitor under this Section 9.5. 

SECTION 9.6 Limitation on Damages. Notwithstanding anything to the contrary elsewhere in this Agreement or provided for under any
applicable Law, no party nor any Equityholder or the Equityholders’ Representative, nor any member, current or former shareholder, director, officer, employee, Affiliate or advisor of any of the foregoing, shall, in any event, be liable to any
other Person, either in contract, strict liability, tort or otherwise, for any 

  
 76 

 
special, indirect, consequential, exemplary or punitive Damages or any Damages associated with any lost profits or lost opportunities of such other Person, including loss of future revenue,
income or profits, diminution of value or loss of business reputation or opportunity relating to the breach or alleged breach hereof, whether or not the possibility of such Damages has been disclosed to the other party in advance or could have been
reasonably foreseen by such other party, other than for actual fraud involving a knowing and intentional misrepresentation of a fact, or a knowing and intentional omission of a fact, material to the transactions contemplated by this Agreement, made
or omitted with the intent of inducing any other party hereto to enter into this Agreement and upon which such other party has relied (as opposed to any fraud claim based on constructive knowledge or negligent misrepresentation or similar theory)
under applicable tort laws. 
 SECTION 9.7 Characterization of Indemnification Payments. The parties agree that any
indemnification payments made pursuant to this Article IX shall be treated for all Tax purposes as an adjustment to the Base Merger Consideration unless otherwise required by Law. 

SECTION 9.8 Prosecution of Escheat Matters. The parties acknowledge and agree that, promptly after Closing, Parent shall
initiate and prosecute, and/or to cause the applicable Group Companies to initiate and prosecute, the resolution of all potential Escheat Matters outstanding as of Closing, in each case in consultation with the Equityholders’ Representative.
The Equityholders’ Representative will fully cooperate with Parent and the Group Companies in the prosecution of the resolution of all Escheat Matters. At the request of the Equityholders’ Representative, the Equityholders’
Representative may participate with Parent and the applicable Group Companies in discussions and negotiations with the applicable Governmental Authorities regarding the resolution of any Escheat Matter. Parent shall not, and shall cause the
applicable Group Companies not to, settle or pay any claim in resolution of any Escheat Matter without the Equityholders’ Representative’s prior written approval (such approval not to be unreasonably withheld, conditioned, or delayed). Any
professional fees and related expenses and Allocated Labor Costs (as defined below) incurred in connection with the prosecution, negotiation, and resolution of any Escheat Matters in excess of $300,000.00 per calendar year or
$600,000.00 in the aggregate shall require the approval of the Equityholders’ Representative, which approval shall not be unreasonably withheld, conditioned, or delayed. Parent shall track, and/or cause the applicable Group Companies to
track, and report to the Equityholders’ Representative, on not less than a quarterly basis, those man-hours spent by employees of Parent or any applicable Group Company in gathering information and otherwise assisting in the prosecution of the
resolution of the Escheat Matters, and the resulting allocated direct compensation expense for such employees (based upon a reasonable hourly rate for such employees) (“Allocated Labor Costs”), and any related costs and expenses
incurred by Parent or any applicable Group Company arising out of or in connection with such activities. 
 ARTICLE X.

 GENERAL PROVISIONS 
 SECTION 10.1 Equityholders’ Representative. 
 (a) Appointment.
By virtue of the adoption of this Agreement by the Company’s stockholders, and without further action of any Company stockholder, each 

  
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Equityholder shall be deemed to have irrevocably constituted and appointed Spectrum Equity Investors V, L.P. (and by execution of this Agreement, Spectrum Equity Investors V, L.P. hereby accepts
such appointment) as agent and attorney-in-fact for and on behalf of the Equityholders (in their capacity as such), with full power of substitution, to act in the name, place and stead of each Equityholder with respect to and in connection with and
to facilitate the consummation of the transactions contemplated hereby, including the taking by the Equityholders’ Representative of any and all actions and the making of any decisions required or permitted to be taken by the
Equityholders’ Representative under Section 2.8, Article IX or the Escrow Agreement (it being understood that the Equityholders’ Representative shall have no right to pursue any claim on behalf of any Company Indemnified
Party in respect of the rights granted to Company Indemnified Parties under Section 6.6). The power of attorney granted in this Section 10.1 is coupled with an interest and is irrevocable, may be delegated by the
Equityholders’ Representative and shall survive the death or incapacity of each Equityholder. No bond shall be required of any member of the Equityholders’ Representative, and the Equityholders’ Representative shall receive no
compensation for its services. 
 (b) Limitation on Liability. The Equityholders’ Representative and each
representative thereof shall not be liable to any Person for any act of the Equityholders’ Representative taken in good faith and in the exercise of its reasonable judgment and arising out of or in connection with the acceptance or
administration of its duties under this Agreement and the Escrow Agreement (it being understood that any act done or omitted pursuant to the advice of legal counsel shall be conclusive evidence of such good faith and reasonable judgment), except to
the extent it is ultimately and finally determined by a court of competent jurisdiction and all rights of appeal have been lapsed that any Damages actually have been incurred by such Person as a proximate result of the gross negligence or bad faith
of the Equityholders’ Representative. The Equityholders’ Representative shall not be liable for, and may seek indemnification from the Equityholders for, any Damages incurred by the Equityholders’ Representative while acting in good
faith and in the exercise of its reasonable judgment and arising out of or in connection with the acceptance or administration of its duties under this Agreement and the Escrow Agreement, except to the extent it is ultimately and finally determined
by a court of competent jurisdiction and all rights of appeal have been lapsed that any such Damages are the proximate result of the gross negligence or bad faith of the Equityholders’ Representative. 

(c) Equityholder Reserve. The Equityholder Reserve shall be available to indemnify and hold the Equityholders’ Representative
harmless against any Damages incurred by the Equityholders’ Representative arising out of or in connection with the acceptance or administration of its duties under this Agreement and the Escrow Agreement, except to the extent it is ultimately
and finally determined by a court of competent jurisdiction and all rights of appeal have been lapsed that any such Damages are the proximate result of the gross negligence or bad faith of the Equityholders’ Representative. The
Equityholders’ Representative shall be entitled to recover any payments made on behalf of the Equityholders pursuant to the terms of this Agreement or the Escrow Agreement and any out-of-pocket costs and expenses reasonably incurred by the
Equityholders’ Representative in connection with actions taken by the Equityholders’ Representative pursuant to the terms of this Agreement or the Escrow Agreement (including the hiring of legal counsel and the incurring of legal fees and
costs), first from the Equityholder Reserve, and in the event the Equityholder Reserve is exhausted, then from the 

  
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Equityholders jointly and severally, including by way of offset against any amounts otherwise distributable to any Equityholder pursuant to the Escrow Agreement. Upon the determination of the
Equityholders’ Representative, in its sole discretion, that the last date for performance of any duties on the part of the Equityholders’ Representative under this Agreement or the Escrow Agreement has occurred, the Equityholders’
Representative shall cause to be paid to each Equityholder by delivery of immediately available funds to such Equityholder an amount equal to the product of any remaining amount of the Equityholder Reserve multiplied by such Equityholder’s
Applicable Percentage. 
 (d) Actions of the Equityholders’ Representative. From and after the Effective Time, a
decision, act, consent or instruction of the Equityholders’ Representative with respect to this Agreement or the Escrow Agreement shall constitute a decision of all Equityholders and shall be final, binding and conclusive upon each
Equityholder, and the Escrow Agent and Parent may rely upon any decision, act, consent or instruction of the Equityholders’ Representative as being the decision, act, consent or instruction of each Equityholder. Parent is hereby relieved from
any liability to any Person for any acts done by Parent in accordance with any such decision, act, consent or instruction of the Equityholders’ Representative. 
 SECTION 10.2 Expenses. Whether or not the Merger is consummated, and except as otherwise expressly provided in this Agreement, all costs and expenses (including all fees and disbursements of
counsel, financial advisors and accountants) incurred in connection with the negotiation and preparation of this Agreement, the performance of the terms of this Agreement and the consummation of the transactions contemplated by this Agreement, shall
be paid by the respective party incurring such costs and expenses, whether or not the Closing shall have occurred. 
 SECTION
10.3 Costs and Attorneys’ Fees. Subject to the limitations set forth herein, including Article IX, in the event that any Action is instituted concerning or arising out of this Agreement, the prevailing party shall recover all of
such party’s costs and reasonable attorneys’ fees incurred in connection with each and every such Action, including any and all appeals and petitions therefrom. 
 SECTION 10.4 Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given or made as follows: (i) if
sent by registered or certified mail in the United States return receipt requested, upon receipt; (ii) if sent by nationally recognized overnight air courier, one (1) Business Day after mailing; (iii) if sent by facsimile
transmission, with a copy mailed on the same day in the manner provided in clauses (i) or (ii) of this Section 10.4, when transmitted and receipt is confirmed by telephone and (iv) if otherwise actually personally
delivered, when delivered; provided, that such notices, requests, demands and other communications are delivered to the address set forth below, or to such other address as any party shall provide by like notice to the other parties to this
Agreement: 

  
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 (a) if to the Company (prior to the Closing), to: 

Arrowhead General Insurance Agency SuperHolding Corporation 
 701 B Street 
 Suite 2100 

San Diego, California 92101 
 Facsimile: (619) 881-8695 
 Attention: D. McDonald Armstrong 

with a copy (which shall not constitute notice) to: 
 Latham & Watkins LLP 
 233 South Wacker Drive 

Suite 5800 

Chicago, Illinois 60606 
 Facsimile: (312) 993-9767 
 Attention: Richard S. Meller 

(b) if to Parent or Merger Sub or, if after the Closing, to the Company, to: 

Brown & Brown, Inc. 
 220 South Ridgewood Avenue 
 Daytona Beach, Florida 32114 

Facsimile: (386) 239-7293 
 Attention: Robert W. Lloyd, General Counsel 
 (c) if to the Equityholders’
Representative, to: 
 Spectrum Equity Investors V, L.P. 

333 Middlefield Road 
 Suite 200 
 Menlo Park, California 94025 

Facsimile: (415) 464-4601 
 Attention: Brion B. Applegate 
 with a copy (which shall not constitute notice)
to: 
 Latham & Watkins LLP 
 233 South Wacker Drive 
 Suite 5800 

Chicago, Illinois 60606 
 Facsimile: (312) 993-9767 
 Attention: Richard S. Meller 

SECTION 10.5 Public Announcements. Unless otherwise required by applicable Law or applicable stock exchange rules and regulations,
no party to this Agreement shall make any public announcements in respect of this Agreement or the transactions contemplated by this Agreement, or otherwise communicate with any news media regarding this Agreement or the transactions contemplated by
this Agreement, without the prior written consent of the other 

  
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parties to this Agreement. If a public statement is required to be made pursuant to applicable Law or applicable stock exchange rules and regulations, the parties shall consult with each other,
to the extent reasonably practicable, in advance as to the contents and timing thereof. 
 SECTION 10.6 Severability. In
the event that any one or more of the terms or provisions contained in this Agreement or in any other certificate, instrument or other document referred to in this Agreement, shall, for any reason, be held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or any other such certificate, instrument or other document referred to in this Agreement, and the parties to this Agreement
shall use their commercially reasonable efforts to substitute one or more valid, legal and enforceable terms or provisions into this Agreement which, insofar as practicable, implement the purposes and intent of this Agreement. Any term or provision
of this Agreement held invalid or unenforceable only in part, degree or within certain jurisdictions shall remain in full force and effect to the extent not held invalid or unenforceable to the extent consistent with the intent of the parties as
reflected by this Agreement. To the extent permitted by applicable Law, each party waives any term or provision of Law which renders any term or provision of this Agreement to be invalid, illegal or unenforceable in any respect. 

SECTION 10.7 Entire Agreement. This Agreement (including the Company Disclosure Schedule, the other Schedules and the Exhibits to
this Agreement) and the Confidentiality Agreement constitute the entire agreement of the parties to this Agreement with respect to the subject matter of this Agreement and the Confidentiality Agreement, and supersede all prior agreements and
undertakings, both written and oral, among the parties to this Agreement with respect to the subject matter of this Agreement and the Confidentiality Agreement, except as otherwise expressly provided in this Agreement. 

SECTION 10.8 Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any
of the parties to this Agreement (whether by operation of law or otherwise) without the prior written consent of the other parties to this Agreement, and any purported assignment or other transfer without such consent shall be void and
unenforceable, provided that Parent may assign this Agreement or any of its rights, interests or obligations hereunder to a wholly-owned subsidiary of Parent without the prior written consent of the other parties to this Agreement,
provided further, however, that such assignment shall not relieve Parent of its obligations under this Agreement. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by
the parties to this Agreement and their respective successors and permitted assigns. 
 SECTION 10.9 No Third-Party
Beneficiaries. Except for Article II, Section 6.6 and Section 6.7, this Agreement is for the sole benefit of the parties to this Agreement and nothing in this Agreement, express or implied, is intended to or shall
confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 SECTION 10.10 Waivers and Amendments. This Agreement may be amended or modified only by a written instrument executed by all of the parties to this Agreement. Any 

  
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failure of the parties to this Agreement to comply with any obligation, covenant, agreement or condition in this Agreement may be waived by the party entitled to the benefits thereof only by a
written instrument signed by the party granting such waiver. No delay on the part of any party to this Agreement in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party
to this Agreement of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, power or privilege hereunder. Unless otherwise provided, the rights and remedies provided for in this Agreement are cumulative and are not exclusive of any rights or remedies which the parties to
this Agreement may otherwise have at law or in equity. Whenever this Agreement requires or permits consent by or on behalf of a party, such consent shall be given in writing in a manner consistent with the requirements for a waiver of compliance as
set forth in this Section 10.10. 
 SECTION 10.11 Governing Law; Consent to Jurisdiction. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts executed in and to be performed entirely within such State. Each of the parties to this Agreement hereby irrevocably and
unconditionally submits, for itself and its assets and properties, to the exclusive jurisdiction of any Delaware State court, or Federal court of the United States of America, sitting within the State of Delaware, and any appellate court from any
thereof, in any Action arising out of or relating to this Agreement, the agreements delivered in connection with this Agreement, or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment relating thereto,
and each of the parties to this Agreement hereby irrevocably and unconditionally (i) agrees not to commence any such Action except in such courts; (ii) agrees that any claim in respect of any such Action may be heard and determined in such
Delaware State court or, to the extent permitted by Law, in such Federal court; (iii) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such Action
in any such Delaware State or Federal court; and (iv) waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such Action in any such Delaware State or Federal court. Each of the parties to
this Agreement hereby agrees that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each of the parties to this Agreement hereby
irrevocably consents to service of process in the manner provided for notices in Section 10.4. Nothing in this Agreement shall affect the right of any party to this Agreement to serve process in any other manner permitted by applicable
Law. 
 SECTION 10.12 Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (I) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS 

  
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REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS
OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.12. 

SECTION 10.13 Specific Performance. Each of Parent and Merger Sub, on the one hand, and the Company and the Equityholders’
Representative, hereby acknowledge and agree that the failure of either of them to perform its agreements and covenants hereunder, including its failure to take all actions as are necessary on its part in accordance with the terms and conditions of
this Agreement to consummate the Merger, may cause irreparable injury to the other parties, for which Damages, even if available, may not be an adequate remedy. Accordingly, each of Parent and Merger Sub, on the one hand, and the Company and the
Equityholders’ Representative, on the other hand, hereby consents to the other party seeking the issuance of injunctive relief by any court of competent jurisdiction to compel performance of such party’s obligations and to the granting by
any court of the remedy of specific performance of its obligations hereunder or injunctive relief against the other party’s activities in breach of this Agreement, without any requirement that a bond or other security be posted. 

SECTION 10.14 Counterparts. This Agreement may be executed in one or more counterparts, each of which when executed shall be
deemed to be an original, but all of which taken together shall constitute one and the same agreement. 
 [Remainder of
Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, Parent, Merger Sub, the Company and the Equityholders’
Representative have caused this Agreement and Plan of Merger to be executed by their respective officers thereunto duly authorized, as of the date first above written. 

 

			
	 BROWN & BROWN, INC.,
 a Florida corporation

	
	 
	Name:	 	J. Scott Penny
	Title:	 	Regional President & Chief Acquisitions Officer

  

			
	 PACIFIC MERGER CORP.,
 a Delaware corporation

	
	 
	Name:	 	J. Scott Penny
	Title:	 	President

  

			
	 ARROWHEAD GENERAL INSURANCE AGENCY SUPERHOLDING CORPORATION,

a Delaware corporation

	
	 
	Name:	 	D. McDonald Armstrong
	Title:	 	Chief Financial Officer & Chief Operating Officer

  

			
	SPECTRUM EQUITY INVESTORS V, L.P.
	
a Delaware limited partnership (solely in its capacity as

	 the Equityholders’ Representative)

		
	By:	 	Spectrum Equity Associates V, L.P.
	Its:	 	General Partner
	
	 
	Name:	 	Brion B. Applegate
	 Title:
	 	Managing Member

 [Signature Page to Agreement and Plan of Merger]<![CDATA[Amended & Restated Term Loan Suntrust]]>

 Exhibit 10.17 
 EXECUTION DRAFT 
 AMENDED AND RESTATED 

REVOLVING AND TERM LOAN AGREEMENT 
 Dated as of January 9, 2012 
 By and Between 

BROWN & BROWN, INC. 
 and 
 SUNTRUST BANK 

Providing for 

A. $50,000,000 Revolving Loan Credit Facility 
 and 
 B. $100,000,000 Term Loan Credit Facility 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS; CONSTRUCTION
	  	 	1	  
	 Section 1.1 Definitions
	  	 	1	  
	 Section 1.2 Accounting Terms and Determination
	  	 	10	  
	 Section 1.3 Other Definitional Terms
	  	 	10	  
	 Section 1.4 Exhibits and Schedules
	  	 	10	  
		
	 ARTICLE II REVOLVING LOANS
	  	 	10	  
	 Section 2.1 Commitment: Use of Proceeds
	  	 	10	  
	 Section 2.2 Revolving Notes; Repayment of Principal
	  	 	11	  
	 Section 2.3 Payment of Interest
	  	 	11	  
	 Section 2.4 Increase in Revolving Loan Commitment up to $100,000,000
	  	 	11	  
	 Section 2.5 Reduction of Revolving Loan Commitments
	  	 	12	  
	 Section 2.6 Letters of Credit
	  	 	12	  
		
	 ARTICLE III TERM LOAN
	  	 	13	  
	 Section 3.1 Commitment: Use of Proceeds
	  	 	13	  
	 Section 3.2 Term Note; Repayment of Principal
	  	 	13	  
	 Section 3.3 Payment of Interest
	  	 	13	  
	 Section 3.4 Increase in Term Loan Commitment up to $50,000,000
	  	 	14	  
		
	 ARTICLE IV GENERAL LOAN TERMS
	  	 	14	  
	 Section 4.1 Funding Notices
	  	 	14	  
	 Section 4.2 Disbursement of Funds
	  	 	15	  
	 Section 4.3 Interest; Default, Payment and Determination
	  	 	15	  
	 Section 4.4 Interest Periods
	  	 	15	  
	 Section 4.5 Fees
	  	 	16	  
	 Section 4.6 Voluntary Prepayments of Borrowings
	  	 	16	  
	 Section 4.7 Payments, etc.
	  	 	16	  
	 Section 4.8 LIBOR Rate Not Ascertainable, Etc.
	  	 	17	  
	 Section 4.9 Illegality
	  	 	17	  
	 Section 4.10 Increased Costs
	  	 	18	  
	 Section 4.11 Funding Losses
	  	 	19	  
	 Section 4.12 Assumptions Concerning Funding of Eurodollar Advances
	  	 	19	  
	 Section 4.13 Capital Adequacy
	  	 	19	  
	 Section 4.14 Limitation on Certain Payment Obligations
	  	 	19	  
	 Section 4.15 Change from One Type of Borrowing to Another
	  	 	20	  
		
	 ARTICLE V CONDITIONS TO BORROWINGS
	  	 	20	  
	 Section 5.1 Conditions Precedent to Additional Advances
	  	 	20	  
	 Section 5.2 Conditions to All Loans
	  	 	21	  
	 Section 5.3 Certification For Each Borrowing
	  	 	22	  
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	22	  
	 Section 6.1 Organization and Qualification
	  	 	22	  
	 Section 6.2 Corporate Authority
	  	 	22	  
	 Section 6.3 Borrower Financial Statements
	  	 	23	  
	 Section 6.4 Tax Returns
	  	 	23	  
	 Section 6.5 Actions Pending
	  	 	23	  
	 Section 6.6 Representations; No Defaults
	  	 	23	  
	 Section 6.7 Title to Properties
	  	 	23	  
	 Section 6.8 Enforceability of Agreement
	  	 	23	  
	 Section 6.9 Consent
	  	 	24	  
	 Section 6.10 Use of Proceeds; Federal Reserve Regulations
	  	 	24	  
	 Section 6.11 ERISA
	  	 	24	  

  
 i 

					
	 Section 6.12 Subsidiaries
	  	 	24	  
	 Section 6.13 Outstanding Indebtedness
	  	 	24	  
	 Section 6.14 Conflicting Agreements
	  	 	24	  
	 Section 6.15 Pollution and Other Regulations
	  	 	25	  
	 Section 6.16 Possession of Franchises, Licenses, Etc.
	  	 	25	  
	 Section 6.17 Patents, Etc.
	  	 	25	  
	 Section 6.18 Governmental Consent
	  	 	26	  
	 Section 6.19 Disclosure
	  	 	26	  
	 Section 6.20 Insurance Coverage
	  	 	26	  
	 Section 6.21 Labor Matters
	  	 	26	  
	 Section 6.22 Intercompany Loans; Dividends
	  	 	26	  
	 Section 6.23 Burdensome Restrictions
	  	 	26	  
	 Section 6.24 Solvency
	  	 	26	  
	 Section 6.25 SEC Compliance and Filings
	  	 	27	  
	 Section 6.26 Capital Stock of Borrower and Related Matters
	  	 	27	  
	 Section 6.27 Material/Places of Business
	  	 	27	  
		
	 ARTICLE VII AFFIRMATIVE COVENANTS
	  	 	27	  
	 Section 7.1 Corporate Existence, Etc.
	  	 	27	  
	 Section 7.2 Compliance with Laws, Etc.
	  	 	27	  
	 Section 7.3 Payment of Taxes and Claims, Etc.
	  	 	27	  
	 Section 7.4 Keeping of Books
	  	 	28	  
	 Section 7.5 Visitation, Inspection, Etc.
	  	 	28	  
	 Section 7.6 Insurance; Maintenance of Properties
	  	 	28	  
	 Section 7.7 Reporting Covenants
	  	 	28	  
	 Section 7.8 Maintain the Following Financial Covenants
	  	 	31	  
	 Section 7.9 Notices Under Certain Other Indebtedness
	  	 	31	  
		
	 ARTICLE VIII NEGATIVE COVENANTS
	  	 	31	  
	 Section 8.1 Indebtedness
	  	 	31	  
	 Section 8.2 Liens
	  	 	32	  
	 Section 8.3 Sales. Etc.
	  	 	33	  
	 Section 8.4 Mergers, Acquisitions, Etc.
	  	 	33	  
	 Section 8.5 Investments, Loans. Etc.
	  	 	33	  
	 Section 8.6 Sale and Leaseback Transactions
	  	 	34	  
	 Section 8.7 Transactions with Affiliates
	  	 	34	  
	 Section 8.8 Optional Prepayments
	  	 	34	  
	 Section 8.9 Changes in Business
	  	 	34	  
	 Section 8.10 ERISA
	  	 	35	  
	 Section 8.11 Limitation on Payment Restrictions Affecting Consolidated Companies
	  	 	35	  
	 Section 8.12 Actions Under Certain Documents
	  	 	35	  
	 Section 8.13 Financial Statements; Fiscal Year
	  	 	35	  
	 Section 8.14 Change of Control
	  	 	35	  
	 Section 8.15 No Issuance of Capital Stock
	  	 	35	  
	 Section 8.16 No Payments on Subordinated Debt
	  	 	35	  
	 Section 8.17 Insurance Business
	  	 	35	  
		
	 ARTICLE IX EVENTS OF DEFAULT
	  	 	36	  
	 Section 9.1 Payments
	  	 	36	  
	 Section 9.2 Covenants Without Notice
	  	 	36	  
	 Section 9.3 Other Covenants
	  	 	36	  
	 Section 9.4 Representations
	  	 	36	  
	 Section 9.5 Non-Payments of Other Indebtedness
	  	 	36	  
	 Section 9.6 Defaults Under Other Agreements
	  	 	36	  
	 Section 9.7 Bankruptcy
	  	 	36	  
	 Section 9.8 ERISA
	  	 	37	  
	 Section 9.9 Money Judgment
	  	 	37	  

  
 ii 

  

					
	 Section 9.10 Change in Control of Borrower
	  	 	37	  
	 Section 9.11 Default Under Other Credit Documents
	  	 	37	  
	 Section 9.12 Attachments
	  	 	37	  
	 Section 9.13 Default Under Subordinated Loan Documents
	  	 	37	  
	 Section 9.14 Material Adverse Effect
	  	 	37	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	38	  
	 Section 10.1 Notices
	  	 	38	  
	 Section 10.2 Amendments, Etc.
	  	 	38	  
	 Section 10.3 No Waiver; Remedies Cumulative
	  	 	38	  
	 Section 10.4 Payment of Expenses, Etc.
	  	 	38	  
	 Section 10.5 Right of Set-Off
	  	 	40	  
	 Section 10.6 Benefit of Agreement
	  	 	40	  
	 Section 10.7 Governing Law; Submission to Jurisdiction
	  	 	41	  
	 Section 10.8 Independent Nature of Lender’s Rights
	  	 	42	  
	 Section 10.9 Counterparts
	  	 	42	  
	 Section 10.10 Effectiveness; Survival
	  	 	42	  
	 Section 10.11 Severability
	  	 	42	  
	 Section 10.12 Independence of Covenants
	  	 	42	  
	 Section 10.13 Change in Accounting Principles, Fiscal Year or Tax Laws
	  	 	42	  
	 Section 10.14 Headlines Descriptive; Entire Arrangement
	  	 	42	  
	 Section 10.15 Time is of the Essence
	  	 	42	  
	 Section 10.16 Usury
	  	 	43	  
	 Section 10.17 Construction
	  	 	43	  
	 Section 10.18 No Incorporation into Notes
	  	 	43	  
	 Section 10.19 Amendment and Restatement of Initial Loan Agreement
	  	 	43	  
	 Section 10.20 Entire Agreement
	  	 	43	  
		
	 ARTICLE XI AMENDING AND RESTATING INITIAL LOAN AGREEMENT
	  	 	43	  

 SCHEDULES 
  

			
	Schedule 6.1	  	Organization and Ownership of Material Subsidiaries
	Schedule 6.4	  	Tax Filings and Payments
	Schedule 6.5	  	Certain Pending and Threatened Litigation
	Schedule 6.7	  	Liens on Borrower Assets
	Schedule 6.11	  	Employee Benefit Matters
	Schedule 6.13	  	Outstanding Debt and Defaults
	Schedule 6.14	  	Conflicting Agreements
	Schedule 6.15(a)	  	Environmental Compliance
	Schedule 6.15(b)	  	Environmental Notices
	Schedule 6.15(c)	  	Environmental Permits
	Schedule 6.17	  	Patent, Trademark, License, and Other Intellectual Property Matters
	Schedule 6.21	  	Labor and Employment Matters
	Schedule 6.22	  	Intercompany Loans
	Schedule 6.23	  	Burdensome Restrictions
	Schedule 6.27(a)	  	Places of Business
	Schedule 6.27(b)	  	Material Places of Business
	Schedule 8.1(b)	  	Existing Indebtedness
	Schedule 8.2	  	Existing Liens
	Schedule 8.5	  	Permitted Investments
	Schedule 9.10	  	Permitted Stockholders

  
 iii

 AMENDED AND RESTATED REVOLVING AND TERM LOAN AGREEMENT 

THIS AMENDED AND RESTATED REVOLVING AND TERM LOAN AGREEMENT, dated as of January 9, 2012 (the
“Agreement”), is made and entered into by and between BROWN & BROWN, INC., a Florida corporation (the “Borrower”), and SUNTRUST BANK, a Georgia corporation (the
“Lender”). 
 WITNESSETH: 

WHEREAS, on or about June 3, 2008, the Borrower and the Lender entered into a certain Amended and Restated Revolving Loan
Agreement (the “Initial Loan Agreement”), pursuant to which the Borrower obtained from the Lender a revolving credit facility in the amount of $50,000,000; and 

WHEREAS, the Borrower desires to obtain from the Lender (i) an extension of the maturity date for said revolving credit
facility in the amount of $50,000,000 to December 31, 2016, and (ii) a new credit facility consisting of a $100,000,000 term loan having a maturity date of December 31, 2016; and 

WHEREAS, the Borrower and the Lender wish to amend and restate in its entirety the Initial Loan Agreement for, among other
matters, to set forth the terms and conditions for said $100,000,000 term loan and to extend the maturity date of the existing $50,000,000 revolving credit facility. 
 NOW, THEREFORE, in consideration of the mutual covenants made herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, agree as follows: 
 ARTICLE I 

DEFINITIONS; CONSTRUCTION 
 Section 1.1 Definitions. As used in this Agreement, and in any instrument, certificate, document or report delivered pursuant thereto, the following terms shall have the
following meanings (to be equally applicable to both the singular and plural forms of the term defined): 
 “2004
Note Offering” shall mean that certain transaction by which the Borrower has incurred Indebtedness up to the maximum principal amount of $200,000,000 all pursuant to the 2004 Note Purchase Agreement. 

“2006 Note Offering” shall mean one or more transactions by which the Borrower has incurred or may in the future
incur Indebtedness up to the maximum principal amount of $200,000,000, all pursuant to the 2006 Note Purchase Agreement. 

“2004 Note Purchase Agreement” shall mean that certain Note Purchase Agreement between the Borrower and the
Purchasers scheduled thereto and dated July 15, 2004 by which the Borrower has issued both Series A Notes and Series B Notes, as the same may be amended or modified from time to time. 

“2006 Note Purchase Agreement” shall mean that certain Note Purchase Agreement between the Borrower and the
Purchasers party thereto and dated December 22, 2006 by which the Borrower has issued Series C Notes, Series D Notes, and Series E Notes (as defined therein) and pursuant to which the Borrower may issue from time to time Fixed Rate Shelf
Notes and Floating Rate Shelf Notes (as defined therein), as the same may be amended or modified from time to time. 

“Advances” shall mean any principal amount advanced and remaining outstanding at any time under the Loan, which
Advance shall be made or outstanding as a Base Rate Advance or a Eurodollar Advance, as the case may be. The initial and only Advance on the Term Loan shall be a Eurodollar Advance. 

 “Affiliate” of any Person means any other Person directly or
indirectly controlling, controlled by, or under common control with, such Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, “control” (including with correlative
meanings, the terms “controlling”, “controlled by”, and “under common control with”) as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of that Person. 
 “Agreement” shall mean this Amended and Restated Revolving
and Term Loan Agreement, as originally executed and as it may be from time to time supplemented, amended, restated, renewed or extended and in effect. 
 “Applicable Margin” shall mean the percentage designated below based on the Borrower’s Funded Debt to EBITDA Ratio, measured quarterly on a rolling four (4) quarters
basis: 
  

															
	 Level
	  	 Funded Debt to
EBITDA Ratio
	  	Base Rate
Advances(1)	 	 	Eurodollar
Advances	 	 	Availability
Fee(2)	 
	 1
	  	< 1.50x	  	 	-1.000	% 	 	 	1.00	% 	 	 	0.175	% 
	 2
	  	3 1.50 but < 2.00x	  	 	-1.000	% 	 	 	1.15	% 	 	 	0.20	% 
	 3
	  	3 2.00x	  	 	-1.000	% 	 	 	1.40	% 	 	 	0.25	% 

  

	(1)	 On all Base Rate
Advances, the Applicable Margin is a negative 100 basis points). 

	(2)	 This fee, or
unused fee, will be due solely on the Revolving Loan, and not the Term Loan. 

 Provided, however,
that from the date of this Agreement through the quarter ending March 31, 2012, the Applicable Margin shall be based on Level 1 pricing set forth above. 
 “Arrowhead Acquisition” shall mean the transaction by which the Borrower has acquired Arrowhead General Insurance Agency, Inc.  

“Asset Value” shall mean, with respect to any property or asset of any Consolidated Company as of any particular
date, an amount equal to the greater of (a) the then book value of such property or asset as established in accordance with GAAP, and (b) the then fair market value of such property or asset as determined in good faith by the board of
directors of such Consolidated Company. 
 “Availability Fee” shall mean a per annum fee based upon the
unused portion of the Revolving Loan Commitment of the Lender. Such fee shall be based upon the Borrower’s Funded Debt to EBITDA Ratio as set forth in the chart under “Applicable Margin”, which Fee is to be based
(calculated on an actual/365 day year) on the average daily unused portion of the Revolving Loan Commitment, and shall be payable to the Lender quarterly in arrears on the last calendar day of each fiscal quarter of Borrower and on the Maturity
Date. For the purposes of determining the Availability Fee, all outstanding Letters of Credit and unreimbursed LC Disbursements will be deemed to be at that time outstanding Revolving Loans. 

“Bankruptcy Code” shall mean The Bankruptcy Code of 1978, as amended and in effect from time to time (11 U.S.C.
§§101 et seq.). 
 “Base Advance Rate” shall mean, with respect to a Base Rate Advance,
the rate obtained by adding (a) the Base Rate, plus (b) the Applicable Margin for a Base Rate Advance. 

“Base Rate” shall mean the rate which the Lender designates from time to time to be its prime lending rate, as in
effect from time to time. The Lender’s prime lending rate is a reference rate and does not necessarily represent the lowest or best rate charged to its customers; the Lender may make commercial loans or other loans at rates of interest at,
above or below the Lender’s prime lending rate. 
 “Base Rate Advance” shall mean an Advance
bearing interest based on the Base Rate. 
 “Base Rate Loan” shall mean a Loan which bears interest at
the Base Advance Rate. 
 “Book of Business Sales” shall mean the sale by a Consolidated Company in the
ordinary course of business of a book of business, either by the sale of assets or Capital Stock, which may include the sale of what is characterized as its profit center operations (i.e. office) that are made from time to time and are consistent
with past practice, and where the value is less than $20,000,000. 

  
 2 

 “Borrowing” shall mean the making of a Loan, the extension of an
Advance, or the conversion of a Loan of one Type into a Loan of another Type. 
 “Business Day” shall
mean, with respect to Eurodollar Advances, any day other than a day on which commercial banks are closed or required to be closed for domestic and international business, including dealings in Dollar deposits on the London Interbank Market, and with
respect to all other Loans and matters, any day other than Saturday, Sunday and a day on which commercial banks are required to be closed for business in Orlando, Florida. 
 “Capital” shall mean the sum of (a) Funded Debt plus (b) Consolidated Net Worth of the Consolidated Companies. 

“Capitalized Lease Obligations” shall mean all lease obligations which have been or are required to be, in
accordance with GAAP, capitalized on the books of the lessee. 
 “Capital Stock” of any Person shall
mean any shares, equity or profits interests, participations or other equivalents (however designated) of capital stock and any rights, warrants or options, or other securities convertible into or exercisable or exchangeable for any such shares,
equity or profits interest, participations or other equivalents, directly or indirectly (or any equivalent ownership interest, in the case of a Person which is not a corporation). 

“CERCLA” has the meaning set forth in Section 6.15(a) of this Agreement. 

“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, (i) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines or directive thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or, pursuant to the accord commonly referred to as “Basel III” or the United States or foreign regulatory authorities, shall in each case be deemed to be a
“Change in Law,” regardless of the date enacted, adopted or issued. 
 “Closing Date” shall
mean the date of this Agreement. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from
time to time. 
 “Consolidated Companies” shall mean, collectively, Borrower and all of its
Subsidiaries. 
 “Consolidated EBIT” shall mean, for any fiscal period of the Borrower, an amount equal
to the sum of (a) the Consolidated Net Income (Loss), plus (b) to the extent deducted in determining Consolidated Net Income (Loss), (i) provisions for taxes based on income, and (ii) consolidated interest expense,
for the Consolidated Companies, less (c) gains on sales of assets (excluding sales in the ordinary course of business, which would include Book Of Business Sales) and other extraordinary gains and other one-time non-cash gains,
all as determined in accordance with GAAP. 
 “Consolidated EBITDA” shall mean, for any fiscal period of
the Borrower, an amount equal to the sum of (a) the Consolidated EBIT, plus (b)(i) depreciation and (ii) amortization of the Consolidated Companies, plus (c) non-cash charges to the extent deducted in
determining Consolidated Net Income (Loss), plus (d) all non-cash stock grant compensation all as determined for the Consolidated Companies in accordance with GAAP. 

“Consolidated Net Income (Loss)” shall mean, for any fiscal period of Borrower, the net income (or loss) of the
Consolidated Companies on a consolidated basis for such period (taken as a single accounting period) determined in accordance with GAAP; provided that there shall be excluded therefrom: (a) any items of gain or loss,
together with any related provision for taxes, which were included in determining such consolidated net income 

  
 3 

 
and were not realized in the ordinary course of business or the result of a sale of assets other than in the ordinary course of business; and (b) the income (or loss) of any Person accrued
prior to the date such Person becomes a Subsidiary of Borrower or (in the case of a Person other than a Subsidiary) is merged into or consolidated with any Consolidated Company, or such Person’s assets are acquired by any Consolidated Company.

 “Consolidated Net Worth” shall mean as of the date of determination, the Borrower’s
Shareholders’ Equity as determined in accordance with GAAP. 
 “Consolidated Subsidiary” shall
mean, as at any particular time, any corporation included as a consolidated subsidiary of Borrower in Borrower’s most recent financial statements furnished to its stockholders and certified by Borrower’s independent public accountants.

 “Contractual Obligation” of any Person shall mean any provision of any security issued by such Person
or of any agreement, instrument or undertaking under which such Person is obligated or by which it or any of the property owned by it is bound. 
 “Credit Documents” shall mean, collectively, this Agreement and the Notes. 
 “Credit Parties” shall mean, collectively, each of Borrower, and every other Person who from time to time executes a Credit Document with respect to all or any portion of the
Obligations. 
 “Default” shall mean any condition or event which, with notice or lapse of time or both,
would constitute an Event of Default. 
 “Default Rate” shall mean the rate of interest set forth in
Section 4.3 hereof. 
 “Dollar” and “U.S. Dollar” and the sign
“$” shall mean lawful money of the United States of America. 
 “Earnout Payments” shall mean,
in connection with an acquisition of the business by a Consolidated Company, any payments agreed to be made to the sellers in said acquisition as a part of the purchase price, and which payments are based upon certain performance or other standards
relating to the business which has been acquired. 
 “EBITDA” shall mean Consolidated EBITDA.

 “Environmental Laws” shall mean all federal, state, local and foreign statutes and codes or
regulations, rules or ordinances issued, promulgated, or approved thereunder, now or hereafter in effect (including, without limitation, those with respect to asbestos or asbestos containing material or exposure to asbestos or asbestos containing
material), relating to pollution or protection of the environment and relating to public health and safety, relating to (a) emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals or industrial toxic or
hazardous constituents, substances or wastes, including without limitation, any Hazardous Substance, petroleum including crude oil or any fraction thereof, any petroleum product or other waste, chemicals or substances regulated by any Environmental
Law into the environment (including without limitation, ambient air, surface water, ground water, land surface or subsurface strata), (b) the manufacture, processing, distribution, use, generation, treatment, storage, disposal, transport or
handling of any Hazardous Substance, petroleum including crude oil or any fraction thereof, any petroleum product or other waste, chemicals or substances regulated by any Environmental Law, or (c) underground storage tanks and related piping,
and emissions, discharges and releases or threatened releases therefrom, such Environmental Laws to include, without limitation, (i) the Clean Air Act (42 U.S.C. §7401 et seq.), (ii) the Clean Water Act (33 U.S.C. §1251
et seq.), (iii) the Resource Conservation and Recovery Act (42 U.S.C. §6901 et seq.), (iv) the Toxic Substances Control Act (15 U.S.C. §2601 et seq.) and (v) the Comprehensive Environmental Response
Compensation and Liability Act, as amended by the Superfund Amendments and Reauthorization Act (42 U.S.C. §9601 et seq.). 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended and in effect from time to time. 

  
 4 

 “ERISA Affiliate” shall mean, with respect to any Person, each trade
or business (whether or not incorporated) which is a member of a group of which that Person is a member and which is either within a controlled group of corporations or under common control within the meaning of the regulations promulgated under
Section 414 of the Code and the regulations promulgated thereunder. 
 “Eurodollar Advance” shall
mean an Advance bearing interest based on LIBOR. 
 “Event of Default” shall have the meaning set forth
in Article IX hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended from time to time, and any successor statute thereto. 
 “Executive Officer” shall mean with
respect to any Person, the Chief Executive Officer, the President, any Vice President, Chief Financial Officer, Treasurer, Secretary and any Person holding comparable offices or duties. 

“Facility” or “Facilities” shall mean the Revolving Loan Commitment and Revolving Loans, as the
context may indicate. 
 “Funded Debt” shall mean all Indebtedness for money borrowed, Indebtedness
evidenced or secured by purchase money liens, Capitalized Lease Obligations, conditional sales contracts and similar title retention debt instruments (regardless of when such Indebtedness matures). The calculation of Funded Debt shall include
(without duplication) (a) all Funded Debt of the Consolidated Companies, (b) all Funded Debt of other Persons, other than Subsidiaries, which has been guaranteed by a Consolidated Company, which is supported by a letter of credit issued
for the account of a Consolidated Company, or as to which and to the extent a Consolidated Company or its assets have otherwise become liable for payment thereof, (c) all Indebtedness for money borrowed by the Consolidated Companies pursuant to
lines of credit or revolving credit facilities (regardless of the term thereof), and (d) all Subordinated Debt. 

“Funded Debt to EBITDA Ratio” shall mean as of the applicable date, the ratio of (a) Funded Debt to
(b) Consolidated EBITDA for the Consolidated Companies, on a consolidated basis. 
 “GAAP” shall
mean generally accepted accounting principles in the United States of America, as set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board of in such other statements by such other entity as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of
determination. 
 “Governmental Authority” shall mean the government of the United States of America,
any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government. 
 “Guaranteed Indebtedness” shall
mean, as to any Person, any obligation of such Person guaranteeing any indebtedness, lease, dividend, or other obligation (“primary obligation”) of any other Person (the “primary obligor”) in any manner including, without
limitation, any obligation or arrangement of such Person: (a) to purchase or repurchase any such primary obligation; (b) to advance or supply funds (i) for the purchase or payment of any such primary obligation, or (ii) to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (c) to purchase property, securities or services primarily for the
purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation; (d) to indemnify the owner of such primary obligation against loss in respect thereof; (e) by
which and to the extent said Person or its assets have otherwise become liable for payment of any such primary obligation; or (f) supporting a letter of credit issued for the account of said primary obligor. 

“Hazardous Materials” shall mean oil, petroleum or chemical liquids or solids, liquid or gaseous products,
asbestos, or any other hazardous waste or Hazardous Substances, including, without limitation, hazardous medical waste or any other substance described in any Hazardous Materials Law. 

  
 5 

 “Hazardous Materials Law” shall mean the Comprehensive Environmental
Response Compensation and Liability Act as amended by the Superfund Amendments and Reauthorization Act, 42 U.S.C. §9601, the Resource Conservation and Recovery Act, 42 U.S.C. §6901, the state hazardous waste laws, as such laws may from
time to time be in effect, and related regulations, and all similar laws and regulations. 
 “Hazardous
Substances” has the meaning assigned to that term in CERCLA. 
 “Indebtedness” of any
Person shall mean, without duplication: (a) all obligations of such Person which in accordance with GAAP would be shown on the balance sheet of such Person as a liability (including, without limitation, obligations for borrowed money and for
the deferred purchase price of property or services, obligations evidenced by bonds, debentures, notes or other similar instruments, and contingent reimbursement obligations under undrawn letters of credit); (b) all Capitalized Lease
Obligations; (c) all Guaranteed Indebtedness of such Person; (d) Indebtedness of others secured by any Lien upon property owned by such Person, whether or not assumed; and (e) obligations or other liabilities under currency contracts,
interest rate hedging contracts, or similar agreements or combination thereof. Earnout Payments shall not be considered Indebtedness. 
 “Insurance Company Payables” shall be payables due an insurance company from the Borrower or any of its Subsidiaries which arise from time to time in the ordinary and normal course
of business. 
 “Intangible Assets” shall mean those assets of the Consolidated Companies which are
(a) deferred assets, other than prepaid insurance and prepaid taxes; (b) patents, copyrights, trademarks, trade names, franchises, good will, experimental expenses and other similar assets which would be classified as
“intangible assets” under GAAP; and (c) treasury stock.
 “Intercompany Credit
Documents” shall mean, collectively, the promissory notes and all related loan, subordination, and other agreements, to the extent that they exist, relating in any manner to the Intercompany Loans. 

“Intercompany Loans” shall mean, collectively, (a) the loans more particularly described on
Schedule 6.22, and (b) those loans or other extensions of credit from time to time made by any Consolidated Company to another Consolidated Company satisfying the terms and conditions set forth in
Section 8.1(e) or as may otherwise be approved in writing by the Lender. Intercompany Loans do not include the practice of the Borrower in the normal course of “sweeping” cash accounts from its “branches”
(i.e., subsidiaries) to centralize the cash operations of the Consolidated Companies. 
 “Interest Period”
shall mean with respect to Eurodollar Advances, the period of 1, 2, or 3 months selected by the Borrower under Section 4.4 hereof. 
 “Investment” shall mean, when used with respect to any Person, any direct or indirect advance, loan or other extension of credit (other than the creation of receivables in the
ordinary course of business) or capital contribution by such Person (by means of transfers of property to others or payments for property or services for the account or use of others, or otherwise) to any Person, or any direct or indirect purchase
or other acquisition by such Person of, or of a beneficial interest in, capital stock, partnership interests, bonds, notes, debentures or other securities issued by any other Person. 

“LC Commitment” shall mean that portion of the Revolving Loan Commitment that may be used by the Credit Parties
for the issuance of Letters of Credit under this Facility in an aggregate face amount not to exceed the smaller of (a) $10,000,000, or (b) that the difference at any time between (i) the total Revolving Loan Commitment, and
(ii) the total amount outstanding at that time of all Revolving Loans. The LC Commitment shall be a “sublimit” for the total Revolving Loan Commitment. 

“LC Disbursement” shall mean a draft paid by the Lender pursuant to a Letter of Credit and any taxes, fees,
charges, or other costs or expenses incurred by the Lender in connection with such payments. 
 “LC
Documents” shall mean the Letters of Credit and all applications, agreements and instruments relating to the Letters of Credit. 

  
 6 

 “LC Exposure” shall mean, 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 been reimbursed by or on behalf of the Credit Parties at such time. 

“Lender” or “Lender” shall mean SunTrust Bank and each assignee thereof, if any. 

“Lending Office” shall mean for the Lender the office the Lender may designate in writing from time to time to
Borrower with respect to each Type of Loan. 
 “Letter of Credit” shall mean any standby letters of
credit or trade letters of credit issued pursuant to Section 2.9 by Lender for the account of a Credit Party under the LC Commitment. 
 “Letter of Credit Margin Fee” shall mean the fee to be paid by the Borrower from time to time based on the outstanding Letters of Credit pursuant to
Section 4.5(c) hereof. 
 “LIBOR” shall mean, for any Interest Period, the offered
rates for deposits in U.S. Dollars for a period comparable to the Interest Period appearing on the Reuters Screen LIBOR Page as of 11:00 a.m., (London, England time), on the day that is two (2) Business Days prior to the first day of the
Interest Period. If two (2) or more of such rates appear on the Reuters Screen LIBOR Page, the rate for that Interest Period will be the arithmetic mean of such rates, rounded, if necessary, to the next higher 1/16 of 1.0%; and in either case
as such rates may be adjusted for any applicable reserve requirements. If the foregoing rate is unavailable from the Reuters Screen for any reason, then such rate shall be determined by the Lender from any other interest rate reporting service of
recognized standing designated in writing by the Lender to Borrower and the Lender; in any such case rounded, if necessary, to the next higher 1/16 of 1.0%, if the rate is not such a multiple. 

“LIBOR Advance Rate” shall mean, with respect to each Interest Period for a Eurodollar Advance, the rate obtained
by adding (a) LIBOR for such Interest Period plus (b) the Applicable Margin for a Eurodollar Advance. 

“Lien” shall mean any mortgage, pledge, security interest, encumbrance, lien or charge of any kind or description
and shall include, without limitation, any agreement to give any of the foregoing, any conditional sale or other title retention agreement, any capitalized lease in the nature thereof including any lease or similar arrangement with a public
authority executed in connection with the issuance of industrial development revenue bonds or pollution control revenue bonds, and the filing of or agreement to give any financing statement under the Uniform Commercial Code of any jurisdiction.

 “Loan” or “Loans” shall mean, (i) collectively, the Revolving Loans, and (ii) the
Term Loan, or either of them as the context may require. 
 “Margin Regulations” shall mean Regulation
T, Regulation U and Regulation X of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time. 
 “Material Place of Business” shall mean the Places of Business set forth in Schedule 6.27(b) hereto and any other or new Place of Business which is either
(a) owned by a Consolidated Company, or (b) leased by a Consolidated Company, at which the Consolidated Company has at said location tangible personal property which is material to the operations of that Consolidated Company. 

“Materially Adverse Effect” shall mean the occurrence of an event which could reasonably be expected to cause a
materially adverse change in (a) the business, results of operations, financial condition, assets or prospects of the Consolidated Companies, taken as a whole, (b) the ability of the Borrower to perform its obligations under this
Agreement, or (c) the ability of the Credit Parties (taken as a whole) to perform their respective obligations under the Credit Documents. 
 “Maturity Date” shall mean the earlier of (a) December 31, 2016, and (b) the date on which all amounts outstanding under this Agreement have been declared or have
automatically become due and payable pursuant to the provisions of Article IX hereof. 

  
 7 

 “Multi-Employer Plan” shall have the meaning set forth in
Section 4001(a)(3) of ERISA. 
 “Note” or “Notes” shall mean, individually
or collectively, as the context may require, (i) the Revolving Credit Note and (ii) the Term Note, either as originally executed and as the same may be from time to time supplemented, modified, amended, renewed or extended. 

“Notice of Borrowing” shall have the meaning provided in Section 4.1 hereof, the form of which
is reasonably acceptable to Lender. 
 “Notice of Conversion/Continuation” shall have the meaning
provided in Section 4.1 hereof, the form of which is reasonably acceptable to Lender. 

“Obligations” shall mean all amounts owing to the Lender pursuant to the terms of this Agreement or any other
Credit Document, including without limitation, all Loans (including all principal and interest payments due thereunder), fees (including reasonable attorneys’ fees as permitted under any Credit Document), expenses, indemnification and
reimbursement payments (including any reimbursement obligation with respect to any letter of credit, if drawn upon after any Event of Default which has occurred and is continuing), indebtedness, liabilities, and obligations of the Credit Parties,
direct or indirect, absolute or contingent, liquidated or unliquidated, now existing or hereafter arising, together with all renewals, extensions, modifications or refinancings thereof. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation, and any successor thereto. 

“Permitted Acquisitions” shall mean the acquisition, by merger, consolidation, purchase or otherwise, by any
Consolidated Company of any Person where substantially all the assets or stock of said Person who is not affiliated with the Borrower are purchased, to the extent after giving effect to said acquisition, no Event of Default will occur or be
continuing and the Funded Debt to EBITDA Ratio will not be greater than 2.5:1. 
 “Permitted Liens”
shall mean those Liens expressly permitted by Section 8.2 hereof. 
 “Person”
shall mean any individual, partnership, joint venture, firm, corporation, trust, unincorporated association, government or any department or agency thereof, and any other entity whatsoever. 

“Places of Business” shall mean those locations owned or leased by any Consolidated Company or at which any
assets of any Consolidated Company are located, as set forth in Schedule 6.27(a) hereto. 

“Plan” shall mean any employee benefit plan, program, arrangement, practice or contract, maintained by or on
behalf of the Borrower or an ERISA Affiliate, which provides benefits or compensation to or on behalf of employees or former employees, whether formal or informal, whether or not written, including but not limited to, the following types of plans:

 (a) Executive Arrangements - any bonus, incentive compensation, stock option, deferred
compensation, commission, severance, “golden parachute”, “rabbi trust”, or other executive compensation plan, program, contract, arrangement or practice; 

(b) ERISA Plans - any “employee benefit plan” defined in Section 3(3) of ERISA, including,
but not limited to, any defined benefit pension plan, profit sharing plan, money purchase pension plan, savings or thrift plan, stock bonus plan, employee stock ownership plan, Multi-Employer Plan, or any plan, fund, program, arrangement or practice
providing for medical (including post-retirement medical), hospitalization, accident, sickness, disability, or life insurance benefits; and 
 (c) Other Employee Fringe Benefits - any stock purchase, vacation, scholarship, day care, prepaid legal services, severance pay or other fringe benefit plan, program, arrangement, contract
or practice. 
 “Regulation D” shall mean Regulation D of the Board of Governors of the Federal Reserve
System, as the same may be in effect from time to time. 

  
 8 

 “Requirement of Law” for any Person shall mean the articles or
certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or determination of an arbitrator or a court or other governmental authority, in each case applicable to
or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Reuters Screen” shall mean, when used in connection with any designated page and LIBOR, the display page so
designated on the Reuters Monitor Money Rates Service (or such other page as may replace that page on that service for the purpose of displaying rates comparable to LIBOR). 
 “Revolving Credit Note” shall mean the promissory note evidencing the Revolving Loans, as made from time to time. 

“Revolving Loans” shall mean, collectively, the revolving credit loans made to Borrower by the Lender pursuant to
Section 2.1 hereof. 
 “Revolving Loan Commitment” shall mean the amount of
$50,000,000 as the same may be increased or decreased from time to time as a result of any increase to or reduction thereof pursuant to Section 2.4 or Section 2.5 hereof, or any amendment thereof pursuant to
Section 10.2 hereof. The LC Commitment shall be deemed to be a sublimit under this Revolving Loan Commitment. 
 “Shareholders’ Equity” shall mean, with respect to any Person as at any date of determination, the shareholders’ equity of such Person, determined on a consolidated basis
in conformity with GAAP. 
 “Statement Date” shall mean the last day of the fiscal quarter of Borrower
to which the quarterly financial statements relate as delivered from time to time by the Borrower under Section 7.7(b) hereof. 
 “Subordinated Debt” shall mean all present and future Indebtedness of Borrower and its Subsidiaries to any Person other than to the Lender under this Agreement, and which
Indebtedness is subordinated to all Obligations due the Lender under this Agreement on terms and conditions satisfactory in all respects to the Lender including without limitation, with respect to interest rates, payment terms, maturities,
amortization schedules, covenants, defaults, remedies, collateral and subordination provisions, as evidenced by the written approval of the Lender, including, if required by the Lender, a separate subordination agreement from the holder of said
Indebtedness to the Lender. 
 “Subsidiary” shall mean, with respect to any Person, any corporation or
other entity (including, without limitation, partnerships, joint ventures, and associations) regardless of its jurisdiction of organization or formation, at least a majority of the combined voting power of all classes of voting stock or other
ownership interests of which shall, at the time as of which any determination is being made, be owned by such Person, either directly or indirectly through one or more other Subsidiaries. 

“Tangible Assets” shall mean all assets of the Consolidated Companies, all as determined in accordance with GAAP,
but excluding Intangible Assets. 
 “Tangible Net Worth” shall mean the excess of (a) Tangible
Assets over (b) Total Liabilities. 
 “Taxes” shall mean any present or future taxes, levies,
imposts, duties, fees, assessments, deductions, withholdings or other charges of whatever nature, including without limitation, income, receipts, excise, property, sales, transfer, license, payroll, withholding, social security and franchise taxes
now or hereafter imposed or levied by the United States, or any state, local or foreign government or by any department, agency or other political subdivision or taxing authority thereof or therein and all interest, penalties, additions to tax and
similar liabilities with respect thereto. 
 “Term Loan” shall mean the term loan made to Borrower by
the Lender pursuant to Article III hereof. 
 “Term Loan Commitment” shall mean the
amount of $100,000,000. 

  
 9 

 “Term Note” shall mean the promissory note evidencing the Term Loan.

 “Total Liabilities” or “Liabilities” shall mean all liabilities and
obligations of the Consolidated Companies, all as determined in accordance with GAAP, and shall include Funded Debt and current liabilities. 
 “Type” of Borrowing shall mean a Borrowing consisting of Base Rate Advances or Eurodollar Advances. 
 “Upfront Fees” or “Closing Fees” shall mean (i) in the case of the Revolving Loans, the amount of $75,000, and (ii) in the case of the Term Loan,
the amount of $175,000. 
 “Wholly Owned Subsidiary” shall mean any Subsidiary, all the stock or
ownership interest of every class of which, except directors’ qualifying shares, shall, at the time as of which any determination is being made, be owned by Borrower either directly or indirectly. 

Section 1.2 Accounting Terms and Determination. Unless otherwise defined or specified herein, all accounting
terms shall be construed herein, all accounting determinations hereunder shall be made, all financial statements required to be delivered hereunder shall be prepared, and all financial records shall be maintained in accordance with, GAAP.

 Section 1.3 Other Definitional Terms. The words “hereof”, “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section, Schedule, Exhibit and like references are to this
Agreement unless otherwise specified. 
 Section 1.4 Exhibits and Schedules. All Exhibits and
Schedules attached hereto are by reference made a part hereof. 
 ARTICLE II 

REVOLVING LOANS 
 Section 2.1 Commitment: Use of Proceeds. 
 (a)
Subject to and upon the terms and conditions herein set forth, the Lender agrees to make to Borrower from time to time on and after the Closing Date, but prior to the Maturity Date, Revolving Loans in an aggregate amount outstanding at any time not
to exceed the Lender’s Revolving Loan Commitment. Borrower shall be entitled to borrow, repay and reborrow Revolving Loans in accordance with the provisions hereof. 

(b) Each Revolving Loan shall, at the option of Borrower, be made or continued as, or converted into, part of one or more
Borrowings that shall consist entirely of Base Rate Advances or Eurodollar Advances. The aggregate principal amount of each Borrowing of Revolving Loans shall in the case of Eurodollar Advances be not less than $5,000,000 or a greater integral
multiple of $1,000,000, and in the case of Base Rate Advances shall be not less than $1,000,000 or a greater integral multiple of $100,000, or in such lesser Loan amounts as shall then equal the unused amount of the Revolving Loan Commitment. At no
time shall the number of Borrowings made as Eurodollar Advances then outstanding under this Article II exceed eight; provided that, for the purpose of determining the number of Borrowings outstanding and the minimum amount for
Borrowings resulting from continuations, all Borrowings of Base Rate Advances under the Revolving Loan shall be considered as one Borrowing. The parties hereto agree that (i) the aggregate principal balance of the Revolving Loans shall not
exceed the Revolving Loan Commitment, and (ii) Lender shall not be obligated to make Revolving Loans in excess of its Revolving Loan Commitment. 

  
 10 

 (c) The proceeds of the Revolving Loans shall be used solely for the
following purposes: 
 (i) To finance Permitted Acquisitions as described herein; 

(ii) For working capital and for other general corporate purposes, including capital expenditures of the Consolidated
Companies; 
 (iii) To refinance and pay off in full any Funded Debt in existence as of Closing Date; 

(iv) To pay all transaction fees and expenses incurred in connection with this facility including Closing Fees and costs
and expenses, including attorneys’ fees, of the Lender, and, with the consent of the Lender, costs and expenses, including attorneys’ fees, of the Borrower; and 

(v) To pay other fees to the Lender from time to time under this Agreement including Availability Fees. 

Section 2.2 Revolving Notes; Repayment of Principal. 

(a) Borrower’s obligations to pay the principal of, and interest on, the Revolving Loans to the Lender shall be
evidenced by the records of the Lender and by the Revolving Note payable to the Lender completed in conformity with this Agreement. 
 (b) All outstanding principal amounts under the Revolving Loans shall be due and payable in full on the Maturity Date. 
 Section 2.3 Payment of Interest. 
 (a) Borrower
agrees to pay interest in respect of all unpaid principal amounts of the Revolving Loans from the respective dates such principal amounts were advanced to maturity (whether by acceleration, notice of prepayment or otherwise) at rates per annum
(computed on the basis of a 360 day year for the actual number of days elapsed) equal to the applicable rates indicated below: 
 (i) For Base Rate Advances - The Base Advance Rate in effect from time to time; and 
 (ii) For Eurodollar Advances - The relevant LIBOR Advance Rate. 

(b) Interest on each Loan shall accrue from and including the date of such Loan to but excluding the date of any repayment
thereof; provided that, if a Loan is repaid on the same day made, one day’s interest shall be paid on such Loan. Interest on all outstanding Base Rate Advances shall be payable quarterly in arrears on the last calendar day
of each fiscal quarter of Borrower in each year. Interest on all outstanding Eurodollar Advances shall be payable on the last day of each Interest Period applicable thereto provided, however, if the Interest Period is longer
than three (3) months, then the interest will be paid on the last day of each three (3) month period prior to the expiration of the applicable Interest Period. Interest on all Loans shall be payable on any conversion of any Advances
comprising such Loans into Advances of another type and, on the Maturity Date. 
 Section 2.4 Increase in Revolving
Loan Commitment up to $100,000,000. Subject to Lender’s specific written approval, in its discretion, the Borrower may increase the Revolving Loan Commitment by an additional aggregate amount of $50,000,000 (to a total aggregate amount
of $100,000,000) from time to time during the term of this Agreement. In order to request said increase, the Borrower shall so notify the Lender in writing as to the amount of such increase (which must be in increments of $10,000,000 or a multiple
thereof) and the Lender will advise the Borrower thereafter if the Lender, in its discretion, is willing to so increase the Revolving Loan Commitment. Should the Lender agree to do so, then the parties will execute such documents as the Lender may

  
 11 

 
require to reflect said increase including, but not limited to, an amendment to this Agreement as well as a further promissory note to reflect said increase. In addition, the Borrower shall pay
to the Lender on the amount of said increase an additional Upfront Fee equal to fifteen (15) basis points (0.15%) of said additional amount. 
 Section 2.5 Reduction of Revolving Loan Commitments. 
 (a) The Borrower prior to the Maturity Date shall have the right in the manner set forth below to reduce (but not increase) the Revolving Loan Commitment. 

(b) The Borrower, if it desires to reduce the Revolving Loan Commitment, must (i) give thirty (30) Business
Days’ notice to the Lender setting forth the amount which the Borrower desires to have as the Revolving Loan Commitment, which said amount may not be less than the principal amount then outstanding on the Revolving Loans, and (ii) pay to
the Lender within said thirty (30) day period any Availability Fee due at the time of said reduction on that portion of the Revolving Loan Commitment which is being so reduced. Said reduction shall be effective at the end of said thirty
Business Day period and upon the payment of said Availability Fee. 
 (c) Any reduction must be in the minimum
amount of $1,000,000 or a greater integral multiple of $500,000. 
 Section 2.6 Letters of Credit.

 (a) During the term of this Agreement and provided no Event of Default has occurred and is continuing, the
Lender pursuant to this Section, agrees to issue, at the request of a Credit Party, Letters of Credit for the account of the Credit Party on the terms and conditions hereinafter set forth; provided, that (i) each Letter of Credit
shall expire on the earlier of (A) the date one year after the date of issuance of such standby letter of credit or the date 210 days after the issuance of such trade letter of credit (or in the case of any renewal or extension thereof, one
year or 210 days, respectively, after such renewal or extension) and (B) the date that is five (5) Business Days prior to the Maturity Date; (ii) each Letter of Credit shall be in a stated amount of at least $10,000.00; and
(iii) a Credit Party may not request any Letter of Credit, if, after giving effect to such issuance (A) the aggregate LC Exposure would exceed the LC Commitment, or (B) the aggregate LC Exposure, plus the
aggregate outstanding Revolving Loans would exceed the total Revolving Loan Commitment. 
 (b) To request the
issuance of a Letter of Credit (or any amendment, renewal or extension of an outstanding Letter of Credit), a Credit Party shall give the Lender irrevocable written notice at least three (3) Business Days prior to the requested date of such
issuance specifying the date (which shall be a Business Day) such Letter of Credit is to be issued (or amended, extended or renewed, as the case may be), the expiration date of such Letter of Credit, 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, renew or extend such Letter of Credit. In addition to the satisfaction of the conditions in Article IV, the issuance of
such Letter of Credit (or any amendment which increases the amount of such Letter of Credit) will be subject to the further conditions that such Letter of Credit shall be in such form and contain such terms as the Lender shall approve, and that the
Credit Party shall have executed and delivered any additional applications, agreements and instruments relating to such Letter of Credit as the Lender shall reasonably require; provided, that in the event of any conflict between such
applications, agreements or instruments and this Agreement, the terms of this Agreement shall control. 
 (c)
Each Letter of Credit shall be subject to the Uniform Customs and Practices for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600, (or such later revision as may be published by the International Chamber
of Commerce on any date any Letter of Credit may be issued) and, to the extent not inconsistent therewith, the governing law of this Agreement set forth in Section 11.7; provided, however, if agreed to
by the Lender and the Borrower, a Letter of Credit and performance under Letters of Credit by the 

  
 12 

 
Lender, its correspondents, and the beneficiaries thereof will be governed by the rules of the “International Standby Practices 1998” (ISP98), International Chamber of Commerce
Publication No. 590 (or such later revision as may be published by the International Chamber of Commerce on any date any Letter of Credit may be issued) and to the extent not inconsistent therewith, the governing law of this Agreement set forth
in Section 11.7. Unless the Lender and the Borrower otherwise agree, the “International Standby Practices 1998” shall be applicable to standby letters of credit and the Uniform Customs and Practices for Documentary
Credits shall be applicable to trade letters of credit. 
 ARTICLE III 

TERM LOAN 
 Section 3.1 Commitment: Use of Proceeds. 
 (a)
Subject to and upon the terms and conditions herein set forth, the Lender has made to Borrower on the Closing Date, the Term Loan in an aggregate amount of the Lender’s Term Loan Commitment. The Term Loan is a term loan and, therefore, Borrower
shall not be entitled to obtain any further or additional Advances on the Term Loan after the Closing Date (unless Borrower exercises its option in Subsection 3.4 hereof). 

(b) The amount advanced on the Term Loan on the Closing Date shall be deemed to be a Eurodollar Advance. The Term Loan
shall, at the option of Borrower, be continued as, or converted into, part of one or more Borrowings that shall consist entirely of Base Rate Advances or Eurodollar Advances. The aggregate principal amount of each Borrowing under the Term Loan shall
in the case of Eurodollar Advances be not less than $5,000,000 or a greater integral multiple of $1,000,000, and in the case of Base Rate Advances shall be not less than $1,000,000 or a greater integral multiple of $100,000, or in such lesser amount
as shall then equal the outstanding balance of the Term Loan. At no time shall the number of Borrowings made as Eurodollar Advances then outstanding under this Article III exceed five; provided that, for the purpose of determining the
number of Borrowings outstanding and the minimum amount for Borrowings resulting from continuations, all Borrowings of Base Rate Advances under the Term Loan shall be considered as one Borrowing. The parties hereto agree that the aggregate principal
balance of the Term Loan shall not exceed the Term Loan Commitment. 
 (c) The proceeds of the Term Loan shall be
used solely for the following purposes: 
 (i) To finance the Arrowhead Acquisition; 

(ii) To pay all transaction fees and expenses incurred in connection with this facility including Closing Fees and costs
and expenses, including attorneys’ fees, of the Lender, and, with the consent of the Lender, costs and expenses, including attorneys’ fees, of the Borrower. 
 Section 3.2 Term Note; Repayment of Principal. 

(a) Borrower’s obligations to pay the principal of, and interest on, the Term Loan to the Lender shall be evidenced
by the records of the Lender and by the Term Note payable to the Lender completed in conformity with this Agreement. 
 (b) All outstanding principal amounts under the Term Loan shall be due and payable in full on the Maturity Date. 

  
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 Section 3.3 Payment of Interest. 

(a) Borrower agrees to pay interest in respect of all unpaid principal amounts of the Term Loan from the respective dates
such principal amounts were advanced to maturity (whether by acceleration, notice of prepayment or otherwise) at rates per annum (computed on the basis of a 360 day year for the actual number of days elapsed) equal to the: 

(i) For Base Rate Advances - The Base Advance Rate in effect from time to time; and 

(ii) For Eurodollar Advances - The relevant LIBOR Advance Rate. 

(b) Interest on the Term Loan shall accrue from and including the date of funding of such Loan to the date of any
repayment thereof. Interest on the Term Loan shall be payable on the last day of each Interest Period applicable thereto provided, however, if the Interest Period is longer than three (3) months, then the interest will be
paid on the last day of each three (3) month period prior to the expiration of the applicable Interest Period, provided, further, if the Borrower has elected under Section 4.1(c) to convert any portion of
the Term Loan into a Base Rate Advance, interest on all outstanding Base Rate Advances shall be payable quarterly in arrears on the last calendar day of each fiscal quarter of Borrower in each year. Subject to the provisions of
Section 3.4, no further advances shall be made on the Term Loan from and after the initial advance made by the Lender to fully fund the Term Loan. 
 Section 3.4 Increase in Term Loan Commitment up to $50,000,000. Subject to Lender’s specific written approval, in its discretion, the Borrower may increase the Term Loan Commitment
by an additional aggregate amount of $50,000,000 (to a total aggregate amount of $150,000,000) from time to time during the term of this Agreement. In order to request said increase, the Borrower shall so notify the Lender in writing as to the
amount of such increase (which must be in increments of $10,000,000 or a multiple thereof) and the Lender will advise the Borrower thereafter if the Lender, in its discretion, is willing to so increase the Term Loan Commitment. Should the Lender
agree to do so, then the parties will execute such documents as the Lender may require to reflect said increase including, but not limited to, an amendment to this Agreement as well as a further promissory note to reflect said increase. In addition,
the Borrower shall pay to the Lender on the amount of said increase an additional Upfront Fee equal to fifteen (15) basis points (0.15%) of said additional amount. 
 ARTICLE IV 
 GENERAL LOAN TERMS 

Section 4.1 Funding Notices. 
 (a) On Revolving Loan. Whenever Borrower desires to make a Borrowing on the Revolving Loan Commitment, it shall give the Lender prior written notice (or telephonic notice promptly confirmed
in writing) of such Borrowing (a “Notice of Borrowing”), such Notice of Borrowing to be given prior to 11:00 A.M. (local time for the Lender) at its Lending Office (i) one (1) Business Day prior to the requested
date of such Borrowing in the case of Base Rate Advances, and (ii) two (2) Business Days prior to the requested date of such Borrowing in the case of Eurodollar Advances. Notices received after 11:00 A.M. shall be deemed received on the
next Business Day. Each Notice of Borrowing shall be irrevocable and shall specify the aggregate principal amount of the Borrowing, the date of Borrowing (which shall be a Business Day), and whether the Borrowing is to consist of Base Rate Advances
or Eurodollar Advances and (in the case of Eurodollar Advances) the Interest Period to be applicable thereto. 

(b) On Term Loan. In regard to the Term Loan, the Lender shall fully fund the Loan Commitment on the date
requested by the Borrower. 
 (c) Whenever Borrower desires to convert one or more Borrowings of one Type into
one or more Borrowings of another Type, or to continue outstanding a Borrowing consisting of Eurodollar Advances for a new Interest Period (whether for the Revolving Loan or for the Term Loan), it shall give Lender prior written notice (or
telephonic notice promptly confirmed in writing) of each such Borrowing to be converted or continued (a “Notice of  

  
 14 

 
Conversion/Continuation”), such Notice of Conversion/Continuation to be given prior to 11:00 A.M. (local time for the Lender) at its Lending Office (i) one
(1) Business Day prior to the requested date of such Borrowing in the case of the continuation into a Base Rate Advance, and (ii) two (2) Business Days prior to the requested date of such Borrowing in the case of a continuation of or
conversion into Eurodollar Advances. Notices received after 11:00 A.M. shall be deemed received on the next Business Day. Each such Notice of Conversion/Continuation shall be irrevocable and shall specify the aggregate principal amount of the
Borrowing to be converted or continued, the date of such conversion or continuation (which shall be a Business Day), whether the Borrowing is being converted into or continued as Eurodollar Advances and (in the case of Eurodollar Advances) the
Interest Period applicable thereto. If, upon the expiration of any Interest Period in respect of any Borrowing, Borrower shall have failed to deliver the Notice of Conversion/Continuation, Borrower shall be deemed to have elected to continue such
Borrowing as a Eurodollar Advance for the same interest Period then applicable to said Borrowing. No conversion of any Borrowing of Eurodollar Advances shall be permitted except on the last day of the Interest Period in respect thereof. 

(d) Without in any way limiting Borrower’s obligation to confirm in writing any telephonic notice, the Lender may act
without liability upon the basis of telephonic notice believed by the Lender in good faith to be from Borrower prior to receipt of written confirmation. In each such case, Borrower hereby waives the right to dispute the Lender’s record of the
terms of such telephonic notice. 
 Section 4.2 Disbursement of Funds. The Lender will make available
the amount of each Borrowing in immediately available funds at the Lending Office of the Lender by crediting such amounts to Borrower’s demand deposit account maintained with the Lender by the close of business on such Business Day. 

Section 4.3 Interest; Default, Payment and Determination. Overdue principal and, to the extent not prohibited
by applicable law, overdue interest, in respect of the Revolving Loans and the Term Loan, and all other overdue amounts owing hereunder, shall bear interest from each date that such amounts are overdue, at the higher of the following rates:

 (a) Base Advance Rate plus an additional two percent (2.0%) per annum; or 

(b) The interest rate otherwise applicable to said amount plus an additional two percent (2.0%) per annum.

 Section 4.4 Interest Periods. In connection with the making or continuation of, or conversion into, each
Eurodollar Advance, Borrower shall select an Interest Period to be applicable to such Eurodollar Advance, which Interest Period shall be a 1, 2 or 3 month period; provided that: 

(a) The initial Interest Period for any Borrowing of Eurodollar Advances shall commence on the date of such Borrowing and
each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires; 
 (b) If any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; 

(c) Any Interest Period in respect of Eurodollar Advances which begins on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period shall, subject to part (iv) below, expire on the last Business Day of such calendar month; and 

(d) No Interest Period shall extend beyond the Maturity Date. 

  
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 Section 4.5 Fees. 

(a) Borrower shall pay in respect to the Revolving Loan Commitment to the Lender the Availability Fee for the period
commencing on the Closing Date to and including the Maturity Date, such Fee being payable (i) quarterly in arrears on the last calendar day of each fiscal quarter of Borrower and on the Maturity Date, and (ii) at the time of any reduction
in the Revolving Loan Commitment under Section 2.5 hereof on the amount of said reduction. 

(b) Borrower shall pay to Lender on or prior to Closing Date, the Upfront Fees. 

(c) Borrower shall pay to Lender a Letter of Credit Margin Fee for the period commencing on the Closing Date to and
including the Maturity Date, computed at a rate equal to the Applicable Margin for Eurodollar Advances, based on the Borrower’s Funded Debt to Consolidated EBITDA Ratio, measured quarterly, on the average daily amount of the total LC Exposure,
such fee being payable quarterly in arrears on the last calendar day of each calendar quarter and on the Maturity Date. 

Section 4.6 Voluntary Prepayments of Borrowings. 

(a) Borrower may, at its option, prepay Borrowings consisting of Base Rate Advances at any time in whole, or from time to
time in part, in amounts aggregating $5,000,000 or any greater integral multiple of $1,000,000, by paying the principal amount to be prepaid together with interest accrued and unpaid thereon to the date of prepayment. Those Borrowings consisting of
Eurodollar Advances may be prepaid, at Borrower’s option, in whole, or from time to time in part, in aggregating $5,000,000 or any greater integral multiple of $1,000,000, by paying the principal amount to be prepaid, together with interest
accrued and unpaid thereon to the date of prepayment, provided however, prepayment of Eurodollar Advances may only be made on the last day of an Interest Period applicable thereto. Each such optional prepayment shall be applied
in accordance with Section 4.6(c) below. 
 (b) Borrower shall give written notice (or
telephonic notice confirmed in writing) to the Lender of any intended prepayment of the Revolving Loans or the Term Loan (i) not less than one (1) Business Day prior to any prepayment of Base Rate Advances, and (ii) not less than
three (3) Business Days prior to any prepayment of Eurodollar Advances. Such notice, once given, shall be irrevocable. 
 (c) Borrower, when providing notice of prepayment pursuant to Section 4.6(b) shall designate the Types of Advances and the specific Borrowing or Borrowings which are to be prepaid,
provided that (i) if any prepayment of Eurodollar Advances made pursuant to a single Borrowing shall reduce the outstanding Advances made pursuant to such Borrowing to an amount less than $1,000,000, such Borrowing shall
immediately be converted into Base Rate Advances, and (ii) each prepayment made pursuant to a single Borrowing shall be applied in the case of the Revolving Loan pro rata among the Loans comprising such Borrowing. 

(d) In regard to any Revolving Loan, nothing contained herein shall preclude the Borrower from prepaying said Loan and
thereafter and prior to the Maturity Date from obtaining any additional or future Advances as a Revolving Loan under Section 2.1 above up to the Revolving Loan Commitment. In the case of the Term Loan, the foregoing provisions
shall not be applicable and, in the event any prepayments are made on the Term Loan, the Borrower shall not thereafter have any right to reborrow said amount under the Term Loan. 

Section 4.7 Payments, etc. Except as otherwise specifically provided herein, all payments under this Agreement and the
other Credit Documents, other than the payments specified in clause (b) below, shall be made without notice, defense, set-off or counterclaim to the Lender, not later than 11:00 A.M. (local time for the Lender) on the date when due and shall be
made in Dollars in immediately available funds to the Lender at the Lender’s Lending Office. 

  
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 (a) (i) All such payments shall be made free and clear of and without
deduction or withholding for any Taxes in respect of this Agreement, the Notes or other Credit Documents, or any payments of principal, interest, fees or other amounts payable hereunder or thereunder (but excluding any Taxes imposed on the overall
net income of the Lender pursuant to the laws of any jurisdiction). If any Taxes are so levied or imposed, Borrower agrees (A) to pay the full amount of such Taxes, and such additional amounts as may be necessary so that every net payment of
all amounts due hereunder and under the Notes and other Credit Documents, after withholding or deduction for or on account of any such Taxes (including additional sums payable under this Section 4.7), will not be less than the
full amount provided for herein had no such deduction or withholding been required, (B) to make such withholding or deduction, and (C) to pay the full amount deducted to the relevant authority in accordance with applicable law. Borrower
will furnish to the Lender within thirty days after the date the payment of any Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by Borrower. Borrower will indemnify and hold harmless the Lender and
reimburse the Lender upon written request for the amount of any such Taxes (exclusive of any taxes imposed on the overall net income of the Lender) so levied or imposed and paid by the Lender and any liability (including penalties, interest and
expenses) arising therefrom or with respect thereto, whether or not such Taxes were correctly or illegally asserted. A certificate as to the amount of such payment by the Lender, absent manifest error, shall be final, conclusive and binding for all
purposes. 
 (b) Subject to Section 4.4(b), whenever any payment to be made hereunder or under
any Note shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the applicable rate
during such extension. 
 (c) All computations of interest and fees shall be made on the basis of a year of 360
days for the actual number of days elapsed (including the first day but excluding the last day) occurring in the period for which such interest or fees are payable (to the extent computed on the basis of days elapsed). 

Section 4.8 LIBOR Rate Not Ascertainable, Etc. In the event that the Lender shall have determined (which determination
shall be made in good faith and, absent manifest error, shall be final, conclusive and binding upon all parties) that on any date for determining LIBOR for any Interest Period, by reason of any changes arising after the date of this Agreement
affecting the London interbank market or the Lender’s position in such markets, adequate and fair means do not exist for ascertaining the applicable interest rate on the basis provided for in the definition of LIBOR then, and in any such event,
the Lender shall forthwith give notice (by telephone confirmed in writing) to Borrower of such determination and a summary of the basis for such determination. Until the Lender notifies Borrower that the circumstances giving rise to the suspension
described herein no longer exist (which Lender agrees to give as soon as conditions warrant), the obligations of the Lender to make or permit portions of the Loans to remain outstanding past the last day of the then current Interest Periods as
Eurodollar Advances, shall be suspended, and such affected Advances shall bear the same interest as Base Rate Advances. 

Section 4.9 Illegality. 
 (a) In the event that the Lender shall have determined (which determination shall be made in good faith and, absent manifest error, shall be final, conclusive and binding upon all parties) at any time
that the making or continuance of any Eurodollar Advance in regard to any Loan has become unlawful by compliance by the Lender in good faith with any applicable law, governmental rule, regulation, guideline or order (whether or not having the force
of law and whether or not failure to comply therewith would be unlawful), then, in any such event, the Lender shall give prompt notice (by telephone confirmed in writing) to Borrower of such determination and a summary of the basis for such
determination. 
 (b) Upon the giving of the notice to Borrower referred to in Subsection
(a) above, (i) Borrower’s right to request and the Lender’s obligation to make Eurodollar Advances, shall be immediately suspended, and the Lender shall make an Advance as part of the requested Borrowing of Eurodollar
Advances as a Base Rate Advance, which Base Rate Advance shall, for all other 

  
 17 

 
purposes, be considered part of such Borrowing, and (ii) if the affected Eurodollar Advance or Advances are then outstanding, Borrower shall immediately, or if permitted by applicable law,
no later than the date permitted thereby, upon at least one Business Day’s written notice to the Lender, convert each such Advance into an Advance or Advances of a different Type with an Interest Period ending on the date on which the Interest
Period applicable to the affected Eurodollar Advances expires. 
 Section 4.10 Increased Costs. 

(a) If by reason of any Change in Law: 

(i) the Lender (or its applicable Lending Office) shall be subject to any tax, duty or other charge with respect to its
Eurodollar Advances or its obligation to make Eurodollar Advances, or the basis of taxation of payments to the Lender of the principal of or interest on its Eurodollar Advances or its obligation to make Eurodollar Advances shall have changed (except
for changes in the tax on the net income or profits of the Lender or its applicable Lending Office imposed by any jurisdiction); or 
 (ii) any reserve (including, without limitation, any imposed by the Board of Governors of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with or for the
account of, or credit extended by, the Lender’s applicable Lending Office shall be imposed or deemed applicable or any other condition affecting its Eurodollar Advances or its obligation to make Eurodollar Advances shall be imposed on the
Lender or its applicable Lending Office or the London interbank market or the United States secondary certificate of deposit market; 
 and as a result thereof there shall be any increase in the cost to the Lender of agreeing to make or making, funding or maintaining Eurodollar Advances (except to the extent already included in the
determination of the applicable LIBOR Advance Rate for Eurodollar Advances), or there shall be a reduction in the amount received or receivable by the Lender or its applicable Lending Office, then Borrower shall from time to time (subject, in the
case of certain Taxes, to the applicable provisions of Section 4.7(b)), upon written notice from and demand by the Lender on Borrower pay to the Lender within five Business Days after the date of such notice and demand, additional
amounts sufficient to indemnify the Lender against such increased cost. A certificate as to the amount of such increased cost, submitted to Borrower by the Lender in good faith and accompanied by a statement prepared by the Lender describing in
reasonable detail the basis for and calculation of such increased cost, shall, except for manifest error, be final, conclusive and binding for all purposes. 
 (b) If the Lender, because of the circumstances described in clauses (x) or (y) in Section 4.10(a) or any other circumstances beyond the Lender’s reasonable control
arising after the date of this Agreement affecting the Lender or the London interbank market or the Lender’s position in such markets, the LIBOR Advance Rate, as determined by the Lender, will not adequately and fairly reflect the cost to the
Lender of funding its Eurodollar Advances, then, and in any such event: 
 (i) The Lender shall forthwith give
notice (by telephone confirmed in writing) to Borrower; 
 (ii) Borrower’s right to request and the
Lender’s obligation to make or permit portions of the Loans to remain outstanding past the last day of the then current Interest Periods as Eurodollar Advances, shall be immediately suspended; and 

(iii) The Lender shall make a Loan as part of any requested Borrowing of Eurodollar Advances, as a Base Rate Advance,
which such Base Rate Advance shall, for all other purposes, be considered part of such Borrowing. 

  
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 Section 4.11 Funding Losses. Borrower shall compensate the Lender,
upon its written request to Borrower (which request shall set forth the basis for requesting such amounts in reasonable detail and which request shall be made in good faith and, absent manifest error, shall be final, conclusive and binding upon all
of the parties hereto), for all losses, expenses and liabilities (including, without limitation, any interest paid by the Lender to lenders of funds borrowed by it to make or carry its Eurodollar Advances, in either case to the extent not recovered
by the Lender in connection with the reemployment of such funds and including loss of anticipated profits), which the Lender may sustain: (a) if for any reason (other than a default by the Lender) a borrowing of, or conversion to or
continuation of, Eurodollar Advances to Borrower does not occur on the date specified therefor in a Notice of Borrowing or Notice of Conversion (whether or not withdrawn); (b) if any repayment (including mandatory prepayments and any
conversions pursuant to Section 4.9(b)) of any Eurodollar Advances to Borrower occurs on a date which is not the last day of an Interest Period applicable thereto; or (c), if, for any reason, Borrower defaults in its obligation to
repay its Eurodollar Advances when required by the terms of this Agreement. 
 Section 4.12 Assumptions Concerning
Funding of Eurodollar Advances. Calculation of all amounts payable to a Lender under this Article IV shall be made as though that Lender had actually funded its relevant Eurodollar Advances through the purchase of
deposits in the relevant market bearing interest at the rate applicable to such Eurodollar Advances in an amount equal to the amount of the Eurodollar Advances and having a maturity comparable to the relevant Interest Period and, in the case of
Eurodollar Advances, through the transfer of such Eurodollar Advances from an offshore office of that Lender to a domestic office of that Lender in the United States of America; provided, however, that the Lender may fund
each of its Eurodollar Advances in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article IV. 

Section 4.13 Capital Adequacy. Without limiting any other provision of this Agreement, in the event that the Lender
shall have determined that a Change in Law regarding Capital Adequacy not currently in effect or fully applicable as of the Closing Date, or any change therein or in the interpretation or application thereof after the Closing Date, or compliance by
the Lender with any request or directive regarding capital adequacy not currently in effect or fully applicable as of the Closing Date (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) from a
Governmental Authority or body having jurisdiction, does or shall have the effect of reducing the rate of return on the Lender’s capital as a consequence of its obligations hereunder to a level below that which the Lender could have achieved
but for such Change in Law (taking into consideration the Lender’s policies with respect to capital adequacy by an amount deemed by the Lender to be material), then within ten Business Days after written notice and demand by the Lender,
Borrower shall from time to time pay to the Lender additional amounts sufficient to compensate the Lender for such reduction (but, in the case of outstanding Base Rate Advances, without duplication of any amounts already recovered by the Lender by
reason of an adjustment in the applicable Base Rate). Each certificate as to the amount payable under this Section 4.13 (which certificate shall set forth the basis for requesting such amounts in reasonable detail), submitted to
Borrower by the Lender in good faith, shall, absent manifest error, be final, conclusive and binding for all purposes. 

Section 4.14 Limitation on Certain Payment Obligations. 

(a) The Lender shall make written demand on Borrower for indemnification or compensation pursuant to
Section 4.7 no later than ninety (90) days after the earlier of (i) the date on which the Lender makes payment of such Taxes, and (ii) the date on which the relevant taxing authority or other governmental authority
makes written demand upon the Lender for payment of such Taxes. 
 (b) The Lender shall make written demand on
Borrower for indemnification or compensation pursuant to Sections 4.11 and 4.12 no later than ninety (90) days after the event giving rise to the claim for indemnification or compensation occurs. 

(c) The Lender shall make written demand on Borrower for indemnification or compensation pursuant to Sections
4.10 and 4.13 no later than ninety (90) days after the Lender or Lender receives actual notice or obtains actual knowledge of the promulgation of a law, rule, order or interpretation or occurrence of another event giving
rise to a claim pursuant to such sections. 

  
 19 

 (d) In the event that the Lender fails to give Borrower notice within the
time limitations prescribed in (a) or (b) above, Borrower shall not have any obligation to pay such claim for compensation or indemnification. In the event that the Lender fail to give Borrower notice within the time limitation prescribed
in (c) above, Borrower shall not have any obligation to pay any amount with respect to claims accruing prior to the ninetieth day preceding such written demand. 

Section 4.15 Change from One Type of Borrowing to Another. Subject to the limitations set forth
in this Agreement, the Borrower shall have the right from time to time to change from one Type of Borrowing to another by giving appropriate Notice of Conversion/Continuation in the manner set forth in Section 4.1. 

ARTICLE V 

CONDITIONS TO BORROWINGS 
 The obligations of the Lender to make Advances to Borrower hereunder and to accept a conversation of one Type of Loan into another is subject to the satisfaction of the following conditions: 

Section 5.1 Conditions Precedent to Additional Advances. At the time of the making of the Term Loan hereunder
on the Closing Date, all obligations of Borrower hereunder incurred prior to any such Advances (including, without limitation, Borrower’s obligations to reimburse the reasonable fees and expenses of counsel to the Lender and any Closing Fees
and expenses payable to the Lender as previously agreed with Borrower), shall have been paid in full, and the Lender shall have received the following, in form and substance reasonably satisfactory in all respects to the Lender: 

(a) The duly executed counterparts of this Agreement; 

(b) The duly executed Revolving Note evidencing the Revolving Loan Commitment; 

(c) The duly executed Term Note evidencing the Term Loan Commitment; 

(d) Duly executed Certificate of Borrower in substantially the form which is reasonable acceptable to the Lender and
appropriately completed; 
 (e) Duly executed Certificates of the Secretary or Assistant Secretary of each of the
Credit Parties attaching and certifying copies of the resolutions of the boards of directors of the Credit Parties, authorizing as applicable the execution, delivery and performance of the Credit Documents; 

(f) Duly executed Certificates of the Secretary or an Assistant Secretary of each of the Credit Parties certifying
(i) the name, title and true signature of each officer of such entities executing the Credit Documents, and (ii) the bylaws or comparable governing documents of such entities; 

(g) Certified copies of the certificate or articles of incorporation of each Credit Party certified by the Secretary of
State or the Secretary or Assistant Secretary of such Credit Party, together with certificates of good standing or existence, as may be available from the Secretary of State of the jurisdiction of incorporation or organization of such Credit Party;

 (h) Copies of all documents and instruments, including all consents, authorizations and filings, required or
advisable under any Requirement of Law or by any material Contractual Obligation of the Credit Parties, in connection with the execution, delivery, performance, validity and enforceability of the Credit Documents and the other documents to be
executed and delivered hereunder, and such consents, authorizations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired; 

  
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 (i) Certified copies of the Intercompany Credit Documents, to the extent
that they exist; 
 (j) Certified copies of indentures, credit agreements, leases, capital leases, instruments,
and other documents evidencing or securing Indebtedness of any Consolidated Company described on Schedule 8.1(b), other than with respect to any such Indebtedness outstanding with the Lender, in any single case greater than $100,000;

 (k) Certificates, reports and other information as the Lender may reasonably request from any Consolidated
Company in order to satisfy the Lender as to the absence of any material liabilities or obligations arising from matters relating to employees of the Consolidated Companies, including employee relations, collective bargaining agreements, Plans, and
other compensation and employee benefit plans; 
 (l) Certificates, reports, environmental audits and
investigations, and other information as the Lender may reasonably request from any Consolidated Company in order to satisfy the Lender as to the absence of any material liabilities or obligations arising from environmental and employee health and
safety exposures to which the Consolidated Companies may be subject, and the plans of the Consolidated Companies with respect thereto; 
 (m) Certificates, reports and other information as the Lender may reasonably request from any Consolidated Company in order to satisfy the Lender as to the absence of any material liabilities or
obligations arising from litigation (including without limitation, products liability and patent infringement claims) pending or threatened against the Consolidated Companies; 

(n) A summary, set forth in format and detail reasonably acceptable to the Lender, as the Lender may reasonably request,
of the types and amounts of insurance (property and liability) maintained by the Consolidated Companies; 
 (o)
The duly executed favorable opinion of in-house legal counsel to the Credit Parties, substantially in the form reasonably acceptable to Lender addressed to the Lender; 

(p) Financial Statements of the Borrower, audited on a consolidated basis for the fiscal years ended on December 31,
2008, 2009 and 2010; and 
 (q) Financial Statements of the Borrower, internally prepared and unaudited, on a
consolidated basis for the three (3) month period ending September 30, 2011. 
 In addition to the foregoing, the following conditions
shall have been satisfied or shall exist, all to the reasonable satisfaction of the Lender, as of the time the initial Loans are made hereunder: 
 (r) The Loans to be made on the Closing Date and the use of proceeds thereof shall not contravene, violate or conflict with, or involve the Lender in a violation of, any law, rule, injunction, or
regulation, or determination of any court of law or other governmental authority; 
 (s) All corporate
proceedings and all other legal matters in connection with the authorization, legality, validity and enforceability of the Credit Documents shall be reasonably satisfactory in form and substance to the Lender; and 

(t) The status of all pending and threatened litigation (including products liability and patent claims) which might
result in a Materially Adverse Effect, including a description of any damages sought and the claims constituting the basis therefor, shall have been reported in writing to the Lender, and the Lender shall be satisfied with such status. 

Section 5.2 Conditions to All Loans. At the time of the making of all Loans (before as well as after giving
effect to such Loans and to the proposed use of the proceeds thereof) and the conversion of one Type of Loan into another, the following conditions shall have been satisfied or shall exist: 

(a) There shall then exist no Default or Event of Default; 

  
 21 

 (b) All representations and warranties by Borrower contained herein shall be
true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the date of such Loans (except to the extent that such representations and warranties expressly relate to an
earlier date or are affected by transactions permitted under this Agreement); 
 (c) Since the date of the most
recent financial statements of the Borrower described in Section 6.3 hereof, there shall have been no change which has had or could reasonably be expected to have a Materially Adverse Effect; 

(d) There shall be no action or proceeding instituted or pending before any court or other governmental authority or, to
the knowledge of Borrower, threatened (i) which reasonably could be expected to have a Materially Adverse Effect, or (ii) seeking to prohibit or restrict one or more Credit Party’s ownership or operation of any portion of its business
or assets, or to compel one or more Credit Parties to dispose of or hold separate all or any portion of its businesses or assets, where said action if successful would have a Materially Adverse Effect; 

(e) The Loans to be made and the use of proceeds thereof shall not contravene, violate or conflict with, or involve the
Lender in a violation of, any law, rule, injunction, or regulation, or determination of any court of law or other governmental authority applicable to Borrower; and 

(f) The Lender shall have received such other documents or legal opinions as the Lender may reasonably request, all in
form and substance reasonably satisfactory to the Lender. 
 Section 5.3 Certification For Each Borrowing.
Each Notice of Borrowing, Notice of Conversion/Continuation, or any other request for a Borrowing, and the acceptance by Borrower of the proceeds thereof shall constitute a representation and warranty by Borrower, as of the date of said Notice,
draw request or acceptance, as the case may be, that the applicable conditions specified in Sections 5.1 and 5.2 have been satisfied or are true and correct, as the case may be. 

ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 
 Borrower represents, warrants and covenants to Lender that: 
 Section 6.1
Organization and Qualification. Borrower is a corporation duly organized and existing in good standing under the laws of the State of Florida. Each Subsidiary of Borrower is a corporation duly organized and existing under the laws
of the jurisdiction of its incorporation. Borrower and each of its Subsidiaries are duly qualified to do business as a foreign corporation and are in good standing in each jurisdiction in which the character of their properties or the nature of
their business makes such qualification necessary, except for such jurisdictions in which a failure to qualify to do business would not have a Materially Adverse Effect. Borrower and each of its Subsidiaries have the corporate power to own their
respective properties and to carry on their respective businesses as now being conducted. The jurisdiction of incorporation or organization, and the ownership of all issued and outstanding capital stock, for Borrower and each Subsidiary as of the
date of this Agreement is accurately described on Schedule 6.1. 
 Section 6.2 Corporate
Authority. The execution and delivery by the Credit Parties of and the performance by Credit Parties of their obligations under the Credit Documents have been duly authorized by all requisite corporate action and all requisite
shareholder action, if any, on the part of Credit Parties and do not and will not (a) violate any provision of any law, rule or regulation, any judgment, order or ruling of any court or governmental agency, the organizational papers or bylaws
of Credit Parties, or any indenture, agreement or other instrument to which Credit Parties are a party or by which Credit Parties or any of their properties is bound, or (b) be in conflict with, result in a breach of, or constitute with notice
or lapse of time or both a default under any such indenture, agreement or other instrument. 

  
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 Section 6.3 Borrower Financial Statements. Borrower has furnished
Lender with the following financial statement, identified by the Treasurer or Chief Financial Officer of Borrower: consolidated balance sheets and consolidated statements of income, stockholders’ equity and cash flow as of and for the fiscal
years ended on the last day in December, 2008, 2009 and 2010 certified by Deloitte & Touche, LLP, as applicable, and the three (3) month unaudited consolidated balance sheets and consolidated statements of income, stockholder equity
and cash flow as and for the three (3) month period ended on September 30, 2011. Such financial statements (including any related schedules and notes) are true and correct in all material respects (subject, as to interim statements, to
changes resulting from audits and year-end adjustments), have been prepared in accordance with GAAP consistently applied throughout the period or periods in question and show, in the case of audited statements, all liabilities, direct or contingent,
of Borrower and its Subsidiaries, required to be shown in accordance with GAAP consistently applied throughout the period or periods in question and fairly present the consolidated financial position and the consolidated results of operations of
Borrower and its Subsidiaries for the periods indicated therein. There has been no material adverse change in the business, condition or operations, financial or otherwise, of Borrower and its Subsidiaries since September 30, 2011. 

Section 6.4 Tax Returns. Except as set forth on Schedule 6.4 hereto, each of Borrower and its
Subsidiaries has filed all federal, state and other income tax returns which, to the best knowledge of Borrower and its Subsidiaries, are required to have been filed, and each has paid all taxes as shown on said returns and on all assessments
received by it to the extent that such taxes have become due or except such as are being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP. 

Section 6.5 Actions Pending. Except as disclosed on Schedule 6.5 hereto, there is no action, suit,
investigation or proceeding pending or, to the knowledge of Borrower, threatened against or affecting Borrower or any of its Subsidiaries or any of their properties or rights, by or before any court, arbitrator or administrative or governmental
body, which reasonably could be expected to result in any Materially Adverse Effect. 
 Section 6.6 Representations;
No Defaults. At the time of each Borrowing, there shall exist no Default or Event of Default. 
 Section 6.7
Title to Properties. Each Credit Party has (a) good and marketable fee simple title to its respective real properties (other than real properties which it leases from others), including all such real properties reflected in
the consolidated balance sheet of each Credit Party herein above described (other than real properties disposed of in the ordinary course of business), subject to no Lien of any kind except as set forth on Schedule 6.7 hereto or as
permitted by Section 8.2, and (b) good title to all of its other respective properties and assets (other than properties and assets which it leases from others), including the other material properties and assets reflected in
the consolidated balance sheet of each Credit Party hereinabove described (other than properties and assets disposed of in the ordinary course of business or sold in accordance with Section 8.3 below), subject to no Lien of any
kind except as set forth on Schedule 6.7, hereto or as permitted by Section 8.2. Each Credit Party enjoys peaceful and undisturbed possession under all leases necessary in any material respect for the operation of
its respective properties and assets, none of which contains any unusual or burdensome provisions which might materially affect or impair the operation of such properties and assets, and all such leases are valid and subsisting and in full force and
effect. To the extent any Consolidated Company is required by applicable law to segregate or place in escrow any premiums or other similar payments, those amounts shall be kept in escrow and shall not be considered to be property of the Consolidated
Company hereunder. 
 Section 6.8 Enforceability of Agreement. This Agreement is the legal, valid and binding
agreement of Borrower enforceable against Borrower in accordance with its terms, and the Notes, and all other Credit Documents, when executed and delivered, will be similarly legal, valid, binding and enforceable as against all applicable Credit
Parties, except as the enforceability of the Note and other Credit Documents may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditor’s rights and remedies in general and by general principles of
equity, whether considered in a proceeding at law or in equity. 

  
 23 

 Section 6.9 Consent. No Consent, permission, authorization, order or
license of any governmental authority or Person is necessary in connection with the execution, delivery, performance or enforcement of the Credit Documents. 
 Section 6.10 Use of Proceeds; Federal Reserve Regulations. The proceeds of the Notes will be used solely for the purposes specified in Section 2.1(c) and none of such
proceeds will be used, directly or indirectly, for the purpose of purchasing or carrying any “margin security” or “margin stock” or for the purpose of reducing or retiring any indebtedness that originally was incurred to purchase
or carry a “margin security” or “margin stock” or for any other purpose that might constitute this transaction a “purpose credit” within the meaning of the regulations of the Board of Governors of the Federal Reserve
System. 
 Section 6.11 ERISA. 

(a) Identification of Certain Plans. Schedule 6.11 hereto sets forth all Plans of Borrower and
its Subsidiaries in effect on the date of this Agreement; 
 (b) Compliance. Each Plan is being
maintained, by its terms and in operation, in accordance with all applicable laws, except such noncompliance (when taken as a whole) that will not have a Materially Adverse Effect; 

(c) Liabilities. Neither the Borrower nor any Subsidiary is currently or will become subject to any
liability (including withdrawal liability), tax or penalty whatsoever to any person whomsoever with respect to any Plan including, but not limited to, any tax, penalty or liability arising under Title I or Title IV of ERISA or Chapter 43 of the
Code, except such liabilities (when taken as a whole) as will not have a Materially Adverse Effect; and 
 (d)
Funding. The Borrower and each ERISA Affiliate have made full and timely payment of all amounts (i) required to be contributed under the terms of each Plan and applicable law and (ii) required to be paid as expenses of each
Plan, except where such nonpayment would not have a Material Adverse Effect. As of the date of this Agreement, no Plan has an “amount of unfunded benefit liabilities” (as defined in Section 4001(a)(18) of ERISA) except as disclosed on
Schedule 6.11. No Plan is subject to a waiver or extension of the minimum funding requirements under ERISA or the Code, and no request for such waiver or extension is pending. 

Section 6.12 Subsidiaries. Schedule 6.1 hereto sets forth each Subsidiary of the Borrower as of the date
of this Agreement. All the outstanding shares of Capital Stock of each such Subsidiary have been validly issued and are fully paid and nonassessable and all such outstanding shares are owned by Borrower or a Wholly Owned Subsidiary of Borrower free
of any Lien. 
 Section 6.13 Outstanding Indebtedness. Except as set forth on Schedule 6.13
hereof, as of the Closing Date and after giving effect to the transactions contemplated by this Agreement, no Credit Party has outstanding any Indebtedness in an amount exceeding $250,000 except as permitted by Section 8.1
and as of the Closing Date there exists no default under the provisions of any instrument evidencing such Indebtedness or of any agreement relating thereto except as noted on Schedule 6.13. 

Section 6.14 Conflicting Agreements. Except as set forth on Schedule 6.14 hereof, none of the Borrower
or any of its Subsidiaries is a party to any contract or agreement or other burdensome restrictions or subject to any charter or other corporate restriction which could have a Materially Adverse Effect. Assuming the consummation of the transactions
contemplated by this Agreement, neither the execution or delivery of this Agreement or the Credit Documents, nor fulfillment of or compliance with the terms and provisions hereof and thereof, will except as set forth in Schedule 6.14
hereof, conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in any violation of, or result in the creation of any Lien upon any of the properties or assets of Borrower or any of
its Subsidiaries (other than those in favor of the Lender) pursuant to, the charter or By-Laws of Borrower or any of its Subsidiaries, any award of any arbitrator or any agreement (including any agreement with stockholders), instrument, order,
judgment, decree, statute, law, rule or regulation to which Borrower or any of its Subsidiaries is subject, and none of the Borrower nor any of its Subsidiaries is a party to, or otherwise subject to any provision contained in, any instrument
evidencing Indebtedness of Borrower or any of its 

  
 24 

 
Subsidiaries in an amount exceeding $250,000, any agreement relating thereto or any other contract or agreement (including its charter) which limits the amount of, or otherwise imposes
restrictions on the incurring of, Indebtedness of the type to be evidenced by the Notes or contains dividend or redemption limitations on Capital Stock of Borrower, except for this Agreement and those matters listed on Schedule 6.14
attached hereto. 
 Section 6.15 Pollution and Other Regulations. 

(a) Except as set forth on Schedule 6.15(a), each of the Borrower and its Subsidiaries has to the best of
its knowledge complied in all material respects with all applicable Environmental Laws, including without limitation, compliance with permits, licenses, standards, schedules and timetables issued pursuant to Environmental Laws, and is not in
violation of, and does not presently have outstanding any liability under, has not been notified that it is or may be liable under and does not have knowledge of any material liability or potential material liability (including any liability
relating to matters set forth on Schedule 6.15(a)), under any applicable Environmental Law, including without limitation, the Resource Conservation and Recovery Act of 1976, as amended (“RCRA”), the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986 (“CERCLA”), the Federal Water Pollution Control Act, as amended
(“FWPCA”), the Federal Clean Air Act, as amended (“FCAA”), and the Toxic Substance Control Act (“TSCA”), which violation, liability or potential liability could reasonably be
expected to have a Materially Adverse Effect. 
 (b) Except as set forth on Schedule 6.15(b), as of
the date of this Agreement, neither the Borrower nor any of its Subsidiaries has received a written request for information under CERCLA, any other Environmental Laws or any comparable state law, or any public health or safety or welfare law or
written notice that any such entity has been identified as a potential responsible party under CERCLA, and other Environmental Laws, or any comparable state law, or any public health or safety or welfare law, nor has any such entity received any
written notification that any Hazardous Materials that it or any of its respective predecessors in interest has generated, stored, treated, handled, transported, or disposed of, has been released or is threatened to be released at any site at which
any Person intends to conduct or is conducting a remedial investigation or other action pursuant to any applicable Environmental Law. 
 (c) Except as set forth on Schedule 6.15(c), each of the Borrower and its Subsidiaries has obtained all material permits, licenses or other authorizations required for the conduct of their
respective operations under all applicable Environmental Laws and each such authorization is in full force and effect, except where the failure to do so would not have a Materially Adverse Effect. 

(d) Each of Borrower and its Subsidiaries complies in all material respects with all laws and regulations relating to
equal employment opportunity and employee safety in all jurisdictions in which it is presently doing business, and Borrower will use its best efforts to comply, and to cause each of its Subsidiaries to comply, with all such laws and regulations
which may be legally imposed in the future in jurisdictions in which Borrower or any of its Subsidiaries may then be doing business, except where the failure to do so would not have a Materially Adverse Effect. 

Section 6.16 Possession of Franchises, Licenses, Etc. Each of Borrower and its Subsidiaries possesses all material
franchises, certificates, licenses, permits and other authorizations from governmental political subdivisions or regulatory authorities, free from burdensome restrictions, (including specifically all insurance agency licenses) the failure of which
to possess could have a Materially Adverse Effect and neither Borrower nor any of its Subsidiaries is in violation of any thereof in any material respect. 
 Section 6.17 Patents, Etc. Except as set forth on Schedule 6.17, each of Borrower and its Subsidiaries owns or has the right to use all patents, trademarks, service marks,
trade names, copyrights, licenses and other rights, free from burdensome restrictions, which are necessary for the operation of its business as presently conducted. Nothing has come to the attention of Borrower or any of its Subsidiaries to the
effect that (i) any product, process, 

  
 25 

 
method, substance, part or other material presently contemplated to be sold by or employed by Borrower or any of its Subsidiaries in connection with its business may infringe any patent,
trademark, service mark, trade name, copyright, license or other right owned by any other Person, (ii) there is pending or threatened any claim or litigation against or affecting Borrower or any of its Subsidiaries contesting its right to sell
or use any such product, process, method, substance, part or other material or (iii) there is, or there is pending or proposed, any patent, invention, device, application or principle or any statute, law, rule, regulation, standard or code,
which would in any case prevent, inhibit or render obsolete the production or sale of any products of, or substantially reduce the projected revenues of, or otherwise have a Materially Adverse Effect. 

Section 6.18 Governmental Consent. Neither the nature of Borrower or any of its Subsidiaries nor any of their
respective businesses or properties, nor any relationship between Borrower and any other Person, nor any circumstance in connection with the execution and delivery of the Credit Documents and the consummation of the transactions contemplated thereby
is such as to require on behalf of Borrower or any of its Subsidiaries any consent, approval or other action by or any notice to or filing with any court or administrative or governmental body in connection with the execution and delivery of this
Agreement and the Credit Documents. 
 Section 6.19 Disclosure. Neither this Agreement nor the Credit
Documents nor any other document, certificate or written statement furnished to Lender by or on behalf of Borrower in connection herewith contains any untrue statement of a material fact or omits to state a material fact necessary in order to make
the statements contained herein or therein not misleading. There is no fact peculiar to Borrower which materially adversely affects or in the future may (so far as Borrower can now foresee) materially adversely affect the business, property or
assets, financial condition or prospects of Borrower which has not been set forth in this Agreement or in the Credit Documents, certificates and written statements furnished to Lender by or on behalf of Borrower prior to the date hereof in
connection with the transactions contemplated hereby. 
 Section 6.20 Insurance Coverage. Each property of
Borrower or any of its Subsidiaries is insured on terms acceptable to Lender for the benefit of Borrower or a Subsidiary of Borrower in amounts deemed adequate by Borrower’s management and no less than those amounts customary in the industry in
which Borrower and its Subsidiaries operate against risks usually insured against by Persons operating businesses similar to those of Borrower or its Subsidiaries in the localities where such properties are located. 

Section 6.21 Labor Matters. Except as set forth on Schedule 6.21, the Borrower and the
Borrower’s Subsidiaries have experienced no strikes, labor disputes, slowdowns or work stoppages due to labor disagreements which have had, or would reasonably be expected to have, a Materially Adverse Effect, and, to the best knowledge of
Borrower, there are no such strikes, disputes, slowdowns or work stoppages threatened against any Borrower or any of Borrower’s Subsidiaries, the result of which could have a Materially Adverse Effect. The hours worked and payment made to
employees of the Borrower and Borrower’s Subsidiaries have not been in violation in any material respect of the Fair Labor Standards Act or any other applicable law dealing with such matters. All payments due from the Borrower and
Borrower’s Subsidiaries on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as liabilities on the books of the Borrower and Borrower’s Subsidiaries where the failure to pay or accrue
such liabilities would reasonably be expected to have a Materially Adverse Effect. 
 Section 6.22 Intercompany
Loans; Dividends. The Intercompany Loans and the Intercompany Credit Documents, to the extent that they exist, have been duly authorized and approved by all necessary corporate and shareholder action on the part of the parties thereto, and
constitute the legal, valid and binding obligations of the parties thereto, enforceable against each of them in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or
similar laws affecting creditors’ rights generally, and by general principles of equity. There are no restrictions on the power of any Consolidated Company to repay any Intercompany Loan or to pay dividends on the Capital Stock, except as
provided pursuant to Section 8.11 or 8.16 herein. Intercompany loans as of the Closing Date are described in Schedule 6.22. 
 Section 6.23 Burdensome Restrictions. Except as set forth on Schedule 6.23, none of the Consolidated Companies is a party to or bound by any Contractual Obligation or
Requirement of Law which has had or would reasonably be expected to have a Materially Adverse Effect. 
 Section 6.24
Solvency. Each of the Consolidated Company’s is solvent and able to pay its debts as and when they accrue and are due. 

  
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 Section 6.25 SEC Compliance and Filings. 

(a) Borrower is and shall remain in full and complete compliance with all applicable securities laws including, but not
limited to, all requirements of the Exchange Ad, to the extent applicable to the Borrower and its business. 

(b) Borrower previously has furnished or made available to the Lender through the SEC’s EDGAR filing system accurate
and complete copies of forms, reports, and documents filed by Borrower with the Securities and Exchange Commission (“SEC”) since December 31, 1993 (the “SEC Documents”), which include all reports,
schedules, proxy statements, and registration statements filed or required to be filed by Borrower with the SEC since December 31, 1993. As of their respective dates, the SEC Documents did not contain any untrue statement of a material fact or
omit to state a material fact required to be stated in those documents are necessary to make the statements in those documents not misleading, in light of the circumstances in which they were made. 

Section 6.26 Capital Stock of Borrower and Related Matters. The Borrower is not subject to any obligation (contingent
or otherwise) to repurchase or otherwise acquire or retire any of its Capital Stock or any warrants, options or other securities or rights directly or indirectly convertible into or exercisable or exchangeable for its Capital Stock. 

Section 6.27 Material/Places of Business. 

(a) The Places of Business identified in Schedule 6.27(a) hereof constitute all the Places of Business for
the Consolidated Companies. 
 (b) The Material Places of Business identified in Schedule 6.27(b)
hereof constitute all the Material Places of Business for the Consolidated Companies. 
 ARTICLE VII 

AFFIRMATIVE COVENANTS 
 Borrower covenants and agrees that so long as it may borrow under this Agreement or so long as any indebtedness remains outstanding under either the Revolving Note or the Term Note that it will:

 Section 7.1 Corporate Existence, Etc. Preserve and maintain, and cause each of its Material Subsidiaries
to preserve and maintain, its corporate existence, its material rights, franchises, and licenses, and its material patents and copyrights (for the scheduled duration thereof), trademarks, trade names, and service marks, necessary or desirable in the
normal conduct of its business, and its qualification to do business as a foreign corporation in all jurisdictions where it conducts business or other activities making such qualification necessary, in each case where the failure to do so would
reasonably be expected to have a Materially Adverse Effect. 
 Section 7.2 Compliance with Laws, Etc.
Comply, and cause each of its Subsidiaries to comply, with all Requirements of Law (including, without limitation, all insurance agency laws and the Environmental Laws, subject to the exception set forth in Section 7.7(f)
where the penalties, claims, fines, and other liabilities resulting from noncompliance with such Environmental Laws do not involve amounts in excess of $1,000,000. in the aggregate) and material Contractual Obligations applicable to or binding on
any of them where the failure to comply with such Requirements of Law and material Contractual Obligations would reasonably be expected to have a Materially Adverse Effect. 
 Section 7.3 Payment of Taxes and Claims, Etc. Pay, and cause each of its Subsidiaries to pay, (i) all taxes, assessments and governmental charges imposed upon it or upon its
property, and (ii) all claims (including, without limitation, claims for labor, materials, supplies or services) which might, if unpaid, become a Lien upon its property, unless, in each case, the validity or amount thereof is being contested in
good faith by appropriate proceedings and adequate reserves are maintained with respect thereto. 

  
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 Section 7.4 Keeping of Books. Keep, and cause each of its
Subsidiaries to keep, proper books of record and account, containing complete and accurate entries of all their respective financial and business transactions. 
 Section 7.5 Visitation, Inspection, Etc. Permit, and cause each of its Subsidiaries to permit, any representative of the Lender to visit and inspect any of its property, to examine its
books and records and to make copies and take extracts therefrom, and to discuss its affairs, finances and accounts with its officers, all at such reasonable times and as often as the Lender may reasonably request after reasonable prior notice to
Borrower; provided, however, that at any time following the occurrence and during the continuance of a Default or an Event of Default, no prior notice to Borrower shall be required. 

Section 7.6 Insurance; Maintenance of Properties. 

(a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its
properties and business, and the properties and business of the Borrower and each of its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of
such types and in such amounts, including such self-insurance and deductible provisions, as is customary for such companies under similar circumstances; provided, however, that in any event Borrower shall use its best
efforts to maintain, or cause to be maintained, insurance in amounts and with coverage not materially less favorable to any Consolidated Company as in effect on the date of this Agreement, except where the costs of maintaining such insurance would,
in the judgment of both Borrower and the Lender, be excessive. 
 (b) Cause all properties used or useful in the
conduct of each Consolidated Company to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and
improvements thereof, all as in the judgment of Borrower may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing
in this Section shall prevent Borrower from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of Borrower, desirable in the conduct of its business or the business of any Consolidated
Company. 
 Section 7.7 Reporting Covenants. Furnish to the Lender: 

(a) Annual Financial Statements. As soon as available and in any event within ninety (90) days after
the end of each fiscal year of Borrower, balance sheets of the Consolidated Companies as at the end of such year, presented on a consolidated basis, and the related statements of income, shareholders’ equity, and cash flows of the Consolidated
Companies for such fiscal year, presented on a consolidated basis, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and accompanied by a report thereon of Deloitte & Touche,
LLP or other independent public accountants of comparable recognized national standing, which such report shall be unqualified as to going concern and scope of audit and shall state that such financial statements present fairly in all material
respects the financial condition as at the end of such fiscal year on a consolidated basis, and the results of operations and statements of cash flows of the Consolidated Companies for such fiscal year in accordance with GAAP and that the
examination by such accountants in connection with such consolidated financial statements has been made in accordance with GAAP, and where said financial statements are not consistently applied with the prior fiscal year statements and the impact of
said difference; 
 (b) Quarterly Financial Statements. As soon as available and in any event
within forty-five (45) days after the end of each fiscal quarter of Borrower (including the fourth fiscal quarter), balance sheets of the Consolidated Companies as at the end of such quarter presented on a consolidated basis and the related
statements of income, shareholders’ equity, and cash flows of the Consolidated Companies for such fiscal quarter and for the portion of Borrower’s fiscal year ended at the end of such quarter, presented on a consolidated basis setting
forth in each case in comparative form the figures for the corresponding quarter and the corresponding portion of 

  
 28 

 
Borrower’s previous fiscal year, all in reasonable detail and certified by the chief financial officer or principal accounting officer of Borrower that such financial statements fairly
present in all material respects the financial condition of the Consolidated Companies as at the end of such fiscal quarter on a consolidated basis, and the results of operations and statements of cash flows of the Consolidated Companies for such
fiscal quarter and such portion of Borrower’s fiscal year, in accordance with GAAP consistently applied (subject to normal year end audit adjustments and the absence of certain footnotes; 

(c) No Default/Compliance Certificate. Together with the financial statements required pursuant to
subsections (a) and (b) above, a certificate of the president, chief financial officer or principal accounting officer of Borrower (i) to the effect that, based upon a review of the activities of the
Consolidated Companies and such financial statements during the period covered thereby, there exists no Event of Default and no Default under this Agreement, or if there exists an Event of Default or a Default hereunder, specifying the nature
thereof and the proposed response thereto, and (ii) demonstrating in reasonable detail compliance as at the end of such fiscal year or such fiscal quarter with Section 7.8 and Sections 8.1 through
8.4. In addition, along with said Compliance Certificate, the Borrower will furnish a quarterly report of all Funded Debt, in form reasonably acceptable to the Lender. 

(d) Notice of Default. Promptly after Borrower has notice or knowledge of the occurrence of an Event of
Default or a Default, a certificate of the chief financial officer or principal accounting officer of Borrower specifying the nature thereof and the proposed response thereto; 

(e) Litigation. Promptly after (i) the occurrence thereof, notice of the institution of or any adverse
development in any action, suit or proceeding or any governmental investigation or any arbitration, before any court or arbitrator or any governmental or administrative body, agency or official, against any Consolidated Company, or any material
property thereof, in any case which reasonably might have a Materially Adverse Effect, or (ii) actual knowledge thereof, notice of the threat of any such action, suit, proceeding, investigation or arbitration; 

(f) Environmental Notices. Promptly after receipt thereof, notice of any actual or alleged violation, or
notice of any action, claim or request for information, either judicial or administrative, from any governmental authority relating to any actual or alleged claim, notice of potential responsibility under or violation of any Environmental Law, or
any actual or alleged spill, leak, disposal or other release of any Hazardous Material by any Consolidated Company which could result in penalties, fines, claims or other liabilities to any Consolidated Company in amounts in excess of $1,000,000.00
individually or in the aggregate; 
 (g) ERISA. 

(i) Promptly after the occurrence thereof with respect to any Plan of any Consolidated Company or any ERISA Affiliate
thereof, or any trust established thereunder, notice of (A) a “reportable event” described in Section 4043 of ERISA and the regulations issued from time to time thereunder (other than a “reportable event” not subject to
the provisions for thirty day notice to the PBGC under such regulations), or (B) any other event which could subject any Consolidated Company to any tax, penalty or liability under Title I or Title IV of ERISA or Chapter 43 of the Code, or any
tax or penalty resulting from a loss of deduction under Sections 162, 404 or 419 of the Code, where any such taxes, penalties or liabilities exceed or could exceed $1,000,000 in the aggregate; 

(ii) Promptly after such notice must be provided to the PBGC, or to a Plan participant, beneficiary or alternative payee,
any notice required under Section 101(d), 302(f)(4), 303, 307, 4041(b)(1)(A) or 4041(c)(1)(A) of ERISA or under Section 401(a)(29) or 412 of the Code with respect to any Plan of any Consolidated Company or any ERISA Affiliate thereof;

  
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 (iii) Promptly after receipt, any notice received by any Consolidated
Company or any ERISA Affiliate thereof concerning the intent of the PBGC or any other governmental authority to terminate a Plan of such Company or ERISA Affiliate thereof which is subject to Title IV of ERISA, to impose any liability on such
Company or ERISA Affiliate under Title IV of ERISA or Chapter 43 of the Code; 
 (iv) Upon the request of the
Lender, promptly upon the filing thereof with the Internal Revenue Service (“IRS”) or the Department of Labor (“DOL”), a copy of IRS Form 5500 or annual report for each Plan of any Consolidated Company
or ERISA Affiliate thereof which is subject to Title IV of ERISA; 
 (v) Upon the request of the Lender,
(A) true and complete copies of any and all documents, government reports and IRS determination or opinion letters or rulings for any Plan of any Consolidated Company from the IRS, PBGC or DOL, (B) any reports filed with the IRS, PBGC or
DOL with respect to a Plan of the Consolidated Companies or any ERISA Affiliate thereof, or (C) a current statement of withdrawal liability for each MultiEmployer Plan of any Consolidated Company or any ERISA Affiliate thereof; 

(h) Liens. Promptly upon any Consolidated Company becoming aware thereof, notice of the filing of any
federal statutory Lien, tax or other state or local government Lien or any other Lien affecting their respective properties, other than Permitted Liens except as expressly required by Section 8.2; 

(i) Public Filings, Etc. Promptly upon the filing thereof or otherwise becoming available, copies of all
financial statements, annual, quarterly and special reports, proxy statements and notices sent or made available generally by Borrower to its public security holders, of all regular and periodic reports and all registration statements and
prospectuses, if any, filed by any of them with any securities exchange or any governmental or state agency, and of all press releases and other statements made available generally to the public containing material developments in the business or
financial condition of Borrower and the other Consolidated Companies; 
 (j) Accountants’
Reports. Promptly upon receipt thereof, copies of all financial statements of, and all reports submitted by, independent public accountants to Borrower in connection with each annual, interim, or special audit of Borrower’s consolidated
financial statements; 
 (k) Burdensome Restrictions, Etc. Promptly upon the existence or
occurrence thereof, notice of the existence or occurrence of (i) any Contractual Obligation or Requirement of Law described in Section 6.23, (ii) failure of any Consolidated Company to hold in full force and effect those
material trademarks, service marks, patents, trade names, copyrights, licenses and similar rights necessary in the normal conduct of its business, and (iii) any strike, labor dispute, slow down or work stoppage as described in
Section 6.21; 
 (l) Other Information. With reasonable promptness, such other
information about the Consolidated Companies as the Lender may reasonably request from time to time; 
 (m)
Capital of Borrower. 
 (i) Notice of any sale of any Capital Stock by the Borrower, giving for
each said transaction the name and address of the Persons involved and the Capital Stock involved. 

  
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 (ii) Any documents, notices or other writings given by any Person owning
Capital Stock in the Parent under any stockholders agreement by one or more Persons owning Capital Stock of the Borrower. 

Section 7.8 Maintain the Following Financial Covenants. 

(a) Consolidated Net Worth of a minimum of the sum of (i) 1,375,000,000 plus (ii) 50% of
cumulative positive Net Income after December 31, 2011, plus (iii) 100% of net cash raised through contribution or issuance of new equity after December 31, 2011, less (iv) receivables from affiliates.

 (b) A Fixed Charge Coverage Ratio of not less than 2.50 to 1.00. (The Fixed Charge Coverage Ratio means, at
the end of any fiscal quarter, the ratio of (a) the sum of (i) Consolidated EBITDA plus (ii) Consolidated Rental Expense, both calculated for the period of four consecutive fiscal quarters then ended to (b) the sum
of (i) Consolidated Interest Expense plus (ii) Consolidated Rental Expense, both calculated for such period.) 
 (c) A ratio of Funded Debt as of the end of any fiscal year of the Company to Consolidated EBIDTA, for the period of four consecutive fiscal quarters of the Company ending with and including such fiscal
quarter, not greater than 2.75 to 1.00. 
 The foregoing covenants will be tested quarterly. 

Section 7.9 Notices Under Certain Other Indebtedness. Immediately upon its receipt thereof, Borrower shall furnish the
Lender a copy of any notice received by it, or any other Consolidated Company (a) from the holder(s) of Indebtedness referred to in Section 8.1 (or from any trustee, agent, attorney, or other party acting on behalf of such
holder(s)) in an amount which, in the aggregate, exceeds $1,000,000 where such notice states or claims the existence or occurrence of any default or event of default with respect to such Indebtedness under the terms of any indenture, loan or credit
agreement, debenture, note, or other document evidencing or governing such Indebtedness, or (b) from any regulatory insurance agency or insurance company regarding any licenses or agreements regarding the business of the Consolidated Company
and which could have a Materially Adverse Effect. Borrower agrees to take such actions as may be necessary to require the holder(s) of any Indebtedness (or any trustee or agent acting on their behalf) in an amount exceeding $1,000,000 incurred
pursuant to documents executed or amended and restated after the Closing Date, to furnish copies of all such notices directly to the Lender simultaneously with the furnishing thereof to Borrower, and that such requirement may not be altered or
rescinded without the prior written consent of the Lender. 
 ARTICLE VIII 

NEGATIVE COVENANTS 
 So long as the Revolving Loan Commitment remains in effect hereunder or either of the Revolving Note or the Term Note shall remain unpaid, Borrower will not and will not permit any Subsidiary to:

 Section 8.1 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, other than:

 (a) Indebtedness under this Agreement; 

(b) Indebtedness outstanding on the date hereof or pursuant to lines of credit in effect on the date hereof and described
on Schedule 8.1(b), together with all extensions, renewals and refinancings thereof; provided, however, any such extensions, renewals and refinancings shall not, without the written consent of the Lender,
increase any such Indebtedness or modify the terms of said Indebtedness on terms less favorable to the maker or obligor; 

  
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 (c) Purchase money indebtedness to the extent secured by a Lien permitted by
Section 8.2(b) provided such purchase money indebtedness does not exceed $20,000,000. 
 (d)
Unsecured current liabilities (other than liabilities for borrowed money or liabilities evidenced by promissory notes, bonds or similar instruments) incurred in the ordinary course of business (whether now outstanding or hereafter arising or
incurred) and either (i) not more than thirty (30) days past due, or (ii) being disputed in good faith by appropriate proceedings with reserves for such disputed liability maintained in conformity with GAAP and Indebtedness in the
nature of contingent repayment obligations arising in the ordinary and normal course of business with respect to deposits and down payments; 
 (e) The Intercompany Loans described on Schedule 6.22 and any other loans between Consolidated Companies not exceeding individually at any time the amount of $1,000,000 and in the aggregate
at any time the amount of $2,000,000 (excluding Intercompany Loans listed on Schedule 6.22) 
 (f)
Any Intercompany Loans with Decus Holding (UK), Limited (UK), a London based company provided that the amount of such loans may not at any one time exceed the principal amount of $10,000,000. 

(g) Unsecured, Subordinated Debt, not to exceed an aggregate amount of $25,000,000, and other Subordinated Debt in form
and substance acceptable to the Lender and evidenced by its written consent thereto; 
 (h) Unsecured
Indebtedness without any limitation of amount provided that the maturity of said Indebtedness is longer than the maturity of the Facility; 
 (i) Unsecured Indebtedness due under the 2004 Note Offering not to exceed at any time the aggregate principal amount of $200,000,000 and unsecured Indebtedness due under the 2006 Note Offering not to
exceed at any time the aggregate principal amount of $200,000,000; 
 (j) Guaranteed Indebtedness of the Company
for Insurance Company Payables; 
 (k) Guarantee of operating leases of Subsidiaries entered into by the
Subsidiary in the normal and ordinary course of business, including operating leases for places of business and for equipment used in or in connection with that business; and 

(l) Indebtedness (including any refinancings thereof) up to $100,000,000 of principal incurred by the Company for the
purpose of the Arrowhead Acquisition and, with respect to which, said indebtedness has payment terms comparable to those of the Term Loan, unless otherwise agreed to by the Lender in its discretion, and, further, the holder of said other
indebtedness enters into an inter-creditor agreement with the Lender on terms acceptable to both parties. 
 Section 8.2
Liens. Create, incur, assume or suffer to exist any Lien on any of its property now owned or hereafter acquired by any Credit Party to secure any Indebtedness other than: 

  
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 (a) Liens existing on the date hereof and disclosed on Schedule
8.2, any renewal, extension or refunding of such Lien in an amount not exceeding the amount thereof remaining unpaid immediately prior to such renewal, extension or refunding; 

(b) Any Lien on any property securing Indebtedness incurred or assumed for the purpose of financing all or any part of the
acquisition cost of such property and any refinancing thereof, provided that such Lien does not extend to any other property, and provided further that the aggregate principal amount of Indebtedness secured by all such Liens at any time does not
exceed $20,000,000; 
 (c) Liens for taxes not yet due, and Liens for taxes or Liens imposed by ERISA which are
being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained; 
 (d) Statutory Liens of landlords (excluding however any Material Places of Business) and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law created in the ordinary
course of business for amounts not yet due or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained; 

(e) Liens incurred or deposits made in the ordinary course of business in connection with workers or workman’s
compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other
similar obligations (exclusive of obligations for the payment of borrowed money); 
 (f) Liens securing the
Facilities; and 
 (g) Liens reserved or invested in governmental authority (including without limitation zoning
laws) which do not materially impair the use of such property. 
 Section 8.3 Sales. Etc. Sell, lease, or
otherwise dispose of its accounts, property or other assets (including Capital Stock of Subsidiaries); provided, however, that the foregoing restrictions on asset sales shall not be applicable to (a) sales of
equipment or other personal property being replaced by other equipment or other personal property purchased as a capital expenditure item, (b) other asset sales (including sales of the Capital Stock of Subsidiaries) between any of the
Consolidated Companies, and (c) other asset sales (including sales of the Capital Stock of Subsidiaries) provided that no Default or Event of Default then exists or would arise by virtue of said sale and the sale price or the value of said sale
(as reasonably determined by the Board of Directors of the selling Consolidated Company) for said sale is less than the greater of $20,000,000 or 10% of Consolidated EBITDA at that time. 

Section 8.4 Mergers, Acquisitions, Etc. Merge or consolidate with any other Person, or acquire by purchase any other
person or its assets; provided, however, that the foregoing restrictions on mergers shall not apply to (a) a Permitted Acquisition provided that notice of said pending Permitted Acquisition is given to
the Lender along with a certification after said Permitted Acquisition that this Agreement has been complied with both before and after said Acquisition, (b) mergers between a Subsidiary of Borrower and Borrower or between Subsidiaries of
Borrower, or (c) mergers between a third party and the Borrower where the Borrower is the surviving corporation provided that said merger is a Permitted Acquisition; provided, however, that no
transaction pursuant to clauses (a), (b), or (c) shall be permitted if any Default or Event of Default otherwise exists at the time of such transaction or would otherwise arise as a result of such transaction. 

Section 8.5 Investments, Loans. Etc. Make, permit or hold any Investments in any Person, or otherwise acquire or hold
any Subsidiaries, other than: 
 (a) Those investments referenced in Schedule 8.5. 

  
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 (b) Investments in Subsidiaries, provided,
however, nothing in this Section 8.5(b) shall be deemed to authorize an investment in any entity that is not a Subsidiary prior to such investment; 

(c) Direct obligations of the United States or any agency thereof, or obligations guaranteed by the United States or any
agency thereof, in each case supported by the full faith and credit of the United States and maturing within one year from the date of creation thereof; 
 (d) Commercial paper maturing within one year from the date of creation thereof rated in the highest grade by a nationally recognized credit rating agency; 

(e) Time deposits maturing within one year from the date of creation thereof with, including certificates of deposit
issued by the Lender and any office located in the United States of any bank or trust company which is organized under the laws of the United States or any state thereof and has assets aggregating at least $500,000,000, including without limitation,
any such deposits in Eurodollars issued by a foreign branch of any such bank or trust company; 
 (f) Investments
made by Plans; 
 (g) Permitted Intercompany Loans on terms and conditions acceptable to the Lender;

(h) Investments in stock or assets of another entity which thereby becomes a Subsidiary, in an aggregate amount not to
exceed $5,000,000 in cash consideration, which transaction constitutes a Permitted Acquisition; and 
 (i)
Advances made to employees in the ordinary and normal course of business consistent with past practice and for business purposes, and which advances are repaid by the employee within thirty (30) days. 

Section 8.6 Sale and Leaseback Transactions. Sell or transfer any property, real or personal, whether now owned or
hereafter acquired, and thereafter rent or lease such property or other property which any Consolidated Company intends to use for substantially the same purpose or purposes as the property being sold or transferred. 

Section 8.7 Transactions with Affiliates. Except as otherwise approved in writing by the Lender: 

(a) Enter into any material transaction or series of related transactions which in the aggregate would be material,
whether or not in the ordinary course of business, with any Affiliate of any Consolidated Company (but excluding any Affiliate which is also a Wholly Owned Subsidiary), other than on terms and conditions substantially as favorable to such
Consolidated Company as would be obtained by such Consolidated Company at the time in a comparable arm’s length transaction with a Person other than an Affiliate. 

(b) Convey or transfer to any other Person (including any other Consolidated Company) any real property, buildings, or
fixtures used in the manufacturing or production operations of any Consolidated Company, or convey or transfer to any other Consolidated Company any other assets (excluding conveyances or transfers in the ordinary course of business) if at the time
of such conveyance or transfer any Default or Event of Default exists or would exist as a result of such conveyance or transfer. 
 Section 8.8 Optional Prepayments. Make any payment in violation of the subordination provisions of any Subordinated Debt. 

Section 8.9 Changes in Business. Enter into any business which is substantially different from that
presently conducted by the Consolidated Companies taken as a whole. 

  
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 Section 8.10 ERISA. Take or fail to take any action with respect to any
Plan of any Consolidated Company or, with respect to its ERISA Affiliates, any Plans which are subject to Title IV of ERISA or to continuation health care requirements for group health plans under the Code, including without limitation
(a) establishing any such Plan, (b) amending any such Plan (except where required to comply with applicable law), (c) terminating or withdrawing from any such Plan, or (d) incurring an amount of unfunded benefit liabilities, as
defined in Section 4001(a)(18) of ERISA, or any withdrawal liability under Title IV of ERISA with respect to any such Plan, without first obtaining the written approval of the Lender and the Required Lender, to the extent that such actions or
failures could result in a Materially Adverse Effect. 
 Section 8.11 Limitation on Payment Restrictions Affecting
Consolidated Companies. Create or otherwise cause or suffer to exist or become effective, any consensual encumbrance or restriction on the ability of any Consolidated Company to (a) pay dividends or make any other distributions on such
Consolidated Company’s stock, or (b) pay any indebtedness owed to Borrower or any other Consolidated Company, except in each case any consensual encumbrance or restriction existing under the Credit Documents, the 2004 Note Purchase
Agreement, the 2006 Note Purchase Agreement, or Indebtedness described in Section 8.1(g) or Section 8.1(l) hereof. 
 Section 8.12 Actions Under Certain Documents. Without the prior written consent of the Lender (which consent shall not be unreasonably withheld), modify, amend, cancel or rescind the
Intercompany Loans or Intercompany Credit Documents (except that a loan between Consolidated Companies as permitted by Section 8.1 may be modified or amended so long as it otherwise satisfies the requirements of
Section 8.1), or make demand of payment or accept payment on any Intercompany Loans permitted by Section 8.1, except that current interest accrued thereon as of the date of this Agreement and all interest
subsequently accruing thereon (whether or not paid currently) may be paid unless a Default or Event of Default has occurred and is continuing. 
 Section 8.13 Financial Statements; Fiscal Year. Borrower shall make no change in the dates of the fiscal year now employed for accounting and reporting purposes without the prior
written consent of the Lender, which consent shall not be unreasonably withheld. 
 Section 8.14 Change of
Control. Allow or suffer to occur any change of control of the Borrower in violation of Section 9.10. 
 Section 8.15 No Issuance of Capital Stock. Without the prior written consent of the Lender permit any Subsidiary to issue any additional Capital Stock. 

Section 8.16 No Payments on Subordinated Debt. Without the prior written consent of the Lender: 

(a) The Borrower shall not make or cause any payment of principal to be made on the Subordinated Debt unless and until all
Obligations due the Lender hereunder are paid in full; and 
 (b) The Borrower shall not make or cause any
payment of interest to be made on the Subordinated Debt except and only to the extent and only during the period of time permitted under the Subordinated Debt document; and 

(c) Upon the occurrence and continuation of an Event of Default and, as a result of which, the Lender has elected to
exercise any of the remedies under Article IX, the Borrower shall not thereafter make or permit any payments of any nature whatsoever to be made on any Subordinated Debt. 

Section 8.17 Insurance Business. Without the prior written consent of the Lender no Consolidated Company may engage in
any business in the nature of an insurance company, in which the Consolidated Company assumes the risk as an insurer. 

  
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 ARTICLE IX 
 EVENTS OF DEFAULT 
 Upon the occurrence and during the continuance
of any of the following specified events (each an “Event of Default”): 
 Section 9.1
Payments. Borrower shall fail to make promptly when due (including, without limitation, by mandatory prepayment) any principal payment with respect to the Loans, or Borrower shall fail to make within five (5) Business Days after the
due date thereof any payment of interest, fee or other amount payable hereunder; 
 Section 9.2 Covenants Without
Notice. Borrower shall fail to observe or perform any covenant or agreement contained in Sections 7.8, or 8.1 through 8.17; 
 Section 9.3 Other Covenants. Borrower shall fail to observe or perform any covenant or agreement contained in this Agreement, other than those referred to in Sections
9.1 and 9.2, and, if capable of being remedied, such failure shall remain unremedied for thirty days after the earlier of (a) Borrower’s obtaining actual knowledge thereof, or (b) written notice thereof shall
have been given to Borrower by Lender or the Lender; 
 Section 9.4 Representations. Any representation or
warranty made or deemed to be made by Borrower or any other Credit Party under this Agreement or any other Credit Document (including the Schedules attached thereto), or any certificate or other document submitted to the Lender or the Lender by any
such Person pursuant to the terms of this Agreement or any other Credit Document, shall be incorrect in any material respect when made or deemed to be made or submitted; 
 Section 9.5 Non-Payments of Other Indebtedness. Any Consolidated Company shall fail to make when due (whether at stated maturity, by acceleration, on demand or otherwise, and after
giving effect to any applicable grace period) any payment of principal of or interest on any Indebtedness (other than the Obligations) exceeding $1,000,000 in the aggregate; 
 Section 9.6 Defaults Under Other Agreements. Any Consolidated Company shall fail to observe or perform any covenants or agreements contained in any agreements or instruments relating to
any of its Indebtedness exceeding $1,000,000 in the aggregate, or any other event shall occur in respect of Indebtedness exceeding $1,000,000 if the effect of such failure or other event is to accelerate, or to permit the holder of such Indebtedness
or any other Person to accelerate, the maturity of such Indebtedness; or any such Indebtedness shall be required to be prepaid (other than by a regularly scheduled required prepayment) in whole or in part prior to its stated maturity; 

Section 9.7 Bankruptcy. Any Consolidated Company, shall commence a voluntary case concerning itself under the
Bankruptcy Code or an involuntary case for bankruptcy is commenced against any Consolidated Company and the petition is not controverted within ten (10) days, or is not dismissed within sixty (60) days, after commencement of the case; or a
custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge of, all or any substantial part of the property of any Consolidated Company; or any Consolidated Company commences proceedings of its own bankruptcy or to be granted a
suspension of payments or any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction, whether now or hereafter in effect, relating to
any Consolidated Company or there is commenced against any Consolidated Company any such proceeding which remains undismissed for a period of sixty (60) days; or any Consolidated Company is adjudicated insolvent or bankrupt; or any order of
relief or other order approving any such case or proceeding is entered; or any Consolidated Company suffers any appointment of any custodian or the like for it or any substantial part of its property to continue undischarged or unstayed for a period
of sixty (60) days; or any Consolidated Company makes a general assignment for the benefit of creditors; or any Consolidated Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as
they become due; or any Consolidated Company shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; or any Consolidated Company shall by any act or failure to act indicate its consent to, approval of
or acquiescence in any of the foregoing; or any corporate action is taken by any Consolidated Company for the purpose of effecting any of the foregoing; 

  
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 Section 9.8 ERISA. A Plan of a Consolidated Company or a Plan subject to
Title IV of ERISA of any of its ERISA Affiliates: 
 (a) shall fail to be funded in accordance with the minimum
funding standard required by applicable law, the terms of such Plan, Section 412 of the Code or Section 302 of ERISA for any plan year or a waiver of such standard is sought or granted with respect to such Plan under applicable law, the
terms of such Plan or Section 412 of the Code or Section 303 of ERISA; or 
 (b) is being, or has been,
terminated or the subject of termination proceedings under applicable law or the terms of such Plan; or 
 (c)
shall require a Consolidated Company to provide security under applicable law, the terms of such Plan, Section 401 or 412 of the Code or Section 306 or 307 of ERISA; or 

(d) results in a liability to a Consolidated Company under applicable law, the terms of such Plan, or Title IV of ERISA;

 and there shall result from any such failure, waiver, termination or other event a liability to the PBGC or a Plan that would have a
Materially Adverse Effect; 
 Section 9.9 Money Judgment. A Judgment or order for the payment of money in
excess of $1,000,000 or otherwise having a Materially Adverse Effect shall be rendered against any other Consolidated Company, and such judgment or order shall continue unsatisfied (in the case of a money judgment) and in effect for a period of
sixty (60) days during which execution shall not be effectively stayed or deferred (whether by action of a court, by agreement or otherwise). In regard to the foregoing, amounts which are fully covered by insurance shall not be considered in
regard to the foregoing $1,000,000 limit. 
 Section 9.10 Change in Control of Borrower. 

(a) Any “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act),
other than stockholders existing on the Closing Date or their affiliates and the Persons set forth in Schedule 9.10 shall become the “beneficial owner(s)” (as defined in said Rule 13d-3 of the Exchange Act) of more than forty
percent (40%) of the shares of the outstanding Capital Stock of Borrower entitled to vote for members of Borrower’s board of directors; or 
 (b) Any event or condition shall occur or exist which, pursuant to the terms of any change in control provision, requires or permits the holder(s) of Indebtedness of any Consolidated Company to require
that such Indebtedness be redeemed, repurchased, defeased, prepaid or repaid, in whole or in part, or the maturity of such Indebtedness to be accelerated in any respect. 
 Section 9.11 Default Under Other Credit Documents. There shall exist or occur any “Event of Default” as provided under the terms of any other Credit Document (after giving
effect to any applicable grace period), or any Credit Document ceases to be in full force and effect or the validity or enforceability thereof is disaffirmed by or on behalf of any Credit Party, or at any time it is or becomes unlawful for any
Credit Party to perform or comply with its obligations under any Credit Document, or the obligations of any Credit Party under any Credit Document are not or cease to be legal, valid and binding on any such Credit Party; 

Section 9.12 Attachments. An attachment or similar action shall be made on or taken against any of the assets of any
Consolidated Company with an Asset Value exceeding $1,000,000 in aggregate and is not removed, suspended or enjoined within thirty (30) days of the same being made or any suspension or injunction being lifted. 

Section 9.13 Default Under Subordinated Loan Documents. An Event of Default occurs and is continuing under any
Subordinated Debt; 

  
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 Section 9.14 Material Adverse Effect. The occurrence of any Material
Adverse Effect in the financial condition of any Consolidated Company or its business: 
 then, and in any such event, and at any time
thereafter if any Event of Default shall then be continuing, the Lender may, and upon the written request of the Lender, shall, by written notice to Borrower, take any or all of the following actions, without prejudice to the rights of the Lender,
the Lender or the holder of any Note to enforce its claims against Borrower or any other Credit Party: (i) declare the Revolving Loan Commitment terminated, whereupon the Commitment of the Lender shall terminate immediately and any fees due
under this Agreement shall forthwith become due and payable without any other notice of any kind; (ii) declare the principal of and any accrued interest on the Loans, and all other obligations owing hereunder, to be, whereupon the same shall
become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by Borrower (iii) exercise such other remedies as are provided to the Lender under any other Credit Document;
(iv) exercise such other rights as may be provided by applicable law; and (v) declare that all Obligations shall thereafter bear interest at the Default Rate; provided, that, if an Event of Default specified in
Section 9.7 shall occur, the result which would occur upon the giving of written notice by the Lender to any Credit Party, as specified in clauses (i), (ii), (iii) or, (iv) or (v) above, shall occur automatically
without the giving of any such notice. 
 ARTICLE X 

MISCELLANEOUS 
 Section 10.1 Notices. All notices, requests and other communications to any party hereunder shall be in writing (including bank wire, telex, telecopy or similar teletransmission or
writing) and shall be given to such party at its address or applicable teletransmission number set forth on the signature pages hereof, or such other address or applicable teletransmission number as such party may hereafter specify by notice to the
Lender and Borrower. Each such notice, request or other communication shall be effective (a) if given by mail, seventy-two (72) hours after such communication is deposited in the mails with first class postage prepaid, addressed as
aforesaid, (c) if given by telecopy, when such telecopy is transmitted to the telecopy number specified in the signature page hereto and the appropriate confirmation is received, or (c) if given by any other means (including, without
limitation, by air courier), when delivered or received at the address specified in the signature page hereto; provided that notices to the Lender shall not be effective until received. 

Section 10.2 Amendments, Etc. No amendment or waiver of any provision of this Agreement or the other Credit Documents,
nor consent to any departure by any Credit Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Lender, and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given. Notwithstanding the foregoing, no amendment, waiver or consent shall, unless in writing and signed by the Lender, affect the rights or duties of the Lender under this Agreement or under any other Credit Document.

 Section 10.3 No Waiver; Remedies Cumulative. No failure or delay on the part of the Lender in exercising
any right or remedy hereunder or under any other Credit Document, and no course of dealing between any Credit Party and the Lender, shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy hereunder or under
any other Credit Document preclude any other or further exercise thereof or the exercise of any other right or remedy hereunder or thereunder. The rights and remedies herein expressly provided are cumulative and not exclusive of any rights or
remedies which the Lender, would otherwise have. No notice to or demand on any Credit Party not required hereunder or under any other Credit Document in any case shall entitle any Credit Party to any other or further notice or demand in similar or
other circumstances or constitute a waiver of the rights of the Lender, any other or further action in any circumstances without notice or demand. 
 Section 10.4 Payment of Expenses, Etc. Borrower shall: 
 (a) whether or not the transactions hereby contemplated are consummated, pay all reasonable, out-of-pocket costs and expenses of the Lender in the administration (both before and after the execution
hereof and including reasonable expenses actually incurred relating to advice of counsel as to the rights and duties of the Lender with respect thereto) of, and in connection with the preparation, execution and delivery of, preservation of rights
under, enforcement of, and, after a Default or Event of Default, refinancing, renegotiation or restructuring of, this Agreement and the other Credit Documents and the documents and instruments referred to therein, and any amendment, waiver or
consent relating thereto (including, without limitation, the reasonable fees actually incurred and disbursements of counsel for the Lender), and in the case of enforcement of 

  
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this Agreement or any Credit Document after the occurrence and during the continuance of an Event of Default, all such reasonable, out-of-pocket costs and expenses (including, without limitation,
the reasonable fees actually incurred and disbursements of counsel), for the Lender; 
 (b) subject, in the case
of certain Taxes, to the applicable provisions of Section 4.7(a), pay and hold the Lender harmless from and against any and all present and future stamp, documentary, intangible and other similar Taxes with respect to this
Agreement, the Notes and any other Credit Documents, any collateral described therein, or any payments due thereunder, including interest and penalties and save the Lender harmless from and against any and all liabilities with respect to or
resulting from any delay or omission of Borrower to pay such Taxes; provided, however, nothing contained in this subsection shall obligate the Borrower to pay any taxes based on the overall income of the Lender; and

 (c) indemnify the Lender, and its officers, directors, employees, representatives and agents from, and hold
each of them harmless against, any and all costs, losses, liabilities, claims, damages or expenses incurred by any of them (whether or not any of them is designated a party thereto) (an “Indemnitee”) arising out of or by
reason of any third party investigation, litigation or other proceeding related to any actual or proposed use of the proceeds of any of the Loans or any Credit Party’s entering into and performing of the Agreement, the Notes, or the other
Credit Documents, including, without limitation, the reasonable fees actually incurred and disbursements of counsel (including foreign counsel) incurred in connection with any such third party investigation, litigation or other proceeding;
provided, however, Borrower shall not be obligated to indemnify any Indemnitee for any of the foregoing arising out of such Indemnitee’s gross negligence or willful misconduct or the breach by the Indemnitee of its
obligations under this Agreement; 
 (d) without limiting the indemnities set forth in Subsection
(c) above, indemnify each Indemnitee for any and all expenses and costs (including without limitation, remedial, removal, response, abatement, cleanup, investigative, closure and monitoring costs), losses, claims (including claims for
contribution or indemnity and including the cost of investigating or defending any claim and whether or not such claim is ultimately defeated, and whether such claim arose before, during or after any Credit Party’s ownership, operation,
possession or control of its business, property or facilities or before, on or after the date hereof, and including also any amounts paid incidental to any compromise or settlement by the Indemnitee or Indemnitees to the holders of any such claim),
lawsuits, liabilities, obligations, actions, judgments, suits, disbursements, encumbrances, liens, damages (including without limitation damages for contamination or destruction of natural resources), penalties and fines of any kind or nature
whatsoever (including without limitation in all cases the reasonable fees actually incurred, other charges and disbursements of counsel in connection therewith) incurred, suffered or sustained by that Indemnitee based upon, arising under or relating
to Environmental Laws based on, arising out of or relating to in whole or in part, the existence or exercise of any rights or remedies by any Indemnitee under this Agreement, any other Credit Document or any related documents (but excluding those
incurred, suffered or sustained by any Indemnitee as a result of any action taken by or on behalf of the Lender with respect to any Subsidiary of Borrower (or the assets thereof) owned or controlled by the Lender). The indemnity permitted in this
clause (d) shall (i) not apply as to any Indemnity to any costs or expenses in connection with any condition, suspected condition, threatened condition or alleged condition which first arises and occurs after said Indemnitee Lender
succeeds to the ownership of, takes possession of or operates the business or any property of the Borrower or any of its Subsidiaries, and (ii) in the case of cleanup, investigative, closure and monitoring costs concerning or relating to
Hazardous Materials or any Environmental Laws shall only apply after an Event of Default has occurred and is continuing provided that the Credit Party is then undertaking and fulfilling all its obligations under this Agreement
and Environmental Laws with respect to said cleanup, investigation, closure and monitoring. 
 If and to the extent that the obligations of
Borrower under this Section 10.4 are unenforceable for any reason, Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. 

  
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 Section 10.5 Right of Set-Off. In addition to and not in limitation of
all rights of offset that the Lender may have under applicable law, the Lender shall, upon the occurrence and during the continuance of any Event of Default and whether or not the Lender has made any demand or any Credit Party’s obligations are
matured, have the right to appropriate and apply to the payment of any Credit Party’s obligations hereunder and under the other Credit Documents, all deposits of any Credit Party (general or special, time or demand, provisional or final, other
than escrow or trust accounts denoted as such) then or thereafter held by and other indebtedness or property then or thereafter owing by the Lender, whether or not related to this Agreement or any transaction hereunder. The Lender shall promptly
notify Borrower of any offset hereunder. 
 Section 10.6 Benefit of Agreement. 

(a) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and
assigns of the parties hereto, provided that Borrower may not assign or transfer any of its interest hereunder without the prior written consent of the Lender except as otherwise provided in this Agreement. 

(b) The Lender may make, carry or transfer Loans at, to or for the account of, any of its branch offices or the office of
an Affiliate of the Lender. 
 (c) The Lender may assign all or a portion of its interests, rights and
obligations under this Agreement. 
 (d) The Lender may, without the consent of Borrower, sell participations to
one or more of its Affiliate banks in all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments in the Loans owing to it and the Notes held by it). 

(e) The Lender or participant may, in connection with the assignment or participation or proposed assignment or
participation, pursuant to this Section, disclose to the assignee or participant or proposed assignee or participant any information relating to Borrower or the other Consolidated Companies furnished to the Lender by or on behalf of Borrower or any
other Consolidated Company. With respect to any disclosure of confidential, non-public, proprietary information, such proposed assignee or participant shall agree to use the information only for the purpose of making any necessary credit judgments
with respect to this credit facility and not to use the information in any manner prohibited by any law, including without limitation, the securities laws of the United States. The proposed participant or assignee shall agree not to disclose any of
such information except (i) to directors, employees, auditors or counsel to whom it is necessary to show such information, each of whom shall be informed of the confidential nature of the information, (ii) in any statement or testimony
pursuant to a subpoena or order by any court, governmental body or other agency asserting jurisdiction over such entity, or as otherwise required by law (provided prior notice is given to Borrower and the Lender unless otherwise prohibited by the
subpoena, order or law), and (iii) upon the request or demand of any regulatory agency or authority with proper jurisdiction. The proposed participant or assignee shall further agree to return all documents or other written material and copies
thereof received from the Lender or Borrower relating to such confidential information unless otherwise properly disposed of by such entity. 
 (f) The Lender may at any time assign all or any portion of its rights in this Agreement and the Notes issued to it to a Federal Reserve Bank; provided that no such assignment shall release the Lender
from any of its obligations hereunder. 
 (g) If (i) any Taxes referred to in
Section 4.7(a) have been levied or imposed so as to require withholdings or deductions by Borrower and payment by Borrower of additional amounts to the Lender as a result thereof, (ii) the Lender shall make demand for payment
of any 

  
 40 

 
material additional amounts as compensation for increased costs pursuant to Section 4.10 or for its reduced rate of return pursuant to Section 4.16, or
(iii) the Lender shall decline to consent to a modification or waiver of the terms of this Agreement or the other Credit Documents requested by Borrower, then and in such event, upon request from Borrower delivered to the Lender, such Lender
shall assign, without recourse and without representations and warranties, all of its rights and obligations under this Agreement and the other Credit Documents to another lender selected by Borrower, in consideration for the payment by such
assignee to the Lender of the principal of, and interest on, the outstanding Loans accrued to the date of such assignment, and the assumption of such Lender’s Commitment hereunder, together with any and all other amounts owing to such Lender
under any provisions of this Agreement or the other Credit Documents accrued to the date of such assignment. 

Section 10.7 Governing Law; Submission to Jurisdiction. 

(a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND UNDER THE NOTES SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND BE GOVERNED BY THE INTERNAL LAW (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF) OF THE STATE OF FLORIDA. 

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER CREDIT DOCUMENT MAY BE
BROUGHT IN THE CIRCUIT COURT OF ORANGE COUNTY, FLORIDA, OR ANY OTHER COURT OF THE STATE OF FLORIDA OR OF THE UNITED STATES OF AMERICA FOR THE MIDDLE DISTRICT OF FLORIDA, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, BORROWER HEREBY ACCEPTS FOR
ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE TRIAL BY JURY, AND, TO THE EXTENT PERMITTED BY LAW, BORROWER HEREBY IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING, WITHOUT LITIGATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.

 (c) BORROWER HEREBY IRREVOCABLY DESIGNATES THE PRESIDENT OF THE BORROWER, AS SO DESIGNATED FROM
TIME TO TIME, AT THE ADDRESS SET FORTH ON THE BORROWER’S SIGNATURE PAGE TO THIS AGREEMENT AS ITS DESIGNEE, APPOINTEE AND LOCAL AGENT TO RECEIVE, FOR AND ON BEHALF OF BORROWER, SERVICE OF PROCESS IN SUCH RESPECTIVE JURISDICTIONS IN ANY LEGAL
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE NOTES OR ANY DOCUMENT RELATED THERETO. IT IS UNDERSTOOD THAT A COPY OF SUCH PROCESS SERVED ON SUCH LOCAL AGENT WILL BE PROMPTLY FORWARDED BY SUCH LOCAL AGENT AND BY THE SERVER OF SUCH
PROCESS BY MAIL TO BORROWER AT ITS ADDRESS SET FORTH OPPOSITE ITS SIGNATURE BELOW, BUT, TO THE EXTENT PERMITTED BY LAW, THE FAILURE OF BORROWER TO RECEIVE SUCH COPY SHALL NOT AFFECT IN ANY WAY THE SERVICE OF SUCH PROCESS. BORROWER FURTHER
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO BORROWER AT ITS SAID ADDRESS, SUCH SERVICE TO
BECOME EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING. 

  
 41 

 (d) Nothing herein shall affect the right of the Lender or any Credit Party
to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against Borrower in any other jurisdiction. 
 Section 10.8 Independent Nature of Lender’s Rights. The amounts payable at any time hereunder to the Lender shall be a separate and independent debt, and the Lender shall be
entitled to protect and enforce its rights pursuant to this Agreement and its Notes, and it shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose. 

Section 10.9 Counterparts. This Agreement may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 
 Section 10.10 Effectiveness; Survival. 
 (a)
This Agreement shall become effective on the date (the “Effective Date”) on which all of the parties hereto shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered the same
to the Lender pursuant to Section 10.1. 
 (b) The obligations of Borrower intended to
survive hereunder shall so survive payment in full of the Notes provided, however, the obligations of the Borrower under Sections 4.7(a), 4.10, 4.11, 4.12, and
4.13 hereof shall survive for ninety (90) days after the earlier of payment in full of the Notes or the Maturity Date. All representations and warranties made herein, in the certificates, reports, notices, and other documents
delivered pursuant to this Agreement shall survive the execution and delivery of this Agreement, the other Credit Documents, and such other agreements and documents, the making of the Loans hereunder, and the execution and delivery of the Notes.

 Section 10.11 Severability. In case any provision in or obligation under this Agreement or the other
Credit Documents shall be invalid, illegal or unenforceable, in whole or in part, in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby. 
 Section 10.12 Independence of Covenants.
All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitation of,
another covenant, shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 
 Section 10.13 Change in Accounting Principles, Fiscal Year or Tax Laws. If (a) any preparation of the financial statements referred to in Section 7.7 hereafter
occasioned by the promulgation of rules, regulations, pronouncements and opinions by or required by the Financial Accounting Standards Board or the American Institute of Certified Public Accounts (or successors thereto or agencies with similar
functions) (other than changes mandated by FASB 106) result in a material change in the method of calculation of financial covenants, standards or terms found in this Agreement, (b) there is any change in Borrower’s fiscal quarter or
fiscal year, or (c) there is a material change in federal tax laws which materially affects any of the Consolidated Companies’ ability to comply with the financial covenants, standards or terms found in this Agreement, Borrower and the
Lender agree to enter into negotiations in order to amend such provisions so as to equitably reflect such changes with the desired result that the criteria for evaluating any of the Consolidated Companies, financial condition shall be the same after
such changes as if such changes had not been made. Unless and until such provisions have been so amended, the provisions of this Agreement shall govern. 
 Section 10.14 Headlines Descriptive; Entire Arrangement. The headings of the several sections and subsections of this Agreement are inserted for convenience only and shall not in any
way affect the meaning or construction of any provision of this Agreement. 
 Section 10.15 Time is of the
Essence. Time is of the essence in interpreting and performing this Agreement and all other Credit Documents. 

  
 42 

 Section 10.16 Usury. It is the intent of the parties hereto not to
violate any federal or state law, rule or regulation pertaining either to usury or to the contracting for or charging or collecting of interest, and Borrower and Lender agree that, should any provision of this Agreement or of the Notes, or any act
performed hereunder or thereunder, violate any such law, rule or regulation, then the excess of interest contracted for or charged or collected over the maximum lawful rate of interest shall be applied to the outstanding principal indebtedness due
to Lender by Borrower under this Agreement. 
 Section 10.17 Construction. Should any provision of this
Agreement require judicial interpretation, the parties hereto agree that the court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against one party by reason of the rule of
construction that a document is to be more strictly construed against the party who itself or through its agents prepared the same, it being agreed that Borrower, Lender, Lender and their respective agents have participated in the preparation
hereof. 
 Section 10.18 No Incorporation into Notes. This Agreement is expressly not incorporated by
reference into the Notes. 
 Section 10.19 Amendment and Restatement of Initial Loan Agreement. This
Agreement amends and restates and supersedes in its entirety the Initial Loan Agreement and, accordingly, this Agreement governs and sets forth the relationship between the Borrower and the Lender with respect to the Loans. 

Section 10.20 Entire Agreement. This Agreement, the other Credit Documents, and the agreements and documents required
to be delivered pursuant to the terms of this Agreement constitute the entire agreement among the parties hereto and thereto regarding the subject matters hereof and thereof and supersede all prior agreements, representations and understandings
related to such subject matters. 
 ARTICLE XI 
 AMENDING AND RESTATING INITIAL LOAN AGREEMENT 
 This Agreement
amends and restates in its entirety the Initial Loan Agreement and, accordingly, it is this Agreement which will determine the relationship between the parties in connection with the credit facilities described herein. 

Signature Page Follows 

  
 43 

 SIGNATURE PAGE TO REVOLVING LOAN AGREEMENT 

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

									
		 		 	BORROWER:
			
		 		 	BROWN & BROWN, INC.
				
	Address for Notices:	 		 	By:	 	 
		 		 		 	Cory T. Walker, Senior Vice President, Treasurer
	220 South Ridgewood Avenue	 		 		 	and Chief Financial Officer
	Daytona Beach, Florida 23115-2412	 		 		 	
	Attention: Cory T. Walker	 		 		 	
	Telephone No.: (386) 239-7250	 		 		 	
	Telecopy No.: (386) 239-7252	 		 		 	
		 		 		 	
	With a copy to:	 		 		 	
		 		 		 	
	Laurel L. Grammig	 		 		 	
	Chief Corporate Counsel	 		 		 	
	BROWN & BROWN, INC.	 		 		 	
	401 East Jackson Street	 		 		 	
	Suite 1700	 		 		 	
	Tampa, Florida 33602	 		 		 	
	Telephone No.: (813) 222-4277	 		 		 	
	Telecopy No.: (813) 222-4464	 		 		 	

 Confirm Proper Parties Signing and Address for Notices. 

 

									
		 		 	LENDER:
			
		 		 	SUNTRUST BANK
				
	Address for Notices:	 		 	By:	 	 
		 		 		 	Shawn Wilson, Vice President
	SunTrust Bank	 		 		 	
	Mail Code FL-Orl-2053	 		 		 	
	200 South Orange Avenue	 		 		 	
	5th Floor	 		 		 	
	Orlando, FL 32801	 		 		 	
	Attention: Shawn Wilson	 		 		 	
	Telephone: (407) 237-4721	 		 		 	
	Telecopy: (407) 237-4076	 		 		 	

  
 44 

 Schedule 6.1 

ORGANIZATION AND OWNERSHIP OF SUBSIDIARIES 
 Subsidiaries of the Company and Ownership of Subsidiary Stock 
 One hundred percent (100%) of
the outstanding shares of Capital Stock of each direct subsidiary (that is, those companies listed without any symbol preceding them) are owned by Brown & Brown, Inc. 

 

	 	•	 	 = indirect subsidiary, whose outstanding shares of Capital Stock (or, in the case of companies identified as limited liability companies, membership
interests) are owned 100% by the direct subsidiary (company listed without any symbol preceding its name) listed above the name of such indirect subsidiary 

 

	 	•	 	 = indirect subsidiary whose outstanding shares of Capital Stock are owned 100% by the indirect subsidiary (company with • symbol preceding its
name) listed above the name of such indirect subsidiary 

 Acumen Re Management Corporation (DE) 

Advocator Group Holding Company, Inc. (FL) 
  

	 	•	 	 AG Insurance Services, LLC (FL) 

  

	 	•	 	 Brown & Brown of Massachusetts, LLC (MA) 

  

	 	•	 	 The Advocator Group, LLC (FL) 

 AFC Insurance, Inc. (PA) 
 Allocation Services, Inc. (FL) 

American Specialty Insurance & Risk Services, Inc. (IN) 
 Apex Insurance Agency, Inc. (VA) 
 Azure International Holding Co. (DE) 

B&B Protector Plans, Inc. f/k/a Underwriters Services, Inc. (FL) 

B&B TN Holding Company (DE) 
  

	 	•	 	 Brown & Brown of Tennessee, Inc. (TN) 

 Braishfield Associates, Inc. (FL) 
  

	 	•	 	 Braishfield Associates of New York, Inc. (NY) 

 Brown & Brown Agency of Insurance Professionals, Inc. (OK) 
  

	 	•	 	 Graham-Rogers, Inc. (OK) 

 Brown & Brown Disaster Relief Foundation (FL non-profit) 

Brown & Brown Insurance Agency of Virginia, Inc. (VA) 
 Brown & Brown Insurance of Arizona, Inc. (AZ) 
  

	 	•	 	 Brown & Brown of New Mexico, Inc. (NM) 

 Brown & Brown Insurance of Georgia, Inc. (GA) 
 Brown & Brown
Insurance of Nevada, Inc. (NV) 
 Brown & Brown Insurance Services of California, Inc. f/k/a Brown & Brown of
Northern California, Inc. (CA) 
  

	 	•	 	 Brown & Brown Insurance Brokers of Sacramento, Inc. (CA) 

Brown & Brown Lone Star Insurance Services, Inc. f/k/a Brown & Brown Insurance Services of San Antonio, Inc. (TX)

 Brown & Brown Metro, Inc. (NJ) 
 Brown & Brown of Arkansas, Inc. (AR) 
 Brown & Brown of
Bartlesville, Inc. (OK) 
 Brown & Brown of Central Michigan, Inc. (MI) 

Brown & Brown of Central Oklahoma, Inc. (OK) 
 Brown & Brown of Colorado, Inc. (CO) 
 Brown & Brown of
Connecticut, Inc. (CT) 
 Brown & Brown of Delaware, Inc. (DE) 

Brown & Brown of Detroit, Inc. f/k/a Alcos, Inc. (MI) 
 Brown & Brown of Florida, Inc. f/k/a & B Insurance Services, Inc. (FL) 
  

	 	•	 	 Axiom Re, Inc. (FL) 

	 	•	 	 Brown & Brown of Garden City, Inc. f/k/a Ernest Smith Insurance Agency, Inc. (FL) 

 

	 	•	 	 Halcyon Underwriters, Inc. (FL) 

  

	 	•	 	 MacDuff Underwriters, Inc. (FL) 

  

	 	•	 	 MacDuff America, Inc. (FL) 

 Brown & Brown of Illinois, Inc. (IL) 
 Brown & Brown of Iowa,
Inc. (IA) 
 Brown & Brown of Kentucky, Inc. (KY) 

Brown & Brown of Louisiana, Inc. (LA) 
 Brown & Brown of Michigan, Inc. (MI) 
 Brown & Brown of
Minnesota, Inc. (MN) 
 Brown & Brown of Missouri, Inc. (MO) 

Brown & Brown of New Hampshire, Inc. (NH) 
 Brown & Brown of New Jersey, Inc. (NJ) 
  

	 	•	 	 Brown & Brown of Lehigh Valley, Inc. (PA) 

 Brown & Brown of New York, Inc. (NY) 
 Brown & Brown of North
Dakota, Inc. (ND) 
 Brown & Brown of Northern California, Inc. (CA) 

Brown & Brown of Northern Illinois, Inc. f/k/a John Manner Insurance Agency, Inc. (DE) 

Brown & Brown of Ohio, Inc. (OH) 
  

	 	•	 	 Brown & Brown of Indiana, Inc. (IN) 

  

	 	•	 	 Brown & Brown of Southwest Indiana, Inc. (IN) 

 Brown & Brown of Pennsylvania, Inc. (PA) 
 Brown & Brown of South
Carolina, Inc. (SC) 
 Brown & Brown of the West, Inc. f/k/a CITA Insurance Brokers, Inc. (CA) 

Brown & Brown of Washington, Inc. (WA) 
  

	 	•	 	 International E&S Insurance Brokers, Inc. f/k/a Azure VI Merger Co. (CA) 

Brown & Brown of West Virginia, Inc. (WV) 
 Brown & Brown of Wisconsin, Inc. (WI) 
 Brown & Brown Program
Insurance Services of California, Inc. (CA) 
 Brown & Brown Realty Co. (DE) 

CC Acquisition Corp. (FL) 
 Colonial Claims Corporation (FL) 
 Conduit Insurance Managers, Inc. (TX)

 ECC Insurance Brokers, Inc. (IL) 
 ELOHSSA, Inc. (DE) 
 Energy & Marine Underwriters, Inc. (LA) 

Healthcare Insurance Professionals, Inc. (TX) 
 Hull & Company, Inc. (FL) 
  

	 	•	 	 Hull & Company of New York, Inc. (NY) 

 Industry Consulting Group, Inc. f/k/a ICG Acquisition Corp. (FL) 
 Lancer Claims
Services, Inc. (NV) 
 Madoline Corporation (FL) 
  

	 	•	 	 Florida Intracoastal Underwriters, Limited Co. (FL) 

 Monarch Management Corporation (KS) 
 Pacific Merger Corp. (DE) 

Payease Financial, Inc. (OK) 
 Peachtree Special Risk Brokers, LLC (GA) 
  

	 	•	 	 Peachtree Special Risk Brokers of New York, LLC (NY) 

 Preferred Governmental Claim Solutions, Inc. (FL) 
 Proctor Financial, Inc. (MI)

 Program Management Services, Inc. (FL) 
 Public Risk Underwriters, Inc. (F) 
  

	 	•	 	 Public Risk Underwriters Insurance Services of Texas, LLC (TX) 

 

	 	•	 	 Public Risk Underwriters of Florida, Inc. (FL) 

	 	•	 	 Public Risk Underwriters of Georgia, Inc. (GA) 

  

	 	•	 	 Public Risk Underwriters of Illinois, LLC (IL) 

  

	 	•	 	 Public Risk Underwriters of Indiana, Inc. (IN) 

  

	 	•	 	 Public Risk Underwriters of New Jersey, Inc. (NJ) 

  

	 	•	 	 Public Risk Underwriters of the Northwest, Inc. (WA) 

 Risk Management Associates, Inc. (FL) 
 Title Pac, Inc. (OK) 

 Schedule 6.4 

TAX FILINGS AND PAYMENTS 
 -NONE- 

 Schedule 6.5 

CERTAIN PENDING AND THREATENED LITIGATION 
 The Borrower is involved in numerous pending or threatened proceedings by or against Brown & Brown, Inc. or one or more of its subsidiaries that arise in the ordinary course of business. The
damages that may be claimed against the Borrower in these various proceedings are in some cases substantial, including in many instances claims for punitive or extraordinary damages. Some of these claims and lawsuits have been resolved, others are
in the process of being resolved and others are still in the investigation or discovery phase. The Borrower will continue to respond appropriately to these claims and lawsuits and to vigorously protect its interests. 

Although the ultimate outcome of such matters cannot be ascertained and liabilities in indeterminate amounts may be imposed on
Brown & Brown, Inc. or its subsidiaries, on the basis of present information, availability of insurance and legal advice, it is the opinion of management that the disposition or ultimate determination of such claims will not have a material
adverse effect on the Borrower’s consolidated financial position. However, as (i) one or more of the Borrower’s insurance companies could take the position that portions of these claims are not covered by the Borrower’s
insurance, (ii) to the extent that payments are made to resolve claims and lawsuits, applicable insurance policy limits are eroded, and (iii) the claims and lawsuits relating to these matters are continuing to develop, it is possible that
future results of operations or cash flows for any particular quarterly or annual period could be materially affected by unfavorable resolutions of these matters. 

 Schedule 6.7 

LIENS ON BORROWER ASSETS 
 -NONE- 
  

	NOTE: 	The foregoing constitutes as of the date of this Agreement any existing liens to the best knowledge of the Borrower. The Borrower within 30 days of the date of the
Agreement will supplement this Schedule so as to be in final form. 

 Schedule 6.11 

EMPLOYEE BENEFIT MATTERS 
 -NONE- 

 Schedule 6.13 

OUTSTANDING DEBT AND DEFAULTS 
  

 
  

 Schedule 6.14 

CONFLICTING AGREEMENTS 
 -NONE- 

 Schedule 6.15(a) 

ENVIRONMENTAL COMPLIANCE 
 -NONE- 

 Schedule 6.15(b) 

ENVIRONMENTAL NOTICES 
 -NONE- 

 Schedule 6.15(c) 

ENVIRONMENTAL PERMITS 
 -NONE- 

 Schedule 6.17 

PATENT, TRADEMARK, LICENSE, AND OTHER INTELLECTUAL PROPERTY MATTERS 

-NONE- 

 Schedule 6.21 

LABOR AND EMPLOYMENT MATTERS 
 -NONE- 

 Schedule 6.22 

INTERCOMPANY LOANS 
 -NONE- 

 Schedule 6.23 

BURDENSOME RESTRICTIONS 
 -NONE- 

 Schedule 6.27(a) 

PLACES OF BUSINESS 
  

 
  

  
 

 
  

  
 

 

  
 

 
  

  
 

 
  

  
 

 
  

  
 

 
  

  
 

 
  

  
 

 
  

  
 

 
  

  
 

 
  

  
 

 
  

  
 

 
  

  
 

 
  

 Schedule 6.27(b) 

MATERIAL PLACES OF BUSINESS 
 This Schedule is not applicable as the Company does not have any tangible personal property which is material to the operations of the Consolidated Company. The only tangible personal property which is
owned by the Borrower is generally office equipment which is not material to its business. 

 Schedule 8.1(b) 

EXISTING INDEBTEDNESS 
  

 
  

 Schedule 8.2 

EXISTING LIENS 
 -NONE- 
  

	NOTE:	The foregoing constitutes as of the date of this Agreement any existing liens to the best knowledge of the Borrower. The Borrower within 30 days of the date of the
Agreement will supplement this Schedule so as to be in final form. 

 Schedule 8.5 

PERMITTED INVESTMENTS 
  

 
  

  
 

 
  

  
 

 
  

 Schedule 9.10 

PERMITTED STOCKHOLDERS 
 -NONE-

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