Document:

EX-10.1

 Exhibit 10.1 

MEMBERSHIP INTEREST PURCHASE AGREEMENT 

AMONG 
 MSA WORLDWIDE,
LLC, 
 GLOBE HOLDING COMPANY, LLC, 

SELLERS, 
 SELLERS’
REPRESENTATIVE AND 
 PRINCIPALS 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
			
	 SECTION 1.
	  	DEFINITIONS	  	 	1	 
			
	 SECTION 2.
	  	PURCHASE AND SALE OF MEMBERSHIP INTERESTS	  	 	12	 
				
		  	 (a)
	  	Basic Transaction	  	 	12	 
				
		  	 (b)
	  	Closing Payments	  	 	12	 
				
		  	 (c)
	  	Closing	  	 	13	 
				
		  	 (d)
	  	Closing Conditions	  	 	13	 
				
		  	 (e)
	  	Closing Deliveries	  	 	15	 
				
		  	 (f)
	  	Purchase Price Adjustment	  	 	17	 
				
		  	 (g)
	  	Withholding Rights	  	 	20	 
			
	 SECTION 3.
	  	REPRESENTATIONS AND WARRANTIES CONCERNING THE TRANSACTION	  	 	20	 
				
		  	 (a)
	  	Sellers’ Individual Representations and Warranties	  	 	20	 
				
		  	 (b)
	  	Buyer’s Representations and Warranties	  	 	21	 
			
	 SECTION 4.
	  	REPRESENTATIONS AND WARRANTIES CONCERNING TARGET	  	 	23	 
				
		  	 (a)
	  	Organization, Qualification, and Power	  	 	23	 
				
		  	 (b)
	  	Authorization of Transaction	  	 	23	 
				
		  	 (c)
	  	Capitalization	  	 	23	 
				
		  	 (d)
	  	Non-contravention	  	 	24	 
				
		  	 (e)
	  	Brokers’ Fees	  	 	24	 
				
		  	 (f)
	  	Tangible Assets	  	 	24	 
				
		  	 (g)
	  	Subsidiaries	  	 	25	 
				
		  	 (h)
	  	Financial Statements	  	 	25	 
				
		  	 (i)
	  	Undisclosed Liabilities	  	 	26	 
				
		  	 (j)
	  	Events Subsequent to Most Recent Fiscal Year End	  	 	26	 
				
		  	 (k)
	  	Legal Compliance; Permits	  	 	28	 
				
		  	 (l)
	  	Tax Matters	  	 	28	 
				
		  	 (m)
	  	Real Property	  	 	30	 
				
		  	 (n)
	  	Intellectual Property	  	 	32	 
				
		  	 (o)
	  	Contracts	  	 	34	 
				
		  	 (p)
	  	Business Relations	  	 	36	 

 Table of Contents 

(continued) 
  

									
		  	 (q)
	  	Powers of Attorney	  	 	36	 
				
		  	 (r)
	  	Litigation	  	 	36	 
				
		  	 (s)
	  	Employee Benefits	  	 	36	 
				
		  	 (t)
	  	Employees	  	 	39	 
				
		  	 (u)
	  	Environmental, Health, and Safety Matters	  	 	39	 
				
		  	 (v)
	  	Certain Business Relationships with Target and its Subsidiaries	  	 	41	 
				
		  	 (w)
	  	Product Liability	  	 	41	 
				
		  	 (x)
	  	Insurance	  	 	41	 
				
		  	 (y)
	  	Nondisclosure Agreements	  	 	42	 
				
		  	 (z)
	  	Banking Facilities	  	 	42	 
				
		  	 (aa)
	  	Disclosure	  	 	42	 
				
		  	 (bb)
	  	No Additional Representations	  	 	42	 
			
	 SECTION 5.
	  	PRE-CLOSING COVENANTS	  	 	42	 
				
		  	 (a)
	  	Access	  	 	42	 
				
		  	 (b)
	  	Ordinary Course of Business	  	 	43	 
				
		  	 (c)
	  	Employee and Benefits Matters	  	 	43	 
				
		  	 (d)
	  	No Dividends, Distributions or Repurchases	  	 	43	 
				
		  	 (e)
	  	Contracts and Commitments	  	 	43	 
				
		  	 (f)
	  	Insurance	  	 	44	 
				
		  	 (g)
	  	Preservation of Organization	  	 	44	 
				
		  	 (h)
	  	No Default	  	 	44	 
				
		  	 (i)
	  	Actions	  	 	44	 
				
		  	 (j)
	  	Other Actions	  	 	44	 
				
		  	 (k)
	  	Compliance with Laws	  	 	44	 
				
		  	 (l)
	  	Notifications	  	 	44	 
				
		  	 (m)
	  	Governmental Approvals	  	 	45	 
				
		  	 (n)
	  	Consents of Third Parties	  	 	46	 
				
		  	 (o)
	  	Satisfaction of Conditions Precedent	  	 	46	 
				
		  	 (p)
	  	Exclusive Dealing	  	 	46	 
				
		  	 (q)
	  	Title Commitment	  	 	46	 
				
		  	 (r)
	  	Liquidation of Investments	  	 	47	 
			
	 SECTION 6.
	  	POST-CLOSING COVENANTS	  	 	47	 

  
 ii 

 Table of Contents 

(continued) 
  

									
		  	 (a)
	  	General	  	 	47	 
				
		  	 (b)
	  	Tax Matters	  	 	47	 
				
		  	 (c)
	  	Director and Officer Liability, Indemnification and Insurance	  	 	52	 
				
		  	 (d)
	  	Restrictive Covenants	  	 	52	 
				
		  	 (e)
	  	Confidentiality	  	 	53	 
				
		  	 (f)
	  	Release	  	 	54	 
				
		  	 (g)
	  	Physical Inventory	  	 	55	 
				
		  	 (h)
	  	Defense of Claims and Litigation	  	 	55	 
				
		  	 (i)
	  	Anti-Trust Policy	  	 	55	 
				
		  	 (j)
	  	Data Room	  	 	55	 
			
	 SECTION 7.
	  	REMEDIES FOR BREACHES OF THIS AGREEMENT	  	 	55	 
				
		  	 (a)
	  	Survival of Representations and Warranties and Covenants	  	 	55	 
				
		  	 (b)
	  	Indemnification Provisions for Buyer’s Benefit	  	 	56	 
				
		  	 (c)
	  	Indemnification Provisions for Sellers’ Benefit	  	 	57	 
				
		  	 (d)
	  	Limitation on Indemnification	  	 	57	 
				
		  	 (e)
	  	Calculation of Losses	  	 	58	 
				
		  	 (f)
	  	Indemnification Procedures	  	 	58	 
				
		  	 (g)
	  	Escrow	  	 	60	 
				
		  	 (h)
	  	Tax Treatment of Indemnity Payments	  	 	60	 
				
		  	 (i)
	  	Tax Benefit	  	 	60	 
				
		  	 (j)
	  	Exclusive Remedy	  	 	60	 
			
	 SECTION 8.
	  	TERMINATION	  	 	60	 
			
	 SECTION 9.
	  	APPOINTMENT OF SELLERS’ REPRESENTATIVE	  	 	61	 
			
	 SECTION 10.
	  	MISCELLANEOUS	  	 	62	 
				
		  	 (a)
	  	Press Releases and Public Announcements	  	 	62	 
				
		  	 (b)
	  	No Third-Party Beneficiaries	  	 	62	 
				
		  	 (c)
	  	Entire Agreement	  	 	62	 
				
		  	 (d)
	  	Succession and Assignment	  	 	62	 
				
		  	 (e)
	  	Counterparts	  	 	63	 
				
		  	 (f)
	  	Headings	  	 	63	 
				
		  	 (g)
	  	Notices	  	 	63	 
				
		  	 (h)
	  	Governing Law	  	 	64	 

  
 iii 

 Table of Contents 

(continued) 
  

									
		  	 (i)
	  	Consent to Jurisdiction	  	 	64	 
				
		  	 (j)
	  	Amendments and Waivers	  	 	65	 
				
		  	 (k)
	  	Severability	  	 	65	 
				
		  	 (l)
	  	Expenses	  	 	65	 
				
		  	 (m)
	  	Construction	  	 	65	 
				
		  	 (n)
	  	Incorporation of Exhibits and Schedules	  	 	66	 
				
		  	 (o)
	  	Disclosure Schedules	  	 	66	 
				
		  	 (p)
	  	Specific Performance	  	 	66	 

 Exhibits: 
 Exhibit A
— List of Sellers/Target Membership Interests 
 Exhibit B — Working Capital Methodology 

Exhibit C — Financial Statements 
 Exhibit D —
Sellers’ Addresses 
 Exhibit E — Escrow Agreement 

Exhibit F — Sellers’ Representative Agreement 

Schedules: 
 Disclosure Schedule — Exceptions and
Disclosures with Respect to Representations and Warranties 

  
 iv 

 MEMBERSHIP INTEREST PURCHASE AGREEMENT 

This Membership Interest Purchase Agreement (this “Agreement”) is entered into as of June 27, 2017, by and among
MSA Worldwide, LLC, a Pennsylvania limited liability company (“Buyer”), Globe Holding Company, LLC, a New Hampshire limited liability company (“Target”), the members of Target listed on Exhibit
A (collectively, “Sellers” and, each individually, a “Seller”), Donald D. Welch, II, as Sellers’ Representative (as defined herein) for the purposes described herein, and each of George E.
Freese, III, Robert A. Freese, and Donald D. Welch, II (collectively, “Principals”) for the purposes described herein. Buyer, Sellers, Sellers’ Representative, Principals and Target are referred to collectively herein as
the “Parties” and individually as a “Party”. 
 RECITALS 

A. Sellers are the record and beneficial owners of all of the issued and outstanding membership interests of Target (the
“Membership Interests”); and 
 B. Buyer desires to purchase from Sellers, and Sellers desire to sell
to Buyer, all of the Membership Interests at the Closing, on the terms and subject to the conditions of this Agreement. 
 AGREEMENT

 Now, therefore, in consideration of the premises and the mutual promises herein made, in consideration of the representations,
warranties, and covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Parties, the Parties intending to be legally bound agree as follows: 

SECTION 1. DEFINITIONS. 
 In this
Agreement, the following terms have the meanings specified or referred to in this Section 1 and, except as otherwise expressly provided in this Agreement or unless the context otherwise clearly and unambiguously requires, shall be
equally applicable to both the singular and plural forms. Amounts stated in dollars refer to U.S. dollars. 

“Action” has the meaning set forth in Section 4(r). 

“Adjustment Escrow” means Five Hundred Thousand Dollars ($500,000), to be held by the Escrow Agent pursuant to the
terms of the Escrow Agreement pending final calculation of the Post-Closing Adjustment Amount and disbursed in accordance with the provisions of Section 2(f)(vi). 

“Affiliate” means, with respect to any particular Person, any other Person who, directly or indirectly, is in control
of, is controlled by, or is under common control with, such Person, or any Person who is an immediate family member of any such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, to
either (i) vote ten percent (10%) or more of the securities having ordinary voting power for the election of directors of such Person, or (ii) direct or cause the direction of the management and policies of such Person whether by
contract or otherwise. 

  
 -1- 

 “Agreement” has the meaning set forth in the first
paragraph of this agreement. 
 “AGUB” has the meaning set forth in Section 6(b)(x)(B).

 “Allocation” has the meaning set forth in Section 6(b)(x)(B). 

“Allocation Notice of Objection” has the meaning set forth in Section 6(b)(x)(B). 

“Allocation Review Period” has the meaning set forth in Section 6(b)(x)(B). 

“Alternative Transaction” has the meaning set forth in Section 5(p)(ii). 

“Annual Financial Statements” has the meaning set forth in Section 4(h)(i). 

“Arbitrating Accountant” has the meaning set forth in Section 2(f)(v). 

“Base Purchase Price” means an amount equal to Two Hundred Fifteen Million Dollars ($215,000,000), subject to
adjustment in accordance with Section 2(f)(ii). 
 “Business” means the business of designing,
manufacturing, distributing, cleaning, repairing and servicing turnout gear, boots and related clothing, apparel and equipment for the fire protection and first responder industries. 

“Buyer” has the meaning set forth in the first paragraph of this Agreement and includes any party to which Buyer has
assigned this Agreement pursuant to Section 10(d). 
 “Buyer Indemnitees” has the meaning set forth in
Section 7(b). 
 “Capital Lease” means, with respect to any Person, any lease of any property (whether
real, personal or mixed) by such Person as lessee that, in accordance with GAAP, is or would be required to be classified and accounted for as a capital lease on a balance sheet of such Person. 

“Capital Lease Obligations” means, with respect to any Capital Lease of any Person, the amount of the obligation of
the lessee thereunder that, in accordance with GAAP, would appear on a balance sheet of such lessee in respect of such Capital Lease. 

“Cash” means, as of the applicable time for determination thereof, the sum of the actual value of all cash, cash
equivalents and cash deposits (but excluding any amounts for uncashed checks). 
 “Closing” has the meaning set
forth in Section 2(c). 
 “Closing Date” has the meaning set forth in Section 2(c). 

“Closing Date Adjustment” has the meaning set forth in Section 2(f)(ii). 

  
 -2- 

 “Closing Date Cash” means the Cash of Target and the Subsidiaries as of
the start of business on the Closing Date. 
 “Closing Date Indebtedness” means the Indebtedness of
Target and the Subsidiaries as of the start of business on the Closing Date. 
 “Closing Date Working
Capital” means the aggregate Working Capital of Target and the Subsidiaries as of the start of business on the Closing Date. 

“Closing Date Transaction Expenses” means the Transaction Expenses of Target and the Subsidiaries as of
11:59 p.m. on the Closing Date. 
 “Closing Deliveries” has the meaning set forth in
Section 2(e). 
 “Closing Statement” has the meaning set forth in Section 2(f)(iv). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Company Employee” has the meaning set forth in Section 4(s)(i). 

“Company Plans” has the meaning set forth in Section 4(s)(i). 

“Confidential Information” has the meaning set forth in Section 6(e)(ii). 

“Consent” means any approval, consent, authorization, ratification, waiver or order of, notice to or registration or
filing with, or any other action by, any Governmental Entity or other Person. 
 “Contracts” has the meaning set
forth in Section 4(o). 
 “Current Assets” means the current
assets of Target and the Subsidiaries, on a consolidated basis, determined in each case in accordance with GAAP.  

“Current Liabilities” means the current liabilities of Target and the
Subsidiaries, on a consolidated basis, determined in each case in accordance with GAAP.  
 “D&O
Policy” has the meaning set forth in Section 6(c). 
 “Data Room” has the meaning set forth
in Section 2(e)(i)(O). 
 “Disclosure Schedules” has the meaning set forth in Section 3(a).

 “Effective Time” means 12:01 a.m. Eastern Standard Time on the date of the Closing. 

“Employee Benefit Plans” has the meaning set forth in Section 4(s)(i). 

“Employee Pension Benefit Plan” has the meaning set forth in ERISA Section 3(2). 

“Employee Welfare Benefit Plan” has the meaning set forth in ERISA Section 3(1). 

  
 -3- 

 “Environment” shall mean all and any of the following media: any air
(including, without limitation, air within buildings and other natural or man-made structures, whether above or below ground), water (including, without limitation, any groundwater or surface water, and water in drains, pipes and sewers), land
(including, without limitation, surface land, sub-surface strata, sediment, sea-bed and river bed and natural and man-made structures) and any organisms (including, without limitation, humans), micro-organisms, species, habitats, natural resources
and their services, biodiversity and ecological systems, structures and functions supported by any of those media. 

“Environmental, Health, and Safety Requirements” means all federal, state, local, and foreign Laws, Governmental
Orders and other legally binding requirements concerning public health and safety, worker health and safety, pollution, or protection of the Environment, including all those relating to the presence, use, production, generation, handling,
transportation, treatment, storage, disposal, distribution, labeling, testing, processing, discharge, release, threatened release, control, investigation, remediation, or removal of any Hazardous Materials as such requirements are enacted and in
effect on or prior to the Closing Date. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 “ERISA Affiliate” has the meaning set forth in Section 4(s)(i). 

“Escrow Agent” has the meaning set forth in Section 2(b)(i)i). 

“Escrow Agreement” means the Escrow Agreement dated as of the Closing Date, by and among the Escrow Agent, Buyer, and
Sellers’ Representative, in the form of Exhibit E attached to this Agreement. 
 “Escrow Amount” means
the sum of the Adjustment Escrow and the Indemnity Escrow. 
 “Escrow Fund” is the amount held by the Escrow Agent
pursuant to the terms of the Escrow Agreement, which amount is originally equal to the Escrow Amount. 
 “Estimated Closing Date
Cash” means a good faith estimate of the Closing Date Cash. 
 “Estimated Closing Date Indebtedness”
means a good faith estimate of the Closing Date Indebtedness (to the extent not being paid off at Closing). 

“Estimated Closing Date Working Capital” means a good faith estimate of the Closing Date Working
Capital. 
 “Estimated Closing Date Transaction Expenses” means a good faith estimate of
the Closing Date Transaction Expenses (to the extent not being paid off at the Closing). 
 “Estimated Closing
Statement” has the meaning set forth in Section 2(f)(i) of this Agreement. 

  
 -4- 

 “Existing Debt” means Indebtedness of Target and the Subsidiaries being
paid off at Closing by Buyer, on behalf of Target and the Subsidiaries, in accordance with the Payoff Letters. 

“Financial Statements” means the Annual Financial Statements and the Interim Financial Statements,
collectively. 
 “Firm” has the meaning set forth in Section 9(b). 

“Flow of Funds Statement” has the meaning set forth in Section 2(f)(iii). 

“Fundamental Representations” has the meaning set forth in Section 7(a)(i). 

“GAAP” means United States generally accepted accounting principles as in effect from time to time, consistently
applied. 
 “Governmental Entity” means any federal, state, local or foreign (a) government (or any department,
agency, or political subdivision thereof), any multinational organization or authority, or any other authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or Taxing Authority or
power, any court or tribunal, (or any department, bureau or division thereof), or any arbitrator or arbitral body, or (b) quasi-governmental, self-regulated, accrediting or similar organization, body or authority responsible for establishing
any codes, standards, guidelines, practices or policies applicable to the Business, Target and its Subsidiaries, the industry in which they operate, or any product manufactured, created, distributed or sold by or on behalf of Target or a Subsidiary,
including, without limitation, the National Fire Protection Association and Underwriter Laboratories. 

“Governmental Order” means any ruling, award, verdict, decision, injunction, judgment, order, decree or
subpoena entered, issued, made or rendered by any Governmental Entity. 
 “Hazardous Materials” means
all wastes, pollutants, contaminants and hazardous, dangerous or toxic materials or substances, including petroleum, constituents of petroleum, and petroleum products, asbestos and asbestos- containing materials, mold, polychlorinated biphenyls,
urea-formaldehyde insulation, radon, radioactive materials, and any other material or substance that could result in liability under any Environmental, Health, and Safety Requirements. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the
regulations thereunder. 
 “Income Tax” means any federal, state, local, or foreign Tax measured by or imposed on
net income, including a Tax assessed on an entity by reference to its income, gains, gross receipts, or profits, and including any interest, penalty, or addition thereto, whether disputed or not. 

“Income Tax Return” means any return, declaration, report, claim for refund, or information return or statement
relating to Income Taxes, including any schedule or attachment thereto. 

  
 -5- 

 “Indebtedness” means any of the following indebtedness of Target or any
Subsidiary, whether or not contingent: (a) the principal of and accrued interest, including all fees and obligations thereunder (including any prepayment or termination penalties, premiums or fees arising or which will arise out of the
prepayment thereof prior to its maturity and termination) of any (i) indebtedness for borrowed money; (ii) liabilities evidenced by bonds, debentures, notes, convertible notes, or other similar instruments or debt securities;
(iii) liabilities under or in connection with drawn letters of credit or bankers’ acceptances or similar items; or (iv) liabilities of Target to a Subsidiary of Target; (b) liabilities to pay the deferred or installment purchase
price of property, assets, services or securities, including “earn-out” payments (whether or not matured), other than trade payables and other accruals in the Ordinary Course of Business to the extent included in the Closing Date Working
Capital as reflected in the Closing Statement; (c) Capital Lease Obligations; (d) obligations secured by a purchase money mortgage or other Lien; (e) liabilities with respect to unfunded pension obligations or similar post-employment
plan obligations; and (f) all obligations of a type referred to in clauses (a) through (e) above which are directly or indirectly guaranteed by Target or a Subsidiary. Indebtedness shall specifically exclude (i) accrued expenses,
(ii) accounts payable, (iii) deferred Income Taxes liability, and (iv) deferred revenue, but in each case only to the extent included in the Closing Date Working Capital as reflected in the Closing Statement. 

“Indemnified Party” means with respect to any claim for indemnification pursuant to Section 7, each Buyer
Indemnitee or Seller Indemnitee asserting such claim (or on whose behalf such claim is asserted) under Section 7(b) or Section 7(c), as the case may be. 

“Indemnifying Party” means, with respect to any claim for indemnification pursuant to
Section 7, the party or parties against whom such claim may be or has been asserted. 
 “Indemnity
Escrow” means five percent (5%) of the Base Purchase Price, to be held by the Escrow Agent pursuant to the terms of the Escrow Agreement to secure claims by Buyer Indemnitees under Section 7(b). 

“Indemnity Notice” has the meaning set forth in Section 7(f)(ii). 

“Intangible Assets” means all of the intangible assets owned, licensed or used by Target or a Subsidiary in connection
with the Business or the operations of Target or a Subsidiary, including all intellectual property and industrial property rights and assets, and all rights, interests and protections that are associated with, similar to, or required for the
exercise of, any of the foregoing, however arising, pursuant to applicable Law, whether registered or unregistered, including any and all: software (including firmware, data files, source code, object code, application programming interfaces,
architecture, files, records, schematics, databases and other related specifications and documents), software licenses, trade secrets, know-how, operating methods and procedures, proprietary information, discoveries, databases, data collections,
inventions, technology, drawings, specifications, compositions, methods, processes, technical knowledge, formulae, advertising formats, logos, designs, trademarks, trade designations, service marks, trade names, domain names, websites and related
content, social media accounts and the content found thereon and related thereto, patents (including all reissues, divisionals, provisionals, continuations and continuations-in-part, re-examinations, renewals, substitutions and extensions thereof),
copyrights and works of authorship, applications, registrations, extensions, renewals and continuations for any of the foregoing, goodwill, advertising and promotional rights, franchise rights, customer and supplier lists, telephone number(s), and
related rights. 

  
 -6- 

 “Interim Financial Statements” has the meaning set forth in
Section 4(h)(i). 
 “IP Registrations” means all Intangible Assets that are subject to any issuance,
registration, application or other filing by, to or with any Governmental Entity or authorized private registrar in any jurisdiction, including registered trademarks, domain names and copyrights, issued and reissued patents and pending applications
for any of the foregoing. 
 “IRS” means the Internal Revenue Service. 

“Knowledge of Target” means with respect to a particular fact or other matter, the actual knowledge of George E.
Freese, III, Robert A. Freese or Donald D. Welch, II of such fact or matter, after reasonable inquiry. 

“Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common
law, judgment, decree, other requirement or rule of law of any Governmental Entity. 
 “Leased Real
Property” means all leasehold or subleasehold estates and other rights to use or occupy any land, buildings, structures, improvements, fixtures, or other interest in real property that is used in the Business. 

“Leases” has the meaning set forth in Section 4(m)(ii). 

“Lien” means any mortgage, pledge, lien, encumbrance, charge, claim, option, restriction on transfer, right of first
refusal or other security interest, other than (a) liens for Taxes not yet due and payable or for Taxes that the taxpayer is contesting in good faith through appropriate proceedings and for which adequate reserves have been included on the
Financial Statements in accordance with GAAP, (b) liens securing rental payments under the Capital Leases set forth on Schedule 1.1, (c) purchase money liens securing trade accounts payable for raw materials used in the Ordinary
Course of Business (e.g. reflective fabric), (d) easements, rights of way, zoning ordinances and other similar encumbrances affecting the Owned Real Property or the Leased Real Property that do not, individually or in the aggregate, materially
interfere with the present use of such Owned Real Property or Leased Real Property, and (e) restrictions on the ownership or transfer of securities arising under applicable Law. 

“Losses” or “Loss” means all losses, claims, suits, debts, obligations, damages, awards,
fines, penalties, expenses, fees and costs (including reasonable attorneys’ fees), but excluding diminution of value, incidental or consequential damages, other than (a) to the extent claimed, obligated, paid or awarded in connection with
a Third-Party Claim, or (b) in the case of incidental or consequential damages, to the extent such damages are the direct and reasonably foreseeable consequence of the relevant breach and are not occasioned by special circumstances relating to
the party suffering such damage or loss. 

  
 -7- 

 “Material Adverse Effect” means any effect, occurrence,
result, change, fact, event, circumstance, condition or omission that, individually or in the aggregate, has or would reasonably be expected to have a material adverse effect on (a) the assets, liabilities, capitalization, financial condition
or results of operations of Target and the Subsidiaries, (b) Target or Sellers’ ability to consummate the Transaction, or (c) Buyer’s ability to operate the Business in the manner it was operated before the Closing;
provided, however, that any change or effect caused by or resulting from the following shall not be taken into account in determining the existence of a “Material Adverse Effect”: (i) changes in general local, domestic,
foreign or international economic conditions, (ii) changes affecting generally the industries or markets in which Target and the Subsidiaries operate, (iii) acts of war, sabotage or terrorism, military actions or the escalation thereof,
(iv) any changes in Laws or accounting rules or principles, including changes in GAAP, or (v) any change resulting from an action required by this Agreement; provided further, however, that any changes or effects referred to in
clauses (ii) or (iv) immediately above shall be taken into account in determining the existence of a Material Adverse Effect if such change or event has a disproportionate impact on Target and the Subsidiaries compared to other
participants in the industries in which Target and the Subsidiaries operate. 
 “Material
Contracts” has the meaning set forth in Section 4(o). 
 “Membership Interests”
has the meaning set forth in the first recital of this Agreement and as more particularly set forth on Exhibit A. 
 “Net
Purchase Price” means an amount equal to (a) the Purchase Price, less (b) Existing Debt, less (c) the Escrow Amount less (d) the Transaction Expenses to be paid by Buyer at the Closing on behalf
of Target, the Subsidiaries and/or Sellers. 
 “Ordinary Course of Business” means the ordinary course of
Target’s and the Subsidiaries’ Business consistent with their customary and past practices prior to the Effective Time. 

“Other Plans” has the meaning set forth in Section 4(s)(i). 

“Other Real Property Agreements”shall have the meaning set forth in Section 4(m)(ii). 

“Other Real Property Interests” shall mean all easements, rights of access,
appurtenances and other interests in real property that are held for use or used in connection with the Business and in which Target or a Subsidiary has, or acquired prior to Closing in compliance with this Agreement, any right, title or interest
(excluding interests in Leased Real Property). 
 “Owned Real Property” shall mean any
real property or interests in real property in which ownership is held by or held for use by Target or a Subsidiary. 

“Party” and “Parties” has the meaning set forth in the first paragraph of this Agreement. 

“Payoff Letters” means payoff and release letters, in form and content reasonably acceptable to Buyer, terminating
Indebtedness of Target and the Subsidiaries. 

  
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 “Permits” means licenses, certificates, permits, franchises, approvals,
registrations, filings, rights and other authorizations obtained, or required to be obtained, from a Governmental Entity. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, any other business entity or Governmental Entity. 

“Post-Closing Adjustment Amount” has the meaning set forth in Section 2(f)(vi). 

“Pre-Closing Straddle Period” has the meaning set forth in Section 6(b)(iv). 

“Pre-Closing Tax Period” has the meaning set forth in Section 6(b)(i). 

“Principals” has the meaning set forth in the first paragraph of this Agreement. 

“Pro-Rata Share” means, with respect to the share of any Seller in any particular amount, that percentage set forth as
such for such Seller in Exhibit A. 
 “Purchase Price” means an amount equal to the Base Purchase Price as
finally adjusted after the Closing as expressly set forth in this Agreement. 
 “Real Property
Agreements” shall have the meaning set forth in Section 4(m)(ii). 
 “Released
Claims” has the meaning set forth in Section 6(f). 
 “Released Parties” has the meaning
set forth in Section 6(f). 
 “Releasors” has the meaning set forth in Section 6(f). 

“Representatives” means, with respect to any Person, any and all directors, officers, holders or equity interests,
members, managers, partners, employees, consultants, financial advisors, financing sources, counsel, accountants, and other agents and legal or personal representatives of such Person. 

“Restricted Period” has the meaning set forth in Section 6(d). 

“Section 338(h)(10) Election” has the meaning set forth in Section 6(b)(x)(A). 

“Securities Act” means the Securities Act of 1933, as amended. 

“Seller” and “Sellers” have the meaning set forth in the first paragraph of this Agreement.

 “Seller Indemnitees” has the meaning set forth in Section 7(c). 

“Seller Related Parties” has the meaning set forth in Section 6(e)(i). 

“Sellers’ Representative” has the meaning set forth in Section 9. 

  
 -9- 

 “Solvent” means, with respect to any Person and as of any date of
determination, that (a) 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,
(b) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business and (c) such Person will be able to pay its indebtedness as it matures. For purposes of the foregoing definition
only, (A) “indebtedness” means a liability in connection with another Person’s (i) 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 (ii) 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 and (B) each of the phrases “will not have, as of such date, an unreasonably small amount of capital with which to conduct its business” and
“able to pay its indebtedness as it matures” means that such Person will be able to generate enough cash from operations, asset dispositions or refinancing, or a combination thereof, to meet such obligations as they become due. 

“Special Representations” has the meaning set forth in Section 7(a)(i). 

“Statutory Representations” has the meaning set forth in Section 7(a)(i). 

“Straddle Period” means a taxable period that begins before or on the Closing Date and ends after the Closing Date.

 “Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership,
association, or other business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or
trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof or (b) if a limited liability company, partnership, association, or
other business entity (other than a corporation), a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a
combination thereof and for this purpose, a Person or Persons own a majority ownership interest in such a business entity (other than a corporation) if such Person or Persons shall be allocated a majority of such business entity’s gains or
losses or shall be or control any managing director or general partner of such business entity (other than a corporation). The term “Subsidiary” shall include all Subsidiaries of such Subsidiary. With respect to Target, the term
“Subsidiary” and “Subsidiaries” specifically refers to Globe Manufacturing Company, LLC, a New Hampshire limited liability company, Globe Manufacturing Company-OK, LLC, a New Hampshire limited liability company, Globe Cares, LLC,
a New Hampshire limited liability company, Globe LifeLine, LLC, a New Hampshire limited liability company, and Globe Footwear, LLC, a New Hampshire limited liability company and, in the case of Globe Manufacturing Company-OK, LLC, includes all prior
corporate forms of such entity. 
 “Subsidiary Membership Interests” has the meaning set forth in
Section 4(g). 

  
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 “Surveys” means a current ALTA/ACSM “as built” survey for each
Owned Real Property, prepared by a surveyor licensed in the jurisdiction where each Owned Real Property is located, satisfactory to Buyer, and conforming to such ALTA/ACSM Table A items and other standards as the Title Company and Buyer require as a
condition to the removal of any survey exceptions from the Title Policies, and certified to Buyer and the Title Company, in a form and with a certification satisfactory to each of such parties. 

“Target” has the meaning set forth in the first paragraph of this Agreement. “Target” includes all prior
corporate forms of Globe Holding Company, LLC. 
 “Tax” or “Taxes” means (a) all
federal, provincial, territorial, state, municipal, local, domestic, foreign or other taxes, imposts, and assessments including ad valorem, alternative or add-on minimum, built-in-gains, capital, capital stock, customs and import duties, disability,
documentary stamp, employment, environmental (including taxes under Section 59A of the Code), estimated, excise, franchise, gains, goods and services, gross income, gross receipts, income, intangible, inventory, license, mortgage recording, net
income, occupation, payroll, personal premium, property, production, profits, property, real property, recording, registration, rent, sales, severance, social security, stamp, transfer, transfer gains, unemployment, use, value added, windfall
profits, and withholding or other tax of any kind whatsoever, together with any interest, additions, fines or penalties with respect thereto or in respect of any failure to comply with any requirement regarding Tax Returns and any interest in
respect of such additions, fines or penalties; (b) liability of any Person for the payment of any amounts of the type described in clause (a) arising as a result of being (or ceasing to be) a member of any “affiliated group” (as
that term is defined in Section 1504(a) of the Code) or any combined, consolidated or unitary group under any similar provision of foreign, state or local law (or being included in any Tax Return relating thereto); and (c) liability for
the payment of any amounts of the type described in clause (a) or (b) as a result of any express or implied obligation to indemnify or otherwise assume or succeed to the liability of any other Person. 

“Tax Election Forms” have the meaning set forth in Section 6(b)(x)(A). 

“Tax Proceeding” has the meaning set forth in Section 6(b)(vi). 

“Tax Return” means any return, declaration, report, claim for refund, or information return or statement relating to,
filed with or submitted to any Governmental Entity in connection with the determination, assessment, collection or payment of Tax, including any schedule or attachment thereto, and including any amendment thereof. 

“Taxing Authority” means any Governmental Entity responsible for the administration or the imposition of any Tax. 

“Third-Party Claim” has the meaning set forth in Section 7(f)(i). 

“Title Commitment” has the meaning set forth in Section 5(q). 

“Title Company” has the meaning set forth in Section 5(q). 

“Title Policies” has the meaning set forth in Section 5(q). 

  
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 “Transaction” means the transactions described in or contemplated by this
Agreement. 
 “Transaction Expenses” means all fees and expenses incurred by Sellers, Target or any of the
Subsidiaries in connection with this Agreement and the Transaction, including (i) any fees, commissions, costs, and expenses of Target’s, any Subsidiary’s or any Seller’s legal counsel, accountants, financial advisors,
Sellers’ share of the Escrow Agent fees, consulting and other experts incident to the negotiation and preparation of this Agreement and the consummation of the Transaction, (ii) any sale, change-of-control, “stay-around,”
retention, or similar bonuses, compensation or payments to Company Employees paid or payable as a result of or in connection with the Transaction, but excluding all bonuses to be paid by Buyer pursuant to the retention agreements referenced in
Section 2(e)(i)(M) and Section 2(e)(ii)(E), and all incremental employer Taxes payable with respect thereto, (iii) any unpaid bonus amounts to be paid by Target or a Subsidiary to any Company Employee, whether accrued or
unaccrued, existing as of the Closing, and (iv) any payments in respect of a D&O Policy in accordance with Section 6(c). 

“Transaction Tax Deductions” has the meaning set forth in Section 6(b)(v). 

“Transfer Taxes” has the meaning set forth in Section 6(b)(ii). 

“Transfer Tax Returns” has the meaning set forth in Section 6(b)(ii). 

“Working Capital” means as of the applicable time for determination thereof, the aggregate of the
Current Assets (but excluding Cash and all available-for-sale securities of Target and the Subsidiaries) minus the aggregate of the Current Liabilities (but excluding Indebtedness and Transaction Expenses) and calculated on a basis consistent with
the methodologies used in the preparation of the Estimated Closing Statement. For illustration purposes only and for the avoidance of doubt, Working Capital is calculated pursuant to the methodology as set forth on the attached Exhibit B.
 
 “Working Capital Target” means an amount equal to Sixteen Million Five Hundred Thousand Dollars
($16,500,000). 
 SECTION 2. PURCHASE AND SALE OF MEMBERSHIP INTERESTS 

(a) Basic Transaction. Based upon the representations and warranties and subject to the terms and conditions set forth in this
Agreement, at the Closing Sellers hereby agree to sell, transfer and convey to Buyer, and Buyer hereby agrees to purchase and acquire from Sellers, all of the Membership Interests, free and clear of any and all Liens. 

(b) Closing Payments. At the Closing, Buyer agrees to: 

(i) pay to each Seller an amount in immediately available funds equal to such Seller’s share of the Base Purchase
Price plus or minus the Closing Date Adjustment, after giving effect to the payments contemplated by Section 2(b)(i) to Section 2(b)(iv) below, which amount shall be set forth in the Flow of Funds Statement;

 (ii) deposit into escrow with BNY Mellon, National Association, as escrow agent (the “Escrow
Agent”), the Escrow Amount; 

  
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 (iii) on behalf of Target and the Subsidiaries, pay off the Existing Debt as set
forth in the Flow of Funds Statement in accordance with the Payoff Letters; and 
 (iv) on behalf of Target and the
Subsidiaries, pay the Transaction Expenses to the appropriate payees as set forth in the Flow of Funds Statement, in accordance with invoices submitted therefor (or Target’s instructions in the case of any other amounts to be paid by Target or
a Subsidiary in connection with the Closing). 
 (c) Closing. The closing of the Transaction (the “Closing”)
shall take place at the offices of Target at 10:00 a.m. on the date that is two (2) business days after the satisfaction or waiver of all of the conditions to Closing set forth in Section 2(d) (other than those conditions that by
their terms are to be satisfied at the Closing), or on such other date or at such other time or place and in such manner (including by electronic means) as Target and Buyer shall unanimously agree (the “Closing Date”). The
Closing shall be effective as of the Effective Time and all actions scheduled in this Agreement for the Closing shall be deemed to occur simultaneously at the Effective Time. 

(d) Closing Conditions. 

(i) Mutual Conditions to Closing. The respective obligations of each Party to consummate the Transaction at the Closing
shall be subject to the fulfillment of the following conditions: 
 (A) No Party to this Agreement shall be subject at the
date of the Closing to any Governmental Order that enjoins or prohibits the consummation of the Transaction, nor shall there be any Action pending or threatened by any Person (other than a Party to this Agreement) that challenges, or seeks damages
or other relief in connection with, the Transaction. 
 (B) No Law shall have been adopted or promulgated as of the date of
the Closing having the effect of making the Transaction illegal or otherwise prohibiting consummation of, or making void or voidable, the Transaction. 

(C) Any applicable waiting period under the HSR Act relating to the Transaction shall have expired or been terminated. 

(ii) Conditions of Target and Sellers. The obligations of Target and Sellers to consummate the Transaction at the
Closing shall be further subject to the fulfillment of the following conditions, any one or more of which may be waived by Target or Sellers’ Representative, as applicable: 

(A) All representations and warranties of Buyer in this Agreement and all other agreements and certificates required to be
executed and delivered hereby shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality) or in all material respects (in the case of any representation or warranty not qualified by materiality)
on and as of the date hereof and on and as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be
determined as of that specified date). 

  
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 (B) Buyer shall have performed and complied in all material respects with all
covenants, agreements and conditions contained in this Agreement, and each other agreement contemplated hereby, required to be performed and complied with by it at or prior to the Closing. 

(C) Buyer shall have delivered all Closing Deliveries as set forth in Section 2(e)(ii) of this Agreement. 

(iii) Conditions of Buyer. The obligations of Buyer to consummate the Transaction at the Closing shall be further
subject to the fulfillment of the following conditions, any one or more of which may be waived by Buyer: 
 (A) Other than
the Fundamental Representations, all representations and warranties of Sellers, Principals and Target in this Agreement and all other agreements and certificates required to be executed and delivered hereby shall be true and correct in all respects
(in the case of any representation or warranty qualified by materiality or Material Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect) on and as of the
date hereof and on and as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of
that specified date). The Fundamental Representations shall be true and correct in all respects on and as of the date hereof and on and as of the Closing Date with the same effect as though made at and as of such date (except those representations
and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that specified date). 

(B) Each of Target, Principals and Sellers shall have performed and complied in all material respects with all covenants,
agreements and conditions contained in this Agreement, and each other agreement contemplated hereby, required to be performed and complied with by it or them at or prior to the Closing. 

(C) Since the date hereof, there has not been any event or circumstance which, with or without the lapse of time, has resulted
in or could reasonably be expected to result in a Material Adverse Effect. 
 (D) Buyer shall have obtained title insurance
policies from the Title Company (which may, at Buyer’s election, be in the form of a mark-up of a pro forma of the Title Commitments), in accordance with the Title Commitments, insuring Buyer’s fee simple title to each Owned Real Property
as of the Closing Date (including all recorded appurtenant easements, insured as separate legal parcels), with gap coverage from Closing through the date of recording, in such 

  
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amount as Buyer determines to be the value of the Owned Real Property insured thereunder and which shall include the endorsements requested by Buyer including, without limitation, a
non-imputation endorsement. Target and Sellers shall cooperate with Buyer in connection with the issuance of the Title Policies by executing any and all required affidavits and certificates required for the issuance of the Title Policies. Buyer
shall pay all premiums with respect to the Title Policies and the endorsements thereto. 
 (E) Target and Sellers shall have
delivered all Closing Deliveries as set forth in Section 2(e)(i) of this Agreement. 
 (e) Closing Deliveries. The
following shall be delivered at the Closing (the “Closing Deliveries”): 
 (i) By Target and
Sellers. At or prior to the Closing, Target or Sellers, as applicable, shall deliver to Buyer the following: 
 (A) all
Consents identified in Schedule 4(d); 
 (B) the Escrow Agreement, duly executed by Sellers’ Representative;

 (C) certificates of good standing from each jurisdiction listed on Schedule 4(a) in which Target and the
Subsidiaries are qualified to conduct business, dated as of the most recent practicable date; 
 (D) executed membership
interest transfers effecting the transfer of all of the Membership Interests to Buyer; 
 (E) executed termination of the
Second Amended and Restated Cross-Purchase Agreement and Agreement to Restrict Transfer of Shares dated June 15, 2016, in form and content reasonably acceptable to Buyer; 

(F) executed termination of the Share Transfer Agreement for Dorothy F. Kristoferson dated March 11, 2008 by and between
Dorothy F. Kristoferson and Target in form and content reasonably acceptable to Buyer; 
 (G) the Payoff Letters and
invoices related to all Transaction Expenses; 
 (H) estoppel letters addressed to Buyer from each landlord for the Leased
Real Property, in form and content reasonably acceptable to Buyer; 
 (I) a Foreign Investment in Real Property Tax Act
affidavit executed by Target for all Owned Real Property, as applicable; 
 (J) such disclosures, reports and transfer tax
filings required by applicable state and local Laws in connection with the conveyance of the Owned Real Property, as applicable; 

  
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 (K) a certificate dated as of the Closing Date and signed by an authorized
officer of Target, in a form reasonably satisfactory to Buyer, certifying as to (1) the accuracy of copies of the Certificate of Formation and Limited Liability Company Agreement of Target, as amended to date, attached thereto, (2) the
adoption of resolutions of Target authorizing the execution, delivery and performance of this Agreement and the related agreements, documents and instruments referred to herein and authorizing and ratifying the acts of Target’s managers acting
as a Board of Directors and Target’s officers in carrying out the terms and provisions hereof and thereof, and (3) the incumbency of the managers acting as a Board of Directors and the officers, as applicable, executing this Agreement and
any document reasonably required in connection with the Closing; 
 (L) a certificate dated as of the Closing Date, signed
by Sellers’ Representative and an authorized officer of Target, in a form reasonably satisfactory to Buyer, certifying that each of the conditions specified in Section 2(d)(iii)(A) and 2(d)(iii)(B) have been satisfied; 

(M) retention agreements, effective as of the Closing Date, with certain key employees of Target and the Subsidiaries
identified by Buyer, duly executed by each such key employee; 
 (N) written resignations, effective as of the Closing Date,
of the officers and managers of Target and its Subsidiaries requested by Buyer; and 
 (O) an electronic copy, whether by
thumb drive, CD-ROM or other electronic means, of all documents posted to the electronic data site known as the “RAPTOR/MSA (Due Diligence Data Room https://beldenhillpartners.firmex.com/projects/17/documents) established by Belden Hill
Partners, LLC in connection with the Transaction (the “Data Room”) from the date of inception of such data site through the date that is five (5) days prior to the Closing Date. 

(ii) By Buyer. At the Closing, Buyer shall deliver to Sellers, Sellers’ Representative or the Escrow Agent, as
applicable, the following: 
 (A) the Escrow Agreement, duly executed by Buyer; 

(B) a certificate of the Secretary of State of Pennsylvania as to the good standing of Buyer as of the most recent practicable
date; 
 (C) such disclosures, reports and transfer tax filings required by applicable state and local Laws in connection
with the conveyance of the Owned Real Property, as applicable; 
 (D) a certificate dated as of the Closing Date, signed by
Buyer, in a form reasonably satisfactory to Sellers’ Representative, certifying that each of the conditions specified in Section 2(d)(ii)(A) and 2(d)(ii)(B) have been satisfied; 

  
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 (E) retention agreements, effective as of the Closing Date, with certain key
employees of Target and the Subsidiaries identified by Buyer, duly executed by Buyer or an Affiliate of Buyer; 
 (F) the
payment of the Transfer Taxes pursuant to Section 6(b)(ii); and 
 (G) payment in cash by wire transfer of
immediately available funds of the payments set forth in Section 2(b) of this Agreement. 
 (f) Purchase Price
Adjustment. 
 (i) At least five (5) business days before the Closing, Target shall, and Principals shall cause
Target to, prepare in good faith and deliver to Buyer a written statement setting forth in reasonable detail the Estimated Closing Date Cash, the Estimated Closing Date Indebtedness, the Estimated Closing Date Transaction Expenses and the Estimated
Closing Date Working Capital (the “Estimated Closing Statement”), together with supporting documentation for such estimates and any additional information reasonably requested by Buyer. The Estimated Closing Statement shall
be reasonably acceptable to Buyer and shall be prepared in consultation with Buyer and in accordance with Exhibit B, which sets forth the accounting methods, practices, principles, policies and procedures, with consistent classifications,
judgments and valuation and estimation methodologies, all in accordance with GAAP, that were used in preparation of the Annual Financial Statements. 

(ii) The Base Purchase Price payable at Closing shall be (A) increased on a dollar for dollar basis by the amount of
Estimated Closing Date Cash, (B) decreased by the amount of any Estimated Closing Date Indebtedness, (C) decreased on a dollar for dollar basis by the amount of any Estimated Closing Date Transaction Expenses, and either (D) increased
if the Estimated Closing Date Working Capital is more than the Working Capital Target, by the amount of such difference or (E) decreased if the Estimated Closing Date Working Capital is less than the Working Capital Target, by the amount of
such difference (collectively, the “Closing Date Adjustment”). 
 (iii) At least two
(2) business days before the Closing, Target shall, and Principals shall cause Target to, prepare and deliver to Buyer a flow of funds statement (the “Flow of Funds Statement”) setting forth: (A) the Base Purchase
Price; (B) the Closing Date Adjustment; and (C) the applicable payees, amounts payable and wire instructions for all amounts payable under Section 2(b) hereof. 

(iv) As promptly as practicable after the Closing Date (but in no event later than sixty (60) days after the Closing
Date) Buyer will prepare and deliver to Sellers’ Representative a written statement setting forth in reasonable detail the Closing Date Cash, the Closing Date Indebtedness, the Closing Date Transaction Expenses and the Closing Date Working
Capital (the “Closing Statement”), together with supporting documentation for such determinations and any additional information reasonably requested by Sellers’ Representative. The Closing Statement shall be prepared in
accordance with Exhibit B, which sets forth the accounting methods, practices, 

  
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principles, policies and procedures, with consistent classifications, judgments and valuation and estimation methodologies, all in accordance with GAAP, that were used in preparation of the
Annual Financial Statements. During the thirty (30) day period following the delivery of the Closing Statement, Buyer shall provide Sellers’ Representative and his Representatives with access to such work papers, back-up materials, books
and records, and financial staff of Buyer and Target who were involved in preparing the Closing Statement as Sellers’ Representative may reasonably request in connection with his review of the Closing Statement. 

(v) The Closing Statement (and the proposed determinations of the Closing Date Cash, the Closing Date Indebtedness, the
Closing Date Transaction Expenses and the Closing Date Working Capital reflected on the Closing Statement) will be final, conclusive and binding on the Parties unless Sellers’ Representative claims that the Closing Statement has not been
prepared in accordance with the requirements of Section 2(f)(iv) above and delivers to Buyer a written notice of disagreement describing in reasonable detail any item(s) or amount(s) set forth on the Closing Statement as to which
Sellers’ Representative disagrees within forty-five (45) days after receiving the Closing Statement. Any item or amount set forth on the Closing Statement that is not disputed in such written notice will be final, conclusive and binding on
the Parties. If Sellers’ Representative delivers a notice of disagreement, then Buyer and Sellers’ Representative will use reasonable good faith efforts to resolve any such disputed items or amounts themselves. If they do not obtain a
final resolution within one hundred twenty (120) days after the Closing Date, however, then Buyer and Sellers’ Representative will select RSM US LLP or, if unavailable, Grant Thornton LLP or another mutually agreeable nationally recognized
or regional accounting firm to resolve any remaining disputed items or amounts (the “Arbitrating Accountant”). Upon submission to the Arbitrating Accountant for resolution, Buyer shall indicate in writing its position on each
disputed matter and Sellers’ Representative shall do likewise. Each of Buyer and Sellers’ Representative shall, and Buyer shall cause Target to, use commercially reasonable efforts to comply with all reasonable requests by the Arbitrating
Accountant for access to their respective work papers, back-up materials, books and records, personnel and Representatives. Buyer and Sellers’ Representative shall instruct the Arbitrating Accountant to make a written determination on each
disputed matter as soon as reasonably practicable, but no later than thirty (30) days after the submission to the Arbitrating Accountant of Buyer and Sellers’ Representative’s respective positions on the disputed matters, and such
determination by the Arbitrating Accountant will be conclusive and binding upon Buyer and Sellers’ Representative. The proposed Closing Statement (and the proposed determinations of the Closing Date Cash, the Closing Date Indebtedness, the
Closing Date Transaction Expenses and the Closing Date Working Capital reflected on the Closing Statement) will be revised as appropriate to reflect the resolution of any such disputed items or amounts pursuant to this Section 2(f)(v).
The fees and expenses of the Arbitrating Accountant shall be allocated to and borne by Buyer and Sellers’ Representative based on the inverse of the percentage that the Arbitrating Accountant’s determination bears to the total amount of
the items in dispute as originally submitted to the Arbitrating Accountant. For example, should the items in dispute total an amount of $1,000 and the Arbitrating Accountant awards $600 in favor of Sellers’ Representative’s position, 60%
of the costs of its review would be borne by Buyer and 40% of the costs would be borne by Sellers and paid by Sellers’ Representative. 

  
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 (vi) For purposes of this Agreement, the “Post-Closing Adjustment
Amount” shall equal (A) the amount, if any, by which Closing Date Cash is greater than Estimated Closing Date Cash, minus (B) the amount, if any, by which Closing Date Cash is less than Estimated Closing Date Cash,
plus (C) the amount, if any, by which Estimated Closing Date Indebtedness is greater than Closing Date Indebtedness, minus (D) the amount, if any, by which Estimated Closing Date Indebtedness is less than Closing Date
Indebtedness, plus (E) the amount, if any, by which Estimated Closing Date Transaction Expenses are greater than Closing Date Transaction Expenses, minus (F) the amount, if any, by which Estimated Closing Date Transaction
Expenses are less than Closing Date Transaction Expenses, plus (G) the amount, if any, by which Closing Date Working Capital is greater than Estimated Closing Date Working Capital, minus (H) the amount, if any, by which the
Closing Date Working Capital is less than the Estimated Closing Date Working Capital. 
 (A) If the Post-Closing Adjustment
Amount is positive, then no later than five (5) business days after final determination of the items and amounts set forth on the Closing Statement in accordance with Section 2(f)(v), (1) Buyer shall pay the Post-Closing
Adjustment Amount to Sellers’ Representative (as the paying agent on behalf of Sellers) by wire transfer of immediately available funds to an account designated by Sellers’ Representative in writing; and (2) Buyer and Sellers’
Representative shall deliver a joint instruction to the Escrow Agent directing the Escrow Agent to release to Sellers’ Representative the Adjustment Escrow. Sellers’ Representative shall distribute to each Seller such Seller’s Pro-Rata Share of the Post-Closing Adjustment Amount and the Adjustment Escrow pursuant to the terms of the Sellers’ Representative Agreement. 

(B) If the Post-Closing Adjustment Amount is negative, then no later than five (5) business days after final
determination of the items and amounts set forth on the Closing Statement in accordance with Section 2(f)(v), (1) Buyer and Sellers’ Representative shall deliver a joint instruction to the Escrow Agent directing the Escrow
Agent to release from the Adjustment Escrow (a) to Buyer an amount equal to the Post-Closing Adjustment Amount and (b) to Sellers’ Representative (as the paying agent on behalf of Sellers) the amount remaining in the Adjustment Escrow
after payment to Buyer of the Post-Closing Adjustment Amount, if any; and (2) to the extent the Post-Closing Adjustment Amount is greater than the Adjustment Escrow, Sellers’ Representative shall pay to Buyer, on behalf of Sellers, the
amount of such excess. In case of nonpayment by Sellers’ Representative of any amount due to Buyer pursuant to Section 2(f)(vi)(B), Buyer may request that Sellers’ Representative deliver, along with Buyer, a joint instruction
to the Escrow Agent directing the Escrow Agent to release from the Indemnity Escrow the amount by which the Post-Closing Adjustment Amount exceeds the Adjustment Escrow. 

  
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 (g) Withholding Rights. After the Closing, Buyer shall be entitled, upon prior written
notice to Sellers’ Representative, to deduct and withhold from any amounts otherwise payable pursuant to this Agreement such amounts as it shall be required to deduct and withhold with respect to the making of such payment under any applicable
U.S. federal, state, local or foreign Tax Law. To the extent that amounts are so withheld by Buyer, such withheld amounts (i) shall be remitted promptly by Buyer to the applicable Governmental Entity, and (ii) shall be treated for all
purposes of this Agreement as having been paid to Sellers in respect of which such deduction and withholding was made by Buyer. 
 SECTION 3.
REPRESENTATIONS AND WARRANTIES CONCERNING THE TRANSACTION. 
 (a) Sellers’ Individual Representations and Warranties.
Each Seller, severally and not jointly, represents and warrants to Buyer that the statements contained in this Section 3(a) are correct and complete as of the date of this Agreement and as of the Closing, except as set forth in the
disclosure schedules delivered by Sellers to Buyer on the date hereof (and, together with Target’s disclosure schedules, the “Disclosure Schedules”). 

(i) Authorization of Transaction. Seller has full power and authority (including full corporate or other entity power
and authority, as applicable) to execute and deliver this Agreement and the other agreements contemplated hereby to which Seller is a party and to perform his, her or its obligations hereunder and thereunder. This Agreement, and each other agreement
contemplated hereby to which Seller is a party, has been (or in the case of instruments required to be executed at or prior to Closing, will be) duly executed and delivered by Seller and, assuming the due execution and delivery by each of the other
parties hereto or thereto, constitute the valid and legally binding obligation of Seller, enforceable against Seller in accordance with their respective terms and conditions, except as such enforceability may be limited by (A) bankruptcy,
insolvency, reorganization, moratorium or other similar Laws affecting or relating to creditors’ rights generally, and (B) the availability of injunctive relief and other equitable remedies. If applicable, the execution, delivery and
performance of this Agreement and all other agreements contemplated hereby to which Seller is a party have been duly authorized by Seller. 

(ii) Non-contravention. Neither the execution and delivery of this Agreement, or the other agreements contemplated
hereby to which Seller is a party, by Seller, nor the consummation of the Transaction by Seller, will (A) violate or breach any Law or Governmental Order applicable to Seller or by which any of his, her or its assets, properties or rights,
including the Membership Interests, is subject, (B) conflict with, result in a breach of, constitute a default under (or an event that, with or without notice, or lapse of time, or both, would constitute a default under), result in the
acceleration of, create in any Person the right to accelerate, terminate, modify or cancel, or require any Consent, notice or action by any Person under, any Contract to which Seller is a party or by which he, she or it is bound, or to which any of
his, her or its assets, properties or rights, including the Membership Interests, is subject, or (C) result in the imposition or creation of a Lien with respect to the Membership Interests or materially impair the ability of Seller to
consummate the Transaction in accordance with the terms and 

  
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conditions hereof. Except with respect to certain agreements among Sellers set forth on Schedule 3(a)(ii), which shall be terminated as of the Closing, Seller is not required to obtain any
Consent in connection with the execution and delivery of this Agreement or the consummation of the Transaction. 
 (iii)
Brokers’ Fees. Other than fees, costs and expenses set forth in Schedule 3(a)(iii), Seller has no liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the Transaction. 

(iv) Membership Interests. Seller holds of record and owns beneficially the Membership Interests set forth next to his,
her or its name on Exhibit A, free and clear of any and all Liens, except restrictions on transfers as among and between certain of the Sellers and/or Target which will be terminated at Closing. Seller is not a party to any option, warrant,
purchase right, or other Contract or commitment (other than this Agreement) that could require Seller to sell, transfer, or otherwise dispose of any capital or interest of Target. Except as set forth in Schedule 3(a)(iv), Seller is not a
party to any voting trust, proxy, or other agreement or understanding with respect to the voting of any equity interest of Target. At the Closing, Buyer will acquire good and valid title to Seller’s Membership Interests set forth next to such
Seller’s name on Exhibit A, free and clear of all Liens. 
 (v) Certain Business Relationships with
Target. Seller is not a party to any Contract with Target and has not been involved in any business arrangement or relationship with Target within the past five (5) years other than in his or her employment capacity, and Seller owns no
assets, tangible or intangible, that are used or held for use in the Business. 
 (b) Buyer’s Representations and Warranties.
Buyer represents and warrants to each Seller and to Target that the statements contained in this Section 3(b) are correct and complete as of the date of this Agreement and as of the Closing. 

(i) Organization of Buyer; Organizational Documents. Buyer is a limited liability company duly organized, validly
existing, and in good standing under the Laws of the Commonwealth of Pennsylvania. 
 (ii) Authorization of
Transaction. Buyer has full power and authority (including full corporate or other entity power and authority) to execute and deliver this Agreement and the other agreements contemplated hereby to which Buyer is a party and to perform its
obligations hereunder and thereunder. This Agreement, and each other agreement contemplated hereby to which Buyer is a party, has been (or in the case of instruments required to be executed at or prior to Closing, will be) duly executed and
delivered by Buyer and, assuming the due execution and delivery by each of the other parties hereto or thereto, constitutes the valid and legally binding obligation of Buyer, enforceable against Buyer in accordance with its terms and conditions,
except as such enforceability may be limited by (A) bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting or relating to creditors’ rights generally, and (B) the availability of injunctive relief and other
equitable remedies. The execution, delivery and performance of this Agreement and all other agreements contemplated hereby have been duly authorized by Buyer. 

  
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 (iii) Non-contravention. Neither the execution and delivery of this
Agreement or the other agreements contemplated hereby to which Buyer is a party, nor the consummation of the Transaction, will (A) violate or breach any Law or Governmental Order applicable to Buyer or by which any of its assets, properties or
rights is subject, (B) conflict with, result in a breach of, constitute a default under (or an event that, with or without notice, or lapse of time, or both, would constitute a default under), result in the acceleration of, create in any Person
the right to accelerate, terminate, modify, or cancel, or require any Consent, notice or action by any Person under, any Contract to which Buyer is a party or by which it is bound or by which any of its assets, properties or rights is subject,
except in each case where any such violations, conflicts, breaches, defaults or other matters does not, and would not reasonably be expected to, prohibit or materially impair Buyer’s ability to perform its obligations under this Agreement and
the other agreements contemplated hereby to which Buyer is a party. Except under the HSR Act, Buyer is not required to obtain any Consent in connection with the execution and delivery of this Agreement or the consummation of the Transaction. 

(iv) Brokers’ Fees. Buyer has no liability or obligation to pay any fees or commissions to any broker, finder, or
agent with respect to any aspect of the Transaction for which Target or any Seller could be liable. 
 (v)
Investment. Buyer acknowledges that the Membership Interests are not registered under the Securities Act, or registered or qualified for sale under any state securities Laws and cannot be resold without registration thereunder or exemption
therefrom. Buyer is an “accredited investor”, as such term is defined in Regulation D of the Securities Act and is not acquiring the Membership Interests with a view to or for sale in connection with any distribution thereof within the
meaning of the Securities Act. Buyer has sufficient knowledge and experience in financial and business matters to enable it to evaluate the risks of investment in the Membership Interests and has the ability to bear the economic risk of this
investment for an indefinite period of time. 
 (vi) Sufficient Funds. Buyer has sufficient cash on hand or other
forms of immediately available funds to enable it to make the payment of all amounts required to be paid pursuant to Section 2(b). 

(vii) Solvency. Assuming (A) Target is Solvent immediately prior to the Closing, (B) the accuracy of the
representations and warranties of Sellers and Principals set forth in Sections 3(a) and 4 hereof, respectively, (C) that all Closing Deliveries set forth in Section 2(e) have been delivered or waived, and (D) the
estimates, projections or forecasts provided by Target to Buyer prior to the date hereof have been prepared in good faith on assumptions that were and continue to be reasonable, immediately after giving effect to the Closing, Buyer and Target will
be Solvent. 

  
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 SECTION 4. REPRESENTATIONS AND WARRANTIES CONCERNING TARGET 

Principals and Target represent and warrant to Buyer that the statements contained in this Section 4 are correct and complete as
of the date of this Agreement and as of the Closing, except as set forth in the Disclosure Schedules delivered by Target to Buyer on the date hereof. 

(a) Organization, Qualification, and Power. Each of Target and the Subsidiaries is a duly organized limited liability company, validly
existing and in good standing (or the equivalent) under the Laws of the jurisdiction of its formation. Each of Target and the Subsidiaries is duly licensed or qualified to conduct business and is in good standing under the Laws of each jurisdiction
where the character of the properties owned, leased or licensed by it or the nature of its business makes such license or qualification necessary, except where the lack of such license or qualification in a foreign jurisdiction has not had or would
not be reasonably expected to have a Material Adverse Effect. Each of Target and the Subsidiaries has full company power and authority to carry on the business in which it is engaged and to own, lease or use the properties and assets owned, leased
or used by it. Schedule 4(a) lists the full name of Target and each of the Subsidiaries along with corresponding government identification or registration numbers, the jurisdictions in which Target and each of the Subsidiaries is qualified to
conduct business, and the respective current managers, directors and officers of Target and each of the Subsidiaries. Except for Cairns & Brother and Falcon Performance Footwear, LLC, neither Target nor any Subsidiary has acquired any
business or any equity interests or assets of any other Person (other than acquisitions of assets in the Ordinary Course of Business), whether by merger, sale of stock, sale of assets or otherwise. 

(b) Authorization of Transaction. Target has full power and authority to execute and deliver this Agreement and the other agreements
contemplated hereby to which Target is a party and to perform its obligations hereunder and thereunder. This Agreement, and each other agreement contemplated hereby to which Target is a party, has been (or in the case of instruments required to be
executed at or prior to the Closing, will be) duly executed and delivered by Target and, assuming the due execution and delivery by each of the other parties hereto or thereto, constitutes the valid and legally binding obligation of Target,
enforceable against Target in accordance with its terms and conditions, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting or relating to creditors’ rights
generally, and (ii) the availability of injunctive relief and other equitable remedies. The execution, delivery and performance of this Agreement and all other agreements contemplated hereby to which Target is a party have been duly authorized
by Target. 
 (c) Capitalization. The entire authorized capital of Target consists of fourteen thousand eight hundred
(14,800) membership interests which are referred to as “shares” within Target’s Limited Liability Company Agreement, all of which are issued and outstanding and comprise the Membership Interests. The Membership Interests are held
of record on the Closing Date by the respective Sellers as set forth on Exhibit A. The Membership Interests are not represented by certificates. All of the Membership Interests have been duly authorized, are validly issued, fully paid, and
non-assessable, and have not been issued in violation of any preemptive or similar right created by statute, the certificate of formation or Limited Liability Company Agreement of Target, or any Contract to which Target is a party or by which Target
is bound, and have been issued in compliance with applicable Law. Except for the Membership Interests and as 

  
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set forth on Schedule 4(c), there are no (i) outstanding or authorized shares of capital interests or other equity or voting shares of Target, options (and any shares reserved for
issuance upon the exercise thereof), warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other contracts or commitments that could require Target to issue, sell, or otherwise cause to become outstanding any of its
equity interests or shares convertible, exercisable for or exchangeable into equity or voting interests of Target, and (ii) outstanding or authorized equity appreciation, phantom stock, profit participation, or similar equity-based rights with
respect to Target. Except for this Agreement and as set forth on Schedule 4(c), there are no voting trusts, proxies, or other agreements or understandings with respect to the voting, transfer or other rights of the Membership Interests. At
the Closing, Buyer will acquire good and valid title to all of the Membership Interests in each case free and clear of all Liens. 
 (d)
Non-contravention. Except as set forth on Schedule 4(d), neither the execution and delivery of this Agreement by Target, nor the consummation of the Transaction by Target, will (i) violate or breach any Law or Governmental Order
applicable to Target or any of its Subsidiaries or by which any of their respective assets, properties or rights is subject; (ii) conflict with or violate any provision of the certificate of formation, operating agreement, or other governing
documents of Target or its Subsidiaries; or (iii) conflict with, result in a breach or violation of, constitute a default under (or event that, with or without notice or lapse of time or both, would constitute a default under), result in the
acceleration of, create in any Person the right to accelerate, terminate, modify or cancel, or require any Consent, notice or other action by any Person under, any Permit or Material Contract (or result in the imposition of any Lien upon any of the
assets of Target or Target’s Subsidiaries, including the Membership Interests). Except under the HSR Act or as otherwise set forth on Schedule 4(d), Target is not required to obtain any Consent in connection with the execution and
delivery of this Agreement or the consummation of the Transaction. 
 (e) Brokers’ Fees. Except as set forth on Schedule
4(e), none of Target, the Subsidiaries or Target’s Affiliates has any liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the Transaction. 

(f) Tangible Assets. 

(i) Target and each Subsidiary has good, marketable and exclusive title to, or a valid leasehold interest in, the material
tangible assets used, held for use by it in, or necessary to, the conduct of the Business, free and clear of all Liens. 

(ii) The equipment and other tangible assets that Target and each Subsidiary owns and leases have been maintained in
accordance with normal industry practice, are in good operating condition and repair (subject to normal wear and tear), and are sufficient to operate the Business in the Ordinary Course of Business. All such assets are reflected on the Interim
Financial Statements, except for properties and assets disposed of or expensed in the Ordinary Course of Business since the date of the Interim Financial Statements. The tangible personal property currently owned or leased by Target and each
Subsidiary is sufficient to conduct the Business as of Closing in substantially the same manner as conducted prior to Closing and constitutes all of the rights, property and assets necessary to conduct the Business as currently conducted. 

  
 -24- 

 (iii) All inventory (which for purposes hereof shall include all raw materials,
works-in-process and finished goods) of Target and each Subsidiary consists of a quality and quantity usable and salable in the Ordinary Course of Business, except for obsolete, damaged, defective or slow-moving items that have been written off or
written down to fair market value or for which adequate reserves have been established on the Interim Financial Statements consistent with past practices. No inventory is held on a consignment basis and the quantities of each item of inventory are
not excessive, but are reasonable in the present circumstances of the Business. 
 (g) Subsidiaries. Schedule 4(g) sets forth
a true and complete list of the name and jurisdiction of organization of each Subsidiary as well as the entire authorized and outstanding equity securities of each such Subsidiary (the “Subsidiary Membership Interests”).
Target is the sole record and beneficial owner and holder (either directly or indirectly via a Subsidiary) of all of the Subsidiary Membership Interests, free and clear of all Liens. All of the Subsidiary Membership Interests have been duly
authorized, are validly issued, fully paid, and non-assessable, have not been issued in violation of any preemptive or similar right created by statute, the certificate of formation or operating agreement of
any Subsidiary, or any Contract to which any Subsidiary is a party or by which any Subsidiary is bound, and have been issued in compliance with applicable Law. Except as set forth on Schedule 4(g), there are no (i) outstanding or
authorized equity interests of any Subsidiary, options (and any shares reserved for issuance upon the exercise thereof), warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other contracts or commitments that could
require any Subsidiary to issue, sell, or otherwise cause to become outstanding any of its equity interests or shares convertible, exercisable for or exchangeable into equity or voting interests of such Subsidiary, or (ii) outstanding or
authorized equity appreciation, phantom stock, profit participation, or similar equity-based rights with respect to any of the Subsidiary Membership Interests. There are no voting trusts, proxies, or other agreements or understandings with respect
to the voting, transfer or other rights of any of the Subsidiary Membership Interests. Neither Target nor any Subsidiary owns, and has no agreement to acquire, any capital stock of or other equity interest in any Person, except for the ownership of
the Subsidiary Membership Interests reflected on Schedule 4(g) or as set forth on Schedule 4(g). 
 (h) Financial
Statements. 
 (i) Attached hereto as Exhibit C are the audited consolidated balance sheet and related statements
of earnings, members’ equity and cash flows of Target and the Subsidiaries as of the fiscal year ended December 31, 2016 (the “Annual Financial Statements”) and the unaudited consolidated balance sheet and related
statements of earnings, members’ equity and cash flows of Target and the Subsidiaries as of the period ended May 26, 2017 (the “Interim Financial Statements”). The Financial Statements (including the notes thereto)
(A) were derived from the books and records of Target and its Subsidiaries, (B) have been prepared in accordance with GAAP consistently applied throughout the periods covered thereby (except that the Interim Financial Statements are
subject to normal year-end adjustments, none of which are expected to be material, and do not include footnotes) and (C) present fairly in all material respects the financial condition of Target and the Subsidiaries as of such dates and the
results of operations and cash flows of Target and the Subsidiaries for such period. 

  
 -25- 

 (ii) Target and the Subsidiaries maintain a system of internal accounting
controls that are designed to provide reasonable assurance that (A) transactions are recorded as necessary to permit materially correct preparation of their consolidated financial statements and to maintain reasonably accurate accountability
for their assets, and (B) accounts, notes and other receivables and inventory are recorded accurately in all material respects, and proper and adequate procedures are implemented to effect the collection thereof in a timely fashion. There are
no significant deficiencies or material weaknesses in the design or operation of the internal controls of Target and the Subsidiaries which have adversely affected or could adversely affect the ability of Target or any Subsidiary to record, process,
summarize or report financial data. 
 (iii) All accounts and notes receivable reflected on the Interim Financial Statements
and all accounts and notes receivable arising subsequent to the date of the Interim Financial Statements (A) have arisen from bona fide transactions entered into by Target or a Subsidiary in the Ordinary Course of Business, (B) represent
legal, valid and binding obligations of the obligors thereon, and (C) subject to any applicable reserves (except for intercompany loans for which there is no reserve) set forth on the Interim Financial Statements which are adequate for such
purposes, represent undisputed claims of Target or a Subsidiary not subject to, to the Knowledge of Target, any claims of setoff or other defenses or counterclaims. 

(i) Undisclosed Liabilities. Neither Target nor the Subsidiaries have any material liabilities, obligations or commitments of any kind,
whether absolute, accrued, contingent or otherwise, except for (i) liabilities, obligations or commitments shown on the Interim Financial Statements, for which adequate reserves are established, (ii) liabilities which have arisen since the
date of the Interim Financial Statements in the Ordinary Course of Business (and not from breach or default) from performance obligations under any Contract, and which are not material in amount, and (iii) liabilities set forth on Schedule
4(i). 
 (j) Events Subsequent to Most Recent Fiscal Year End. Since December 31, 2016, Target and each Subsidiary has
conducted its operations in the Ordinary Course of Business and there has not been any occurrence, change, development or event that has had or would reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the
foregoing, since December 31, 2016, except as set forth on Schedule 4(j): 
 (i) Neither Target nor any
Subsidiary has amended its certificate of formation, operating agreement or other organizational documents. 
 (ii) Except
in the Ordinary Course of Business, neither Target nor any Subsidiary has abandoned or let lapse, sold, leased, transferred, or assigned any material assets, including leases, licenses, agreements, or Intangible Assets. 

(iii) Neither Target nor any Subsidiary has entered into any material agreement, contract, lease, or license outside the
Ordinary Course of Business (except for this Agreement). 

  
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 (iv) Neither Target nor any Subsidiary has accelerated, terminated, made material
modifications to, or canceled any Material Contract outside the Ordinary Course of Business. 
 (v) Neither Target nor any
Subsidiary has had imposed on it any Lien on any of its assets, tangible or intangible, or made any capital expenditures in excess of $100,000. 

(vi) Neither Target nor any Subsidiary has issued, sold, or otherwise disposed of any of its equity interests, or granted any
options, warrants, equity-based awards or other rights to purchase or obtain (including upon conversion, exchange, or exercise) any of its equity interests. 

(vii) Neither Target nor any Subsidiary has experienced any material damage, destruction, or loss (whether or not covered by
insurance) affecting its properties, assets, business, or prospects. 
 (viii) Neither Target nor any Subsidiary has
advanced any money or other property or made any loan to, or entered into any other transaction with, any of its current or former managers, directors, officers, employees or Affiliates. 

(ix) Except for the execution of standard nondisclosure agreements with employees in the Ordinary Course of Business, neither
Target nor any Subsidiary has entered into any employment or similar Contract or any collective bargaining agreement, or modified the terms of any such existing contract or agreement. 

(x) Neither Target nor any Subsidiary has granted (or promised to grant) any increase in the compensation or fringe benefits
of any of its current or former directors, officers, and employees, or adopted, amended, modified, or terminated (or announced or otherwise committed to any such adoption, amendment, modification, or termination) any Employee Benefit Plan. 

(xi) Neither Target nor any Subsidiary has made any loans or advances of money or changed its existing credit arrangements
with any bank or other financial institution. 
 (xii) Neither Target nor any Subsidiary has made any change in accounting
methods or practices or any change in depreciation or amortization policies or rates. 
 (xiii) Neither Target nor any
Subsidiary has experienced any adverse change in its condition (financial or otherwise), assets, liabilities, member’s equity, business, earnings or prospects except changes in the Ordinary Course of Business, none of which has been or will
have a Material Adverse Effect or otherwise be material to Target or such Subsidiary. 
 (xiv) Neither Target nor any
Subsidiary has agreed or committed to any of the foregoing. 

  
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 (k) Legal Compliance; Permits. 

(i) Except as set forth on Schedule 4(k)(i), Target and each Subsidiary is, and has been at all times, in compliance in
all material respects with all applicable Laws and Governmental Orders in effect with respect to the Business, and neither Target nor any Subsidiary has received any written notice from a Governmental Entity asserting any violation of applicable
Laws or a Governmental Order. 
 (ii) All Permits required for Target and each Subsidiary to conduct the Business have been
obtained and are valid and in full force and effect. All fees and charges with respect to such Permits that are due and payable prior to the Closing have been paid in full or accrued in the Closing Date Working Capital as reflected in the Closing
Statement. Schedule 4(k)(ii) lists all current Permits issued to Target and the Subsidiaries, including the names of the Permits and their respective dates of issuance and expiration. No event has occurred that, with or without notice or
lapse of time or both, would reasonably be expected to result in the revocation, suspension, lapse or limitation of any Permit set forth on Schedule 4(k)(ii). Neither Target nor any Subsidiary has received any written notice that Target or a
Subsidiary is in violation of any material Permit or that any material Permit will not be renewed or will otherwise be revoked or terminated. 

(l) Tax Matters. Except as set forth on Schedule 4(l): 

(i) Target has timely filed all Tax Returns that it was required to file, and has paid all Taxes imposed on it. All such Tax
Returns were true, correct and complete in all material respects. 
 (ii) Target has properly withheld or collected and
timely paid over to the appropriate Governmental Entity all Taxes required to have been withheld or collected and paid over under applicable Tax Laws. 

(iii) There are no Liens for Taxes upon any of the assets of Target. 

(iv) There is no inquiry, dispute or claim concerning any Tax liability of Target claimed or raised by any Governmental Entity
in writing that is currently pending or threatened, and all Tax deficiencies or assessments asserted or made by a Governmental Entity against Target as a result of any examination of Target’s Tax Returns have been paid or fully settled. To the
Knowledge of Target, no inquiry or claim has ever been made by a Governmental Entity in a jurisdiction where Target does not file Tax Returns that it may be subject to Tax by that jurisdiction. 

(v) Target has not granted any extension or waived any statute of limitations period applicable to any Tax Return or Tax,
which period (after giving effect to such extension or waiver) has not yet expired. 
 (vi) Target is not a party to any Tax
allocation or Tax sharing agreement. 

  
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 (vii) Target will not be required to include any item of income in, or exclude
any item of deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any (A) “closing agreement” as described in Code Section 7121 (or any corresponding or similar
provision of state, local, or foreign income Tax Law) executed on or prior to the Closing Date, (B) change in method of accounting for a taxable period ending on or prior to the Closing Date, (C) installment sale or open transaction
disposition made on or prior to the Closing Date or (D) prepaid amount received on or prior to the Closing Date. 

(viii) Target has not distributed stock of another Person nor had its stock/equity interests distributed by another Person, in
a transaction that was purported or intended to be governed in whole or in part by Code Section 355 or Code Section 361. 

(ix) Target is not and has not been a party to any “reportable transaction” or “listed transaction” as
defined in Code Section 6707A(c) and Reg. Section 1.6011-4(b). 
 (x) Target has not made payments or provided
benefits, and is not obligated to make payments or provide benefits, and, to the Knowledge of Target, is not a party to a contract that could obligate it to make payments or provide benefits that will not be deductible under Section 280G of the
Code. 
 (xi) None of the assets of Target is property that Target is required to treat as being a “safe harbor
lease” within the meaning of Section 168(f)(8) of the Code, as in effect prior to amendment by the Tax Equity and Fiscal Responsibility Act of 1982. None of the assets of Target has been financed with or directly or indirectly secures any
debt the interest of which is tax-exempt under Section 103(a) of the Code. Target is not a borrower or the guarantor of any outstanding industrial revenue bonds, or a tenant, principal user or related Person to any principal user within the
meaning of Section 144(a) of the Code of any property that has been financed or improved with the proceeds of industrial revenue bonds. None of the assets of Target is “tax-exempt use property” within the meaning of
Section 168(h) of the Code. 
 (xii) Target has delivered to Buyer correct and complete copies of all Income Tax
Returns, examination reports, and statements of deficiencies assessed against Target or agreed to by Target that were filed or received since December 31, 2013. Since such time, Target has not received any private letter ruling from the IRS (or
any comparable ruling from any other Taxing Authority). 
 (xiii) There is no material property or obligation of Target
including, but not limited to, uncashed checks to vendors, customers, or employees, non-refunded overpayments, or unclaimed balances, that, to the Knowledge of Target, is escheatable to any state or municipality under any applicable escheatment laws
as of the date hereof or that may at any time after the date hereof and on or before the Closing Date become escheatable to any state or municipality under any applicable escheatment laws. 

(xiv) Target is, and since January 1, 1987 Target has been, qualified and treated as an S corporation for federal
tax purposes (within the meaning of Code Section 1361) 

  
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having in effect a valid and timely election made pursuant to Section 1362(a) of the Code and, to the Knowledge of Target, no Tax authority has challenged the effectiveness of this election.
No event has ever occurred that terminated, or would terminate or cause denial or revocation of, Target’s status as an S corporation for purposes of the Code or the Tax laws of any state in which Target does business that allows for
S corporation treatment. Target has no material liability for Taxes under Section 1374 or Section 1375 of the Code (or any corresponding or similar provision of state or local Tax law). 

(xv) To the Knowledge of Target, Target has collected and maintained all resale certificates and other documentation required
to qualify for any exemption from the collection of sales Taxes. 
 (m) Real Property. 

(i) Schedule 4(m)(i) contains a true and complete list of all Owned Real Property, identified by street address. Target
has good, valid and marketable indefeasible, fee simple title in and to the Owned Real Property, free and clear of all Liens. Target has made available to Buyer copies of the deeds and other instruments (as recorded) by which Target or a Subsidiary
acquired such Owned Real Property, and copies of all title insurance policies, title insurance commitments, opinions, environmental reports, zoning reports, abstracts and surveys in the possession of Target relating to the Owned Real Property. No
condemnation proceeding is pending or, to the Knowledge of Target, threatened, which would preclude or materially impair the use of any Owned Real Property or the Leased Real Property for the uses for which it is intended. 

(ii) Schedule 4(m)(ii) contains a true and complete list of all Leased Real Property identified by street address and
all Other Real Property Interests. Target has made available to Buyer true and complete copies (including any and all amendments, modifications, renewals and assignments) of the lease agreements covering the Leased Real Property identified on
Schedule 4(m)(ii) (collectively, the “Leases”), and all agreements pursuant to which Target or a Subsidiary holds any right, title or interest in and to the Other Real Property Interests (the “Other Real
Property Agreements”, together with the Leases, the “Real Property Agreements”). Target or a Subsidiary has valid and enforceable leasehold interests in all of the Leased Real Property, free and clear of all
Liens. Neither Target nor any Subsidiary has subleased, licensed or otherwise granted any Person the right to use or occupy any parcel of the Owned Real Property or the Leased Real Property or any portion thereof. Target or a Subsidiary has valid
and enforceable rights to use all material Other Real Property Interests. All rents, deposits and additional amounts due pursuant to each Real Property Agreement have been timely paid. 

(iii) Each parcel of Owned Real Property and Leased Real Property and any improvements thereon and together with Other Real
Property Interests: (A) has access to and over public streets or private streets for which Target or a Subsidiary has a valid right of ingress and egress, (B) conforms in its current use and occupancy to all zoning requirements, and
(C) conforms in its current use to all restrictive covenants, if any, and 

  
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other Liens affecting all or part of such parcel. Neither Target nor any Subsidiary has received any written notice from any third party, including any Governmental Entity, of non-compliance with
any building, land use, occupancy, health and safety, fire, sanitation or similar requirements, or any applicable Permits, Laws or other restrictions of any Governmental Entity. There are no pending or, to the Knowledge of Target, threatened
condemnation, fire, health, safety, environmental, building, zoning or other land use actions relating to any portion of the Owned Real Property or the Leased Real Property that would have a material effect on the current use or occupancy thereof.

 (iv) Neither Target or a Subsidiary nor, to the Knowledge of Target, any other party is in breach of or default under the
material terms of any Real Property Agreement (or has taken or failed to take any action which, with or without notice, lapse of time, or both, would constitute a default) or has received any notice of default, termination or non-renewal under any
Real Property Agreement. Each Real Property Agreement is a valid and binding obligation of Target or a Subsidiary and is in full force and effect, enforceable against Target or a Subsidiary, as applicable, in accordance with its terms, except as
enforceability may be limited by (A) bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting or relating to creditors’ rights generally, and (B) the availability of injunctive relief and other equitable
remedies. 
 (v) To the Knowledge of Target, there are no facts or circumstances which would prevent any portion of the
Owned Real Property, Leased Real Property or the Other Real Property Interests from being used and occupied after the Closing in substantially the same manner as such properties are used and occupied immediately prior to the Closing. The Owned Real
Property, the Leased Real Property and the Other Real Property Interests are the only real property used or occupied by Target or a Subsidiary in connection with the operation of the Business. 

(vi) To the Knowledge of Target, except as set forth on Schedule 4(m)(vi), all of the premises, fixtures and
improvements located on the Owned Real Property and the Leased Real Property, including all mechanical and other systems, equipment, pipes, lines and other infrastructure and all components thereof, are in compliance with all applicable Laws, are in
good condition (ordinary wear and tear excepted), and are fully operational without structural defects. To the Knowledge of Target, no facts or conditions exist that, individually or in the aggregate, would require repairs, alterations or
corrections or interfere in any respect with the use or occupancy of the improvements on the Owned Real Property or the Leased Real Property, other than repairs in the Ordinary Course of Business. 

(vii) None of the improvements on the Owned Real Property or Leased Real Property encroaches on any land that is not included
in the Owned Real Property or Leased Real Property or on any easement affecting such Owned Real Property or Leased Real Property, or violates any building lines or set-back lines, and, except as set forth in the Title Commitment, there are no
encroachments onto or encumbrances affecting the Owned Real Property or Leased Real Property, or any portion thereof, that would interfere with the use or occupancy of such Owned Real Property or Leased Real Property or the continued operation of
Target’s and any Subsidiary’s Business as currently conducted thereon. 

  
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 (n) Intellectual Property. 

(i) Schedule 4(n)(i) lists (A) all patents, trademarks, copyrights, service marks, any registrations or
applications for any of the foregoing, and software (other than “off the shelf” licenses of software) that are used by Target and each Subsidiary in the operation of the Business, specifying whether such assets are owned, controlled, used
or held (under license or otherwise) by Target or a Subsidiary, and (B) all IP Registrations for such assets. For all IP Registrations, Schedule 4(n)(i) specifies the applicable filing or registration number, title, jurisdiction in which
the filing was made or from which registration was issued, and date of filing or issuance. All registrations and applications on Schedule 4(n)(i) are subsisting and unexpired, valid and enforceable and not presently involved in any
reexamination, opposition, inter-partes review or other legal proceeding in which its scope, validity, ownership, right to use, or enforceability is being contested or challenged, in the United States or any foreign jurisdiction, and all
required filings and fees due and related to IP Registrations have been timely filed and paid to the relevant Governmental Entities and authorized registrars. Target and the Subsidiaries have provided Buyer with true and complete copies of file
histories, documents, certificates, office actions, correspondence and other materials related to all IP Registrations set forth on Schedule 4(n)(i). Except as set forth on Schedule 4(n)(i), all Persons who created or contributed to
material Intangible Assets purportedly owned by Target or a Subsidiary have assigned to Target or such Subsidiary in writing all of their rights therein to the extent such rights did not vest automatically in Target or such Subsidiary by operation
of Law and Target has provided Buyer with true and correct copies of all such Contracts. 
 (ii) Except as set forth on
Schedule 4(n)(ii), Target and the Subsidiaries exclusively own, free and clear of all Liens or adverse rights or interests of third parties, all material Intangible Assets, are record owner(s) of all right, title and interest in and to the IP
Registrations, and own or have a right to use all other Intangible Assets. 
 (iii) Since January 1, 2012, neither
Target nor any Subsidiary has received any written notice of any current claim or dispute relating to the Intangible Assets and, to the Knowledge of Target, since January 1, 2012 neither Target nor any Subsidiary has been threatened with a
dispute or claim relating to the Intangible Assets. Target has no knowledge of facts or circumstances which would render any Intangible Asset invalid or unenforceable, and, none of the Intangible Assets are subject to any Governmental Order. Neither
Target nor any Subsidiary has been named in any proceeding (settled, pending or threatened) before any Governmental Entity which involves a claim of infringement, misappropriation, dilution, or other violation of any patents, trademarks, trade
names, service marks, trade secrets, or copyrights, intellectual property, or other rights of any third party. 
 (iv) To
the Knowledge of Target, except as set forth on Schedule 4(n)(iv), no third party is currently infringing upon, misappropriating, diluting, or otherwise violating, and, to the Knowledge of Target, since January 1, 2012 no third party has
infringed upon, 

  
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misappropriated, diluted or otherwise violated any Intangible Assets. The conduct of the Business has not and does not infringe upon, violate, or misappropriate any patents, trademarks, trade
names, service marks, trade secrets, copyrights or intellectual property of any other Person, violate any right of any Person (including any right to privacy or publicity), or constitute unfair competition or trade practices under the laws of any
applicable jurisdiction. 
 (v) Target and each Subsidiary have taken all commercially reasonable actions to protect and
maintain their respective Intangible Assets, the confidentiality of Target and each Subsidiary’s confidential information and trade secrets included in the Intangible Assets, including requiring all employees and independent contractors having
access to such confidential information and trade secrets to execute written non-disclosure agreements, and the confidentiality, security and operation of their respective software, websites, systems and networks (and the data and transactions
transmitted thereby), including from any unauthorized use or access by third parties, and there have been no material violations of the same within the last three (3) years. 

(vi) Neither this Agreement nor the Transaction will result in (A) Buyer being bound by or subject to any exclusivity
obligations, non-compete or other adverse restriction on the operation or scope of its business, (B) Buyer being obligated to pay any royalties or other amounts to any third Person in excess of those payable in the absence of this Agreement or
the transactions contemplated hereby, (C) the loss or impairment of any of Target or a Subsidiary’s rights in any material Intangible Assets, or (D) the breach of, or create on behalf of any Person the right to terminate or modify
any, license, sublicense, or other Contract to which Target or any Subsidiary is a party and pursuant to which Target or any Subsidiary is authorized to license or use any third party intellectual property that is material to the Business. 

(vii) Except as set forth on Schedule 4(n)(vii), after the Closing, all Intangible Assets will be fully transferable,
alienable, and licensable by Buyer without restriction and without payment of any kind to any third Person. Except as set forth on Schedule 4(n)(vii), neither Target nor any Subsidiary has (A) transferred (or agreed to transfer)
ownership of, or granted (or agreed to grant) any exclusive license of or exclusive right to use, or authorized the retention of any exclusive rights to use an Intangible Asset or (B) permitted its rights in any Intangible Asset to lapse or
enter into the public domain. 
 (viii) Except as set forth on Schedule 4(n)(viii), after the Closing, Target and
each Subsidiary shall continue to own or have the right to use all Intangible Assets to the same extent as used by Target or such Subsidiary with respect to the conduct of the Business immediately prior to the Closing, and Target and such Subsidiary
will be permitted to exercise all of their rights and receive all of the benefits (including payments) under all Contracts related to the Intangible Assets to the same extent that Target and such Subsidiary would have been able to had the
Transaction contemplated by this Agreement not occurred and without the payment of any additional amounts or consideration other than the ongoing fees, royalties or other payments which Target or such Subsidiary would otherwise have been required to
pay pursuant to the terms of such Contracts related to Intangible Asset had the Transaction contemplated by this Agreement not occurred. 

  
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 (o) Contracts. Schedule 4(o) lists each of the following contracts, leases,
licenses, indentures, mortgages and other agreements or legally binding understandings, commitments or arrangements, whether written or oral (“Contracts”), to which Target or any Subsidiary is a party or to which any of its
assets, rights or properties is bound (the “Material Contracts”): 
 (i) each Contract for
the lease of personal property from or to third parties providing for annual lease payments or receivables in excess of $75,000; 

(ii) each Contract pursuant to which any third party is indebted to or owes money to Target or such Subsidiary (other than
amounts owed pursuant to any client engagement); 
 (iii) each Contract regarding a partnership, joint venture or similar
undertaking or Contract involving a share of profits, losses, costs or liabilities; 
 (iv) each Contract pursuant to which
Target or such Subsidiary has created, incurred, assumed or guaranteed Indebtedness or for a capital contribution or investment in or by any Person; 

(v) each Contract that prohibits Target or such Subsidiary from conducting its business in the Ordinary Course of Business;

 (vi) each Contract with any of the current or former officers, employees, directors, equity holders or Affiliates of
Target or a Subsidiary; 
 (vii) each written agreement for the employment, or the engagement of the services, of any
individual on a consulting, full-time or part-time basis providing base annual compensation in excess of $100,000; 
 (viii)
any agreement (or group of related agreements) for the purchase of services, products, or other personal property, or for the furnishing or receipt of services, either the performance of which extends over a period of more than six (6) months
or involves consideration in excess of $75,000; 
 (ix) any Contract (A) concerning (or that has covenants regarding)
confidentiality or noncompetition obligations of Target or such Subsidiary or otherwise prohibiting Target or such Subsidiary from freely engaging in any line of business anywhere in the world, or (B) containing a “most favored
nation,” exclusivity or similar provision; 
 (x) any franchise, license, sublicense, consent to use, settlements,
coexistence agreements, covenants not to sue, permissions, royalty or other agreement relating to the Intangible Assets, excluding “off the shelf” non-exclusive software licenses with annual fees less than $25,000, but including all source
code escrow agreements and open source or similar software licenses; 

  
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 (xi) any Contract that would terminate by its terms or adversely affect Target or
such Subsidiary as a result of consummation of the Transaction; 
 (xii) any Contract for the sale of any material asset of
Target or any Subsidiary or the grant of any rights of first offer or refusal to purchase any such asset; 
 (xiii) any
Contract with any Governmental Entity; 
 (xiv) each Real Property Agreement; 

(xv) any Contract, since January 1, 2014, relating to the acquisition by Target or any Subsidiary of any business or any
equity interests or assets of any other Person (other than acquisitions of assets in the Ordinary Course of Business), whether by merger, sale of stock, sale of assets or otherwise; 

(xvi) any Contract (A) for the employment, or the engagement of services, of any Company Employee, which, if terminated,
would give rise to any liability or obligation, (B) requiring any payments upon a change-of-control of Target or any Subsidiary, or (C) restricting the ability of any Company Employee to compete with Target or any Subsidiary; 

(xvii) each Contract with the customers, suppliers, vendors and service providers set forth on Schedule 4(p); and 

(xviii)(A) except with respect to settlements or compromises of any Actions related to product liability, any Contract
involving a settlement or compromise of any Action in excess of Ten Thousand Dollars ($10,000) entered into since January 1, 2012, and (B) with respect to settlements or compromises of any Actions related to product liability, any Contract
involving a settlement or compromise of any Action entered into since January 1, 1997. 
 Target has made available to Buyer a correct
and complete copy of each Material Contract. Each Material Contract, and any other Contract otherwise material to the Business, Target, a Subsidiary, and any of their respective assets, rights or properties, is a legal, valid, enforceable and
binding obligation of Target or the applicable Subsidiary, is in full force and effect and, to the Knowledge of Target, is a legal, valid, enforceable and binding obligation of the other parties thereto (in each case, except as such enforceability
may be limited by (A) bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting or relating to creditors’ rights generally, and (B) the availability of injunctive relief and other equitable remedies). Except
as set forth on Schedule 4(o), neither Target nor any Subsidiary is in material breach of, and has not defaulted under (and has not taken or failed to take any action which, with or without the lapse of time or the giving of notice, or both,
would constitute a material breach or default or would give the other party the right to cancel or terminate) any such Contract, nor, to the Knowledge of Target, has any other party breached or defaulted (or taken or failed to take any action which,
with or without the lapse of time or the giving of notice, or both, would constitute a breach or default) under any such Contract. None of Sellers, Target or any Subsidiary has received any written or oral notice of the termination of any Material
Contract or other such Contract by any counterparty thereto. 

  
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 (p) Business Relations. Schedule 4(p) sets forth a list of (i) the top twenty
(20) customers (including distributors) of Target and the Subsidiaries, taken as a whole, by bookings for (A) the twelve (12) months ended December 31, 2016 and (B) the twelve (12) months ended December 31, 2015
and (ii) the top ten (10) suppliers, vendors and service providers of the Business by purchases during (A) the twelve (12) months ended December 31, 2016 and (B) the twelve (12) months ended December 31, 2015,
which list includes the complete name address and amount of bookings or purchases (as the case may be) for each such customer, supplier, vendor and service provider. Since January 1, 2015: (1) neither Target nor any Subsidiary has received
notice from any Person regarding the intent of any such customer or supplier of the Business to cease or substantially reduce its purchase of goods and services from, or provision of goods and services to, the Business in an amount exceeding
$75,000, (2) neither Target nor any Subsidiary has engaged in a material controversy or dispute with any customers or suppliers, (3) there has not occurred any change in the relationship with any material customers or material suppliers of
Target or a Subsidiary and (4) except as set forth on Schedule 4(p), no such customer or supplier has indicated that there is expected to be any change in future pricing with Target or a Subsidiary. 

(q) Powers of Attorney. There are no outstanding powers of attorney executed on behalf of Target except as set forth on
Schedule 4(q). 
 (r) Litigation. Schedule 4(r) sets forth each instance in which (i) Target, a Subsidiary,
or any of its assets, rights or properties is subject to any outstanding Governmental Order, or any unsatisfied judgment, penalty, charge or award, and (ii) Target, a Subsidiary, or any of their respective Representatives in their capacities as
such, is, or within the last three (3) years is or has been a party to any claim, action, arbitration, investigation, suit, grievance, unfair labor practice charge, administrative charge, proceeding, complaint, demand or hearing, of, in, or
before any Governmental Entity or with any third party (“Action”). Except as set forth on Schedule 4(r), to the Knowledge of Target, no Action is threatened (including cease and desist letters or invitations to take a
patent license) against Target, a Subsidiary, or any of their respective Representatives in their capacities as such, or which would reasonably be expected to affect the assets, rights or properties of Target or any Subsidiary. 

(s) Employee Benefits. 

(i) Schedule 4(s)(i) contains a true and complete list of each “employee benefit plan” (within the meaning of
Section 3(3) of ERISA), including any “multiemployer plan” as defined in Section 3(37) of ERISA, each determined without regard to whether such plan is subject to ERISA, and each equity purchase, severance, employment,
consulting, or other similar contract, arrangement or policy providing for compensation, change-in-control, fringe benefit, collective bargaining, bonus, incentive, deferred compensation, equity compensation, employee loan and any other plan,
agreement, program, fund, policy, or arrangement, qualified or nonqualified, that involves any pension, retirement, profit sharing, wellness, medical, voluntary employees’ beneficiary association or related trust, disability, group insurance,
life insurance, severance pay, flexible benefit, excess or supplemental benefit, vacation, summer hours, stock-related, stock option, phantom stock, supplemental unemployment, layoff, retention, or incentives which (A) Target or any Subsidiary
is or has been a party or 

  
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sponsoring, participating or contributing employer or by which any of them is or has been bound and under which any current or former managers, directors, employees and other service providers of
Target or any Subsidiary (each, a “Company Employee”) has any present or future right to benefits (the “Company Plans”) or (B) is not a Company Plan but under which Target or any Subsidiary or any
member of its “Controlled Group” (defined as any organization which is a member of a controlled group of organizations within the meaning of Sections 414(b), (c), (m) or (o) of the Code) (“ERISA
Affiliate”) may otherwise have any liability, whether direct or indirect (including any such plan or arrangement formerly maintained by or participated in or contributed to by Target or any Subsidiary or any ERISA Affiliate) (the
“Other Plans”). The Company Plans and Other Plans shall be collectively referred to herein as the “Employee Benefit Plans”. 

(ii) With respect to each Company Plan, Target has made available to Buyer a current, accurate and complete copy of each
Company Plan (or, to the extent no such copy exists, an accurate description) and, to the extent applicable: (A) any related trust agreement or other funding instrument; (B) the most recent determination letter, or if such Company Plan is
a prototype plan, then the opinion or notification letter which covers each such Company Plan, if applicable; (C) current summary plan description, summary of material modification and other written communications (or a description of any oral
communications) by Target or its Subsidiaries to employees concerning the extent of the benefits provided under a Company Plan; (D) a summary of any proposed amendments or changes anticipated to be made to the Company Plans at any time within
the twelve (12) months immediately following the date hereof, and (E) for the three (3) most recent years (1) all testing and reporting documentation required by the Code, (2) the Form 5500 and attached schedules,
(3) audited financial statements and (4) actuarial valuation reports. 
 (A) Each such Company Plan (and each
related trust, insurance contract, or fund) has been established, maintained, funded and administered in all material respects in accordance with the terms of such Company Plan and complies in form and in operation in all material respects with the
applicable requirements of ERISA, the Code and other applicable Laws. 
 (B) All contributions (including all employer
contributions and employee salary reduction contributions) that are due have been timely made to each such Company Plan that is an Employee Pension Benefit Plan and all such contributions and other payments not yet due have been properly accrued on
the books of Target and in accordance with Target’s usual account practice. All premiums or other payments that are due have been timely paid with respect to each such Company Plan that is an Employee Welfare Benefit Plan and all such premiums
and other payments not yet due have been properly accrued on the books of Target and in accordance with Target’s usual account practice. 

(C) Each such Company Plan that is intended to be qualified within the meaning of Code Section 401(a) is so qualified and
either (1) has received a determination letter from the IRS to the effect that it meets the requirements of Code Section 401(a), (2) such determination letter has been filed with the IRS, or

  
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(3) the Company Plan uses an IRS-approved prototype plan and adoption agreement that it is entitled to rely upon and to the Knowledge of Target nothing has occurred, whether by action or
failure to act, that could reasonably be expected to cause the loss of such qualification. 
 (iii) No Employee Benefit Plan
(A) is subject to Title IV or Section 302 of ERISA or Section 412 of the Code or (B) is a multiemployer plan (within the meaning of Section 3(37) of ERISA), and neither Target nor any Subsidiary nor ERISA Affiliate has at
any time sponsored, maintained, administered, contributed to, or been required to contribute to, or has or has had any liability or obligation in respect of, any such plan. No Employee Benefit Plan is a multiple employer plan or a multiple employer
welfare arrangement. 
 (iv) All Employee Benefit Plans subject to Section 409A of the Code are in documentary and
operational compliance with the requirements of Section 409A and its underlying regulations and guidance and have been in such compliance since the earlier of December 31, 2010 or the establishment of such Employee Benefit Plan 

(v) No event has occurred and no condition exists that would subject Target, either directly or indirectly by reason of its
affiliation with any ERISA Affiliate, to any tax, fine, lien, penalty or other liability imposed by ERISA, the Code or other applicable Laws. 

(vi) With respect to any Employee Benefit Plan, (A) no Actions (other than routine claims for benefits in the ordinary
course) are pending or, to the Knowledge of Target, threatened relating to or otherwise in connection with such Employee Benefit Plan, the assets thereof, or any fiduciaries or parties-in- interest, as defined under ERISA, (B) no facts or
circumstances exist that could reasonably be expected to give rise to any such Actions, and (C) no administrative investigation, audit or other administrative proceeding by the Department of Labor, the IRS or other Governmental Entity are
pending or, to the Knowledge of Target, threatened. 
 (vii) No prohibited transactions or breaches of fiduciary duty with
respect to any Employee Benefit Plan for which any liability, correction or reporting obligation remains outstanding. 

(viii) Except as required under Section 601 et seq. of ERISA, no Employee Benefit Plan provides benefits or coverage in
the nature of health, life or disability insurance following retirement or other termination of employment. 
 (ix) Except
as set forth on Schedule 4(s)(ix), no Employee Benefit Plan exists that, as a result of the execution of this Agreement, member approval of this Agreement, or the transactions contemplated by this Agreement (whether alone or in connection
with any subsequent event(s)) will: (A) entitle any Company Employee to severance pay, unemployment compensation or any other payment or benefit, (B) accelerate the time of payment or vesting, or increase the amount of compensation or
benefit due to any employee, director, officer or independent contractor, (C) directly or indirectly cause 

  
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Target to transfer or set aside any assets to fund any benefits under any Employee Benefit Plan, (D) otherwise give rise to any material liability under any Employee Benefit Plan, or
(E) limit or restrict the right to amend, terminate or transfer the assets of any Employee Benefit Plan on or following the Closing Date. 

(t) Employees. Schedule 4(t) contains a true and complete list of each employee, joint employee, and independent contractor of
Target and its Subsidiaries, including his or her name, job title, primary location of employment, and current annual base salary or fees, commission formulae and annual target bonus opportunity, to the extent applicable, paid or payable. As of the
date hereof, all compensation, including wages, commissions and bonuses, payable to employees, joint employees, independent contractors or consultants of Target and its Subsidiaries for services performed on or prior to the date hereof have been
paid in full (or accrued in full) and there are no outstanding agreements, understandings or commitments of Target and its Subsidiaries with respect to any compensation, commissions or bonuses. Neither Target nor any Subsidiary has experienced any
strikes, labor grievances, claims of unfair labor practices or other collective bargaining disputes. To the Knowledge of Target, no organizational effort has, since January 1, 2014, or is being made or threatened by or on behalf of any labor
union with respect to employees or joint employees of Target or its Subsidiaries. Neither Target nor any Subsidiary is a party to any collective bargaining agreement or other contract or agreement with any labor organization or other representative
of any of Target’s or any Subsidiary’s employees or joint employees, nor is any such agreement presently being negotiated. No written action, complaint, charge, inquiry, proceeding or investigation by or on behalf of any employee, joint
employee, prospective employee, former employee, labor organization or other representative of Target’s or any Subsidiary’s employees is pending or, to the Knowledge of Target, threatened. Neither Target nor any Subsidiary is a party to,
or otherwise bound by, any consent decree or conciliation agreement with, or citation by, any Governmental Entity relating to employees, joint employees or employment practices. Except as set forth on Schedule 4(t), Target and each Subsidiary
is in material compliance with all applicable Laws, agreements, contracts, policies, plans, and programs relating to employment, employment practices, compensation, benefits, hours, terms and conditions of employment, and the termination of
employment including, but not limited to, any obligations pursuant to the Worker Adjustment and Retraining Notification Act of 1988, the proper classification of employees and joint employees as exempt or non-exempt from overtime pay requirements,
the provision of required meal and rest breaks, and the proper classification of individuals as contractors or employees under the Fair Labor Standards Act, any obligations under the Family Medical Leave Act, any obligations under any Law that
prohibit employment discrimination, harassment, or retaliation based on age, ancestry, creed, color, disability, handicap, marital status, national origin, non-job related handicap or disability, race, religion, retaliation, sex, sexual orientation,
veterans status, or any other characteristic proscribed by Law or activity protected by Law, any obligations under the Employee Retirement Income Security Act of 1974, and any obligations under Laws protecting whistleblowers. Except as set forth on
Schedule 4(t), neither Target nor any Subsidiary will have any liability under any benefit or severance policy, practice, agreement, plan, or program which exists or arises under any applicable Law as a result of or in connection with the
Transaction. 
 (u) Environmental, Health, and Safety Matters. 

  
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 (i) Target and each Subsidiary is, and at all prior relevant times was, in
compliance with all applicable Environmental, Health, and Safety Requirements. 
 (ii) Without limiting the generality of
the foregoing, Target and each Subsidiary has obtained, has at all prior relevant times complied with, and is currently in compliance with, in each case in all material respects, all Permits that are required pursuant to Environmental, Health, and
Safety Requirements for the occupation of its facilities and the operation of its Business, and has not received any written notification that any such Permits are to be revoked or will not be renewed; a list of all such Permits is set forth on
Schedule 4(u)(ii). 
 (iii) Neither Target nor any Subsidiary is subject to any action or proceeding under
Environmental, Health, and Safety Requirements or has received any written notice, report or other information regarding any actual or alleged material violation of Environmental, Health, and Safety Requirements, or any material liabilities or
potential material liabilities (whether accrued, absolute, contingent, unliquidated or otherwise), including any investigatory, remedial or corrective obligations, relating to Target or any Subsidiary or their facilities arising under Environmental,
Health, and Safety Requirements and, to the Knowledge of Target, none of the foregoing is or has been threatened. 
 (iv)
Except as set forth on Schedule 4(u)(iv), neither Target nor any Subsidiary has generated any Hazardous Materials, and no Hazardous Materials are present, nor have any Hazardous Materials been disposed of, arranged to be disposed of,
transported, released or threatened to be released to the Environment at or from any of the properties currently or formerly owned, leased, occupied or operated by Target or any Subsidiary in a condition or manner, or to a location, that could
reasonably be expected to give rise to liability to Target or any Subsidiary under any Environmental, Health, and Safety Requirements. Except as set forth on Schedule 4(u)(iv), neither Target nor any Subsidiary has manufactured or distributed
any product that contains Hazardous Materials. No urea formaldehyde foam insulation, asbestos or asbestos-containing materials, manufactured mineral fiber materials or materials containing or using polychlorinated biphenyls have been used, stored,
installed, processed or transported in or from any of the Owned Real Property or the Leased Real Property or, to the Knowledge of Target, other real property previously owned or operated by Target or a Subsidiary. 

(v) Except as set forth on Schedule 4(u)(v), neither Target nor any Subsidiary has assumed or provided indemnity
against any liability of any other Person under or relating to any Environmental, Health, and Safety Requirements, and neither Target nor any Subsidiary has reported, or had any reason to report, to any Governmental Entity any release to the
Environment of any Hazardous Material at, from, or under any real property owned, operated, occupied or otherwise used by Target or any Subsidiary. 

(vi) Both the entry into this Agreement and consummation of the Transaction may occur without any prior filing being made by
Target or any Subsidiary as a result of, and without any prior approval being obtained from a Governmental Entity acting to enforce, any Environmental, Health and Safety Requirements applicable to Target or

  
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Subsidiary solely as a result of entry into this Agreement or the anticipated consummation of the Transaction. Target and Subsidiary are not aware of any “transaction-triggered”
Environmental, Health and Safety Requirement applicable to consummation of the Transaction. 
 (v) Certain Business Relationships with
Target and its Subsidiaries. Except as set forth on Schedule 4(v), none of Sellers nor their Affiliates, and no current or former Affiliate, officer, director, manager, employee or member of Target or any Subsidiary, is party to any
Contract with Target or any Subsidiary, and no such Person has been involved in any business arrangement or relationship with Target or any Subsidiary within the past three (3) years other than in his or her employment capacity, and none of
Sellers or their Affiliates owns any asset, tangible or intangible, that is used or held for use in the Business. Except as set forth on Schedule 4(v), there are no Contracts, Indebtedness or other liabilities between or among Target and/or
any of the Subsidiaries. 
 (w) Product Liability. Each product manufactured, created, distributed or sold by or on behalf of Target
or a Subsidiary has been in conformity with all applicable specifications, express and implied warranties and contractual commitments, and there are no claims pending or, to the Knowledge of Target, threatened for the breach of any express or
implied warranty, other than pursuant to standard warranty obligations (to replace, repair or refund) incurred in the Ordinary Course of Business which are not, individually or in the aggregate, material in amount and do not exceed the reserve
therefor included in the Interim Financial Statements. There is no hazard or defect in design, manufacture, materials or workmanship, including any failure to warn, relating to any product manufactured, created, distributed or sold by or on behalf
of Target or a Subsidiary. Except as set forth on Schedule 4(w), there are not currently, and since January 1, 1997 there have not been, any product liability claims or, to the Knowledge of Target, threatened product liability claims,
that relate to any product manufactured, created, distributed or sold by or on behalf of Target or a Subsidiary. None of Target, the Subsidiaries, or any of their respective Representatives has received written notice of any injury alleged to have
occurred, in whole or in part, as a result of any hazard or defect in design, manufacture, materials or workmanship, including any failure to warn, relating to any product manufactured, created, distributed or sold by or on behalf of Target or a
Subsidiary. There are no pending and, to the Knowledge of Target, there have been no threatened recalls, safety advisories, field safety notifications, corrective plans or similar Actions relating to the products manufactured, created, distributed
or sold by or on behalf of Target or a Subsidiary. Except as set forth on Schedule 4(w), no product manufactured, created, distributed or sold by Target or a Subsidiary has ever contained asbestos. 

(x) Insurance. Schedule 4(x) lists each insurance policy maintained by or for the benefit of Target or a Subsidiary (other than
any group insurance policy that is part of an Employee Benefit Plan), as well as the policy limits for each such insurance policy and any amounts claimed against such insurance policy as of the date hereof. With respect to each such insurance
policy: (i) the policy is valid, binding, enforceable, and in full force and effect; (ii) neither Target nor any Subsidiary nor, to the Knowledge of Target, any other party to the policy, is in material breach or default of the policy
(including with respect to the payment of premiums or the giving of notices), and no event has occurred that, with notice or the lapse of time, would constitute such a material breach or default of, or permit termination, modification 

  
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or acceleration under, the policy; (iii) no party to the policy has repudiated any material provision thereof; and (iv) no notice of cancellation, non-renewal, termination, amendment,
or premium increase has been received with respect to the policy. Such insurance policies (A) taken together, provide insurance in such amounts and against such risks as is sufficient to comply with applicable Law; and (B) satisfy any
requirements to purchase insurance under any Permits or Material Contracts. There are no pending or threatened material claims as to which the insurers have denied coverage. Target has made available to Buyer prior to the date hereof a true and
complete copy of each insurance policy listed on Schedule 4(x), as well as the current loss run report for each such insurance policy. 

(y) Nondisclosure Agreements. All current exempt employees of Target and Subsidiaries have executed nondisclosure agreements with
Target or such Subsidiary relating to the Business (standard forms of which agreements have been provided to Buyer). No Subsidiary has waived any rights under or modified the provisions of any such agreements. 

(z) Banking Facilities. Schedule 4(z) sets forth a correct and complete list of (i) each bank, savings and loan or similar
financial institution with which Target or a Subsidiary has an account or safety deposit box or other arrangement, and any numbers or other identifying codes of such accounts, safety deposit boxes or such other arrangements maintained by Target or a
Subsidiary, and (ii) the names of all Persons authorized to draw on any such account or to have access to any such safety deposit box facility or such other arrangement. 

(aa) Disclosure. Target has furnished to Buyer complete and accurate copies or originals of all documents and/or information requested
by Buyer. No written disclosure (including the Disclosure Schedules attached hereto) or written statement of fact by Target contained in this Agreement and no written disclosure or written statement of fact furnished by Target to Buyer pursuant to
this Agreement or pursuant to Buyer’s due diligence contains any untrue statement of material fact or omits to state any material fact necessary in order to make the statement herein or therein contained not misleading. The Disclosure Schedules
to this Agreement are complete and accurate in all material respects with respect to the information the Disclosure Schedules purport to provide. 

(bb) No Additional Representations. Neither Principals nor Target are making any representation or warranty, express or implied, of any
nature whatsoever with respect to Target, the Subsidiaries or the Business except for the representations and warranties expressly set forth herein. 

SECTION 5. PRE-CLOSING COVENANTS. The Parties agree as follows with respect to the period between the execution of this Agreement and the
Closing: 
 (a) Access. Target and the Subsidiaries shall, and Principals shall cause Target and its Subsidiaries to
(i) provide Buyer and its authorized Representatives with commercially reasonable access, during such times as Principals and Buyer shall reasonably agree in advance, to the properties, assets, premises, personnel, and books and records of
Target and the Subsidiaries to make such reasonable investigations as Buyer shall desire to make, and (ii) furnish to Buyer and its authorized Representatives all such information with respect to the affairs of Target and its Subsidiaries and
the Business as Buyer may reasonably request. Without 

  
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limiting the generality of the foregoing, Target and the Subsidiaries shall, and Principals shall cause Target and the Subsidiaries to (A) provide Buyer and its authorized Representatives
access to the customers, suppliers and other Persons having business relations with Target and the Subsidiaries, at such times and in the manner mutually agreed to by Buyer and Target, and (B) provide Buyer and its authorized Representatives
commercially reasonable access to (1) records of Target and the Subsidiaries relating to any cost, liability or obligation arising from or under any Environmental, Health and Safety Requirements, and (2) any Owned Real Property or Leased
Real Property (including, without limitation, soil, subsurface strata, ambient air, indoor air, water and groundwater at such real property), for the purpose of conducting assessments and investigations of such properties. Access to the Owned Real
Property or Leased Real Property related to the foregoing investigations will be at Buyer’s sole risk and cost. Buyer shall indemnify, defend and hold harmless Target, Sellers and any Subsidiary from any and all Losses to any such real property
or any Persons arising out of or related to the investigations conducted by Buyer or its Representatives except with respect to such Losses that are caused by Target, Sellers or any Subsidiary or any of their Representatives. 

(b) Ordinary Course of Business. Target and each Subsidiary shall, and Principals shall cause Target and each Subsidiary to,
(i) maintain the Owned Real Property and Leased Real Property in the Ordinary Course of Business, (ii) carry on the Business diligently, in the Ordinary Course of Business and substantially in the same manner as heretofore conducted, and
(iii) not make or institute any unusual or novel methods of purchase, sale, lease, management, accounting or operation. 
 (c)
Employee and Benefits Matters. Target and the Subsidiaries shall not, and Principals shall cause Target and the Subsidiaries not to, (i) grant any general or uniform increase in the rates of pay of Company Employees or (ii) grant
any general or uniform increase in the benefits under any bonus or pension plan or other contract or commitment to, for or with any such Company Employees, in each case outside the Ordinary Course of Business. Target and the Subsidiaries shall not,
and Principals shall cause Target and the Subsidiaries not to, (A) pay or agree to pay any benefit to (including severance or termination pay), (B) increase the compensation payable or to become payable to, or (C) increase any bonus,
insurance, pension or other benefit plan, payment or arrangement made to, for or with any Company Employee, except for payments, annual merit increases and wages or salary increases made in the Ordinary Course of Business or required by any Contract
or any Employee Benefit Plan in effect on the date hereof. 
 (d) No Dividends, Distributions or Repurchases. Target and the
Subsidiaries shall not, and Principals shall cause Target and the Subsidiaries not to, declare or pay any distributions or dividends on, or to make any other distribution in respect of, any equity interests of Target or any Subsidiary or purchase,
redeem or acquire for value any equity interests of Target or any Subsidiary, except for distributions to fund Sellers’ tax obligations that arise from ownership of the Membership Interests pursuant to Target’s Limited Liability Company
Agreement and except as set forth on Schedule 5(d). 
 (e) Contracts and Commitments. Without Buyer’s consent, which
shall not be unreasonably withheld, conditioned or delayed, Target and the Subsidiaries shall not, and Principals shall cause Target and the Subsidiaries not to, enter into any Contract or engage in any transaction outside of the Ordinary Course of
Business or modify, amend or terminate any Material Contract. 

  
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 (f) Insurance. Target and the Subsidiaries shall, and Principals shall cause Target and
the Subsidiaries to, maintain in place the insurance policies set forth on Schedule 4(x). 
 (g) Preservation of Organization.
Target and each Subsidiary shall, and Principals shall cause Target and each Subsidiary to, use reasonable best efforts to preserve intact the Business, including its present operations, physical facilities, working conditions, and relationships
with Company Employees, suppliers, customers, landlords, creditors, agents and others having business relationships with Target or such Subsidiary. 

(h) No Default. Target and the Subsidiaries shall not, and Principals shall cause Target and the Subsidiaries not to, perform, cause or
permit any act or omission to act, which will cause a material breach of any Material Contract, commitment or obligation of Target or a Subsidiary. 

(i) Actions. Except for Actions relating to the collection of accounts receivable, Target and the Subsidiaries shall not, and
Principals shall cause Target and the Subsidiaries not to, initiate any Action or settle or compromise any Action against Target or a Subsidiary. 

(j) Other Actions. Target and the Subsidiaries shall not, and Principals shall cause Target and the Subsidiaries not to, take any
action which, if taken between December 31, 2016 and the date of this Agreement, would have been required to be disclosed pursuant to Section 4(j). 

(k) Compliance with Laws. Target and the Subsidiaries shall, and Principals shall cause Target and the Subsidiaries to, comply with all
applicable Laws and Governmental Orders with respect to the Business. 
 (l) Notifications. 

(i) Target or Sellers’ Representative will promptly advise Buyer in writing of any fact, circumstance, event or action
the existence, occurrence or taking of which (A) has had, or could reasonably be expected to have, a Material Adverse Effect, (B) has resulted in, or could reasonably be expected to result in, any representation or warranty set forth in
Section 3(a) or Section 4 not being true and correct, or (C) has resulted in, or could reasonably be expected to result in, the failure of any of the conditions set forth in Section 2(d)(iii) to be satisfied.
Buyer’s receipt of information pursuant to this Section 5(l) shall not operate as a waiver or otherwise affect any representation, warranty or agreement given or made by Target, Principals or Sellers in this Agreement and shall not
be deemed to amend or supplement the Disclosure Schedules unless expressly set forth therein. 
 (ii) Buyer will promptly
advise Sellers’ Representative, in writing, of any breach or threatened breach of Sellers’, Principals’ or Target’s representations and warranties that Buyer may become aware of prior to Closing, whether through its due diligence
or otherwise. 

  
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 (m) Governmental Approvals. 

(i) Subject to the terms and conditions herein, each of the Parties agrees to use commercially reasonable efforts to take, or
cause to be taken, all action, and to do, or cause to be done as promptly as practicable, all things necessary, proper and advisable under applicable Laws to consummate and make effective as promptly as practicable the Transaction. Subject to
appropriate confidentiality protections, each Party hereto shall furnish to the other Parties such necessary information and reasonable assistance as such other Parties may reasonably request in connection with the foregoing. 

(ii) Each of the Parties shall cooperate with one another and use commercially reasonable efforts to prepare all necessary
documentation (including furnishing all information required under the HSR Act) to effect promptly all necessary filings and to obtain all Consents necessary to consummate the Transaction. Each Party hereto shall provide to the other Parties copies
of all correspondence between it (or its Representatives) and any Governmental Entity relating to the Transaction or any of the matters described in this Section 5(m). Each Party shall promptly inform the other Parties in writing of any
oral communication, and provide copies of written communications, with any Governmental Entity regarding any such filings. No Party shall independently participate in any formal meeting with any Governmental Entity in respect of any such filings,
investigation, or other inquiry without giving the other Parties prior notice of the meeting and, to the extent permitted by such Governmental Entity, the opportunity to attend and/or participate. Subject to applicable Law, 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 hereto relating to proceedings under the HSR Act. 

(iii) Without limiting the generality of the undertakings pursuant to this Section 5(m), the Parties shall provide
or cause to be provided as promptly as practicable to any applicable Governmental Entity information and documents requested by such Governmental Entity or necessary, proper or advisable to permit consummation of the Transaction, including filing
any notification and report form and related material required under the HSR Act as promptly as practicable, but in no event later than five (5) business days after the date hereof, and thereafter to respond promptly to any request for
additional information or documentary material that may be made. 
 (iv) Further, each of the Parties shall use its
commercially reasonable efforts to resolve such objections, if any, as may be asserted by any applicable Governmental Entity with respect to the Transaction. Each of the Parties shall use its commercially reasonable efforts to take such action as
may be required to cause the expiration of the notice periods under the HSR Act with respect to the Transaction as promptly as possible after the execution of this Agreement. Notwithstanding anything to the contrary set forth herein, nothing in this
Agreement shall require any Party or any of their respective Affiliates (A) to commence, appeal or participate in any Action arising out of or with respect to the transactions, filings and approvals contemplated by this Section 5(m)
or (B) to divest or hold separate any assets, rights or properties owned prior to the Closing Date. 

  
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 (n) Consents of Third Parties. Principals and Target will use commercially reasonable
efforts to secure before the Closing Date the Consents set forth on Schedule 4(d), in form and substance satisfactory to Buyer. 

(o) Satisfaction of Conditions Precedent. Each Party shall use its commercially reasonable efforts to cause the satisfaction of
conditions precedent contained in Section 2(d). 
 (p) Exclusive Dealing. 

(i) Target shall not, and Principals shall cause Target, its Affiliates and their respective Representatives not to, directly
or indirectly: (A) solicit or initiate any inquiries or the making of any proposal from a Person or group of Persons other than Buyer and its Affiliates that constitutes, or could reasonably be expected to lead to, an Alternative Transaction or
a transaction that would conflict with or impede the Transaction; (B) enter into or participate in any discussions or negotiations with any Person or group of Persons other than Buyer and its Affiliates regarding an Alternative Transaction or a
transaction that would conflict with or impede the Transaction; (C) furnish any non-public information relating to Target or any of its Subsidiaries or their respective assets or businesses, or afford access to the assets, business, properties,
books or records of Target or any of its Subsidiaries to any Person or group of Persons other than Buyer and its Affiliates, in all cases for the purpose of assisting with or facilitating an Alternative Transaction or a transaction that would
conflict with or impede the Transaction; or (D) enter into an Alternative Transaction or any Contract, including any letter of intent, term sheet or other similar document, relating to an Alternative Transaction or a transaction that would
conflict with or impede the Transaction. Should Target or any of its Affiliates or Representatives receive any proposal, inquiry or contact about any of the activities referred to in this Section 5(p), Target shall, and Principals shall
cause Target to, by the close of the next business day, give written notice thereof to Buyer and promptly provide Buyer with such information regarding such proposal, inquiry or contact as Buyer may reasonably request. 

(ii) For purposes of this Section 5(p), an “Alternative Transaction” is any
(A) direct or indirect acquisition of assets of Target or its Subsidiaries equal to five percent (5%) or more of the fair market value of the consolidated assets of Target and the Subsidiaries or to which five percent (5%) or more of
the net revenues or net income of Target and the Subsidiaries on a consolidated basis are attributable, (B) direct or indirect acquisition of any of the equity interests of Target or any of its Subsidiaries, or (C) merger, consolidation,
other business combination or similar transaction involving Target or any of its Subsidiaries, in all cases where such transaction is to be entered into with any Person or group of Persons other than Buyer or its Affiliates. 

(q) Title Commitment. Buyer shall be entitled to obtain a commitment for an ALTA Owner’s Title Insurance Policy or other form of
policy acceptable to Buyer for each Owned Real Property (each a “Title Commitment” and the title policy issued therefrom insuring Buyer’s fee simple title to each parcel of Owned Real Property, a “Title
Policy” or the “Title Policies”) issued by Buyer’s title insurance company (the “Title Company”), together with a copy of all documents referenced therein, the search costs of which
shall be paid for by Buyer at its sole cost 

  
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and expense (it being understood that Buyer shall also pay for all Title Insurance premiums, endorsements, and other fees or charges of the Title Company in connection with the Title Policies);
provided, however, that Buyer shall use commercially reasonable efforts to ensure that the process related to obtaining such Title Commitment shall not result in a delay of the Closing or an extension of the Closing Date. Target and the Subsidiaries
shall, and Principals shall cause Target and the Subsidiaries to, use commercially reasonable efforts to assist Buyer in obtaining the Title Commitments, Title Policies and Surveys in form and substance as set forth in Section 2(d)(iii)
of this Agreement, within the time periods set forth therein, including removing from title any Liens. Target shall, and shall cause the Subsidiaries to, provide the Title Company with any affidavits, indemnities, memoranda or other assurances
requested by the Title Company to issue the Title Policies. 
 (r) Liquidation of Investments. Target and each Subsidiary shall, and
Principals shall cause Target and each Subsidiary to, liquidate or otherwise divest from all available-for-sale securities prior to the Closing. 

SECTION 6. POST-CLOSING COVENANTS. The Parties agree as follows with respect to the period following the Closing: 

(a) General. In case at any time after the Closing any further action is necessary or desirable to carry out the purposes of this
Agreement, each of the Parties will take such further action (including the execution and delivery of such further instruments and documents) as any other Party reasonably may request, all at the sole cost and expense of the requesting Party (unless
the requesting Party is entitled to indemnification therefor under Section 7). 
 (b) Tax Matters. 

(i) Responsibility for Filing Tax Returns. Sellers’ Representative shall prepare, or cause to be prepared, and
file, or cause to be filed, on a timely basis all Tax Returns with respect to Target for taxable periods ending on or prior to the Closing Date (a “Pre-Closing Tax Period”), including those that are filed after the Closing
Date, in a manner which is consistent with past practice except for changes in applicable Law or changes in fact. Sellers’ Representative shall provide such Pre-Closing Tax Period Tax Returns (including supporting work papers and any other
information reasonably requested by Buyer) to Buyer at least thirty (30) days prior to the date on which such Tax Returns are required to be filed (taking into consideration applicable extensions) for its review and comment. Within ten
(10) days after the receipt of any Pre-Closing Tax Period Tax Return, Buyer will submit to Sellers’ Representative in writing any proposed changes to such Tax Return. Buyer and Sellers’ Representative will endeavor in good faith to
resolve any differences with respect to the Pre-Closing Tax Period Tax Return within fifteen (15) days after Sellers’ Representative’s receipt of written proposed changes from Buyer. Sellers shall timely pay all Target’s Taxes
due and owing with respect to any Pre-Closing Tax Period Tax Return. In the case of any Tax Return for a Straddle Period, such Tax Returns shall be prepared by Buyer in a manner consistent with past practice except for changes in applicable Law or
changes in fact. Buyer shall provide any Straddle Period Tax Returns (including supporting work papers and any other information reasonably requested by Sellers’ Representative) to Sellers’

  
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Representative at least thirty (30) days prior to the date on which such Tax Returns are required to be filed (taking into consideration applicable extensions) for its review and comment.
Within ten (10) days after the receipt of any Straddle Period Tax Return, Sellers’ Representative will submit to Buyer in writing any proposed changes to such Tax Return. Buyer and Sellers’ Representative will endeavor in good faith
to resolve any differences with respect to the Straddle Period Tax Return within five (5) days after Buyer’s receipt of written proposed changes from Sellers’ Representative. Sellers’ Representative shall timely pay all Target
Taxes due and owing with respect to any Pre-Closing Straddle Period as determined pursuant to Section 6(b)(iii). Any unresolved disputes regarding a Pre-Closing Tax Period Tax Return or Straddle
Period Tax Return will be resolved by the Arbitrating Accountant (or another nationally recognized independent public accounting firm agreed upon by Buyer and Sellers’ Representative), the costs of which shall be borne by each Party in the
percentage inversely proportionate to the percentage of the total amount of the total items submitted for dispute that are resolved in such Party’s favor. The determination of the Arbitrating Accountant shall be binding on the Parties. In the
event the Arbitrating Accountant does not resolve any disputed issue prior to the due date for such Tax Return, then such Tax Return shall be filed as previously prepared by Sellers’ Representative or Buyer, as applicable, (reflecting any
changes agreed to by Buyer and Sellers’ Representative) and Buyer shall use reasonable efforts to file an amended Tax Return to reflect the Arbitrating Accountant’s final resolution of such disputed issue. Except as otherwise required by
Law, without the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of Sellers’ Representative, neither Buyer nor Target shall (A) file any Tax Return (amended or otherwise) with respect to Target
for any Pre-Closing Tax Period or (B) enter into any closing agreement, settle any Tax claim or assessment relating to Target, surrender any right to claim a refund of Taxes, consent to any extension or waiver of the limitation period
applicable to any Tax claim or assessment relating to Target for any Pre-Closing Tax Period, or take any other similar action relating to the filing of any Tax Return or the payment of any Tax, in each case to the extent such action would increase
the Tax liability of Sellers or the liability of Sellers under this Agreement. 
 (ii) Transfer Taxes. All transfer,
documentary, sales, use, stamp, registration and other such Taxes, and all conveyance fees, recording charges and other fees and charges (including any penalties and interest) incurred in connection with the consummation of the Transaction and the
transfer of the Membership Interests including, without limitation, a deemed transfer of the Owned Real Property (collectively, “Transfer Taxes”) shall be borne by Buyer and shall be paid when due. Buyer shall file all
necessary Tax Returns and other documentation with respect to all such Taxes, fees and charges, and, if required by applicable Law, the Parties will, and will cause their Affiliates to, join in the execution of any such Tax Returns and other
documentation (“Transfer Tax Returns”). Sellers and Sellers’ Representative agree to cooperate with Buyer in the filing of any Transfer Tax Returns, including promptly supplying any information in their possession that
is reasonably necessary to complete such returns. 
 (iii) Payment of Pre-Closing Taxes. Sellers’ Representative
shall pay to Buyer (by release of Escrow Funds as set forth in Section 7(g)), at least two (2) business days 

  
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prior to the date on which the Tax Returns for the Pre-Closing Tax Period and for the Straddle Period are due, at least two (2) business days prior to the date on which the Transfer Tax
Returns are due, and at least two (2) business days prior to the date that any other payment of Taxes with respect to a Pre-Closing Tax Period or Pre-Closing Straddle Period are due, the amount of any unpaid Taxes of Target with respect to any
Pre-Closing Tax Period and any Pre-Closing Straddle Period, plus Sellers’ portion of the costs described in Section 6(b)(ii). 

(iv) Straddle Period Allocation. The Parties shall cause, to the maximum extent possible under applicable Law, any
taxable period of Target that would otherwise be a Straddle Period to end on the Closing Date. In order to apportion appropriately any Taxes relating to the Straddle Period, Buyer shall cause Target, to the extent permitted by Law, to elect with the
relevant Taxing Authority to treat for all Tax purposes the Closing Date as the last day of the taxable period of Target. In any case where applicable Law does not permit Target to treat the Closing Date as the last day of the taxable year or
period, for purposes of this Agreement, the portion of any Tax payable with respect to a Straddle Period will be allocated between the period of the Straddle Period that extends before the Closing Date through (and including) the Closing Date (the
“Pre-Closing Straddle Period”) and the period of the Straddle Period that extends from the day immediately after the Closing Date to the end of the Straddle Period in accordance with this Section 6(b)(iv). The
portion of such Tax attributable to the Pre-Closing Straddle Period shall (A) in the case of any Taxes other than sales or use taxes, value-added taxes, employment taxes, withholding taxes, and any Tax based on or measured by income, receipts
or profits earned during a Straddle Period, such Taxes shall be deemed to be the amount of such Tax for the entire taxable period (or, in the case of such Taxes determined on an arrears basis, the amount of such Taxes for the immediately preceding
period) multiplied by a fraction, the numerator of which is the number of days in the taxable year or period ending on the Closing Date and the denominator of which is the number of days in the Straddle Period, and (B) in the case of any sales
or use taxes, value-added taxes, employment taxes, withholding taxes, and any Tax based on or measured by income, receipts or profits earned during a Straddle Period, on a “closing of the books
basis” by assuming that the books of Target were closed at the end of the day on the Closing Date; provided, however, that exemptions, allowances or deductions that are calculated on an annual basis, such as the deduction for
depreciation, shall be apportioned between such two (2) taxable years or periods on a daily basis. 
 (v)
Transaction Tax Deductions. To the extent permitted by Law, any and all deductions related to (A) expenses with respect to Indebtedness being paid by or on behalf of Target in connection with the Closing, and (B) all Transaction
Expenses and payments that are paid by or on behalf of Target prior to or in connection with the Closing and deductible by Target for Tax purposes, including Transaction Expenses and other fees and expenses of legal counsel, accountants, investment
bankers and Sellers’ Representative (such deduction described in clauses (A) and (B), the “Transaction Tax Deductions”) shall be treated for Income Tax purposes as having been incurred by Target in, and reflected as
a deduction on the Income Tax Returns of Target for, the taxable period or portion thereof ending on the Closing Date. 

  
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 (vi) Contest Provisions. Each Seller shall promptly notify Buyer in
writing upon receipt by Seller, and Buyer shall promptly notify Sellers’ Representative in writing upon receipt by Buyer, any of its Affiliates, or Target, of notice of any pending or threatened federal, state, local or foreign Tax audits,
examinations or assessments which might affect the Tax liabilities of Target or any Seller for periods or portions thereof ending on, before, or including the Closing Date, including the Pre-Closing Straddle Period (“Tax
Proceeding”), provided that failure to provide notice of a Tax Proceeding shall not relieve any Party of its obligations pursuant to this Agreement except to the extent such Party was materially prejudiced by such failure. Buyer, at
Buyer’s expense, shall control the conduct of such Tax Proceeding and Sellers’ Representative shall have the right to receive copies of all material documentation and information relating thereto and to attend or participate in such Tax
Proceeding. Buyer shall not settle, compromise or concede any such Tax Proceeding without the consent of Sellers’ Representative, which consent shall not be unreasonably withheld, delayed or conditioned. 

(vii) Tax Cooperation. Sellers, Sellers’ Representative, Target and Buyer shall reasonably cooperate, and shall
cause their respective Affiliates, officers, employees, agents, auditors, successors, permitted assigns and legal representatives reasonably to cooperate, in preparing and filing all Tax Returns, including maintaining and making available to each
other all records necessary in connection with Taxes and in resolving all disputes and audits with respect to all taxable periods relating to Taxes. 

(viii) Refunds and Credits. Any refunds or credits of Taxes of Target plus any interest received with respect thereto
(net of any Taxes imposed on such interest) from the applicable Taxing Authority for any Pre-Closing Tax Period and the Pre-Closing Straddle Period (excluding refunds or credits arising by reason of the carryback of any items attributable to any
period or portion thereof beginning after the Closing Date) received within three (3) years of the payment of the Tax shall be for the account of Sellers to the extent such refund or credit of Tax exceeds the amount of such benefit shown as a
current asset in Closing Date Working Capital as reflected in the Closing Statement and shall be paid by Buyer to Sellers’ Representative within ten (10) days after Buyer or Target receives such refund or after the relevant Tax Return is
filed in which a credit is applied against Buyer’s, Target’s, or any of their successor’s liability for Taxes. For purposes of this Section 6(b)(viii), where it is necessary to apportion any such refund, credit or
reduction between Buyer and Sellers for a Straddle Period, such refund, credit or reduction shall be apportioned in the same manner that a comparable or similar Tax liability would be apportioned pursuant to Section 6(b)(iv). If any
refunds or credits or any related interest previously paid to Sellers’ Representative pursuant to this Section 6(b)(viii) is required to be repaid to a Taxing Authority or is subsequently disallowed by a Taxing Authority, then
Sellers’ Representative shall be required to repay to Buyer such previously paid amounts. 
 (ix) Tax Sharing
Agreements. All Tax-sharing agreements or similar agreements with respect to or involving Target shall be terminated as of the Closing Date and, after the Closing Date, Target shall not be bound thereby or have any liability thereunder. 

  
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 (x) Section 338(h)(10) Election. 

(A) Sellers shall join with Buyer in making an election under Section 338(h)(10) of the Code and a protective election
under Section 336(e) of the Code with respect to the acquisition of the Membership Interests pursuant to this Agreement and any corresponding available elections under state, local or foreign law with respect to the acquisition of the
Membership Interests pursuant to this Agreement (the “Section 338(h)(10) Election”); provided, however, that Buyer shall not make a 338(h)(10) election for New Hampshire state tax purposes. At the Closing, Sellers’
Representative shall deliver a properly completed (1) Internal Revenue Service Form 8023 making the Section 338(h)(10) Election and the documentation required to make the protective election under Section 336(e) of the Code and
(2) any similar forms under applicable state, local and foreign income tax law (collectively, the “Tax Election Forms”). Following the Closing, Sellers shall promptly take all steps reasonably requested by Buyer to
properly file the Section 338(h)(10) Election including, but not limited to, executing or re-executing any Tax Election Forms. 

(B) Within thirty (30) days following the determination of Closing Date Working Capital in accordance with
Section 2(f), Buyer shall provide Sellers’ Representative with a proposed allocation of the “adjusted grossed-up basis” as defined in Treasury Regulation 1.338-5(a) (“AGUB”) among the assets of
Target in accordance with Treasury Regulation Sections 1.338-6 and 1.338-7 for purposes of the Section 338(h)(10) Election (the “Allocation”). In the case of any adjustment to the AGUB requiring an amendment to the
Allocation, Buyer shall initially prepare such amendment. Upon receipt from Buyer, Sellers’ Representative shall have thirty (30) days to review the determinations set forth in the Allocation (the “Allocation Review
Period”). If Sellers’ Representative disagrees with any determinations set forth on the Allocation, then Sellers’ Representative shall, on or prior to the last day of the Allocation Review Period, deliver a written notice to
Buyer (the “Allocation Notice of Objection”), setting forth its objections. Unless Sellers’ Representative delivers the Allocation Notice of Objection to Buyer within the Allocation Review Period, Sellers shall be deemed
to have accepted the determinations set forth in the Allocation. If Sellers’ Representative delivers the Allocation Notice of Objection to Buyer within the Allocation Review Period, then Buyer and Sellers’ Representative shall, during the
thirty (30) days following such delivery or any mutually agreed extension thereof, use their commercially reasonable efforts to reach agreement on the disputed determinations. At the end of any such period or any mutually agreed extension
thereof, any remaining disputes between Buyer and Sellers’ Representative shall be resolved by the Arbitrating Accountant in accordance with the dispute resolution mechanism set forth in Section 2(f). In case of any adjustment to
the Purchase Price (or any other item of consideration for United States federal income tax purposes), requiring an amendment to the Allocation, Buyer shall amend the Allocation in accordance with the principles set forth in this
Section 6(b)(x) and shall provide such amended Allocation to the Sellers’ Representative (which, subject to the dispute resolution provisions set forth in this 

  
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Section 6(b)(x), shall become the Allocation). The Parties agree not to take any position, in connection with any Tax Return, audit or similar proceeding related to Taxes, that is
inconsistent with the Allocation or the Section 338(h)(10) Election unless required by applicable Law to do so. 
 (c) Director and
Officer Liability, Indemnification and Insurance. For a period of six (6) years after the Closing Date, Buyer shall not, and shall not permit Target or any Subsidiary to adversely amend, repeal or modify any provision in the certificate of
formation, operating agreement or bylaws of Target or its Subsidiaries or provisions adopted by Target or its Subsidiaries relating to the exculpation or indemnification of any current or former officer, manager, director or similar functionary
(unless required by Law), it being the intent of the Parties that the officers, managers, directors and similar functionaries of Target and any Subsidiary shall continue to be entitled to such exculpation and indemnification to the fullest extent of
the Law. If, prior to the Closing Date, Target purchases a fully-paid “tail” insurance policy with a claims period of six (6) years from and after the Closing Date from Target’s current insurance carrier with respect to
Target’s and any Subsidiary’s directors’, managers’ and officers’ liability insurance and fiduciary liability insurance for matters existing or occurring at or prior to the Closing Date (including in connection with this
Agreement or the Transaction or actions contemplated hereby) (a “D&O Policy”), then, for a period of six (6) years after the Closing, Buyer shall, and shall cause Target to, not terminate such D&O Policy.
Notwithstanding the foregoing, Target does not have any obligation to purchase a D&O Policy; provided however, that if Target does purchase a D&O Policy, then it will make coverage under any such policy available to any Person who was
a manager, director or officer of Target prior to the Closing. The provisions of this Section 6(c) are intended for the benefit of, and will be enforceable by, each current and former manager, officer, director or similar functionary of
Target and his or her heirs and Representatives, and are in addition to, and not in substitution for, any other rights to indemnification or contribution that any such Person may have had by contract or otherwise. 

(d) Restrictive Covenants. 

(i) For a period of five (5) years from and after the Closing Date (the “Restricted Period”),
each Seller agrees that he, she or it will not, directly or indirectly, anywhere in the world, render services, engage or have a financial interest in the Business, other than as such Seller may be employed or retained by Buyer or one of its
Affiliates (including Target and the Subsidiaries) post-Closing, provided however, that a Seller’s ownership of less than five percent (5%) of the outstanding stock of any publicly traded corporation shall not be deemed engagement,
solely by reason thereof, in the Business. Each Seller covenants and agrees that during the Restricted Period such Seller shall not, directly or indirectly: (A) solicit, encourage, cause or attempt to cause any customer, vendor or other third
party having business dealings with Target or any of its Subsidiaries not to do business with, or to reduce any part of its business, with Target or any of its Subsidiaries, or (B) hire, engage or solicit, or otherwise cause to leave their
employment with Target or any of its Subsidiaries, any employee or independent contractor of Target, a Subsidiary, or Buyer (or its Affiliates) who was an employee or independent contractor of Target or any of its Subsidiaries at any time during the
twelve (12) month period immediately prior to the Closing, provided, however, that general 

  
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solicitations of employment by means of newspaper, periodical or trade publication advertisements or through the use of an executive search firm not directed at employees of Buyer or its
Affiliates (including Target and its Subsidiaries) shall not constitute a violation of this provision. 
 (ii) The Parties
recognize that the Laws and public policies of the various states of the United States and other jurisdictions may differ as to the validity and enforceability of covenants similar to those set forth in this Section 6(d). It is the
intention of the Parties that the provisions of this Section 6(d) be enforced to the fullest extent permissible under the applicable Laws and policies of each jurisdiction in which enforcement may be sought, and that the unenforceability
(or the modification to conform to such Laws or policies) of any provisions of this Section 6(d) shall not render unenforceable, or impair, the remainder of the provisions of this Section 6(d). Accordingly, if any provision
of this Section 6(d) shall be judicially determined by a court of competent jurisdiction and venue to be invalid or unenforceable, then such invalidity or unenforceability shall be deemed to apply only with respect to the operation of
such provision in the particular jurisdiction in which such determination is made and not with respect to any other provision or jurisdiction. The Parties (A) have carefully read and understand all of the provisions of this Agreement and have
had the opportunity for this Agreement to be reviewed by counsel and (B) acknowledge that the duration, geographical scope and subject matter of this Section 6(d) are reasonable and necessary to protect the goodwill, customer
relationships, legitimate business interests, trade secrets and confidential information of the Business. 
 (iii) The
Parties acknowledge and agree any breach of this Section 6(d) would cause irreparable injury, that any remedy at law for any breach of the provisions of this Section 6(d) would be inadequate, and that, in the event of a
breach of this Section 6(d), Buyer shall, in addition to any other rights or remedies that Buyer may have, be entitled to specific performance and equitable relief, including the issuance of a temporary or permanent injunction by a court
of competent jurisdiction, without a requirement for a posting of bond. 
 (e) Confidentiality. 

(i) Each Seller agrees, severally and not jointly, that from and after the Closing Date such Seller shall hold the
Confidential Information in the strictest confidence and shall not, and shall cause its Affiliates and their respective Representatives (the “Seller Related Parties”) not to, directly or indirectly, use, make available, sell,
publish, reproduce, disclose or otherwise communicate or disseminate to any third party, any Confidential Information. Without limiting the foregoing, each Seller and the Seller Related Parties may furnish such portion (and only such portion) of the
Confidential Information as any such party reasonably determines it is legally obligated to disclose if (A) it receives a request to disclose all or any part of the Confidential Information under the terms of a subpoena, civil investigative
demand or order issued by a Governmental Entity; (B) to the extent practicable and not inconsistent with such request, it notifies Buyer of the existence, terms and circumstances surrounding such request and consults with Buyer on the
advisability of taking steps available under 

  
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applicable Law to resist or narrow such request; and (C) upon Buyer’s request, it exercises its commercially reasonable efforts to obtain an order or other reliable assurance that
confidential treatment will be accorded to the disclosed Confidential Information; provided, that Buyer shall reimburse each Seller or Seller Related Party for all reasonable costs incurred in connection with such Seller’s or Seller
Related Party’s compliance with clause (C), with such reimbursement occurring within thirty (30) days after such Seller, on its behalf or on behalf of the applicable Seller Related Party, presents to Buyer reasonable documentation of such
expenditures. 
 (ii) For purposes of this Agreement, “Confidential Information” is all non-public, confidential information in whatever form, tangible or intangible, pertaining in any manner to the Business; provided, that Confidential Information does not include (A) information that is
or becomes generally available to the public, other than as a result of disclosure by a Seller or its Affiliates or Representatives in violation of this Agreement, (B) information that becomes available to a Seller from a Person other than
Buyer or its Affiliates (including Target and its Subsidiaries) after the Closing on a non-confidential basis, provided that such Person was not known by such Seller to be bound by a confidentiality
agreement or other contractual, legal or fiduciary obligation of confidentiality with respect to such materials, or (C) information that is independently developed by a Seller without reference to any Confidential Information. By example and
without limiting the foregoing definition, Confidential Information shall include, but not be limited to: 
 (A) formulas,
research and development techniques, processes, trade secrets, computer programs, software, electronic codes, inventions, ideas, innovations, patents, patent applications, discoveries, improvements, data,
know-how, formats, test results and research projects; 
 (B) information about
costs, profits, prices, markets, sales, contracts and lists of customers, suppliers and distributors; 
 (C) research,
development, business, marketing and strategic plans; 
 (D) forecasts, unpublished financial information, budgets,
projections and customer identities, characteristics and agreements; and 
 (E) employee personnel files and compensation
information. 
 Confidential Information is to be broadly defined, and includes all information that has or could have commercial value or
other utility in the Business and all information of which the unauthorized disclosure could be detrimental to the interests of the Business, whether or not such information is identified as Confidential Information. 

(f) Release. Each Seller, severally and not jointly, for itself, and its Affiliates, successors and assigns (and in the case of an
entity, its officers, directors, trustees and owners) (collectively, the “Releasors”), hereby forever fully and irrevocably releases and discharges Target, each Subsidiary, and their respective predecessors, successors,
Affiliates and Representatives (collectively, the “Released Parties”) from any and all Actions, claims, 

  
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demands, debts, agreements, obligations, promises, judgments, or liabilities of any kind whatsoever in law or equity and causes of action of every kind and nature, or otherwise (including, claims
for damages, costs, expenses, and attorneys’, brokers’ and accountants’ fees and expenses) arising out of or related to events, facts, conditions or circumstances existing or arising prior to the Closing Date, which the Releasors can,
shall or may have against the Released Parties, whether known or unknown, including indemnification claims relating to pre-Closing activities (collectively, the “Released
Claims”), and hereby irrevocably agrees to refrain from directly or indirectly asserting any claim or demand or commencing (or causing to be commenced) any Action of any kind, in any court or before any tribunal, against any
Released Party based upon any Released Claim. Notwithstanding the preceding sentence of this Section 6(f), “Released Claims” does not include, and the provisions of this Section 6(f) shall not release or otherwise
diminish, (i) the obligations of any Party set forth in or arising under any provisions of this Agreement or the agreements contemplated in connection herewith, and (ii) if such Seller is an employee of Target, then in respect of
(A) the current year’s accrued but unpaid compensation, and (B) such employee’s outstanding benefits under the Employee Benefit Plans of Target as of the Closing Date. 

(g) Physical Inventory. Buyer shall take a full physical inventory of all of the inventory of Target and the Subsidiaries (which for
purposes hereof shall include all raw materials, works-in-process and finished goods) within two (2) business days following the Closing Date and shall provide Sellers’ Representative and its authorized Representatives access to the Owned
Real Property and the Leased Real Property in order to attend and participate in such inventory. 
 (h) Defense of Claims and
Litigation. Without limiting Buyer’s rights or Sellers’ or Principals’ obligations under Section 7, upon the reasonable request of Buyer, Sellers or Sellers’ Representative on behalf of Sellers shall consult,
confer and cooperate in good faith on a reasonable basis, at Buyer’s sole cost and expense, with Buyer and Buyer’s Affiliates (including the making available of witnesses and cooperation in discovery proceedings) in the conduct or defense
of any Action against Buyer or any of its Affiliates by any third party with respect to any matter that relates to the conduct of the Business, whether known as of the Closing Date or arising thereafter. 

(i) Anti-Trust Policy. Buyer acknowledges the Globe Companies Antitrust Compliance Policy dated on or about December, 2016 as adopted
by the Board of Managers of Target on December 22, 2106, and agrees that it will maintain equivalent or stricter compliance protections with respect to Target and the Subsidiaries following the Closing. 

(j) Data Room. Within fifteen (15) days after the Closing Date, Sellers’ Representative will provide to Buyer, or cause to be
provided to Buyer, an electronic copy, whether by thumb drive, CD-ROM or other electronic means, of all documents posted to Data Room from the date of inception of the Data Room through the Closing Date. 

SECTION 7. REMEDIES FOR BREACHES OF THIS AGREEMENT. 

(a) Survival of Representations and Warranties and Covenants. 

  
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 (i) All of the representations and warranties of Principals and Target contained
in Section 4 (other than the Fundamental Representations, Statutory Representations and Special Representations) shall survive the Closing and shall continue in full force and effect for a period of fifteen (15) months after the
Closing Date. All of the representations and warranties contained in Section 4(k) (Legal Compliance) (the “Statutory Representations”) shall survive the Closing and shall continue in full force and effect
for a period of two (2) years after the Closing Date. All of the representations and warranties contained in Section 4(s) (Employee Benefits) and Section 4(u) (Environmental, Health and Safety Matters) (the
“Special Representations”) shall survive the Closing and shall continue in full force and effect for a period of two (2) years after the Closing Date. All of the representations and warranties contained in
Section 3 and Section 4(a) (Organization), Section 4(b) (Authorization), Section 4(c) (Capitalization), Section 4(d) (Non-contravention),
Section 4(f)(i) (Title to Tangible Assets), Section 4(n)(ii) (Title to Intangible Assets), and Section 4(l) (Tax Matters) (collectively, the “Fundamental
Representations”) shall survive the Closing and shall continue in full force and effect until the expiration of the applicable statute of limitations. 

(ii) Each of the covenants and other agreements of a Party shall survive in accordance with its express terms or in the
absence of such terms until the expiration of the applicable statute of limitations with respect to such covenant or agreement. 

(iii) None of Buyer, Sellers or Principals shall have any liability whatsoever with respect to any breach of or inaccuracy in
any representation and warranty or any breach of covenant, as the case may be, unless a claim is made hereunder prior to the expiration of the applicable survival period for such representation and warranty or covenant, in which case such
representation and warranty or covenant, as the case may be, shall survive as to such claim until such claim has been finally resolved; provided that the foregoing shall not apply in the case of fraud, intentional misrepresentation or willful
misconduct. 
 (b) Indemnification Provisions for Buyer’s Benefit. 

(i) From and after the Closing, Sellers agree to and shall severally, but not jointly, indemnify, defend and hold harmless
Buyer, its Affiliates, their respective Representatives, and each of their respective successors and assigns (the “Buyer Indemnitees”) against any Losses incurred by them to the extent arising out of, relating to, or
resulting from: (A) the breach of or inaccuracy in any representation or warranty made by such Seller contained in Section 3(a), and (B) any nonfulfillment or breach of any covenant, agreement or obligation of such Seller
contained in this Agreement or any agreement or instrument executed in connection herewith or pursuant hereto. 
 (ii) From
and after the Closing, Principals and Sellers agree to and shall, jointly and severally, indemnify, defend and hold harmless the Buyer Indemnitees against any Losses incurred by them to the extent arising out of, relating to, or resulting from:
(A) the breach of or inaccuracy in any representation or warranty made by Target or Principals contained in Section 4, (B) any nonfulfillment or breach of any covenant, 

  
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agreement or obligation of Target, Sellers’ Representative, any Principal or any Seller contained in this Agreement or any agreement or instrument executed in connection herewith or pursuant
hereto, (C) Transaction Expenses or costs, including without limitation, fees and expenses relating to any investment banker, broker, lawyer or accountant, incurred by or on behalf of Target in connection with this Agreement and the
Transaction, (D) any Indebtedness of Target, (E) any Taxes of Target or its Subsidiaries with respect to any Pre-Closing Tax Period or any Pre-Closing Straddle Period, (F) all Taxes associated with the sale of the Membership
Interests, including any Taxes of Target resulting from the Section 338(h)(10) Election (except with respect to any Section 338(h)(10) state election), or (G) the matters disclosed on Schedule 7(b)(ii)(G). 

(c) Indemnification Provisions for Sellers’ Benefit. From and after the Closing, Buyer agrees to and shall indemnify, defend and
hold harmless each Seller, Sellers’ Representative, each of their Affiliates and Representatives, and each of their respective successors and assigns (the “Seller Indemnitees”) against any Losses incurred by them to the
extent arising out of, relating to, or resulting from: (i) the breach of or inaccuracy in any representation or warranty made by Buyer in Section 3(b), and (ii) any nonfulfillment or breach of any covenant, agreement or
obligation of Buyer contained in this Agreement or any agreement or instrument executed in connection herewith or pursuant hereto. 
 (d)
Limitation on Indemnification. 
 (i) Except as set forth in Section 7(d)(ii) below, no indemnification
shall be available to Buyer Indemnitees or Seller Indemnitees pursuant to Section 7(b)(i)(A), Section 7(b)(ii)(A) or Section 7(c)(i), as the case may be, unless and until the aggregate amount of Losses for which
indemnification would otherwise be available under Section 7(b)(i)(A), Section 7(b)(ii)(A) or Section 7(c)(i), as the case may be, equals or exceeds seven-tenths of one percent (0.7%) of the Base Purchase Price,
in which case the Buyer Indemnitees or the Seller Indemnitees, as the case may be, shall be entitled to recover all such Losses in excess of seven-tenths of one percent (0.7%) of the Base Purchase Price. The maximum aggregate amount of indemnifiable
Losses which may be recovered for indemnification pursuant to Section 7(b)(i)(A), Section 7(b)(ii)(A) or Section 7(c)(i), as the case may be, shall be an amount equal to the Escrow Amount and which, in the case of
any amounts owed by Principals or Sellers for indemnification pursuant to Section 7(b)(ii)(A), shall be satisfied in accordance with Section 7(g). 

(ii) Notwithstanding anything herein to the contrary, the limitations set forth in Section 7(d)(i) shall not apply
to claims based upon, arising out of, or with respect to any (A) breach of or inaccuracy in any Fundamental Representation or Statutory Representation, (B) breach of any covenant, agreement or obligation to be performed by Sellers
contained in Section 5, (C) indemnification items set forth in Section 7(b)(ii)(B) through Section 7(b)(ii)(G) above, or (D) fraud, intentional misrepresentation or willful misconduct. The maximum
aggregate amount of all indemnifiable Losses which may be recovered by Buyer Indemnitees pursuant to this Section 7 shall not exceed the Net Purchase Price; provided that this limitation shall not apply with respect to claims of fraud,
intentional misrepresentation or willful misconduct. 

  
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 (e) Calculation of Losses. 

(i) Solely for the purpose of calculating the amount of any Losses arising out of, in connection with or resulting from any
such breach or inaccuracy, any reference to “Material Adverse Effect” or “materiality” or similar qualifiers in such covenants, representations or warranties shall be disregarded. 

(ii) The amount of any Losses subject to indemnification under this Section 7 shall be net of any amounts actually
recovered by the Indemnified Party under applicable insurance policies or from any other Person alleged to be responsible therefor. If the Indemnified Party actually receives any amounts under applicable insurance policies, or from any other Person
alleged to be responsible for any Losses, subsequent to an indemnification payment by the Indemnifying Party, then such Indemnified Party shall promptly reimburse the Indemnifying Party for any payment made or expense incurred by such Indemnifying
Party in connection with providing such indemnification payment up to the amount received by the Indemnified Party, net of any expenses or costs incurred by such Indemnified Party by reason of making such claim or collecting such amount. 

(iii) The Indemnifying Party shall not be liable under this Section 7 for any Losses relating to any matter if and
only to the extent that there is included in the Closing Date Working Capital as reflected in the Closing Statement a specific liability or reserve for such matter. 

(f) Indemnification Procedures. 

(i) Matters Involving Third Parties. 

(A) If any third party shall notify any Indemnified Party with respect to any matter (a “Third-Party
Claim”) which may give rise to a claim for indemnification against an Indemnifying Party under this Section 7, then the Indemnified Party shall promptly (and in any event within twenty (20) business days after receiving
notice of the Third-Party Claim) notify each Indemnifying Party thereof in writing, describing in reasonable detail the nature of the Third-Party Claim and, if applicable, the amount of claimed Losses. Failure
to so timely notify shall not relieve the Indemnifying Party from its obligations hereunder unless (and solely to the extent) the Indemnifying Party is actually materially prejudiced as a result thereof. 

(B) The Indemnifying Party will have the right, at any time within twenty (20) business days of being notified by the
Indemnified Party of such Third-Party Claim, to assume and thereafter conduct the defense of the Third-Party Claim with counsel of his or its choice reasonably satisfactory to the Indemnified Party;
provided that (1) the Indemnifying Party has unconditionally acknowledged to the Indemnified Party in writing its obligation to indemnify the Indemnified Party to the full amount of any Losses in connection with such Third-Party Claim and to discharge any Losses incurred or to be incurred by the Indemnified Party with respect to such Third-Party Claim, and (2) the 

  
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Indemnifying Party conducts such defense actively and diligently; and provided further, that the Indemnifying Party will not have the right to assume the defense of a Third-Party Claim
(a) if such claim principally seeks injunctive relief against Target or any of its Affiliates (including Buyer); (b) if such claim relates to matters involving criminal conduct or any claim by a Governmental Entity; or (c) if such
claim would reasonably be expected to damage or impair any Indemnified Party’s or its Affiliate’s business relationships with any of such Person’s material customers, suppliers, vendors or other service providers. If the Indemnifying
Party is conducting the defense of the Third-Party Claim in accordance with this Section 7(f)(ii)(B), then (I) the Indemnified Party may retain separate co-counsel at its sole cost and expense and participate in the defense of the
Third-Party Claim, and (II) the Indemnifying Party will not consent to the entry of any judgment or enter into any settlement with respect to the Third-Party Claim without the prior written consent of the Indemnified Party (not to be unreasonably
withheld, delayed or conditioned), unless the judgment or proposed settlement involves only the payment of money damages in an amount less than the limitations, if any, provided under Section 7(d) with respect to the Indemnifying
Party’s indemnification obligations under this Section 7, and does not involve any admission of fault or violation of Law by or on behalf of the Indemnified Party. 

(C) Unless and until an Indemnifying Party completely assumes the defense of the Third-Party Claim as provided in
Section 7(f)(ii)(B), or if the Indemnifying Party fails to diligently conduct the defense of such Third-Party Claim or is not permitted to assume the defense of such Third-Party Claim, the Indemnified Party may defend against the
Third-Party Claim in any manner it may reasonably deem appropriate, with the Indemnifying Party responsible for all reasonable costs incurred in connection therewith (including reasonable fees and expenses of counsel). 

(D) In no event will the Indemnified Party consent to the entry of any judgment on or enter into any settlement with respect
to the Third-Party Claim without the prior written consent of the Indemnifying Party (not to be unreasonably withheld, delayed or conditioned). 

(ii) With respect to any indemnification sought by an Indemnified Party from the Indemnifying Party that does not involve a
Third-Party Claim, the Indemnified Party shall, as promptly as practical, provide written notice to the Indemnifying Party (and the Escrow Agent, if the Indemnifying Party is a Principal or Seller) of any claim with respect to which the Indemnified
Party believes it is or may be entitled to indemnification pursuant to the terms hereof (an “Indemnity Notice”). The Indemnity Notice shall describe in commercially reasonable detail the nature of the claim, the Indemnified
Party’s reasonable estimate of the amount of Losses attributable to such claim to the extent known and the basis of the Indemnified Party’s request for indemnification under this Section 7. Failure to so timely notify shall not
relieve the Indemnifying Party from its obligations hereunder unless (and solely to the extent) the Indemnifying Party is actually materially prejudiced as a result thereof. The Indemnifying Party shall respond

  
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to each such claim within twenty (20) days of receipt of such Indemnity Notice. If the Indemnifying Party does not notify the Indemnified Party (and the Escrow Agent, if the Indemnifying
Party is a Principal or Seller) within twenty (20) days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, then the Indemnifying Party shall be deemed to have accepted and agreed with such claim, and such
Indemnifying Party shall pay to the Indemnified Party the amount of Losses specified in the Indemnity Notice (subject to the limitations contained in this Section 7) pursuant to the terms hereof. 

(iii) Notwithstanding anything to the contrary herein, this Section 7(f) shall not apply to claims solely in
respect of Taxes, which shall be exclusively governed by Section 6. 
 (g) Escrow. Any amounts owed by Principals or
Sellers for indemnification to Buyer pursuant to Section 7(b)(ii) shall be satisfied as follows: (i) first as a payment by the Escrow Agent from the Escrow Fund, and (ii) second, as a claim against any Principal or Seller,
limited to the extent of their liability as herein provided. 
 (h) Tax Treatment of Indemnity Payments. Sellers and Buyer agree to
treat any indemnity payment made pursuant to Section 7 as an adjustment to the Purchase Price for federal, state, local and foreign Tax purposes to the extent permitted by applicable Law. 

(i) Tax Benefit. Any payment made by any Indemnifying Party hereunder shall be paid net of any Tax benefit for state Income Taxes
(whether by refund, overpayment, credit, or reduction in Taxes otherwise payable) actually realized (determined on a with and without basis) by an Indemnified Party and any tax cost actually incurred as a result of the receipt of any indemnity
payment by an Indemnified Party. The Parties shall use commercially reasonable efforts to structure indemnity payments to avoid incurring Tax liabilities on the receipt thereof. 

(j) Exclusive Remedy. The Parties acknowledge and agree that except for injunctive or other equitable relief (including specific
performance) or instances of fraud, intentional misrepresentation or willful misconduct, the foregoing indemnification provisions in this Section 7 shall be the exclusive remedy of the Parties at law or in equity with respect to the
representations, warranties and covenants of the Parties pursuant to this Agreement. 
 SECTION 8. TERMINATION. This Agreement may be terminated
at any time prior to the Closing: 
 (a) by the mutual written consent of Buyer, Sellers’ Representative and Target; 

(b) by Buyer by delivery of written notice to Target and Sellers’ Representative, if: 

(i) Buyer is not then in material breach of any provision of this Agreement and there has been a material breach, inaccuracy
in or failure to perform any representation, warranty, covenant or agreement made by Target, Principals or Sellers pursuant to this Agreement that would give rise to the failure of any of the conditions specified in Section 2(d)(iii) and
such breach, inaccuracy or failure has not been cured by Target, Principals, or Seller(s), as applicable, within five (5) days of Sellers’ Representative’s receipt of written notice of such breach from Buyer; or 

  
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 (ii) any of the conditions set forth in Section 2(d)(i) or
Section 2(d)(iii) shall not have been, or if it becomes apparent that any of such conditions will not be, fulfilled by September 30, 2017, unless such failure shall be due to the failure of Buyer to perform or comply with any of the
covenants, agreements or conditions hereof to be performed or complied with by it prior to the Closing; 
 (c) by Sellers’
Representative by delivery of written notice to Buyer if: 
 (i) No Seller, Principal or Target is then in material breach
of any provision of this Agreement and there has been a breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made by Buyer pursuant to this Agreement that would give rise to the failure of any of the
conditions specified in Section 2(d)(ii) and such breach, inaccuracy or failure has not been cured by Buyer within five (5) days of Buyer’s receipt of written notice of such breach from Sellers’ Representative; or 

(ii) any of the conditions set forth in Section 2(d)(i) or Section 2(d)(ii) shall not have been, or if
it becomes apparent that any of such conditions will not be, fulfilled by September 30, 2017, unless such failure shall be due to the failure of a Seller, Principal or Target to perform or comply with any of the covenants, agreements or
conditions hereof to be performed or complied with by it prior to the Closing; 
 (d) by Buyer or Sellers’ Representative in the event
that (i) there shall be any Law that makes consummation of Transaction illegal or otherwise prohibited or (ii) any Governmental Entity shall have issued a Governmental Order restraining or enjoining the Transaction, and such Governmental
Order shall have become final and non-appealable; or 
 (e) by Buyer or Sellers’ Representative in the event that enforcement action or
further investigation has been taken by a Governmental Entity prior to the expiration of the applicable waiting period under the HSR Act, which action or investigation is not resolved within ninety (90) days from the date of receipt by the
Parties of notice of such action or investigation. 
 SECTION 9. APPOINTMENT OF SELLERS’ REPRESENTATIVE. 

(a) Effective as of the date hereof, each Seller, for himself, herself or itself, and for his, her or its respective successors and assigns,
shall irrevocably make, constitute and appoint Donald D. Welch, II, to act on his or her behalf with respect to certain aspects of the Transaction (“Sellers’ Representative”) pursuant to Sellers’ Representative
Agreement in substantially the form attached hereto as Exhibit F. 
 (b) Buyer Indemnitees will incur no liability of any kind with
respect to any action or omission by Sellers’ Representative in connection with Sellers’ Representative’s performance of its obligations pursuant to this Agreement, the Escrow Agreement or the Sellers’ Representative Agreement,
including, without limitation, with respect to any payments made by or on behalf of Buyer to which Sellers are entitled. 

  
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 (c) Notwithstanding that Target has been represented by the law firm of Devine,
Millimet & Branch, Professional Association (the “Firm”) in connection with the preparation, negotiation and execution of this Agreement, the Escrow Agreement and the Sellers’ Representative Agreement, Buyer and
Sellers agree that the Firm may represent Sellers’ Representative, Sellers and/or their Affiliates in matters related to the Purchase Agreement, the Escrow Agreement and the Sellers’ Representative Agreement including, without limitation,
in respect of any indemnification claims pursuant to Section 7 hereof. Target and Sellers’ Representative, on behalf of itself, himself or herself, as applicable, and its, hers or his Affiliates, and Sellers, hereby jointly and
severally acknowledge, that each has had an opportunity to ask for and has obtained information relevant to such representation, including disclosure of the reasonably foreseeable adverse consequences of such representation, and each hereby
irrevocably waives any conflict arising out of such future representation. Sellers acknowledge that the Firm does not represent any of the individual parties in connection with the Purchase Agreement, the Escrow Agreement and the Sellers’
Representative Agreement and that the Firm has been retained solely to represent the interests of Target. 
 SECTION 10. MISCELLANEOUS. 

(a) Press Releases and Public Announcements. No Party shall issue or cause the publication of any press release or other public
announcement with respect to this Agreement or the Transaction without the prior written consent of the other Parties (which consent shall not be unreasonably withheld, conditioned or delayed), except as may be required by Law (such as securities
Laws governing Buyer and its Affiliates) or by any applicable listing agreement with a national securities exchange as determined in the good-faith judgment of the Party proposing to make such release (in which case, such Party shall not issue or
cause the publication of such press release or other public announcement without prior consultation with the other Parties, including providing the other Parties with a reasonable opportunity under the circumstances to review and comment upon such
press release or other public announcement). 
 (b) No Third-Party Beneficiaries. This Agreement shall not confer any rights or
remedies upon any Person other than the Buyer Indemnitees and the Seller Indemnitees. 
 (c) Entire Agreement. This Agreement
(including the documents referred to herein, including the Escrow Agreement and the Sellers’ Representative Agreement) constitutes the entire agreement between and among the Parties and supersedes any prior or contemporaneous understandings,
agreements, or representations by or among the Parties, written or oral, to the extent that they relate in any way to the subject matter hereof. 

(d) Succession and Assignment. This Agreement shall be binding upon, and shall inure to the benefit of, the Parties named herein and
their respective successors and permitted assigns. No Party may assign either this Agreement or any of his, her or its rights, interests, or obligations hereunder without the prior written approval of Buyer and Sellers’ Representative; provided
that Buyer may assign this Agreement and/or its rights and obligations hereunder to any Affiliate or any lender without such approval, provided, however, Buyer shall remain contractually liable for any of its obligations hereunder. 

  
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 (e) Counterparts. This Agreement may be executed in one (1) or more counterparts
(including by means of .pdf), each of which shall be deemed an original but all of which together will constitute one (1) and the same instrument. 

(f) Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the
meaning or interpretation of this Agreement. 
 (g) Notices. All notices, requests, demands, claims, and other communications
hereunder shall be in writing. Any notice, request, demand, claim, or other communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) one (1) business day after being sent to the recipient
by reputable overnight courier service (charges prepaid), (iii) one (1) business day after being sent to the recipient by electronic mail (with confirmation of receipt), or (iv) four (4) business days after being mailed to the
recipient by certified or registered mail, return receipt requested and postage prepaid, and addressed to the intended recipient as set forth below: 
  

			
	 If to Target Prior to Closing:
	  	
		  	 Globe Holding Company, LLC
 37 Loudon Road

Pittsfield, New Hampshire 03263
 Attention: Donald D. Welch, II,
President
 Email: donw@globefiresuits.com

	
	 Copy to (which shall not constitute notice):

		  	 Devine, Millimet & Branch, Professional Association

111 Amherst Street
 Manchester, New Hampshire 03101

Attention: Steven Cohen
 Email:
scohen@devinemillimet.com

		
	 If to Sellers’
	  	
	 Representatives:
	  	 Donald D. Welch, II
 68 Knox Road

Bow, New Hampshire 03304
 Email:
donw@globefiresuits.com

	
	 Copy to (which shall not constitute notice):

		  	 Devine, Millimet & Branch, Professional Association

111 Amherst Street
 Manchester, New Hampshire 03101

Attention: Steven Cohen
 Email:
scohen@devinemillimet.com

		
	 If to any Seller:
	  	To the address of each Seller as set forth in Exhibit D hereto.

  
 -63- 

			
	 Copy to (which shall not constitute notice):

		  	 Devine, Millimet & Branch, Professional Association

111 Amherst Street
 Manchester, New Hampshire 03101

Attention: Steven Cohen
 Email:
scohen@devinemillimet.com

		
	 If to Buyer:
	  	
		  	 MSA—The Safety Company
 1000 Cranberry
Woods Drive
 Cranberry Township, PA 16066
 Attention: Chief
Legal Officer
 Email: douglas.mcclaine@msasafety.com

	
	 Copies to (which shall not constitute notice):

		  	 Reed Smith LLP
 Three Logan Square, Suite
3100
 1717 Arch Street
 Philadelphia, PA 19103

Attention: Paul J. Jaskot
 Email:
pjaskot@reedsmith.com

 Any Party may change the address to which notices, requests, demands, claims, and other communications
hereunder are to be delivered by giving the other Parties notice in the manner herein set forth. 
 (h) Governing Law. This Agreement
shall be governed by and construed in accordance with the domestic Laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause
the application of the Laws of any jurisdiction other than the State of Delaware. 
 (i) Consent to Jurisdiction. 

(i) ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTION MAY BE INSTITUTED IN
THE CHANCERY COURT OF THE STATE OF DELAWARE, AND ANY STATE APPELLATE COURT THEREFROM WITHIN THE STATE OF DELAWARE (OR, IF THE CHANCERY COURT OF THE STATE OF DELAWARE DECLINES TO ACCEPT JURISDICTION OVER A PARTICULAR MATTER, ANY STATE OR FEDERAL
COURT WITHIN THE STATE OF DELAWARE), AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS
SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING
IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

  
 -64- 

 (ii) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING
WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10. 
 (j) Amendments and Waivers. No amendment of any
provision of this Agreement shall be valid unless the same shall be in writing and signed by Buyer and Sellers’ Representative and either specifically references this Section 10(j) or clearly states that it is the intent of Buyer
and Sellers’ Representative to amend this Agreement. No waiver by any Party of any provision of this Agreement or any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be valid unless the
same shall be in writing and signed by the Party making such waiver (or by Sellers’ Representative on behalf of one or more Seller(s)), nor shall such waiver be deemed to extend to any prior or subsequent default, misrepresentation, or breach
of warranty or covenant hereunder or affect in any way any rights arising by virtue of any such prior or subsequent occurrence. 
 (k)
Severability. Any term or provision of this Agreement that is judicially determined by a court of competent jurisdiction and venue to be invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or
enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. 

(l) Expenses. Except as otherwise expressly provided in this Agreement or in any other agreement contemplated hereby, each Seller,
Buyer, and Target shall bear his, her or its own costs and expenses (including legal fees and expenses) incurred in connection with this Agreement and the Transaction. Buyer shall pay all filing fees payable under the HSR Act. 

(m) Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the
provisions of this Agreement. Any reference to any federal, state, local, or foreign statute or Law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. The word
“including” shall mean “including without limitation”. 

  
 -65- 

 (n) Incorporation of Exhibits and Schedules. The Exhibits and Schedules identified in this
Agreement are incorporated herein by reference and made a part hereof. 
 (o) Disclosure Schedules. The Parties agree as follows:
(i) the Disclosure Schedules will be arranged in sections corresponding to the lettered and numbered sections contained in Section 3 and Section 4; (ii) all agreements, items, conditions and other matters contained
in each section or subsection of the Disclosure Schedules are exceptions (as applicable) to the representations and warranties contained in the corresponding section or subsection of this Agreement; (iii) where appropriate any disclosure in any
section or subsection in the Disclosure Schedules shall be deemed to disclose an exception to a representation or warranty contained in any other section or subsection of this Agreement to the extent the relevance of such exception to such other
section or subsection is reasonably apparent on its face; (iv) disclosure of any matter in the Disclosure Schedules shall not constitute an expression of a view that such matter is material or is required to be disclosed pursuant to this
Agreement; (v) to the extent that any representation or warranty set forth in this Agreement is qualified by the materiality of the matter(s) to which the representation or warranty relates, the inclusion of any matter in the Disclosure
Schedules does not constitute a determination by Sellers that any such matter is material; and (vi) the disclosure of any information concerning a matter in the Disclosure Schedules does not imply that any other, undisclosed matter that has a
greater significance or value is material. 
 (p) Specific Performance. Each Party acknowledges and agrees that the other Parties
will have no adequate remedy at law and may suffer irreparable damage if any of the obligations of such Party under this Agreement were breached or not performed in accordance with their specific terms. Accordingly, each Party agrees that the other
Parties shall have the right, in addition to any other rights which it may have at law or in equity, to specific performance and equitable injunctive relief if the first Party shall fail or threaten to fail to perform any of its obligations
contained in this Agreement. 
 [Remainder of page intentionally left blank] 

  
 -66- 

 
			
	BUYER:
	
	MSA WORLDWIDE, LLC
		
	By:	 	/s/ William M. Lambert
	Name:	 	William M. Lambert
	Title:	 	Chairman and Chief Executive Officer

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
					
	TARGET:
	
	GLOBE HOLDING COMPANY, LLC
		
	By:	 	/s/ Donald D. Welch, II
	Name:	 	Donald D. Welch, II
	Title:	 	President

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS’ REPRESENTATIVE:
	
	/s/ Donald D. Welch, II
	Donald D. Welch, II

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	PRINCIPALS:
	
	/s/ Donald D. Welch, II
	Donald D. Welch, II
	
	/s/ George E. Freese, III
	George E. Freese, III
	
	/s/ Robert A. Freese
	Robert A. Freese

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS:
	
	/s/ George E. Freese, III
	 George E. Freese, III, Trustee of
 The George
E. Freese, III Revocable Trust

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS:
	
	/s/ George E. Freese, III
	 George E. Freese, III, Trustee of
 The George
E. Freese, III Irrevocable
 Grantor Trust - 2012

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS:
	
	/s/ Robert A. Freese
	 Robert A. Freese, Trustee of
 The Robert A.
Freese Trust – 1997

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS:
	
	/s/ Robert A. Freese
	 Robert A. Freese, Trustee of
 The Robert A.
Freese Irrevocable
 Grantor Trust – 2012

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS:
	
	/s/ Sharon K.F. Welch
	 Sharon K.F. Welch, Trustee of
 The Sharon
K.F. Welch Trust - 1997

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
									
	SELLERS:
	
	/s/ Christopher Martin
	 Concord Trust Company, Trustee of

The Sharon K.F. Welch Qualified
 Annuity Trust -
2012

	By:	 	Christopher Martin
	  
	 	   
	 	, its duly	 	  

		 	Authorized	 	Principal	 	

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS:
	
	/s/ Donald D. Welch
	 Donald D. Welch, Trustee of
 The Donald D.
Welch, II Trust - 1997

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
									
	SELLERS:
	
	/s/ Christopher Martin
	 Concord Trust Company, Trustee of

The Donald D. Welch, II Qualified
 Annuity Trust -
2012

	By:	 	Christopher Martin
	  
	 	   
	 	, its duly	 	  

		 	Authorized	 	Principal	 	

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS:
	
	/s/ Karen E. Foxworth
	Karen E. Foxworth

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS:
	
	/s/ David J. Kristoferson
	David J. Kristoferson

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS:
	
	/s/ John S. Kristoferson
	John S. Kristoferson

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS:
	
	/s/ Susan L. Kristoferson
	Susan L. Kristoferson

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
	
	SELLERS:
	
	/s/ Elizabeth K. Moore
	Elizabeth K. Moore

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
									
	SELLERS:
	
	/s/ Christopher Martin
	 Concord Trust Company, Trustee of

The Jette D. Welch Irrevocable Trust – 1

	By:	 	Christopher Martin
	  
	 	   
	 	, its duly	 	  

		 	Authorized	 	Principal	 	

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
									
	SELLERS:
	
	/s/ Christopher Martin
	 Concord Trust Company, Trustee of

The Lexie M. Welch Irrevocable Trust – 1

	By:	 	Christopher Martin
	  
	 	   
	 	, its duly	 	  

		 	Authorized	 	Principal	 	

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
									
	SELLERS:
	
	/s/     Christopher Martin
	 Concord Trust Company, Trustee of

The Sierra G. Welch Irrevocable Trust – 1

	By:	 	Christopher Martin
	  
	 	   
	 	, its duly	 	  

		 	Authorized	 	Principal	 	

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
									
	SELLERS:
	
	/s/ Christopher Martin
	 Concord Trust Company, Trustee of

The Jette D. Welch Irrevocable Trust – 2

	By:	 	Christopher Martin
	  
	 	   
	 	, its duly	 	  

		 	Authorized	 	Principal	 	

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
									
	SELLERS:
	
	/s/ Christopher Martin
	 Concord Trust Company, Trustee of

The Lexie M. Welch Irrevocable Trust – 2

	By:	 	Christopher Martin
	  
	 	   
	 	, its duly	 	  

		 	Authorized	 	Principal	 	

  
 Signature Page to

 Membership Interest Purchase Agreement 

 
									
	SELLERS:
	
	/s/ Christopher Martin
	 Concord Trust Company, Trustee of

The Sierra G. Welch Irrevocable Trust – 2

	By:	 	Christopher Martin
	  
	 	   
	 	, its duly	 	  

		 	Authorized	 	Principal	 	

  
 Signature Page to

 Membership Interest Purchase Agreement 

 EXHIBIT F 

SELLERS’ REPRESENTATIVE AGREEMENT 

THIS SELLERS’ REPRESENTATIVE AGREEMENT (this “Agreement”) is entered into this
         day of                     , 2017, by and among each of the members of Globe
Holding Company, LLC, a New Hampshire limited liability company (the “Company”) as set forth on the attached Exhibit A, which is incorporated herein by reference (each such party, an “Interested
Party” or “Seller” and collectively, the “Interested Parties”), and Donald D. Welch, II, individually, and any successor Sellers’ Representative appointed pursuant to the terms hereof
(“Sellers’ Representative”) (Sellers’ Representative and the Interested Parties are sometimes herein referred to individually as a “Party” and collectively as the
“Parties”). Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the Purchase Agreement (as defined herein). 

W I T N E S S E T H 

WHEREAS, pursuant to that certain Membership Interest Purchase Agreement by and among MSA Worldwide, LLC, a Pennsylvania limited liability
company (“Buyer”), the Company, Sellers’ Representative, the Principals and Sellers, dated                     
            , 2017 (the “Purchase Agreement”), Buyer is acquiring all of the outstanding membership interests of the Company from Sellers (the
“Equity Sale”); and 
 WHEREAS, the Interested Parties, which are referred to as Sellers in the Purchase Agreement,
are the owners of all of the issued and outstanding membership interests of the Company being sold to Buyer pursuant to the Purchase Agreement; 

WHEREAS, in connection with the Purchase Agreement and by their signatures hereto, each Interested Party hereby appoints Sellers’
Representative, who is also an Interested Party, as his, her or its representative, agent and attorney-in-fact, hereby assigns to Sellers’ Representative all of the rights to negotiate, pursue, enforce and settle contracts, contract rights,
benefits, claims or other causes of action that may arise in favor of the Interested Parties as Sellers, and hereby authorizes Sellers’ Representative to take any and all actions and make any and all decisions required or permitted to be taken
by Sellers’ Representative pursuant to this Agreement, the Purchase Agreement or the Escrow Agreement; and 
 WHEREAS, Sellers’
Representative hereby accepts this appointment subject to the provisions of this Agreement. 
 NOW, THEREFORE, in consideration of the
mutual promises and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as follows: 

1. Purpose. The purpose of this Agreement and the appointment of Sellers’ Representative is to: (a) provide a mechanism for
the Interested Parties to negotiate, enforce, dispute, settle and collect all of their rights, benefits, claims or other causes of action that may arise pursuant to the Purchase Agreement, the Escrow Agreement or any ancillary agreements thereto
(collectively, the “Rights”) and any and all payments due to or due from the Interested 

 
Parties arising from or related to the sale of their membership interests to Buyer pursuant to the Purchase Agreement and the Escrow Agreement including, without limitation, funds from the Escrow
Amount; (b) provide a reserve of funds for the payment of all claims, expenses, charges, liabilities, debts, obligations and professional fees of the Interested Parties arising from or related to the Purchase Agreement including, but not
limited to, the Rights; and (c) grant Sellers’ Representative the authority to take any and all actions and to make any decisions required or permitted to be taken by Sellers’ Representative pursuant to this Agreement, the Purchase
Agreement or the Escrow Agreement, or in connection with any of the foregoing. 
 2. Appointment of Sellers’ Representative.

 (a) Appointment. By executing this Agreement, each Interested Party hereby irrevocably constitutes and appoints Sellers’
Representative as such Interested Party’s attorney-in-fact and agent, with full power of substitution as herein provided, to take any and all actions and make any decisions required or permitted to be taken by Sellers’ Representative
pursuant to this Agreement, the Purchase Agreement or the Escrow Agreement, to negotiate, execute and deliver any and all documents or agreements arising from the Escrow Agreement or the Purchase Agreement, other than this Agreement, on behalf of
each Interested Party, to enforce and deal with the Rights in a commercially reasonable manner and to act for and on behalf of such Interested Party with respect to any indemnification claim or other matter arising pursuant to this Agreement,
Purchase Agreement or the Escrow Agreement. Each Interested Party acknowledges and agrees that the appointment of Sellers’ Representative for such Interested Party is coupled with an interest and may not be revoked. 

Sellers’ Representative (i) accepts his appointment and authorization to act as attorney-in-fact and agent on behalf of the
Interested Parties in accordance with the terms of this Agreement, and (ii) agrees to perform his obligations hereunder in his capacity as Sellers’ Representative in good faith and otherwise to comply with this Agreement, the Purchase
Agreement, the Escrow Agreement and any other agreement to which Sellers’ Representative is a party relating to the Equity Sale in such capacity. Each Interested Party fully and completely, without restrictions, agrees to be bound by all
notices received and agreements and determinations made by and documents executed and delivered by or to Sellers’ Representative pursuant to this Agreement, the Purchase Agreement and the Escrow Agreement, and authorizes Sellers’
Representative to: (A) negotiate, enforce, settle and collect upon the Rights; (B) dispute or refrain from disputing any indemnification claim made by any Buyer Indemnitee pursuant to Section 7 of the Purchase Agreement;
(C) negotiate, settle and compromise any dispute which may arise pursuant to Section 7 of the Purchase Agreement and sign any releases or other documents with respect to any such dispute, remedy or settlement; (D) exercise or refrain
from exercising any remedies available to the Interested Parties pursuant to the Purchase Agreement; (E) dispute or refrain from disputing any claim made by Buyer or the Company arising out of, resulting from, or relating to the Purchase
Agreement, including with respect to the calculation of the Post-Closing Adjustment Amount, or in connection with or arising from the Escrow Agreement; (F) provide and obtain notices, consents, instructions, and communications permitted or
required pursuant to this Agreement, the Purchase Agreement, the Escrow Agreement, or any other agreement, document or instrument entered into or executed in connection herewith or therewith, for and on behalf of any Interested Party (except to the
extent 

  
 F-2 

 
that any such agreement, document or instrument expressly contemplates that any such notice, consent or communication shall be given or received by each Interested Party individually and not by
Sellers’ Representative); (G) waive any term, condition or provision contained in the Purchase Agreement, the Escrow Agreement, or any other agreement, document or instrument entered into or executed in connection therewith;
(H) engage and consult with any Experts (as hereinafter defined) selected by Sellers’ Representative; (I) review and determine any statements and documents related to the Closing Statement and any Post-Closing Adjustment Amount and
cooperate and work with Buyer regarding such review and determination; (J) receive and collect payments from Buyer and the Escrow Agent arising from the Purchase Agreement and the Escrow Agreement including, without limitation, the Post-Closing
Adjustment Amount and all or any portion of the Escrow Amount, as applicable, and coordinate and make distributions of such payments to the Interested Parties; (K) authorize payments to Buyer, including, without limitation, the Post-Closing
Adjustment Amount and all or any portion of the Escrow Amount; (L) enter into agreements, settlements and compromises regarding the calculation and determination of the Post-Closing Adjustment Amount and the Escrow Amount; (M) amend the
Purchase Agreement (other than Section 9) or the Escrow Agreement; (N) terminate the Purchase Agreement in accordance with Section 8 of the Purchase Agreement; and (O) give such instructions and do, or refrain from doing, such
other things as Sellers’ Representative, in his sole and absolute discretion, deems necessary or appropriate to carry out the provisions of this Agreement, the Purchase Agreement, and the Escrow Agreement, all of which shall be final and
binding upon the Interested Parties. 
 (b) Actions by Sellers’ Representative. Sellers’ Representative is hereby
authorized to act independently and shall have authority to take action and to execute and deliver any and all documents, agreements, instruments, and certificates as he deems necessary or appropriate in furtherance of his obligations hereunder.

 (c) Binding Effect. All such actions taken by Sellers’ Representative within the authority provided by this Agreement shall
(i) be deemed to be facts ascertainable outside the Agreement and shall be binding on the Interested Parties as a matter of contract law, and (ii) be binding upon all Interested Parties as if expressly confirmed and ratified in writing by
each of them and no Interested Party shall have the right to object, dissent, protest, appeal or otherwise contest the same. Buyer and its Affiliates and Representatives and the Escrow Agent shall be entitled to rely on the appointment of
Sellers’ Representative and may treat Sellers’ Representative as the duly appointed irrevocable attorney-in-fact of each Interested Party and as having the duties, power and authority provided for in this Section 2. Buyer and
its Affiliates and Representatives and the Escrow Agent shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Interested Party by Sellers’
Representative and on any action or decision of Sellers’ Representative. The Interested Parties shall be bound by all actions taken and by all documents executed by Sellers’ Representative pursuant to this Agreement. 

3. Limitation of Liability; Expense Fund. 

(a) Indemnification. Sellers’ Representative will incur no liability of any kind with respect to any action or omission by
Sellers’ Representative in connection with Sellers’ Representative’s services pursuant to this Agreement, the Purchase Agreement or the Escrow 

  
 F-3 

 
Agreement, except in the event of liability directly resulting from Sellers’ Representative’s fraud, bad faith, gross negligence or willful misconduct. Sellers’ Representative may
act in reliance upon any signature of an Interested Party believed by him to be genuine and may reasonably assume that such person has proper authorization to sign on behalf of the applicable party. In all questions arising pursuant to the Purchase
Agreement and the Escrow Agreement, Sellers’ Representative may rely on the advice of Experts (as defined herein) and Sellers’ Representative will not be liable to any Interested Party for any action or omission by Sellers’
Representative taken by him based on such advice and reliance thereon. 
 The Interested Parties shall jointly indemnify, defend and hold
harmless Sellers’ Representative from and against any and all loss, liability, damage, claim, penalty, fine, forfeiture, action, or expense (including the reasonable fees and expenses of counsel and Experts and their respective staff and all
expense of document location, duplication and shipment) (collectively, the “Losses”) arising out of or in connection with Sellers’ Representative’s actions taken pursuant to the Purchase Agreement or the Escrow
Agreement, in each case as such Loss is suffered or incurred; provided, that if any such Loss is finally adjudicated by a court of competent jurisdiction and venue to have been caused by the fraud, bad faith, gross negligence or willful
misconduct of Sellers’ Representative, then Sellers’ Representative will reimburse the Interested Parties the amount of such indemnified Loss attributable to such fraud, bad faith, gross negligence or willful misconduct. If not paid
directly to Sellers’ Representative by the Interested Parties, then any such Losses may be recovered by Sellers’ Representative from: (i) the funds in the Expense Fund (as hereinafter defined), and/or (ii) the amounts held by the
Escrow Agent at such time as remaining amounts would otherwise be distributable to the Interested Parties therefrom; provided, that while this Section 3 allows Sellers’ Representative to be paid and reimbursed from the
Expense Fund and the funds held by the Escrow Agent, this does not relieve the Interested Parties from their obligation to promptly pay such Losses as they are suffered or incurred, nor does it prevent Sellers’ Representative from seeking any
remedies available to him at law, in equity or otherwise in connection therewith. The Interested Parties acknowledge and agree that the foregoing indemnification provisions shall survive the resignation or removal of Sellers’ Representative or
the termination of this Agreement. Except as otherwise set forth in this Agreement, the Purchase Agreement or the Escrow Agreement, the Parties hereto agree that to the extent that Sellers’ Representative receives documents, spreadsheets or
other forms of information from any person which Sellers’ Representative is required to deliver to another person, Sellers’ Representative shall not be responsible for the content of such materials, nor shall Sellers’ Representative
be responsible for confirming the accuracy of any information contained in such materials or for reconciling the content of any such materials with any other documents, spreadsheets or other information. Except as otherwise set forth in this
Agreement, the Purchase Agreement or the Escrow Agreement, in no event shall Sellers’ Representative be liable to any Interested Party for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not
limited to, lost profits), regardless of whether or not any such damages were foreseeable or contemplated and even if Sellers’ Representative has been advised of the likelihood of such loss or damage, or for losses due to an inability to
perform his obligations pursuant to this Agreement due to acts of God, illness, death or disability, electrical outages, equipment or transmission failure (including, email or facsimile failure), or other causes reasonably beyond his reasonable
control. 

  
 F-4 

 (b) Expense Fund. Upon the execution of this Agreement, the Interested Parties will
transfer into a separate account held by Sellers’ Representative Five Hundred Thousand Dollars ($500,000) (the “Expense Fund”), which will be used to pay any third party expenses pursuant to the Purchase Agreement or
this Agreement including, without limitation, in connection with the enforcement of the Rights and the collection of any amounts payable to Sellers pursuant thereto. The Interested Parties will not receive any interest or earnings on the Expense
Fund and hereby irrevocably transfer and assign to Sellers’ Representative any ownership and contract rights that they may otherwise have had in any such interest or earnings. Sellers’ Representative will not be liable for any loss of
principal of the Expense Fund other than as a result of his gross negligence or willful misconduct. For tax purposes, the Expense Fund will be treated as having been received and voluntarily set aside by the Interested Parties at the time of
execution of this Agreement. 
 (c) Release and Replenishment of the Expense Fund. Sellers’ Representative may, as he deems
appropriate and in his sole and absolute discretion, from time to time make interim distributions of the income and principal of the funds held in the Expense Fund to the Interested Parties; provided, however, that any part or all of
the net income and other available cash assets held in the Expense Fund or received from the Escrow Amount into the Expense Fund may be retained by Sellers’ Representative in the Expense Fund to the extent that Sellers’ Representative
deems, in good faith, that such retention is reasonably necessary to satisfy the purpose and requirements of Sections 1 and 2 hereof. In the event that the Expense Funds are depleted and require additional funds to carry out the
purposes as set forth herein, to meet the obligations, or to make any expenditure authorized by this Agreement, Sellers’ Representative may notify the Interested Parties and any Interested Party may, but shall not be obligated to, loan such
funds to Sellers’ Representative to replenish the Expense Funds. Any loan made pursuant to this Section 3 (a “Voluntary Loan”), unless otherwise agreed to in writing, shall be evidenced by a promissory note
and shall bear interest at such rate as the lending Interested Party shall determine and shall be repaid out of the first funds available therefor and in any event prior to any distribution to any other Interested Party. In addition to a Voluntary
Loan, Sellers’ Representative, acting on behalf of the Interested Parties, may borrow funds from third parties upon commercially reasonable terms and in such amounts as he deems necessary or appropriate to effectuate the terms of this
Agreement. Notwithstanding the foregoing, as soon as practicable following the later of: (i) the release of the Escrow Amount; or (ii) Sellers’ Representative’s determination that all claims, expenses, charges, liabilities and
obligations arising under the Purchase Agreement or this Agreement have been paid or discharged and that no further action is necessary or required with respect to the enforcement of the Rights and all Voluntary Loans (and other third party loans,
if applicable) have been repaid, Sellers’ Representative shall release the balance of the Expense Funds and disburse such funds to the applicable Interested Parties in accordance with their percentage ownership as set forth on Exhibit A.

 (d) Reporting. Sellers’ Representative shall report to the Interested Parties, at least annually, with regard to any
activities arising from this Agreement, the Purchase Agreement and the balance of the Expense Fund including, but not limited to: (i) any fees, costs or expenses paid from the Expense Fund; (ii) any additional funds or assets added to the
Expense Fund; (iii) any interim distributions made to the Interested Parties; and (iv) any other reasonable information for which Sellers’ Representative, in his sole and absolute discretion, determines is necessary or appropriate to
report. As part of said report, Sellers’ Representative shall also advise as to his 

  
 F-5 

 
knowledge of any significant issues that may substantially and materially impact the value of any assets held in the Expense Fund or as related to the Purchase Agreement. Sellers’
Representative may submit such other reports for such interim periods during the taxable year as he deems advisable. As soon as practicable after the close of each taxable year, Sellers’ Representative shall also deliver any reports necessary
for the Interested Parties to prepare and complete their individual federal and state tax returns. 
 4. Confidentiality; Privileged
Information. Without the prior written consent of Sellers’ Representative, the Interested Parties will not disclose any communications or information which they have received from Sellers’ Representative unless required by law (after
advance written notice to and consultation with Sellers’ Representative and legal counsel) and will only use such information in connection with consultation with Sellers’ Representative in accordance with this Agreement. In the event of a
breach of this Section 4, monetary damages may not be an adequate remedy and Sellers’ Representative may pursue injunctive or other equitable relief. To the extent that any information exchanged between or among Sellers’
Representative and any Interested Party including, but not limited to, materials, communications or other information (“Privileged Material”) that may be subject to the attorney-client privilege, work product doctrine or any
other applicable privilege or doctrine concerning any confidential information or any pending, threatened or prospective action, suit, proceeding, investigation, arbitration or dispute (a “Proceeding”), it is acknowledged and
agreed that Sellers’ Representative and each of the Interested Parties intend to work together and consult with each other regarding such matters and shall have a commonality of interest with respect to such Privileged Material or Proceeding
and that it is the mutual desire, intention and understanding of Sellers’ Representative and the Interested Parties that the sharing of such Privileged Material is not intended to, and shall not, affect the confidentiality of any of such
Privileged Material or waive or diminish the continued protection of any of such Privileged Material under the attorney-client privilege, work product doctrine or other applicable privilege or doctrine. Notwithstanding anything contained in
this Agreement to the contrary, Sellers’ Representative shall have the right to determine not to convey or exchange any particular Privileged Material if Sellers’ Representative determines, in his commercially reasonable discretion or upon
the advice of legal counsel, that any such conveyance or exchange could jeopardize the confidential treatment of any such Privileged Material. Notwithstanding the foregoing, nothing in this Agreement shall constitute a waiver of the confidentiality
provisions set forth in Section 6(e) of the Purchase Agreement, nor shall anything in this Agreement be construed to amend, modify or otherwise limit the confidentiality provisions set forth therein. 

5. Third Party Expenses; Travel. In the event that Sellers’ Representative determines, in his sole discretion, to hire or retain
any attorneys, accountants, agents or other subject matter experts or skilled professionals (collectively, “Experts”) or to incur any fees, costs or expenses (“Expenses”) in connection with any
post-closing matters on the Interested Parties’ behalf, all such Expenses will be the sole responsibility of the Interested Parties, which shall be paid from the Expense Fund as set forth herein. In no event shall Sellers’ Representative,
acting in his capacity as Sellers’ Representative (rather than an Interested Party) be personally responsible for the payment of any third party Expenses. In the event that any travel by either of Sellers’ Representative or his agent is
reasonably required in connection with the performance of the obligations under the Purchase Agreement, the Escrow Agreement or this Agreement or either Sellers’ Representative or his agent directly pays any Expenses for which Sellers’

  
 F-6 

 
Representative is entitled to reimbursement, Sellers’ Representative will be promptly reimbursed from the Expense Fund. If Sellers’ Representative is required by the terms of the
Purchase Agreement, the Escrow Agreement or this Agreement to make any payments or to perform any responsibilities requiring the expenditure of funds, then such payments and the reasonable costs of performing such responsibilities or engaging
service providers to do so will be deemed approved third party Expenses for the purposes of this Agreement. For the avoidance of doubt, Sellers’ Representative, acting in his capacity as Sellers’ Representative (rather than as an
Interested Party), shall in no event be required to risk or advance his own funds or to otherwise incur any financial liability in the performance of his duties or the exercise of his rights as Sellers’ Representative under this Agreement or
the Purchase Agreement. 
 6. Successor Sellers’ Representatives. In the event that the initial Sellers’ Representative
resigns, dies or becomes legally incapacitated, then Robert A. Freese shall accept appointment as the successor Sellers’ Representative and agrees to be bound by the terms hereof. In the event that Robert A. Freese resigns, dies or becomes
legally incapacitated, then George E. Freese, III shall accept appointment as successor Sellers’ Representative and agrees to be bound by the terms hereof. If George E. Freese, III resigns, dies or becomes legally incapacitated, then notice
shall be provided to the Interested Parties, the Company and Buyer, and the Interested Parties hereby agree to use commercially reasonable efforts, not to exceed thirty (30) days, to promptly take such actions necessary to cause one of the
Interested Parties to be appointed as a successor Sellers’ Representative pursuant to the terms of this Agreement. If a successor Sellers’ Representative is not appointed from among the Interested Parties within such thirty (30) day
period, the Interested Parties, shall, within a commercially reasonable period of time not to exceed thirty (30) days, appoint Fortis Advisors, or such other provider of post-closing shareholder representation services, as it determines in its
reasonable discretion, as a successor Sellers’ Representative, with the fees and expenses of such Sellers’ Representative paid by the Interested Parties in accordance with Exhibit A. Any action taken by vote or written consent of
those Interested Parties holding at least a majority ownership percentage as determined in accordance with Exhibit A shall be sufficient for such action to be approved. 

7. Duration. At any time after the later of the following to occur: (a) the payment of all claims, expenses, charges, liabilities,
debts and obligations of the Interested Parties arising from or related to this Agreement, the Escrow Agreement and the Purchase Agreement, as determined in the sole and absolute discretion of Sellers’ Representative, and (b) the
collection and distribution of all of the funds owed to the Interested Parties arising from or related to this Agreement, the Escrow Agreement and the Purchase Agreement, as determined in the sole and absolute discretion of Sellers’
Representative, this Agreement may be terminated by Sellers’ Representative with the written consent of Buyer, which consent may not be unreasonably withheld, conditioned or delayed (“Termination”). Upon Termination, any
and all assets and funds held by Sellers’ Representative in connection with this Agreement, including the Expense Funds, shall be distributed to the Interested Parties on a pro rata basis in accordance with Exhibit A, and this Agreement
shall be terminated and Sellers’ Representative shall be fully released and discharged of all further duties hereunder without the requirement of any further action or notice to the Interested Parties or Buyer. Notwithstanding the foregoing,
the Termination of this Agreement shall not relieve Sellers or Sellers’ Representative from their respective obligations under the Purchase Agreement or the Escrow Agreement. 

  
 F-7 

 8. Notices. Any notice or other communication by Sellers’ Representative to any
Interested Party shall be deemed to have been sufficiently given, for all purposes, immediately if delivered via electronic mail (with delivery confirmation), personal delivery, commercial delivery service, three (3) days following registered
or certified mail (return receipt requested), or immediately upon facsimile (with confirmation of receipt), in each case in accordance with the contact information set forth on the signature pages hereof (as may be updated by the Parties from time
to time in writing in accordance with this Section 8). 
 9. Filing Documents. Notwithstanding anything herein to the contrary,
this Agreement may be filed or recorded in such office, offices or a court of competent jurisdiction and venue as Sellers’ Representative may determine to be necessary or desirable to effectuate the intent and purpose of this Agreement. Upon
written request to Sellers’ Representative, a copy of this Agreement and all amendments hereof, if any, shall be made available by Sellers’ Representative for inspection by any Interested Party or his or her duly authorized representative.

 10. No Bond. No bond shall be required of Sellers’ Representative serving hereunder or of any successor Sellers’
Representative. 
 11. Relationship of Parties. This Agreement is not intended to create and shall not be interpreted as creating a
corporation, association, partnership or joint venture of any kind for purposes of United States federal income tax laws or for any other purpose. The intent of the Parties hereto is to be bound by the contractual terms set forth in this Agreement.

 12. Further Assurances. From time to time after the date hereof, the Interested Parties shall, at Sellers’
Representative’s request, (a) execute, acknowledge and deliver to Sellers’ Representative such other documents and instruments of conveyance, assignment, transfer, or otherwise, (b) perform such actions, and (c) provide such
further assurances or information, all as Sellers’ Representative may reasonably require, to evidence or effectuate the intent or the performance by Sellers’ Representative of his obligations pursuant to this Agreement. 

13. Severability. In the event that any provision of this Agreement or the application thereof to any person, entity or circumstances
shall be finally determined by a court of proper and competent jurisdiction and venue to be invalid or unenforceable to any extent, then the remainder of this Agreement, or the application of such provision to persons or circumstances other than
those as to which is held invalid or unenforceable, shall not be affected thereby, and each other provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

  
 F-8 

 14. No Assignment; Third Party Beneficiaries. This Agreement and all the provisions hereof
shall be binding upon, and shall inure to the benefit of, the Interested Parties and their respective successors, heirs, legal representatives and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder
shall be assigned by the Interested Parties without the prior written consent of Sellers’ Representative, which consent may not be unreasonably withheld, delayed or conditioned. Sellers’ Representative may not assign this Agreement or any
of his rights, interests or obligations hereunder, except to a successor Sellers’ Representative, without prior written consent of Buyer and prior written notification to all Interested Parties. Buyer Indemnitees and the Escrow Agent are
intended third party beneficiaries of this Agreement, each with rights to enforce this Agreement as if such party was an original party hereto. 

15. Gender and Number. When the context so permits or requires, the singular shall include the plural and vice-versa for any word or
phrase used herein, the masculine shall include the feminine and vice-versa, and words or phrases not otherwise defined herein shall be defined by reference to their usage and context. 

16. Conflict Waivers. 

(a) In favor of Sellers’ Representative. The Parties hereto acknowledge and understand that Sellers’ Representative is also
an Interested Party and may be employed by Buyer, and the Parties hereto hereby consent to Sellers’ Representative acting in such capacity. 

(b) Additional Conflicts. This Agreement outlines the immediate potential conflict of interest concerns as of the date hereof, however,
if circumstances arise that Sellers’ Representative or the Firm do not contemplate as of the date hereof, but which may pose a conflict of interest, then all Parties will be notified immediately and those issues shall be resolved by the Parties
in good faith. 
 17. Section Headings. Section headings are employed in this Agreement for reference purposes only and shall not
constitute a part hereof or affect in any way the interpretation or meaning of this Agreement. 
 18. Modifications and Waivers. This
Agreement or any provision, covenant, condition or limitation contained herein may not be changed, waived, modified, discharged, amended or terminated except by an instrument in writing of subsequent date hereto signed by Sellers’
Representative and those Interested Parties holding at least a majority ownership percentage as determined in accordance with Exhibit A and specifically referencing this Section 18; provided that Buyer provides its written consent
to such change, waiver, modification, discharge, amendment or termination, which consent may not be unreasonably withheld, conditioned or delayed. The waiver by any Party hereto of a breach of any provision of this Agreement shall not operate or be
construed as a waiver of any subsequent breach. 

  
 F-9 

 19. Entire Agreement. This Agreement, together with the Purchase Agreement and the Escrow
Agreement, sets forth the entire agreement and understanding of the Parties hereto with respect to the subject matter contained herein, and supersedes and cancels all prior or contemporaneous agreements, promises, covenants, arrangements,
communications, representations or warranties, whether oral or written, with respect to the subject matter hereof. 
 20. Governing
Law. This Agreement is made under, and shall be governed, construed and interpreted by, and in accordance with, the laws of the State of Delaware. The Parties hereto agree that any litigation concerning the subject matter of this Agreement shall
be exclusively litigated in applicable Delaware federal or state courts of competent and proper jurisdiction and venue. The Parties agree to submit to such exclusive jurisdiction and venue for all purposes hereunder. Notwithstanding the foregoing,
Sellers’ Representative may enforce this Agreement in any jurisdiction in which any Party threatens to breach or is in breach of this Agreement. 

21. Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of
which together will constitute one and the same instrument. All signatures to this Agreement may be transmitted by email or facsimile, and such email or facsimile will, for all purposes, be deemed to be the original signature of such Party whose
signature it reproduces, and will be binding upon such Party. 
 [The remainder of this page has been intentionally left blank;

 Signature pages follows] 

  
 F-10 

 IN WITNESS WHEREOF, the Parties hereto have executed this Sellers’ Representative
Agreement as of the date first hereinbefore set forth. 
  

							
		 		 	SELLERS’ REPRESENTATIVE:
			
	 	 		 	 
	Witness	 		 	Donald D. Welch, II
			
		 		 	Address: 68 Knox Road
		 		 	Bow, New Hampshire 03304
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

							
		 		 	 ACKNOWLEDGED AND AGREED TO AS

POTENTIAL SUCCESSOR SELLERS’
 REPRESENTATIVES
BY:

			
	 	 		 	 
	Witness	 		 	Robert A. Freese
			
		 		 	Address: 45 Russett Drive
		 		 	Pittsfield, New Hampshire 03263
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 
			
	 	 		 	 
	Witness	 		 	George E. Freese, III
			
		 		 	Address: 108 Winant Road
		 		 	Pittsfield, New Hampshire 03263
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	INTERESTED PARTIES:
			
		 		 	 The George E. Freese, III Revocable Trust

dated June 14, 2007

				
	 	 		 	By:	 	 
	Witness	 		 	 Name: George E. Freese, III
 Its:
Trustee

			
		 		 	Address: 108 Winant Road – Box 123
		 		 	Pittsfield, New Hampshire 03263
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the trustee of
                                         
   , on behalf of said trust. 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	Robert A. Freese, Trust – 1997
				
	 	 		 	By:	 	 
	Witness	 		 	 Name: Robert A. Freese
 Its:
Trustee

			
		 		 	Address: 45 Russett Drive
		 		 	Pittsfield, New Hampshire 03263
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the trustee of
                                         
   , on behalf of said trust. 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	Sharon K.F. Welch Trust – 1997
				
	 	 		 	By:	 	 
	Witness	 		 	 Name: Sharon K.F. Welch
 Its:
Trustee

			
		 		 	Address: 68 Knox Road
		 		 	Bow, New Hampshire 03304
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the trustee of
                                         
   , on behalf of said trust. 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	Donald D. Welch, II Trust – 1997
				
	 	 		 	By:	 	 
	Witness	 		 	Name: Donald D. Welch, II,
		 		 	Its: Trustee
			
		 		 	Address: 68 Knox Road
		 		 	Bow, New Hampshire 03304
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the trustee of
                                         
   , on behalf of said trust. 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	 George E. Freese, III Irrevocable Grantor

Trust – 2012

				
	 	 		 	By:	 	 
	Witness	 		 	 Name: George E. Freese, III,
 Its:
Trustee

			
		 		 	Address: 108 Winant Road – Box 123
		 		 	Pittsfield, New Hampshire 03263
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the trustee of
                                         
   , on behalf of said trust. 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	 Robert A. Freese, Irrevocable Grantor

Trust – 2012

				
	 	 		 	By:	 	 
	Witness	 		 	 Name: Robert A. Freese
 Its:
Trustee

			
		 		 	Address: 45 Russett Drive
		 		 	Pittsfield, New Hampshire 03263
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the trustee of
                                         
   , on behalf of said trust. 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	 Sharon K.F. Welch Qualified Annuity

Trust – 2012

				
	 	 		 	By:	 	 
	Witness	 		 	 Name: Concord Trust Company
 Its:
Trustee

			
		 		 	Address: 68 Knox Road
		 		 	Bow, New Hampshire 03304
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the
                                         
    of Concord Trust Company, the trustee of
                                         
   , on behalf of said trust. 
  

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	 Donald D. Welch, II Qualified Annuity

Trust – 2012

				
	 	 		 	By:	 	 
	Witness	 		 	 Name: Concord Trust Company
 Its:
Trustee

			
		 		 	Address: 3 Executive Park Drive, Suite 302
		 		 	Bedford, NH 03110
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the
                                         
    of Concord Trust Company, the trustee of
                                         
   , on behalf of said trust. 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	The Jette D. Welch Irrevocable Trust – 1
				
	 	 		 	By:	 	 
	Witness	 		 	 Name: Concord Trust Company
 Its:
Trustee

			
		 		 	Address: 3 Executive Park Drive, Suite 302
		 		 	Bedford, NH 03110
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the
                                         
    of Concord Trust Company, the trustee of
                                         
   , on behalf of said trust. 
  

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	The Jette D. Welch Irrevocable Trust – 2
				
	 	 		 	By:	 	 
	Witness	 		 	 Name: Concord Trust Company
 Its:
Trustee

			
		 		 	Address: 3 Executive Park Drive, Suite 302
		 		 	Bedford, NH 03110
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the
                                         
    of Concord Trust Company, the trustee of
                                         
   , on behalf of said trust. 
  

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	The Lexie M. Welch Irrevocable Trust – 1
				
	 	 		 	By:	 	 
	Witness	 		 	 Name: Concord Trust Company
 Its:
Trustee

			
		 		 	Address: 3 Executive Park Drive, Suite 302
		 		 	Bedford, NH 03110
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the
                                         
    of Concord Trust Company, the trustee of
                                         
   , on behalf of said trust. 
  

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	The Lexie M. Welch Irrevocable Trust – 2
				
	 	 		 	By:	 	 
	Witness	 		 	 Name: Concord Trust Company
 Its:
Trustee

			
		 		 	Address: 3 Executive Park Drive, Suite 302
		 		 	Bedford, NH 03110
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the
                                         
    of Concord Trust Company, the trustee of
                                         
   , on behalf of said trust. 
  

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	The Sierra G. Welch Irrevocable Trust – 1
				
	 	 		 	By:	 	 
	Witness	 		 	 Name: Concord Trust Company
 Its:
Trustee

			
		 		 	Address: 3 Executive Park Drive, Suite 302
		 		 	Bedford, NH 03110
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the
                                         
    of Concord Trust Company, the trustee of
                                         
   , on behalf of said trust. 
  

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	The Sierra G. Welch Irrevocable Trust – 2
				
	 	 		 	By:	 	 
	Witness	 		 	 Name: Concord Trust Company
 Its:
Trustee

			
		 		 	Address: 3 Executive Park Drive, Suite 302
		 		 	Bedford, NH 03110
				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017, by
                                         
   , the
                                         
    of Concord Trust Company, the trustee of
                                         
   , on behalf of said trust. 
  

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
			
	 	 		 	 
	Witness	 		 	Susan L. Kristoferson
			
		 		 	 Address: 101202 Blacklock Way (Fed Ex or UPS)

PO Box 373 (all mail)
 Turner Valley, AB TOL 2A0
Canada

				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017,
by                                        
             . 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
			
	 	 		 	 
	Witness	 		 	John S. Kristoferson
			
		 		 	 Address: 912 Chiquita Drive
 Denton,
Texas 76205

				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017,
by                                        
             . 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
			
	 	 		 	 
	Witness	 		 	David J. Kristoferson
			
		 		 	 Address: 5 Alberto DuMont Cove

Georgetown, Texas 78626

				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017,
by                                        
             . 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
			
	 	 		 	 
	Witness	 		 	Karen E. Foxworth
			
		 		 	 Address: 4119 Ridgeline Drive

Austin, Texas 78731

				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017,
by                                        
             . 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
			
	 	 		 	 
	Witness	 		 	Elizabeth K. Moore
			
		 		 	 Address: 708 Ashley Place
 Murphy,
Texas 75094

				
		 		 	Facsimile:	 	 
		 		 	Email:	 	 

  

			
		
	STATE OF	 	 

			
		
	COUNTY OF	 	 

 This instrument was acknowledged before me on this
             day of June, 2017,
by                                        
             . 

			
	 
		
	Notary Public in and for the State of	 	 

 
			
	Print Name:	 	 
	My Commission Expires:

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT] 

									
		 		 	 ACKNOWLEDGED AND AGREED TO:
  

GLOBE HOLDING COMPANY, LLC
 (THE
“COMPANY”)

					
		 		 		 		 	
					
	 	 		 	By:	 	 	 	 
	Witness	 		 	Name:	 	Donald D. Welch, II
		 		 	Its:	 	President
				
		 		 	Address:	 	37 Loudon Road
		 		 		 	Pittsfield, New Hampshire 03263

  
 [SIGNATURE PAGE TO
SELLERS’ REPRESENTATIVE AGREEMENT]Exhibit 4.1

 

Execution Version

 

 

TWENTIETH SUPPLEMENTAL INDENTURE

 

between

 

WESTPAC BANKING CORPORATION

 

and

 

THE BANK OF NEW YORK MELLON

 

as Trustee

 

Dated as of June 28, 2017

 

 

TWENTIETH SUPPLEMENTAL INDENTURE

 

TWENTIETH SUPPLEMENTAL INDENTURE, dated as of June 28, 2017 (the “Twentieth Supplemental Indenture”), between WESTPAC BANKING CORPORATION (ABN 33 007 457 141), a company incorporated in the Commonwealth of Australia under the Corporations Act 2001 of Australia and registered in New South Wales (the “Company”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee (the “Trustee”).

 

RECITALS:

 

WHEREAS, the Company and The Chase Manhattan Bank are parties to a Senior Indenture, dated as of July 1, 1999 (the “Base Indenture”), relating to the issuance from time to time by the Company of Securities in one or more series as therein provided;

 

WHEREAS, the Trustee has succeeded The Chase Manhattan Bank as trustee under the Base Indenture;

 

WHEREAS, the Company and the Trustee entered into the First Supplemental Indenture, dated as of August 27, 2009 (the “First Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of August 14, 2012 (the “Fifth Supplemental Indenture”) and the Seventeenth Supplemental Indenture, dated as of November 9, 2016 (the “Seventeenth Supplemental Indenture”), among other things, to supplement and amend certain provisions of the Base Indenture (the Base Indenture, as amended and supplemented by the First Supplemental Indenture, the Fifth Supplemental Indenture and the Seventeenth Supplemental Indenture is referred to herein as the “Amended Base Indenture” and the Amended Base Indenture as further supplemented by this Twentieth Supplemental Indenture, is referred to herein as the “Indenture”);

 

WHEREAS, Section 8.1(7) of the Amended Base Indenture provides that the Company may enter into a supplemental indenture to establish the forms or terms of Securities of any series as permitted by Sections 2.1 and 3.1 therein;

 

WHEREAS, in connection with the issuance of the 2.500% Notes and the Floating Rate Notes (each as defined herein), the Company has duly authorized the execution and delivery of this Twentieth Supplemental Indenture to establish the forms and terms of the 2.500% Notes and the Floating Rate Notes as hereinafter described; and

 

WHEREAS, all conditions and requirements of the Amended Base Indenture necessary to make this Twentieth Supplemental Indenture a valid, binding and legal instrument in accordance with its terms have been performed and fulfilled by the parties hereto.

 

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

 

ARTICLE I
 DEFINITIONS

 

Section 1.01                             General Definitions.  For purposes of this Twentieth Supplemental Indenture:

 

(a)                                 Capitalized terms used herein without definition shall have the meanings specified in the Amended Base Indenture;

 

(b)                                 All references to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of the Amended Base Indenture; and

 

(c)                                  The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Twentieth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision.

 

ARTICLE II
 THE 2.500% NOTES

 

Section 2.01                             Title of Securities.  There shall be a series of Securities of the Company designated the “2.500% Notes due June 28, 2022” (the “2.500% Notes”).

 

Section 2.02                             Limitation of Aggregate Principal Amount.  The aggregate principal amount of the 2.500% Notes shall initially be limited to US$1,000,000,000.  The Company may from time to time, without the consent of the Holders of the 2.500% Notes, create and issue additional notes having the same terms and conditions as the 2.500% Notes in all respects or in all respects except for issue date, issue price and, if applicable, the first date on which interest accrues and the first payment of interest thereon (“Additional 2.500% Notes”).  Additional 2.500% Notes issued in this manner will be consolidated with, and will form a single series with, the 2.500% Notes, unless such Additional 2.500% Notes will not be treated as fungible with the 2.500% Notes for U.S. federal income tax purposes. The 2.500% Notes and any such Additional 2.500% Notes would rank equally and ratably.

 

Section 2.03                             Principal Payment Date.  The principal amount of the 2.500% Notes Outstanding (together with any accrued and unpaid interest) shall be payable in a single installment on June 28, 2022 which date shall be the Stated Maturity of the 2.500% Notes.

 

Section 2.04                             Interest and Interest Rates.  The 2.500% Notes will bear interest on 

 

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the unpaid principal amount thereof at a rate of 2.500% per year from June 28, 2017, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, until the principal amount of the 2.500% Notes shall have been paid or duly provided for, and interest on the 2.500% Notes shall be payable semi-annually in arrears on June 28 and December 28 of each year, beginning on December 28, 2017. Interest on a 2.500% Note will be paid to the Person in whose name that 2.500% Note was registered at the close of business on the June 13 and December 13, as the case may be, whether or not a Business Day, prior to the applicable Interest Payment Date, except that in the case of the Interest Payment Date that is also the Stated Maturity of the 2.500% Notes, the interest due on such date will be paid to the Person to whom principal is payable upon surrender of such 2.500% Note at a Place of Payment. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period less than a full interest period shall be computed on the basis of a 360-day year consisting of twelve 30-day months and the actual days elapsed in a partial month in such period.  Any payment of principal or interest required to be made on an Interest Payment Date that is not a Business Day shall be made on the next succeeding Business Day, and no interest will accrue on that payment for the period from and after such Interest Payment Date to the date of payment on the next succeeding Business Day.  For purposes of the 2.500% Notes, “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in Sydney, Australia, New York, New York, or London, United Kingdom are authorized or obligated by law or executive order to close.

 

Section 2.05                             Place of Payment.  The Place of Payment where the 2.500% Notes may be presented or surrendered for payment, where the 2.500% Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the 2.500% Notes and the Indenture may be served initially shall be the Corporate Trust Office of the Trustee maintained for that purpose in the Borough of Manhattan, City of New York.

 

Section 2.06                             Redemption.  The Company shall not have the right to redeem the 2.500% Notes other than pursuant to Section 10.8 of the Indenture.

 

Section 2.07                             No Sinking Fund. The 2.500% Notes are not entitled to the benefit of any sinking fund.

 

Section 2.08                             Form.  The 2.500% Notes shall be issued initially as Registered Securities (as defined in the Indenture) in the form of one or more permanent notes in global form, without coupons, substantially in the form attached hereto as Exhibit A, deposited with The Bank of New York Mellon, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture.

 

Section 2.09                             Denomination.  The 2.500% Notes shall be issuable only in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. The 

 

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2.500% Notes shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the Officers of the Company executing the same may determine with the approval of the Trustee.

 

Section 2.10                             Depositary.  The Depository Trust Company shall be the initial Depositary for the 2.500% Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of the Indenture, and thereafter, “Depositary” shall mean or include such successor.

 

Section 2.11                             Defeasance; Discharge.  The provisions of Sections 4.3, 4.4, 4.5 and 4.6 of the Indenture will apply to the 2.500% Notes.

 

ARTICLE III
 THE FLOATING RATE NOTES

 

Section 3.01                             Title of Securities.  There shall be a series of Securities of the Company designated the “Floating Rate Notes due June 28, 2022” (the “Floating Rate Notes”).

 

Section 3.02                             Limitation of Aggregate Principal Amount.  The aggregate principal amount of the Floating Rate Notes shall initially be limited to US$500,000,000.  The Company may from time to time, without the consent of the Holders of the Floating Rate Notes, create and issue additional notes having the same terms and conditions as the Floating Rate Notes in all respects or in all respects except for issue date, issue price and, if applicable, the first date on which interest accrues and the first payment of interest thereon (“Additional Floating Rate Notes”).  Additional Floating Rate Notes issued in this manner will be consolidated with, and will form a single series with, the Floating Rate Notes, unless such Additional Floating Rate Notes will not be treated as fungible with the Floating Rate Notes for U.S. federal income tax purposes. The Floating Rate Notes and any such Additional Floating Rate Notes would rank equally and ratably.

 

Section 3.03                             Principal Payment Date.  The principal amount of the Floating Rate Notes Outstanding (together with any accrued and unpaid interest) shall be payable in a single installment on June 28, 2022 which date shall be the Stated Maturity of the Floating Rate Notes.

 

Section 3.04                             Interest and Interest Rates.

 

(a)                                                         The Floating Rate Notes will bear interest on the unpaid principal amount thereof from June 28, 2017, or from the most recent Floating Rate Interest Payment Date (as defined below) to which interest has been paid or duly provided for, until the principal amount of the Floating Rate Notes shall have been paid or duly provided for.  The interest rate per annum for the Floating Rate Notes will be reset quarterly on the first day of each Floating Rate Interest Period 

 

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(as defined below) and will be equal to LIBOR (as defined below) plus 0.710%, as determined by a calculation agent (the “Calculation Agent”).  The Bank of New York Mellon will initially act as Calculation Agent.  The amount of interest for each day the Floating Rate Notes are Outstanding (the “Daily Interest Amount”) will be calculated by dividing the interest rate in effect for that day by 360 and multiplying the result by the principal amount of the Floating Rate Notes.  The amount of interest to be paid on the Floating Rate Notes for each Floating Rate Interest Period will be calculated by adding the Daily Interest Amount for each day in the Floating Rate Interest Period.

 

(b)                                                         Interest on the Floating Rate Notes shall be payable quarterly in arrears on each March 28, June 28, September 28 and December 28 (each such date, a “Floating Rate Interest Payment Date”), beginning on September 28, 2017.  If any Floating Rate Interest Payment Date would fall on a day that is not a  Business Day, other than the Floating Rate Interest Payment Date that is also the Stated Maturity of the Floating Rate Notes, that Floating Rate Interest Payment Date will be postponed to the following day that is a Business Day, except that if such next Business Day is in a different month, then that Floating Rate Interest Payment Date will be the immediately preceding day that is a Business Day.  If the Stated Maturity of the Floating Rate Notes is not a Business Day, payment of principal and interest on the Floating Rate Notes will be made on the following day that is a Business Day and no interest will accrue for the period from and after such Stated Maturity of the Floating Rate Notes.  Interest on a Floating Rate Note will be paid to the Person in whose name that Floating Rate Note was registered at the close of business on the March 13, June 13, September 13 and December 13, as the case may be, whether or not a Business Day, prior to the applicable Floating Rate Interest Payment Date, except that in the case of the Floating Rate Interest Payment Date that is also the Stated Maturity of the Floating Rate Notes, the interest due on such date will be paid to the Person to whom principal is payable upon surrender of such Floating Rate Note at a Place of Payment.

 

(c)                                                          On each Floating Rate Interest Payment Date, the Company will pay interest for the Floating Rate Interest Period ended on the day immediately preceding such Floating Rate Interest Payment Date.  “Floating Rate Interest Period” shall mean the period commencing on and including June 28, 2017 to but excluding the first Floating Rate Interest Payment Date and each successive period from and including a Floating Rate Interest Payment Date to but excluding the next Floating Rate Interest Payment Date.

 

(d)                                                         “LIBOR,” with respect to a Floating Rate Interest Period, shall be the rate (expressed as a percentage per annum) for deposits in United States dollars for a three-month period beginning on the second London Banking Day after the Determination Date (each as defined below) that appears on the 

 

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Designated LIBOR Page (as defined below) as of 11:00 a.m., London time, on the Determination Date.  If the Designated LIBOR Page does not include this rate or is unavailable on the Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected and identified by the Company, to provide that bank’s offered quotation (expressed as a percentage per annum) as of approximately 11:00 a.m., London time, on the Determination Date to prime banks in the London interbank market for deposits in a Representative Amount (as defined below) in United States dollars for a three-month period beginning on the second London Banking Day after the Determination Date.  If at least two offered quotations are so provided, LIBOR for the Floating Rate Interest Period will be the arithmetic mean of all quotations so provided.  If fewer than two quotations are so provided, the Calculation Agent will request each of three major banks in New York City, as selected and identified by the Company, to provide that bank’s rate (expressed as a percentage per annum), as of approximately 11:00 a.m., New York City time, on  the Determination Date for loans in a Representative Amount in United States dollars to leading European banks for a three-month period beginning on the second London Banking Day after the Determination Date.  If at least two rates are so provided, LIBOR for the Floating Rate Interest Period will be the arithmetic mean of all rates so provided.  If fewer than two rates are so provided, then LIBOR for the Floating Rate Interest Period will be LIBOR in effect with respect to the immediately preceding Floating Rate Interest Period.

 

(e)                                                          “Designated LIBOR Page” means the display on the Reuters 3000 Xtra Service (or any successor service) on the “LIBOR01” page (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks for United States dollars.

 

(f)                                                           “Determination Date” with respect to a Floating Rate Interest Period will be the second London Banking Day preceding the first day of the Floating Rate Interest Period.

 

(g)                                                          “London Banking Day” is any day in which dealings in United States dollars are transacted or, with respect to any future date, are expected to be transacted in the London interbank market.

 

(h)                                                         “Representative Amount” means a principal amount that is representative for a single transaction in the relevant market at the relevant time.

 

(i)                                                             For purposes of the Floating Rate Notes, “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in Sydney, Australia, New York, New York, or London, United Kingdom are authorized or obligated by law or executive order to close.

 

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(j)                                                            All calculations of the Calculation Agent, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and on the Holders of the Floating Rate Notes. In no event shall the interest rate on the Floating Rate Notes be higher than the maximum rate permitted by New York law, as the same may be modified by United States law of general application. The Calculation Agent will, upon the request of any Holder of the Floating Rate Notes, provide the rate of interest then in effect.

 

(k)                                                         All percentages resulting from any of the calculations in this Article III will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards).

 

Section 3.05                             Place of Payment.  The Place of Payment where the Floating Rate Notes may be presented or surrendered for payment, where the Floating Rate Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Floating Rate Notes and the Indenture may be served initially shall be the Corporate Trust Office of the Trustee maintained for that purpose in the Borough of Manhattan, City of New York.

 

Section 3.06                             Redemption.  The Company shall not have the right to redeem the Floating Rate Notes other than pursuant to Section 10.8 of the Indenture.

 

Section 3.07                             No Sinking Fund. The Floating Rate Notes are not entitled to the benefit of any sinking fund.

 

Section 3.08                             Form.  The Floating Rate Notes shall be issued initially as Registered Securities (as defined in the Indenture) in the form of one or more permanent notes in global form, without coupons, substantially in the form attached hereto as Exhibit C, deposited with The Bank of New York Mellon, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture.

 

Section 3.09                             Denomination.  The Floating Rate Notes shall be issuable only in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. The Floating Rate Notes shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the Officers of the Company executing the same may determine with the approval of the Trustee.

 

Section 3.10                             Depositary.  The Depository Trust Company shall be the initial Depositary for the Floating Rate Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of the Indenture, and thereafter, 

 

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“Depositary” shall mean or include such successor.

 

Section 3.11                             Defeasance; Discharge.  The provisions of Sections 4.3, 4.4, 4.5 and 4.6 of the Indenture will apply to the Floating Rate Notes.

 

Section 3.12                             Defined Terms.  Terms specifically defined in this Article III shall only relate to the Floating Rate Notes and shall have no bearing on any other series of notes referenced in this Twentieth Supplemental Indenture.

 

ARTICLE IV
 MISCELLANEOUS

 

Section 4.01                             Integral Part; Effect of Supplement on Indenture.  This Twentieth Supplemental Indenture constitutes an integral part of the Indenture. Except for the supplements made by this Twentieth Supplemental Indenture, the Amended Base Indenture shall remain in full force and effect as executed.

 

Section 4.02                             Adoption, Ratification and Confirmation.  The Indenture, as supplemented by this Twentieth Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

 

Section 4.03                             Trustee Not Responsible for Recitals.  The recitals in this  Twentieth Supplemental Indenture shall be taken as statements of the Company, and the Trustee assumes no responsibility for their correctness.  The Trustee makes no representations as to the validity or adequacy of this Twentieth Supplemental Indenture.

 

Section 4.04                             Counterparts.  This Twentieth Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original but such counterparts shall together constitute but one instrument.

 

Section 4.05                             Separability.  In case any provision of this Twentieth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 4.06                             Governing Law.  This Twentieth Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York, including all matters of construction, validity and performance.

 

[signature page follows]

 

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IN WITNESS WHEREOF, the Company and the Trustee have executed this Twentieth Supplemental Indenture as of the date first above written.

 

	
 
    	
WESTPAC BANKING CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Sean Crellin
    
	
 
    	
 
    	
Name:
    	
Sean Crellin
    
	
 
    	
 
    	
Title:
    	
Director – Corporate, Legal and Secretariat
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE BANK OF NEW YORK MELLON, as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Laurence J. O’Brien
    
	
 
    	
 
    	
Name:
    	
Laurence J. O’Brien
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

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EXHIBIT A

 

(FORM OF FACE OF NOTE)

 

[THIS SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE IN GLOBAL FORM, SUBJECT TO THE FOREGOING.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.](1)

 

	
No.
    	
 
    	
CUSIP No. 961214DQ3
    
	
 
    	
 
    	
ISIN No. US961214DQ36
    

 

WESTPAC BANKING CORPORATION

 

2.500% NOTE DUE JUNE 28, 2022

 

WESTPAC BANKING CORPORATION, a company incorporated in the Commonwealth of Australia under the Corporations Act 2001 of the Commonwealth of Australia and registered in New South Wales (the “Company”, which term includes any 

 

(1)  Insert in Global Notes only

 

A-1

 

successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to                                    or registered assigns, the principal sum of                                                  (US$                         ) on June 28, 2022 (the  “Stated Maturity”).  This Note will bear interest on the unpaid principal amount hereof at a rate of 2.500% per year from June 28, 2017, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, until the principal amount hereof shall have been paid or duly provided for, and interest on the Notes shall be payable semi-annually in arrears on June 28 and December 28 of each year (each such date, an “Interest Payment Date”), beginning on December 28, 2017.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period less than a full interest period shall be computed on the basis of a 360-day year consisting of twelve 30-day months and the actual days elapsed in a partial month in such period.  Any payment of principal or interest required to be made on an Interest Payment Date that is not a Business Day shall be made on the next succeeding Business Day, and no interest will accrue on that payment for the period from and after such Interest Payment Date to the date of payment on the next succeeding Business Day.  For purposes hereof, “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in Sydney, Australia, New York, New York, or London, United Kingdom are authorized or obligated by law or executive order to close.

 

Interest on this Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the close of business on the June 13 or December 13 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date, at the office or agency maintained for such purpose pursuant to the Indenture; provided, however, that at the option of the Company, interest on this Note may be paid (i) by check mailed to the address of the Person entitled thereto as it shall appear on the Register or (ii) to a Holder of US$1,000,000 or more in aggregate principal amount of the Notes by wire transfer to an account maintained by the Person entitled thereto as specified in the Register.  Any interest on this Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest shall instead be payable to the Person in whose name this Note is registered on the Special Record Date or other specified date in accordance with the Indenture. Notwithstanding the foregoing, interest payable on an Interest Payment Date that is also the Stated Maturity of this Note will be paid at such office or agency to the Person to whom the principal hereof is payable, upon surrender of this Note at such office or agency.

 

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This Note shall not be entitled to any benefit under the Indenture hereinafter referred to or be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee.

 

The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place.

 

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IN WITNESS WHEREOF, the Company has caused this instrument to be executed on this     day of                       , 20   .

 

 

	
 
    	
WESTPAC BANKING CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated herein and issued under the within-mentioned Indenture.

 

	
 
    	
 
    	
The Bank of New York Mellon, as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Authorized Signatory
    

 

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(FORM OF REVERSE OF NOTE)

 

This Note is one of a duly authorized series of securities of the Company, issued and to be issued in one or more series under and pursuant to a Senior Indenture, dated as of July 1, 1999 (the “Base Indenture”), duly executed and delivered between the Company and The Bank of New York Mellon, as successor to The Chase Manhattan Bank, as trustee (the “Trustee”, which term includes any successor trustee under the Indenture), as amended and supplemented by the First Supplemental Indenture, dated as of August 27, 2009, between the Company and the Trustee (the “First Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of August 14, 2012, between the Company and the Trustee (the “Fifth Supplemental Indenture”) and the Seventeenth Supplemental Indenture, dated as of November 9, 2016, between the Company and the Trustee (the “Seventeenth Supplemental Indenture”; the Base Indenture as amended and supplemented by the First Supplemental Indenture, the Fifth Supplemental Indenture and the Seventeenth Supplemental Indenture is referred to herein as the “Amended Base Indenture”), and as further supplemented by the Twentieth Supplemental Indenture, dated as of June 28, 2017, between the Company and the Trustee (the “Twentieth Supplemental Indenture”; the Amended Base Indenture, as further supplemented by the Twentieth Supplemental Indenture, is referred to herein as the “Indenture”), to which Indenture and all Indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes.  This Note is one of a series of securities designated on the face hereof (the “Notes”).  The Notes are issued pursuant to the Indenture and are limited in aggregate principal amount to US$1,000,000,000; provided, however, that the Company may from time to time, without the consent of the Holders of the Notes, create and issue additional notes having the same terms and conditions as the Notes in all respects or in all respects except for issue date, issue price and, if applicable, the first date on which interest accrues and the first payment of interest thereon.  Additional notes issued in this manner will be consolidated with, and will form a single series with, the Notes, unless such additional notes will not be treated as fungible with the Notes for U.S. federal income tax purposes. The Notes and any such additional notes would rank equally and ratably.

 

In accordance with Section 10.8 of the Indenture, pursuant to the procedure set forth in Article X of the Indenture, the Company may, at its option, redeem all, but not less than all, of the Notes if (a) there is a change in or any amendment to the laws or regulations (i) of the Commonwealth of Australia, or any political subdivision or taxing authority thereof or therein, or (ii) in the event of the assumption pursuant to Section 7.1 of the Indenture of the obligations of the Company under the Indenture and this Note by an entity organized under the laws of a country other than the Commonwealth of Australia or a political subdivision of a country other than the Commonwealth of Australia, of the Commonwealth of Australia or the country in which such entity is organized or resident or deemed resident for tax purposes or any political subdivision or taxing authority thereof or therein, or (b) there is a change in any application or interpretation of any such laws or regulations, which change or amendment becomes effective, (i) with respect to taxes imposed by the Commonwealth of Australia or any political subdivision or 

 

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taxing authority thereof or therein, on or after the date the Company originally issued this Note, or (ii) in the event of the assumption pursuant to Section 7.1 of the Indenture of the obligations of the Company under the Indenture and this Note by an entity organized under the laws of a country other than the Commonwealth of Australia or a political subdivision of a country other than the Commonwealth of Australia, with respect to taxes imposed by a non-Australian jurisdiction, on or after the date of the transaction resulting in such assumption, and, in each case, as a result of such change or amendment (1) the Company is or will become obligated to pay any additional amounts on this Note pursuant to Section 9.8 of the Indenture or (2) the Company would not be entitled to claim a deduction in computing its taxation liabilities in respect of (A) any payments of interest or additional amounts or (B) any original issue discount on this Note.

 

Before the Company may redeem this Note, it must give the Holder of this Note at least 30 days’ written notice and not more than 60 days’ written notice of its intention to redeem this Note, provided that if the earliest date on which (i) the Company will be obligated to pay any additional amounts, or (ii) the Company would not be entitled to claim a deduction in respect of any payments of interest or additional amounts on or any original issue discount in respect of this Note in computing its taxation liabilities, would occur less than 45 days after the relevant change or amendment to the applicable laws, regulations, determinations or guidelines, the Company may give less than 30 days’ written notice but in no case less than 15 days’ written notice, provided it gives such notice as soon as practicable in all the circumstances.

 

The Redemption Price for this Note shall equal 100% of the principal amount of this Note plus accrued but unpaid interest to but excluding the date of redemption.

 

The Indenture contains provisions for defeasance and covenant defeasance at any time of the indebtedness evidenced by this Note upon compliance by the Company with certain conditions set forth therein.

 

If an Event of Default shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration become, due and payable immediately, in the manner, with the effect and subject to the conditions provided in the Indenture.  The Indenture contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes, on behalf of all of the Holders of the Notes, to waive any Event of Default under the Indenture and its consequences, subject to Section 5.7 of the Indenture.

 

In accordance with Section 9.8 of the Indenture, the Company will pay all amounts that it is required to pay in respect of this Note without withholding or deduction 

 

A-6

 

for, or on account of, any present or future taxes, duties, assessments or other governmental charges imposed or levied by or on behalf of the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein, unless such  withholding or deduction is required by law. In that event, the Company will pay such additional amounts as may be necessary so that the net amount received by the Holder of this Note, after such withholding or deduction, will equal the amount that the Holder of this Note would have received in respect of this Note without such withholding or deduction; provided that the Company will pay no additional amounts in respect of this Note for or on account of:

 

(1)   any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact that the Holder, or the beneficial owner, of this Note was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein or otherwise had some connection with the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein other than merely holding this Note or receiving payments under this Note;

 

(2)   any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact that the Holder of this Note presented this Note for payment in the Commonwealth of Australia, unless the Holder was required to present this Note for payment and it could not have been presented for payment anywhere else;

 

(3)   any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact that the Holder of this Note presented this Note for payment more than 30 days after the date such payment became due and was provided for, whichever is later, except to the extent that the Holder would have been entitled to the additional amounts on presenting this Note for payment on any day during that 30 day period;

 

(4)   any estate, inheritance, gift, sale, transfer, personal property or similar tax, duty, assessment or other governmental charge;

 

(5)   any tax, duty, assessment or other governmental charge which is payable otherwise than by withholding or deduction;

 

(6)   any tax, duty, assessment or other governmental charge that would not have been imposed if the Holder, or the beneficial owner, of this Note complied with the Company’s request to provide information concerning his, her or its nationality, residence or identity or to make a declaration, claim or filing or satisfy any requirement for information or reporting that is required to establish the eligibility of the Holder, or the beneficial owner, of this Note to receive the relevant 

 

A-7

 

payment without (or at a reduced rate of) withholding or deduction for or on account of any such tax, duty, assessment or other governmental charge;

 

(7)   any tax, duty, assessment or other governmental charge that would not have been imposed but for the Holder, or the beneficial owner, of this Note being an associate of the Company’s for purposes of Section 128F of the Income Tax  Assessment Act 1936 of the Commonwealth of Australia, as amended, or any successor act (the “Australian Tax Act”) (other than in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered scheme under the Corporations Act 2001 of the Commonwealth of Australia, as amended, or any successor act);

 

(8)   any tax, duty, assessment or other governmental charge that is imposed or withheld as a consequence of a determination having been made under Part IVA of the Australian Tax Act (or any modification thereof or provision substituted therefor) by the Australian Commissioner of Taxation that such tax, duty, assessment or other governmental charge is payable in circumstances where the Holder, or the beneficial owner, of this Note is a party to or participated in a scheme to avoid such tax which the Company was not a party to;

 

(9)   any tax, duty, assessment or other governmental charge arising under or in connection with Section 1471 to 1474 of the U.S. Internal Revenue Code of 1986, as amended, including any regulations or official interpretations issued, agreements (including, without limitation, intergovernmental agreements) entered into or non-U.S. laws enacted with respect thereto (“FATCA”); or

 

(10) any combination of the foregoing.

 

Subject to the foregoing, additional amounts will also not be payable by the Company with respect to any payment on this Note to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent that payment would, under the laws of the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein, be treated as being derived or received for tax purposes by a beneficiary or settler of that fiduciary or member of that partnership or a beneficial owner, in each case, who would not have been entitled to those additional amounts had it been the actual Holder of this Note.

 

If, as a result of the Company’s consolidation or merger with or into an entity organized under the laws of a country other than the Commonwealth of Australia or a political subdivision of a country other than the Commonwealth of Australia or the sale, conveyance or transfer by the Company of all or substantially all its assets to such an entity, such an entity assumes the obligations of the Company, such entity will pay additional amounts on the same basis, except that references to “the Commonwealth of Australia” (other than in clause (7) above) will be treated as references to both the 

 

A-8

 

Commonwealth of Australia and the country in which such entity is organized or resident (or deemed resident for tax purposes).

 

The Company, and any other Person to or through which any payment with respect to this Note may be made, shall be entitled to withhold or deduct from any payment with respect to this Note amounts required to be withheld or deducted under or in connection with FATCA, and Holders and beneficial owners of this Note shall not be  entitled to receive any gross up or other additional amounts on account of any such withholding or deduction.

 

All references in this Note to the payment of the principal of or interest on this Note shall be deemed to include the payment of additional amounts to the extent that, in that context, additional amounts are, were or would be payable as provided above.

 

The Indenture contains provisions permitting the Company and the Trustee, with the written consent of the Holders of not less than a majority in aggregate principal amount (calculated as provided in the Indenture) of the Outstanding Securities of each series adversely affected thereby to add any provisions to or to change or eliminate any provisions of the Indenture or any supplemental indenture or to modify the rights of the Holders of the Securities of such series, provided that, without the consent of the Holder of each such Security so affected, no such modification shall (a) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount of any Security or the rate of interest thereon, or change the coin or currency in which any Security or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity of any Security (or, in the case of redemption, on or after the Redemption Date), or (b) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such amendment or modification, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided for in the Indenture, or (c) change any obligation of the Company to maintain an office or agency in the places and for the purposes specified in Section 9.2 of the Indenture, or (d) except to the extent provided in Section 8.1(9) of the Indenture, make any change in Section 5.2, 5.7, 5.10 or 8.2 of the Indenture except to increase any percentage or to provide that certain other provisions of the Indenture cannot be modified or waived except with the consent of the Holders of each Outstanding Security affected thereby.  Any such consent given by the Holder of this Note shall be conclusive and binding upon such Holder and all future Holders of this Note and of any Notes issued on registration hereof, the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Note.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and 

 

A-9

 

unconditional, to pay the principal of and interest on this Note at the place, at the respective time, at the rate and in the coin or currency herein prescribed.

 

Upon surrender for registration of transfer of this Note, the Company shall execute and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, a new Note or Notes of like tenor and authorized denominations for an equal aggregate principal amount in exchange herefor, subject to the limitations provided in the Indenture.  Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Company, the Registrar or the  Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Registrar and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing.  No service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the person in whose name this Note is registered as the owner hereof for all purposes (subject to the provisions hereof with respect to determination of the Person to whom interest is payable).

 

Reference is made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are to be authenticated and delivered.

 

No past, present or future director, officer, employee, agent, member, manager, trustee or stockholder, as such, of the Company or any successor Person shall have any liability for any obligations of the Company or any successor Person, either directly or through the Company or any successor Person, under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation, whether by virtue of any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise.  By accepting a Note, each Holder agrees to the provisions of Section 1.13 of the Indenture and waives and releases all such liability.  Such waiver and release shall be part of the consideration for the issue of the Notes.

 

The Notes of this series shall be issuable only in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof.  [This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the Indenture.](2)  At the option of the Holder, the Notes (except a Note in global form) may be 

 

(2)  Insert in Global Notes only

 

A-10

 

exchanged for other Notes, of any authorized denominations and of a like aggregate principal amount containing identical terms and provisions, upon surrender of the Notes to be exchanged at such office or agency.

 

All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS.

 

A-11

 

TRANSFER NOTICE

 

FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto

 

Insert Taxpayer Identification No.

 

 

Please print or typewrite name and address including zip code of assignee

 

 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer such Note on the books of the Company with full power of substitution in the premises.

 

	
Your Signature:
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    
	
 
    	
 
    
	
Signature Guarantee:
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
(Participant in a Recognized Signature
    	
 
    
	
 
    	
Guaranty Medallion Program)
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    

 

A-12

 

EXHIBIT B

 

(FORM OF FACE OF NOTE)

 

[THIS SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE IN GLOBAL FORM, SUBJECT TO THE FOREGOING.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.](1)

 

	
No.
    	
CUSIP No. 961214DR1
    
	
 
    	
ISIN No. US961214DR19
    

 

WESTPAC BANKING CORPORATION

 

FLOATING RATE NOTE DUE JUNE 28, 2022

 

WESTPAC BANKING CORPORATION, a company incorporated in the Commonwealth of Australia under the Corporations Act 2001 of the Commonwealth of Australia and registered in New South Wales (the “Company”, which term includes any

 

(1)  Insert in Global Notes only

 

B-1

 

successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to                            or registered assigns, the principal sum of                                                          (US$                                  ) on June 28, 2022 (the “Stated Maturity”).  This Note will bear interest on the unpaid principal amount hereof from June 28, 2017, or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, until the principal amount hereof shall have been paid or duly provided for.  The interest rate per annum on this Note will be reset quarterly on the first day of each Interest Period (as defined below) and will be equal to LIBOR (as defined below) plus 0.710%, as determined by a calculation agent (the “Calculation Agent”).  The Bank of New York Mellon will initially act as Calculation Agent.  The amount of interest for each day this Note is Outstanding (the “Daily Interest Amount”) will be calculated by dividing the interest rate in effect for that day by 360 and multiplying the result by the principal amount of this Note.  The amount of interest to be paid on this Note for each Interest Period will be calculated by adding the Daily Interest Amount for each day in the Interest Period.

 

Interest on this Note shall be payable quarterly in arrears on each March 28, June 28, September 28 and December 28 (each such date, an “Interest Payment Date”), beginning on September 28, 2017.  If any Interest Payment Date would fall on a day that is not a Business Day, other than the Interest Payment Date that is also the Stated Maturity for this Note, that Interest Payment Date will be postponed to the following day that is a Business Day, except that if such next Business Day is in a different month, then that Interest Payment Date will be the immediately preceding day that is a Business Day.  If the Stated Maturity for this Note is not a Business Day, payment of principal and interest on this Note will be made on the following day that is a Business Day and no interest will accrue for the period from and after such Stated Maturity.

 

On each Interest Payment Date, the Company will pay interest for the Interest Period ended on the day immediately preceding such Interest Payment Date.  “Interest Period” shall mean the period commencing on and including June 28, 2017 to but excluding the first Interest Payment Date and each successive period from and including an Interest Payment Date to but excluding the next Interest Payment Date.

 

“LIBOR,” with respect to an Interest Period, shall be the rate (expressed as a percentage per annum) for deposits in United States dollars for a three-month period beginning on the second London Banking Day after the Determination Date (each as defined below) that appears on the Designated LIBOR Page (as defined below) as of 11:00 a.m., London time, on the Determination Date.  If the Designated LIBOR Page does not include this rate or is unavailable on the Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected and identified by the Company, to provide that bank’s offered quotation (expressed as a percentage per annum) as of approximately 11:00 a.m., London time, on the Determination Date to prime banks in the London interbank market

 

B-2

 

for deposits in a Representative Amount (as defined below) in United States dollars for a three-month period beginning on the second London Banking Day after the Determination Date.  If at least two offered quotations are so provided, LIBOR for the Interest Period will be the arithmetic mean of all quotations so provided.  If fewer than two quotations are so provided, the Calculation Agent will request each of three major banks in New York City, as selected and identified by the Company, to provide that bank’s rate (expressed as a percentage per annum), as of approximately 11:00 a.m., New York City time, on the Determination Date for loans in a Representative Amount in United States dollars to leading European banks for a three-month period beginning on the second London Banking Day after the Determination Date.  If at least two rates are so provided, LIBOR for the Interest Period will be the arithmetic mean of all rates so provided.  If fewer than two rates are so provided, then LIBOR for the Interest Period will be LIBOR in effect with respect to the immediately preceding Interest Period.

 

“Designated LIBOR Page” means the display on the Reuters 3000 Xtra Service (or any successor service) on the “LIBOR01” page (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks for United States dollars.

 

“Determination Date” with respect to an Interest Period will be the second London Banking Day preceding the first day of the Interest Period.

 

“London Banking Day” is any day in which dealings in United States dollars are transacted or, with respect to any future date, are expected to be transacted in the London interbank market.

 

“Representative Amount” means a principal amount that is representative for a single transaction in the relevant market at the relevant time.

 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in Sydney, Australia, New York, New York, or London, United Kingdom are authorized or obligated by law or executive order to close.

 

All calculations of the Calculation Agent, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and on the Holder of this Note. In no event shall the interest rate on this Note be higher than the maximum rate permitted by New York law, as the same may be modified by United States law of general application. The Calculation Agent will, upon the request of any Holder of this Note, provide the rate of interest then in effect.

 

All percentages resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-

 

B-3

 

millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards).

 

Interest on this Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the close of business on the March 13, June 13, September 13 and December 13 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date, at the office or agency maintained for such purpose pursuant to the Indenture; provided, however, that at the option of the Company, interest on this Note may be paid (i) by check mailed to the address of the Person entitled thereto as it shall appear on the Register or (ii) to a Holder of US$1,000,000 or more in aggregate principal amount of the Notes by wire transfer to an account maintained by the Person entitled thereto as specified in the Register.  Any interest on this Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest shall instead be payable to the Person in whose name this Note is registered on the Special Record Date or other specified date in accordance with the Indenture.  Notwithstanding the foregoing, interest payable on an Interest Payment Date that is also the Stated Maturity of this Note will be paid at such office or agency to the Person to whom the principal hereof is payable, upon surrender of this Note at such office or agency.

 

This Note shall not be entitled to any benefit under the Indenture hereinafter referred to or be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee.

 

The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place.

 

B-4

 

IN WITNESS WHEREOF, the Company has caused this instrument to be executed on this     day of                , 20   .

 

	
 
    	
WESTPAC BANKING CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated herein and issued under the within-mentioned Indenture.

 

	
 
    	
The Bank of New York Mellon, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized Signatory
    
					

 

B-5

 

(FORM OF REVERSE OF NOTE)

 

This Note is one of a duly authorized series of securities of the Company, issued and to be issued in one or more series under and pursuant to a Senior Indenture, dated as of July 1, 1999 (the “Base Indenture”), duly executed and delivered between the Company and The Bank of New York Mellon, as successor to The Chase Manhattan Bank, as trustee (the “Trustee”, which term includes any successor trustee under the Indenture), as amended and supplemented by the First Supplemental Indenture, dated as of August 27, 2009, between the Company and the Trustee (the “First Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of August 14, 2012, between the Company and the Trustee (the “Fifth Supplemental Indenture”) and the Seventeenth Supplemental Indenture, dated as of November 9, 2016 (the “Seventeenth Supplemental Indenture”; the Base Indenture as amended and supplemented by the First Supplemental Indenture, the Fifth Supplemental Indenture and the Seventeenth Supplemental Indenture is referred to herein as the “Amended Base Indenture”), and as further supplemented by the Twentieth Supplemental Indenture, dated as of June 28, 2017, between the Company and the Trustee (the “Twentieth Supplemental Indenture”; the Amended Base Indenture, as further supplemented by the Twentieth Supplemental Indenture, is referred to herein as the “Indenture”), to which Indenture and all Indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes.  This Note is one of a series of securities designated on the face hereof (the “Notes”).  The Notes are issued pursuant to the Indenture and are limited in aggregate principal amount to US$500,000,000; provided, however, that the Company may from time to time, without the consent of the Holders of the Notes, create and issue additional notes having the same terms and conditions as the Notes in all respects or in all respects except for issue date, issue price and, if applicable, the first date on which interest accrues and the first payment of interest thereon.  Additional notes issued in this manner will be consolidated with, and will form a single series with, the Notes, unless such additional notes will not be treated as fungible with the Notes for U.S. federal income tax purposes. The Notes and any such additional notes would rank equally and ratably.

 

In accordance with Section 10.8 of the Indenture, pursuant to the procedure set forth in Article X of the Indenture, the Company may, at its option, redeem all, but not less than all, of the Notes if (a) there is a change in or any amendment to the laws or regulations (i) of the Commonwealth of Australia, or any political subdivision or taxing authority thereof or therein, or (ii) in the event of the assumption pursuant to Section 7.1 of the Indenture of the obligations of the Company under the Indenture and this Note by an entity organized under the laws of a country other than the Commonwealth of Australia or a political subdivision of a country other than the Commonwealth of Australia, of the Commonwealth of Australia or the country in which such entity is organized or resident or deemed resident for tax purposes or any political subdivision or taxing authority thereof or therein, or (b) there is a change in any application or

 

B-6

 

interpretation of any such laws or regulations, which change or amendment becomes effective, (i) with respect to taxes imposed by the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein, on or after the date the Company originally issued this Note, or (ii) in the event of the assumption pursuant to Section 7.1 of the Indenture of the obligations of the Company under the Indenture and this Note by an entity organized under the laws of a country other than the Commonwealth of Australia or a political subdivision of a country other than the Commonwealth of Australia, with respect to taxes imposed by a non-Australian jurisdiction, on or after the date of the transaction resulting in such assumption, and, in each case, as a result of such change or amendment (1) the Company is or will become obligated to pay any additional amounts on this Note pursuant to Section 9.8 of the Indenture or (2) the Company would not be entitled to claim a deduction in computing its taxation liabilities in respect of (A) any payments of interest or additional amounts or (B) any original issue discount on this Note.

 

Before the Company may redeem this Note, it must give the Holder of this Note at least 30 days’ written notice and not more than 60 days’ written notice of its intention to redeem this Note, provided that if the earliest date on which (i) the Company will be obligated to pay any additional amounts, or (ii) the Company would not be entitled to claim a deduction in respect of any payments of interest or additional amounts on or any original issue discount in respect of this Note in computing its taxation liabilities, would occur less than 45 days after the relevant change or amendment to the applicable laws, regulations, determinations or guidelines, the Company may give less than 30 days’ written notice but in no case less than 15 days’ written notice, provided it gives such notice as soon as practicable in all the circumstances.

 

The Redemption Price for this Note shall equal 100% of the principal amount of this Note plus accrued but unpaid interest to but excluding the date of redemption.

 

The Indenture contains provisions for defeasance and covenant defeasance at any time of the indebtedness evidenced by this Note upon compliance by the Company with certain conditions set forth therein.

 

If an Event of Default shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration become, due and payable immediately, in the manner, with the effect and subject to the conditions provided in the Indenture.  The Indenture contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes, on behalf of all of the Holders of the Notes, to waive any Event of Default under the Indenture and its consequences, subject to Section 5.7 of the Indenture.

 

In accordance with Section 9.8 of the Indenture, the Company will pay all amounts that it is required to pay in respect of this Note without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or other

 

B-7

 

governmental charges imposed or levied by or on behalf of the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein, unless such withholding or deduction is required by law. In that event, the Company will pay such additional amounts as may be necessary so that the net amount received by the Holder of this Note, after such withholding or deduction, will equal the amount that the Holder of this Note would have received in respect of this Note without such withholding or deduction; provided that the Company will pay no additional amounts in respect of this Note for or on account of:

 

(1)         any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact that the Holder, or the beneficial owner, of this Note was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein or otherwise had some connection with the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein other than merely holding this Note or receiving payments under this Note;

 

(2)         any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact that the Holder of this Note presented this Note for payment in the Commonwealth of Australia, unless the Holder was required to present this Note for payment and it could not have been presented for payment anywhere else;

 

(3)         any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact that the Holder of this Note presented this Note for payment more than 30 days after the date such payment became due and was provided for, whichever is later, except to the extent that the Holder would have been entitled to the additional amounts on presenting this Note for payment on any day during that 30 day period;

 

(4)         any estate, inheritance, gift, sale, transfer, personal property or similar tax, duty, assessment or other governmental charge;

 

(5)         any tax, duty, assessment or other governmental charge which is payable otherwise than by withholding or deduction;

 

(6)         any tax, duty, assessment or other governmental charge that would not have been imposed if the Holder, or the beneficial owner, of this Note complied with the Company’s request to provide information concerning his, her or its nationality, residence or identity or to make a declaration, claim or filing or satisfy any requirement for information or reporting that is required to establish the eligibility of the Holder, or the beneficial owner, of this Note to receive the relevant

 

B-8

 

payment without (or at a reduced rate of) withholding or deduction for or on account of any such tax, duty, assessment or other governmental charge;

 

(7)         any tax, duty, assessment or other governmental charge that would not have been imposed but for the Holder, or the beneficial owner, of this Note being an associate of the Company’s for purposes of Section 128F of the Income Tax Assessment Act 1936 of the Commonwealth of Australia, as amended, or any successor act (the “Australian Tax Act”) (other than in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered scheme under the Corporations Act 2001 of the Commonwealth of Australia, as amended, or any successor act);

 

(8)          any tax, duty, assessment or other governmental charge that is imposed or withheld as a consequence of a determination having been made under Part IVA of the Australian Tax Act (or any modification thereof or provision substituted therefor) by the Australian Commissioner of Taxation that such tax, duty, assessment or other governmental charge is payable in circumstances where the Holder, or the beneficial owner, of this Note is a party to or participated in a scheme to avoid such tax which the Company was not a party to;

 

(9)         any tax, duty, assessment or other governmental charge arising under or in connection with Section 1471 to 1474 of the U.S. Internal Revenue Code of 1986, as amended, including any regulations or official interpretations issued, agreements (including, without limitation, intergovernmental agreements) entered into or non-U.S. laws enacted with respect thereto (“FATCA”); or

 

(10)  any combination of the foregoing.

 

Subject to the foregoing, additional amounts will also not be payable by the Company with respect to any payment on this Note to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent that payment would, under the laws of the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein, be treated as being derived or received for tax purposes by a beneficiary or settler of that fiduciary or member of that partnership or a beneficial owner, in each case, who would not have been entitled to those additional amounts had it been the actual Holder of this Note.

 

If, as a result of the Company’s consolidation or merger with or into an entity organized under the laws of a country other than the Commonwealth of Australia or a political subdivision of a country other than the Commonwealth of Australia or the sale, conveyance or transfer by the Company of all or substantially all its assets to such an entity, such an entity assumes the obligations of the Company, such entity will pay additional amounts on the same basis, except that references to “the Commonwealth of Australia” (other than in clause (7) above) will be treated as references to both the

 

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Commonwealth of Australia and the country in which such entity is organized or resident (or deemed resident for tax purposes).

 

The Company, and any other Person to or through which any payment with respect to this Note may be made, shall be entitled to withhold or deduct from any payment with respect to this Note amounts required to be withheld or deducted under or in connection with FATCA, and Holders and beneficial owners of this Note shall not be entitled to receive any gross up or other additional amounts on account of any such withholding or deduction.

 

All references in this Note to the payment of the principal of or interest on this Note shall be deemed to include the payment of additional amounts to the extent that, in that context, additional amounts are, were or would be payable as provided above.

 

The Indenture contains provisions permitting the Company and the Trustee, with the written consent of the Holders of not less than a majority in aggregate principal amount (calculated as provided in the Indenture) of the Outstanding Securities of each series adversely affected thereby to add any provisions to or to change or eliminate any provisions of the Indenture or any supplemental indenture or to modify the rights of the Holders of the Securities of such series, provided that, without the consent of the Holder of each such Security so affected, no such modification shall (a) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount of any Security or the rate of interest thereon, or change the coin or currency in which any Security or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity of any Security (or, in the case of redemption, on or after the Redemption Date), or (b) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such amendment or modification, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided for in the Indenture, or (c) change any obligation of the Company to maintain an office or agency in the places and for the purposes specified in Section 9.2 of the Indenture, or (d) except to the extent provided in Section 8.1(9) of the Indenture, make any change in Section 5.2, 5.7, 5.10 or 8.2 of the Indenture except to increase any percentage or to provide that certain other provisions of the Indenture cannot be modified or waived except with the consent of the Holders of each Outstanding Security affected thereby.  Any such consent given by the Holder of this Note shall be conclusive and binding upon such Holder and all future Holders of this Note and of any Notes issued on registration hereof, the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Note.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and

 

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unconditional, to pay the principal of and interest on this Note at the place, at the respective time, at the rates and in the coin or currency herein prescribed.

 

Upon surrender for registration of transfer of this Note, the Company shall execute and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, a new Note or Notes of like tenor and authorized denominations for an equal aggregate principal amount in exchange herefor, subject to the limitations provided in the Indenture.  Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Company, the Registrar or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Registrar and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing.  No service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the person in whose name this Note is registered as the owner hereof for all purposes (subject to the provisions hereof with respect to determination of the Person to whom interest is payable).

 

Reference is made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are to be authenticated and delivered.

 

No past, present or future director, officer, employee, agent, member, manager, trustee or stockholder, as such, of the Company or any successor Person shall have any liability for any obligations of the Company or any successor Person, either directly or through the Company or any successor Person, under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation, whether by virtue of any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise.  By accepting a Note, each Holder agrees to the provisions of Section 1.13 of the Indenture and waives and releases all such liability.  Such waiver and release shall be part of the consideration for the issue of the Notes.

 

The Notes of this series shall be issuable only in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof.  [This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the Indenture.](2)  At the option of the Holder, the Notes (except a Note in global form) may be

 

(2)  Insert in Global Notes only

 

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exchanged for other Notes, of any authorized denominations and of a like aggregate principal amount containing identical terms and provisions, upon surrender of the Notes to be exchanged at such office or agency.

 

All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS.

 

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TRANSFER NOTICE

 

FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto

 

	
Insert Taxpayer Identification No.
    
	
 
    
	
 
    
	
Please print or typewrite   name and address including zip code of assignee
    
	
 
    
	
 
    
	
the within Note and all   rights thereunder, hereby irrevocably constituting and appointing  attorney to transfer such Note on the books   of the Company with full power of substitution in the premises.
    

 

	
Your Signature:
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Signature Guarantee:
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
(Participant in a Recognized Signature 
   Guaranty Medallion Program)
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    

 

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