Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

$325,000,000 
 CREDIT AGREEMENT

 dated as of 
 March 3,
2017 
 among 
 ARGO GROUP
INTERNATIONAL HOLDINGS, LTD., 
 ARGO GROUP US, INC., 

ARGO INTERNATIONAL HOLDINGS LIMITED, and 

ARGO UNDERWRITING AGENCY LIMITED, 

as Borrowers, 
 The Lenders Party
Hereto 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent, 
 WELLS
FARGO BANK, N.A., 
 as Syndication Agent 

and 
 U.S. BANK NATIONAL
ASSOCIATION 
 and 
 HSBC BANK
USA, N.A., 
 as Co-Documentation Agents 

 
  

JPMORGAN CHASE BANK, N.A., 
 and

 WELLS FARGO SECURITIES, LLC, 

as Joint Bookrunners and Joint Lead Arrangers 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	 
		
	 SECTION 1.01. Defined Terms
	  	 	1	 
	 SECTION 1.02. Classification of Loans and Borrowings
	  	 	29	 
	 SECTION 1.03. Terms Generally
	  	 	29	 
	 SECTION 1.04. Accounting Terms; GAAP
	  	 	29	 
	 SECTION 1.05. Foreign Currency Calculations
	  	 	30	 
		
	 ARTICLE II The Credits
	  	 	30	 
		
	 SECTION 2.01. Commitments
	  	 	30	 
	 SECTION 2.02. Loans and Borrowings
	  	 	31	 
	 SECTION 2.03. Requests for Borrowings
	  	 	32	 
	 SECTION 2.04. [Intentionally Omitted]
	  	 	33	 
	 SECTION 2.05. [Intentionally Omitted]
	  	 	33	 
	 SECTION 2.06. Letters of Credit
	  	 	33	 
	 SECTION 2.07. Funding of Borrowings
	  	 	42	 
	 SECTION 2.08. Interest Elections
	  	 	43	 
	 SECTION 2.09. Termination and Reduction and Increase of Commitments
	  	 	44	 
	 SECTION 2.10. Repayment of Loans; Evidence of Debt
	  	 	46	 
	 SECTION 2.11. Prepayment of Loans
	  	 	47	 
	 SECTION 2.12. Fees
	  	 	47	 
	 SECTION 2.13. Interest
	  	 	48	 
	 SECTION 2.14. Alternate Rate of Interest
	  	 	49	 
	 SECTION 2.15. Increased Costs
	  	 	50	 
	 SECTION 2.16. Break Funding Payments
	  	 	52	 
	 SECTION 2.17. Taxes
	  	 	52	 
	 SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of
Set-offs
	  	 	58	 
	 SECTION 2.19. Mitigation Obligations; Replacement of Lenders
	  	 	60	 
	 SECTION 2.20. Joint and Several Liability of the Borrowers
	  	 	61	 
	 SECTION 2.21. Defaulting Lenders
	  	 	62	 
	 SECTION 2.22. Extension of Revolving Maturity Date
	  	 	64	 
		
	 ARTICLE III Representations and Warranties
	  	 	66	 
		
	 SECTION 3.01. Organization; Powers
	  	 	66	 
	 SECTION 3.02. Authorization; Enforceability
	  	 	66	 
	 SECTION 3.03. Governmental Approvals; No Conflicts
	  	 	66	 
	 SECTION 3.04. Financial Condition; No Material Adverse Change
	  	 	66	 
	 SECTION 3.05. Properties
	  	 	67	 
	 SECTION 3.06. Litigation
	  	 	67	 
	 SECTION 3.07. Compliance with Laws and Agreements
	  	 	67	 
	 SECTION 3.08. Investment Company Status
	  	 	67	 

  
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	 SECTION 3.09. Taxes
	  	 	67	 
	 SECTION 3.10. ERISA
	  	 	67	 
	 SECTION 3.11. Insurance Licenses
	  	 	68	 
	 SECTION 3.12. Subsidiaries
	  	 	68	 
	 SECTION 3.13. Material Agreements
	  	 	68	 
	 SECTION 3.14. Disclosure
	  	 	68	 
	 SECTION 3.15. Solvency
	  	 	69	 
	 SECTION 3.16. Foreign Pension Plan
	  	 	69	 
	 SECTION 3.17. Anti-Corruption Laws and Sanctions
	  	 	69	 
	 SECTION 3.18. EEA Financial Institutions
	  	 	69	 
		
	 ARTICLE IV Conditions
	  	 	69	 
		
	 SECTION 4.01. Effective Date
	  	 	69	 
	 SECTION 4.02. Each Credit Event
	  	 	71	 
		
	 ARTICLE V Affirmative Covenants
	  	 	71	 
		
	 SECTION 5.01. Financial Statements; Ratings Change and Other Information
	  	 	72	 
	 SECTION 5.02. Notices of Material Events
	  	 	74	 
	 SECTION 5.03. Existence; Conduct of Business
	  	 	75	 
	 SECTION 5.04. Payment of Obligations
	  	 	75	 
	 SECTION 5.05. Maintenance of Properties; Insurance
	  	 	75	 
	 SECTION 5.06. Books and Records; Inspection Rights
	  	 	75	 
	 SECTION 5.07. Compliance with Laws
	  	 	75	 
	 SECTION 5.08. Use of Proceeds and Letters of Credit
	  	 	76	 
		
	 ARTICLE VI Negative Covenants
	  	 	76	 
		
	 SECTION 6.01. Indebtedness
	  	 	76	 
	 SECTION 6.02. Liens
	  	 	77	 
	 SECTION 6.03. Fundamental Changes
	  	 	78	 
	 SECTION 6.04. Investments and Acquisitions
	  	 	78	 
	 SECTION 6.05. Swap Agreements
	  	 	79	 
	 SECTION 6.06. Restricted Payments
	  	 	80	 
	 SECTION 6.07. Transactions with Affiliates
	  	 	80	 
	 SECTION 6.08. Restrictive Agreements
	  	 	80	 
	 SECTION 6.09. Maximum Leverage Ratio
	  	 	81	 
	 SECTION 6.10. Tangible Net Worth
	  	 	81	 
	 SECTION 6.11. Sale and Leaseback Transactions
	  	 	81	 
	 SECTION 6.12. Rating
	  	 	81	 

  
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	 ARTICLE VII Events of Default
	  	 	81	 
		
	 ARTICLE VIII The Administrative Agent
	  	 	84	 
		
	 ARTICLE IX Miscellaneous
	  	 	86	 
		
	 SECTION 9.01. Notices
	  	 	86	 
	 SECTION 9.02. Waivers; Amendments
	  	 	88	 
	 SECTION 9.03. Expenses; Indemnity; Damage Waiver
	  	 	90	 
	 SECTION 9.04. Successors and Assigns
	  	 	91	 
	 SECTION 9.05. Survival
	  	 	95	 
	 SECTION 9.06. Counterparts; Integration; Effectiveness
	  	 	96	 
	 SECTION 9.07. Severability
	  	 	96	 
	 SECTION 9.08. Right of Setoff
	  	 	96	 
	 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	97	 
	 SECTION 9.10. WAIVER OF JURY TRIAL
	  	 	97	 
	 SECTION 9.11. Headings
	  	 	97	 
	 SECTION 9.12. Confidentiality
	  	 	98	 
	 SECTION 9.13. Interest Rate Limitation
	  	 	99	 
	 SECTION 9.14. USA PATRIOT Act
	  	 	99	 
	 SECTION 9.15. Conversion of Currencies
	  	 	99	 
	 SECTION 9.16. Appointment and Authorization of Borrower Representative
	  	 	100	 
	 SECTION 9.17. No Fiduciary Duty
	  	 	101	 
	 SECTION 9.18. Termination of Existing Agreement
	  	 	101	 
	 SECTION 9.19. Acknowledgment and Consent to Bail-In of EEA
Financial Institutions
	  	 	101	 

  
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	 SCHEDULES:

	
	 Schedule 1.01 — Existing Letters of Credit

	 Schedule 1.02 — Pricing Schedule

	 Schedule 1.03 — Advance Rates

	 Schedule 1.04 — Trust Preferred Securities

	 Schedule 2.01 — Commitments

	 Schedule 3.11 — Licenses

	 Schedule 3.12 — Subsidiaries

	 Schedule 6.01 — Existing Indebtedness

	 Schedule 6.02 — Existing Liens

	 Schedule 6.08 — Existing Restrictions

  

					
	 EXHIBITS:

			
	 Exhibit A
	 	—	 	Form of Assignment and Assumption
	 Exhibit B-1
	 	—	 	U.S. Tax Compliance Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal; Income Tax Purposes)
	 Exhibit B-2
	 	—	 	U.S. Tax Compliance Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal; Income Tax Purposes)
	 Exhibit B-3
	 	—	 	U.S. Tax Compliance Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal; Income Tax Purposes)
	 Exhibit B-4
	 	—	 	U.S. Tax Compliance Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal; Income Tax Purposes)
	 Exhibit C
	 	—	 	Form of Several Letter of Credit

  
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 CREDIT AGREEMENT dated as of March 3, 2017, among ARGO GROUP INTERNATIONAL HOLDINGS, LTD, a
company organized under the laws of Bermuda, ARGO GROUP US, INC., a Delaware corporation, ARGO INTERNATIONAL HOLDINGS LIMITED, a corporation organized under the laws of the United Kingdom, and ARGO UNDERWRITING AGENCY LIMITED, a corporation
organized under the laws of the United Kingdom, as Borrowers, the LENDERS party hereto from time to time, and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 

WHEREAS, the Borrowers have requested that the Lenders provide a revolving credit facility and a term credit facility, and the Lenders are
willing to do so on the terms and conditions set forth herein; 
 NOW THEREFORE, in consideration of the mutual covenants and agreements
herein contained, the parties hereto agree as follows: 
 ARTICLE I 

Definitions 
 SECTION
1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to the Alternate Base Rate. 

“Acquired Entity or Business” means either (a) the assets constituting a business, division, facility, product line or
line of business of any Person not already a Subsidiary or (b) all of the Equity Interests of any such Person, which Person shall, as a result of such acquisition or merger, become a Wholly-Owned Subsidiary of the Parent (or shall be merged
with and into the Parent or a Wholly-Owned Subsidiary, with the Parent or such Wholly-Owned Subsidiary being the surviving Person). 

“Acquisition” means any transaction, or any series of related transactions, by which any Borrower and/or any of their
respective Subsidiaries directly or indirectly (i) acquires any ongoing business or all or substantially all of the assets of any Person or division thereof, whether through purchase of assets, merger or otherwise, (ii) acquires (in one
transaction or as the most recent transaction in a series of transactions) Control of at least a majority in ordinary voting power of the securities of a Person which have ordinary voting power for the election of directors or (iii) otherwise
acquires Control of a more than 50% ownership interest in any such Person. 
 “Act” has the meaning assigned to it in
Section 9.14. 
 “Additional Revolving Commitment Lender” has the meaning assigned to it in Section 2.22(d). 

  
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 “Adjusted Eurocurrency Rate” means, with respect to any Eurocurrency Borrowing
in Dollars for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. For all other
Eurocurrency Borrowings, “Adjusted Eurocurrency Rate” means the Eurocurrency Rate. 
 “Administrative Agent”
means JPMCB, together with its permitted successors and assigns, in its capacity as administrative agent for the Lenders hereunder. 

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

“Advance” means any Loan or any Letter of Credit. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agreement” means
this Credit Agreement, as amended, restated, modified or supplemented from time to time. 
 “Agreement Currency” shall have
the meaning assigned to such term in Section 9.15(b). 
 “Alternate Base Rate” means, for any day, a rate per annum
equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus  1⁄2 of 1% and (c) the Adjusted
Eurocurrency Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for purpose of this definition, the Adjusted Eurocurrency Rate for any day shall be
based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the
Prime Rate, the NYFRB Rate or the Adjusted Eurocurrency Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Eurocurrency Rate, respectively. 

“Annual Statement” means the annual statutory financial statement of any Insurance Subsidiary required to be filed with the
insurance commissioner (or similar authority) of its jurisdiction of incorporation, which statement shall be in the form required by such Insurance Subsidiary’s jurisdiction of incorporation or, if no specific form is so required, in the form
of financial statements recommended by the NAIC to be used for filing annual statutory financial statements and shall contain the type of information recommended by the NAIC to be disclosed therein, together with all exhibits or schedules filed
therewith, or, in the case of an Insurance Subsidiary not domiciled in the United States, any comparable statement. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrowers or any of their
respective Subsidiaries from time to time concerning or relating to bribery or corruption. 

  
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 “Applicable Creditor” has the meaning assigned to such term in
Section 9.15(b). 
 “Applicable Lending Installation” is defined in Section 2.02(e). 

“Applicable Percentage” means, (a) in respect of the Revolving Credit Facility, with respect to any Lender, the
percentage of the total Revolving Commitments represented by such Lender’s Revolving Commitment and (b) in respect of the Term Loan Facility, with respect to any Lender at any time, the percentage of the Term Loan Facility represented by
the outstanding amount of such Lender’s Term Loans at such time; provided that in the case of Section 2.21 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the total Commitments
(disregarding any Defaulting Lender’s Commitments and Loans) represented by such Lender’s Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages pursuant to clause (a) shall be determined based
upon the Revolving Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination. 

“Applicable Rate” means, for any day, with respect to any ABR Loan or Eurocurrency Loan or with respect to the facility fees
payable hereunder, the applicable rate per annum set forth on Schedule 1.02 under the caption “Eurocurrency Spread for Revolving Loans”, “Alternative Base Rate Spread for Revolving Loans”, “Eurocurrency Spread for Term
Loans”, “Alternative Base Rate Spread for Term Loans” or “Commitment Fee Rate”. 
 “Approved Fund”
has the meaning assigned to such term in Section 9.04(b). 
 “Argo US” means Argo Group US, Inc., a Delaware
corporation. 
 “Argo Investment Policy” means the investment policy of the Parent and its Subsidiaries as approved by the
board of directors of the Parent from time to time. 
 “Asset Disposition” means any sale, transfer or other disposition
(excluding any loss portfolio transfer or any surplus relief transaction (within the meanings prescribed by SAP) through assumption, reinsurance, cancellation and rewriting of insurance business or otherwise) of any asset of a Borrower or any
Subsidiary in a single transaction or in a series of related transactions (other than the sale of inventory or products in the ordinary course of business, the sale of obsolete or worn out property in the ordinary course of business or the sale of
cash, cash equivalents and other investments made in accordance with Section 6.04(a) in the ordinary course of business). 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Australian Dollars” means the lawful currency of Australia. 

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

  
 -3- 

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

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a
bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or,
in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result
solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or
provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject,
repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 “Board” means the Board of Governors of
the Federal Reserve System of the United States of America. 
 “Borrower Representative” shall mean Argo US in its capacity
as borrowing agent and Loan administrator for the Borrowers hereunder and under each of the other Credit Documents. 

“Borrowers” means, individually and collectively, the Parent, Argo US, Argo International Holdings Limited, a private limited
liability company organized under the laws of England and Wales and registered under company number: 06543704 and Argo Underwriting Agency Limited, a private limited liability company organized under the laws of England and Wales and registered
under company number: 03741768. 
 “Borrowing” means (a) Revolving Loans of the same Type, made, converted or
continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect or (b) Term Loans of the same Type, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to
which a single Interest period is in effect. 
 “Borrowing Request” means a request by the Borrower Representative for a
Borrowing in accordance with Section 2.03. 
 “Business Day” means any day that is not a Saturday, Sunday or other day
on which commercial banks in New York City are authorized or required by law to remain closed; and when used in connection with a Eurocurrency Loan, the term “Business Day” shall also 

  
 -4- 

 
exclude any day on which banks are not open for general business in London; and, if the Borrowing or LC Disbursements which are the subject of a borrowing, drawing, payment, reimbursement or rate
selection are denominated in Euro, the term “Business Day” shall also exclude any day on which the TARGET2 payment system is not open for the settlement of payments in Euro). 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Change in
Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on
the date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Parent; (b) occupation of a majority of the seats (other than vacant
seats) on the board of directors of the Parent by Persons who were neither (i) nominated by the board of directors of the Parent nor (ii) appointed by directors so nominated; (c) the acquisition of direct or indirect Control of the
Parent by any Person or group; (d) except as otherwise expressly permitted under the terms of this Agreement (including a disposition permitted under Section 6.03(a)), the Parent shall cease to own and control, directly or indirectly, free
and clear of all Liens (other than Permitted Encumbrances) all of the economic and voting rights associated with all of the outstanding Equity Interests of each of its Insurance Subsidiaries or shall cease to have the power, directly or indirectly,
to elect all of the members of the board of directors of each of its Insurance Subsidiaries; (e) except as otherwise expressly permitted under the terms of this Agreement (including a disposition permitted under Section 6.03(b)), Argo US
shall cease to own and control, directly or indirectly, free and clear of all Liens (other than Permitted Encumbrances) all of the economic and voting rights associated with all of the outstanding Equity Interests of each of its Insurance
Subsidiaries or shall cease to have the power, directly or indirectly, to elect all of the members of the board of directors of each of its Insurance Subsidiaries or (f) the Parent shall cease to own and control, directly or indirectly, free
and clear of all Liens and other encumbrances all of the economic and voting rights associated with all of the outstanding Equity Interests of any of the other Borrowers or shall cease to have the power, directly or indirectly, to elect all of the
members of the board of directors of any of the other Borrowers. 
 “Change in Law” means the occurrence after the date of
this Agreement or, with respect to any Lender, such later date on which such Lender becomes a party to this Agreement, (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or
treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender or any LC Issuer (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such
Lender’s or such LC Issuer’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that,
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street 

  
 -5- 

 
Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or
directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be
deemed to be a “Change in “Law”, regardless of the date enacted, adopted, issued or implemented; provided that, notwithstanding anything in this definition to the contrary, the enactment of the changes to the UK bank levy contained in
the draft Finance Bill 2014 provisions as published on December 10, 2013 shall be deemed not to be a “Change in Law” regardless of the date of their enactment or entry into effect. 

“Change of Tax Law” means any change in (or in the interpretation, administration or application of) any law relating to
Taxes or any Treaty, or in any published practice or published concession of any relevant Governmental Authority. 

“Charges” has the meaning set forth in Section 9.13. 

“Class” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are Revolving Loans or Term Loans. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral” means all property with respect to which any security interest has been granted (or purported to be granted)
pursuant to any Security Document. 
 “Collateral Account” means a depositary account or securities custody account
constituting Collateral and with respect to which a Control Agreement has been entered into and is in effect. 
 “Collateral
Agent” means U.S. Bank National Association or such other institution or institutions, including JPMCB, as the Administrative Agent may from time to time select. 

“Commitment” means either a Revolving Commitment or a Term Commitment. 

“Communications” has the meaning assigned to it in Section 9.01(d). 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Control” means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Control Agreement” means one or more agreements, in form and substance reasonably satisfactory to the Administrative Agent,
among a Borrower, a securities intermediary 

  
 -6- 

 
or depository institution (which may be JPMCB or an Affiliate thereof) holding Collateral, and the Administrative Agent with respect to collection and control of all financial assets or deposits
held in the applicable securities custody or depository account maintained by such Borrower with such institution in the United States of America. 

“Credit Documents” means this Agreement, any Security Document, after the execution and delivery thereof pursuant to the
terms of this Agreement, each promissory note delivered pursuant to Section 2.10(e), each Security Document, each other document or agreement executed and delivered from time to time by any of the Borrowers in connection with or pursuant to the
terms of this Agreement or any other Credit Document, each amendment or waiver hereof or thereof, and each other document related to the Credit Documents which is from time to time designated as a Credit Document by any Borrower and the
Administrative Agent. 
 “DBRS” means DBRS Limited or any successor. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender that (a) has
failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Lender Party any other amount
required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to
funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified any Borrower or any Lender Party in writing, or has made a public statement to the effect, that it does not intend or expect
to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and
including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by the
Administrative Agent, the Issuing Agent or a Fronting Bank, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such
obligations) to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender Party shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Lender’s
receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a (A) Bankruptcy Event or (B) a Bail-In Action. 

“Designated Person” means a person or entity. 

“Dollar Equivalent” means, on any date of determination (a) with respect to any amount in Dollars, such amount, and
(b) with respect to any amount in any Foreign Currency, the equivalent in Dollars of such amount, determined by the Administrative Agent pursuant to Section 1.05 using the Exchange Rate with respect to such Foreign Currency at the time in
effect under the provisions of such Section. 

  
 -7- 

 “Dollars” or “$” refers to lawful money of the United States of
America. 
 “EEA Financial Institution” means (a) any institution established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an
EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

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

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

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance
with Section 9.02). 
 “Electronic Signature” means an electronic sound, symbol, or process attached to, or associated
with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. 

“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®,ClearPar®, Debt Domain,
Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Agent and any of its respective Related Parties or any other Person, providing for access
to data protected by passcodes or other security system. 
 “Eligible Collateral” means Collateral consisting of cash and
other obligations and investments fitting within a category specified on Schedule 1.03, subject to the term and maturity criteria set forth therein; provided that no Eligible Collateral shall consist of obligations or investments issued by any
“affiliate” (within the meaning of Section 23A of the Federal Reserve Act, as amended) of, or an “affiliated person” (as defined in Section 2(a)(3) of the Investment Company Act) of, any Lender. 

“Environmental Laws” means all applicable laws, rules, regulations, codes, ordinances, orders, decrees, judgments,
injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of
any Hazardous Material. 
 “Environmental Liability” means any liability, contingent or otherwise (including any liability
for damages, costs of environmental remediation, fines, penalties or indemnities), of the Parent or any Subsidiary directly or indirectly resulting from or based upon (a) violation of 

  
 -8- 

 
any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing;
provided that the definition of “Environmental Liability” shall not include any liability arising out of any insurance policy issued by the Parent, the Borrowers or any Subsidiary thereof. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person (in each case, whether voting or non-voting or common or preferred), and in each case, any warrants, options or other rights
entitling the holder thereof to purchase or acquire any such equity interest. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” means any trade or business (whether or not
incorporated) that, together with any Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer
under Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable event”, as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency”
(as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Plan; (d) the incurrence by any Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any Borrower or any ERISA
Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by any Borrower or any of its ERISA Affiliates of any
liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Borrower or any ERISA
Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

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

“Euro” or “€” means the single currency unit of the Participating Member States. 

  
 -9- 

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

“Event of Default” has the meaning assigned to such term in Article VII. 

“Exchange Rate” means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the
rate at which such currency may be exchanged into Dollars at 11:00 a.m. Local Time on such day on the Reuters Currency pages, if available, for such currency. In the event that such rate does not appear on any Reuters Currency pages, the Exchange
Rate shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrowers, or, in the absence of such an agreement, such Exchange Rate shall
instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where its foreign currency exchange operations in respect of such currency are then being conducted, at or about such time as the
Administrative Agent shall elect after determining that such rates shall be the basis for determining the Exchange Rate, on such date for the purchase of Dollars for delivery two Business Days later; provided that if at the time of any such
determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error. 

“Exchange Rate Date” means, if on such date any outstanding Loan or Letter of Credit is (or any Loan or Letter of Credit that
has been requested at such time would be) denominated in a currency other than Dollars, each of: 
 (a) the last Business Day of each
calendar month, 
 (b) if an Event of Default has occurred and is continuing, any Business Day designated as an Exchange Rate Date by the
Administrative Agent in its sole discretion, and 
 (c) each date (with such date to be reasonably determined by the Administrative Agent)
that is on or about the date of (i) a Borrowing Request or an Interest Election Request with respect to any Revolving Borrowing or (ii) each request for the issuance, amendment, renewal or extension of any Letter of Credit. 

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

  
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interest in the Loan or Commitment (other than pursuant to an assignment request by the Parent under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case
to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender
immediately before it changed its lending office, 
 (c) Taxes attributable to such Recipient’s failure to comply with
Section 2.17(f) or (g), 
 (d) any U.S. Federal withholding Taxes imposed under FATCA, and 

(e) in the case of a Lender, United Kingdom income tax deductible at source from interest payable to or for the account of such Lender with
respect to an applicable participation in a Loan: 
 (i) if, on the date on which the payment of interest falls due, the
payment could have been made to the relevant Lender without a deduction on account of United Kingdom income tax if the Lender had been a Qualifying Lender but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a
result of a Change of Tax Law occurring after the date it became a Lender; or 
 (ii) the relevant Lender is a Qualifying
Lender solely by virtue of paragraph (b)(ii) of the definition of Qualifying Lender and (A) an officer of H.M. Revenue & Customs has given (and not revoked) a direction under section 931 of the Income Tax Act 2007 which relates to the
payment and the payment could have been made to the Lender without deduction or withholding for any Taxes if that direction had not been made or (B) the relevant Lender has not given a Tax Confirmation and the payment could have been made to
the Lender without deduction or withholding for any Taxes if the Lender had given a Tax Confirmation, on the basis that the Tax Confirmation would have enabled the UK Borrower to have formed a reasonable belief that the payment was an “excepted
payment” for the purposes of section 930 of the Income Tax Act 2007; or 
 (iii) the relevant Lender is a Treaty Lender
and the UK Borrower making the payment is able to demonstrate that the payment could have been made to the Lender without deduction or withholding for any Taxes had that Lender complied with its relevant obligations under Section 2.17(g)(ii) or
2.17(g)(iii) (as applicable); or 
 (iv) if such Lender acquired such participation in the Loan or Commitment by way of an
Assignment and Assumption (other than pursuant to an assignment request by the Parent under Section 2.19(b)), except to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable to such Lender’s assignor
immediately before such Lender acquired the applicable participation in the Loan or Commitment. 
 “Existing Letter of
Credit” means the letters of credit identified on Schedule 1.01. 
 “Existing Termination Date” has the
meaning assigned to it in Section 2.22(a). 

  
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 “Extending Lender” has the meaning assigned to it in Section 2.22(b). 

“Extension Date” has the meaning assigned to it in Section 2.22(a). 

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

“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds
transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate, provided
that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of any Borrower.

 “Fitch” means Fitch Ratings, Inc. (or any successor). 

“Foreign Currency” means Euros, Sterling or, solely with respect to Letters of Credit, Australian Dollars. 

“Foreign Lender” means (a) if the applicable Borrower is a U.S. Person, a Lender, with respect to such Borrower, that is
not a U.S. Person, and (b) if the applicable Borrower is not a U.S. Person, a Lender, with respect to such Borrower, that is resident or organized under the laws of a jurisdiction other than that in which such Borrower is resident for tax
purposes. 
 “Foreign Pension Plan” means any plan, fund (including, without limitation, any superannuation fund) or other
similar program established or maintained outside the United States by a Borrower or any Subsidiary primarily for the benefit of employees of such Borrower or any one or more of the Subsidiaries residing outside the United States, which plan, fund
or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination or severance of employment, and which plan is not subject to ERISA or the Code. 

“Fronted Letter of Credit” has the meaning assigned to such term in Section 2.06(b). 

“Fronted Unpaid Drawing” means any unreimbursed LC Disbursement with respect to a Fronted Letter of Credit. 

“Fronting Bank” means any Revolving Lender (or any Affiliate thereof) which is requested by the Borrower, and which, in its
sole discretion, agrees in writing, to issue one or more Fronted Letters of Credit hereunder pursuant to Section 2.06 and, with respect to any Fronted Letter of Credit, means the issuer thereof. 

  
 -12- 

 “Fronting Participant” has the meaning assigned to such term in Section 2.06(b).

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

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity, including any insurance commissioner or other insurance regulatory authority, exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Guarantee” of or by
any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation
or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the
ordinary course of business. The amount of any Guarantee made by any guarantor shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made and
(b) the maximum amount for which such guarantor may be liable pursuant to the terms of the instrument embodying such Guarantee, unless (in the case of a primary obligation that is not Indebtedness) such primary obligation and the maximum amount
for which such guarantor may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guarantor’s maximum reasonably anticipated liability in respect thereof as determined by the Borrowers in good
faith. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature
regulated pursuant to any Environmental Law. 
 “Impacted Interest Period” has the meaning assigned to it in the definition
of “LIBO Rate.” 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of
such Person under conditional sale or other 

  
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title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding
current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property
owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations,
contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) all Off-Balance Sheet Liabilities and (l) all Trust Preferred Securities and similarly structured indebtedness. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness
provide that such Person is not liable therefor. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any obligation of any Borrower under any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Industry Loss Warranty” means an agreement, whether in the form of a reinsurance agreement or a Swap Agreement or other
similar agreement entered into by any Insurance Subsidiary in accordance with its customary insurance or reinsurance underwriting procedures, which creates a payment obligation arising from an industry wide loss. 

“Ineligible Institution” has the meaning assigned to it in Section 9.04(b). 

“Insurance Subsidiary” means any Subsidiary which is licensed by any Governmental Authority to engage in the insurance
business including, without limitation, issuing Primary Policies and/or entering into Reinsurance Agreements. 
 “Interest Election
Request” means a request by the Borrower Representative to convert or continue a Borrowing in accordance with Section 2.08. 

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

“Interest Period” means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter (or nine or twelve months if consented to by all of the Lenders), as the Borrower Representative may elect; provided, that
(i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would

  
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fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurocurrency Borrowing that
commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such
Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO
Screen Rate for the longest period (for which the LIBO Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate
is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time. 
 “IRS”
means the United States Internal Revenue Service. 
 “Issuing Agent” means JPMCB, in its capacity as the issuing agent
of Several Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i). The Issuing Agent may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Agent
acting as the issuing agent of the Several Letters of Credit, in which case the term “Issuing Agent” shall include any such Affiliate with respect to Several Letters of Credit for which such Affiliate acts as Issuing Agent. 

“JPMCB” means JPMorgan Chase Bank, N.A., a national banking association, and its successors. 

“LC Disbursement” means a payment made by a Revolving Lender (in the case of a Several Letter of Credit) or a Fronting Bank
(in the case of a Fronted Letter of Credit) pursuant to a Letter of Credit. 
 “LC Exposure” means, at any time, the sum of
(a) the Dollar Equivalent of the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the Dollar Equivalent of the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of
the Borrowers at such time. The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage under the Revolving Credit Facility of the total LC Exposure at such time. 

“LC Issuer” means each of the Issuing Agent and each Fronting Bank. 

“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an
Assignment and Assumption or as provided in Section 2.09(d), other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 

  
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 “Lender Parent” means, with respect to any Lender, any Person as to which such
Lender is, directly or indirectly, a subsidiary. 
 “Lender Party” means the Administrative Agent, the Issuing Agent, each
Fronting Bank and each other Lender. 
 “Letter of Credit” means any and each of the Several Letters of Credit and the
Fronted Letters of Credit. 
 “Leverage Ratio” means at any time, the ratio of Total Debt at such time to Total
Capitalization at such time. 
 “LIBO Rate” means, with respect to any Eurocurrency Borrowing for any applicable currency
and for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such
Interest Period (an “Impacted Interest Period”) with respect to the applicable currency then the LIBO Rate shall be the Interpolated Rate. 

“LIBO Screen Rate” means, for any day and time, with respect to any Eurocurrency Borrowing for any applicable currency and
for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for the relevant currency for a period equal in length to such Interest
Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that
displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion, provided that if the LIBO Screen Rate shall be less
than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 
 “Lien” means, with respect to any
asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with
respect to such securities. 
 “Limited Fronting Lender” means any Revolving Lender which is an NAIC Approved Bank, to the
extent that such Person agrees (in its sole and absolute discretion) to be an issuer with respect to any Non-NAIC Approved Bank’s Applicable Percentage of Several Letters of Credit outstanding and/or
issued during the period that such Non-NAIC Approved Bank is a Non-NAIC Approved Bank, all pursuant to a Limited Fronting Lender Agreement. 

“Limited Fronting Lender Agreement” has the meaning provided in Section 2.06(a)(v). 

“Loans” means a Revolving Loan and/or a Term Loan, as applicable. 

  
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 “Loan Value” means, with respect to any item of Eligible Collateral, the value
assigned to such Collateral by the Administrative Agent from time to time in its sole reasonable discretion. Such value shall be determined on the basis of the advance rates set forth on Schedule 1.03 hereto. The Administrative Agent shall
make a determination of the Loan Value of the Eligible Collateral at such time or times as it shall determine, but in no event less frequently than twice per month. Notwithstanding anything herein to the contrary, no more than 25% of the
aggregate Loan Value of all Eligible Collateral shall be comprised of corporate bonds rated below AA- by S&P or Aa3 by Moody’s. 

“Local Time” means (a) with respect to a Loan or Borrowing denominated in Dollars, Chicago time and (b) with
respect to a Loan or Borrowing denominated in any Foreign Currency, London time. 
 “Material Adverse Effect” means a
material adverse effect on (a) the business, assets, operations or financial condition of the Parent and the Subsidiaries taken as a whole, (b) the ability of the Borrowers, taken as a whole, to perform any of their payment or other
material obligations under this Agreement or any other Credit Document or (c) the material rights of or benefits available to the Administrative Agent or the Lenders under this Agreement or any other Credit Document. 

“Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or
more Swap Agreements, of any one or more of the Borrowers and the Subsidiaries in an aggregate principal amount exceeding $30,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of a
Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any legally enforceable netting agreements) that such Borrower or such Subsidiary would be required to pay if such Swap
Agreement were terminated at such time. 
 “Maximum Rate” has the meaning set forth in Section 9.13. 

“Moody’s” means Moody’s Investors Service, Inc. (or any successor). 

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

“NAIC” means the National Association of Insurance Commissioners or any successor thereto, or in lieu thereof, any other
association, agency or other organization performing substantially similar advisory, coordination or other like functions among insurance departments, insurance commissions and similar governmental authorities of the various states of the United
States of America toward the promotion of uniformity in the practices of such governmental authorities. 
 “NAIC Approved
Bank” means (a) any bank listed on the most current list of banks approved by the Securities Valuation Office of the NAIC (the “NAIC Bank List”) or (b) any Revolving Lender as to which its Limited Fronting Lender
is a bank listed on the NAIC Bank List. 

  
 -17- 

 “Net Income” means, for any computation period, with respect to the Parent on a
consolidated basis with its Subsidiaries, cumulative net income earned during such period (determined before the deduction of minority interests) as determined in accordance with GAAP. 

“Net Worth Maintenance Agreement” means net worth maintenance agreements and similar agreements entered into by any Borrower
or any of its respective Subsidiaries with respect to any Wholly-Owned Subsidiary. 

“Non-Extending Lender” has the meaning assigned to it in Section 2.22(b). 

“Non-NAIC Approved Bank” means, at any time, any Lender that is not an NAIC Approved
Bank. 
 “Non-Consenting Lender” means a Lender which has not consented to a
proposed amendment, waiver or consent requiring the consent of “each Lender” or “each Lender affected thereby,” as to which the consent of such Lender is required and the consent of the Required Lenders has been obtained. 

“Non-Pro Rata Issuance Election” means an election by the Borrowers to have a Several
Letter of Credit issued, renewed, extended or amended on an adjusted pro rata basis, as more fully described in Section 2.19(c). 

“Non-Replaced Lender” has the meaning assigned to it in Section 2.22(e). 

“Notice Date” has the meaning assigned to it in Section 2.22(b). 

“NYFRB” means the Federal Reserve Bank of New York 

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and
(b) the Overnight Bank Funding Rate in effect on such day(or for any day that is not a Banking Day, for the immediately preceding Banking Day); provided that if none of such rates are published for any day that is a Business Day, the term
“NYFRB Rate” means the rate for a federal funds transaction quoted at at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any of the
aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and
unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether
allowed or allowable in such proceeding), obligations and liabilities of any of the Borrowers to any of the Lenders, the Administrative Agent, any LC Issuer or any indemnified party under this Agreement, individually or collectively, existing on the
Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under
this Agreement or any of the other Credit Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof. 

  
 -18- 

 “Off-Balance Sheet Liability” of a
Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any liability under any Sale and Leaseback Transaction other than Capital Lease Obligations,
(c) any liability under any so-called “synthetic lease” arrangement or transaction entered into by such Person, or (d) any obligation arising with respect to any other transaction which is
the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheets of such Person. 

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

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

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar
borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an
overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate). 

“Parent” means Argo Group International Holdings, Ltd., a company formed under the laws of Bermuda. 

“Participant” has the meaning set forth in Section 9.04(c). 

“Participant Register” has the meaning assigned to such term in Section 9.04(c). 

“Participating Member State” means any member state of the European Communities that adopts or has adopted the Euro as its
lawful currency in accordance with the legislation of the European Community relating to the Economic and Monetary Union. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Permitted Acquisition” means the acquisition by the Parent or a Wholly-Owned Subsidiary thereof of
an Acquired Entity or Business (including by way of merger of such 

  
 -19- 

 
Acquired Entity or Business with and into the Parent (so long as the Parent is the surviving corporation) or a Wholly-Owned Subsidiary thereof (so long as the Wholly-Owned Subsidiary is the
surviving corporation); provided that (a) the Acquired Entity or Business acquired pursuant to the respective Permitted Acquisition is in a business permitted by Section 6.03(b); and (b) in the case of a stock acquisition, such
acquisition shall have been approved by the board of directors of the Acquired Entity or Business. 
 “Permitted
Encumbrances” means: 
 (a) Liens imposed by law for Taxes that are not yet due or are being contested in compliance with
Section 5.04; 
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.04; 

(c) pledges and deposits made in the ordinary course of business for insurance regulatory or licensing purposes or in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations; 
 (d) deposits required for insurance
regulatory or licensing purposes or to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of
business; 
 (e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII;

 (f) easements, zoning restrictions, rights-of-way and
similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary
conduct of business of a Borrower or any Subsidiary; and 
 (g) licenses, sublicenses, leases or subleases granted to other Persons not
materially interfering with the conduct of the business of a Borrower or any Subsidiary; 
 (h) Liens incurred pursuant to ordinary course
investing, clearing and settling activities; 
 (i) bankers’ Liens, rights of setoff and other similar Liens not granted to secure
specific Indebtedness existing solely with respect to cash and cash equivalents on deposit in one or more accounts maintained by a Borrower or any Subsidiary, in each case granted in the ordinary course of business in favor of the bank or banks with
which such accounts are maintained; 
 (j) any Lien on any property or asset of the Borrowers or any Subsidiary existing on the date hereof
and set forth in Schedule 6.02; provided that (i) such Lien shall not 

  
 -20- 

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

(l) Liens securing Indebtedness at no time exceeding $37,500,000 in outstanding aggregate principal amount; 

(m) Liens securing the Obligations; and 

(n) Liens upon assets subject to, and arising out of, (i) Sale and Leaseback Transactions permitted by Section 6.11 or
(ii) Permitted Purchase Money Indebtedness, at no time exceeding $150,000,000 in outstanding aggregate principal amount for (i) and (ii) combined; 

provided that the term “Permitted Encumbrances” shall not, with respect to clauses (a)-(i) above, include any Lien securing
Indebtedness. 
 “Permitted Purchase Money Indebtedness” means, with respect to any Person, any Indebtedness, whether
secured or unsecured, including Capital Lease Obligations, incurred by such Person to finance the acquisition of fixed assets, so long as (a) at the time of such incurrence, no Default has occurred and is continuing or would result from such
incurrence, (b) such Indebtedness has a scheduled maturity and is not due on demand and (c) such Indebtedness does not exceed the lower of the fair market value or the cost of the applicable fixed assets on the date acquired. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which a Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Platform”
means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system. 
 “Primary Policies”
means any insurance policies issued by any Insurance Subsidiary. 

  
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 “Prime Rate” means the rate of interest per annum publicly announced from time
to time by JPMCB as its prime rate in effect at its office located at 270 Park Avenue, New York, New York; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“QPP Certificate” means a credit certificate for the purposes of the Qualifying Private Placement Regulations 2015 (2015
No. 2002), given in the form set out in Schedule 2.17(g). 
 “QPP Lender” means a Lender which has delivered a QPP
Certificate, provided that such QPP Certificate is not cancelled or withdrawn for the purposes of the Qualifying Private Placement Regulations 2015 (2015 No. 2002). 

“Qualifying Lender” means (a) a Lender which is a building society (as defined for the purposes of section 880 of the
Income Tax Act 2007) making an advance under a Credit Document; or (b) a Lender which is beneficially entitled to the interest payable under any Credit Document and: (i) there is no duty to deduct United Kingdom income tax in respect of
that interest by virtue of section 879 of the Income Tax Act 2007, or (ii) which is a Lender who satisfies the conditions in section 933, section 934 or section 937 of the Income Tax Act 2007 in respect of the person to whom such interest is
paid, or (iii) which is a Treaty Lender, or (iv) which is a QPP Lender. 
 “Quotation Date” means, with respect
to any Eurocurrency Borrowing and any Interest Period, (i) if the currency is Euro, the day two TARGET Days before the first day of such Interest Period and (iii) if the currency is Dollars or Sterling, the day two Business Days prior to
the commencement of such Interest period (or such day as the Administrative Agent shall determine is the day on which it is market practice in the relevant interbank market for prime banks to give quotations for deposits in the currency of such
Borrowing for delivery on the first day of such Interest Period). 
 “Rating” has the meaning set forth in Schedule 1.02.

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

 “Register” has the meaning set forth in Section 9.04(b). 

“Reinsurance Agreements” means any agreement, contract, treaty, certificate or other arrangement whereby a Borrower or any
Subsidiary agrees to assume from or reinsure an insurer or reinsurer all or part of the liability of such insurer or reinsurer under a policy or policies of insurance issued by such insurer or reinsurer. 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents, advisors and representatives of such Person and such Person’s Affiliates. 
 “Removal Effective
Date” has the meaning assigned to it in Article VIII. 

  
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 “Required Lenders” means, at any time, subject to Section 2.21, Lenders
having more than 50% of the sum of (a) the Revolving Credit Exposures and unused Revolving Commitments and (b) the aggregate outstanding principal amount of the Term Loans. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interests in the Parent or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such Equity Interests in the Parent or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Parent or any Subsidiary. 

“Revolving Borrowing” means a Borrowing comprised of Revolving Loans. 

“Revolving Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to
acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to
time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Revolving Commitment is set forth on Schedule
2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of the Lenders’ Revolving Commitments is $200,000,000. 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of
such Lender’s Revolving Loans and its LC Exposure at such time. 
 “Revolving Credit Facility” means the revolving
credit facility established pursuant to Article II hereof. 
 “Revolving Lender” means a Lender having a Revolving
Commitment or Revolving Credit Exposure. 
 “Revolving Loan” means a Loan made pursuant to Section 2.01(a). 

“Revolving Maturity Date” means March 3, 2022, subject to extension pursuant to Section 2.22. 

“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
business (or any successor). 
 “Sale and Leaseback Transaction” means any sale or other transfer of property by any Person
with the intent to lease such property as lessee. 
 “Sanctioned Country” means, at any time, a country, region or
territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Cuba, Iran, North Korea, Sudan, Syria and Crimea). 

  
 -23- 

 “Sanctioned Person” means, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union, any EU member state, Her
Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described
in the foregoing clauses (a) or (b). 
 “Sanctions” means economic or financial sanctions or trade embargoes imposed,
administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations
Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority. 

“SAP” means, with respect to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the
insurance commissioner (or other similar authority) as of the date hereof in the jurisdiction of incorporation of such Insurance Subsidiary for the preparation of annual statements and other financial reports by insurance companies of the same type
as such Insurance Subsidiary. 
 “SEC” means the Securities and Exchange Commission of the United States of America or any
succeeding Governmental Authority thereto. 
 “Secured Letter of Credit” means a Letter of Credit issued at the request of
a Borrower which has been designated as a “Secured Letter of Credit” in the applicable Letter of Credit Application. 

“Security Agreement” means, individually and collectively, each security agreement or other collateral document, each in form
and substance satisfactory to the Administrative Agent, entered into between the Administrative Agent and a Borrower pursuant hereto. 

“Security Documents” means the Security Agreement, each Control Agreement and each other document or instrument pursuant to
which security or collateral is from time to time provided for the obligations of the Borrowers hereunder. 
 “Several Letter of
Credit” has the meaning assigned to such term in Section 2.06(a). 
 “Several Unpaid Drawing” means any
unreimbursed LC Disbursement with respect to a Several Letter of Credit. 
 “Significant Insurance Subsidiary” means any
Significant Subsidiary which is an Insurance Subsidiary. 
 “Significant Subsidiary” of a Person means a “significant
subsidiary” as defined in Rule 1 02(w) of Regulation S-X of the SEC (17 CFR Part 210). Unless otherwise expressly 

  
 -24- 

 
provided, all references herein to a “Significant Subsidiary” shall mean a Significant Subsidiary of any of the Borrowers; provided that any entity that is a Significant Subsidiary on
the Effective Date or becomes a Significant Subsidiary thereafter shall remain a Significant Subsidiary for all purposes of this Agreement. 

“Solvent” means, when used with respect to a Person, that (a) the fair saleable value of the assets of such Person is in
excess of the total amount of the present value of its liabilities (including for purposes of this definition all liabilities (including loss reserves as determined by such Person), whether or not reflected on a balance sheet prepared in accordance
with GAAP and whether direct or indirect, fixed or contingent, secured or unsecured, disputed or undisputed), (b) such Person is able to pay its debts or obligations in the ordinary course as they mature and (c) such Person does not have
unreasonably small capital to carry out its business as conducted and as proposed to be conducted. “Solvency” shall have a correlative meaning. 

“Special Purpose Entity” means any Subsidiary formed after the date hereof for the sole purpose of incurring Indebtedness,
which Subsidiary (a) promptly remits to a Borrower the net proceeds of any such Indebtedness by way of loan or otherwise and (b) has received from the Parent and its Subsidiaries aggregate capital contributions or other payments in
respect of the Equity Interests thereof not exceeding five percent of the total assets of such Subsidiary. 
 “Specified
Amount” has the meaning set forth in the definition of Total Debt. 
 “Statutory Reserve Rate” means a fraction
(expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted Eurocurrency Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the
Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for
proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in
any reserve percentage. 
 “Sterling” or “£” means the lawful currency of the United Kingdom of
Great Britain and Northern Ireland. 
 “Subordinated Indebtedness” means Indebtedness the payment of which is subordinated
to any of the obligations of the applicable Borrower or Borrowers hereunder or in connection herewith, including without limitation the obligations of the Borrowers in respect of the Trust Preferred Securities. 

“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, 

  
 -25- 

 
as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the
equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by
the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary” means any subsidiary of the Parent. 

“Substantial Portion” means, with respect to the property of the Parent and its Subsidiaries, property which represents more
than 10% of the consolidated assets of the Parent and its Subsidiaries as would be shown in the consolidated financial statements of the Parent and its Subsidiaries as at the beginning of the twelve-month period ending with the last day of the
fiscal quarter or year end for which financial statements have most recently been delivered pursuant to Section 5.01(a) or (b), as applicable, preceding the date upon which such determination is made. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of a
Borrower or the Subsidiaries shall be a Swap Agreement. 
 “Tangible Net Worth” means, with respect to the Parent, an
amount equal to (a) the Parent’s total shareholder’s equity determined in accordance with GAAP, minus (b) the aggregate book value of the intangible assets, including goodwill, all determined on a consolidated basis in accordance
with GAAP; provided, however, that the effect of the application of FASB ASC 320 (formerly known as FAS 115) shall be excluded in the computation of Tangible Net Worth. 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) payment system (or, if
such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of payments in Euro. 

“TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if
any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro. 
 “Tax
Confirmation” means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Credit Document falls within paragraph (b)(ii) of the definition of Qualifying Lender.

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

“Term Borrowing” means a Borrowing comprised of Term Loans. 

“Term Commitment” means, with respect to each Lender, the commitment of such Lender to make a Term Loan hereunder, expressed
as an amount representing the maximum aggregate principal amount of such Lender’s Term Loan. The amount of each Lender’s Term Commitment is set forth on Schedule 2.01. The initial aggregate amount of the Lenders’ Term Commitments is
$125,000,000. 
 “Term Loan” means, with respect to each Lender, such Lender’s
pro-rata portion of the Term Borrowing made by the Lenders pursuant to Section 2.01(b) and, with respect to all Lenders, the aggregate of all such pro-rata portions.

 “Term Loan Facility” means the term loan facility established pursuant to Article II hereof. 

“Term Loan Maturity Date” means March 3, 2019. 

“Total Capitalization” means an amount equal to the sum of Tangible Net Worth of the Parent plus Total Debt plus (without
duplication) the Specified Amount. 
 “Total Debt” means all Indebtedness of the Parent and its Subsidiaries, on a
consolidated basis, which appears on a balance sheet calculated in accordance with GAAP plus, (a) without duplication (i) the face amount of all outstanding letters of credit in respect of which the Parent or any Subsidiary has any actual
or contingent reimbursement obligation (excluding letters of credit which are issued to support the reinsurance obligations of Subsidiaries of the Parent which have been fully collateralized and fully collateralized letters of credit which are
issued to support the capital requirements at Lloyd’s of London, otherwise known as “Funds at Lloyd’s”), (ii) the maximum aggregate amount (giving effect to any legally enforceable netting agreements) that the Parent and its
Subsidiaries would be required to pay if all Swap Agreements of the Parent and its Subsidiaries with respect to interest on indebtedness for money borrowed were terminated at any date of determination and (iii) the principal amount of all
Guarantees of Indebtedness by the Parent and its Subsidiaries; provided that this clause (iii) shall not include Guarantees between or among the Parent and/or its consolidated Subsidiaries, minus (b) that portion of the outstanding
principal amount of all Trust Preferred Securities and similar long-term hybrid capital that is deemed to constitute equity, as determined in accordance with S&P’s methodology at such time (but only to the extent that such amount does not
exceed 15% of Total Capitalization) the amount described in this clause (b) being the “Specified Amount”. 

“Transactions” means the execution, delivery and performance by the Borrowers of this Agreement and the other Credit
Documents, the borrowing of Loans and other credit extensions hereunder, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

  
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 “Treaty Lender” means a Lender which is not a QPP Lender and which (a) is
treated as resident of a Treaty State for the purposes of the relevant Treaty, (b) does not carry on a business in the United Kingdom through a permanent establishment with which the Lender’s participation in the Loans or Commitment is
effectively connected and (c) which is entitled to claim the benefits of such Treaty with respect to payments made by any UK Borrower hereunder. 

“Treaty State” means a jurisdiction which has entered into a double taxation agreement (a “Treaty”) with the United
Kingdom which makes provision for full exemption from Tax imposed by the United Kingdom on interest. 
 “Trust Preferred
Securities” means those securities listed on Schedule 1.04 hereto. 
 “Trust Preferred Security
Indebtedness” means any Indebtedness of a Borrower or a Subsidiary arising under Trust Preferred Securities. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted Eurocurrency Rate or the Alternate Base Rate. 
 “UK
Borrower” means any Borrower (i) that is organized or formed under the laws of the United Kingdom or (ii) payments from which under this Agreement or any Credit Document are subject to withholding Taxes imposed by the laws of the
United Kingdom. 
 “Unsecured Letter of Credit” means a Letter of Credit which is not a Secured Letter of Credit. 

“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 

“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3). 

“Wholly-Owned Subsidiary” of a Person means (a) any subsidiary all of the outstanding voting securities of which shall
at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such Person, or (b) any partnership, limited
liability company, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled (other than in the case of Foreign Subsidiaries,
director’s qualifying shares and/or other nominal amounts of shares required to be held by Persons other than the Parent and its Subsidiaries under applicable law). 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Write-Down and Conversion
Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable
EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

  
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 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”). Borrowings
also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Borrowing”).

 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “law” shall be construed as referring to all statutes, rules, regulations, codes and
other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities. Unless the context requires
otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise
modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time
to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any
restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04. Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower Representative notifies
the Administrative Agent that the Borrowers request an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrower Representative that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in
accordance herewith. Notwithstanding 

  
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any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made,
(i) without giving effect to any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other
liabilities of any Borrower or any Subsidiary at “fair value”, as defined therein, and (ii) in a manner such that any obligations relating to a lease that, in accordance with GAAP as in effect on the Effective Date, would be accounted
for by the Parent as an operating lease shall be accounted for as obligations relating to an operating lease and not as obligations relating to a Capitalized Lease (and shall not constitute Indebtedness hereunder). 

SECTION 1.05. Foreign Currency Calculations. (a) For purposes of determining the Dollar Equivalent of any Advance denominated in a
Foreign Currency or any related amount, the Administrative Agent shall determine the Exchange Rate as of the applicable Exchange Rate Date with respect to each Foreign Currency in which any requested or outstanding Advance or Letter of Credit is
denominated and shall apply such Exchange Rates to determine such amount (in each case after giving effect to any Advance to be made or repaid on or prior to the applicable date for such calculation). 

(b) For purposes of any determination hereunder (including determinations under Section 6.01, 6.02, 6.04, 6.09 or 6.10 or under Article
VII), all amounts incurred, outstanding or proposed to be incurred or outstanding in currencies other than Dollars shall be translated into Dollars at the appropriate currency Exchange Rate; provided that no Default shall arise as a result of
any limitation set forth in Dollars in Section 6.01 or 6.02 being exceeded solely as a result of changes in Exchange Rates from those rates applicable at the time or times Indebtedness or Liens were initially consummated in reliance on the
exceptions under such Sections. For purposes of any determination under Section 6.04, 6.09 or 6.10, the amount of each investment, asset disposition or other applicable transaction denominated in a currency other than Dollars shall be
translated into Dollars at the applicable Exchange Rate. Such Exchange Rates shall be determined in good faith by the Borrowers. 
 ARTICLE
II 
 The Credits 

SECTION 2.01. Commitments. (a) Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans
denominated in Dollars and Foreign Currencies to the Borrowers from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure exceeding such
Lender’s Revolving Commitment, (ii) the sum of the total Revolving Credit Exposures exceeding the total Revolving Commitments, or (iii) the sum of the total Revolving Credit Exposures exceeding the total Revolving Commitments. Within
the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans. 

(b) Subject to the terms and conditions set forth herein, each Lender agrees to make a Term Loan denominated in Dollars to the Borrowers on
the Effective Date in a principal 

  
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amount that will not result in (a) such Lender’s Term Loan exceeding such Lender’s Term Commitment or (b) the sum of the Term Loans exceeding the total Term Commitments. No
amount of the Term Loan which is repaid or prepaid by the Borrowers may be reborrowed hereunder. 
 SECTION 2.02. Loans and
Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their respective Revolving Commitments. Each Term Loan shall be made as a part of a
Borrowing consisting of Term Loans made by the Lenders ratably in accordance with their respective Term Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations
hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required hereby. 

(b) Subject to Section 2.14, (i) each Revolving Borrowing denominated in Dollars shall be comprised entirely of ABR Loans or Eurocurrency
Loans as the Borrower Representative may request in accordance herewith and (ii) each Revolving Borrowing denominated in a Foreign Currency shall be comprised entirely of Eurocurrency Loans. Each Lender at its option may make any Eurocurrency
Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this
Agreement. 
 (c) At the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of $1,000,000 (or, for any Foreign Currency Borrowing, an approximate equivalent thereof as determined by the Administrative Agent) and not less than $1,000,000 (or, for any Foreign Currency Borrowing, an approximate
equivalent thereof as determined by the Administrative Agent). At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000; provided that
an ABR Revolving Borrowing may be in an aggregate amount (i) that is equal to the entire unused balance of the total Revolving Commitments or (ii) that is required to finance the reimbursement of an LC Disbursement as contemplated by
Section 2.06(e). Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of twelve Eurocurrency Revolving Borrowings outstanding. Notwithstanding
the foregoing, Loans which are not denominated in Dollars may be made in amounts and increments in the applicable Foreign Currency satisfactory to the Administrative Agent. 

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

(e) Notwithstanding any other provision of this Agreement, each Lender at its option may make any ABR Loan or Eurocurrency Loan by causing any
domestic or foreign office, branch or Affiliate of such Lender (an “Applicable Lending Installation”) to make such Loan that has been designated by such Lender to the Administrative Agent. All terms of this

  
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Agreement shall apply to any such Applicable Lending Installation of such Lender and the Loans and any Notes issued hereunder shall be deemed held by each Lender for the benefit of any such
Applicable Lending Installation. Each Lender may, by written notice to the Administrative Agent and the Borrower Representative, designate replacement or additional Applicable Lending Installations through which Loans will be made by it and for
whose account Loan payments are to be made. Any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement. 

SECTION 2.03. Requests for Borrowings. To request a Borrowing, the Borrower Representative shall notify the Administrative Agent of
such request by telephone (a) in the case of a Eurocurrency Borrowing, not later than 10:00 a.m., Local Time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 10:00 a.m.,
Local Time, one Business Day before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy (or by electronic communication if, after the date
hereof, arrangements for doing so shall be approved by the Administrative Agent) to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower Representative. Each such
telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 
 (i)
the Borrower to which the proceeds of the requested Borrowing shall be disbursed; 
 (ii) the aggregate amount of the
requested Borrowing; 
 (iii) the currency (which may be Dollars or a Foreign Currency) in which such Borrowing is to be
denominated; 
 (iv) the date of such Borrowing, which shall be a Business Day; 

(v) in the case of a Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a Eurocurrency
Borrowing; 
 (vi) in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall
be a period contemplated by the definition of the term “Interest Period”; and 
 (vii) the location and number of
the account of a Borrower to which funds are to be disbursed, which shall comply with the requirements of Section 2.07. 
 If no election as to the
Type of such Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing, unless such Borrowing is denominated in a Foreign Currency, in which case such Borrowing shall be a Eurocurrency Borrowing. If no Interest Period is
specified with respect to any requested Eurocurrency Borrowing, then the Borrower Representative shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with
this Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

  
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 SECTION 2.04. [Intentionally Omitted]. 

SECTION 2.05. [Intentionally Omitted]. 

SECTION 2.06. Letters of Credit. (a) Several Letters of Credit. 

(i) Subject to the terms and conditions set forth herein, the Borrower Representative may request the Issuing Agent to issue,
on behalf of each Revolving Lender, letters of credit denominated in Dollars or Foreign Currencies for the joint and several account of the Borrowers, in substantially the form attached hereto as Exhibit C or in such other form reasonably acceptable
to the Administrative Agent and the Issuing Agent (each such letter of credit, a “Several Letter of Credit” and collectively, the “Several Letters of Credit”) (which form may include having such Several Letters of
Credit, though issued for the joint and several account of the Borrowers, reflect on their face Subsidiaries of the Parent as the account party and name as the beneficiaries thereof commercial counterparties or creditors of such Subsidiaries), at
any time and from time to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted
by any Borrower to, or entered into by any Borrower with, the Issuing Agent relating to any Several Letter of Credit, the terms and conditions of this Agreement shall control. 

(ii) By the issuance of a Several Letter of Credit (or an amendment to a Several Letter of Credit increasing the amount
thereof) by the Issuing Agent and without any further action on the part of the Issuing Agent or the Revolving Lenders, each Revolving Lender hereby acquires an obligation under such Several Letter of Credit equal to such Revolving Lender’s
Applicable Percentage under the Revolving Credit Facility (or other applicable share if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such Several Letters of Credit) of the aggregate
amount to be drawn under such Several Letter of Credit (subject to the provisions in this Agreement regarding Limited Fronting Lenders). The obligations of each Revolving Lender under and in respect of each Several Letter of Credit are several, and
the failure by any Revolving Lender to perform its obligations hereunder or under any Letter of Credit shall not affect the obligations of the Borrowers toward any other party hereto nor shall any other such party be liable for the failure by such
Revolving Lender to perform its obligations hereunder or under any Several Letter of Credit. 
 (iii) Each Several Letter of
Credit shall be executed and delivered by the Issuing Agent in the name and on behalf of, and as attorney-in-fact for, each Revolving Lender and the Issuing Agent shall
act under each Several Letter of Credit, and each Several Letter of Credit shall expressly provide that the Issuing Agent shall act, as the agent of each Revolving Lender, to (a) receive drafts, other demands for payment and other documents
presented by the beneficiary under such Several Letter of Credit, (b) determine whether such drafts, demands and documents are in compliance with the terms and conditions of such Several Letter of Credit and (c) notify such Revolving
Lender and the Borrowers that a valid drawing has been made and the date that the related Several Unpaid Drawing is to be made (and the Issuing Agent agrees to promptly make such 

  
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determination and give such notice to the Revolving Lenders and the Borrowers); provided that, the Issuing Agent shall have no obligation or liability for any Several Unpaid Drawing under such
Several Letter of Credit, and each Several Letter of Credit shall expressly so provide. Each Revolving Lender hereby irrevocably appoints and designates the Issuing Agent as its
attorney-in-fact, acting through any duly authorized officer of the Issuing Agent, to execute and deliver in the name and on behalf of such Revolving Lender each Several
Letter of Credit to be issued by such Revolving Lender hereunder and to take the other actions described in clauses (a) through (c) above. Promptly upon the request of the Issuing Agent, each Revolving Lender will furnish to the Issuing Agent
such powers of attorney or other evidence as any beneficiary of any Several Letter of Credit may reasonably request in order to demonstrate that the Issuing Agent has the power to act as attorney-in-fact for such Lender to execute and deliver such Several Letter of Credit. 

(iv) Each Revolving Lender agrees to use commercially reasonable efforts in order to, at all times, be listed on the NAIC
Approved Bank List. If at any time any Revolving Lender shall cease to be a NAIC Approved Bank, such Revolving Lender shall promptly notify the Borrower Representative and the Administrative Agent. 

(v) In the event that any Revolving Lender agrees (in its sole and absolute discretion) to act as a Limited Fronting Lender for
any Non-NAIC Approved Bank upon such terms and conditions as such parties may agree (including fees payable by such Non-NAIC Approved Bank to such Limited Fronting
Lender) (such agreement, a “Limited Fronting Lender Agreement”), the following provisions shall apply (in addition to any other provisions hereof relating to Limited Fronting Lenders): 

(A) Upon the issuance of any Several Letter of Credit pursuant hereto, with respect to any
Non-NAIC Approved Bank under such Several Letter of Credit, each applicable Limited Fronting Lender, in reliance upon the agreement of such Non-NAIC Approved Bank set forth in this Section, agrees (A) to
issue through the Issuing Agent, in addition to its own obligations as a Revolving Lender under such Several Letter of Credit, severally such Several Letter of Credit in an amount equal to such Non-NAIC
Approved Bank’s Applicable Percentage under the Revolving Credit Facility (or other applicable share if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such Several Letters of
Credit) of the stated amount of such Several Letter of Credit (or the portion thereof for which such Limited Fronting Lender has agreed to be a Limited Fronting Lender), and (B) to amend or extend each Several Letter of Credit previously issued
by it as a Limited Fronting Lender for such Revolving Lender; and 
 (B) With respect to any Several Letter of Credit issued
by a Limited Fronting Lender pursuant to clause (a) above, such Revolving Lender agrees to purchase participations (as provided in Section 2.06(a)(vi)) in the obligations of such Limited Fronting Lender under such Several Letter of Credit
attributable to such Revolving Lender for which such Limited Fronting Lender has agreed to act as a Limited Fronting Lender hereunder. 

  
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 Notwithstanding anything herein to the contrary, no Revolving Lender shall have any obligation to
agree to act hereunder as a Limited Fronting Lender for any other Person unless such Revolving Lender has entered into a Limited Fronting Lender Agreement in its sole and absolute discretion. 

(vi) In the event any Revolving Lender purchases a participation in the Letter(s) of Credit of its Limited Fronting Lender
pursuant to Section 2.06(a)(v), then, without any further action on the part of any party, such Limited Fronting Lender grants to such Revolving Lender, and such Revolving Lender hereby acquires from such Limited Fronting Lender, a participation in
such Limited Fronting Lender’s Applicable Percentage (or other applicable share if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such Several Letters of Credit) of the relevant
Letters of Credit attributable to such Revolving Lender for which such Limited Fronting Lender has agreed to act as a Limited Fronting Lender hereunder. Each Revolving Lender purchasing a participation hereunder acknowledges and agrees that its
obligation to acquire such participations in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and
continuance of a Default or reduction or termination of the Commitments. In consideration and in furtherance of the foregoing, such Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for account of the
applicable Limited Fronting Lender an amount equal to the amount of each payment made by such Limited Fronting Lender in respect of the portion of such Letter of Credit in which such Revolving Lender holds a participation, promptly upon the request
of such Limited Fronting Lender at any time from the time such payment is made until such payment is reimbursed by the Borrowers or at any time after any reimbursement payment is required to be refunded to the Borrowers for any reason or at any time
as may be set forth in the Limited Fronting Lender Agreement between such Limited Framing Lender and such Revolving Lender. Such payment by such Revolving Lender shall be made for account of the applicable Limited Fronting Lender without any offset,
abatement, withholding or reduction whatsoever. To the extent that any Revolving Lender has made payments pursuant to this paragraph to reimburse a Limited Fronting Lender in respect of any participation interests purchased hereunder in respect of
any Letter of Credit, promptly following receipt by the Administrative Agent of any payment from the Borrowers or any other account party pursuant to Section 2.06(e) in respect of such Letter of Credit, the Administrative Agent shall distribute
such payment to such Limited Fronting Lender and such Revolving Lender, in each case as their interests may appear. Any payment made by a Revolving Lender in respect of its participation pursuant to this paragraph to reimburse the applicable Limited
Fronting Lender for any payment made in any respect of any drawing under a Letter of Credit shall not relieve the Borrower or any other account party of its obligation to reimburse the amount of such drawing pursuant to the terms of this Agreement.

 (b) Fronted Letters of Credit. 

(i) Subject to the terms and conditions set forth herein, the Borrower Representative may request any Fronting Bank to issue
(and any Fronting Bank, in its 

  
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sole discretion may issue), one or more Letters of Credit denominated in Dollars or Foreign Currencies for the joint and several account of the Borrowers, in a form reasonably acceptable to the
Administrative Agent and the Fronting Bank (each such letter of credit, a “Fronted Letter of Credit” and collectively, the “Fronted Letters of Credit”) (which form may include having such Fronted Letters of Credit,
though issued for the joint and several account of the Borrowers, reflect on their face Subsidiaries of the Parent as the account party and name as the beneficiaries thereof commercial counterparties or creditors of such Subsidiaries), at any time
and from time to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by any
Borrower to, or entered into by any Borrower with, the Fronting Bank relating to any Fronted Letter of Credit, the terms and conditions of this Agreement shall control. Upon the effectiveness of this Agreement, the Existing Letter of Credit shall,
without any further action by any party, be deemed to have been issued as a Letter of Credit hereunder by JPMCB on the date of such effectiveness and shall for all purposes hereof be treated as a Fronted Letter of Credit under this Agreement. 

(ii) By the issuance of a Fronted Letter of Credit (or an amendment to a Fronted Letter of Credit increasing the amount
thereof) and without any further action on the part of the Fronting Bank or the Revolving Lenders, the Fronting Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Fronting Bank (each such Revolving
Lender, in its capacity under this Section 2.06(b) a “Fronting Participant”), a participation in such Fronted Letter of Credit equal to such Lender’s Applicable Percentage under the Revolving Credit Facility of the aggregate
amount available to be drawn under such Fronted Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the
applicable Fronting Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement made by the Fronting Bank under the Fronted Letters of Credit and not reimbursed by the Borrowers on the date due as provided in paragraph
(e) of this Section, or of any reimbursement payment required to be refunded to the Borrowers for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of
Fronted Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Fronted Letter of Credit or the occurrence and continuance of a Default or
reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Upon any change in the Revolving Commitments or Applicable Percentages with respect to the
Revolving Credit Facility of the Revolving Lenders pursuant to this Agreement (including pursuant to Section 2.20), it is hereby agreed that, with respect to all outstanding Fronted Letters of Credit and Fronted Unpaid Drawings, there shall be
an automatic adjustment to the participations pursuant to this Section 2.06 to reflect the new Applicable Percentages with respect to the Revolving Credit Facility of the assignor and assignee Revolving Lender or of all Revolving Lenders with
Revolving Commitments, as the case may be. 

  
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 (iii) In the event that any Fronting Bank makes any payment under any Fronted
Letter of Credit and the Borrowers fail to make such payment when due pursuant to Section 2.06(e), such amount (which, if denominated in a currency other than Dollars, shall be converted into Dollars at the Exchange Rate) shall bear interest at the
Alternate Base Rate and the Administrative Agent shall notify each Fronting Participant of the applicable LC Disbursement, the payment then due from the Borrowers in respect thereof and such Fronting Participant’s Applicable Percentage under
the Revolving Credit Facility thereof. Promptly following receipt of such notice, each Fronting Participant shall pay to the Administrative Agent its Applicable Percentage under the Revolving Credit Facility of the payment then due from the
Borrowers, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the
Administrative Agent shall promptly pay to the Fronting Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrowers pursuant to this paragraph, the
Administrative Agent shall distribute such payment to the Fronting Bank, or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Fronting Bank, then to such Revolving Lenders and the Fronting Bank as
their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Fronting Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan
and shall not relieve the Borrowers of their obligation to reimburse such LC Disbursement. 
 (c) Notice of Issuance, Amendment, Renewal,
Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower Representative shall hand deliver or telecopy (or transmit by electronic
communication, if arrangements for doing so have been approved by the applicable LC Issuer) to the applicable LC Issuer and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice
requesting the issuance of a Several Letter of Credit or Fronted Letter of Credit, as applicable, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which
shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (d) of this Section), the amount and currency of such Letter of Credit, the name and address of the beneficiary thereof, whether
such Letter of Credit will be a Secured Letter of Credit or an Unsecured Letter of Credit and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the applicable LC Issuer, the
Borrower Representative also shall submit a letter of credit application on the applicable LC Issuer’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if
(and upon issuance, amendment, renewal or extension of each Letter of Credit each Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not
exceed the Dollar Equivalent of an amount equal to the Revolving Commitments and (ii) the sum of the total Revolving Credit Exposures shall not exceed the total Revolving Commitments. 

(d) Expiration Date. Unless approved by the applicable LC Issuer and each Revolving Lender, each Letter of Credit shall expire at or
prior to the close of business on the 

  
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date one year or less after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year or less after such renewal or extension);
provided that any Letter of Credit will include, if requested, customary “evergreen” provisions; provided further that (i) no Letter of Credit shall have an expiry date more than one year after the Revolving Maturity
Date, (ii) the applicable LC Issuer shall be under no obligation to renew or extend any Letter of Credit after the Revolving Maturity Date and (iii) with respect to of any Letter of Credit expiring after the Revolving Maturity Date, the
Borrowers shall cash collateralize such Letter of Credit on or before the date five (5) Business Days prior to the Revolving Maturity Date in the manner and to the extent described in Section 2.06(j). 

(e) Reimbursement. If any Revolving Lender or any Fronting Bank shall make any LC Disbursement in respect of a Letter of Credit, it may
notify the Borrowers and shall promptly notify the Administrative Agent (which shall promptly notify the Borrowers) and the Borrowers shall reimburse such LC Disbursement by paying to the Administrative Agent, for the account of such Revolving
Lender or such Fronting Bank, as applicable, an amount equal to such LC Disbursement calculated as of the date such LC Disbursement is made not later than 3:00 p.m., Local Time, on the second Business Day following the date that such LC Disbursement
is made, if the Borrower Representative shall have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received by the Borrower Representative prior to such time on such date, then
not later than 3:00 p.m., Local Time, on (i) the second Business Day following the date that the Borrower Representative receives such notice, if such notice is received prior to 10:00 a.m., Local Time, on the day of receipt, or (ii) the
Business Day immediately following the second Business Day after the day that the Borrower Representative receives such notice, if such notice is not received prior to such time on the day of receipt; provided that the Borrowers may, subject
to the conditions to borrowing set forth herein, request in accordance with Section 2.03 (but without regard to the minimum and multiples specified in such Section) that such payment be financed with an ABR Revolving Borrowing in an equivalent
amount of such LC Disbursement and, to the extent so financed, the Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. 

(f) Obligations Absolute. The Borrowers’ obligation to reimburse LC Disbursements as provided in paragraph (e) of this
Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or
enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein
being untrue or inaccurate in any respect, (iii) payment by any Revolving Lender or any Fronting Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or
(iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the
Borrowers’ obligations hereunder. Neither the Administrative Agent, the Revolving Lenders nor any LC Issuer, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or
transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or

  
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delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error
in interpretation of technical terms or any consequence arising from causes beyond the control of applicable LC Issuer; provided that the foregoing shall not be construed to excuse any LC Issuer from liability to the Borrowers to the extent
of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered by the Borrowers that are caused by the such LC Issuer’s failure to
exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of any
LC Issuer (as finally determined by a court of competent jurisdiction), such LC Issuer shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree
that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the applicable LC Issuer may, in its sole discretion, either accept and make payment upon such documents
without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of
Credit. 
 (g) Disbursement Procedures. The applicable LC Issuer shall, promptly following its receipt thereof, examine all documents
purporting to represent a demand for payment under a Letter of Credit. The applicable LC Issuer shall promptly notify the Administrative Agent and the Borrower Representative by telephone (confirmed by telecopy) of such demand for payment and
whether such LC Issuer has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrowers of their obligation to reimburse such LC Issuer and the Revolving Lenders
with respect to any such LC Disbursement. 
 (h) Interim Interest. If any Revolving Lender or any Fronting Bank shall make any LC
Disbursement, then, unless the Borrowers shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to
but excluding the date that the Borrowers reimburse such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph
(e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of (i) each Revolving Lender pro rata in accordance with its Applicable Percentage with respect to the
Revolving Credit Facility, in the case of Several Letters of Credit or (ii) the applicable Fronting Bank, in the case of Fronted Letters of Credit, except that interest accrued on and after the date of payment by any Revolving Lender pursuant
to paragraph (b)(iii) of this Section to reimburse the applicable Fronting Bank shall be for the account of such Revolving Lender to the extent of such payment. 

(i) Replacement of the Issuing Agent. The Issuing Agent may be replaced at any time by written agreement among the Borrowers, the
Administrative Agent, the Revolving Lenders, the replaced Issuing Agent and the successor Issuing Agent. At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing
Agent pursuant to Section 2.12(b). From and after the effective 

  
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date of any such replacement, (i) the successor Issuing Agent shall have all the rights and obligations of the Issuing Agent under this Agreement with respect to the applicable Letters of
Credit to be issued thereafter and (ii) references herein to the term “Issuing Agent” shall be deemed to refer to such successor or to any previous Issuing Agent, or to such successor and all previous Issuing Agent, as the context
shall require. After the replacement of an Issuing Agent hereunder, the replaced Issuing Agent shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Agent under this Agreement with respect to Letters of
Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 
 (j) Cash
Collateralization. If (i) any Event of Default shall occur and be continuing and if all outstanding Loans have been declared to be due and payable pursuant to Article VII, then, on the Business Day that the Borrowers receive notice from the
Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph, the Borrowers shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of
the Revolving Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit
shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrowers described in clause (h) or (i) of Article VII or (ii) any Letter of Credit
shall have an expiration date after the Revolving Maturity Date, on the date five Business Days prior to the Revolving Maturity Date the Borrowers shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and
for the benefit of the Revolving Lenders, (A) in the case of Letters of Credit denominated in Dollars, an amount in cash in Dollars equal to 105% of the face amount of such Letters of Credit and (B) in the case of Letters of Credit
denominated in a Foreign Currency, in cash in Dollars equal to 120% of the face amount of such Letter of Credit or, at the request of the Issuing Agent or the Fronting Bank, as applicable, in cash in the relevant Foreign Currency equal to 105% of
the face amount of such Letter of Credit. Any such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrowers under this Agreement. The Administrative Agent shall have
exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrowers’ risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative
Agent to reimburse the Revolving Lenders or the Fronting Bank, as applicable, for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the
Borrowers for the LC Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other obligations of the Borrowers under this Agreement. If the Borrowers are required to provide an amount of cash collateral
hereunder (i) as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers within three Business Days after all Events of Default have been cured or waived and
(ii) as a result of the expiration of a Letter of Credit extending past the Revolving Maturity Date, such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers within three Business Days after the surrender or
expiration of such Letter of Credit. 

  
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 (k) LC Issuer Agreements. Each LC Issuer agrees that, unless otherwise requested by the
Administrative Agent, such LC Issuer shall report in writing to the Administrative Agent (i) on the first Business Day of each week, the daily activity (set forth by day) during the immediately preceding week in respect of all Letters of Credit
issued by such LC Issuer, including all issuances, extensions, amendments and renewals, all expirations and cancellations and all disbursements and reimbursements, (ii) on or prior to each Business Day on which such LC Issuer expects to issue,
amend, renew or extend any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the aggregate face amount of the Letters of Credit to be issued, amended, renewed or extended by it and outstanding after giving effect to
such issuance, amendment, renewal or extension (and whether the amount thereof changed), it being understood that such LC Issuer shall not permit any issuance, renewal, extension or amendment resulting in an increase in the amount of any Letter of
Credit to occur without first obtaining written confirmation from the Administrative Agent that it is then permitted under this Agreement, (iii) on each Business Day on which such LC Issuer makes any LC Disbursement, the date of such LC
Disbursement and the amount of such LC Disbursement, (iv) on any Business Day on which the Borrowers fail to reimburse an LC Disbursement required to be reimbursed to such LC Issuer (or any Revolving Lender, with respect to any Several Letter
of Credit that such LC Issuer issued) on such day, the date of such failure and the amount and currency of such LC Disbursement and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request. Such
reports shall be provided to any Lender upon such Lender’s request. 
 (l) Collateral for Secured Letters of Credit. If a
Borrower requests that any Letter of Credit be issued as a Secured Letter of Credit pursuant to Section 2.06(c), then at or prior to the time of issuance of such Letter of Credit such Borrower shall deposit (or cause to be deposited) with the
Collateral Agent Eligible Collateral having an aggregate Loan Value in an amount which results in the aggregate Loan Value of all such Eligible Collateral being at least equal to 100% of the face amount of such Secured Letters of Credit. If at any
time the aggregate LC Exposure associated with such Letters of Credit shall exceed the amount of such Eligible Collateral deposited with the Collateral Agent, such Borrower shall, within three Business Days of receipt of written request therefor
from the Administrative Agent, deposit (or cause to be deposited) with the Collateral Agent such additional Eligible Collateral as may be required to eliminate such excess. If such Borrower shall fail to provide such additional Eligible Collateral
within such time period, such Letter of Credit shall (from and after such third Business Day until such excess has been eliminated) be treated as an Unsecured Letter of Credit for purposes of determining the fees payable to the Lenders with respect
thereto pursuant to Section 2.12(b). The Administrative Agent shall determine the Dollar Equivalent of the LC Exposure in respect of Secured Letters of Credit from time to time in its discretion. For the avoidance of doubt, any cash collateral
deposited with the Collateral Agent pursuant to Section 2.06(j) shall constitute Eligible Collateral under this Section 2.06(l). 
 (m)
Adjustment of Applicable Percentages. Upon (i) each addition of a new Revolving Lender hereunder and (ii) each change in the Revolving Commitment of a Revolving Lender pursuant to this Agreement, including pursuant to an increase in
the commitments pursuant to Section 2.09(d), then (A) in the case of each outstanding Several Letter of Credit, with the consent of the beneficiary thereunder to the extent required by the terms thereof or under applicable law
(including, if applicable, the Uniform Customs and Practices for 

  
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Documentary Credits governing such Several Letter of Credit), the Administrative Agent shall promptly amend such Several Letter of Credit to specify the Revolving Lenders that are parties
thereto, after giving effect to such event, and such Revolving Lenders’ respective Applicable Percentages (or other applicable share if the Borrowers have made a Non-Pro Rata Issuance Election with
respect to such Several Letters of Credit) as of the effective date of such amendment and (B) in the case of each outstanding Fronted Letter of Credit, the participation interest of each Revolving Lender therein shall automatically be adjusted
to reflect, and each Lender shall have a participation in such Fronted Letter of Credit equal to, such Revolving Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Fronted Letter of Credit after giving
effect to such event. However, it is acknowledged by the Administrative Agent and the Revolving Lenders that amendments of outstanding Several Letters of Credit may not be immediately effected. Accordingly, whether or not Several Letters of
Credit are amended as contemplated hereby, the Revolving Lenders agree that they shall purchase and sell participations or otherwise make or effect such payments among themselves (but through the Administrative Agent) so that payments by the
Revolving Lenders of drawings under Several Letters of Credit and payments by the Borrowers of LC Disbursements and interest thereon are, except as otherwise expressly set forth herein, in each case shared by the Revolving Lenders in accordance with
the respective Applicable Percentages (or other applicable shares if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such Several Letters of Credit) of the Revolving Lenders from time
to time in effect. 
 SECTION 2.07. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on
the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, Local Time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will
make such Loans available to the Borrowers by promptly crediting the amounts so received, in like funds, to the account specified pursuant to Section 2.03, which shall be an account of a Borrower maintained with the Administrative Agent in New
York City (or, in the case of Loans denominated in a Foreign Currency, in such other location as may be designated by the Administrative Agent) and designated by the Borrowers in the applicable Borrowing Request; provided that ABR Revolving
Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Lenders pro rata in accordance with their respective Applicable Percentage with respect to the
Revolving Credit Facility (in the case of Several Letters of Credit)or the applicable Fronting Bank (in the case of Fronted Letters of Credit). 

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will
not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with this Section 2.07 and may, in reliance
upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrowers
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to
the Administrative Agent, at (i) in the case of such Lender, (x) the greater of the Federal Funds Effective Rate and a rate 

  
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determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (in the case of a Borrowing denominated in Dollars) or (y) the rate reasonably
determined by the Administrative Agent to be the cost to it of funding such amount (in the case of a Borrowing denominated in a Foreign Currency) or (ii) in the case of the Borrowers, the interest rate applicable to ABR Loans. If such Lender
pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 
 (c)
In the event that the Borrowers have made a Non-Pro Rata Issuance Election and thereafter the Borrowers request a Revolving Loan, such Revolving Loan shall, subject to the other terms and provisions hereof, be
advanced first, by those Non-NAIC Approved Banks that do not participate in the issuance, renewal, extension or amendment of one or more Several Letters of Credit as the result of such Non-Pro Rata Issuance Election until, after giving effect thereto, the Revolving Credit Exposure owing to the Lenders are held by the Lenders pro rata in accordance with their respective Revolving Commitments and
second, by the Lenders (including such Non-NAIC Approved Banks) pro rata in accordance with their respective Revolving Commitments; provided that, for the avoidance of doubt, the aggregate outstanding amount
of the Revolving Credit Exposure of such Lender shall not exceed the Revolving Commitment of such Lender notwithstanding the provisions of this Section 2.07(c). 

SECTION 2.08. Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request
and, in the case of a Eurocurrency Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower Representative may elect to convert such Borrowing to a different Type, in the case of
Borrowings denominated in Dollars, or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower Representative may elect different options with respect
to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate
Borrowing. 
 (b) To make an election pursuant to this Section, the Borrower Representative shall notify the Administrative Agent of such
election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower Representative were requesting a Borrowing of the Type and denominated in the currency resulting from such election to be made on
the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form
approved by the Administrative Agent and signed by the Borrower Representative. 
 (c) Each telephonic and written Interest Election Request
shall specify the following information in compliance with Section 2.02: 
 (i) the Borrowing to which such Interest
Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses
(iii) and (iv) below shall be specified for each resulting Borrowing); 

  
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 (ii) the effective date of the election made pursuant to such Interest Election
Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency
Borrowing; and 
 (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto
after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”; 
 If any such
Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower Representative shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender of the details
thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower Representative fails to deliver a timely
Interest Election Request with respect to a Eurocurrency Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing
shall be converted to an ABR Borrowing (unless such Borrowing is denominated in a Foreign Currency, in which case such Borrowing shall be continued as a Eurocurrency Borrowing with an Interest Period of one month’s duration commencing on the
last day of such Interest Period). Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower Representative
then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurocurrency Borrowing, (ii) unless repaid, each Eurocurrency Revolving Borrowing denominated in Dollars shall
be converted to an ABR Borrowing at the end of the Interest Period applicable thereto, and (iii) unless repaid, each Eurocurrency Revolving Borrowing denominated in a Foreign Currency shall be continued as a Eurocurrency Revolving Borrowing
with an Interest Period of one month’s duration. 
 SECTION 2.09. Termination and Reduction and Increase of Commitments.
(a) Unless previously terminated (or extended pursuant to Section 2.22), the Revolving Commitments shall terminate on the Revolving Maturity Date. The Term Commitments shall terminate upon the making of the Term Loan on the Effective Date.

 (b) The Borrowers may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each
reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any
concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures would exceed the total Revolving Commitments. 

(c) The Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under
paragraph (b) of this 

  
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Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any
notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination of
the Revolving Commitments delivered by the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Representative (by notice to the
Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably
among the Lenders, in each case accordance with their respective Revolving Commitments. 
 (d) The Borrower Representative at its option
may, from time to time, after the Effective Date, seek to increase the total Revolving Commitments by up to an aggregate amount of $50,000,000 (resulting in maximum total Revolving Commitments of $250,000,000) upon at least three (3) Business
Days’ prior written notice to the Administrative Agent, which notice shall specify the amount of any such increase (which shall not be less than $10,000,000 or such lesser amount to which the Administrative Agent may agree) and shall certify
that no Default has occurred and is continuing. After delivery of such notice, the Parent, in its discretion, may offer the increase (which may be declined by any Lender in its sole discretion) in the total Revolving Commitments on either a ratable
basis to the Lenders or on a non pro-rata basis to one or more Lenders and/or to other Lenders or entities that are NAIC Approved Banks and are reasonably acceptable to the Administrative Agent, the Issuing
Agent, the Fronting Banks and the Borrower Representative; provided that no increase may be offered to any entity that is an Ineligible Institution. No increase in the total Revolving Commitments shall become effective until the existing or new
Lenders extending such incremental Revolving Commitment amount and the Borrowers shall have delivered to the Administrative Agent a document in form and substance reasonably satisfactory to the Administrative Agent pursuant to which (i) any
such existing Lender agrees to the amount of its Revolving Commitment increase, (ii) any such new Lender agrees to its Revolving Commitment and agrees to assume and accept the obligations and rights of a Lender hereunder, (iii) the
Borrowers accept such incremental Revolving Commitments, (iv) the effective date of any increase in the Revolving Commitments is specified and (v) the Borrowers certify that on such date the conditions for a new Loan set forth in
Section 4.02 are satisfied. Upon the effectiveness of any increase in the total Revolving Commitments pursuant hereto, (i) each Lender (new or existing) shall be deemed to have accepted an assignment from the existing Lenders, and the
existing Lenders shall be deemed to have made an assignment to each new or existing Lender accepting a new or increased Revolving Commitment, of an interest in each then outstanding Revolving Loan (in each case, on the terms and conditions set forth
in the Assignment and Assumption) and (ii) the LC Exposure of the existing and new Lenders shall be adjusted as contemplated by Section 2.06(m) such that, after giving effect to such assignments and adjustments, all Revolving Credit Exposure
hereunder is held ratably by the Lenders in proportion to their respective Revolving Commitments. Assignments pursuant to the preceding two sentences shall be made in exchange for, and substantially contemporaneously with the payment to the
assigning Lenders of, the principal amount assigned. Payments received by assigning Lenders pursuant to this Section in respect of the principal amount of any Eurocurrency Loan shall, for purposes of Section 2.16 be deemed prepayments of
such Loan. Any increase of the total Revolving Commitments pursuant 

  
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to this Section 2.09(d) shall be subject to receipt by the Administrative Agent from the Borrowers of such supplemental opinions, resolutions, certificates and other documents as the
Administrative Agent may reasonably request. No consent of any Lender (other than the Lenders agreeing to new or increased Revolving Commitments) shall be required for any incremental Revolving Commitment provided or Revolving Loan made pursuant to
this Section 2.09(d). 
 SECTION 2.10. Repayment of Loans; Evidence of Debt. (a) The Borrowers hereby jointly and severally
unconditionally promise to pay (i) to the Administrative Agent for the account of each applicable Lender the then unpaid principal amount of each Revolving Loan on the Revolving Maturity Date and (ii) to the Administrative Agent for the
account of each applicable Lender the unpaid principal amount of its Term Loan on the Term Loan Maturity Date. 
 (b) Each Lender shall
maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such
Lender from time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of
each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and
(iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

(d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie
evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the
Borrowers to repay the Loans in accordance with the terms of this Agreement. 
 (e) Any Lender may request that Loans made by it be
evidenced by a promissory note. In such event, the Borrowers shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form
approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such
form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
 (f)
If as of any date a determination is required or authorized to be made under the Credit Documents the aggregate Revolving Credit Exposure of the Lenders exceeds the aggregate Revolving Commitments of the Lenders, the Borrowers shall within two
(2) Business Days prepay the Loans in the amount of such excess. To the extent that, after the prepayment of all Loans an excess of the Credit Exposure over the aggregate Revolving Commitments still exists, the Borrowers shall promptly cash
collateralize the Letters of Credit in the manner described in Section 2.06(j) in an amount sufficient to eliminate such excess. 

  
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 (g) The Administrative Agent will determine the Dollar Equivalent of the aggregate LC Exposure
and the Dollar Equivalent of each Loan on each Exchange Rate Date. If at any time the sum of such amounts exceeds 105% of the aggregate Revolving Commitments of the Lenders, the Borrowers shall within two (2) Business Days prepay the Revolving
Loans in an amount sufficient to reduce the sum of such amounts to no greater than the amount of the aggregate Revolving Commitments of the Lenders. To the extent that, after the prepayment of all Loans an excess of the sum of such amounts over the
aggregate Revolving Commitments still exists, the Borrowers shall promptly cash collateralize the Letters of Credit in the manner described in Section 2.06(j) in an amount sufficient to eliminate such excess. 

SECTION 2.11. Prepayment of Loans. (a) The Borrowers shall have the right at any time and from time to time to prepay any
Borrowing in whole or in part and without prepayment or penalty, subject to prior notice in accordance with paragraph (b) of this Section. 

(b) The Borrower Representative shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder
(i) in the case of prepayment of a Eurocurrency Borrowing, not later than 11:00 a.m., Local Time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., Local
Time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of
prepayment is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.09(d), then such notice of prepayment may be revoked if such notice of termination is revoked in accordance
with Section 2.09(d). Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount
that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be
accompanied by accrued interest to the extent required by Section 2.13. 
 SECTION 2.12. Fees. (a) Subject to
Section 2.21(a), the Borrowers agree to pay to the Administrative Agent for the account of each Lender a commitment fee in Dollars, which shall accrue at the Applicable Rate on such Lender’s Applicable Percentage under the Revolving Credit
Facility of the daily amount of the difference between the Revolving Commitment of such Lender and the Revolving Credit Exposure of such Lender during the period from and including the date hereof to but excluding the date on which such Revolving
Commitment terminates. Accrued commitment fees shall be payable quarterly in arrears on the fifth Business Day after receipt by the Borrowers of an invoice with respect to such fees. All commitment fees shall be computed on the basis of a year of
360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b) Subject to
Section 2.21(c), the Borrowers agree to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its credit 

  
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exposure in respect of Letters of Credit (whether in the form of participations in Fronted Letters of Credit or as a ratable issuer of Several Letters of Credit), equal to (A) in the
case of Unsecured Letters of Credit, the Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans on the average daily amount available to be drawn under such Unsecured Letter of Credit (excluding any portion
thereof attributable to unreimbursed LC Disbursements) and (B) in the case of Secured Letters of Credit, at the applicable rate per annum set forth on Schedule 1.02 under the caption “Secured Letter of Credit Fee” on the average daily
amount available to be drawn under such Secured Letter of Credit, in each case, during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which
such Lender ceases to have any LC Exposure, and (ii) to each Fronting Bank a fronting fee, which shall accrue at the rate or rates per annum separately agreed upon between the Borrowers and such Fronting Bank on the average daily amount of the
LC Exposure in respect of Fronted Letters of Credit issued by it (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of
termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as the applicable LC Issuer’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer,
presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on
the fifth Business Day following receipt by the Borrowers of an invoice thereof, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Revolving Commitments
terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to the applicable LC Issuer pursuant to this paragraph shall be payable within 10 days after demand.
All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(c) The Borrowers agree to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon between the Borrowers and the Administrative Agent. 
 (d) All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent (or to the Issuing Agent or the applicable Fronting Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid
shall not be refundable under any circumstances. 
 SECTION 2.13. Interest. (a) The Loans comprising each ABR Borrowing shall
bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b) The Loans comprising each Eurocurrency Borrowing shall bear
interest at the Adjusted Eurocurrency Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c)
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any of the Borrowers hereunder is not paid when due, 

  
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whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue
principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph
(a) of this Section. 
 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, upon
the final maturity thereof and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand,
(ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such
repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that (i) interest on Borrowings denominated in
Sterling shall be computed on the basis of a year of 365 days, (ii) interest on Borrowings denominated in any other Foreign Currency for which it is required by applicable law or customary to compute interest on the basis of a year of 365 days
or, if required by applicable law or customary, 366 days in a leap year, shall be computed on such basis, and (iii) interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall
be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted
Eurocurrency Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.14. Alternate Rate of Interest. (a) If prior to the commencement of any Interest Period for a Eurocurrency Borrowing
denominated in any currency: 
 (i) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means (including by means of an Interpolated Rate) do not exist for ascertaining the Adjusted Eurocurrency Rate or the LIBO Rate, as applicable, for such Interest Period; or 

(ii) the Administrative Agent is advised by the Required Lenders that the Adjusted Eurocurrency Rate for such Interest Period
will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period, which notice is accompanied by a written rationale for the
determination of the Required Lenders, which will be shared with the Borrowers; 
 then the Administrative Agent shall give notice thereof to the Borrowers
and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Revolving 

  
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Borrowing to, or continuation of any Revolving Borrowing as, a Eurocurrency Borrowing denominated in such currency shall be ineffective, (ii) such Borrowing shall be converted to or
continued as on the last day of the Interest Period applicable thereto (A) if such Borrowing is denominated in Dollars, an ABR Borrowing or (B) if such Borrowing is denominated in a Foreign Currency, as a Borrowing in respect of which the
rate to apply to each Lender’s participation is an interest rate to include (1) the Applicable Rate for Eurocurrency Loans and (2) the rate notified to the Administrative Agent by such Lender as soon as practicable and in any event
before interest is due to be paid in respect of the applicable Interest Period, to be that which expresses as a percentage rate per annum the cost to such Lender of funding its participation in the applicable Borrowing from whatever source it may
reasonably select; and (iii) if any Borrowing Request requests a Eurocurrency Borrowing in such currency, such Borrowing shall be made as an ABR Borrowing (if such Borrowing is requested to be made in Dollars) or shall be made as a Borrowing
bearing interest at the rate described under (ii)(B) above. 
 (b) If, after the date hereof, any Change in Law shall make it unlawful or
impossible for any of the Lenders to honor its obligations hereunder to make or maintain any Eurocurrency Loan or any ABR Loan as to which the interest rate is determined by reference to the Adjusted Eurocurrency Rate or the LIBO Rate, as
applicable, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Parent and the other Lenders. Thereafter, until the Administrative Agent notifies the Parent that
such circumstances no longer exist, (i) the obligations of the Lenders to make Eurocurrency Loans or ABR Loans as to which the interest rate is determined by reference to the Adjusted Eurocurrency Rate, and the right of the Borrowers to convert
any Loan to a Eurodollar Loan or continue any Loan as a Eurodollar Loan or an ABR Loan as to which the interest rate is determined by reference to the Adjusted Eurocurrency Rate shall be suspended and thereafter the Borrowers may select only ABR
Loans as to which the interest rate is not determined by reference to the Adjusted Eurocurrency Rate hereunder, (ii) all ABR Loans shall cease to be determined by reference to the Adjusted Eurocurrency Rate and (iii) if any of the Lenders
may not lawfully continue to maintain a Eurodollar Loan to the end of the then current Interest Period applicable thereto, the applicable Loan shall immediately be converted to an ABR Loan as to which the interest rate is not determined by reference
to the Adjusted Eurocurrency Rate for the remainder of such Interest Period. 
 SECTION 2.15. Increased Costs. (a) If any Change
in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement
(including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted Eurocurrency
Rate) or any LC Issuer; 
 (ii) impose on any Lender or any LC Issuer or the London interbank market any other condition,
cost or expense (other than Taxes) affecting this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; or 

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

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

(b) If any Lender or any LC Issuer determines that any Change in Law regarding capital or liquidity requirements has or would have the effect
of reducing the rate of return on such Lender’s or such LC Issuer capital or on the capital of such Lender’s or such LC Issuer’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by such LC Issuer, to a level below that which such Lender or such LC Issuer or such Lender’s or such LC Issuer’s holding company could have achieved but for such
Change in Law (taking into consideration such Lender’s or such LC Issuer’s policies and the policies of such Lender’s or such LC Issuer’s holding company with respect to capital adequacy or liquidity), then from time to time the
Borrowers will pay to such Lender or such LC Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such LC Issuer or such Lender’s or such LC Issuer’s holding company for any such reduction
suffered. 
 (c) A certificate of a Lender or an LC Issuer setting forth the amount or amounts necessary to compensate such Lender or such
LC Issuer or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower Representative and shall be conclusive absent manifest error. The Borrowers shall pay such Lender
or such LC Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d) Failure
or delay on the part of any Lender or any LC Issuer to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such LC Issuer’s right to demand such compensation; provided that the
Borrowers shall not be required to compensate a Lender or an LC Issuer pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or such LC Issuer, as the case may be, notifies
the Borrower Representative of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such LC Issuer’s intention to claim compensation therefor; provided further that, if the Change in Law
giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 

  
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 Notwithstanding the above, a Lender will not be entitled to demand compensation for any increased
cost or reduction set forth in this Section 2.15 at any time if it is not the general practice of such Lender to demand such compensation from similarly situated borrowers in similar circumstances at such time. 

SECTION 2.16. Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the
last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest
Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b)
and is revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of a request by a Borrower pursuant to Section 2.19, then, in any such
event, the Borrowers shall compensate each Lender for the loss, cost and expense (excluding any loss of anticipated profits or loss of margin) attributable to such event. In the case of a Eurocurrency Loan, such loss, cost or expense to any Lender
shall be deemed to be an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted Eurocurrency Rate that
would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the
Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the date of such event, for Dollar deposits in the
applicable currency of a comparable amount and period from other banks in the eurocurrency market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section and setting forth in
reasonable detail the basis for such claim shall be delivered to the Borrower Representative and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within 10 days after
receipt thereof. 
 SECTION 2.17. Taxes. (a) Payments Free of Taxes. Any and all payments by or on account of any obligation
of any Borrower under any Credit Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent)
requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to
the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Borrower shall be increased as necessary so that after such deduction or withholding has been made
(including such deductions and withholdings applicable to additional sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) Payment of Other Taxes by the Borrowers. The Borrowers shall timely pay to the relevant Governmental Authority in accordance with
applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes. 

  
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 (c) Evidence of Payments. As soon as practicable after any payment of Taxes by any
Borrower to a Governmental Authority pursuant to this Section 2.17, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of
the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (d)
Indemnification by the Borrowers. The Borrowers shall jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrowers by a Lender (with a copy to the Administrative Agent), or
by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (e) Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Borrower has not already
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating
to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Credit Document, and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the
Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Credit Document or otherwise payable by the
Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e). 
 (f)
Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Credit Document shall deliver to the Borrowers and the Administrative Agent, at the time or
times reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers or the Administrative Agent as will permit such payments to be made without withholding
or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrowers or the
Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

  
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 (ii) Without limiting the generality of the foregoing, in the event that any
Borrower is a U.S. Person, 
 (A) any Lender that is a U.S. Person shall deliver to such Borrower and the Administrative
Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax; 
 (B)
any Foreign Lender (with respect to such Borrower) shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date
on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), whichever of the following is applicable: 

(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Credit Document, an executed IRS Form W-8BEN-E or IRS Form W-8BEN
establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Credit Document, IRS Form W-8BEN-E or IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the
“business profits” or “other income” article of such tax treaty; 
 (2) in the case of a Foreign Lender
claiming that its extension of credit will generate U.S. effectively connected income, an executed IRS Form W-8ECI; 

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

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

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

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

(g) Additional United Kingdom Withholding Tax Matters. 

(i) Without limiting the generality of the foregoing and subject to (ii) below, each Lender and each UK Borrower which
makes a payment to such Lender shall cooperate in completing as soon as reasonably possible any procedural formalities necessary for such UK Borrower to obtain authorization to make such payment without withholding or deduction or subject to a
reduced rate of withholding or deduction for Taxes imposed under the laws of the United Kingdom. 
 (ii) (A) A Lender on the
day on which this Agreement closes that (x) holds a passport under the HMRC DT Treaty Passport scheme and (y) wishes such scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence opposite its
name in Schedule 2.01; and 

  
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 (B) a Lender which becomes a Lender hereunder after the day on which this
Agreement closes that (x) holds a passport under the HMRC DT Treaty Passport scheme and (y) wishes such scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence to the Borrower
Representative and in the relevant documentation it executes to becomes a Lender, and 
 (C) Upon satisfying either clause
(A) or (B) above, such Lender shall have satisfied its obligation under paragraph (g)(i) above. 
 (iii) If a Lender has
confirmed its scheme reference number and its jurisdiction of tax residence in accordance with paragraph (g)(ii) above, the UK Borrower(s) shall duly complete and file HMRC form DTTP2 with HMRC within 30 days of the date of this Agreement in respect
of a Lender falling within Section 2.17(g)(ii)(A) and within 30 days of the date a Lender falling under Section 2.17(g)(ii)(B) becomes a Lender under this Agreement (a “Borrower DTTP Filing”) with respect to such Lender, and shall
promptly provide such Lender with a copy of such filing; provided that, if: 
 (A) each UK Borrower making a payment
to such Lender has not made a Borrower DTTP Filing in respect of such Lender; or 
 (B) each UK Borrower making a payment to
such Lender has made a Borrower DTTP Filing in respect of such Lender but: 
 (1) such Borrower DTTP Filing has been
rejected by HM Revenue & Customs; or 
 (2) HM Revenue & Customs has not given such UK Borrower authority
to make payments to such Lender without a deduction for tax within 60 days of the date of such Borrower DTTP Filing; 
 and
in each case, such UK Borrower has notified that Lender in writing of either (1) or (2) above, then such Lender and such UK Borrower shall co-operate in completing any additional procedural formalities
necessary for such UK Borrower to obtain authorization as soon as reasonably possible to make that payment without withholding or deduction for Taxes imposed under the laws of the United Kingdom. 

(iv) If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with paragraph
(g)(ii) above, no UK Borrower shall make a Borrower DTTP Filing or file any other form relating to the HMRC DT Treaty Passport scheme in respect of that Lender’s Commitment(s) or its participation in any Loan unless the Lender otherwise agrees.

 (v) Each UK Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of such Borrower DTTP Filing to the
Administrative Agent for delivery to the relevant Lender. 

  
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 (vi) Each Lender shall promptly notify the Parent and Administrative Agent if it
determines in its sole discretion that it ceases to be entitled to claim the benefits of an income tax treaty to which the United Kingdom is a party with respect to payments made by any UK Borrower hereunder. 

(vii) A Lender on the day on which this Agreement closes which is a Qualifying Lender solely by virtue of (b)(ii) of the
definition of Qualifying Lender gives a Tax Confirmation by entering into this Agreement. 
 (viii) A Lender which has given
a Tax Confirmation shall promptly notify the Parent and Administrative Agent if there is any change in the position from that set out in the Tax Confirmation. 

(ix) A QPP Lender shall promptly notify the Parent and Administrative Agent if it becomes aware of any change in the position
from that set out in the QPP Certificate. 
 (x) If the UK Borrower receives a notification from H.M. Revenue &
Customs that a QPP Certificate given by a Lender has no effect, the UK Borrower shall promptly provide a copy of such notification to the Parent and Administrative Agent for delivery to the relevant Lender. 

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

  
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 (j) Defined Terms. For purposes of this Section 2.17, the term “Lender”
includes the LC Issuers and the term “applicable law” includes FATCA. 
 (k) For purposes of determining withholding Taxes imposed
under FATCA, from and after the Effective Date, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered obligation”
within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 
 SECTION 2.18.
Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) Except as otherwise provided herein with respect to the reimbursement of LC Disbursements, each of the Borrowers shall make each
payment required to be made by it hereunder (whether of principal, interest, fees or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, Local Time, on the date when due, in immediately available funds, without
set off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such
payments shall be made to the Administrative Agent at its offices at 10 South Dearborn, Floor 19, Chicago, Illinois 60603 (or, for payments denominated in a Foreign Currency, to J.P. Morgan Europe Limited, 125 London Wall, London EC2Y 5AJ), except
payments to be made directly to an LC Issuer as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any
such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to
the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder of (i) principal or interest in respect of any Loan shall be made in the
currency in which such Loan is denominated or (ii) any other amount due hereunder or under another Credit Document shall be made in Dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by
the time required if the Administrative Agent shall at or before such time have taken the necessary steps to make such payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative
Agent to make such payment. 
 (b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully
all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
principal and unreimbursed LC Disbursements then due to such parties. 
 (c) If any Lender shall, by exercising any right of set off or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans
and participations in LC Disbursements and 

  
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Term Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations
in the Loans and participations in LC Disbursements of other Lenders without recourse or warranty from the other Lenders except as contemplated by Section 9.04 in respect of assignments to the extent necessary so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements; provided that (i) if any such participations are
purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph
shall not be construed to apply to any payment made by any of the Borrowers pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrowers or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). Each of the Borrowers consents
to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against any of the Borrowers rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 

(d) Unless the Administrative Agent shall have received notice from the Borrower Representative prior to the date on which any payment is due
to the Administrative Agent for the account of the Lenders or any LC Issuer hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith
and may, in reliance upon such assumption, distribute to the Lenders or the applicable LC Issuer, as the case may be, the amount due. In such event, if the Borrowers have not in fact made such payment, then each of the Lenders or the applicable LC
Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such LC Issuer with interest thereon, for each day from and including the date such amount is
distributed to it to but excluding the date of payment to the Administrative Agent, (i) at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation (in the case of an amount denominated in Dollars) and (ii) the rate reasonably determined by the Administrative Agent to be the cost to it of funding such amount (in the case of an amount denominated in a Foreign Currency). 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(e), 2.07(c), 2.18(d) or 9.03(c), then
the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent or
the applicable LC Issuer to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any
future funding obligations of such Lender under such Sections; in the case of each of (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

  
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 SECTION 2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender or LC
Issuer requests compensation under Section 2.15, or if any of the Borrowers is required to pay any Indemnified Taxes or additional amounts to any Lender or LC Issuer or any Governmental Authority for the account of any Lender or LC Issuer
pursuant to Section 2.17, then such Lender or LC Issuer, as applicable, (at the written request of such Borrower) shall use reasonable efforts to designate a different lending office for funding or booking its Loans, LC Disbursements or
participations in LC Disbursements (as applicable) hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or LC Issuer, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender or LC Issuer to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender or LC Issuer. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender or LC Issuer in connection with any such designation or assignment. 

(b) If any Lender or LC Issuer requests compensation under Section 2.15, or if any of the Borrowers is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender or LC Issuer pursuant to Section 2.17, or if any Lender or LC Issuer becomes a Defaulting Lender, a Non-NAIC Approved Bank
or a Non-Consenting Lender, then the Borrowers may, at their sole expense and effort, upon notice to such Lender or LC Issuer and the Administrative Agent, require such Lender or LC Issuer to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be
another Lender or LC Issuer, if a Lender or LC Issuer accepts such assignment); provided that (i) the Borrower Representative shall have received the prior written consent of the Administrative Agent (and if a Revolving Commitment is being
assigned, each LC Issuer), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts), (iii) in the case of any such assignment
resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments and (iv) such assignee shall not be an
Ineligible Institution. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and
delegation cease to apply. 
 (c) The Borrowers may, subject to the terms and conditions set forth in this clause (c), request that all
Several Letters of Credit that are required to be issued or that are outstanding during the period that a Non-NAIC Approved Bank (i) does not have a Limited Fronting Lender and (ii) continues to be a Revolving
Lender hereunder be issued or renewed, extended or amended, as applicable, by the Revolving Lenders on a pro rata basis that excludes the Revolving Commitment of such Non-NAIC Approved Bank, provided that, if
the Borrowers elect to request that any Several Letter of Credit be issued, renewed, extended or amended on an adjusted pro rata basis, (i) such issuance, renewal, extension or adjustment shall be made only to the extent that it would not cause the
Revolving Credit Exposure owing to any Revolving Lender 

  
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to exceed such Revolving Lender’s Revolving Commitment and (ii) thereafter, if the Borrowers elect to request a Revolving Loan, such Revolving Loan shall be advanced as provided in Section
2.07(c). 
 SECTION 2.20. Joint and Several Liability of the Borrowers. 

(a) Each of the Borrowers shall be jointly and severally liable hereunder and under each of the other Credit Documents with respect to all
Loans and all other Obligations, regardless of which of the Borrowers actually receives the proceeds of the Loans or the benefit of any other extensions of credit hereunder, or the manner in which the Borrowers, the Administrative Agent, the Lenders
or the applicable LC Issuer accounts therefore in their respective books and records. In furtherance and not in limitation of the foregoing, (i) each Borrower’s obligations and liabilities with respect to proceeds of Loans which it
receives or Letters of Credit issued for its account, and related fees, costs and expenses, and (ii) each Borrower’s obligations and liabilities arising as a result of the joint and several liability of Borrowers hereunder with respect to
proceeds of Loans received by, or Letters of Credit issued for the account of, any of the other Borrowers, together with the related fees, costs and expenses, shall be separate and distinct obligations, both of which are primary obligations of such
Borrower. The joint and several liability of each of the Borrowers shall not be impaired or released by (A) the failure of the Administrative Agent, any Lender or the applicable LC Issuer, any successors or assigns thereof, or any holder of any
of the Obligations to assert any claim or demand or to exercise or enforce any right, power or remedy against any Borrower, any Subsidiary, any other Person or otherwise; (B) any extension or renewal for any period (whether or not longer than the
original period) or exchange of any of the Obligations or the release or compromise of any obligation of any nature of any Person with respect thereto; (C) the surrender, release or exchange of all or any part of any property securing payment,
performance and/or observance of any of the Obligations or the compromise or extension or renewal for any period (whether or not longer than the original period) of any obligations of any nature of any Person with respect to any such property; (D)
any action or inaction on the part of the Administrative Agent, any Lender or the applicable LC Issuer, or any other event or condition with respect to any other Borrower, including any such action or inaction or other event or condition, which
might otherwise constitute a defense available to, or a discharge of, such Borrower, or a guarantor or surety of or for any or all of the Obligations; and (E) any other act, matter or thing (other than indefeasible payment in full or performance of
the Obligations) which would or might, in the absence of this provision, operate to release, discharge or otherwise prejudicially affect the obligations of such Borrower or any other Borrower. 

(b) Notwithstanding any provision to the contrary contained herein or in any other of the Credit Documents, to the extent the joint
obligations of a Borrower shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer
Act, Uniform Fraudulent Conveyance Act or similar U.S. or foreign statute or common law) then the Obligations of each Borrower hereunder shall be limited to the maximum amount that is permissible under applicable law (whether foreign, federal or
state and including, without limitation, the federal Bankruptcy Code). 

  
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 (c) To the extent that any Borrower shall make a payment under this Section 2.20 of all or
any of the Obligations (other than Loans the proceeds of which were received by such Borrower) (a “Surety Payment”) that, taking into account all other Surety Payments then previously or concurrently made by any other Borrower,
exceeds the amount that such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Surety Payment in the same proportion that such Borrower’s “Allocable Amount” (as defined below) (as
determined immediately prior to such Surety Payment) bore to the aggregate Allocable Amounts of each of the Borrowers as determined immediately prior to the making of such Surety Payment, then, following indefeasible payment in full in cash of the
Obligations and termination of the Commitments, such Borrower shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Borrower for the amount of such excess, pro rata based upon their respective
Allocable Amounts in effect immediately prior to such Surety Payment. As of any date of determination, the “Allocable Amount” of any Borrower shall be equal to the maximum amount of the claim that could then be recovered from such
Borrower under this Section 2.20 without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or
similar U.S. or foreign statute or common law. This Section 2.20(c) is intended only to define the relative rights of Borrowers and nothing set forth in this Section 2.20(c) is intended to or shall impair the obligations of Borrowers,
jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Agreement, including Section 2.20(a). Nothing contained in this Section 2.20(c) shall limit the liability of
any Borrower to pay the Loans made directly or indirectly to that Borrower and accrued interest, fees and expenses with respect thereto for which such Borrower shall be primarily liable. The parties hereto acknowledge that the rights of contribution
and indemnification hereunder shall constitute assets of the Borrowers to which such contribution and indemnification is owing. The rights of the indemnifying Borrowers against other Borrowers under this Section 2.20(c) shall be exercisable
only upon the full and indefeasible payment of the Obligations and the termination of the Commitments. 
 (d) The liability of Borrowers
under this Section 2.20 is in addition to and shall be cumulative with all liabilities of each Borrower to the Administrative Agent and Lenders under this Agreement and the other Credit Documents to which such Borrower is a party, without any
limitation as to amount. 
 SECTION 2.21. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any
Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees
shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.12; 
 (b)
the Revolving Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, the Required Lenders or the Required Lenders have taken or may take any action hereunder (including any
consent to any amendment or waiver pursuant to Section 9.02), provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender differently than other
affected Lenders shall require the consent of such Defaulting Lender; 

  
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 (c) if any LC Exposure with respect to Fronted Letters of Credit exists at the time a Lender
becomes a Defaulting Lender then: 
 (i) all or any part of such LC Exposure shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages under the Revolving Credit Facility but only to the extent (x) the sum of all
non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s LC Exposure does not exceed the total of all non-Defaulting Lenders’
Revolving Commitments and (y) the conditions set forth in Section 4.02 are satisfied at such time; and 
 (ii) if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall within one Business Day following notice by the Administrative Agent cash collateralize such Defaulting Lender’s LC Exposure
(after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding; 

(iii) if the Borrowers cash collateralize any portion of such Defaulting Lender’s LC Exposure pursuant to
Section 2.21(c), the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC
Exposure is cash collateralized; 
 (iv) if the LC Exposure of the non-Defaulting
Lenders is reallocated pursuant to Section 2.21(c), then the fees payable to the Lenders pursuant to Section 2.12 shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable
Percentages under the Revolving Credit Facility; or 
 (v) if any Defaulting Lender’s LC Exposure is neither cash
collateralized nor reallocated pursuant to Section 2.21(c), then, without prejudice to any rights or remedies of any LC Issuer or any other Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting Lender
(solely with respect to the portion of such Defaulting Lender’s Revolving Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure
shall be payable to the Fronting Banks until such LC Exposure is cash collateralized and/or reallocated; and 
 (d) so long as any Lender is
a Defaulting Lender, no Fronting Bank shall be required to issue, amend or increase any Fronted Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrowers in accordance with Section 2.21(c), and participating interests in any such newly issued or increased Letter of Credit shall be
allocated among non-Defaulting Lenders in a manner consistent with Section 2.21(c)(i) (and Defaulting Lenders shall not participate therein). 

  
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 (e) If (i) a Bankruptcy Event with respect to a Lender Parent shall occur following the date
hereof and for so long as such event shall continue or (ii) any Fronting Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, such
Fronting Bank shall not be required to issue, amend or increase any Letter of Credit, unless such Fronting Bank shall have entered into arrangements with a Borrower or such Lender, satisfactory to such Fronting Bank to defease any risk to it in
respect of such Lender hereunder. 
 (f) In the event that the Administrative Agent, the Borrowers and each Fronting Bank each agrees that a
Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Commitment and on such date
such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage. 

SECTION 2.22. Extension of Revolving Maturity Date. 

(a) Requests for Extension. The Parent may, on up to two (2) occasions and by notice to the Administrative Agent (who shall
promptly notify the Lenders) not less than sixty (60) days prior to the then effective Revolving Maturity Date (the “Extension Date”), request that each Lender extend such Lender’s Revolving Maturity Date for an additional one
year from the Revolving Maturity Date then in effect hereunder (the “Existing Termination Date”). 
 (b) Lender
Elections to Extend. Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date that is ten (10) Business Days after receipt of notice from the Administrative Agent of
the Borrower’s request for an extension (the “Notice Date”) advise the Administrative Agent whether or not such Lender agrees to such extension (each such Lender that determines to so extend its Revolving Maturity Date, being
an “Extending Lender” and each Lender that determines not to so extend its Revolving Maturity Date, being a “Non-Extending Lender”). In the event that a Lender that does not
so advise the Administrative Agent on or before the Notice Date such Lender shall be deemed to be a Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other
Lender to so agree. 
 (c) Notification by Administrative Agent. The Administrative Agent shall notify the Parent of each
Lender’s determination under this Section no later than the date fifteen (15) days prior to the Extension Date (or, if such date is not a Business Day, on the next preceding Business Day). 

(d) Additional Revolving Commitment Lenders. If (and only if) the Required Lenders have agreed to extend the Revolving Maturity Date
then in effect hereunder, the Parent shall have the right at any time prior to the date 30 days prior to the existing Revolving Maturity Date applicable to any Non-Extending Lender to replace such Non-Extending Lender with, and add as “Lenders” under this Agreement, one or more entities that are not Ineligible Institutions with the consent of the Administrative Agent and each Fronting Bank (such
consent not to be unreasonably withheld or denied) (each, an “Additional Revolving Commitment Lender”) in 

  
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accordance with the provisions contained in Section 2.09(d), provided that each of such Additional Revolving Commitment Lenders shall have entered into an Assignment and Assumption
Agreement pursuant to which such Additional Revolving Commitment Lender shall, effective as of the date of the Assignment and Assumption, accept a new or incremental Revolving Commitment which results in there being aggregate Revolving Commitments
in an amount no greater than the aggregate amount of Revolving Commitments before giving effect to assignments contemplated by this Section 2.22(d). 

(e) Minimum Extension Requirement. If (and only if) the Required Lenders have agreed so to extend the Revolving Maturity Date then in
effect hereunder as described in this Section 2.22, then, effective as of such Extension Date, the Revolving Maturity Date of each Extending Lender and each Additional Revolving Commitment Lender shall be extended to the date falling one
year after the Existing Termination Date (except that, if such date is not a Business Day, such date shall be the next preceding Business Day) and each Additional Revolving Commitment Lender shall thereupon become a “Lender” for all
purposes of this Agreement; provided, however, that there shall be no change in the Revolving Maturity Date of any Non-Extending Lender that has not been replaced by an Additional Revolving
Commitment Lender (each a “Non-Replaced Lender”). 
 (f) Conditions to
Effectiveness of Extensions. Notwithstanding the foregoing, the extension of the Revolving Maturity Date pursuant to this Section shall not be effective with respect to any Lender unless: 

(i) no Default shall have occurred and be continuing on the date of such extension and after giving effect thereto; 

(ii) the representations and warranties contained in Article V or any other Credit Document are true and correct on and
as of the date of such extension and after giving effect thereto, as though made on and as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or
warranty shall have been true and correct on and as of such earlier date; 
 (iii) since the date of the financial statements
most recently delivered pursuant to Section 5.01(a) or (c), no event, circumstance or development shall have occurred that has had or could reasonably be expected to have a Material Adverse Effect; 

(iv) the Parent shall have delivered to the Administrative Agent a certificate dated the Effective Date in form satisfactory to
the Administrative Agent as to the satisfaction of the conditions set forth in clauses (i) – (iii) above and other relevant documentation, including legal opinions, reasonably requested by the Administrative Agent; and 

(v) on the Revolving Maturity Date of each Non-Replaced Lender, the Borrowers shall
prepay any Loans outstanding on such date (and pay any additional amounts required pursuant to Section 2.16) to the extent necessary to repay, nonratably, the Loans of such Non-Replaced Lenders and
the Revolving Commitment of such Non-Replaced Lenders shall be terminated. The Applicable Percentages under the Revolving Credit Facility of the remaining Lenders shall be revised accordingly as of such date.

 (g) Conflicting Provisions. This Section shall supersede any provisions in Section 2.18 or
9.02 to the contrary. 

  
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 ARTICLE III 

Representations and Warranties 

Each of the Borrowers represents and warrants to the Administrative Agent and the Lenders that: 

SECTION 3.01. Organization; Powers. Each of the Parent and its Subsidiaries is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization and has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

SECTION 3.02. Authorization; Enforceability. The Transactions are within the Borrowers’ corporate powers and have been duly
authorized by all necessary corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by the Borrowers and constitutes a legal, valid and binding obligation of the Borrowers, enforceable in accordance with
its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or
at law. 
 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws, memorandum or articles of association or other organizational documents of the Parent or any of its Subsidiaries or any order of any Governmental Authority applicable to the Parent or any of its
Subsidiaries and (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Parent or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by
the Parent or any of its Subsidiaries, but only to the extent that such violation or default could reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrowers have heretofore furnished to the Lenders the
consolidated balance sheet and statements of income, stockholders equity and cash flows (including consolidating statements and schedules) of the Parent as of and for the fiscal years ended December 31, 2015 and December 31, 2016, reported
on without qualification by Ernst & Young LLP, independent public accountants. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Parent and its consolidated
Subsidiaries as of such dates and for such periods in accordance with GAAP. 
 (b) Since December 31, 2016, there has been no material
adverse change in the business, assets, operations, prospects or financial condition of the Parent and its Subsidiaries, taken as a whole. 

  
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 SECTION 3.05. Properties. (a) The Parent and its Subsidiaries have good title to, or valid
leasehold interests in, all their real and personal property material to their business, taken as a whole, except for minor defects in title that do not interfere with their ability to conduct their business as currently conducted or to utilize such
properties for their intended purposes. 
 (b) Each of the Parent and its Subsidiaries owns, or is licensed to use, all trademarks,
tradenames, copyrights, patents and other intellectual property material to its business, and, to the knowledge of the Borrowers, the use thereof by the Parent and its Subsidiaries does not infringe upon the rights of any other Person, except for
any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.06. Litigation. There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending
against or, to the knowledge of the Borrowers, threatened against or affecting the Parent or any of its Subsidiaries (i) that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve
this Agreement or the Transactions. 
 SECTION 3.07. Compliance with Laws and Agreements. Each of the Parent and its Subsidiaries is
in compliance with: (i) the charter, by-laws, memorandum or articles of association or other organizational documents applicable to it and (ii) all laws, regulations and orders of any Governmental
Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.08. Investment Company Status. Neither the Parent nor any of its Subsidiaries is an “investment company” as defined
in, or subject to regulation under, the Investment Company Act of 1940. 
 SECTION 3.09. Taxes. Each of the Parent and its
Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by
appropriate proceedings and for which the Parent or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such
ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for
purposes of Statement of Financial Accounting Standards No. 87) did not, 

  
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as of the date of the most recent financial statements reflecting such amounts, exceed by more than $10,000,000 the fair market value of the assets of such Plan, and the present value of all
accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts,
exceed by more than $10,000,000 the fair market value of the assets of all such underfunded Plans. 
 SECTION 3.11. Insurance
Licenses. As of the Effective Date, (i) Schedule 3.11 attached hereto lists all of the jurisdictions in which any Significant Insurance Subsidiary holds active Licenses and is authorized to transact insurance business, (ii) no such License is
the subject of a proceeding for suspension or revocation, there is no sustainable basis for such suspension or revocation, and to any Borrower’s knowledge, no such suspension or revocation has been threatened by any Governmental Authority,
except as could not reasonably be expected to result in a Material Adverse Effect, (iii) Schedule 3.11 also indicates the type or types of insurance in which each such Insurance Subsidiary is permitted to engage with respect to each License therein
listed, and (iv) none of the Significant Insurance Subsidiaries transacts any insurance business, directly or indirectly, in any state other than those enumerated in Schedule 3.11. 

SECTION 3.12. Subsidiaries. As of the Effective Date, the Parent has no Subsidiaries other than those Subsidiaries listed on
Schedule 3.12. Schedule 3.12 correctly sets forth, as of the Effective Date, (i) the percentage ownership (direct or indirect) of the Parent in the Equity Interests of its Subsidiaries and also identifies the direct owner thereof, (ii) the
jurisdiction of organization of each such Subsidiary and (iii) with respect to each such Subsidiary, whether such Subsidiary is a Significant Subsidiary or Significant Insurance Subsidiary; provided that the identification of Significant
Subsidiaries on Schedule 3.12 may be provided within thirty (30) days after the Effective Date. Notwithstanding anything in Section 9.02 to the contrary, Schedule 3.12 shall be amended to reflect such Significant Subsidiaries upon
identification thereof as contemplated thereby. 
 SECTION 3.13. Material Agreements. Neither the Parent nor any Subsidiary is in
default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement to which it is a party, which default could reasonably be expected to have a Material Adverse Effect. 

SECTION 3.14. Disclosure. Each of the Borrowers has disclosed to the Lenders all agreements, instruments and corporate or other
restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial
statements, certificates or other information furnished by or on behalf of the Borrowers to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder taken as a whole (as modified or
supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that, with respect to projected financial information, the Borrowers represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood that projected
financial 

  
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information is as to future events and is not to be viewed as fact and that actual results during the period or periods covered by any such information may differ significantly from the projected
results and such differences may be material). 
 SECTION 3.15. Solvency. The Parent and its Subsidiaries are, on a consolidated
basis, Solvent. 
 SECTION 3.16. Foreign Pension Plan. Except as, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect, (i) each Foreign Pension Plan has been maintained in compliance with its terms and in compliance with the requirements of any and all applicable laws, statutes, rules, regulations and orders (including all
funding requirements and the respective requirements of the governing documents for each such Foreign Pension Plan) and has been maintained, where required, in good standing with applicable regulatory authorities, (ii) all contributions required to
be made with respect to a Foreign Pension Plan have been timely made, (iii) no actions or proceedings have been taken or instituted to terminate or wind up a Foreign Pension Plan, and (iv) neither any Borrower nor any Subsidiary has incurred any
obligation in connection with the termination of or withdrawal from any Foreign Pension Plan. The present value of the accrued benefit liabilities (whether or not vested) under each Foreign Pension Plan, determined as of the end of the Parent’s
most recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable, did not exceed by more than $10,000,000 the current value of the assets of such Foreign Pension Plan allocable to such benefit liabilities. 

SECTION 3.17. Anti-Corruption Laws and Sanctions. The Borrowers have implemented and maintain in effect policies and procedures
reasonably designed to ensure compliance in all material respects by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrowers, their
Subsidiaries and their respective directors and officers and to the knowledge of the Borrowers its employees and agents (under the control of any Borrower or Subsidiary), are in compliance with Anti-Corruption Laws and applicable Sanctions in all
material respects. None of (a) the Borrowers, any Subsidiary or to the knowledge of the Borrowers or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the Borrowers, any agent (under the
control of any Borrower or Subsidiary) of the Borrowers or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.
No Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by the Credit Agreement will violate Anti-Corruption Laws or applicable Sanctions. 

SECTION 3.18. EEA Financial Institutions. No Loan Party is an EEA Financial Institution. 

ARTICLE IV 
 Conditions

 SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans and of any Lender or LC Issuer to issue Letters of
Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 

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

  
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 (b) The Administrative Agent shall have received a favorable written opinion (addressed to the
Administrative Agent and the Lenders and dated the Effective Date) of (i) Willkie Farr & Gallagher LLP, US counsel for the Borrowers, (ii) Conyers Dill & Pearman, Bermuda counsel for the Borrowers, (iii) Willkie Farr & Gallagher (UK)
LLP, UK counsel for the Borrowers and (iv) in house counsel to Argo US, in form and substance reasonably satisfactory to the Administrative Agent and covering such other matters relating to the Borrowers, this Agreement or the Transactions as the
Administrative Agent shall reasonably request. The Borrowers hereby request such counsel to deliver such opinion. 
 (c) The Administrative
Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrowers, the authorization of the Transactions and any
other legal matters relating to the Borrowers, this Agreement or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

(d) The Administrative Agent shall have received a certificate relating to the solvency of each of the Borrowers in form and substance
reasonably satisfactory to the Administrative Agent. 
 (e) The Administrative Agent shall have received a certificate, dated the Effective
Date and signed by the President, a Vice President or a Financial Officer of the Parent, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02, stating (i) the Argo US Rating and (ii) the Rating of
each Insurance Subsidiary of Argo US. 
 (f) All obligations of the Borrowers under their Credit Agreement dated March 7, 2014 with
JPMCB as administrative agent and the lenders party thereto (other than any contingent indemnification obligations or obligations in respect of outstanding letters of credit thereunder which are continued under this Agreement) shall have been or
shall substantially contemporaneously be repaid in full and all commitments to extend credit pursuant to such agreement shall be terminated. 

(g) The Lenders shall have received audited (without qualification) consolidated financial statements of Argo Group International Holdings,
Ltd. for the fiscal years ended December 31, 2015 and December 31, 2016. 
 (h) The Administrative Agent shall have received all
fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid by the Borrowers hereunder. 

(i) All governmental and third party approvals necessary or, in the discretion of the Administrative Agent, advisable in connection with the
financing contemplated by this Agreement and the continuing operations of the Parent and its Subsidiaries shall have been obtained and be in full force and effect. 

  
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 The Administrative Agent shall notify the Borrower Representative and the Lenders of the Effective Date, and such
notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of any Lender or LC Issuer to issue Letters of Credit hereunder shall not become effective unless each of the foregoing
conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 5:00 p.m., Chicago time, on March 3, 2017 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 

SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of any Lender or LC
Issuer to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a) The
representations and warranties of the Borrowers set forth in this Agreement shall be true and correct in all material respects (except that any representation or warranty which is already qualified as to materiality or by reference to Material
Adverse Effect shall be true and correct in all respects) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable, except to the extent such representations and
warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects (except that any representation or warranty which is already qualified as to materiality or by
reference to Material Adverse Effect shall be true and correct in all respects) as of such earlier date). 
 (b) At the time of and
immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 

(c) If a Secured Letter of Credit is being requested, (i) the Borrowers shall have executed a Security Agreement and Control Agreement and the
Administrative Agent shall have received such resolutions, certificates and opinions with respect thereto as the Administrative Agent may reasonably request and (ii) the Borrowers shall have collateralized such Letter of Credit as set forth in, and
to the extent required by, Section 2.06(l). 
 Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to
constitute a representation and warranty by the Borrowers on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 

ARTICLE V 
 Affirmative
Covenants 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable
hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated (or, in the case of any Letter of Credit extending past 

  
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the Revolving Maturity Date, been cash collateralized in accordance with Section 2.06(j)) and all LC Disbursements shall have been reimbursed, each of the Borrowers covenants and agrees with
the Lenders that: 
 SECTION 5.01. Financial Statements; Ratings Change and Other Information. The Borrowers will furnish to the
Administrative Agent for distribution to each Lender: 
 (a) within 90 days after the end of each fiscal year of the Parent, audited
consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year for the Parent and its consolidated subsidiaries. The consolidated financial statements will set forth in
each case in comparative form the figures for the previous fiscal year as available, all reported on by Ernst & Young LLP or other independent public accountants of recognized national standing (without a “going concern” or like
qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations
of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
 (b) with respect to
Argonaut Insurance Company, Colony Insurance Company, Rockwood Casualty Insurance Company, Argo Re, Ltd, Syndicate 1200 and other Significant Insurance Subsidiaries created subsequent to the Effective Date, as soon as available, and in any event (i)
within 15 days after the date required to be filed, a copy of each such entity’s statutory Annual Statement for such year ended December 31, as filed with the insurance department (or other equivalent insurance regulatory authority) of the
state or other jurisdiction of domicile of such entity, and (ii) within 15 days after the date required to be filed, a copy of each such entity’s audited or unaudited, as the case may be, financial statements for such year ended
December 31, as filed with the insurance department (or other equivalent insurance regulatory authority) of the state or other jurisdiction of domicile of such entity. The financial statements referred to in this Section 5.01(b)(ii) shall
fairly present in all material respects the statutory financial position of each such entity as of the dates therein specified and the statutory results of operations and cash flow of each such entity for the periods therein specified, and shall be
prepared in conformity with SAP (or an equivalent standard in the applicable jurisdiction). The financial statements referred to in sub-clause (ii) of this Section 5.01(b) shall, if required, be
accompanied by an audit report thereon of Ernst & Young LLP or such other firm of independent auditors of recognized national standing selected by the Parent that is reasonably satisfactory to the Administrative Agent to the effect that such
financial statements present fairly, in all material respects, the financial position of each such entity as of the end of the fiscal year being reported on in conformity with SAP and that the examination of such auditors in connection with such
financial statements has been conducted in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as said auditors deemed necessary in the circumstances. 

(c) within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Parent, unaudited consolidated balance
sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year for the Parent and its consolidated subsidiaries. The consolidated
financial statements will set forth in each case in comparative form the figures for 

  
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the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year as available, all certified by a Financial Officer of either the Parent or
the Borrower Representative as presenting fairly in all material respects the financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject
to normal year-end audit adjustments and the absence of footnotes; 
 (d) concurrently with any
delivery of financial statements under clause (a) or (c) above, a certificate of a Financial Officer of either the Parent or the Borrower Representative (i) certifying as to whether a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.09 and 6.10, (iii) stating whether any change in
GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying
such certificate and (iv) solely with respect to certificates delivered with Section 5.01(a) deliveries, updated versions of Schedules 3.11 and 3.12 providing current lists of the information required thereby; 

(e) promptly after the same become publicly available, copies of all 10-K, 10-Q and 8-K reports (or successor forms thereof) and other material reports, proxy statements and other materials filed by any Borrower or a Subsidiary with the SEC or with
any national securities exchange, as the case may be, in any event other than routine reports which are required to be provided to any of the above-listed entities concerning the management of employee benefit plans, including, without limitation,
stock purchases or the exercise of stock options made under any such employee benefit plan; 
 (f) promptly after S&P or any other
nationally recognized rating agency shall have announced a change in Rating, written notice of such rating change; 
 (g) promptly after
A.M. Best, S&P or any other nationally recognized rating agency shall have announced a change in its financial strength rating of an Insurance Subsidiary or any Affiliate thereof, or shall have first assigned a rating thereto, written notice of
such changed or initial rating; 
 (h) promptly after the creation of any Significant Subsidiary or of any Person becoming a Significant
Subsidiary, notice of such creation or occurrence; and 
 (i) promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of the Parent or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request, including any actuarial reports prepared
regarding any Insurance Subsidiary, provided, that the delivery of any actuarial reports shall be subject to the consent of the applicable independent actuarial consulting firm (if then required). 

Information required to be delivered pursuant to the foregoing Section 5.01(a), (c) and (e) shall be deemed to have been delivered on the date on
which the Borrowers deliver copies of such 

  
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information to the Administrative Agent on behalf of the Lenders or on the date on which the Borrowers provide notice (including notice by electronic transmission) to the Administrative Agent
that such information has been posted on the SEC website on the Internet at sec.gov/edgar/searches.htm or at another website identified in such notice and accessible by the Lenders without charge. 

SECTION 5.02. Notices of Material Events. The Borrowers will furnish to the Administrative Agent for distribution to each Lender as
soon as possible but in any event within five (5) Business Days after any officer of a Borrower becomes aware thereof, written notice of the following: 

(a) the occurrence of any Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
any Borrower or any Affiliate thereof that could reasonably be expected to result in a Material Adverse Effect; 
 (c) the occurrence of any
ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Parent and its Subsidiaries in an aggregate amount exceeding $15,000,000; 

(d) the receipt by the Parent or any Subsidiary of any notice from any Governmental Authority, trustee or actuary in relation to any non-compliance with any laws, regulations and rules applicable to any Foreign Pension Plan, including funding requirements and the respective requirements of the governing documents for such Foreign Pension Plan,
which could reasonably be expected to result in liability of the Parent and its Subsidiaries in an aggregate amount which, either alone or with any other such events which have occurred, exceeds $15,000,000; 

(e) (i) the receipt by any Borrower or any Insurance Subsidiary of any notice from any Governmental Authority of the expiration without
renewal, revocation or suspension of, or the institution of any proceedings to revoke or suspend, any License now or hereafter held by any Insurance Subsidiary which is required to conduct insurance business in compliance with all applicable laws
and regulations, other than such expiration, revocation or suspension which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, (ii) the receipt of any notice from any Governmental Authority of the
institution of any disciplinary proceedings against or in respect of any Insurance Subsidiary, or the issuance of any order, the taking of any action or any request for an extraordinary audit for cause by any Governmental Authority which, if
adversely determined, could reasonably be expected to have a Material Adverse Effect or (iii) any judicial or administrative order limiting or controlling the insurance business of any Insurance Subsidiary (and not the insurance industry generally)
which has been issued or adopted and which could reasonably be expected to have a Material Adverse Effect; and 
 (f) any other development
that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

  
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 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other
executive officer of either the Parent or the Borrower Representative setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.03. Existence; Conduct of Business. The Borrowers will, and will cause each Subsidiary to, do or cause to be done all things
necessary to preserve, renew and keep in full force and effect (i) its legal existence and (ii) the rights, licenses, permits, privileges and franchises (including without limitation, certificates of authority and other required insurance licenses)
material to the conduct of the business of the Borrowers and their Subsidiaries, taken as a whole, except, in the case of clause (ii), where failure to do so, individually or in the aggregate, could not be expected to result in a Material Adverse
Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03. 

SECTION 5.04. Payment of Obligations. The Borrowers will, and will cause each Subsidiary to, pay its obligations, including Tax
liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) such
Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.

 SECTION 5.05. Maintenance of Properties; Insurance. The Borrowers will, and will cause each Subsidiary to, (a) keep and maintain
all property material to the conduct of the business of the Borrowers and their Subsidiaries taken as a whole in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance
companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 

SECTION 5.06. Books and Records; Inspection Rights. The Borrowers will, and will cause each Subsidiary to, keep proper books of record
and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrowers will, and will cause each Subsidiary to, permit any representatives designated by the
Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times and as often as reasonably requested. 
 SECTION 5.07. Compliance with Laws. The Borrowers
will, and will cause each Subsidiary to, comply with all applicable laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. The Borrowers will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance in all material respects by the Borrowers, their Subsidiaries and their
respective directors, officers, employees and agents under their control with Anti-Corruption Laws and applicable Sanctions. 

  
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 SECTION 5.08. Use of Proceeds and Letters of Credit. The proceeds of the Loans will be
used only for general corporate purposes, including working capital and acquisitions permitted hereby. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the
Regulations of the Board, including Regulations T, U and X. Letters of Credit shall be used solely to support the ordinary course insurance and reinsurance obligations of the Parent and its Subsidiaries. Notwithstanding anything herein to the
contrary, no Letter of Credit hereunder shall be issued to support the capital requirements at Lloyd’s of London, otherwise known as “Funds at Lloyd’s”. The Borrowers will not request any Borrowing or Letter of Credit, and the
Borrowers shall not use, and shall procure that their Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment,
promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction
of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

ARTICLE VI 
 Negative Covenants

 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have
been paid in full and all Letters of Credit have expired or terminated (or, in the case of any Letter of Credit extending past the Revolving Maturity Date, been cash collateralized in accordance with Section 2.06(j)) and all LC Disbursements
shall have been reimbursed, each of the Borrowers covenants and agrees with the Lenders that: 
 SECTION 6.01. Indebtedness. The
Borrowers will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except: 
 (a)
Indebtedness created hereunder; 
 (b) Indebtedness and commitments to provide Indebtedness existing on the date hereof and set forth on
Schedule 6.01 (and any guaranties by the Borrowers thereof) and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; 

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

(d) Guarantees, including Net Worth Maintenance agreements or similar capital support or credit enhancement agreements, by the Parent or any
Subsidiary of the obligations of the Parent or any Wholly-Owned Subsidiary of the Parent; provided, however, that (i) this clause (d) shall not permit any Guarantee by a Subsidiary which is not a Borrower of the obligations of a
Borrower unless such Subsidiary has also guaranteed the Obligations pursuant to a guarantee in form and substance reasonably satisfactory to the Administrative Agent), (ii) no 

  
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Subsidiary other than a Borrower shall Guarantee the Indebtedness of any Special Purpose Entity and (iii) any Guarantee by a Borrower of the Indebtedness of a Special Purpose Entity shall rank
pari passu with, or be subordinated to, the Obligations; 
 (e) Indebtedness in respect of Trust Preferred Securities or other instruments
of the same or a similar character issued by a trust or other special purpose entity formed by a Borrower as to which no Subsidiary (other than a Borrower, such trust or other special purpose entity) has any obligation, together with all guaranty
obligations owing by a Borrower in respect thereof and constituting Subordinated Indebtedness; 
 (f) Indebtedness assumed in connection
with any Acquisition, provided that such Indebtedness is not incurred in contemplation of such Acquisition and no other Subsidiary (other than the Subsidiary being acquired, if applicable) has any liability or obligations in respect of such
Indebtedness; 
 (g) Indebtedness in respect of (i) collateralized letters of credit in the ordinary course of business of insurance or
reinsurance operations or (ii) fully collateralized letters of credit which are to support the capital requirements applicable to the Borrowers or any Subsidiary at Lloyd’s of London; 

(h) Indebtedness in respect of letters of credit in the ordinary course of business as long as with respect to any such letter of credit at
the time of issuance of any such letter of credit no Default shall have occurred and be continuing or would result from such issuance; 

(i) Indebtedness incurred by the Borrowers and Special Purpose Entities in addition to the foregoing to the extent that after giving effect
thereto the Borrowers are in compliance with Section 6.09; and 
 (j) Indebtedness incurred by the Subsidiaries of the Borrowers (which
Subsidiaries are not themselves Borrowers), provided that the aggregate outstanding principal amount of Indebtedness permitted by this clause shall not at any time exceed $37,500,000. 

For purposes of determining compliance with this Section 6.01, the Borrowers will be entitled to divide an item of Indebtedness that meets the criteria
of one of the categories of Indebtedness described in clauses (a) through (i) above between such applicable clause and any other clause of this Section 6.01 the criteria of which such item of Indebtedness also meets. 

SECTION 6.02. Liens. The Borrowers will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien
on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) Permitted Encumbrances; 

(b) Liens which (x) do not secure Indebtedness and (y) are incurred in the ordinary course of business, including Liens granted in connection
with any Swap Agreement or investments, trades, facilities or other arrangements with any counterparty, securities or other broker/dealer or clearing exchange; provided that the aggregate amount of all obligations secured pursuant to this
clause (b) shall at no time exceed $150,000,000; and 
 (c) Liens on cash or debt securities and other investments pursuant to
Section 6.04(a) securing (i) Indebtedness permitted pursuant to Section 6.01(g) or (ii) obligations under or in respect of any Primary Policy, Reinsurance Agreement, Industry Loss Warranty and/or collateralized trusts, withheld
balances or other collateral or security arrangements in the ordinary course of reinsurance or insurance business. 

  
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 For purposes of determining compliance with this Section 6.02, the Borrowers will be entitled to divide an
item of Liens that meets the criteria of one of the categories of Liens described in clauses (a) and (b) above between or among such applicable clause and any other clause of this Section 6.02 the criteria of which such item of Liens also
meets. 
 SECTION 6.03. Fundamental Changes. (a) The Borrowers will not, and will not permit any Subsidiary to, merge into or
consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be
continuing (i) any Subsidiary may merge into a Borrower in a transaction in which such Borrower is the surviving corporation, (ii) any Subsidiary (other than a Borrower) may merge into any Subsidiary in a transaction in which the surviving entity is
a Subsidiary, (iii) a Person may be merged into a Borrower or any Subsidiary pursuant to a Permitted Acquisition, and (iv) any Subsidiary (other than a Borrower) may liquidate or dissolve if the Borrowers determine in good faith that such
liquidation or dissolution is in the best interests of the Borrowers and is not materially disadvantageous to the Lenders; provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger
shall not be permitted unless also permitted by Section 6.04. 
 The Borrowers will not, nor will they permit any Subsidiary to, make
any Asset Disposition except for (i) Asset Dispositions expressly permitted by Sections 6.04, 6.06 or 6.07 and (ii) other Asset Dispositions of property that, together with all other property of the Borrowers and the Subsidiaries
previously leased, sold or disposed of in Asset Dispositions made pursuant to Section 6.03(b) during the twelve-month period ending with the month in which any such lease, sale or other disposition occurs, do not constitute a Substantial
Portion of the property of the Parent and its Subsidiaries; provided that under no circumstances shall the Equity Interests in a Borrower be included in a permitted Asset Disposition. 

(b) The Borrowers will not, and will not permit any Subsidiary to, engage to any material extent in any business other than businesses of the
type conducted by the Parent and its Subsidiaries on the date of execution of this Agreement and businesses complementary, reasonably related or incidental thereto. 

SECTION 6.04. Investments and Acquisitions. The Borrowers will not, and will not permit any Subsidiary to, purchase, hold or acquire
(including pursuant to any merger with any Person that was not a Wholly-Owned Subsidiary prior to such merger) any capital stock or other equity securities (including any option, warrant or other right to acquire any of the foregoing) of any other
Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit, except: 

(a) investments complying with the terms of the Argo Investment Policy; 

  
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 (b) subject to the provisions of this Section 6.04 and, as applicable, the requirements
contained in the definition of Permitted Acquisition, the Parent and its Wholly-Owned Subsidiaries may from time to time (i) effect Permitted Acquisitions for aggregate consideration (including Equity Interests and the assumption of Indebtedness)
such that the Borrowers remain in compliance with the financial covenants set forth in Sections 6.09 and 6.10 and (ii) make investments in joint ventures; provided that (A) no Default is existing either at the time of the consummation of such
proposed investment and immediately after giving effect thereto; provided that with respect to a Permitted Acquisition whose consummation is not conditioned on the availability of, or on obtaining, third party financing (including the assumption or
incurrence of Indebtedness in connection therewith), the determination of whether this condition has been satisfied may be made, at the election of the Borrowers, at the time of the execution of the definitive agreement with respect to such
Permitted Acquisition; provided further that no Default under Article VII(a) or (b) shall exist on the date of consummation of such Permitted Acquisition; (B) with respect to any such proposed investment for aggregate consideration (including Equity
Interests and the assumption of Indebtedness) exceeding $60,000,000, (1) the Rating shall be at least BBB- both immediately before the consummation of such proposed investment and immediately after giving
effect thereto (and after giving effect to any adjustment of the Rating associated with the consummation of such proposed investment) and (2) the Administrative Agent shall have received written notice of any such proposed investment and information
materials related thereto in form and substance reasonably satisfactory to it from the Borrower Representative not less than 7 days prior to the consummation of such investment and (C) the aggregate amount invested in joint ventures pursuant to this
Section 6.04(b) (valued at initial cost less dividends and capital distributions) shall not exceed $60,000,000; 
 (c) investments of
any Person in existence at the time such Person becomes a Subsidiary pursuant to a Permitted Acquisition; provided that such investment was not made in connection with or in anticipation of such Person becoming a Subsidiary; and 

(d) investments by the Parent or any Subsidiary in any Subsidiary. 

SECTION 6.05. Swap Agreements. The Borrowers will not, and will not permit any Subsidiary to, enter into any Swap Agreement, except (a)
non-speculative Swap Agreements entered into to hedge or mitigate risks to which a Borrower or any Subsidiary has (or reasonably expects to have) actual exposure (other than those in respect of Equity
Interests of a Borrower or any of its Subsidiaries), (b) non-speculative Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one
floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of a Borrower or any Subsidiary, (c) Swap Agreements entered into in connection with any Restricted Payments permitted to be made under
Section 6.06(a)(ii) and (d) Swap Agreements entered into in accordance with the terms of the Argo Investment Policy. 

  
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 SECTION 6.06. Restricted Payments. The Borrowers will not, and will not permit any
Subsidiary to, declare, pay or make, or agree to declare, pay or make, directly or indirectly, any Restricted Payment, except: 
 (a) (i)
the Parent may declare and pay publicly announced and regularly scheduled dividends on its issued and outstanding common stock that is traded publicly on a national securities exchange, and (ii) the Parent or any Subsidiary may make stock
repurchases and declare and make other Restricted Payments, in each case of or relating to the Equity Interests of the Parent, after the Effective Date; provided, however that no Restricted Payment shall be permitted to be declared,
and no Restricted Payment (other than dividends declared in compliance herewith) shall be permitted to be paid, under this clause (a) if any Default is existing either at the time of the proposed Restricted Payment or immediately after giving
effect thereto; 
 (b) Parent may pay dividends payable solely in its common stock; 

(c) (i) any Wholly-Owned Subsidiary may declare and pay dividends to its equity holder, (ii) any Subsidiary that is not a Wholly-Owned
Subsidiary may declare and pay dividends pro rata to its equity holders and (iii) any Subsidiary may declare and pay or make other Restricted Payments to any of the Borrowers or to a Wholly-Owned Subsidiary; provided, however, that
Argo US shall not make any Restricted Payment pursuant to this clause (c) upon the occurrence and during the continuance of a Default or if a Default would result therefrom; and 

(d) the Parent or any Subsidiary may make Restricted Payments in respect of Trust Preferred Securities or other instruments described in
Section 6.01(e) so long as no Default is existing either at the time of the proposed Restricted Payment or immediately thereafter. 

SECTION 6.07. Transactions with Affiliates. The Borrowers will not, and will not permit any Subsidiary to, sell, lease or otherwise
transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms
and conditions not less favorable to such Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Parent and its Wholly Owned Subsidiaries not
involving any other Affiliate, (c) any Restricted Payment permitted by Section 6.06 and (d) as permitted by Section 6.01(d) or Section 6.04. 

SECTION 6.08. Restrictive Agreements. The Borrowers will not, and will not permit any Subsidiary to, directly or indirectly, enter
into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrowers or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or
assets to secure the obligations of the Borrowers hereunder or under any guaranty thereof, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to its Equity Interests or to make or repay loans or advances to the
Borrowers or any other Subsidiary or to Guarantee Indebtedness of the Borrowers or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law, regulation or by this Agreement,

  
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(ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.08 (but shall apply to any extension or renewal of, or any amendment or
modification expanding the scope of, any such restriction or condition) or to restrictions and conditions similar to those set forth in the Trust Preferred Securities upon the ability of special purpose trust Subsidiaries and other entities to pay
dividends or make distributions related to Indebtedness of the same or similar character as the Trust Preferred Securities, (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the
sale of a Subsidiary or assets pending such sale, provided that such restrictions and conditions apply only to the Subsidiary or assets to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to
restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (v) clause (a) of the
foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof. 
 SECTION 6.09.
Maximum Leverage Ratio. The Borrowers will not permit the Leverage Ratio to exceed .35 to 1.00 at any time. 
 SECTION 6.10.
Tangible Net Worth. The Parent will not permit at any time its Tangible Net Worth to be less than the sum of (i) $1,100,000,000 plus (ii) 50% of the positive Net Income of the Parent and its subsidiaries for each fiscal quarter ending after
December 31, 2016 plus (iii) 50% of the net proceeds received by the Parent and its Subsidiaries from the issuance and sale of Equity Interests of the Parent or any Subsidiary (other than the issuance to the Parent or a Wholly-Owned
Subsidiary), including any conversion of debt securities of the Parent or any Subsidiary into Equity Interests after December 31, 2016. 

SECTION 6.11. Sale and Leaseback Transactions. Except for Sale and Leaseback Transactions entered into in the ordinary course of
business with respect to real property owned by the Borrowers on the Effective Date or acquired thereafter pursuant to a Permitted Acquisition or with respect to any personal property, the Borrowers will not, and will not permit any Subsidiary to,
enter into or suffer to exist any Sale and Leaseback Transaction. 
 SECTION 6.12. Rating. The Borrowers will cause all Significant
Insurance Subsidiaries of Argo US to at all times maintain an AM Best Financial Strength Rating of at least B++. 
 ARTICLE VII 

Events of Default 
 If any
of the following events (“Events of Default”) shall occur: 
 (a) any of the Borrowers shall fail to pay any principal of
any Loan or any reimbursement obligation in respect of any LC Disbursement or any cash collateral amount due pursuant to Section 2.06(j) when and as the same shall become due and payable (including under Section 2.20 hereof), whether at
the due date thereof or at a date fixed for prepayment thereof or otherwise; 

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

(c) any representation or warranty made or deemed made by or on behalf of any of the Borrowers or any Subsidiary in or in connection with this
Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver
hereunder, shall prove to have been incorrect when made or deemed made; 
 (d) any of the Borrowers shall fail to observe or perform any
covenant, condition or agreement contained in Sections 5.02, 5.03 (with respect to such Borrower’s existence), 5.08 or in Article VI; 

(e) any of the Borrowers shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Borrower Representative (which notice will be given at the request of
any Lender); 
 (f) any of the Borrowers or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless
of amount) in respect of any Material Indebtedness (other than the Obligations), when and as the same shall become due and payable (giving effect to any applicable cure period relating thereto); 

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

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

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

(j) any Borrower or any Significant Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they
become due; 
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $30,000,000 shall be rendered against
any Borrower, any Significant Subsidiary or any combination thereof and the same shall remain undischarged for a period of 45 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of any Borrower or any Significant Subsidiary to enforce any such judgment; 
 (l) an ERISA Event
or circumstance in respect of any Foreign Pension Plan shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events and such circumstances that have occurred, could reasonably be expected to
result in a Material Adverse Effect and continues unremedied for five (5) Business Days; 
 (m) a Change in Control shall occur; 

(n) obligations owing in connection with the Trust Preferred Securities or any other Subordinated Indebtedness shall at any time and for any
reason cease to be fully subordinated to the Obligations outstanding in connection with the Credit Documents; 
 (o) any governmental
authority revokes or fails to renew any material license, permit or franchise of any Borrower or any Significant Insurance Subsidiary, or any Borrower or any Significant Insurance Subsidiary for any reason loses any material license, permit or
franchise, or any Borrower or any Significant Insurance Subsidiary suffers the imposition of any restraining order, escrow, suspension or impound of funds in connection with any proceeding (judicial or administrative) with respect to any material
license, permit or franchise, which could reasonably be expected to result in losses or liability of the Borrowers or any of the Significant Insurance Subsidiaries, individually or in the aggregate, in excess of $15,000,000 and such event shall
continue unremedied for a period of five (5) Business Days; 
 then, and in every such event (other than an event with respect to any of the Borrowers
described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower Representative, take either
or both of the following actions, at the same or 

  
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different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in
part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all
fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in case of any event with
respect to any of the Borrowers described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations
of the Borrowers accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers. 

ARTICLE VIII 
 The
Administrative Agent 
 Each of the Lenders and each of the LC Issuers hereby irrevocably appoints the Administrative Agent as its agent
and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. 

The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender
and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrowers or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b)
the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in
writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth herein, the Administrative
Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or
any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent
jurisdiction. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower Representative or a Lender, and the Administrative Agent shall
not be 

  
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responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate,
report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent. 
 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any
notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or
by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent, including JP Morgan Europe Ltd. The Administrative Agent and any such sub-agent may perform any and all its duties and
exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the
Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent. 
 Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the
Administrative Agent may resign at any time by notifying the Lenders, the LC Issuers and the Borrowers. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor. If no successor
shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the
Lenders and the LC Issuers, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a
successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the Administrative Agent’s
resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while it was acting as Administrative Agent. 

  
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 If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause
(d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrowers,
appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective
Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 
 Each
Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities. Each Lender further represents that it is engaged in making, acquiring
or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents
and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrowers and their Affiliates) as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will
continue as a lender or assign or otherwise transfer its rights, interests and obligations hereunder. 
 The Administrative Agent shall be
permitted from time to time to designate one of its Affiliates to perform the duties to be performed by the Administrative Agent hereunder with respect to Loans and Borrowings denominated in Foreign Currencies. The provisions of this Article VIII
shall apply to any such Affiliate mutatis mutandis. 
 The Lenders identified on the front page of this Agreement as
Syndication Agent or Co-Documentation Agents shall not have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without
limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to such Lenders as it makes with respect to the Administrative
Agent in this Article VIII. 
 ARTICLE IX 

Miscellaneous 
 SECTION
9.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy (if a telecopy number is provided below), as follows: 

(i) if to any Borrower, to it c/o Argo Group US, Inc., 175 East Houston Street, Suite 1300, San Antonio, Texas 78205, Attention
of Jay Bullock, (email: jay.bullock@argolimited.com); with a copy to Lynn Geurin, (email: lgeurin@argogroupus.com) and Craig Comeaux, (email: ccomeaux@argogroupus.com); 

  
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 (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 10 S.
Dearborn, 9th Floor, Suite IL1-0364, Chicago, IL 60603, Attention of Danielle Babine (Telecopy No. (312) 325-3190); 

(iii) if to the Administrative Agent for Eurocurrency Loans in Foreign Currencies, to J.P. Morgan Europe Limited, 125 London
Wall, London EC1W 2JD, Attention of Ching Loh/The Manager, Telecopy No. +44(0) 207 777 2360); 
 (iv) if to the Issuing
Agent, to it at JPMorgan Chase Bank, N.A., 10 S. Dearborn, Floor L2S, Suite IL1-0480, Chicago, IL 60603, Attention of Muoy Lim (Telecopy No. (888) 303-9732); and 

(v) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 

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

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by using Electronic Systems electronic
communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The
Administrative Agent or the Borrower Representative may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices
and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by
the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor;
provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening
of business on the next business day for the recipient. 

  
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 (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

(d) Electronic Systems. 

(i) Each Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined
below) available to the LC Issuers and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System. 

(ii) Any Electronic System used by the Administrative Agent is provided “as is” and “as available.” The
Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including, without
limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection
with the Communications or any Electronic System. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrowers, any Lender, any LC Issuer or any other
Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Borrower’s or the
Administrative Agent’s transmission of Communications through an Electronic System. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any
Borrower pursuant to any Credit Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any LC Issuer by means of electronic communications pursuant to this Section, including through an
Electronic System. 
 SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent, any LC Issuer or
any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude
any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the LC Issuers and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they
would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrowers therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver
or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any
Default, regardless of whether the Administrative Agent, any Lender or any LC Issuer may have had notice or knowledge of such Default at the time. 

  
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 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall
(i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the
written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or
excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change any portion of this Agreement in a manner that would alter the pro rata nature of
payments, loans and Commitment reductions under this Agreement, without the written consent of each Lender, (v) change any of the provisions of this Section or the definitions of “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender, (vi) release any Borrower from any of
its joint and several liabilities in respect of the Obligations without the written consent of each Lender or (vii) change any provision of Sections 2.06(d), 2.06(j), 2.10(g) or 2.10(h) without the consent of each Lender adversely affected
thereby; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or any LC Issuer hereunder without the prior written consent of the Administrative Agent or any
LC Issuer, as the case may be. 
 (c) Notwithstanding the foregoing, Schedule 3.11 hereto shall be deemed amended without the consent of any
other party solely to reflect revisions or supplements of the type described in the parenthetical in the first sentence of Section 3.11 upon the delivery by the Borrower Representative to the Administrative Agent of a revised Schedule 3.11
reflecting such revisions and supplements. 
 (d) Notwithstanding the foregoing, no amendment or amendment and restatement of this Agreement
which is in all other respects approved by the Lenders in accordance with this Section 9.02 shall require the consent or approval of any Lender (i) which immediately after giving effect to such amendment or amendment
and restatement, shall have no Commitment or other obligation to maintain or extend credit under this Agreement (as so amended or amended and restated), including, without limitation, any obligation in respect of any drawing under or participation
in any Letter of Credit and (ii) which, substantially contemporaneously with the effectiveness of such amendment or amendment and restatement, is paid in full all amounts owing to it hereunder (including, without limitation principal, interest
and fees, but excluding unmatured contingent obligations). From and after the effectiveness of any such amendment or amendment and restatement, any such Lender shall be deemed to no longer be a “Lender” hereunder or a party hereto;
provided, that any such Lender shall retain the benefit of indemnification and other provisions hereof which, by the terms hereof would survive a termination of this Agreement. 

(e) Notwithstanding the foregoing, upon the execution and delivery of all documentation required by Section 2.09(e) to be delivered in
connection with an increase to the 

  
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aggregate Revolving Commitments, the Administrative Agent, the Borrowers and the new or existing Lenders whose Revolving Commitments have been affected may and shall enter into an amendment
hereof (which shall be binding on all parties hereto and the new Lenders) solely for the purpose of reflecting any new Lenders and their new Revolving Commitments and any increase in the Revolving Commitment of any existing Lender. 

(f) Notwithstanding the foregoing, the Administrative Agent and the Borrowers may amend any Credit Document to correct administrative or
technical errors or omissions, or to effect administrative changes that are not adverse to any Lender and any such amendment shall become effective without any further consent of any other party to such Credit Document. 

SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrowers shall pay (i) all reasonable, documented out of pocket
expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of one firm of legal counsel for the Administrative Agent plus any required local counsel, in connection with the syndication
of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) without duplication of amounts otherwise payable hereunder, all reasonable, documented out-of-pocket expenses incurred by any LC Issuer in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable, documented out-of-pocket
expenses incurred by the Administrative Agent, any LC Issuer or any Lender, including the fees, charges and disbursements of (A) (1) one primary counsel and, as deemed appropriate by the Administrative Agent, one additional local counsel and/or
regulatory counsel in each applicable jurisdiction for the Administrative Agent and (2) one primary counsel and, as deemed appropriate by the Lenders, one additional local and/or regulatory counsel for all the Lenders in each applicable
jurisdiction (as well as additional counsel for the Lenders in light of actual or potential conflicts of interest), and (B) a financial advisor for the Administrative Agent, the LC Issuers and the Lenders, in connection with the enforcement or
protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 
 (b) The Borrowers
shall indemnify the Administrative Agent, each LC Issuer and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any
and all losses, claims, damages, penalties, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a
result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other
transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any LC Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or 

  
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release of Hazardous Materials on or from any property owned or operated by the Borrowers or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrowers or any of
its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Borrower or any
of the Borrowers’ directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses resulting from the gross negligence or willful misconduct of such Indemnitee. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages
arising from any non-Tax claim. 
 (c) To the extent that the Borrowers fail to pay any amount
required to be paid by them to the Administrative Agent or any LC Issuer under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or such LC Issuer, as the case may be, such Lender’s
Revolving Commitment Exposure Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or such LC Issuer in its capacity as such. 

(d) To the extent permitted by applicable law, the Borrowers shall not assert, and hereby waive, any claim against any Indemnitee, on any
theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the
Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this clause (d) shall relieve any Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect,
consequential or punitive damages asserted against such Indemnitee by a third party. 
 (e) All amounts due under this Section shall be
payable not later than ten days after written demand therefor. 
 SECTION 9.04. Successors and Assigns. (a) The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any LC Issuer that issues any Letter of Credit), except that (i) the
Borrowers may not assign or otherwise transfer any of their respective rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrowers without such consent shall be null and
void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of any LC Issuer that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent
expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the LC Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to
one or more assignees (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent
(such consent not to be unreasonably withheld) of: 
 (ii) the Parent; provided that after the passage of ten
(10) Business Days from receipt of written notice to the Parent from the Administrative Agent of a proposed assignment without the Parent giving the Administrative Agent written notice of the Parent’s objection to such assignment, the
Parent shall be deemed to have consented to such assignment; provided further that no consent of the Parent shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred
and is continuing, any other assignee; 
 (iii) the Administrative Agent, provided that no consent of the
Administrative Agent shall be required for an assignment of any Commitment to an assignee that is a Lender with a Commitment immediately prior to giving effect to such assignment; 

(iv) the Issuing Agent; and 

(v) each Fronting Bank. 

(vi) Assignments shall be subject to the following additional conditions: 

(vii) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining
amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless the Parent and the Administrative Agent otherwise consent, provided that no such consent of the Parent shall be required if an Event of Default has
occurred and is continuing; 
 (viii) each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s rights and obligations under this Agreement; provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect
of one Class of Commitments or Loans; 
 (ix) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and 
 (x) the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrowers and their affiliates and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the
assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

  
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 For the purposes of this Section 9.04(b), the term “Approved Fund” and
“Ineligible Institution” have the following meanings: 
 “Approved Fund” means any Person (other than a
natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a
Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Ineligible Institution”
means (a) a natural person, (b) a Defaulting Lender, (c) any Borrower or any of their Affiliates, (d) a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or
relative(s) thereof (provided that such holding company, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is
managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part
of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business) or (e) solely with respect to the Revolving Credit Facility, any Person which is not an NAIC Approved
Bank. 
 (xi) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the
effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03); provided, however, that no Lender may
assign any obligation under a Several Letter of Credit unless such Several Letter of Credit is either amended or returned by the beneficiary and reissued by the Issuing Agent, removing or amending, as the case may be, the assigning Lender’s
percentage obligations and replacing or amending the same with the percentage obligations of the assignee. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 

(xii) The Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices a
copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of (and stated interest on)

  
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the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the
Borrowers, the Administrative Agent, the LC Issuers and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Borrowers, any LC Issuer and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(xiii) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or
(y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants), the
assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee
shall have failed to make any payment required to be made by it pursuant to Section 2.06(e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information
therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided
in this paragraph. 
 (c) Any Lender may, without the consent of the Borrowers, the Administrative Agent or any LC Issuer, sell
participations to one or more banks or other entities (a “Participant”) other than an Ineligible Institution in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (C) the Borrowers, the Administrative Agent, the LC Issuers and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision
of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b)
that affects such Participant. The Borrowers agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under 2.17(f) and (g)
(it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender and the information and documentation required under 2.17(g) will be delivered to the Borrowers and the Administrative Agent))
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 2.19 as if it
were an assignee under paragraph (b) of this Section; and 

  
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(B) shall not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive,
except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at any Borrower’s request
and expense, to use reasonable efforts to cooperate with such Borrower to effectuate the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans
or other obligations under the Credit Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any Commitments or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment or
other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such
Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent
(in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (d) Any Lender may at any
time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this
Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto. 
 SECTION 9.05. Survival. All covenants, agreements, representations and
warranties made by the Borrowers herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution
and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, LC Issuer or any
Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan
or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding (unless, in the case of Fronted Letters of Credit, such Fronted Letters of Credit have been cash collateralized or
backstopped in a manner reasonably satisfactory to the applicable Fronting Banks and the Administrative Agent) and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall
survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this
Agreement or any provision hereof. 

  
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 SECTION 9.06. Counterparts; Integration; Effectiveness. (a) This Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter
agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to
the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which,
when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
 (b)
Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed
counterpart of this Agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the
transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION
9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is
hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time
owing by such Lender or Affiliate to or for the credit or the account of any of the Borrowers against any of and all the obligations of such Person now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not
such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such
Lender may have. 

  
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 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This
Agreement shall be construed in accordance with and governed by the law of the State of New York. 
 (b) Each of the Borrowers hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court of the
Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent,
any LC Issuer or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrowers or their respective properties in the courts of any jurisdiction. 

(c) Each of the Borrowers hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Credit Document in any court referred to in paragraph (b) of this Section. Each of
the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION
9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein
are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

  
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 SECTION 9.12. Confidentiality. Each of the Administrative Agent, the LC Issuers and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any
Governmental Authority (including any self-regulatory authority, such as the NAIC), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in
connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to any Borrower and its obligations, (g) with the consent of the Borrowers or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or
(ii) becomes available to the Administrative Agent, any LC Issuer or any Lender on a non-confidential basis from a source other than the Borrowers. For the purposes of this Section,
“Information” means all information received from the Borrowers relating to any Borrower or its business, other than any such information that is available to the Administrative Agent, any LC Issuer or any Lender on a non-confidential basis prior to disclosure by the Borrowers and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that
serve the lending industry. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to
maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 EACH LENDER
ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE PARENT AND ITS RELATED PARTIES OR THEIR
RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWERS OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN
THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWERS AND THEIR AFFILIATES AND THEIR RELATED PARTIES OR THEIR
RESPECTIVE SECURITIES) AND ITS SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWERS AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A 

  
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CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE
LAW. 
 SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated
and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to
the date of repayment, shall have been received by such Lender. 
 SECTION 9.14. USA PATRIOT Act. Each Lender that is subject to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrowers that pursuant to the requirements of the
Act, it is required to obtain, verify and record information that identifies such Person, which information includes the names and addresses of the Borrowers and other information that will allow such Lender to identify the Borrowers in accordance
with the Act. 
 SECTION 9.15. Conversion of Currencies. (a) If, for the purpose of obtaining judgment in any court, it is
necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking
procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given. 

(b) The obligations of each Borrower in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the
“Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement Currency”),
be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the
relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the Borrowers agree, as
a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrowers contained in this Section 9.15 shall survive the termination of this Agreement and the payment
of all other amounts owing hereunder. 

  
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 SECTION 9.16. Appointment and Authorization of Borrower Representative. 

(a) Each Borrower hereby designates, appoints, authorizes and empowers Argo US as its agent to act as specified in the capacity of Borrower
Representative under this Agreement and each of the other Credit Documents and Argo US hereby acknowledges such designation, authorization and empowerment, and accepts such appointment. Each Borrower hereby irrevocably authorizes and directs the
Borrower Representative to take such action on its behalf under the respective provisions of this Agreement and the other Credit Documents, and any other instruments, documents and agreements referred to herein or therein, and to exercise such
powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Borrower Representative by the respective terms and provisions hereof and thereof, and such other powers as are reasonably incidental
thereto, including, without limitation, to take the following actions for and on such Borrower’s behalf: 
 (i) to
submit on behalf of each Borrower Borrowing Requests, and notices of conversion or continuation of Loans to the Administrative Agent in accordance with the provisions of this Agreement, each such notice to be submitted by the Borrower Representative
to the Administrative Agent as soon as practicable after its receipt of a request to do so from a Borrower; and 
 (ii) to
submit on behalf of each Borrower requests for the issuance of Letters of Credit in accordance with the provisions of this Agreement, each such request for the issuance of a Letter of Credit to be submitted by the Borrower Representative as soon as
practicable after its receipt of a request to do so from any Borrower. 
 (b) The Borrower Representative is further authorized and directed
by each of the Borrowers to take all such actions on behalf of such Borrower necessary to exercise the specific powers granted in clauses (i) and (ii) above and to perform such other duties hereunder and under the other Credit Documents, and
deliver such documents as delegated to or required of the Borrower Representative by the terms hereof or thereof. The Administrative Agent and each Lender may regard any notice or other communication pursuant to any Credit Documents from the
Borrower Representative as a notice or communication from all Borrowers, and may give any notice or communication required or permitted to be given to any Borrower or Borrowers hereunder to the Borrower Representative on behalf of such Borrower or
Borrowers. Each Borrower agrees that each notice, election, representation and warranty, covenant, agreement and undertaking made on its behalf by the Borrower Representative shall be deemed for all purposes to have been made by such Borrower and
shall be binding upon and enforceable against such Borrower to the same extent as if the same had been made directly by such Borrower. 

(c) The Borrower Representative may perform any of its duties hereunder or under any of the other Credit Documents by or through its agents or
employees. 
 (d) Each Borrower (other than Argo US) hereby irrevocably appoints Argo US as its agent to receive on behalf of itself and its
property service of copies of the summons and complaint and any other process which may be served in any such action or proceeding. Such service may be made by mailing or delivering a copy of such process to such Borrower in care of Argo US at its
address set forth in Section 9.01(a) hereto. Each Borrower hereby irrevocably authorizes and directs Argo US to accept such service on its behalf. 

  
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 SECTION 9.17. No Fiduciary Duty. The Administrative Agent, each Lender and their
Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”) may have economic interests that conflict with those of the Parent, its stockholders and/or its Affiliates. The Borrowers agrees that nothing in the Credit
Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and any Borrower, its stockholders or its Affiliates, on the other. The Borrowers
acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions
between the Lenders, on the one hand, and the Borrowers, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrowers, its
stockholders or its Affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or
will advise the Borrowers, their respective stockholders or Affiliates on other matters) or any other obligation to the Borrowers except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as
principal and not as the agent or fiduciary of the Borrowers, their management, stockholders, creditors or any other Person. The Borrowers acknowledge and agree that it has consulted its own legal and financial advisors to the extent it deemed
appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. The Borrowers agree that it will not claim that any Lender has rendered advisory services of any nature
or respect, or owes a fiduciary or similar duty, to the Borrowers in connection with such transactions or the process leading thereto. 

SECTION 9.18. Termination of Existing Agreement. The Lenders party to this Agreement, in their capacities as “Lenders” under
the Credit Agreement dated as of March 7, 2014 among the Borrowers, the lenders party thereto and the Administrative Agent (as amended, the “Existing Agreement”), constituting the Required Lenders (as such term is defined in
the Existing Agreement) thereunder, hereby waive (a) the notice required pursuant to Section 2.11(b) thereof of the prepayment of obligations thereunder contemplated by Section 4.01(f) hereof and (b) the notice required pursuant to Section
2.09(b) thereof to terminate the Commitments (as such term is defined in the Existing Agreement) thereunder and agree with Borrower that upon effectiveness of this Agreement, the Existing Agreement, the other Credit Documents (as such term is
defined in the Existing Agreement), the Commitments (as such term is defined in the Existing Agreement) and the Obligations (as such term is defined in the Existing Agreement) (other than those that expressly survive termination) will be terminated
without any further act of any Person. 
 SECTION 9.19. Acknowledgment and Consent to Bail-In of
EEA Financial Institutions. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial
Institution arising under any Credit Document may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

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

  
 -101- 

 (b) the effects of any Bail-In Action on any such
liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Credit Document; or 
 (iii) the variation of the terms of such liability in connection
with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 [Signature pages follows] 

  
 -102- 

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

			
	ARGO GROUP INTERNATIONAL HOLDINGS,
	LTD.	 	
		
	By	 	 /s/ Jay Bullock

	Name:	 	Jay Bullock
	Title:	 	Executive Vice President and CFO
	
	ARGO GROUP US, INC.
		
	By	 	 /s/ Jay Bullock

	Name:	 	Jay Bullock
	Title:	 	Executive Vice President, Finance
	
	ARGO INTERNATIONAL HOLDINGS LIMITED
		
	By	 	 /s/ DARREN ARGYLE

	Name:	 	DARREN ARGYLE
	Title:	 	CFO and Director
	
	ARGO UNDERWRITING AGENCY LIMITED
		
	By	 	 /s/ DARREN ARGYLE

	Name:	 	DARREN ARGYLE
	Title:	 	CFO and Director

  
 [Signature Page to
Argo Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent
		
	By	 	 /s/ Danielle D. Babine

	Name:	 	Danielle D. Babine
	Title:	 	Vice President

  
 [Signature Page to
Argo Credit Agreement] 

 
			
	WELLS FARGO BANK, N.A.
		
	By	 	 /s/ Jason Hafener

	Name:	 	Jason Hafener
	Title:	 	Director

  
 [Signature Page to
Argo Credit Agreement] 

 
			
	U.S. Bank National Association
		
	By	 	 /s/ Bonnie S. Wiskowski

	Name:	 	Bonnie S. Wiskowski
	Title:	 	Vice President

  
 [Signature Page to
Argo Credit Agreement] 

 
			
	HSBC Bank USA, N.A.
		
	By	 	 /s/ Richard Herder

	Name:	 	Richard Herder
	Title:	 	Managing Director, Head of FIG Insurance N.A.

  
 [Signature Page to
Argo Credit Agreement] 

 
			
	HSBC BANK BERMUDA LIMITED
		
	By	 	 /s/ Louise Twiss West

	Name:	 	Louise Twiss West
	Title:	 	Director, Head of Financial Institutions Group
		
	By	 	 /s/ Mike Walker

	Name:	 	Mike Walker
	Title:	 	Head of Wholesale Banking

  
 [Signature Page to
Argo Credit Agreement] 

 
			
	BANK OF AMERICA, N.A.
		
	By	 	 /s/ Derek Boman

	Name:	 	Derek Boman
	Title:	 	Associate

  
 [Signature Page to
Argo Credit Agreement] 

 
			
	BARCLAYS BANK PLC,
		
	By	 	 /s/ Ben Musto

	Name:	 	Ben Musto
	Title:	 	AVP, Debt Finance
	
	EXECUTED IN LONDON

  
 [Signature Page to
Argo Credit Agreement] 

 
			
	LENDER
	
	FROST BANK
		
	By	 	 /s/ Julie Glass

	Name:	 	Julie Glass
	Title:	 	Senior Vice President

  
 [Signature Page to
Argo Credit Agreement] 

 
			
	Lloyds Bank plc
		
	By	 	 /s/ Erin Walsh

	Name:	 	Erin Walsh – W004
	Title:	 	Assistant Vice President
		
	By	 	 /s/ Daven Popat

	Name:	 	Daven Popat – P003
	Title:	 	Senior Vice President

  
 [Signature Page to
Argo Credit Agreement] 

 Schedule 1.01 

Existing Letters of Credit 
  

							
	 L/C Number /

Date / Amount
	  	 Applicant
	  	 Beneficiaries

				
	CTCS-361965	  	Trident Insurance Services, LLC	  	•	 	National Union Fire Insurance Co. of Pittsburgh, PA, and
				
	October 5, 2012	  		  	•	 	American Home Assurance Company, and
				
	$180,000.00	  		  	•	 	The Insurance Company of the State of Pennsylvania, and
		  		  	•	 	Commerce and Industry Insurance Company, and
		  		  	•	 	Chartis Property Casualty Company, and
		  		  	•	 	Illinois National Insurance Co., and
		  		  	•	 	Granite State Insurance Company, and
		  		  	•	 	AIU Insurance Company, and
		  		  	•	 	Chartis Casualty Company, and
		  		  	•	 	New Hampshire Insurance Company, and
		  		  	•	 	Chartis Specialty Insurance Company, and
		  		  	•	 	Lexington Insurance Company

 Schedule 1.02 

PRICING SCHEDULE 
  

																					
	 APPLICABLE MARGIN
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 	 	LEVEL V
STATUS	 
	 Eurocurrency Spread for Revolving Loans
	  	 	1.375	% 	 	 	1.50	% 	 	 	1.625	% 	 	 	1.875	% 	 	 	2.25	% 
	 Alternative Base Rate Spread for Revolving Loans
	  	 	.375	% 	 	 	.50	% 	 	 	.625	% 	 	 	.875	% 	 	 	1.25	% 
	 Eurocurrency Spread for Term Loans
	  	 	1.25	% 	 	 	1.375	% 	 	 	1.50	% 	 	 	1.75	% 	 	 	2.125	% 
	 Alternative Base Rate Spread for Term Loans
	  	 	.25	% 	 	 	.375	% 	 	 	.50	% 	 	 	.75	% 	 	 	1.125	% 

  

																					
	 APPLICABLE FEE
RATE
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 	 	LEVEL V
STATUS	 
	 Commitment Fee
	  	 	.175	% 	 	 	.225	% 	 	 	.25	% 	 	 	.30	% 	 	 	.40	% 
	 Letter of Credit Fee
	  	 	1.375	% 	 	 	1.50	% 	 	 	1.625	% 	 	 	1.875	% 	 	 	2.25	% 
	 Secured Letter of Credit Fee
	  	 	.35	% 	 	 	.40	% 	 	 	.45	% 	 	 	.55	% 	 	 	.625	% 

 “Level I Status” exists at any date if, on such date, the S&P Rating or Fitch
Rating is BBB+ or better or the Moody’s Rating is Baa1 or better. 
 “Level II Status” exists at any date if,
on such date, (i) the Borrowers have not qualified for Level I Status and (ii) the S&P Rating or Fitch Rating is BBB or better or the Moody’s Rating is Baa2 or better. 

“Level III Status” exists at any date if, on such date, (i) the Borrowers have not qualified for Level I Status
or Level II Status and (ii) the S&P Rating or Fitch Rating is BBB- or better or the Moody’s Rating is Baa3 or better. 

“Level IV Status” exists at any date if, on such date, (i) the Borrowers have not qualified for Level I Status,
Level II Status or Level III Status and (ii) the S&P Rating or Fitch Rating is BB+ or better or the Moody’s Rating is Ba1 or better. 

 “Level V Status” exists at any date if, on such date, the Borrowers
have not qualified for Level I Status, Level II Status, Level III Status or Level IV Status. 
 “Fitch Rating”
means, at any time, the issuer credit rating (or comparable rating) issued by Fitch and then in effect with respect to Argo US or Parent. 

“Moody’s Rating” means, at any time, the issuer credit rating (or comparable rating) issued by Moody’s and
then in effect with respect to Argo US or Parent. 
 “Rating” means a Moody’s Rating, a Fitch Rating or an
S&P Rating. 
 “S&P Rating” means, at any time, the issuer credit rating issued by S&P and then in
effect with respect to Argo US or Parent. 
 The Applicable Rate shall be determined in accordance with the foregoing table based on the
Borrowers’ Status as determined from the then-current Moody’s Rating, Fitch Rating and S&P Ratings. The Rating in effect on any date for the purposes of this Schedule is that in effect at the close of business on such date. If at any
time only one Rating exists, then Status shall be determined on the basis of the existing Rating. If at any time a Borrower has no Moody’s Rating, no Fitch Rating and no S&P Rating, Level V Status shall exist. If at any time a different
credit rating is issued by either Moody’s, Fitch or S&P, then the highest of such credit ratings shall apply (with the credit rating for Level I being the highest and the credit rating for Level V being the lowest), unless there is a split
in credit ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lowest credit rating shall apply. 

If on any date of determination of the Moody’s Rating, Fitch Rating or S&P Rating, as applicable, there exists both an Argo US rating
by such rating agency and a Parent rating by such rating agency and there is a split between such ratings, then the higher of such ratings shall apply for purposes of determining the Moody’s
Rating, Fitch Rating or S&P Rating, as applicable, (unless there is a split in the ratings of such ratings agency by more than one level, in which case the level that is one level higher than the lower rating shall apply). 

  
 2 

 Schedule 1.03 

ADVANCE RATES 
  

			
	 Eligible Collateral
	  	 Advance Rate

(expressed as a percentage of

principal amount)

	 Cash:
  

Dollars and any overnight or other investment money market funds of the Collateral Agent or Administrative Agent (or an Affiliate of the Collateral Agent or
Administrative Agent) at which a Collateral Account is held
	  	100%
		
	 Time Deposits, CDs, Money Market Deposits and Money Market Mutual Funds:

 
 Time deposits, certificates of deposit and money market deposits, denominated in Dollars,
of any commercial bank incorporated in the United States with a rating of at least (i) AA- from S&P, (ii) Aa3 from Moody’s or (ii) AA- from Fitch
and maturing within two years from the date of determination. Money market mutual funds with institutions not affiliated with the Lenders with same-day liquidity and with a rating of (i) AAA from S&P,
(ii) Aaa from Moody’s, (iii) AAA from Fitch or (iv) 1 by the NAIC Securities Valuation Office.
	  	90%
		
	 U.S. Government Securities:
  

Securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and
credit of the United States is pledged in support thereof).
	  	With maturities of (x) two years or less from the date of determination, 95%, (y) more than two years and ten years or less from the date of determination, 90% and (z) more than ten years from the date of
determination, 85%
		
	 Investment Grade Municipal Bonds Level I:
  

Municipal bonds maturing within eleven years from the date of determination rated at least (i) AAA from S&P, (ii) Aaa from Moody’s or
(iii) AAA from Fitch.
	  	90%
		
	 Investment Grade Nonconvertible Corporate Bonds Level I:
  

Nonconvertible corporate bonds denominated in Dollars or Foreign Currencies which are traded publicly maturing within eleven years from the date of
determination rated (a) at least (i) AA- from S&P, (ii) Aa3 from Moody’s or (iii) AA- from Fitch, or (b) in the case of corporate bonds
rated solely by DBRS, at least AA low from DBRS.
	  	With maturities of (x) two years or less from the date of determination, 90% and (y) more than two years and eleven years or less from the date of determination,
85%

			
	 Eligible Collateral
	  	 Advance Rate

(expressed as a percentage of

principal amount)

	 Investment Grade Nonconvertible Corporate Bonds Level II:
  

Nonconvertible corporate bonds denominated in Dollars or Foreign Currencies which are traded publicly, maturing within eleven years from the date of
determination rated (a) at least (i) A- from S&P, (ii) A3 from Moody’s or (iii) A- from Fitch, or (b) in the case of corporate bonds
rated solely by DBRS, at least A low from DBRS.
	  	80%
		
	 Commercial Paper:
  

Commercial paper issued by any entity organized in the United States and denominated in Dollars and maturing not more than one year after the date of
determination rated at least (i) A-1 or the equivalent thereof by S&P, (ii) P-1 or the equivalent thereof by Moody’s or
(iii) F-1 or the equivalent thereof by Fitch.
	  	90%
		
	 Agency Securities:
  

(i) Single-class mortgage participation certificates in book-entry form and denominated in Dollars backed by single-family residential mortgage loans, the full
and timely payment of interest at the applicable certificate rate and the ultimate collection of principal of which are guaranteed by the Federal Home Loan Mortgage Corporation (excluding REMIC or other multi-class pass-through certificates,
collateralized mortgage obligations, pass-through certificates backed by adjustable rate mortgages, securities paying interest or principal only and similar derivative securities); (ii) single-class mortgage pass-through certificates in book-entry
form and denominated in Dollars backed by single-family residential mortgage loans, the full and timely payment of interest at the applicable certificate rate and ultimate collection of principal of which are guaranteed by the Federal National
Mortgage Association (excluding REMIC or other multi-class pass-through certificates, pass-through certificates backed by adjustable rate mortgages, collateralized mortgage obligations, securities paying interest or principal only and similar
derivative securities); and (iii) single-class fully modified pass-through certificates in book-entry form and denominated in Dollars backed by single-family residential mortgage loans, the full and timely payment of principal and interest of
which is guaranteed by the Government National Mortgage Association (excluding REMIC or other multi-class pass-through certificates, collateralized mortgage
	  	With a weighted average life from the date of determination of (x) two years or less from the date of determination, 95%, (y) more than two years and ten years or less from the date of determination, 90% and
(z) more than ten years from the date of determination, 85%

  
 2 

			
	 Eligible Collateral
	  	 Advance Rate

(expressed as a percentage of

principal amount)

	obligations, pass-through certificates backed by adjustable rate mortgages, securities paying interest or principal only and similar derivatives securities), in each case rated at least CD AA-
by S&P, (ii) Aa3 by Moody’s or (iii) AA- by Fitch.	  	
		
	 Asset-Backed Securities:
  

Asset-backed securities denominated in Dollars rated at least (i) AAA by S&P, (ii) Aaa by Moody’s or AAA by Fitch; provided that
(x) such securities are backed by credit card receivables, automobile loans, commercial mortgages or utility charges (as in rate reduction bonds) and have a weighted average life from the date of determination of 10 years or less and
(y) asset-backed securities will not constitute Eligible Collateral if they are certificated securities that cannot be paid or delivered by book entry (and all asset-backed securities issued by an issuer incorporated in the United States of
America must be capable of settlement through DTC).
	  	85%
		
	 Other Securities:
  

All other cash, investments, obligations or securities.
	  	0%

  
 3 

 Schedule 1.04 

Trust Preferred Securities 
  

	1.	PXRE Capital Statutory Trust II, incorporated in Connecticut, issued in the amount of $18,100,000 on May 15, 2003, maturing May 15, 2033. 

 

	2.	PXRE Capital Trust VI, incorporated in Delaware, issued in the amount of $10,300,000 on November 6, 2003, maturing September 30, 2033. 

 

	3.	Argonaut Group Statutory Trust, incorporated in Connecticut, issued in the amount of $15,500,000 on May 15, 2003, maturing May 15, 2033. 

 

	4.	Argonaut Group Statutory Trust III, incorporated in Delaware, issued in the amount of $12,300,000 on December 16, 2003, maturing January 8, 2034. 

 

	5.	Argonaut Group Statutory Trust IV, incorporated in Delaware, issued in the amount of $13,400,000 on April 29, 2004, maturing April 29, 2034. 

 

	6.	Argonaut Group Statutory Trust V, incorporated in Delaware, issued in the amount of $12,300,000 on May 26, 2004, maturing May 24, 2034. 

 

	7.	Argonaut Group Statutory Trust VI, incorporated in Connecticut, issued in the amount of $13,400,000 on May 12, 2004, maturing May 12, 2034. 

 

	8.	Argonaut Group Statutory Trust VII, incorporated in Delaware, issued in the amount of $15,500,000 on September 17, 2004, maturing December 15, 2034. 

 

	9.	Argonaut Group Statutory Trust VIII, incorporated in Delaware, issued in the amount of $15,500,000 on September 22, 2004, maturing September 22, 2034. 

 

	10.	Argonaut Group Statutory Trust IX, incorporated in Delaware, issued in the amount of $15,500,000 on October 22, 2004, maturing December 15, 2034. 

 

	11.	Argonaut Group Statutory Trust X, incorporated in Delaware, issued in the amount of $30,900,000 on September 15, 2005, maturing September 15, 2035. 

 

	12.	Ariel Holdings Ltd. Floating Rate Junior Subordinated Deferrable Interest Debentures, issued in the amount of $100,000,000 on September 20, 2007, maturing on September 15, 2037 (current outstanding $91,800,000
as of December 31, 2016). 

 Schedule 2.01 

Commitments 
  

											
	 Lender
	  	Revolving
Commitments	 	  	Term Loan
Commitments	 	  	 Qualifying Lender?

Y/N

DTTP Reference

Number (if

applicable)

	 JPMorgan Chase Bank, N.A.
	  	$	32,500,000	 	  	$	25,500,000	 	  	Tax - 13/M/0268710/DTTP
	 Wells Fargo Bank, N.A.
	  	$	32,500,000	 	  	$	25,500,000	 	  	
	 U.S. Bank N.A.
	  	$	27,500,000	 	  	$	20,000,000	 	  	
	 HSBC Bank USA, N.A.
	  	$	27,500,000	 	  	$	0	 	  	
	 HSBC Bank Bermuda Ltd.
	  	$	0	 	  	$	20,000,000	 	  	
	 Bank of America, N.A.
	  	$	20,000,000	 	  	$	10,000,000	 	  	
	 Barclays Bank PLC
	  	$	20,000,000	 	  	$	8,000,000	 	  	
	 Frost Bank
	  	$	20,000,000	 	  	$	8,000,000	 	  	
	 Lloyds Bank
	  	$	20,000,000	 	  	$	8,000,000	 	  	
		  	  
	  
	 	  	  
	  
	 	  	
	 TOTAL
	  	$	200,000,000	 	  	$	125,000,000	 	  	
		  	  
	  
	 	  	  
	  
	 	  	

  
 4 

 Schedule 2.17(g) 

QPP Certificate 
  

	To:	[●] as [Parent or Administrative Agent] 

  

	From:	[Lender] 

  

	Dated:	[●] 

 Dear Sirs, 

[Parent] – [US$325,000,000] Credit Agreement 

dated [●] (as amended) (the “Credit Agreement”) 

 

	1.	We refer to the Credit Agreement. This is a QPP Certificate. Terms defined in the Credit Agreement have the same meaning in this QPP Certificate unless given a different meaning in this QPP Certificate.

  

	2.	We confirm that: 

  

	 	(a)	we are beneficially entitled to all interest payable to us as a Lender under the Loan; 

  

	 	(b)	we are a resident of a qualifying territory; and 

  

	 	(c)	we are beneficially entitled to the interest which is payable to us on the Loan for genuine commercial reasons, and not as part of a tax advantage scheme. 

These confirmations together form a creditor certificate. 
  

	3.	In this QPP Certificate the terms “resident”, “qualifying territory”, “scheme”, “tax advantage scheme” and “creditor certificate” have the meaning given to them in the
Qualifying Private Placement Regulations 2015 (2015 No. 2002). 

 [Name of Lender] 

By: 
 [This QPP Certificate is
required where a lender is a person eligible for the UK withholding tax exemption for qualifying private placements;
a separate QPP Certificate should be provided by each such lender.] 

 Schedule 3.11 

Licenses 
 (See
attached) 
  

	1.	All Significant Insurance Subsidiaries listed below are authorized to write property and casualty insurance or reinsurance as indicated below. No Significant Insurance Subsidiary is authorized to write life or health
insurance or reinsurance. 

  

	2.	Each Significant Insurance Subsidiary is designated with two asterisks (**). 

  
 - 7 - 

 Schedule 3.12 

Subsidiaries 
  

													
	 Company Name
	  	 Parent
	  	% owned by
Parent	 	 	NAIC#	 	  	Domicilliary
Location
	 Argo Group International Holdings, Ltd.
	  		  	 	100.00	% 	 				  	BMU
	 Barr’s Bay Properties Limited
	  	 Argo Group International Holdings, Ltd.
	  	 	40.00	% 	 				  	BMU
	 Argo International Holdings AG
	  	 Argo Group International Holdings, Ltd.
	  	 	100.00	% 	 				  	CHE
	 The Argo Foundation
	  	 Argo Group International Holdings, Ltd.
	  	 	100.00	% 	 				  	BMU
	 PXRE Capital Statutory Trust II
	  	 Argo Group International Holdings, Ltd.
	  	 	100.00	% 	 				  	CT
	 PXRE Capital Statutory Trust VI
	  	 Argo Group International Holdings, Ltd.
	  	 	100.00	% 	 				  	DE
	 Maybrooke Holdings SA
	  	 Argo Group International Holdings, Ltd.
	  	 	100.00	% 	 				  	LUX
	 Ariel P&C Midco Limited
	  	 Maybrooke Holdings SA
	  	 	100.00	% 	 				  	BMU
	 ACRC Limited
	  	 Ariel P&C Midco Limited
	  	 	100.00	% 	 				  	BMU
	 AFCL Inc
	  	 Maybrooke Holdings SA
	  	 	100.00	% 	 				  	DE
	 Ariel Financial Company Limited
	  	 AFCL Inc
	  	 	100.00	% 	 				  	BMU
	 Ariel Re Property & Casualty
	  	 Maybrooke Holdings SA
	  	 	100.00	% 	 				  	GBR
	 Ariel Corporate Member Ltd
	  	 Ariel Re Property & Casualty
	  	 	100.00	% 	 				  	GBR
	 Ariel Re Bda Limited
	  	 Maybrooke Holdings SA
	  	 	100.00	% 	 				  	BMU
	 Ariel Re UK Ltd
	  	 Maybrooke Holdings SA
	  	 	100.00	% 	 				  	GBR
	 Ariel Reinsurance Ltd.
	  	 Maybrooke Holdings SA
	  	 	100.00	% 	 				  	BMU
	 Argo Re Ltd.**
	  	 Argo Group International Holdings, Ltd.
	  	 	100.00	% 	 				  	BMU
	 Argo Brasil Participacões Ltd.
	  	 Argo Re Ltd.
	  	 	100.00	% 	 				  	BRA
	 PXRE Reinsurance (Barbados), Ltd.
	  	 Argo Re Ltd.
	  	 	100.00	% 	 				  	BRB
	 Mid-Atlantic Risk Systems, Ltd.
	  	 Argo Re Ltd.
	  	 	100.00	% 	 				  	BMU
	 Argo Re Escritório de Representação no Brasil Ltda.
	  	 Argo Re Ltd.
	  	  
	 100.00
	 % 
	 				  	BRA
	 Argo Re Ltd., Pembroke, Zug Branch
	  	 Argo Re Ltd.
	  	 	100.00	% 	 				  	BMU
	 Argo Irish Holdings I Ltd.
	  	 Argo Re Ltd.
	  	 	100.00	% 	 				  	BMU
	 Argo Irish Holdings II
	  	 Argo Irish Holdings I Ltd.
	  	 	100.00	% 	 				  	BMU
	 Argo International Holdings Ltd
	  	 Argo Re Ltd.
	  	 	100.00	% 	 				  	GBR

  
 - 8 - 

											
	 ArgoGlobal Holdings (Malta) Ltd.
	  	Argo Re Ltd.	  	 	99.99	% 	 		  	MLT
	 ArgoGlobal Holdings (Malta) Ltd.
	  	Argo International Holdings Ltd.	  	 	0.01	% 	 		  	MLT
	 Argonaut Services GmbH
	  	ArgoGlobal Holdings (Malta) Ltd.	  	 	100.00	% 	 		  	CHE
	 ArgoGlobal SE
	  	ArgoGlobal Holdings (Malta) Ltd.	  	 	99.99	% 	 		  	MLT
	 ArgoGlobal SE
	  	Argo International Holdings Ltd.	  	 	0.01	% 	 		  	MLT
	 Affinibox Holdings, Ltd.
	  	Argo International Holdings Ltd.	  	 	100.00	% 	 		  	GBR
	 Affinibox Brasil Tecnologia Ltda. (a Brazil limited liability company)
	  	Argo International Holdings Ltd.	  	 	100.00	% 	 		  	BRA
	 Argo Underwriting Agency Ltd
	  	Argo International Holdings Ltd	  	 	100.00	% 	 		  	GBR
	 Argo (No 617), Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo (No 604), Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo (No 616), Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo (No 607), Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo (No 703), Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo (No 704), Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo (Alpha) Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo (Beta) Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo (Chi) Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo (Delta) Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo (Epsilon) Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo Management Services Ltd
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo Managing Agency Ltd**
	  	Argo Underwriting Agency Ltd	  	 	100.00	% 	 		  	GBR
	 Argo Direct Ltd
	  	Argo Managing Agency Ltd	  	 	100.00	% 	 		  	GBR
	 ArgoGlobal Underwriting Asia Pacific Pte Ltd.
	  	Argo Managing Agency Ltd	  	 	100.00	% 	 		  	SGP
	 ArgoGlobal Underwriting (Dubai) Limited
	  	Argo Managing Agency Ltd	  	 	100.00	% 	 		  	ARE
	 Argo Solutions, S.A.
	  	Argo Re Ltd.	  	 	0.10	% 	 		  	BEL
	 Argo Financial Holding (Ireland) UC
	  	Argo Irish Holdings I Ltd.	  	 	99.90	% 	 		  	IRL
	 Argo Financial Holding (Ireland) UC
	  	Argo Irish Holdings II	  	 	0.10	% 	 		  	IRL
	 Argo Financial Holding (Brazil) DAC
	  	Argo Financial Holding (Ireland) UC	  	 	100.00	% 	 		  	IRL
	 Argo Seguros Brasil, S.A.
	  	Argo Financial Holding (Brazil) DAC	  	 	100.00	% 	 		  	BRA
	 Argo Solutions, S.A.
	  	Argo Financial Holding (Ireland) UC	  	 	99.90	% 	 		  	BEL
	 Argo Group US, Inc.
	  	Argo Financial Holding (Ireland) UC	  	 	100.00	% 	 		  	DE

  
 - 9 - 

											
	 Argonaut Group Statutory Trust
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	CT
	 Argonaut Group Statutory Trust III
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	DE
	 Argonaut Group Statutory Trust IV
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	DE
	 Argonaut Group Statutory Trust V
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	DE
	 Argonaut Group Statutory Trust VI
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	CT
	 Argonaut Group Statutory Trust VII
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	DE
	 Argonaut Group Statutory Trust VIII
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	DE
	 Argonaut Group Statutory Trust IX
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	DE
	 Argonaut Group Statutory Trust X
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	DE
	 Argonaut Management Services, Inc.
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	DE
	 Argo Group Fund to Secure the Future
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	TX
	 ARIS Title Insurance Corporation
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 	12600	  	NY
	 Affinibox, Inc.
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	TX
	 Colony Agency Services, Inc.
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	VA
	 Colony Management Services, Inc.
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	VA
	 Trident Insurance Services, LLC
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	TX
	 Argonaut Claims Management, LLC
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	TX
	 Argonaut Claims Services, Ltd.
	  	 Argonaut Claims Management, LLC
	  	 	1.00	% 	 		  	TX
	 Argonaut Claims Services, Ltd.
	  	 Argo Group US, Inc.
	  	 	99.00	% 	 		  	TX
	 Arden Insurance Services LLC
	  	 Argo Group US, Inc.
	  	 	29.10	% 	 		  	DE
	 Alteris Insurance Services, Inc.
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	MA
	 Commercial Deposit Insurance Agency, Inc.
	  	 Alteris Insurance Services, Inc.
	  	 	71.00	% 	 		  	DE
	 Alteris, Inc.
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 		  	DE
	 Sonoma Risk Management, LLC
	  	 Alteris, Inc.
	  	 	100.00	% 	 		  	DE
	 John Sutak Insurance Brokers, Inc.
	  	 Alteris, Inc.
	  	 	100.00	% 	 		  	CA
	 Argonaut Insurance Company**
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 	19801	  	IL
	 AGI Properties, Inc.
	  	 Argonaut Insurance Company
	  	 	100.00	% 	 		  	CA
	 Insight Insurance Services, Inc.
	  	 Argonaut Insurance Company
	  	 	100.00	% 	 		  	IL
	 Argonaut-Midwest Insurance Company
	  	 Argonaut Insurance Company
	  	 	100.00	% 	 	19828	  	IL
	 Argonaut-Southwest Insurance Company
	  	 Argonaut Insurance Company
	  	 	100.00	% 	 	19844	  	IL
	 Select Markets Insurance Company
	  	 Argonaut Insurance Company
	  	 	100.00	% 	 	19836	  	IL
	 Argonaut Limited Risk Insurance Company
	  	 Argonaut Insurance Company
	  	 	100.00	% 	 	26409	  	IL

  
 - 10 - 

											
	 Argonaut Great Central Insurance Company
	  	 Argonaut Insurance Company
	  	 	100.00	% 	 	19860	  	IL
	 Grocers Insurance Agency, Inc.
	  	 Argonaut Great Central Insurance Company
	  	 	100.00	% 	 		  	OR
	 Central Insurance Management, Inc.
	  	 Argonaut Great Central Insurance Company
	  	 	100.00	% 	 		  	IL
	 Colony Insurance Company**
	  	 Argonaut Insurance Company
	  	 	100.00	% 	 	39993	  	VA
	 Peleus Insurance Company
	  	 Colony Insurance Company
	  	 	100.00	% 	 	34118	  	VA
	 Colony Specialty Insurance Company
	  	 Colony Insurance Company
	  	 	100.00	% 	 	36927	  	OH
	 Rockwood Casualty Insurance Company
	  	 Argo Group US, Inc.
	  	 	100.00	% 	 	35505	  	PA
	 Somerset Casualty Insurance Company
	  	 Rockwood Casualty Insurance Company
	  	 	100.00	% 	 	10726	  	PA
	 SureTec Financial Corporation
	  	 Rockwood Casualty Insurance Company
	  	 	20.00	% 	 		  	DE

  

	** 	These entities are Significant Insurance Subsidiaries.  

  
 - 11 - 

 Schedule 6.01 

Existing Indebtedness 
  

	1.	Those certain Notes in the amount of $6,500,000 that were issued by Heritage Underwriting Agency plc on December 7, 2004 and that are due in 2034 purchased by Merrill Lynch International. 

 

	2.	Those certain Notes in the amount of $10,000,000 that were issued by Heritage Underwriting Agency plc on October 31, 2006 and that are due in 2036 purchased by Alesco Preferred Funding XI, Ltd. 

 

	3.	Those certain Notes in the amount of €12,000,000 that were issued by Heritage Underwriting Agency plc on September 6, 2005 and that are due in 2035 purchased by Dekania Europe CDO I plc. 

 

	4.	Those certain Notes in the amount of €1,500,000 that were issued by Heritage Underwriting Agency plc on June 8, 2007 and that are due in 2037 purchased by Dekania Europe CDO II plc. 

 

	5.	Those certain Notes in the amount of €l2,000,000 that were issued by Heritage Underwriting Agency plc on June 8, 2007 and that are due in 2037 purchased by Dekania Europe CDO III plc. 

 

	6.	Those certain Notes in the amount of €l0,500,000 that were issued by Heritage Underwriting Agency plc on October 31, 2006 and that are due in 2036 purchased by Dekania Europe CDO II plc. 

 

	7.	Those certain Senior Notes in the amount of $143,750,000 that were issued by Argo Group US, Inc. in September 2012 and that are due September 15, 2042. The Senior Notes are guaranteed on a full and unconditional
senior unsecured basis by Argo Group International Holdings, Ltd. 

  

	8.	$150,000,000 Letter of Credit Agreement, dated as of April 3, 2014, between Argo Re Ltd., as borrower, and Citibank Europe Plc as issuer, which was amended on April 3, 2015 and the amount reduced to
$50,000,000. 

  

	9.	$100,000,000 Uncommitted Letter of Credit Agreement, dated as of April 3, 2014, between Argo Re, Ltd. and Citibank Europe, Plc. 

 

	10.	$150,000,000 Letter of Credit Agreement, dated as of November 19, 2014, between Argo Re Ltd., as Borrower, and JPMorgan Chase Bank, N.A. as Issuing Bank. 

 

	11.	$100,000,000 Letter of Credit Facility and Pledge Agreement, dated as of September 22, 2014, between Argo Re Ltd., as Borrower, and Barclays Bank PLC as Issuer. 

  
 - 12 - 

	12.	A note payable issued by Argo Group US, Inc. in connection with the acquisition of ARIS Title Insurance Corporation. At December 31, 2016 the balance of the note payable was $0.6 million, and it matures on
April 1, 2019. 

  

	13.	Letters of credit issued pursuant to the terms of certain reinsurance and insurance contracts and for ordinary business purposes. At December 31, 2016, letters of credit issued and outstanding were
$29.3 million. (Exclusive of Ariel entities). 

  

	14.	Letter of credit issued on behalf of ACRC Limited pursuant to the terms of a reinsurance contract for Ariel Reinsurance Ltd. with the California Earthquake Authority in the amount $10 million (issued under the
$60,000,000 Standby Letter of Credit Facility by and among Ariel Re Bda Limited, ACRC Limited and Lloyds Bank Plc dated February 2, 2015, as amended, which facility was terminated on February 2, 2017). 

 

	15.	Trust Preferred Securities as listed on Schedule 1.04 

  
 - 13 - 

 Schedule 6.02 

Existing Liens 
  

	1.	Precautionary filing with respect to lessor interests in office equipment operating leases. 

  

	2.	The security granted by Argo Underwriting Agency Limited and Argo Re, Ltd. to Lloyd’s, referred to as Funds at Lloyds (“FAL”) to support the business of Syndicate 1200. The FAL securities are deposited
with Lloyd’s and held under the terms of the Lloyd’s Deposit (Third Party) Trust Deed. At December 31, 2016 FAL totaled $161.8 million. 

  

	3.	At December 31, 2016, the fair value of investments on deposit with U.S. and various regulatory agencies for regulatory purposes was $168.7 million. 

 

	4.	The Argo insurance companies are required to pledge cash and investments under the terms of certain reinsurance and insurance agreements in respect of losses and loss expenses. These pledges include trust accounts and
securities supporting letters of credit. At December 31, 2016, the fair value of cash and securities held in trust accounts was $8 million. In addition, investments with a fair value of $35.9 million were pledged as collateral in
support of irrevocable letters of credit in the amount of $28.6 million at December 31, 2016. 

  

	5.	As part of the ARIS Title Insurance Corporation acquisition, the Berger Collection Educational Trust has a continuing security interest in ARIS Title Insurance Corporation and its assets to secure payment for the note
payable for $0.6 million, of which $0.2 million is on a recourse basis. 

  

	6.	Precautionary filing with respect to various custody agreements in place by the Insurance Subsidiaries for security interests held by the custodian in such arrangements in the collateral held pursuant to such agreements
for payment of custodian fees. 

  

	7.	The security granted by Ariel Corporate Member Limited and Ariel Reinsurance Ltd. to Lloyd’s, referred to as Funds at Lloyds (“FAL”) to support the business of Syndicate 1910. The FAL cash is deposited
with Lloyd’s and held under the terms of the Lloyd’s Deposit (Third Party) Trust Deed. At December 31, 2016 FAL totalled $66.0 and 138.5 for Ariel Corporate Member Limited and Ariel Reinsurance Ltd., respectively. 

 

	8.	Pledge and Security Agreement between Ariel Reinsurance Ltd. and Lloyds Bank Plc, dated February 2, 2015, as amended. 

  

	9.	The assets of Ariel Syndicate 1910 are held subject to Lloyd’s Trust Deeds for the benefit of policyholders and the Company’s use is restricted. 

 

	10.	 Lloyds of London has a security interest in securities pledged by Argo Underwriting Agency Limited and Argo Re,
Ltd. referred to as Funds at Lloyds (“FAL”) to support the 

  
 - 14 - 

	 	
business of Syndicate 1200. The FAL securities are deposited with Lloyd’s and held under the terms of the Lloyd’s Deposit (Third Party) Trust Deed. At December 31, 2016 FAL totaled
$161.8 million. 

  
 - 15 - 

 Schedule 6.08 

Existing Restrictions 
  

	1.	Restrictions upon the ability of the applicable trust to pay dividends or make distributions to the Borrowers or upon the ability of affiliates of the Borrowers to make payments on account of their securities under
certain circumstances, in either case imposed by the terms of the Trust Preferred Securities. 

  

	2.	At December 31, 2016, the fair value of investments on deposit with U.S. and various regulatory agencies for regulatory purposes was $168.7 million. 

 

	3.	Investments with a fair value of $35.9 million were pledged as collateral in support of irrevocable letters of credit at December 31, 2016. These assets support irrevocable letters of credit issued under the
terms of certain reinsurance and insurance agreements in respect of reported loss and loss expense reserves in the amount of $28.6 million. In addition, $8 million of cash and securities were included in trust accounts pledged to support
certain reinsurance and insurance contracts. 

  

	4.	The negative pledge provisions contained in those certain notes issued by Heritage Underwriting Agency plc (now known as “Argo Underwriting Agency Limited” or “AUA”) identified on Schedule 6.01 which
prevent AUA from creating or having outstanding any mortgage, charge, lien, pledge or other security interest over any of its present or future undertakings, assets or revenues to secure (i) any present or future indebtedness for or in respect
of any notes, bonds, debentures or other securities; and (ii) any guarantee or indemnity for any such indebtedness, without first ensuring that all amounts payable under the notes are secured by the security interest equally and ratably with
the relevant indebtedness or that such security interest is only provided as approved by the noteholders, but specifically excluding indebtedness arising pursuant to any secured or unsecured commercial bank lending by way of a syndicated or
bilateral loan agreement. 

  

	5.	Lloyds of London has a security interest in securities pledged by Argo Underwriting Agency Limited and Argo Re, Ltd. referred to as Funds at Lloyds (“FAL”) to support the business of Syndicate 1200. The FAL
securities are deposited with Lloyd’s and held under the terms of the Lloyd’s Deposit (Third Party) Trust Deed. At December 31, 2016 FAL totaled $161.8 million. 

 

	6.	Lloyds of London has a security interest in cash deposited by Ariel Corporate Member Limited and Ariel Reinsurance Ltd. to Lloyd’s, referred to as Funds at Lloyds (“FAL”) to support the business of
Syndicate 1910. The FAL cash is deposited with Lloyd’s and held under the terms of the Lloyd’s Deposit (Third Party) Trust Deed. At December 31, 2016 FAL totalled $66.0 million and $138.5 million for Ariel Corporate Member
Limited and Ariel Reinsurance Ltd., respectively. 

  
 - 16 - 

	7.	The assets of Ariel Syndicate 1910 are held subject to Lloyd’s Trust Deeds for the benefit of policyholders and the Company’s use is restricted 

 

	8.	The ability of Argo Group International Holding, Ltd.’s Insurance Subsidiaries to pay dividends is subject to certain restrictions imposed by the jurisdictions of domicile that regulate the Insurance Subsidiaries,
and each jurisdiction has calculations for the amount of dividends that an insurance and reinsurance company can pay without the approval of the insurance regulator. 

 

	9.	Obligation of Maybrooke Holdings S.A. to BTG Pactual Holding Internacional S.A. and Stanhope Investments (the “Sellers”), pursuant to letter agreement dated February 1, 2017 made in connection with the
Sale and Purchase Agreement conveying Maybrooke Holdings S.A. to Argo Group International Holdings, Ltd. under which Maybrooke Holdings S.A. is required to hold cash proceeds from the pre-closing sale of Arrow
Corporate Member Holdings LLC in the amount of $53,000,000 and deliver same to Sellers by means of an equity capital reduction distribution following the expiration of a waiting period required by Luxemburg law of 30 (thirty) days from the date of
publication of a notarial deed with respect to such equity capital reduction. 

  
 - 17 - 

 EXHIBIT A 

ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Credit Agreement identified below (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and
Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases
and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits,
causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto
or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and
obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale
and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

							
	 1.
	  	 Assignor:
	  	  
	  	
				
	 2.
	  	 Assignee:
	  	  
	  	
		  		  	 [and is an Affiliate/Approved Fund of [identify Lender]1]

			
	 3.
	  	 Borrower(s):
	  	 Argo Group International Holdings, Ltd., Argo Group US, Inc., Argo International
Holdings Limited, and Argo Underwriting Agency Limited

		
	 4.
	  	 Administrative Agent: JPMorgan Chase Bank, N.A., as the administrative agent under the
Credit Agreement

  

	1 	Select as applicable. 

	5.	Credit Agreement: The $325,000,000 Credit Agreement dated as of March 3, 2017 among Argo Group International Holdings, Ltd., Argo Group US, Inc., Argo International Holdings Limited, and Argo Underwriting Agency
Limited, the Lenders parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. 

  

	6.	Assigned Interest: 

  

													
	 Facility Assigned
	  	Aggregate Amount of
Commitment/Loans
for all Lenders	 	  	Amount of
Commitment/Loans
Assigned	 	  	Percentage Assigned
of
Commitment/Loans2	 
		  	$	                	 	  	$	                	 	  	 	        	% 
		  	$	                	 	  	$	                	 	  	 	        	% 
		  	$	                	 	  	$	                	 	  	 	        	% 

  
  

Effective Date:                  , 20     [TO BE INSERTED
BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The Assignee agrees to deliver to the
Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or more Credit Contacts (as defined in the Administrative Questionnaire) to whom all syndicate-level information (which may contain material non-public information about the Borrowers or their affiliates and their related parties or their respective securities) will be made available and who may receive such information in accordance with the
Assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 
 The terms set forth in this Assignment and
Assumption are hereby agreed to: 
  

			
	 ASSIGNOR

	
	 [NAME OF ASSIGNOR]

		
	By:	 	  

	 Title:
	 	
	
	 ASSIGNEE

	
	 [NAME OF ASSIGNEE]

		
	 By:
	 	  

	 Title:
	 	

  

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

  
 2 

			
	[Consented to and]3 Accepted:
	
	JPMORGAN CHASE BANK, N.A., as
	Administrative Agent
		
	By	 	  

	Title:	 	
	
	[Consented to:]4
	
	[NAME OF RELEVANT PARTY]
		
	By	 	  

	Title:	 	

  

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

	4 	To be added only if the consent of the Borrowers and/or other parties (e.g. Issuing Bank) is required by the terms of the Credit Agreement. 

  
 3 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and
to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Credit Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the Borrowers, any Subsidiaries or Affiliates or any other
Person obligated in respect of any Credit Document or (iv) the performance or observance by the Borrowers, any of the Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Credit Document. 

1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit
Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to
the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01
thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it
has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) attached to this Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms
of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which by
the terms of the Credit Documents are required to be performed by it as a Lender. 
 2. Payments. From and after the Effective Date,
the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the
Assignee for amounts which have accrued from and after the Effective Date. 

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

  
 2 

 EXHIBIT B-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of March 3, 2017 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among Argo Group International Holdings, Ltd., Argo Group US, Inc., Argo International Holdings Limited and Argo Underwriting Agency Limited (collectively, the “Borrowers”), the
Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”). 
 Pursuant to
the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is
providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is
not a controlled foreign corporation related to the Borrowers as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has
furnished the Administrative Agent and the Borrowers with a certificate of its non-U.S. Person status on IRS Form W-8BEN or Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and the
Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrowers and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

					
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Date:                 , 20    

 EXHIBIT B-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of March 3, 2017 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among Argo Group International Holdings, Ltd., Argo Group US, Inc., Argo International Holdings Limited and Argo Underwriting Agency Limited (collectively, the “Borrowers”), the
Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”). 
 Pursuant to
the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement
entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of Section
871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrowers as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the
following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or Form
W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

					
	 [NAME OF PARTICIPANT]

		
	By:	 	  

		 	 Name:
	 	
		 	 Title:
	 	
		
	 Date:
	 	                 , 20    

 EXHIBIT B-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of March 3, 2017 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among Argo Group International Holdings, Ltd., Argo Group US, Inc., Argo International Holdings Limited and Argo Underwriting Agency Limited (collectively, the “Borrowers”), the
Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”). 
 Pursuant to
the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a
bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to
the Borrowers as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with a certificate
of its non-U.S. Person status on IRS Form W-8BEN or Form W-8BEN-E. By executing this
certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender
with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

					
	 [NAME OF LENDER]

		
	By:	 	  

		 	 Name:
	 	
		 	 Title:
	 	
		
	 Date:
	 	                 , 20    

 EXHIBIT B-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of March 3, 2017 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among Argo Group International Holdings, Ltd., Argo Group US, Inc., Argo International Holdings Limited and Argo Underwriting Agency Limited (collectively, the “Borrowers”), the
Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”). 
 Pursuant to
the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this
certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any
other Credit Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section
881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a
controlled foreign corporation related to the Borrowers as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished
the Administrative Agent and the Borrowers with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS
Form W-8BEN or Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest
exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and the Administrative Agent, and (2) the undersigned
shall have at all times furnished the Borrowers and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have
the meanings given to them in the Credit Agreement. 
  

					
	 [NAME OF LENDER]

		
	By:	 	  

		 	 Name:
	 	
		 	 Title:
	 	
		
	 Date:
	 	                 , 20    

 EXHIBIT C 

Form of Several Letter of Credit 

[JPMorgan Chase Bank Letterhead] 

Beneficiary: 
 [Insert full Beneficiary name and address] 

Applicant: 
 [Insert full applicant name and address] 

We, the issuing banks listed below (hereinafter referred to individually as an “Issuing Bank” and collectively as the “Issuing Banks”),
hereby establish this clean and irrevocable letter of credit in your favor as Beneficiary for drawings up to [currency] [amount]. This letter of credit is issued and effective on the date hereof for obligations of the applicant effective
immediately. 
 This Letter of Credit is issued, presentable and payable at the office of the Issuing Agent (as defined below) at JPMorgan Chase Bank, N.A.,
131 South Dearborn, Mail Code IL1-0236, Chicago, IL 60603-5506, to the attention of the standby letter of credit unit, or such other office as we may advise from time to time, and expires with the Issuing
Agent’s close of business on [                    ] (month, day, year). “Issuing Agent” means JPMorgan Chase Bank, N. A., acting
solely as administrative agent and attorney-in-fact for the Issuing Banks. 

[The term “Beneficiary” includes any successor by operation of law of the named Beneficiary, including, without limitation, any liquidator,
rehabilitator, receiver, or conservator.] 
 OR 
 [The term
“Beneficiary” includes any successor by operation of law of the named Beneficiary, including, without limitation, any liquidator, rehabilitator, receiver, or conservator drawings by any liquidator, rehabilitator, receiver or conservator
shall be for the benefit of all the Beneficiary’s policyholders.]1 
 We hereby undertake to
promptly honor your sight draft(s) drawn on us, indicating credit number [                    ] for all or any part of this credit upon presentation
of your draft drawn on us at the office of the Issuing Agent specified above or such other office in the United States of America as we may advise from time to time, on or before the expiration date hereof, or any automatically extended expiry date.

  
  

	1 	Beneficiary definition - use one option depending on Beneficiary phrase requirement. 

 [Except as expressly stated herein, this undertaking is not subject to any agreement, condition or qualification.
The obligation of each Issuing Bank under this letter of credit is the individual obligation of each Issuing Bank and is in no way contingent upon reimbursement with respect thereto]. 

OR 
 [Except as expressly stated herein, this undertaking is not
subject to any agreement, condition or qualification. The obligation of each Issuing Bank under this letter of credit is the individual obligation of each Issuing Bank and is in no way contingent upon reimbursement with respect thereto, and is in no
way contingent upon reimbursement with respect thereto, or upon our ability to perfect any lien, security interest or any other reimbursement].2 

This letter of credit shall be deemed automatically extended without amendment for one year from the expiration date hereof, or any future expiration date,
unless at least [    ] days prior to any expiration date we send notice to you by registered mail or overnight courier that we elect not to consider this letter of credit extended for any such additional period. 

This letter of credit is subject to and governed by the laws of the state of
[                    ] and the 2007 revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce
(Publication 600) and, in the event of any conflict, the laws of the state of [                    ] will control. If this credit expires during an
interruption of the Issuing Agent‘s business as described in article 36 of said publication 600, the Issuing Bank hereby specifically agrees to effect payment if this credit is drawn against within thirty (30) days after the resumption of
the Issuing Agent’s business. 
 All correspondence and any drawings in connection with this letter of credit must only be presented at 131 South
Dearborn, Mail Code IL1-0236, Chicago, IL 60603-5506, to the attention of the standby letter of credit unit, including the letter of credit number mentioned above for telephone assistance, please contact the
standby client service unit at 1-800-634-1969, select option 1, or 312-954-1508 and have this letter of credit number available. 
 Each of the Issuing Banks agrees, for itself alone
and not jointly with any other Issuing Bank, to honor a sight draft drawn by you and presented to the Issuing Agent in an amount not to exceed the aggregate amount available multiplied by such Issuing Bank’s percentage obligation as set forth
herein (the “Percentage Obligation”) and in accordance with the terms and conditions hereinafter set forth. 
 The obligations of the Issuing
Banks hereunder shall be several and not joint. Upon the transfer by an Issuing Bank to the Issuing Agent for your account of the amount specified in a sight draft drawn on such Issuing Bank hereunder, such Issuing Bank shall be fully discharged of
its obligations under this letter of credit with respect to such sight draft. The failure of any Issuing 
  

 

	2 	 Bank obligation phrase - use one option depending on Beneficiary phrase requirement.

 
Bank to make funds available to the Issuing Agent for payment under this letter of credit shall not relieve any other Issuing Bank of its obligation hereunder to make funds available to the
Issuing Agent; neither the Issuing Agent nor any Issuing Bank shall be responsible for the failure of any other Issuing Bank to make funds available to the Issuing Agent. 

By your acceptance hereof, you agree that (i) the Issuing Agent, in such capacity, shall have no obligation or liability to honor any drawing under this
letter of credit, provided, however, that nothing in this clause (i) shall relieve the Issuing Agent of its obligations, if any, (a) as an Issuing Bank, (b) as a confirming bank, or (c) to make payment hereunder for your account
with funds transferred to the Issuing Agent by Issuing Banks with respect to sight drafts presented by you; (ii) neither any Issuing Bank nor the Issuing Agent shall be responsible for the obligations of any other Issuing Bank, including any
obligation to make payment hereunder; and (iii) an Issuing Bank may assign in full or in part any or all of its obligations to another Issuing Bank(s) and in such event the assignee Issuing Bank(s) would become Issuing Bank(s) (as the case may
be) in the applicable percentage(s) of the assignor Issuing Bank who would cease to be obligated under this letter of credit [to the extent of such assigned obligations]; provided that no such event will reduce the then available amount under this
letter of credit. 
 Upon the occurrence of any such event contemplated in (iii) above, the Issuing Agent will provide prompt notice to you of such
event, including any change in the identities of the Issuing Banks severally but not jointly liable in respect of the aggregate undrawn amount of this letter of credit (based upon their respective applicable percentages thereof) and any change in
such applicable percentages (and in the identities of any related confirming banks). The Issuing Banks have represented that in the event of an assignment any assignee Issuing Bank will be (a) a bank listed on the then current bank list of
banks approved by the NAIC (the “NAIC Bank List’’) as of the time of assignment or (b) a bank whose confirming bank is a bank listed on such NAIC Bank List. 

The Issuing Banks (listed with an NAIC Bank List approved bank name/entity and ABA routing number) and their respective Percentage Obligations (in a whole
number format followed by decimal and six places after the decimal) are as follows: 
  

					
	 Issuing Banks
	  	 ABA Routing No.
	  	 Percentage Obligations

	 [     ]
	  	[     ]	  	        %
	 [     ]
	  	[     ]	  	        %
	 [     ]
	  	[     ]	  	        %

 JPMorgan Chase Bank, N.A., as Issuing Agent and as
attorney-in-fact, has the authority to act as agent for the issuing and confirming banks obligated under this letter of credit and has full power of attorney from such
banks to act on their behalf to: (a) receive drafts, other demands for payment and other documents presented by the beneficiary hereunder, (b) determine whether such drafts, demands and documents are in compliance with the terms and
conditions hereof and (c) notify the Issuing Banks and Applicant that a valid drawing has been made and the date that the related payment is to be made. 

 This letter of credit cannot be modified or revoked without your prior written consent, provided that it may be
amended by an amendment signed solely by the Issuing Agent (and without your consent) to (a) delete an Issuing Bank, (b) add an Issuing Bank which at the time it becomes an Issuing Bank is on the NAIC Bank List or (c) change
Percentage Obligations; provided that such amendment does not decrease the aggregate available amount under this letter of credit. 
  

			
	Very truly yours,
		
		 	JPMorgan Chase Bank, N. A., as Issuing
		 	Agent on behalf of the Issuing Banksmoco20161231_10k.htm

Exhibit 10.5

 

 

MOCON, INC.

2015 EQUITY INCENTIVE PLAN

 

	
1.
	
Purpose of Plan.

 

The purpose of the MOCON, Inc. 2015 Equity Incentive Plan (this “Plan”) is to advance the interests of MOCON, Inc. (the “Company”) and its shareholders by enabling the Company and its Subsidiaries to attract and retain qualified individuals to perform services for the Company and its Subsidiaries, providing incentive compensation for such individuals that is linked to the growth and profitability of the Company and increases in shareholder value, and aligning the interests of such individuals with the interests of its shareholder through opportunities for equity participation in the Company.

 

	
2.
	
Definitions.

 

The following terms will have the meanings set forth below, unless the context clearly otherwise requires. Terms defined elsewhere in the Plan will have the same meaning throughout the Plan.

 

2.1      “Board” means the Board of Directors of the Company.

 

2.2     “Broker Exercise Notice” means a written notice pursuant to which a Participant, upon exercise of an Option, irrevocably instructs a broker or dealer to sell a sufficient number of shares of Common Stock or loan a sufficient amount of money to pay all or a portion of the exercise price of the Option and/or any related withholding tax obligations and remit such sums to the Company and directs the Company to deliver shares of Common Stock to be issued upon such exercise directly to such broker or dealer or their nominee.

 

2.3     “Cause” means “cause” as defined in any employment or other agreement or policy applicable to the Participant, or if no such agreement or policy exists, will mean (a) dishonesty, fraud, misrepresentation, embezzlement or deliberate injury or attempted injury, in each case related to the Company or any Subsidiary, (b) any unlawful or criminal activity of a serious nature, (c) any intentional and deliberate breach of a duty or duties that, individually or in the aggregate, are material in relation to the Participant’s overall duties, (d) any material breach by a Participant of any employment, service, consulting, confidentiality, assignment of inventions, non-compete or non-solicitation agreement entered into with the Company or any Subsidiary, or (e) any action by a Participant that the Committee, in its sole discretion, determines to be injurious, detrimental, prejudicial or adverse to the interests of the Company or any Subsidiary, including: (i) disclosing confidential information of the Company or any Subsidiary to any person not authorized by the Company or Subsidiary to receive it, (ii) engaging, directly or indirectly, in any commercial activity that in the judgment of the Committee competes with the business of the Company or any Subsidiary or (iii) interfering with the relationships of the Company or any Subsidiary and their respective employees, independent contractors, customers, prospective customers and vendors.

 

2.4     “Change in Control” means an event described in Section 15.1 of the Plan; provided, however, if payment under an Incentive Award that is subject to Section 409A of the Code is triggered by a Change in Control, the term Change in Control will mean a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, as such term is defined in Section 409A of the Code.

 

 

 

 

 

2.5     “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code in the Plan will be deemed to include a reference to any applicable rules and regulations thereunder and any successor or amended section of the Code.

 

2.6     “Committee” means the group of individuals administering the Plan, as provided in Section 3 of the Plan. 

 

2.7     “Common Stock” means the common stock of the Company, par value $0.10 per share, or the number and kind of shares of stock or other securities into which such Common Stock may be changed in accordance with Section 4.3 of the Plan. 

 

2.8     “Company” means MOCON, Inc., a Minnesota corporation, and any successor thereto as provided in Section 21.6 of the Plan.

 

2.9     “Consultant” means a person engaged to provide consulting or advisory services (other than as an Employee or a Director) to the Company or any Subsidiary that: (a) are not in connection with the offer and sale of the Company’s securities in a capital raising transaction and (b) do not directly or indirectly promote or maintain a market for the Company’s securities.

 

2.10     “Director” means a member of the Board.

 

2.11     “Disability” means the disability of the Participant such as would entitle the Participant to receive disability income benefits pursuant to the long-term disability plan of the Company or Subsidiary then covering the Participant or, if no such plan exists or is applicable to the Participant, the permanent and total disability of the Participant within the meaning of Section 22(e)(3) of the Code; provided, however, that if distribution of an Incentive Award subject to Section 409A of the Code is triggered by an Eligible Recipient’s Disability, such term will mean that the Eligible Recipient is disabled as defined by Section 409A of the Code and the regulations and rulings issued thereunder.

 

2.12      “Effective Date” means May 27, 2015 or such later date as the Plan is initially approved by the Company’s shareholders.

 

2.13     “Eligible Recipients” means (a) for the purposes of granting Incentive Stock Options, all Employees and (b) for the purposes of granting Non-Statutory Stock Options and other Incentive Awards, means all Employees, Directors and Consultants.

 

2.14     “Employee” means any individual performing services for the Company or a Subsidiary and designated as an employee of the Company or a Subsidiary on the payroll records thereof. An Employee will not include any individual during any period he or she is classified or treated by the Company or Subsidiary as an independent contractor, a consultant, or any employee of an employment, consulting or temporary agency or any other entity other than the Company or Subsidiary, without regard to whether such individual is subsequently determined to have been, or is subsequently retroactively reclassified as a common-law employee of the Company or Subsidiary during such period. An individual will not cease to be an Employee in the case of: (a) any leave of absence approved by the Company, or (b) transfers between locations of the Company or between the Company or any Subsidiaries. For purposes of Incentive Stock Options, no such leave may exceed ninety (90) days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company or a Subsidiary, as applicable, is not so guaranteed, then three (3) months following the ninety-first (91st) day of such leave, any Incentive Stock Option held by a Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Non-Statutory Stock Option. Neither service as a Director nor payment of a Director’s fee by the Company will be sufficient to constitute “employment” by the Company.

 

 

 

 

 

2.15     “Exchange Act” means the Securities Exchange Act of 1934, as amended. Any reference to a section of the Exchange Act in the Plan will be deemed to include a reference to any applicable rules and regulations thereunder and any successor or amended section of the Exchange Act.

 

2.16     “Fair Market Value” means, with respect to the Common Stock, as of any date: (a) the closing sale price of the Common Stock as of such date at the end of the regular trading session, as reported by The NASDAQ Stock Market, The New York Stock Exchange, The American Stock Exchange or any national securities exchange on which the Common Stock is then listed (or, if no shares were traded on such date, as of the next preceding date on which there was such a trade); or (b) if the Common Stock is not so listed, admitted to unlisted trading privileges, or reported on any national securities exchange, the closing sale price as of such date at the end of the regular trading session, as reported by OTC Bulletin Board or the OTC Markets Group Inc. or other comparable service (or, if no shares were traded or quoted on such date, as of the next preceding date on which there was such a trade or quote); or (c) if the Common Stock is not so listed or reported, such price as the Committee determines in good faith, in the exercise of its reasonable discretion, and consistent with the definition of “fair market value” under Section 409A of the Code. If determined by the Committee, such determination will be final, conclusive and binding for all purposes and on all persons, including the Company, the shareholders of the Company, the Participants and their respective heirs and other successors-in-interest. No member of the Committee will be liable for any determination regarding the fair market value of the Common Stock that is made in good faith. 

 

2.17     “Good Reason,” unless otherwise defined in an agreement evidencing an Incentive Award, means the occurrence of any of the following in connection with a Change in Control: (i) a material diminution in the Participant’s authority, duties or responsibilities as in effect prior to the Change in Control, (ii) a material diminution by the Company in the Participant’s base compensation, or a material adverse change in the form or timing of the payment thereof, as in effect immediately prior to the Change in Control or as thereafter increased, or (iii) the Company’s requiring the Participant to be based at any office or location that is more than fifty (50) miles further from the office or location thereof immediately preceding the Change in Control; provided, however, Good Reason shall not include any of the circumstances or events described above unless (A) the Participant has first provided written notice of such circumstance or event to the Company or its successor within 90 days of the occurrence of such circumstance or event and the Company or such successor has not corrected such circumstance or event within thirty (30) days thereafter; and (B) the Participant has not otherwise consented to the occurrence in writing.

 

 

 

 

 

2.18     “Grant Date” means the date an Incentive Award is granted to a Participant pursuant to the Plan and as determined pursuant to Section 5 of the Plan.

 

2.19     “Incentive Award” means an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit, Performance Award, Stock Bonus or Other Stock-Based Award granted to an Eligible Recipient pursuant to the Plan.

 

2.20     “Incentive Award Agreement” means either: (a) a written or electronic (as provided in Section 21.8) agreement entered into by the Company and a Participant setting forth the terms and provisions applicable to an Incentive Award granted under the Plan, including any amendment or modification thereof, or (b) a written or electronic (as provided in Section 21.8) statement issued by the Company to a Participant describing the terms and provisions of such an Incentive Award, including any amendment or modification thereof. The Committee may provide for the use of electronic, internet or other non-paper Incentive Award Agreements, and the use of electronic, internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant.

 

2.21     “Incentive Stock Option” means a right to purchase shares of Common Stock granted to an Employee pursuant to Section 6 of the Plan that is designated as and is intended to meet the requirements of an “incentive stock option” within the meaning of Section 422 of the Code.

 

2.22     “Non-Statutory Stock Option” means a right to purchase shares of Common Stock granted to an Eligible Recipient pursuant to Section 6 of the Plan that is not intended to meet the requirements of or does not qualify as an Incentive Stock Option.

 

2.23     “Option” means an Incentive Stock Option or a Non-Statutory Stock Option. 

 

2.24     “Other Stock-Based Award” means an equity-based or equity-related Incentive Award not otherwise described by the terms of the Plan, granted pursuant to Section 11 of the Plan.

 

2.25     “Participant” means an Eligible Recipient who receives one or more Incentive Awards under the Plan. 

 

2.26     “Performance Award” means a right granted to an Eligible Recipient pursuant to Section 9 of the Plan to receive an amount of cash, a number of shares of Common Stock, or a combination of both, contingent upon and the value of which at the time it is payable is determined as a function of the extent of the achievement of specified performance objectives during a specified period. A Performance Award is also commonly referred to as a “performance unit” or “performance share.”

 

2.27     “Previously Acquired Shares” means shares of Common Stock that are already owned by the Participant or, with respect to any Incentive Award, that are to be issued to the Participant upon the grant, exercise, vesting or settlement of such Incentive Award.

 

 

 

 

 

2.28     “Restricted Stock Award” means an award of shares of Common Stock granted to an Eligible Recipient pursuant to Section 8 of the Plan that is subject to restrictions on transferability and a risk of forfeiture.

 

2.29     “Restricted Stock Unit” means an award denominated in shares of Common Stock granted to an Eligible Recipient pursuant to Section 8 of the Plan to receive an amount of cash, a number of shares of Common Stock, or a combination of both, contingent upon the achievement of specified performance objectives or that the Participant remain in the continuous employment or service with the Company for a certain period or other conditions.

 

2.30     “Retirement” means unless otherwise defined in the Incentive Award Agreement or in a written employment, services or other agreement between the Participant and the Company or a Subsidiary, means “Retirement” as defined from time to time for purposes of the Plan by the Committee or by the Company’s chief human resources officer or other person performing that function or, if not so defined, means voluntary termination of employment or service by the Participant on or after the date the Participant reaches age fifty-five (55) with the present intention to leave the Company’s industry or to leave the general workforce and completion of at least ten (10) years of continuous service with the Company or a Subsidiary.

 

2.31     “Securities Act” means the Securities Act of 1933, as amended. Any reference to a section of the Securities Act in the Plan will be deemed to include a reference to any applicable rules and regulations thereunder and any successor or amended section of the Securities Act.

 

2.32     “Stock Appreciation Right” means a right granted to an Eligible Recipient pursuant to Section 7 of the Plan to receive a payment from the Company, in the form of shares of Common Stock, cash or a combination of both, equal to the difference between the Fair Market Value of one or more shares of Common Stock and a specified exercise price of such shares.

 

2.33     “Stock Bonus” means an award of shares of Common Stock granted to an Eligible Recipient pursuant to Section 10 of the Plan.

 

2.34     “Subsidiary” means any entity that is directly or indirectly controlled by the Company or any entity in which the Company has a significant equity interest, as determined by the Committee, provided the Company has a “controlling interest” in the Subsidiary as defined in Treas. Reg. Sec. 1.409A-1(b)(5)(iii)(E)(1).

 

2.35     “Tax Date” means the date any withholding tax obligation arises under the Code for a Participant with respect to an Incentive Award. 

 

 

 

 

 

	
3.
	
Plan Administration.

 

3.1     The Committee. The Plan will be administered by the Board or by a committee of the Board. So long as the Company has a class of its equity securities registered under Section 12 of the Exchange Act, any committee administering the Plan will consist solely of two or more members of the Board who are “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act and who are “independent directors” as required by the Listing Rules of The NASDAQ Stock Market (or other applicable exchange or market on which the Company’s Common Stock may be traded or quoted). Such a committee, if established, will act by majority approval of the members (but may also take action by the written consent of a majority of the members of such committee), and a majority of the members of such a committee will constitute a quorum. As used in the Plan, “Committee” will refer to the Board or to such a committee, if established.

 

3.2     Authority of the Committee. In accordance with and subject to the provisions of the Plan, the Committee will have the authority to determine all provisions of Incentive Awards as the Committee may deem necessary or desirable and as consistent with the terms of the Plan, including, without limitation, the following: (a) the Eligible Recipients to be selected as Participants; (b) the nature and extent of the Incentive Awards to be made to each Participant (including the number of shares of Common Stock to be subject to each Incentive Award, any exercise price, the manner in which Incentive Awards will vest or become exercisable and whether Incentive Awards will be granted in tandem with other Incentive Awards) and the form of Incentive Award Agreement; (c) the time or times when Incentive Awards will be granted; (d) the duration of each Incentive Award; and (e) the restrictions and other conditions to which the payment or vesting of Incentive Awards may be subject; provided, however, that notwithstanding any other provision of the Plan other than Section 15.2: (A) any Incentive Award other than an Option or Stock Appreciation Right will not vest or become payable over a period of less than three (3) years from the date of grant, if vesting or payment is based solely upon the passage of time, and will have a performance measurement period of not less than one (1) year, if vesting or payment is based upon satisfaction of specified objectives; (B) all Incentive Awards granted to non-employee directors shall be granted pursuant to bona fide formulas or policies established by the Committee from time to time for the compensation of such directors, as a group, in respect of service as a non-employee director, a member of a committee of the Board or chair of the Board or a committee of the Board, and the Committee shall not discriminate among individual non-employee directors in granting or establishing the terms of Incentive Awards (except to the extent such formulas or policies may be modified from time to time) and (C) no Incentive Award will vest over a period of less than one (1) year. In addition, the Committee will have the authority to: (i) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Incentive Award granted under, the Plan; (ii) establish, amend, suspend or waive any rules and regulations and appoint such agents as the Committee may deem appropriate for the proper administration of the Plan; and (iii) make any other determination and take any other action that the Committee may deem necessary or desirable for the administration of the Plan. In addition, the Committee will have the authority under the Plan in its sole discretion to pay the economic value of any Incentive Award in the form of cash, Common Stock or any combination of both. The Committee may exercise its duties, power and authority under the Plan in its sole discretion without the consent of any Participant or other party, unless the Plan specifically provides otherwise. The Committee will not be obligated to treat Participants or Eligible Recipients uniformly, and determinations made under the Plan may be made by the Committee selectively among Participants or Eligible Recipients, whether or not such Participants and Eligible Recipients are similarly situated. Each determination, interpretation or other action made or taken by the Committee pursuant to the provisions of the Plan will be final, conclusive and binding for all purposes and on all persons, and no member of the Committee will be liable for any action or determination made in good faith with respect to the Plan or any Incentive Award granted under the Plan. 

 

 

 

 

 

3.3     Delegation. Except to the extent prohibited by applicable law or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing and to the extent consistent with the applicable corporate law of the Company’s jurisdiction of incorporation, the Committee may, by resolution, authorize one or more Directors or one or more officers of the Company to do one or both of the following on the same basis as can the Committee: (a) designate Eligible Recipients to be recipients of Incentive Awards pursuant to the Plan; and (b) determine the size of any such Incentive Awards; provided, however, that (x) the Committee will not delegate such responsibilities to any such Director(s) or officer(s) for any Incentive Awards granted to an Eligible Recipient who is subject to the reporting and liability provisions of Section 16 under the Exchange Act or whose compensation in the fiscal year in which the Incentive Award is expected to be deductible may be subject to the limits on deductible compensation pursuant to Section 162(m) of the Code; (y) the resolution providing such authorization will set forth the type of Incentive Awards and total number of each type of Incentive Awards such Director(s) or officer(s) may grant; and (z) such Director(s) or officer(s) will report periodically to the Committee regarding the nature and scope of the Incentive Awards granted pursuant to the authority delegated.

 

3.4     No Re-Pricing. Notwithstanding any other provision of this Plan other than Section 4.3, the Committee may not, without prior approval of the Company’s shareholders, seek to effect any re-pricing of any previously granted, “underwater” Option or Stock Appreciation Right by: (a) amending or modifying the terms of the Option or Stock Appreciation Right to lower the exercise price; (b) canceling the underwater Option or Stock Appreciation Right in exchange for (i) cash; (ii) replacement Options or Stock Appreciation Rights having a lower exercise price; or (iii) other Incentive Awards; or (c) repurchasing the underwater Options or Stock Appreciation Rights and granting new Incentive Awards under this Plan. For purposes of this Section 3.4, Options and Stock Appreciation Rights will be deemed to be “underwater” at any time when the Fair Market Value of the Common Stock is less than the exercise price of the Option or Stock Appreciation Right. 

 

3.5     Participants Based Outside the United States. In addition to the authority of the Committee under Section 3.2 of the Plan and notwithstanding any other provision of the Plan, the Committee may, in its sole discretion, amend the terms of the Plan or Incentive Awards with respect to Participants resident outside of the United States or employed by a non-U.S. Subsidiary in order to comply with local legal requirements, to otherwise protect the Company’s or Subsidiary’s interests, or to meet objectives of the Plan, and may, where appropriate, establish one or more sub-plans (including the adoption of any required rules and regulations) for the purposes of qualifying for preferred tax treatment under foreign tax laws. The Committee shall have no authority, however, to take action pursuant to this Section 3.5: (a) to reserve shares or grant Incentive Awards in excess of the limitations provided in Section 4.1 of the Plan; (b) to effect any re-pricing in violation of Section 3.4 of the Plan; (c) to grant Options or Stock Appreciation Rights having an exercise price less than 100% of the Fair Market Value of one share of Common Stock on the Grant Date in violation of Section 6.3 or 7.3 of the Plan, as the case may be; or (d) for which shareholder approval would then be required pursuant to Section 422 of the Code or the Listing Rules of The NASDAQ Stock Market (or other applicable exchange or market on which the Company’s Common Stock may be traded or quoted).

 

 

 

 

 

	
4.
	
Shares Available for Issuance.

 

4.1     Maximum Number of Shares Available; Certain Restrictions on Awards. Subject to adjustment as provided in Section 4.3 of the Plan, the maximum number of shares of Common Stock that will be available for issuance under the Plan will be the sum of:

 

(a)     550,000;

 

(b)     the number of shares issued or Incentive Awards granted under the Plan in connection with the settlement, assumption or substitution of outstanding awards or obligations to grant future awards as a condition of the Company and/or any Subsidiary(ies) acquiring, merging or consolidating with another entity; and

 

(c)     the number of shares that are unallocated and available for grant under a stock plan assumed by the Company or any Subsidiary(ies) in connection with the merger, consolidation, or acquisition of another entity by the Company and/or any of its Subsidiaries, based on the applicable exchange ratio and other transaction terms, but only to the extent that such shares may be utilized by the Company or its Subsidiaries following the transaction pursuant to the rules and regulations of The NASDAQ Stock Market (or other applicable exchange or market on which the Company’s Common Stock may be traded or quoted).

 

Notwithstanding any other provisions of the Plan to the contrary, (i) no more than 550,000 shares of Common Stock may be issued pursuant to the exercise of Incentive Stock Options granted under the Plan; and (ii) no more than 300,000 shares of Common Stock may be issued or issuable under the Plan in connection with the grant of Incentive Awards, other than Options or Stock Appreciation Rights. All of the foregoing share limits are subject, in each case, to adjustment as provided in Section 4.3 of the Plan. Incentive Stock Options issued as a result of the Company’s assumption or substitution of like awards issued by any acquired, merged or consolidated entity pursuant to applicable provisions of the Code will not count towards the limit in clause (i). 

 

4.2     Accounting for Incentive Awards. Shares of Common Stock that are issued under the Plan or that are subject to outstanding Incentive Awards will be applied to reduce the maximum number of shares of Common Stock remaining available for issuance under the Plan. All shares so subtracted from the amount available under the Plan with respect to an Incentive Award that lapses, expires, is forfeited (including issued shares forfeited under a Restricted Stock Award) or for any reason is terminated unexercised or unvested or is settled or paid in cash or any form other than shares of Common Stock will automatically again become available for issuance under the Plan; provided, however, that the full number of shares of Common Stock subject to a Stock Appreciation Right granted that is settled by the issuance of shares of Common Stock will be counted against the shares of Common Stock authorized for issuance under the Plan, regardless of the number of shares actually issued upon settlement of such Stock Appreciation Right. Furthermore, any shares of Common Stock withheld to satisfy tax withholding obligations on Incentive Awards issued under the Plan, any shares of Common Stock withheld to pay the exercise price of Incentive Awards under the Plan and any shares of Common Stock not issued or delivered as a result of the “net exercise” of an outstanding Option pursuant to Section 6.5 of the Plan or settlement of a Stock Appreciation Right in shares of Common Stock pursuant to Section 7.7 of the Plan will be counted against the shares of Common Stock authorized for issuance under the Plan and will not be available again for grant under the Plan. Any shares of Common Stock repurchased by the Company on the open market using the proceeds from the exercise of an Incentive Award will not increase the number of shares available for future grant of Incentive Awards. Any shares of Common Stock related to Incentive Awards under the Plan that terminate by expiration, forfeiture, cancellation or otherwise without the issuance of shares of Common Stock, or are settled in cash in lieu of shares, or are exchanged with the Committee’s permission, prior to the issuance of shares, for Incentive Awards not involving shares, will be available again for grant under the Plan.

 

 

 

 

 

4.3     Annual Award Limit. The maximum aggregate number of shares of Common Stock subject to the grant of Options and Stock Appreciation Rights granted to any one Participant in any one calendar year will be 100,000 shares, with such limit to be adjusted pursuant to Section 4.4, unless the Committee specifically determines at the time of the grant that the Incentive Award is not intended to qualify as “performance based compensation” under Section 162(m) of the Code. The maximum aggregate number of shares of Common Stock subject to a non-employee Director Incentive Award to any one non-employee Director in any one calendar year may not exceed 10,000; provided, however, that such limit shall not apply to any election of a non-employee Director to receive shares of Common Stock in lieu of all or a portion of any annual Board, chair and other retainers and any meeting fees otherwise payable in cash.

 

4.4     Adjustments to Shares and Incentive Awards. 

 

(a)     In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary dividend (including a spin-off) or any other similar change in the corporate structure or shares of the Company, the Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving corporation) will make appropriate adjustment (which determination will be conclusive) as to the number and kind of securities or other property (including cash) available for issuance or payment under the Plan, including the sub-limits set forth in Section 4.1 of the Plan and, in order to prevent dilution or enlargement of the rights of Participants, (a) the number and kind of securities or other property (including cash) subject to outstanding Incentive Awards, and (b) the exercise price of outstanding Incentive Awards. The determination of the Committee as to the foregoing adjustments, if any, will be final, conclusive and binding on Participants under the Plan. 

 

 

 

 

 

(b)     Notwithstanding anything else in the Plan to the contrary, without affecting the number of shares of Common Stock reserved or available under the Plan, including the sub-limits in Section 4.1 of the Plan, the Committee may authorize the issuance or assumption of benefits under the Plan in connection with any merger, consolidation, acquisition of property or stock or reorganization upon such terms and conditions as it may deem appropriate, subject to compliance with the rules under Sections 422 and 424 of the Code, as and where applicable.

 

	
5.
	
Participation. 

 

Participants in the Plan will be those Eligible Recipients who, in the judgment of the Committee, have contributed, are contributing or are expected to contribute to the achievement of objectives of the Company or its Subsidiaries. Eligible Recipients may be granted from time to time one or more Incentive Awards, singly or in combination or in tandem with other Incentive Awards, as may be determined by the Committee in its sole discretion. Incentive Awards will be deemed to be granted as of the date specified in the grant resolution of the Committee, which date will be the Grant Date of any related Incentive Award Agreement with the Participant.

 

	
6.
	
Options.

 

6.1     Grant. An Eligible Recipient may be granted one or more Options under the Plan, and such Options will be subject to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion. The Committee may designate whether an Option is to be considered an Incentive Stock Option or a Non-Statutory Stock Option. An Option will be an Incentive Stock Option only if the Eligible Recipient receiving the Option is an Employee. To the extent that any Incentive Stock Option (or portion thereof) granted under the Plan ceases for any reason to qualify as an “incentive stock option” for purposes of Section 422 of the Code, such Incentive Stock Option (or portion thereof) will continue to be outstanding for purposes of the Plan but will thereafter be deemed to be a Non-Statutory Stock Option. Options may be granted to an Eligible Recipient for services provided to a Subsidiary only if, with respect to such Eligible Recipient, the underlying shares of Common Stock constitute “service recipient stock” within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(iii).

 

6.2     Incentive Award Agreement. Each Option grant will be evidenced by an Incentive Award Agreement that will specify the exercise price of the Option, the maximum duration of the Option, the number of shares of Common Stock to which the Option pertains, the conditions upon which an Option will become vested and exercisable, and such other provisions as the Committee will determine which are not inconsistent with the terms of the Plan. The Incentive Award Agreement also will specify whether the Option is intended to be an Incentive Stock Option or a Non-Statutory Stock Option.

 

6.3     Exercise Price. The per share price to be paid by a Participant upon exercise of an Option granted pursuant to this Section 6 will be determined by the Committee in its sole discretion at the time of the Option grant; provided, however, that such price will not be less than 100% of the Fair Market Value of one share of Common Stock on the date of grant (or 110% of the Fair Market Value of one share of Common Stock on the date of grant of an Incentive Stock Option if, at the time the Incentive Stock Option is granted, the Participant owns, directly or indirectly, more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary corporation of the Company). Notwithstanding the foregoing, to the extent that Options are granted under the Plan as a result of the Company’s assumption or substitution of options issued by any acquired, merged or consolidated entity, the exercise price for such Options will be the price determined by the Committee pursuant to the conversion terms applicable to the transaction.

 

 

 

 

 

6.4     Exercisability and Duration. An Option will become exercisable at such times and in such installments and upon such terms and conditions as may be determined by the Committee in its sole discretion at the time of grant, including (a) the achievement of one or more specified performance objectives; and/or that (b) the Participant remain in the continuous employment or service with the Company or a Subsidiary for a certain period; provided, however, that no Option may be exercisable after ten (10) years from the Grant Date (five years from the Grant Date in the case of an Incentive Stock Option if, at the time the Incentive Stock Option is granted, the Participant owns, directly or indirectly, more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary corporation of the Company). Notwithstanding the foregoing, if the Option (other than in the case of an Incentive Stock Option) would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), then the term of the Option will be automatically extended until the thirtieth (30th) day following the expiration of such prohibition or if the exercise of an Option that is exercisable in accordance with its terms is otherwise prevented by the provisions of Section 17 of the Plan, then the Option will remain exercisable until thirty (30) days after the date such exercise first would no longer be prevented by such provisions, but in any event no later than the expiration date of such Option. 

 

6.5     Payment of Exercise Price. 

 

(a)     The total purchase price of the shares of Common Stock to be purchased upon exercise of an Option must be paid entirely in cash (including check, bank draft or money order); provided, however, that the Committee, in its sole discretion and upon terms and conditions established by the Committee, may allow such payments to be made, in whole or in part, by (i) tender of a Broker Exercise Notice; (ii) tender, either by actual delivery or attestation as to ownership, of Previously Acquired Shares that are acceptable to the Committee; (iii) a “net exercise” of the Option (as further described in paragraph (b), below); (iv) a combination of such methods; or (v) any other method approved or accepted by the Committee in its sole discretion.

 

(b)     In the case of a “net exercise” of an Option, the Company will not require a payment of the exercise price of the Option from the Participant but will reduce the number of shares of Common Stock issued upon the exercise by the largest number of whole shares that has a Fair Market Value on the exercise date that does not exceed the aggregate exercise price for the shares exercised under this method. Shares of Common Stock will no longer be outstanding under an Option (and will therefore not thereafter be exercisable) following the exercise of such Option to the extent of (i) shares used to pay the exercise price of an Option under the “net exercise,” (ii) shares actually delivered to the Participant as a result of such exercise and (iii) any shares withheld for purposes of tax withholding pursuant to Section 14.1 of the Plan. 

 

 

 

 

 

(c)     Previously Acquired Shares tendered or covered by an attestation as payment of an Option exercise price will be valued at their Fair Market Value on the exercise date of the Option.

 

6.6     Manner of Exercise. An Option may be exercised by a Participant in whole or in part from time to time, subject to the conditions contained in the Plan and in the Incentive Award Agreement evidencing such Option, by delivery in person, by facsimile or electronic transmission or through the mail of written notice of exercise to the Company at its principal executive office in Minneapolis, Minnesota (or to the Company’s designee as may be established from time to time by the Company and communicated to Participants) and by paying in full the total exercise price for the shares of Common Stock to be purchased in accordance with Section 6.5 of the Plan.

 

	
7.
	
Stock Appreciation Rights.

 

7.1     Grant. An Eligible Recipient may be granted one or more Stock Appreciation Rights under the Plan, and such Stock Appreciation Rights will be subject to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion. The Committee will have the sole discretion to determine the form in which payment of the economic value of Stock Appreciation Rights will be made to a Participant (i.e., cash, shares of Common Stock or any combination thereof) or to consent to or disapprove the election by a Participant of the form of such payment. Stock Appreciation Rights may be granted to an Eligible Recipient for services provided to a Subsidiary only if, with respect to such Eligible Recipient, the underlying shares of Common Stock constitute “service recipient stock” within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(iii).

 

7.2     Incentive Award Agreement. Each Stock Appreciation Right will be evidenced by an Incentive Award Agreement that will specify the exercise price of the Stock Appreciation Right, the term of the Stock Appreciation Right, and such other provisions as the Committee will determine which are not inconsistent with the terms of the Plan.

 

7.3     Exercise Price. The exercise price of a Stock Appreciation Right will be determined by the Committee, in its sole discretion, at the Grant Date; provided, however, that such price may not be less than 100% of the Fair Market Value of one share of Common Stock on the Grant Date. Notwithstanding the foregoing, to the extent that Stock Appreciation Rights are granted under the Plan as a result of the Company’s assumption or substitution of stock appreciation rights issued by any acquired, merged or consolidated entity, the exercise price for such Stock Appreciation Rights will be the price determined by the Committee pursuant to the conversion terms applicable to the transaction. 

 

 

 

 

 

7.4     Exercisability and Duration. A Stock Appreciation Right will become exercisable at such times and in such installments as may be determined by the Committee in its sole discretion at the time of grant; provided, however, that no Stock Appreciation Right may be exercisable after ten (10) years from its Grant Date. Notwithstanding the foregoing, if the Stock Appreciation Right would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), then the term of the Stock Appreciation Right will be automatically extended until the thirtieth (30th) day following the expiration of such prohibition or if the exercise of a Stock Appreciation Right that is exercisable in accordance with its terms is otherwise prevented by the provisions of Section 17 of the Plan, the Stock Appreciation Right will remain exercisable until thirty (30) days after the date such exercise first would no longer be prevented by such provisions, but in any event no later than the expiration date of such Stock Appreciation Right.

 

7.5     Manner of Exercise. A Stock Appreciation Right will be exercised by giving notice in the same manner as for Options, as set forth in Section 6.6 of the Plan, subject to any other terms and conditions consistent with the other provisions of the Plan as may be determined by the Committee in its sole discretion. 

 

7.6     Settlement. Upon the exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying:

 

(a)     The excess of the Fair Market Value of a share of Common Stock on the date of exercise over the per share exercise price; by

 

(b)     The number of shares of Common Stock with respect to which the Stock Appreciation Right is exercised.

 

7.7     Form of Payment. Payment, if any, with respect to a Stock Appreciation Right settled in accordance with Section 7.6 of the Plan will be made in accordance with the terms of the applicable Incentive Award Agreement, in cash, shares of Common Stock or a combination thereof, as the Committee determines in its sole discretion.

 

	
8.
	
Restricted Stock Awards and Restricted Stock Units.

 

8.1     Grant. An Eligible Recipient may be granted one or more Restricted Stock Awards or Restricted Stock Units under the Plan, and such awards will be subject to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion. Restricted Stock Units will be similar to Restricted Stock Awards except that no shares of Common Stock are actually awarded to the Participant on the Grant Date of the Restricted Stock Units. Restricted Stock Units will be denominated in shares of Common Stock but paid in cash, shares of Common Stock or a combination of cash and shares of Common Stock as the Committee, in its sole discretion, will determine, and as provided in the Incentive Award Agreement.

 

8.2     Incentive Award Agreement. Each Restricted Stock Award or Restricted Stock Unit will be evidenced by an Incentive Award Agreement that will specify the type of Incentive Award, the period(s) of restriction, the number of shares of restricted Common Stock, or the number of Restricted Stock Units granted, and such other provisions as the Committee will determine which are not inconsistent with the terms of the Plan. 

 

 

 

 

 

8.3     Vesting Requirements and Restrictions. The Committee may impose such restrictions or conditions, not inconsistent with the provisions of the Plan, to the vesting of such Restricted Stock Awards or Restricted Stock Units as it deems appropriate, including, without limitation, (a) the achievement of one or more specified performance objectives; or that (b) the Participant remain in the continuous employment or service with the Company or a Subsidiary for a certain period. If any vesting requirements of a Restricted Stock Award or Restricted Stock Unit are not satisfied, the Restricted Stock Award or Restricted Stock Unit will be forfeited and the shares of Common Stock subject to the Restricted Stock Award will be returned to the Company and no shares of Common Stock or other consideration will be issued with respect to the forfeited Restricted Stock Unit. If the Participant paid any purchase price with respect to such forfeited shares, unless otherwise provided by the Committee in the Incentive Award Agreement evidencing the Restricted Stock Award, the Company will refund to the Participant the lesser of (x) such purchase price and (y) the Fair Market Value of such shares on the date of forfeiture. Restricted Stock Awards may in the sole discretion of the Committee be granted without any restrictions or conditions.

 

8.4     Rights as a Shareholder. Except as provided in Sections 8.1, 8.5 and 8.6 of the Plan, upon a Participant becoming the holder of record of shares of Common Stock issued under a Restricted Stock Award pursuant to this Section 8, the Participant will have all voting, dividend, liquidation and other rights with respect to such shares (other than the right to sell or transfer such shares) as if such Participant were a holder of record of shares of unrestricted Common Stock. A Participant will have no voting, dividend, liquidation and other rights with respect to any shares of Common Stock underlying any Restricted Stock Units granted hereunder unless and until the shares of Common Stock are issued under the terms thereof and the Participant becomes the holder of record of such shares. 

 

8.5     Dividends and Distributions. Unless the Committee determines otherwise in its sole discretion (either in the Incentive Award Agreement evidencing the Restricted Stock Award at the time of grant or at any time after the grant of the Restricted Stock Award), any dividends or distributions (including regular quarterly cash dividends) paid with respect to shares of Common Stock subject to the unvested portion of a Restricted Stock Award will be subject to the same restrictions as the shares to which such dividends or distributions relate. The Committee will determine in its sole discretion whether any interest will be paid on such dividends or distributions.

 

8.6     Enforcement of Restrictions. To enforce the restrictions referred to in this Section 8, the Committee may place a legend on the stock certificates or book-entry notation representing Restricted Stock Awards referring to such restrictions and may require the Participant, until the restrictions have lapsed, to keep any stock certificates, together with duly endorsed stock powers, in the custody of the Company or its transfer agent, or to maintain evidence of stock ownership, together with duly endorsed stock powers, in a certificateless book-entry stock account with the Company’s transfer agent. Alternatively, Restricted Stock Awards may be held in non-certificated form pursuant to such terms and conditions as the Company may establish with its registrar and transfer agent or any third-party administrator designated by the Company to hold Restricted Stock Awards on behalf of Participants.

 

 

 

 

 

8.7     Lapse of Restrictions; Settlement. Except as otherwise provided in this Section 8, shares of Common Stock underlying a Restricted Stock Award will become freely transferable by the Participant after all conditions and restrictions applicable to such shares have been satisfied or lapse (including satisfaction of any applicable tax withholding obligations). Upon the vesting of a Restricted Stock Unit, the Restricted Stock Unit will be settled, subject to the terms and conditions of the applicable Incentive Award Agreement, (a) in cash, based upon the Fair Market Value of the vested underlying shares of Common Stock, (b) in shares of Common Stock or (c) a combination thereof, as provided in the Incentive Award Agreement, except to the extent that a Participant has properly elected to defer income that may be attributable to a Restricted Stock Unit under a Company deferred compensation plan or arrangement. 

 

8.8     Section 83(b) Election for Restricted Stock Award. If a Participant makes an election pursuant to Section 83(b) of the Code with respect to a Restricted Stock Award, the Participant must file, within thirty (30) days following the Grant Date of the Restricted Stock Award, a copy of such election with the Company and with the Internal Revenue Service, in accordance with the regulations under Section 83 of the Code. The Committee may provide in the Incentive Award Agreement that the Restricted Stock Award is conditioned upon the Participant’s making or refraining from making an election with respect to the award under Section 83(b) of the Code.

 

	
9.
	
Performance Awards.

 

9.1     Grant. An Eligible Recipient may be granted one or more Performance Awards under the Plan, and such awards will be subject to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion, including, but not limited to, the achievement of one or more specified performance objectives.

 

9.2     Incentive Award Agreement. Each Performance Award will be evidenced by an Incentive Award Agreement that will specify the amount of cash, shares of Common Stock or combination of both to be received by the Participant upon payout of the Performance Award, any performance objectives upon which the Performance Award is subject, any performance period during which any such performance objectives must be achieved and such other provisions as the Committee will determine which are not inconsistent with the terms of the Plan.

 

9.3     Vesting. The Committee may impose such restrictions or conditions, not inconsistent with the provisions of the Plan, to the vesting of such Performance Awards as it deems appropriate, including the achievement of one or more specified performance objectives. 

 

9.4     Form and Timing of Performance Award Payment. Subject to the terms of the Plan, after the applicable performance period has ended, the holder of Performance Awards will be entitled to receive payment on the value and number of Performance Awards earned by the Participant over the performance period, to be determined as a function of the extent to which the corresponding performance objectives have been achieved. Payment of earned Performance Awards will be as determined by the Committee and as evidenced in the Incentive Award Agreement. Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance Awards in the form of cash or in shares of Common Stock (or in a combination thereof) equal to the value of the earned Performance Awards at the close of the applicable performance period. Payment of any Performance Award will be made as soon as practicable after the Committee has determined the extent to which the applicable performance objectives have been achieved and not later than the March 15th immediately following the end of the performance period, or earlier than the January 1st preceding such March 15, except to the extent that a Participant has properly elected to defer payment that may be attributable to a Performance Award under a Company deferred compensation plan or arrangement. The determination of the Committee with respect to the form of payment of Performance Awards will be set forth in the Incentive Award Agreement pertaining to the grant of the award. Any shares of Common Stock issued in payment of earned Performance Awards may be granted subject to any restrictions deemed appropriate by the Committee, including that the Participant remain in the continuous employment or service with the Company or a Subsidiary for a certain period. 

 

 

 

 

 

	
10.
	
Stock Bonuses.

 

An Eligible Recipient may be granted one or more Stock Bonuses under the Plan, and such Stock Bonuses will be subject to such terms and conditions, if any, consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion, including, but not limited to, the achievement of one or more specified objectives; provided, however, that in all cases payment of the Stock Bonus will be made within two and one-half months following the end of the Eligible Recipient’s tax year during which receipt of the Stock Bonus is no longer subject to a “substantial risk of forfeiture” within the meaning of Section 409A of the Code, unless otherwise determined by the Committee pursuant to Section 3.2 of the Plan and except to the extent that a Participant has properly elected to defer payment that may be attributable to a Stock Bonus under a Company deferred compensation plan or arrangement.

 

	
11.
	
Other Stock-Based Awards.

 

11.1     Other Stock-Based Awards. Subject to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion, the Committee may grant Other Stock-Based Awards not otherwise described by the terms of the Plan in such amounts and subject to such terms and conditions as the Committee will determine. Such Incentive Awards may involve the transfer of actual shares of Common Stock to Participants or payment in cash or otherwise of amounts based on the value of shares of Common Stock, and may include Incentive Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States.

 

11.2     Value of Other Stock-Based Awards. Each Other Stock-Based Award will be expressed in terms of shares of Common Stock or units based on shares of Common Stock, as determined by the Committee. The Committee may establish performance objectives in its sole discretion for any Other Stock-Based Award. If the Committee exercises its discretion to establish performance objectives for any such Incentive Awards, the number or value of Other Stock-Based Awards that will be paid out to the Participant will depend on the extent to which the specified performance objectives are met.

 

 

 

 

 

11.3     Payment of Other Stock-Based Awards. Payment, if any, with respect to an Other Stock-Based Award will be made in accordance with the terms of the Incentive Award and in cash or shares of Common Stock, as the Committee determines, except to the extent that a Participant has properly elected to defer payment that may be attributable to an Other Stock-Based Award under a Company deferred compensation plan or arrangement.

 

	
12.
	
Dividend Equivalents.

 

Any Participant selected by the Committee may be granted dividend equivalents based on the dividends declared on shares of Common Stock that are subject to any Incentive Award, to be credited as of dividend payment dates, during the period between the Grant Date of the Incentive Award and the date the Incentive Award is exercised, vests, is settled or expires, as determined by the Committee. Such dividend equivalents will be converted to cash or additional shares of Common Stock by such formula and at such time and subject to such limitations as may be determined by the Committee. Notwithstanding the foregoing, the Committee may not grant dividend equivalents based on the dividends declared on shares of Common Stock that are subject to an Option or Stock Appreciation Right and further, no dividend or dividend equivalents will be paid out with respect to any unvested Incentive Awards, the vesting of which is based on the achievement of performance objectives. 

 

	
13.
	
Effect of Termination of Employment or Other Service. 

 

13.1     Termination Due to Death, Disability or Retirement. Unless otherwise expressly provided by the Committee in its sole discretion in an Incentive Award Agreement, and subject to Sections 13.3, 13.4, 13.5 and 13.6 of the Plan, in the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated by reason of death, Disability or Retirement:

 

(a)     All outstanding Options and Stock Appreciation Rights then held by the Participant will, to the extent exercisable as of such termination, remain exercisable in full for a period of twelve months after such termination (but in no event after the expiration date of any such Option or Stock Appreciation Right). Options and Stock Appreciation Rights not exercisable as of such termination will be forfeited and terminate.

 

(b)     All Restricted Stock Awards then held by the Participant that have not vested as of such termination will be terminated and forfeited; and

 

(c)     All outstanding but unpaid Restricted Stock Units, Performance Awards, Stock Bonuses and Other Stock-Based Awards then held by the Participant will be terminated and forfeited; provided, however, that with respect to any such Incentive Awards the vesting of which is based on the achievement of specified performance objectives, if a Participant’s employment or other service with the Company or any Subsidiary, as the case may be, is terminated by reason of death or Disability prior to the end of the performance period of such Incentive Award, but after the conclusion of a portion of the performance period (but in no event less than one year), the Committee may, in its sole discretion, cause shares of Common Stock to be delivered or payment made with respect to the Participant’s Incentive Award, but only if otherwise earned for the entire performance period and only with respect to the portion of the applicable performance period completed at the date of such event, with proration based on full fiscal years only and no shares to be delivered for partial fiscal years. The Committee will consider the provisions of Sections 13.6 and 13.7 of the Plan and will have the discretion to consider any other fact or circumstance in making its decision as to whether to deliver such shares of Common Stock or other payment, including whether the Participant again becomes employed.

 

 

 

 

 

13.2     Termination for Reasons Other than Death, Disability or Retirement. Unless otherwise expressly provided by the Committee in its sole discretion in an Incentive Award Agreement, and subject to Sections 13.3, 13.4, 13.5 and 13.6 of the Plan, in the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated for any reason other than death, Disability or Retirement, or a Participant is in the employment or service with a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless the Participant continues in the employment or service with the Company or another Subsidiary):

 

(a)     All outstanding Options and Stock Appreciation Rights then held by the Participant will, to the extent exercisable as of such termination, remain exercisable in full for a period of three months after such termination (but in no event after the expiration date of any such Option or Stock Appreciation Right). Options and Stock Appreciation Rights not exercisable as of such termination will be forfeited and terminate; 

 

(b)     All Restricted Stock Awards then held by the Participant that have not vested as of such termination will be terminated and forfeited; and

 

(c)     All outstanding but unpaid Restricted Stock Unit, Performance Awards, Stock Bonuses and Other Stock-Based Awards then held by the Participant will be terminated and forfeited.

 

13.3     Modification of Rights Upon Termination. Notwithstanding the other provisions of this Section 13, upon a Participant’s termination of employment or other service with the Company and all Subsidiaries, the Committee may, in its sole discretion (which may be exercised at any time on or after the Grant Date, including following such termination), except as provided below, cause Options or Stock Appreciation Rights (or any part thereof) then held by such Participant to terminate, become or continue to become exercisable and/or remain exercisable following such termination of employment or service, and Restricted Stock Awards, Restricted Stock Units, Performance Awards, Stock Bonuses or Other Stock-Based Awards then held by such Participant to terminate, vest, settle or become free of restrictions and conditions to payment, as the case may be, following such termination of employment or service, in each case in the manner determined by the Committee; provided, however, that no Option or Stock Appreciation Right may remain exercisable beyond its expiration date and any such action adversely affecting any outstanding Incentive Award will not be effective without the consent of the affected Participant (subject to the right of the Committee to take whatever action it deems appropriate under Sections 4.3, 13.5, 13.6 and 15 of the Plan).

 

 

 

 

 

13.4     Determination of Termination of Employment or Other Service. 

 

(a)     The change in a Participant’s status from that of an Employee to that of a Consultant will, for purposes of the Plan, be deemed to result in a termination of such Participant’s employment with the Company and its Subsidiaries, unless the Committee otherwise determines in its sole discretion.

 

(b)     The change in a Participant’s status from that of a Consultant to that of an Employee will not, for purposes of the Plan, be deemed to result in a termination of such Participant’s service as a Consultant, and such Participant will thereafter be deemed to be an Employee, in which event such Participant will be governed by the provisions of the Plan relating to termination of employment or service (subject to paragraph (a) above).

 

(c)     Unless the Committee otherwise determines in its sole discretion, a Participant’s employment or other service will, for purposes of the Plan, be deemed to have terminated on the date recorded on the personnel or other records of the Company or the Subsidiary for which the Participant provides employment or other service, as determined by the Committee in its sole discretion based upon such records.

 

(d)     Notwithstanding the foregoing, if payment of an Incentive Award that is subject to Section 409A of the Code is triggered by a termination of a Participant’s employment or other service, such termination must also constitute a “separation from service” within the meaning of Section 409A of the Code, and any change in employment status that constitutes a “separation from service” under Section 409A of the Code will be treated as a termination of employment or service, as the case may be.

 

13.5     Effect of Actions Constituting Cause . Notwithstanding anything in the Plan to the contrary and in addition to the other rights of the Committee under this Section 13, if a Participant is determined by the Committee, acting in its sole discretion, to have taken any action that would constitute Cause during or after the termination of employment or other service with the Company or a Subsidiary, irrespective of whether such action or the Committee’s determination occurs before or after termination of such Participant’s employment or other service with the Company or any Subsidiary and irrespective of whether or not the Participant was terminated as a result of such Cause , (a) all rights of the Participant under the Plan and any Incentive Award Agreements evidencing an Incentive Award then held by the Participant will terminate and be forfeited without notice of any kind, and (b) the Committee in its sole discretion will have the authority to rescind the exercise, vesting, settlement or issuance of, or payment in respect of, any Incentive Awards of the Participant that were exercised, vested, settled or issued, or as to which such payment was made, and to require the Participant to pay to the Company, within ten (10) days of receipt from the Company of notice of such rescission, any amount received or the amount of any gain realized as a result of such rescinded exercise, vesting, settlement, issuance or payment (including any dividends paid or other distributions made with respect to any shares of Common Stock subject to any Incentive Award). The Company may defer the exercise of any Option or Stock Appreciation Right for a period of up to two (2) months after receipt of the Participant’s written notice of exercise or the issuance of share certificates upon the vesting of any Incentive Award for a period of up to two (2) months after the date of such vesting in order for the Committee to make any determination as to the existence of Cause . The Company will be entitled to withhold and deduct from future wages of the Participant (or from other amounts that may be due and owing to the Participant from the Company or a Subsidiary) or make other arrangements for the collection of all amounts necessary to satisfy such payment obligations. Unless otherwise provided by the Committee in an applicable Incentive Award Agreement, this Section 13.5 will not apply to any Participant following a Change in Control.

 

 

 

 

 

13.6     Clawback/Forfeiture of Incentive Awards. If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then any Participant who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 will reimburse the Company for the amount of any Incentive Award received by such individual under the Plan during the 12-month period following the first public issuance or filing with the Securities and Exchange Commission, as the case may be, of the financial document embodying such financial reporting requirement. In addition, all Incentive Awards under the Plan will be subject to forfeiture or other penalties pursuant to any applicable law, rule or regulation and any clawback or forfeiture policy of the Company, as in effect from time to time, and such forfeiture and/or penalty conditions or provisions as determined by the Committee and set forth in the applicable Incentive Award Agreement. 

 

	
14.
	
Payment of Withholding Taxes.

 

14.1     General Rules. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other amounts that may be due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection of, an amount the Company reasonably determines to be the minimum statutory amount necessary to satisfy any and all federal, foreign, state and local withholding and employment-related tax requirements attributable to an Incentive Award, including, without limitation, the grant, exercise, vesting or settlement of, or payment of dividends with respect to, an Incentive Award or a disqualifying disposition of stock received upon exercise of an Incentive Stock Option; (b) withhold cash paid or payable or shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with an Incentive Award; or (c) require the Participant promptly to remit the amount of such withholding to the Company before taking any action, including issuing any shares of Common Stock or paying any cash amounts, with respect to an Incentive Award. Shares of Common Stock issued or otherwise issuable to the Participant in connection with an Incentive Award that gives rise to the tax withholding obligation that are withheld for purposes of satisfying the Participant’s withholding or employment-related tax obligation, will be valued at their Fair Market Value on the Tax Date. When withholding for taxes is effected under the Plan, it will be withheld only up to the minimum required tax withholding rates or such other rate that will not trigger a negative accounting impact on the Company.

 

14.2     Special Rules. The Committee may, in its sole discretion and upon terms and conditions established by the Committee, permit or require a Participant to satisfy, in whole or in part, any withholding or employment-related tax obligation described in Section 14.1 of the Plan by withholding shares of Common Stock underlying an Incentive Award, by electing to tender, or by attestation as to ownership of, Previously Acquired Shares, by delivery of a Broker Exercise Notice or a combination of such methods. For purposes of satisfying a Participant’s withholding or employment-related tax obligation, shares of Common Stock withheld by the Company or Previously Acquired Shares tendered or covered by an attestation will be valued at their Fair Market Value on the Tax Date. 

 

 

 

 

 

	
15.
	
Change in Control.

 

15.1     A “Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred:

 

(a)     the sale, lease, exchange or other transfer, directly or indirectly, of substantially all of the assets of the Company (in one transaction or in a series of related transactions) to a person or entity that is not controlled by the Company; 

 

(b)     the approval by the shareholders of the Company of any plan or proposal for the liquidation or dissolution of the Company;

 

(c)     any person becomes after the effective date of the Plan the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of (A) 20% or more, but not 50% or more, of the combined voting power of the Company’s outstanding securities ordinarily having the right to vote at elections of directors, unless the transaction resulting in such ownership has been approved in advance by the Continuity Directors, or (B) 50% or more of the combined voting power of the Company’s outstanding securities ordinarily having the right to vote at elections of directors (regardless of any approval by the Continuity Directors); 

 

(d)     a merger or consolidation to which the Company is a party if the shareholders of the Company immediately prior to effective date of such merger or consolidation have “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act), immediately following the effective date of such merger or consolidation, of securities of the surviving corporation representing (A) more than 50%, but less than 80%, of the combined voting power of the surviving corporation’s then outstanding securities ordinarily having the right to vote at elections of directors, unless such merger or consolidation has been approved in advance by the Continuity Directors (as defined below), or (B) 50% or less of the combined voting power of the surviving corporation’s then outstanding securities ordinarily having the right to vote at elections of directors (regardless of any approval by the Continuity Directors);

 

(e)     the Continuity Directors cease for any reason to constitute at least a majority of the Board; or 

 

(f)     any other change in control of the Company of a nature that would be required to be reported pursuant to Section 13 or 15(d) of the Exchange Act, whether or not the Company is then subject to such reporting requirements. 

 

For purposes of this Section 15, “Continuity Directors” of the Company will mean any individuals who are members of the Board on the Effective Date and any individual who subsequently becomes a member of the Board whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the Continuity Directors (either by specific vote or by approval of the Company’s proxy statement in which such individual is named as a nominee for director without objection to such nomination).

 

 

 

 

 

15.2     Acceleration of Vesting. Without limiting the authority of the Committee under Sections 3.2 and 4.3 of the Plan, if a Change in Control of the Company occurs, then, if approved by the Committee in its sole discretion either in the Incentive Award Agreement at the time of grant or at any time after the grant of an Incentive Award:

 

(a)     all Options and Stock Appreciation Rights will become immediately exercisable in full and will remain exercisable in accordance with their terms; 

 

(b)     all restrictions and vesting requirements applicable to any Incentive Award based solely on the continued service of the Participant will terminate; and

 

(c)     all Incentive Awards the vesting or payment of which are based on specified performance objectives will vest as though such performance objectives were fully achieved at target and will become immediately payable; provided, however, that no Incentive Award that provides for a deferral of compensation within the meaning of Section 409A of the Code will be cashed out upon the occurrence of a Change in Control unless the event or circumstances constituting the Change in Control also constitute a “change in the ownership” of the Company, a “change in the effective control” of the Company or a “change in the ownership of a substantial portion of the assets” of the Company, in each case as determined under Section 409A of the Code. 

 

The Committee may make any such acceleration subject to further conditions, including, but not limited to, conditions relating to (i) the failure of any successor to assume the Incentive Awards in connection with a Change in Control, or (ii) the Participant’s involuntary termination, other than for Cause, or voluntary termination for Good Reason, in each case within a specified period of time following a Change in Control.

 

The treatment of any other Incentive Awards in the event of a Change in Control will be as determined by the Committee in connection with the grant thereof, as reflected in the applicable Incentive Award Agreement.

 

15.3     Alternative Treatment of Incentive Awards. In connection with a Change in Control, the Committee in its sole discretion, either in an Incentive Award Agreement at the time of grant of an Incentive Award or at any time after the grant of such an Incentive Award, may determine that any or all outstanding Incentive Awards granted under the Plan, whether or not exercisable or vested, as the case may be, will be canceled and terminated and that in connection with such cancellation and termination the holder of such Incentive Award will receive for each share of Common Stock subject to such Incentive Award a cash payment (or the delivery of shares of stock, other securities or a combination of cash, stock and securities with a fair market value (as determined by the Committee in good faith) equivalent to such cash payment) equal to the difference, if any, between the consideration received by shareholders of the Company in respect of a share of Common Stock in connection with such Change in Control and the purchase price per share, if any, under the Incentive Award, multiplied by the number of shares of Common Stock subject to such Incentive Award (or in which such Incentive Award is denominated); provided that if such product is zero ($0) or less or to the extent that the Incentive Award is not then exercisable, the Incentive Award may be canceled and terminated without payment therefor; provided, however, that no Incentive Award that provides for a deferral of compensation within the meaning of Section 409A of the Code will be cashed out upon the occurrence of a Change in Control unless payment was specified in the Incentive Award Agreement at the time of grant and the event or circumstances constituting the Change in Control also constitute a “change in the ownership” of the Company, a “change in the effective control” of the Company or a “change in the ownership of a substantial portion of the assets” of the Company, in each case as determined under Section 409A of the Code. If any portion of the consideration pursuant to a Change in Control may be received by holders of shares of Common Stock on a contingent or delayed basis, the Committee may, in its sole discretion, determine the fair market value per share of such consideration as of the time of the Change in Control on the basis of the Committee’s good faith estimate of the present value of the probable future payment of such consideration. Notwithstanding the foregoing, any shares of Common Stock issued pursuant to an Incentive Award that immediately prior to the effectiveness of the Change in Control are subject to no further restrictions pursuant to the Plan or an Incentive Award Agreement (other than pursuant to the securities laws) will be deemed to be outstanding shares of Common Stock and receive the same consideration as other outstanding shares of Common Stock in connection with the Change in Control.

 

 

 

 

 

15.4     Limitation on Change in Control Payments. Notwithstanding anything in Section 15.2 or 15.3 of the Plan to the contrary, if, with respect to a Participant, the acceleration of the vesting of an Incentive Award as provided in Section 15.2 of the Plan or the payment of cash in exchange for all or part of an Incentive Award as provided in Section 15.3 of the Plan (which acceleration or payment could be deemed a “payment” within the meaning of Section 280G(b)(2) of the Code), together with any other “payments” that such Participant has the right to receive from the Company or any corporation that is a member of an “affiliated group” (as defined in Section 1504(a) of the Code without regard to Section 1504(b) of the Code) of which the Company is a member, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the “payments” to such Participant pursuant to Section 15.2 or 15.3 of the Plan will be reduced (or acceleration of vesting eliminated) to the largest amount as will result in no portion of such “payments” being subject to the excise tax imposed by Section 4999 of the Code; provided, that such reduction will be made only if the aggregate amount of the payments after such reduction exceeds the difference between (a) the amount of such payments absent such reduction minus (b) the aggregate amount of the excise tax imposed under Section 4999 of the Code attributable to any such excess parachute payments; and provided further that such payments will be reduced (or acceleration of vesting eliminated) in the following order: (i) options with an exercise price above fair market value that have a positive value for purposes of Section 280G of the Code, (ii) pro rata among Incentive Awards that constitute deferred compensation under Section 409A of the Code, and (iii) finally, among the Incentive Awards that are not subject to Section 409A of the Code. Notwithstanding the foregoing sentence, if a Participant is subject to a separate agreement with the Company or an Affiliate or Subsidiary that expressly addresses the potential application of Section 280G or 4999 of the Code, then this Section 15.4 will not apply and any “payments” to a Participant pursuant to Section 15.2 or 15.3 of the Plan will be treated as “payments” arising under such separate agreement; provided such separate agreement may not modify the time or form of payments under any Incentive Award that constitutes deferred compensation under Section 409A of the Code if the modification would cause such Incentive Award to become subject to the adverse tax consequences specified in Section 409A of the Code.

 

 

 

 

 

	
16.
	
Rights of Eligible Recipients and Participants; Transferability.

 

16.1     Employment or Service. Nothing in the Plan or an Incentive Award Agreement will interfere with or limit in any way the right of the Company or any Subsidiary to terminate the employment or service of any Eligible Recipient or Participant at any time, nor confer upon any Eligible Recipient or Participant any right to continue in the employment or other service with the Company or any Subsidiary.

 

16.2     No Rights to Awards. No Participant or Eligible Individual will have any claim to be granted any Incentive Award under the Plan.

 

16.3     Rights as a Shareholder. As a holder of Incentive Awards (other than Restricted Stock Awards), a Participant will have no rights as a shareholder unless and until such Incentive Awards are exercised for, settled or paid in the form of, shares of Common Stock and the Participant becomes the holder of record of such shares. 

 

16.4     Restrictions on Transfer. 

 

(a)     Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly permitted by subsections (b) and (c) below, no right or interest of any Participant in an Incentive Award prior to the exercise (in the case of Options or Stock Appreciation Rights) or vesting, settlement or issuance (in the case of other Incentive Awards) of such Incentive Award will be assignable or transferable, or subjected to any lien, during the lifetime of the Participant, either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise.

 

(b)     A Participant will be entitled to designate a beneficiary to receive an Incentive Award upon such Participant’s death, and in the event of such Participant’s death, payment of any amounts due under the Plan will be made to, and exercise of any Options or Stock Appreciation Rights (to the extent permitted pursuant to Section 13 of the Plan) may be made by, such beneficiary. If a deceased Participant has failed to designate a beneficiary, or if a beneficiary designated by the Participant fails to survive the Participant, payment of any amounts due under the Plan will be made to, and exercise of any Options or Stock Appreciation Rights (to the extent permitted pursuant to Section 13 of the Plan) may be made by, the Participant’s legal representatives, heirs and legatees. If a deceased Participant has designated a beneficiary and such beneficiary survives the Participant but dies before complete payment of all amounts due under the Plan or exercise of all exercisable Options or Stock Appreciation Rights, then such payments will be made to, and the exercise of such Options or Stock Appreciation Rights may be made by, the legal representatives, heirs and legatees of the beneficiary.

 

(c)     Upon a Participant’s request, the Committee may, in its sole discretion, permit a transfer of all or a portion of a Non-Statutory Stock Option, other than for value, to such Participant’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, any person sharing such Participant’s household (other than a tenant or employee), a trust in which any of the foregoing have more than fifty percent of the beneficial interests, a foundation in which any of the foregoing (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than 50% of the voting interests. Any permitted transferee will remain subject to all the terms and conditions applicable to the Participant prior to the transfer. A permitted transfer may be conditioned upon such requirements as the Committee may, in its sole discretion, determine, including, execution and/or delivery of appropriate acknowledgements, opinion of counsel, or other documents by the transferee. 

 

 

 

 

 

16.5     Non-Exclusivity of the Plan. Nothing contained in the Plan is intended to modify or rescind any previously approved compensation plans or programs of the Company or create any limitations on the power or authority of the Board to adopt such additional or other compensation arrangements as the Board may deem necessary or desirable.

 

	
17.
	
Securities Law and Other Restrictions.

 

Notwithstanding any other provision of the Plan or any Incentive Award Agreement entered into pursuant to the Plan, the obligation of the Company to issue any shares of Common Stock under the Plan or settle Incentive Awards in shares of Common Stock or other consideration will be subject to all applicable law, rules and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding the generality of the foregoing and notwithstanding any other provision of the Plan or any Incentive Award Agreement entered into pursuant to the Plan, the Company will not be required to issue any shares of Common Stock under the Plan, and a Participant may not sell, assign, transfer or otherwise dispose of shares of Common Stock issued pursuant to Incentive Awards granted under the Plan, unless (a) there is in effect with respect to such shares a registration statement under the Securities Act and any applicable securities laws of a state or foreign jurisdiction or an exemption from such registration under the Securities Act and applicable state or foreign securities laws, and (b) there has been obtained any other consent, approval or permit from any other U.S. or foreign regulatory body which the Committee, in its sole discretion, deems necessary or advisable. The Company will be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Company may condition such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved, and the placement of any legends on certificates representing shares of Common Stock, as may be deemed necessary or advisable by the Company in order to comply with such securities law or other restrictions. 

 

	
18.
	
Deferred Compensation; Performance-Based Compensation.

 

18.1     Deferred Compensation; Compliance with Section 409A. It is intended that all Incentive Awards issued under the Plan be administered in a manner that will comply with the requirements of Section 409A of the Code, or the requirements of an exception to Section 409A of the Code and the Incentive Award Agreements and the Plan will be construed and administered in a manner that is consistent with and give effect to such intent. The Committee is authorized to adopt rules or regulations deemed necessary or appropriate to qualify for an exception from or to comply with the requirements of Section 409A of the Code (including any transition or grandfather rules relating thereto). Notwithstanding anything in this Section 18 or Section 19 to the contrary, with respect to any Incentive Award subject to Section 409A of the Code, no amendment to or payment under such Incentive Award will be made except and only to the extent permitted under Section 409A of the Code. If any amount is payable with respect to an Incentive Award that is subject to Section 409A of the Code as a result of the Participant’s “separation from service” at such time the Participant is a “specified employee” within the meaning of Section 409A of the Code, then no payment will be made, except as permitted under Section 409A of the Code, prior to the first business day after the earlier of (i) the date that is six months after the Participant’s separation from service or (ii) the Participant’s death.

 

 

 

 

 

18.2     Performance-Based Compensation Provisions. The Committee, when it is comprised solely of two or more outside directors meeting the requirements of Section 162(m) of the Code (“Section 162(m)”), in its sole discretion, may designate whether any Incentive Awards consisting of Options or Stock Appreciation Rights are intended to be “performance-based compensation” within the meaning of Section 162(m).  Any such Incentive Awards so designated will comply with the annual award limit specified in Section 4.3 

 

	
19.
	
Amendment, Modification and Termination.

 

19.1     Generally. Subject to other subsections of this Section 19 and Section 3.4 of the Plan, the Board at any time may suspend or terminate the Plan (or any portion thereof) or terminate any outstanding Incentive Award and the Committee, at any time and from time to time, may amend the Plan or amend or modify the terms of an outstanding Incentive Award and Incentive Award Agreement. The Committee’s power and authority to amend or modify the terms of an outstanding Incentive Award and Incentive Award Agreement includes the authority to modify the number of shares of Common Stock or other terms and conditions of an Incentive Award, extend the term of an Incentive Award, accelerate the exercisability or vesting or otherwise terminate any restrictions relating to an Incentive Award, accept the surrender of any outstanding Incentive Award or, to the extent not previously exercised, settled or vested, authorize the grant of new Incentive Awards in substitution for surrendered Incentive Awards; provided, however that the amended or modified terms are permitted by the Plan as then in effect and that any Participant adversely affected by such amended or modified terms has consented to such amendment or modification.

 

19.2     Adjustment of Performance-Based Awards. The Committee may amend or modify the vesting criteria (including any performance objectives or performance periods) of any outstanding Incentive Awards based in whole or in part on the financial performance of the Company (or any Subsidiary or division, business unit or other sub-unit thereof) in recognition of unusual or nonrecurring events (including the events described in Section 4.3(a) of the Plan) affecting the Company or the financial statements of the Company or of changes in applicable law, regulations or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent unintended dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. The determination of the Committee as to the foregoing adjustments, if any, will be final, conclusive and binding on Participants under the Plan.

 

 

 

 

 

19.3     Shareholder Approval. No amendments to the Plan will be effective without approval of the Company’s shareholders if: (a) shareholder approval of the amendment is then required pursuant to Section 422 of the Code, the rules of the primary stock exchange or stock market on which the Common Stock is then traded, applicable U.S. state corporate laws or regulations, applicable U.S. federal laws or regulations, and the applicable laws of any foreign country or jurisdiction where Incentive Awards are, or will be, granted under the Plan; or (b) such amendment would: (i) modify Section 3.4 of the Plan; (ii) materially increase benefits accruing to Participants; (iii) increase the aggregate number of shares of Common Stock issued or issuable under the Plan; (iv) increase any limitation set forth in the Plan on the number of shares of Common Stock which may be issued or the aggregate value of Incentive Awards which may be made, in respect of any type of Incentive Award; (v) modify the eligibility requirements for Participants in the Plan; or (vi) reduce the minimum exercise price as set forth in Sections 6.3 and 7.3 of the Plan.

 

19.4     Incentive Awards Previously Granted. Notwithstanding any other provision of the Plan to the contrary, no termination, suspension or amendment of the Plan may adversely affect any outstanding Incentive Award without the consent of the affected Participant; provided, however, that this sentence will not impair the right of the Committee to take whatever action it deems appropriate under Sections 3.2, 4.3, 13, 15, 18 or 19.5 of the Plan.

 

19.5     Amendments to Conform to Law. Notwithstanding any other provision of the Plan to the contrary, the Committee may amend the Plan or an Incentive Award Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or an Incentive Award Agreement to any present or future law relating to plans of this or similar nature, and to the administrative regulations and rulings promulgated thereunder. By accepting an Incentive Award under the Plan, a Participant agrees to any amendment made pursuant to this Section 19.5 to any Incentive Award granted under the Plan without further consideration or action.

 

	
20.
	
Effective Date and Duration of the Plan.

 

The Plan will be effective as of the Effective Date and will terminate at midnight on the day before the tenth (10th) anniversary of the Effective Date, and may be terminated prior to such time by Board action. No Incentive Award will be granted after termination of the Plan but Incentive Awards outstanding upon termination of the Plan will remain outstanding in accordance with their applicable terms and conditions and the terms and conditions of the Plan.

 

	
21.
	
Miscellaneous.

 

21.1     Usage. In the Plan, except where otherwise indicated by clear contrary intention, (a) any masculine term used in the Plan also will include the feminine, (b) the plural will include the singular, and the singular will include the plural, (c) “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such term, and (d) “or” is used in the inclusive sense of “and/or”.

 

21.2     Unfunded Plan. Participants will have no right, title or interest whatsoever in or to any investments that the Company or its Subsidiaries may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant, beneficiary, legal representative, or any other individual. To the extent that any individual acquires a right to receive payments from the Company or any Subsidiary under the Plan, such right will be no greater than the right of an unsecured general creditor of the Company or the Subsidiary, as the case may be. All payments to be made hereunder will be paid from the general funds of the Company or the Subsidiary, as the case may be, and no special or separate fund will be established and no segregation of assets will be made to assure payment of such amounts except as expressly set forth in the Plan.

 

 

 

 

 

21.3     Relationship to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare, or benefit plan of the Company or any Subsidiary unless provided otherwise in such plan.

 

21.4     Fractional Shares. No fractional shares of Common Stock will be issued or delivered under the Plan or any Incentive Award. The Committee will determine whether cash, other Incentive Awards or other property will be issued or paid in lieu of fractional shares of Common Stock or whether such fractional shares of Common Stock or any rights thereto will be forfeited or otherwise eliminated by rounding up or down.

 

21.5     Governing Law; Venue. Except to the extent expressly provided in the Plan, the validity, construction, interpretation, administration and effect of the Plan and any rules, regulations and actions relating to the Plan will be governed by and construed exclusively in accordance with the laws of the State of Minnesota, notwithstanding the conflicts of laws principles of any jurisdictions. Unless otherwise provided in an Incentive Award Agreement, recipients of an Incentive Award under the Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of the State of Minnesota to resolve any and all issues that may arise out of or relate to the Plan or any related Incentive Award Agreement.

 

21.6     Successors. All obligations of the Company under the Plan with respect to Incentive Awards granted hereunder will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business or assets of the Company.

 

21.7     Construction. Wherever possible, each provision of the Plan and any Incentive Award Agreement evidencing an Incentive Award granted under the Plan will be interpreted so that it is valid under the applicable law. If any provision of the Plan or any Incentive Award Agreement evidencing an Incentive Award granted under the Plan is to any extent invalid under the applicable law, that provision will still be effective to the extent it remains valid. The remainder of the Plan and the Incentive Award Agreement also will continue to be valid, and the entire Plan and Incentive Award Agreement will continue to be valid in other jurisdictions.

 

21.8     Delivery and Execution of Electronic Documents. To the extent permitted by applicable law, the Company may: (a) deliver by email or other electronic means (including posting on a Web site maintained by the Company or by a third party under contract with the Company) all documents relating to the Plan or any Incentive Award hereunder (including prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including annual reports and proxy statements), and (b) permit Participants to use electronic, internet or other non-paper means to execute applicable Plan documents (including Incentive Award Agreements) and take other actions under the Plan in a manner prescribed by the Committee.

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