Document:

Form of Global Note

 Exhibit 4.1 

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

THE SALE OF THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED BELOW), THIS NOTE AND ANY SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE (AND ANY BENEFICIAL INTEREST HEREIN OR THEREIN) MAY NOT BE OFFERED, RESOLD OR OTHERWISE
TRANSFERRED, EXCEPT: 
  

	 	(A)	TO THE COMPANY OR ANY OF ITS SUBSIDIARIES; 

  

	 	(B)	PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT; 

  

	 	(C)	TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR 

 

	 	(D)	UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT). 

THE “RESALE RESTRICTION TERMINATION DATE” MEANS THE DATE: (A) THAT IS AT LEAST ONE YEAR AFTER THE LAST ORIGINAL ISSUANCE DATE
OF THE NOTES (INCLUDING ISSUANCE OF ANY ADDITIONAL NOTES PURSUANT TO THE EXERCISE OF THE INITIAL PURCHASERS’ OPTION TO PURCHASE ADDITIONAL NOTES); AND (B) ON WHICH THE COMPANY HAS INSTRUCTED THE TRUSTEE THAT THIS LEGEND WILL NO LONGER
APPLY IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE INDENTURE. 
 PRIOR TO ANY TRANSFER PURSUANT TO THE FOREGOING CLAUSES (C) AND
(D), THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS (WITH RESPECT TO CLAUSE (D) ONLY) OR OTHER INFORMATION AS THEY MAY REASONABLY REQUIRE AND RELY UPON TO CONFIRM THAT SUCH TRANSFER
IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

DURING THE PERIOD ENDING ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF THE NOTES (INCLUDING ISSUANCE OF ADDITIONAL NOTES PURSUANT TO
THE EXERCISE OF THE INITIAL PURCHASERS’ OPTION TO PURCHASE ADDITIONAL NOTES), NO “AFFILIATE” (AS DEFINED IN RULE 144) WILL BE PERMITTED TO RESELL ANY OF THE NOTES THAT CONSTITUTE “RESTRICTED SECURITIES” UNDER RULE 144 THAT
HAVE BEEN REACQUIRED BY ANY OF THEM. 

 HCI Group, Inc. 

3.875% Convertible Senior Note due 2019 
  

			
	 No. 2
	  	$3,000,000

 CUSIP No. 40416E AA1 

HCI GROUP, INC., a corporation duly organized and validly existing under the laws of the State of Florida (the “Company,”
which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to CEDE & CO., or registered assigns, the principal sum as set forth in the
“Schedule of Exchanges of Notes” attached hereto, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $3,000,000 in aggregate at any time, on
March 15, 2019 (the “Maturity Date”), and interest thereon as set forth below. 
 This Note shall accrue interest at
the rate of 3.875% per year from December 11, 2013, or from the most recent date for which interest has been paid or provided for to, but excluding, the next scheduled Interest Payment Date until the Maturity Date. Accrued interest on this
Note shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of actual days elapsed over a 30-day month. Interest is payable semi-annually in arrears on each March 15 and
September 15, commencing on March 15, 2014, to Holders of record at the close of business on the preceding March 1 and September 1 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as
set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context,
Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e) or Section 6.03 and any express mention of the payment of Additional Interest in any provision therein shall not be construed as
excluding Additional Interest in those provisions thereof where such express mention is not made. 
 Any Defaulted Amounts shall accrue
interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the
Company, at its election, in accordance with Section 2.03(c) of the Indenture. 
 The Company shall pay the principal of and interest
on this Note, if and so long as such Note is a Global Note, in immediately available funds in lawful money of the United States at the time to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in
and subject to the provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company for that purpose. The Company has initially designated the
Trustee as its Paying Agent and Note Registrar in respect of the Notes and the Trustee’s office in New York, New York as a place where Notes may be presented for payment or for registration of transfer and exchange. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the
Holder of this Note the right to convert this Note into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the terms and subject to the limitations set forth in the Indenture. Such further provisions
shall for all purposes have the same effect as though fully set forth at this place. 
 This Indenture, the Notes, and any claim,
controversy or dispute arising under or related to this Indenture or the Notes, shall be governed by, and construed in accordance with, the laws of the State of New York (without regard to the conflicts of laws provisions thereof other than
Sections 5-1401 and 5-1402 of the General Obligations Law). 

 In the case of any conflict between this Note and the Indenture, the provisions of the Indenture
shall control and govern. 
 This Note shall not be valid or become obligatory for any purpose until the certificate of authentication
hereon shall have been manually signed by the Trustee or a duly authorized authenticating agent under the Indenture. 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

 

			
	HCI GROUP, INC.
		
	By:	 	 /s/ Paresh Patel

	Name:	 	Paresh Patel
	Title:	 	Chief Executive Officer

 [Signature page to Global Note] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee, certifies that this is one of the Notes described in the within-named Indenture.
		
	By:	 	 /s/ Lawrence M. Kusch

	Authorized Signatory
	Dated:	 	December 30, 2013

 [Signature page to Global Note] 

 REVERSE OF NOTE 

HCI Group, Inc. 
 3.875%
Convertible Senior Note due 2019 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 3.875%
Convertible Senior Notes due 2019 (the “Notes”), initially limited to the aggregate principal amount of $3,000,000, all issued or to be issued under and pursuant to an Indenture dated as of December 11, 2013 (the
“Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified
in the Indenture. Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture. 

In the event certain Events of Default (other than an Event of Default specified in Section 6.01(i) or Section 6.01(j) of the
Indenture with respect to the Company) shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of the Notes then outstanding,
and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. If an Event of Default specified in Section 6.01(i) or Section 6.01(j)
of the Indenture with respect to the Company occurs and is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and payable. 

Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change
Repurchase Price on the applicable Fundamental Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The
Company will pay all cash amounts due with respect to the Notes in money of the United States that at the time of payment is legal tender for payment of public and private debts. 

The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the
Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on
behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver, as the case may be, the principal (including the
Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on, and the consideration due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money herein prescribed. 

The Notes are issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the
office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, the transfer of the Notes may be registered and Notes may be exchanged for a like aggregate principal amount
of Notes of other authorized denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in connection with any such
transfer. 

 The Notes are not subject to redemption through the operation of any sinking fund or otherwise.

 Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option, to require the Company to repurchase
for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price. 

Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, during certain periods and upon the occurrence of
certain conditions specified in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, into
cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture. 

Terms used in this Note and defined in the Indenture are used herein as therein defined. 

ABBREVIATIONS 
 The following
abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations: 

TEN COM = as tenants in common 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act 

CUST = Custodian 
 TEN ENT = as
tenants by the entireties 
 JT TEN = joint tenants with right of survivorship and not as tenants in common 

Additional abbreviations may also be used though not in the above list. 

 SCHEDULE A 

SCHEDULE OF EXCHANGES OF NOTES 

HCI Group, Inc. 
 3.875%
Convertible Senior Notes due 2019 
 The initial principal amount of this Global Note is THREE MILLION DOLLARS ($3,000,000). The following
increases or decreases in this Global Note have been made: 
  

									
	 Date of increase or decrease
	  	Amount of
decrease in
principal amount
of this Global Note	  	Amount of
increase in
principal amount
of this Global Note	  	Principal amount
of this Global Note
following such
decrease or
increase	  	Signature of
authorized
signatory of
Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
  

			
	To:	 	HCI Group, Inc.
	To:	 	The Bank of New York Mellon Trust Company, N.A.,
		 	10161 Centurion Parkway, 2nd Floor
		 	Jacksonville, Florida 32256

 The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion
hereof (that is $1,000 principal amount or an integral multiple thereof) below designated, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, in accordance with the terms of the Indenture referred
to in this Note, and directs that any cash payable and any shares of Common Stock issuable and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing any unconverted principal amount hereof, be
issued and delivered to the registered Holder hereof unless a different name has been indicated below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the
undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with Section 13.02(d) and Section 13.02(e) of the Indenture. Any amount required to be paid to the undersigned on account of interest
accompanies this Note. 
  

							
	Dated:	 	  
	 		 	  

		 		 	Signature(s)
	  
	 		 	
	Signature Guarantee	 		 	
			
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant
to Securities and Exchange Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or Notes are to be delivered, other than to and in the name of the registered holder.	 		 	

  
 1 

	
	Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:
	
	  

	(Name)
	
	  

	(Street Address)
	
	  

	(City, State and Zip Code)
	
	Please print name and address

  

	
	Principal amount to be converted (if less than all):
	$        ,000
	
	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
	
	  

	Social Security or Other Taxpayer
	Identification Number

  
 2 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 
  

			
	To:	 	HCI Group, Inc.
		
	To:	 	The Bank of New York Mellon Trust Company, N.A.,
		 	10161 Centurion Parkway, 2nd Floor
		 	Jacksonville, Florida 32256

 The undersigned registered owner of this Note hereby acknowledges receipt of a notice from HCI Group, Inc.
(the “Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in
accordance with Section 14.01 of the Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, and
(2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to, but excluding, such
Fundamental Change Repurchase Date. 
 In the case of Physical Notes, the certificate numbers of the Notes to be repurchased are as set
forth below: 
  

									
		 	Dated:	 	  
	 		 	
					
		 		 		 		 	  

		 		 		 		 	Signature(s)
					
		 		 		 		 	  

		 		 		 		 	 Social Security or Other Taxpayer

Identification Number

					
		 		 		 		 	Principal amount to be repurchased by the Company (if less than all): $        ,000
					
		 		 		 		 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 ATTACHMENT 3 

[FORM OF ASSIGNMENT AND TRANSFER] 
 The Bank of
New York Mellon Trust Company, N.A., 
 10161 Centurion Parkway, 2nd Floor 

Jacksonville, Florida 32256 
 For value received
                     hereby sell(s), assign(s) and transfer(s) unto
                     (Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably
constitutes and appoints                      attorney to transfer the said Note on the books of the Company, with full power of substitution in the
premises. 
 In connection with any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as defined in
the Indenture governing such Note, the undersigned confirms that such Note is being transferred: 
  

	 	•	 	to HCI Group, Inc. or a subsidiary thereof; or 

  

	 	•	 	Pursuant to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended; or 

  

	 	•	 	Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or 

  

	 	•	 	Under any other available exemption from the registration requirements of the Securities Act of 1933, as amended (including, if available, the exemption provided by Rule 144 under the Securities Act of 1933, as
amended. 

  

									
		 	Dated:	 	  
	 		 	

  

			
	Signature(s)
	
	  

	
	Signature Guarantee
	
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant
to Securities and Exchange Commission Rule 17Ad-15.

 NOTICE: The signature on the assignment must correspond with the name as written upon the face of the Note in
every particular without alteration or enlargement or any change whatever. 

  
 -3-EX-10.1

 Exhibit 10.1 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

c/o Wells Fargo Capital Finance, LLC 

2450 Colorado Avenue, Suite 3000 West 

Santa Monica, CA 90404 
 Dated as of
December 31, 2013 
 SABA SOFTWARE, INC. 
 2400
Bridge Parkway 
 Redwood Shores, CA 94065 
 Attn: Mark Robinson

 Fax No.: (650) 581-2545 
  

	Re:	Extension under Credit Agreement 

 Ladies and Gentlemen: 

Reference is made to: (i) that certain AMENDED AND RESTATED CREDIT AGREEMENT (as amended, restated, supplemented, or otherwise
modified from time to time, the “Credit Agreement”) dated as of June 27, 2011 by and among WELLS FARGO BANK, NATIONAL ASSOCIATION (“Lender”), each of the Domestic Subsidiaries (as defined in therein) of
Borrower party thereto as Subsidiary Guarantors, and SABA SOFTWARE, INC., a Delaware corporation (“Borrower”) (ii) that certain Extension under Credit Agreement Letter (the “First Extension Letter”)
dated as of September 27, 2013 by and among Lender, Borrower and Subsidiary Guarantors, (iii) that certain Extension under Credit Agreement Letter (the “Second Extension Letter”) dated as of October 28, 2013 by and
among Lender, Borrower and Subsidiary Guarantors, and (iv) that certain Extension under Credit Agreement, Amendment Number Three to Credit Agreement and Waiver Letter (the “Third Extension Letter”) dated as of November 30,
2013 by and among Lender, Borrower and Subsidiary Guarantors. All initially capitalized terms used herein without definition shall have the meanings ascribed thereto in the Credit Agreement. 

Pursuant to the First Extension Letter, the Second Extension Letter, and the Third Extension Letter on or before December 31, 2013 (the
“Third Extended Annual Financial Statements Deadline”), Borrower is required to deliver to Lender (a) a copy of its Annual Report on Form 10-K for Borrower’s fiscal year ended May 31, 2012 filed by Borrower with the
United States Securities and Exchange Commission (with the requisite financial statements contained therein) as more fully set forth in Section 5.03(i)(a) of the Credit Agreement, (b) consolidating financial statements of Borrower,
prepared by Borrower (to include balance sheets, profit and loss statements, statements of cash flows, and reconciliations of net worth) for Borrower’s fiscal year ended May 31, 2012, and (c) a duly completed Compliance Certificate
executed by a senior financial officer of Borrower for Borrower’s fiscal year ended May 31, 2012 (collectively, the “Audited Financial Statements Requirements”). 

Borrower has requested that Lender extend the Third Extended Annual Financial Statements Deadline to January 31, 2014. Lender is willing
to grant the extension requested by Borrower on the terms and conditions specified herein. Accordingly, Lender hereby extends the Third Extended Annual Financial Statements Deadline to January 31, 2014 (the “Fourth Extended Annual
Financial Statements Deadline”). Failure of Borrower to deliver or cause to be delivered to Lender the Audited Financial Statements Requirements by the Fourth Extended Annual Financial Statements Deadline shall constitute an immediate Event
of Default, unless otherwise waived in writing in accordance with the Credit Agreement prior to such time. 

 This letter shall not, except as expressly provided herein, by implication or otherwise, limit,
impair, constitute a waiver of, or otherwise affect the rights and remedies of Lender under the Credit Agreement or the other Loan Documents, and shall not, except as expressly provided herein, alter, modify, amend or in any way affect any of the
terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or the other Loan Documents. Nothing herein shall be deemed to entitle Borrower or any Subsidiary Guarantor to a consent to, or a waiver, amendment,
modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or the other Loan Documents in similar or different circumstances. This letter shall be subject to the provisions
regarding choice of law and venue and jury trial waiver applicable to the Credit Agreement. 
 Each of the undersigned Subsidiary Guarantors
consents to the extension contained herein. Although the undersigned Subsidiary Guarantors have been informed of the matters set forth herein and have consented to same, each Subsidiary Guarantor understands that the Lender has no obligation to
inform it of such matters in the future or to seek its acknowledgement or agreement to future consents, amendments, or waivers, and nothing herein shall create such a duty. 

Each of Borrower and each Subsidiary Guarantor hereby reaffirms its obligations under each Loan Document to which it is a party. All of such
obligations owing by Borrower and such Subsidiary Guarantor are unconditionally owing by Borrower and such Subsidiary Guarantor to Lender without offset, defense, withholding, counterclaim or deduction of any kind, nature or description whatsoever.
Each of Borrower and each Subsidiary Guarantor hereby further ratifies and reaffirms the validity and enforceability of all of the Loan Documents to which it is a party, including any amendments or modifications or substitutions thereto, and
ratifies and reaffirms the validity and enforceability of all of Liens and security interests heretofore granted by it pursuant to or in connection with any Loan Document to Lender, as security for its obligations under the Loan
Documents in accordance with their respective terms, and acknowledges that all of such Liens and security interests, and all Collateral heretofore pledged as security for such obligations, continue to be and remain in full force and effect on and
after the date hereof except as expressly set forth herein. 
 This letter shall constitute a Loan Document. 

[Signature pages to follow.] 

 
			
	Very Truly Yours,
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Lender
		
	By:	 	/s/ Daniel Morihiro
	Name:	 	Daniel Morihiro
	Title:	 	Director

 [SIGNATURE PAGE TO EXTENSION LETTER] 

 Acknowledged, agreed and accepted this 31st day of December 2013: 

 

			
	 SABA SOFTWARE, INC.,

a Delaware corporation, as Borrower

		
	By:	 	/s/ Peter Williams
	Name:	 	Peter Williams
	Title:	 	Executive Vice President

  

			
	 HAL ACQUISITION SUB INC.,

a Delaware corporation, as a Subsidiary Guarantor

		
	By:	 	/s/ Peter Williams
	Name:	 	Peter Williams
	Title:	 	

  

			
	 HUMANCONCEPTS, LLC,
 a
California limited liability company, as a Subsidiary Guarantor

		
	By:	 	/s/ Peter Williams
	Name:	 	Peter Williams
	Title:	 	

 [SIGNATURE PAGE TO EXTENSION LETTER]

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